HARLEY-DAVIDSON INC
For the period ended Dec 31, 2024. Filed Feb 26, 2025.
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FY2024 · Filed Feb 26, 2025
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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):
| 2024 | |||
|---|---|---|---|
| HDMC | LiveWire | Total | |
| Balance, beginning of period | $54,369 | $8,327 | $62,696 |
| Currency translation | (1,041) | — | (1,041) |
| Balance, end of period | $53,328 | $8,327 | $61,655 |
| 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 |
The HDFS segment hadno goodwill at December 31, 2024 or December 31, 2023.
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):
| 2024 | 2023 | |
|---|---|---|
| Gross carrying amount | $11,889 | $12,475 |
| Accumulated amortization | (6,315) | (5,447) |
| $5,574 | $7,028 |
Amortization of intangible assets, excluding goodwill, recorded in Selling, administrative and engineering expenseon the Consolidated statements of operations was $1.1 million, $0.9 million and $0.8 million for 2024, 2023 and 2022, respectively. Future amortization of the Company's intangible assets as of December 31, 2024 is as follows (in thousands):
| 2025 | $1,084 |
| 2026 | 1,003 |
| 2027 | 600 |
| 2028 | 600 |
| 2029 | 410 |
| Thereafter | 1,877 |
| $5,574 |
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