Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible AssetsThe following is the summary of changes to the Company's Goodwill for the three months ended March 31, 2022:

	Vegetation Management			Industrial Equipment			Consolidated
(in thousands)
Balance at December 31, 2021		$	132,963		$	69,443		$	202,406
Translation adjustment		167			(190)			(23)
Goodwill adjustment		(3,657)			—			(3,657)
Balance at March 31, 2022		$	129,473		$	69,253		$	198,726

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	March 31, 2022			December 31, 2021
Definite:
Trade names and trademarks	15-25 years		$	69,242		$	68,321
Customer and dealer relationships	8-15 years		128,843			126,104
Patents and drawings	3-12 years		28,429			29,338
Favorable leasehold interests	7 years		4,200			4,200
Total at cost			230,714			227,963
Less accumulated amortization			(53,909)			(49,997)
Total net			176,805			177,966
Indefinite:
Trade names and trademarks			5,500			5,500
Total Intangible Assets			$	182,305		$	183,466

The Company recognized amortization expense of $3.9 million and $3.7 million for the three months ended March 31, 2022 and 2021.