XML 29 R16.htm IDEA: XBRL DOCUMENT v3.24.3
Goodwill and Intangible Assets
 9 Months Ended
Sep. 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 nine months ended September 30, 2024:
(in thousands)Vegetation ManagementIndustrial EquipmentConsolidated
Balance at December 31, 2023$128,899 $77,637 $206,536 
Translation adjustment110 (70)40 
Goodwill adjustment— (118)(118)
Balance at September 30, 2024$129,009 $77,449 $206,458 

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, 2024December 31, 2023
Definite:
Trade names and trademarks
15-25 years
$72,901 $72,834 
Customer and dealer relationships
8-15 years
137,928 137,744 
Patents and drawings
3-12 years
28,582 28,558 
Favorable leasehold interests
7 years
4,200 4,200 
Noncompetition agreements
5 years
200 200 
Total at cost243,811 243,536 
Less accumulated amortization(92,912)(80,740)
Total net150,899 162,796 
Indefinite:
Trade names and trademarks5,500 5,500 
Total Intangible Assets$156,399 $168,296 

The Company recognized amortization expense of $4.1 million and $3.8 million for the three months ended September 30, 2024 and 2023, respectively and $12.2 million and $11.5 million for the nine months ended September 30, 2024 and 2023, respectively.