Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2020

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, 2020:

	Industrial			Agricultural			Consolidated
(in thousands)
Balance at December 31, 2019		$	183,307		$	14,715		$	198,022
Translation adjustment		(1,247)			(1,893)			(3,140)
Goodwill adjustment		679			—			679
Balance at March 31, 2020		$	182,739		$	12,822		$	195,561

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, 2020			December 31, 2019
Definite:
Trade names and trademarks	15-25 years		$	66,734		$	67,222
Customer and dealer relationships	8-15 years		121,888			121,508
Patents and drawings	3-12 years		28,255			28,485
Favorable leasehold interests	7 years		4,200			4,200
Total at cost			221,077			221,415
Less accumulated amortization			(24,233)			(20,643)
Total net			196,844			200,772
Indefinite:
Trade names and trademarks			5,500			5,500
Total Intangible Assets			$	202,344		$	206,272

The Company recognized amortization expense of $3.8 million and $0.9 million for the three months ending March 31, 2020 and 2019, respectively. The increase in amortization is related to the intangible assets created in the Morbark acquisition.

As of March 31, 2020, the Company had $202.3 million of intangible assets, which represents 16% of total assets.