Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

The following is the summary of changes to the Company's Goodwill for the six months ended June 30, 2025:


(in thousands)	Vegetation Management			Industrial Equipment			Consolidated
Balance at December 31, 2024		$	126,729		$	76,298		$	203,027
Translation adjustment		3,260			1,689			4,949
Goodwill acquired		—			13,631			13,631
Balance at June 30, 2025		$	129,989		$	91,618		$	221,607

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, 2025		December 31, 2024
Definite:
Trade names and trademarks	15-25 years	$	73,431		$	72,040
Customer and dealer relationships	8-15 years	138,192			137,086
Patents and drawings	3-12 years	29,030			28,529
Favorable leasehold interests	7 years	4,200			4,200
Noncompetition agreements	5 years	200			200
Total at cost		245,053			242,055
Less accumulated amortization		(105,513)			(96,195)
Total net		139,540			145,860
Indefinite:
Trade names and trademarks		5,500			5,500
Total Intangible Assets		$	145,040		$	151,360

The Company recognized amortization expense of $4.1 million and $4.1 million for the three months ended June 30, 2025 and 2024, respectively, and $8.1 million and $8.1 million for the six months ended June 30, 2025 and 2024, respectively.