Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2016
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, 2016:
(in thousands)
 
Balance at December 31, 2015
$
75,509

Goodwill acquired
—

Translation adjustments
374

Balance at September 30, 2016
$
75,883



As of September 30, 2016, the Company had $75,883,000 of goodwill, which represents 12% of total assets.

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,
2016
December 31, 2015
Definite:
 
 
 
 
 
 
 
   Trade names and trademarks
25 years
 
$
21,942

 
 
$
21,878

 
   Customer and dealer relationships
14 years
 
28,910

 
 
28,715

 
   Patents and drawings
3-12 years
 
1,964

 
 
1,893

 
      Total at cost
 
 
52,816

 
 
52,486

 
   Less accumulated amortization
 
 
(7,395
)
 
 
(5,036
)
 
       Total net
 
 
45,421

 
 
47,450

 
Indefinite:
 
 
 
 
 
 
 
   Trade names and trademarks
 
 
5,500

 
 
5,500

 
Total Intangible Assets
 
 
$
50,921

 
 
$
52,950

 


The Company recognized amortization expense of $779,000 and $776,000 for the three months ending September 30, 2016 and 2015, respectively and $2,328,000 and $2,339,000 for the nine months ended September 30, 2016 and 2015, respectively.

As of September 30, 2016, the Company had $50,921,000 of intangible assets, which represents 8% of total assets.