Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

The following is a summary of the Company's intangible assets net of the accumulated amortization:


(in thousands)	Estimated Useful Lives	December 31, 2021			December 31, 2020
Definite:
Trade names and trademarks	15-25 years		$	68,321		$	67,770
Customer and dealer relationships	8-15 years		126,104			122,470
Patents and developed technologies	3-12 years		29,338			28,764
Favorable leasehold interests	7 years		4,200			4,200
Total at cost			227,963			223,204
Less accumulated amortization			(49,997)			(35,532)
Total net			177,966			187,672
Indefinite:
Trade names and trademarks			5,500			5,500
Total Intangible Assets			$	183,466		$	193,172

The Company's net carrying value at December 31, 2021 of intangible assets with definite useful lives consists of trade names and trademarks at $57.2 million, customer and dealer relationships at $95.8 million, patents and drawings at $22.1 million, and favorable leasehold interests at $2.9 million. As of December 31, 2021, the related accumulated amortization balance for the definite-lived assets were $11.1 million for trade names and trademarks, $30.4 million for customer and dealer relationships, $7.2 million for patents and drawings, and $1.3 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.