Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 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 nine months ended September 30, 2020:

	Industrial			Agricultural			Consolidated
(in thousands)
Balance at December 31, 2019		$	183,307		$	14,715		$	198,022
Translation adjustment		740			(1,728)			(988)
Goodwill adjustment		(4,058)			—			(4,058)
Balance at September 30, 2020		$	179,989		$	12,987		$	192,976

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, 2020			December 31, 2019
Definite:
Trade names and trademarks	15-25 years		$	67,251		$	67,222
Customer and dealer relationships	8-15 years		122,168			121,508
Patents and drawings	3-12 years		28,520			28,485
Favorable leasehold interests	7 years		4,200			4,200
Total at cost			222,139			221,415
Less accumulated amortization			(31,673)			(20,643)
Total net			190,466			200,772
Indefinite:
Trade names and trademarks			5,500			5,500
Total Intangible Assets			$	195,966		$	206,272

The Company recognized amortization expense of $3.6 million and $1.1 million for the three months ending September 30, 2020 and 2019, respectively, and $11.1 million and $3.1 million for the nine months ended September 30, 2020 and 2019, respectively. The increase in amortization is related to the intangible assets acquired in the Morbark acquisition.

As of September 30, 2020, the Company had $196.0 million of intangible assets, which represents 17% of total assets.