Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

The following is the summary of changes to the Company's Goodwill for the nine months ended September 30, 2021:

	Industrial			Agricultural			Consolidated
(in thousands)
Balance at December 31, 2020		$	181,338		$	13,794		$	195,132
Translation adjustment		(1,244)			(316)			(1,560)
Balance at September 30, 2021		$	180,094		$	13,478		$	193,572

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	September 30, 2021			December 31, 2020
Definite:
Trade names and trademarks	15-25 years		$	67,264		$	67,770
Customer and dealer relationships	8-15 years		122,350			122,470
Patents and drawings	3-12 years		28,593			28,764
Favorable leasehold interests	7 years		4,200			4,200
Total at cost			222,407			223,204
Less accumulated amortization			(46,391)			(35,532)
Total net			176,016			187,672
Indefinite:
Trade names and trademarks			5,500			5,500
Total Intangible Assets			$	181,516		$	193,172

The Company recognized amortization expense of $3.7 million and $3.6 million for the three months ended September 30, 2021 and 2020, respectively, and $11.0 million and $11.1 million for the nine months ended September 30, 2021 and 2020, respectively.