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Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2021
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, 2021:
| Industrial |  | Agricultural |  |  |  | Consolidated
(in thousands) |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2020 |  | $ | 181,338 |  |  |  | $ | 13,794 |  |  |  |  |  |  | $ | 195,132 |
Translation adjustment |  | (1,244) |  |  |  | (316) |  |  |  |  |  |  | (1,560) |
Balance at September 30, 2021 |  | $ | 180,094 |  |  |  | $ | 13,478 |  |  |  |  |  |  | $ | 193,572 |
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, 2021 | December 31, 2020
Definite: |  |  |  |  |  |
Trade names and trademarks | 15-25 years |  | $ | 67,264 |  |  |  | $ | 67,770 |
Customer and dealer relationships | 8-15 years |  | 122,350 |  |  |  | 122,470 |
Patents and drawings | 3-12 years |  | 28,593 |  |  |  | 28,764 |
Favorable leasehold interests | 7 years |  | 4,200 |  |  |  | 4,200 |
Total at cost |  |  | 222,407 |  |  |  | 223,204 |
Less accumulated amortization |  |  | (46,391) |  |  |  | (35,532) |
Total net |  |  | 176,016 |  |  |  | 187,672 |
Indefinite: |  |  |  |  |  |
Trade names and trademarks |  |  | 5,500 |  |  |  | 5,500 |
Total Intangible Assets |  |  | $ | 181,516 |  |  |  | $ | 193,172 |
The Company recognized amortization expense of $3.7 million and $3.6 million for the three months ended September 30, 2021 and 2020, respectively, and $11.0 million and $11.1 million for the nine months ended September 30, 2021 and 2020, respectively.

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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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