Definite- and Indefinite-Lived Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

DEFINITE- AND INDEFINITE-LIVED INTANGIBLE ASSETS

The following is a summary of both the Company's definite and indefinite-lived intangible assets net of the accumulated amortization:


(in thousands)	Estimated Useful Lives	December 31, 2020			December 31, 2019
Definite:
Trade names and trademarks	15-25 years		$	67,770		$	67,222
Customer and dealer relationships	8-15 years		122,470			121,508
Patents and developed technologies	3-12 years		28,764			28,485
Favorable leasehold interests	7 years		4,200			4,200
Total at cost			223,204			221,415
Less accumulated amortization			(35,532)			(20,643)
Total net			187,672			200,772
Indefinite:
Trade names and trademarks			5,500			5,500
Total Intangible Assets			$	193,172		$	206,272

The Company's net carrying value at December 31, 2020 of intangible assets with definite useful lives consists of trade names and trademarks at $59.4 million, customer and dealer relationships at $100.5 million, patents and drawings at $24.3 million, and favorable leasehold interests at $3.5 million. As of December 31, 2020, the related accumulated amortization balance for the definite-lived assets were $8.4 million for trade names and trademarks, $21.9 million for customer and dealer relationships, $4.5 million for patents and drawings, and $0.7 million for favorable leasehold interests. The Company estimates amortization expense to be $14.5 million for each of the next five years.

Indefinite-lived trade names and trademarks consisted of the Gradall trade name with a carrying value of $3.6 million and the Bush Hog trade name with a carrying value of $1.9 million.