Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 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 nine months ended September 30, 2022:

(in thousands)	Vegetation Management			Industrial Equipment			Consolidated
Balance at December 31, 2021		$	132,963		$	69,443		$	202,406
Translation adjustment		(3,836)			(2,105)			(5,941)
Goodwill adjustment		(3,519)			—			(3,519)
Balance at September 30, 2022		$	125,608		$	67,338		$	192,946

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, 2022		December 31, 2021
Definite:
Trade names and trademarks	15-25 years	$	67,949		$	68,321
Customer and dealer relationships	8-15 years	128,644			126,104
Patents and drawings	3-12 years	27,967			29,338
Favorable leasehold interests	7 years	4,200			4,200
Total at cost		228,760			227,963
Less accumulated amortization		(60,752)			(49,997)
Total net		168,008			177,966
Indefinite:
Trade names and trademarks		5,500			5,500
Total Intangible Assets		$	173,508		$	183,466

The Company recognized amortization expense of $3.8 million and $3.7 million for the three months ended September 30, 2022 and 2021, respectively, and $11.5 million and $11.0 million for the nine months ended September 30, 2022 and 2021, respectively.