Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2023

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, 2023:

(in thousands)	Vegetation Management			Industrial Equipment			Consolidated
Balance at December 31, 2022		$	127,562		$	68,296		$	195,858
Translation adjustment		122			(117)			5
Balance at September 30, 2023		$	127,684		$	68,179		$	195,863

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, 2023		December 31, 2022
Definite:
Trade names and trademarks	15-25 years	$	68,753		$	68,797
Customer and dealer relationships	8-15 years	129,395			129,338
Patents and drawings	3-12 years	28,394			28,437
Favorable leasehold interests	7 years	4,200			4,200
Total at cost		230,742			230,772
Less accumulated amortization		(76,358)			(64,931)
Total net		154,384			165,841
Indefinite:
Trade names and trademarks		5,500			5,500
Total Intangible Assets		$	159,884		$	171,341

The Company recognized amortization expense of $3.8 million and $3.8 million for the three months ended September 30, 2023 and 2022, respectively, and $11.5 million and $11.5 million for the nine months ended September 30, 2023 and 2022, respectively.