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Intangible Assets
12 Months Ended
Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]  
Intangible Assets

Note 10 — Intangible Assets

The Company had the following other identifiable finite-lived intangible assets:

 

 

December 31, 2020

 

 

Cost

 

 

Accumulated

Amortization

 

 

Net

Carrying

Value

 

 

Useful lives

Franchise-related intangible assets

 

$

77,377

 

 

$

57,524

 

 

$

19,853

 

 

4-19 years

Customer lists and relationships

 

 

62,002

 

 

 

49,739

 

 

 

12,263

 

 

2-20 years

Copyrights and designs

 

 

29,030

 

 

 

29,012

 

 

 

18

 

 

5-7 years

Total

 

$

168,409

 

 

$

136,275

 

 

$

32,134

 

 

 

 

 

 

December 31, 2019

 

 

Cost

 

 

Accumulated

Amortization

 

 

Net

Carrying

Value

 

 

Useful lives

Franchise-related intangible assets

 

$

77,377

 

 

$

50,658

 

 

$

26,719

 

 

4-19 years

Customer lists and relationships

 

 

62,144

 

 

 

45,940

 

 

 

16,204

 

 

2-20 years

Copyrights and designs

 

 

31,453

 

 

 

29,416

 

 

 

2,037

 

 

5-7 years

Non-compete agreements

 

 

500

 

 

 

400

 

 

 

100

 

 

5 years

Total

 

$

171,473

 

 

$

126,413

 

 

$

45,060

 

 

 

 

The Company is amortizing the majority of its intangible assets utilizing accelerated patterns based on the discounted cash flows that were used to value such assets. The amortization expense for finite-lived intangible assets for the years ended December 31, 2020, December 31, 2019, and December 31, 2018 was 11,362, $14,100, and $12,271, respectively. Estimated amortization expense for each of the next five years will be approximately $8,265, $5,444, $4,126, $3,510, and $2,920 respectively.

In addition to the Company’s finite-lived intangible assets, the Company has recorded indefinite-lived intangible assets for the Party City trade name, the Amscan trade name, the Halloween City trade name, the Christys trade name, the Granmark trade name, the partycity.com domain name and the partydelights.co.uk domain name. During the three months ended March 31, 2020, the Company recorded an impairment charges of $131,287 and $3,925 on its Party City and Halloween City tradenames, respectively. During 2019, the Company recorded a Halloween City tradename impairment charge of $6,575.

During the three months ended September 30, 2020 the Company has determined that the fair value of certain indefinite-lived intangible assets is lower than the related book values. Additionally, for certain long-lived assets it is more likely than not that those long-lived assets will be disposed significantly before the end of their previously estimated useful lives. As a result, impairment charges of $11,032, $2,423 and $31,277 were recorded in the third quarter on its business indefinite-lived trade name intangibles, finite-lived intangibles and tangible assets, respectively.