Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2024

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, 2024:

(in thousands)	Vegetation Management			Industrial Equipment			Consolidated
Balance at December 31, 2023		$	128,899		$	77,637		$	206,536
Translation adjustment		(1,120)			(532)			(1,652)
Goodwill adjustment		—			(118)			(118)
Balance at June 30, 2024		$	127,779		$	76,987		$	204,766

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, 2024		December 31, 2023
Definite:
Trade names and trademarks	15-25 years	$	72,446		$	72,834
Customer and dealer relationships	8-15 years	137,443			137,744
Patents and drawings	3-12 years	28,438			28,558
Favorable leasehold interests	7 years	4,200			4,200
Noncompetition agreements	5 years	200			200
Total at cost		242,727			243,536
Less accumulated amortization		(88,519)			(80,740)
Total net		154,208			162,796
Indefinite:
Trade names and trademarks		5,500			5,500
Total Intangible Assets		$	159,708		$	168,296

The Company recognized amortization expense of $4.1 million and $3.8 million for the three months ended June 30, 2024 and 2023, respectively and $8.1 million and $7.6 million for the six months ended June 30, 2024 and 2023, respectively.