Annual report pursuant to Section 13 and 15(d)

Goodwill and Other Intangibles

v3.19.3.a.u2
Goodwill and Other Intangibles
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangibles Goodwill and Other Intangibles

Changes in the Company's goodwill during the period ended December 31, 2019, by segment, are summarized below:
(in millions)
2018
 
Acquisitions
 
Adjustments
 
2019
Marine Engine
$
375.1

 
$
—

 
$
11.3

 
$
386.4

Boat
2.2

 
26.0

 
0.4

 
28.6

Total
$
377.3

 
$
26.0

 
$
11.7

 
$
415.0


Changes in the Company's goodwill during the period ended December 31, 2018, by segment, are summarized below:
(in millions)
2017
 
Acquisitions
 
Adjustments
 
2018
Marine Engine
$
31.7

 
$
344.2

 
$
(0.8
)
 
$
375.1

Boat
2.2

 
—

 
—

 
2.2

Total
$
33.9

 
$
344.2

 
$
(0.8
)
 
$
377.3



Adjustments in 2019 mainly relate to refining purchase accounting related to the Power Products and Freedom Boat Club acquisitions. See Note 5 – Acquisitions for further details on the Company's acquisitions. Adjustments in both periods include the effect of foreign currency translation on goodwill denominated in currencies other than the U.S. dollar.

As of December 31, 2019 and 2018, the Company had no accumulated impairment loss on Goodwill.

The Company's intangible assets, included within Other intangibles, net on the Consolidated Balance Sheets as of December 31, 2019 and 2018, are summarized by intangible asset type below:
 
2019
 
2018
(in millions)
Gross Amount
 
Accumulated Amortization
 
Gross Amount
 
Accumulated Amortization
Intangible assets:
 
 
 
 
 
 
 
  Customer relationships (A)
$
687.0

 
$
(274.6
)
 
$
675.7

 
$
(243.3
)
Trade names
165.8

 
—

 
152.5

 
—

  Other (A)
18.4

 
(13.1
)
 
13.5

 
(12.6
)
     Total
$
871.2

 
$
(287.7
)
 
$
841.7

 
$
(255.9
)

(A) The weighted average remaining amortization period for Customer relationships and Other intangibles assets were 13.2 years and 10.7 years, respectively, as of December 31, 2019.

The Company's intangible assets, included within Other intangibles, net on the Consolidated Balance Sheets as of December 31, 2019 and 2018, are summarized by segment below:
 
2019
 
2018
(in millions)
Gross Amount
 
Accumulated Amortization
 
Gross Amount
 
Accumulated Amortization
Intangible assets:
 
 
 
 
 
 
 
  Marine Engine
$
618.6

 
$
(82.4
)
 
$
618.3

 
$
(52.0
)
Boat
252.6

 
(205.3
)
 
223.4

 
(203.9
)
     Total
$
871.2

 
$
(287.7
)
 
$
841.7

 
$
(255.9
)


See Note 5 – Acquisitions for further details on intangibles acquired during 2019 and 2018.

Aggregate amortization expense for intangibles was $31.6 million, $14.8 million and $2.7 million for the years ended December 31, 2019, 2018 and 2017, respectively. Estimated amortization expense for intangible assets is $31.9 million for the year ending December 31, 2020, $31.9 million in 2021, $31.6 million in 2022, $31.1 million in 2023, and $31.1 million in 2024.