Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

The following is the summary of changes to the Company's Goodwill for the nine months ended September 30, 2017:



(in thousands)
Balance at December 31, 2016	$	74,825
Goodwill acquired	9,210
Translation adjustments	2,329
Balance at September 30, 2017	$	86,364

As of September 30, 2017, the Company had $86,364,000 of goodwill, which represents 13% of total assets.

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, 2017				December 31, 2016
Definite:
Trade names and trademarks	25 years		$	25,400			$	21,914
Customer and dealer relationships	14 years		32,529				28,822
Patents and drawings	3-12 years		1,990				1,954
Total at cost			59,919				52,690
Less accumulated amortization			(10,680		)		(8,152		)
Total net			49,239				44,538
Indefinite:
Trade names and trademarks			5,500				5,500
Total Intangible Assets			$	54,739			$	50,038

The Company recognized amortization expense of $891,000 and $779,000 for the three months ending September 30, 2017 and 2016, respectively, and $2,445,000 and $2,328,000 for the nine months ended September 30, 2017 and 2016, respectively.

As of September 30, 2017, the Company had $54,739,000 of intangible assets, which represents 8% of total assets.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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