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Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2019
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, 2019:
| Industrial |  |  | Agricultural |  |  | European |  |  | Consolidated |  |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2018 |  | $ | 61,107 |  |  |  | $ | 6,230 |  |  |  | $ | 15,906 |  |  |  | $ | 83,243 |  |
Translation adjustment |  | 234 |  |  |  | (397) |  |  |  | (1,298) |  |  |  | (1,461) |  |
Goodwill acquired |  | — |  |  |  | — |  |  |  | 11,686 |  |  |  | 11,686 |  |
Balance at September 30, 2019 |  | $ | 61,341 |  |  |  | $ | 5,833 |  |  |  | $ | 26,294 |  |  |  | $ | 93,468 |  |
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, 2019 |  |  | December 31, 2018 |
Definite: |  |  |  |  |  |
Trade names and trademarks | 25 years |  | $ | 31,866 |  |  |  | $ | 23,938 |
Customer and dealer relationships | 10-14 years |  | 34,150 |  |  |  | 32,260 |
Patents and drawings | 3-12 years |  | 5,689 |  |  |  | 2,061 |
Total at cost |  |  | 71,705 |  |  |  | 58,259 |
Less accumulated amortization |  |  | (18,000) |  |  |  | (14,902) |
Total net |  |  | 53,705 |  |  |  | 43,357 |
Indefinite: |  |  |  |  |  |
Trade names and trademarks |  |  | 5,500 |  |  |  | 5,500 |
Total Intangible Assets |  |  | $ | 59,205 |  |  |  | $ | 48,857 |
The Company recognized amortization expense of $1,112,000 and $874,000 for the three months ending September 30, 2019 and 2018, respectively, and $3,081,000 and $2,630,000 for the nine months ended September 30, 2019 and 2018, respectively. As of September 30, 2019, the Company had $59,205,000 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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