Intangible Assets

12 Months Ended

Dec. 31, 2023

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, 2023			December 31, 2022
Definite:
Trade names and trademarks	15-25 years		$	72,834		$	68,797
Customer and dealer relationships	8-15 years		137,744			129,338
Patents and developed technologies	3-12 years		28,558			28,437
Favorable leasehold interests	7 years		4,200			4,200
Noncompetition agreements	5 years		200			—
Total at cost			243,536			230,772
Less accumulated amortization			(80,740)			(64,931)
Total net			162,796			165,841
Indefinite:
Trade names and trademarks			5,500			5,500
Total Intangible Assets			$	168,296		$	171,341

The Company's net carrying value at December 31, 2023 of intangible assets with definite useful lives consists of trade names and trademarks at $55.9 million, customer and dealer relationships at $89.3 million, patents and drawings at $15.7 million, and favorable leasehold interests at $1.7 million. As of December 31, 2023, the related accumulated amortization balance for the definite-lived assets were $16.9 million for trade names and trademarks, $48.5 million for customer and dealer relationships, $12.8 million for patents and drawings, and $2.5 million for favorable leasehold interests. The Company estimates amortization expense to be $15.5 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.