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Goodwill and Definite and Indefinite-lived Intangible Assets | 6 Months Ended
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Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Definite and Indefinite-lived Intangible Assets | Goodwill and Definite and Indefinite-lived Intangible Assets The following is the summary of changes to the Company's Goodwill for the six months ended June 30, 2019:
| Industrial |  |  | Agricultural |  |  | European |  |  | Consolidated |  |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2018 |  | $ | 61,107 |  |  | $ | 6,230 |  |  | $ | 15,906 |  |  | $ | 83,243 |
Translation adjustment |  | 326 |  |  | 46 |  |  | (182) |  |  | 190 |
Goodwill acquired |  | — |  |  | — |  |  | 9,701 |  |  | 9,701 |
Balance at June 30, 2019 |  | $ | 61,433 |  |  | $ | 6,276 |  |  | $ | 25,425 |  |  | $ | 93,134 |
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 | June 30, 2019 |  |  | December 31, 2018 |
Definite: |  |  |  |  |  |
Trade names and trademarks | 25 years |  | $ | 33,083 |  |  | $ | 23,938
Customer and dealer relationships | 10-14 years |  | 34,466 |  |  | 32,260
Patents and drawings | 3-12 years |  | 6,621 |  |  | 2,061
Total at cost |  |  | 74,170 |  |  | 58,259
Less accumulated amortization |  |  | (16,945) |  |  | (14,902)
Total net |  |  | 57,225 |  |  | 43,357
Indefinite: |  |  |  |  |  |
Trade names and trademarks |  |  | 5,500 |  |  | 5,500
Total Intangible Assets |  |  | $ | 62,725 |  |  | $ | 48,857
The Company recognized amortization expense of $1,114,000 and $875,000 for the three months ending June 30, 2019 and 2018, respectively, and $1,969,000 and $1,756,000 for the six months ended June 30, 2019 and 2018, respectively. As of June 30, 2019, the Company had $62,725,000 of intangible assets, which represents 7% of total assets.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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