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Goodwill and Definite and Indefinite-lived Intangible Assets

6 Months Ended

Jun. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

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.