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INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS | INTANGIBLE ASSETS The following is a summary of the Company's intangible assets net of the accumulated amortization:
(in thousands) | Estimated Useful Lives | December 31, 2024 | December 31, 2023
Definite: |  |  |  |  |  |  |
Trade names and trademarks | 15-25 years |  | $ | 72,040 |  |  |  | $ | 72,834 |  |
Customer and dealer relationships | 8-15 years |  | 137,086 |  |  |  | 137,744 |  |
Patents and developed technologies | 3-12 years |  | 28,529 |  |  |  | 28,558 |  |
Favorable leasehold interests | 7 years |  | 4,200 |  |  |  | 4,200 |  |
Noncompetition agreements | 5 years |  | 200 |  |  |  | 200 |  |
Total at cost |  |  | 242,055 |  |  |  | 243,536 |  |
Less accumulated amortization |  |  | (96,195) |  |  |  | (80,740) |  |
Total net |  |  | 145,860 |  |  |  | 162,796 |  |
Indefinite: |  |  |  |  |  |  |
Trade names and trademarks |  |  | 5,500 |  |  |  | 5,500 |  |
Total Intangible Assets |  |  | $ | 151,360 |  |  |  | $ | 168,296 |  |
The Company's net carrying value at December 31, 2024 of intangible assets with definite useful lives consists of trade names and trademarks at $52.2 million, customer and dealer relationships at $79.4 million, patents and drawings at $13.1 million, and favorable leasehold interests at $1.1 million. As of December 31, 2024, the related accumulated amortization balance for the definite-lived assets were $19.8 million for trade names and trademarks, $57.7 million for customer and dealer relationships, $15.5 million for patents and drawings, and $3.1 million for favorable leasehold interests. The Company estimates amortization expense to be $16.2 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.

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