Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2025

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 three months ended March 31, 2025:

(in thousands)	Vegetation Management			Industrial Equipment			Consolidated
Balance at December 31, 2024		$	126,729		$	76,298		$	203,027
Translation adjustment		1,144			411			1,555
Balance at March 31, 2025		$	127,873		$	76,709		$	204,582

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, 2025		December 31, 2024
Definite:
Trade names and trademarks	15-25 years	$	72,491		$	72,040
Customer and dealer relationships	8-15 years	137,402			137,086
Patents and drawings	3-12 years	28,683			28,529
Favorable leasehold interests	7 years	4,200			4,200
Noncompetition agreements	5 years	200			200
Total at cost		242,976			242,055
Less accumulated amortization		(100,577)			(96,195)
Total net		142,399			145,860
Indefinite:
Trade names and trademarks		5,500			5,500
Total Intangible Assets		$	147,899		$	151,360

The Company recognized amortization expense of $4.0 million and $4.1 million for the three months ended March 31, 2025 and 2024, respectively.