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Goodwill and Intangible Assets | 6 Months Ended
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Jun. 30, 2020
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 six months ended June 30, 2020:
| Industrial |  |  | Agricultural |  |  |  |  |  | Consolidated |
(in thousands) |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2019 |  | $ | 183,307 |  |  |  | $ | 14,715 |  |  |  |  |  |  | $ | 198,022 |
Translation adjustment |  | (278) |  |  |  | (1,930) |  |  |  |  |  |  | (2,208) |
Goodwill adjustment |  | (357) |  |  |  | — |  |  |  |  |  |  | (357) |
Balance at June 30, 2020 |  | $ | 182,672 |  |  |  | $ | 12,785 |  |  |  |  |  |  | $ | 195,457 |
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, 2020 |  |  | December 31, 2019 |
Definite: |  |  |  |  |  |
Trade names and trademarks | 15-25 years |  | $ | 66,880 |  |  |  | $ | 67,222 |
Customer and dealer relationships | 8-15 years |  | 122,037 |  |  |  | 121,508 |
Patents and drawings | 3-12 years |  | 28,252 |  |  |  | 28,485 |
Favorable leasehold interests | 7 years |  | 4,200 |  |  |  | 4,200 |
Total at cost |  |  | 221,369 |  |  |  | 221,415 |
Less accumulated amortization |  |  | (27,944) |  |  |  | (20,643) |
Total net |  |  | 193,425 |  |  |  | 200,772 |
Indefinite: |  |  |  |  |  |
Trade names and trademarks |  |  | 5,500 |  |  |  | 5,500 |
Total Intangible Assets |  |  | $ | 198,925 |  |  |  | $ | 206,272 |
The Company recognized amortization expense of $3.6 million and $1.1 million for the three months ending June 30, 2020 and 2019, respectively, and $7.4 million and $2.0 million for the six months ended June 30, 2020 and 2019, respectively. The increase in amortization is related to the intangible assets acquired in the Morbark acquisition. As of June 30, 2020, the Company had $198.9 million of intangible assets, which represents 17% 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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