HARLEY-DAVIDSON INC
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
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7. Goodwill and Intangible Assets
- Goodwill and Intangible Assets
Changes in the carrying amount of goodwill in the HDMC and LiveWire segments for the years ended December 31, was as follows (in thousands):
| 2023 | |||
|---|---|---|---|
| HDMC | LiveWire | Total | |
| Balance, beginning of period | $53,763 | $8,327 | $62,090 |
| Currency translation | 606 | — | 606 |
| Balance, end of period | $54,369 | $8,327 | $62,696 |
| 2022 | |||
|---|---|---|---|
| HDMC | LiveWire | Total | |
| Balance, beginning of period | $54,850 | $8,327 | $63,177 |
| Currency translation | (1,087) | — | (1,087) |
| Balance, end of period | $53,763 | $8,327 | $62,090 |
The HDFS segment hadno goodwill at December 31, 2023 or December 31, 2022.
Intangible assets, excluding goodwill, consist primarily of customer relationships and trademarks with useful lives ranging from 3 to 20 years. Intangible assets are amortized on a straight-line basis over their estimated useful lives. Intangible assets are recorded in Other long-term assets on the Consolidated balance sheets. Intangible assets at December 31, were as follows (in thousands):
| 2023 | 2022 | |
|---|---|---|
| Gross carrying amount | $12,475 | $10,864 |
| Accumulated amortization | (5,447) | (4,472) |
| $7,028 | $6,392 |
Amortization of intangible assets, excluding goodwill, recorded in Selling, administrative and engineering expenseon the Consolidated statements of operations was $0.9 million, $0.8 million and $0.4 million for 2023, 2022 and 2021, respectively. Future amortization of the Company's intangible assets as of December 31, 2023 is as follows (in thousands):
| 2024 | $1,157 |
| 2025 | 1,105 |
| 2026 | 1,024 |
| 2027 | 622 |
| 2028 | 622 |
| Thereafter | 2,498 |
| $7,028 |
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