Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

The following is the summary of changes to the Company's Goodwill for the six months ended June 30, 2026:


(in thousands)	Vegetation Management			Industrial Equipment			Consolidated
Balance at December 31, 2025		$	129,773		$	84,838		$	214,611
Translation adjustment		(352)			(541)			(893)
Goodwill acquired		—			57,600			57,600
Balance at June 30, 2026		$	129,421		$	141,897		$	271,318

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, 2026		December 31, 2025
Definite:
Trade names and trademarks	15-25 years	$	78,925		$	79,224
Customer and dealer relationships	8-15 years	192,920			140,566
Patents and drawings	4-25 years	28,953			29,078
Favorable leasehold interests	7 years	4,200			4,200
Noncompetition agreements	5 years	200			200
Total at cost		305,198			253,268
Less accumulated amortization		(123,399)			(113,836)
Total net		181,799			139,432
Indefinite:
Trade names and trademarks		31,200			5,500
Total Intangible Assets		$	212,999		$	144,932

The Company recognized amortization expense of $5.0 million and $4.1 million for the three months ended June 30, 2026 and 2025, respectively, and $9.9 million and $8.1 million for the six months ended June 30, 2026 and 2025, respectively.