Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes to The Company's Goodwill

The following is the summary of changes to the Company's Goodwill for the six months ended June 30, 2020:

	Industrial			Agricultural			Consolidated
(in thousands)
Balance at December 31, 2019		$	183,307		$	14,715		$	198,022
Translation adjustment		(278)			(1,930)			(2,208)
Goodwill adjustment		(357)			—			(357)
Balance at June 30, 2020		$	182,672		$	12,785		$	195,457

Schedule of Definite and Indefinite Lived Intangible Assets

The following is a summary of the Company's definite and indefinite-lived intangible assets net of the accumulated amortization:

(in thousands)	Estimated Useful Lives	June 30, 2020			December 31, 2019
Definite:
Trade names and trademarks	15-25 years		$	66,880		$	67,222
Customer and dealer relationships	8-15 years		122,037			121,508
Patents and drawings	3-12 years		28,252			28,485
Favorable leasehold interests	7 years		4,200			4,200
Total at cost			221,369			221,415
Less accumulated amortization			(27,944)			(20,643)
Total net			193,425			200,772
Indefinite:
Trade names and trademarks			5,500			5,500
Total Intangible Assets			$	198,925		$	206,272