Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2023

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 six months ended June 30, 2023:

(in thousands)	Vegetation Management			Industrial Equipment			Consolidated
Balance at December 31, 2022		$	127,562		$	68,296		$	195,858
Translation adjustment		1,223			364			1,587
Balance at June 30, 2023		$	128,785		$	68,660		$	197,445

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, 2023		December 31, 2022
Definite:
Trade names and trademarks	15-25 years	$	69,148		$	68,797
Customer and dealer relationships	8-15 years	129,815			129,338
Patents and drawings	3-12 years	28,517			28,437
Favorable leasehold interests	7 years	4,200			4,200
Total at cost		231,680			230,772
Less accumulated amortization		(72,804)			(64,931)
Total net		158,876			165,841
Indefinite:
Trade names and trademarks		5,500			5,500
Total Intangible Assets		$	164,376		$	171,341

The Company recognized amortization expense of $3.8 million and $3.8 million for the three months ended June 30, 2023 and 2022, respectively, and $7.6 million and $7.7 million for the six months ended June 30, 2023 and 2022, respectively.