Definite- and Indefinite-Lived Intangible Assets

12 Months Ended

Dec. 31, 2019

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, 2019					December 31, 2018
Definite:
Trade names and trademarks	15-25 years		$	67,222	$	23,938
Customer and dealer relationships	8-15 years		121,508		32,260
Patents and developed technologies	3-12 years		28,485		2,061
Favorable leasehold interests	7 years		4,200		—
Total at cost			221,415		58,259
Less accumulated amortization			(20,643)		(14,902)
Total net			200,772		43,357
Indefinite:
Trade names and trademarks			5,500		5,500
Total Intangible Assets			$	206,272	$	48,857

The Company's net carrying value at December 31, 2019 of intangible assets with definite useful lives consists of trade names and trademarks at $61,588,000, customer and dealer relationships at $108,023,000, patents and drawings at $26,961,000, and favorable leasehold interests at $4,200,000. As of December 31, 2019, the related accumulated amortization balance for the definite-lived assets were $5,634,000 for trade names and trademarks, $13,485,000 for customer and dealer relationships, $1,524,000 for patents and drawings, and zero for favorable leasehold interests. The Company estimates amortization expense to be $14,500,000 for each of the next five years.

Indefinite-lived trade names and trademarks consisted of the Gradall trade name with a carrying value of $3,600,000 and the Bush Hog trade name with a carrying value of $1,900,000.