GOODWILL AND INTANGIBLE ASSETS

Changes in goodwill consisted of the following (amounts in thousands):



	2014									2013
			Earthmoving/										Earthmoving/
	Agricultural		Construction		Consumer					Agricultural			Construction			Consumer
	Segment		Segment		Segment			Total		Segment			Segment			Segment		Total
Goodwill, January 1	$	24,540	$	14,898	$	2,637		$	42,075	$	11,522		$	13,419		$	—	$	24,941
Foreign currency translation	252		642		(70		)	824		(993		)	(1,605		)	—		(2,598		)
Goodwill, June 30	$	24,792	$	15,540	$	2,567		$	42,899	$	10,529		$	11,814		$	—	$	22,343

The Company reviews goodwill for impairment during the fourth quarter of each annual reporting period, and whenever events and circumstances indicate that the carrying values may not be recoverable. In the second quarter of 2014, several large mining equipment manufacturers significantly decreased their sales forecast for mining equipment. The Company's sales of mining product were deteriorating at an accelerated pace. Therefore, related to the earthmoving/construction segment, the Company reviewed $12.2 million of Australia goodwill for impairment in the second quarter of 2014. The recoverability of the goodwill was evaluated by estimating future discounted cash flows. In determining the estimated future cash flows, the Company considered current and projected future levels of income as well as business trends and economic conditions. Impairment was not identified. However, the calculated excess value was less than 10% and there may be potential risk of future impairment if cash flows or other estimates would change.

The components of intangible assets consisted of the following (amounts in thousands):



	Weighted- Average Useful Lives (in Years)	June 30, 2014		December 31, 2013
Amortizable intangible assets:
Customer relationships	13.1	17,248		16,659
Patents, trademarks and other	6.3	20,148		20,561
Total at cost		37,396		37,220
Less accumulated amortization		(6,544	)	(4,607	)
		30,852		32,613

Amortization related to intangible assets for the six months ended June 30, 2014 and 2013, totaled $2.2 million and $1.2 million, respectively. Intangible assets are included as a component of other assets in the consolidated condensed balance sheet.

The estimated aggregate amortization expense at June 30, 2014, is as follows (amounts in thousands):



July 1 - December 31, 2014	$	2,306
2015	4,219
2016	3,371
2017	3,196
2018	3,196
Thereafter	14,564
	$	30,852