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Goodwill and Intangible Assets | 6 Months Ended
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Jun. 30, 2024
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, 2024:
(in thousands) | Vegetation Management |  | Industrial Equipment |  |  |  | Consolidated
Balance at December 31, 2023 |  | $ | 128,899 |  |  |  | $ | 77,637 |  |  |  |  |  |  | $ | 206,536 |
Translation adjustment |  | (1,120) |  |  |  | (532) |  |  |  |  |  |  | (1,652) |
Goodwill adjustment |  | — |  |  |  | (118) |  |  |  |  |  |  | (118) |
Balance at June 30, 2024 |  | $ | 127,779 |  |  |  | $ | 76,987 |  |  |  |  |  |  | $ | 204,766 |
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, 2024 |  | December 31, 2023
Definite: |  |  |  |  |  |
Trade names and trademarks | 15-25 years |  | $ | 72,446 |  |  |  | $ | 72,834 |
Customer and dealer relationships | 8-15 years |  | 137,443 |  |  |  | 137,744 |
Patents and drawings | 3-12 years |  | 28,438 |  |  |  | 28,558 |
Favorable leasehold interests | 7 years |  | 4,200 |  |  |  | 4,200 |
Noncompetition agreements | 5 years |  | 200 |  |  |  | 200 |
Total at cost |  |  | 242,727 |  |  |  | 243,536 |
Less accumulated amortization |  |  | (88,519) |  |  |  | (80,740) |
Total net |  |  | 154,208 |  |  |  | 162,796 |
Indefinite: |  |  |  |  |  |
Trade names and trademarks |  |  | 5,500 |  |  |  | 5,500 |
Total Intangible Assets |  |  | $ | 159,708 |  |  |  | $ | 168,296 |
The Company recognized amortization expense of $4.1 million and $3.8 million for the three months ended June 30, 2024 and 2023, respectively and $8.1 million and $7.6 million for the six months ended June 30, 2024 and 2023, respectively.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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