| Other Intangible Assets |
8. Other Intangible Assets
The following is a summary of the Company’s other intangible assets:
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Gross |
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Less |
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Net |
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Carrying |
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Accumulated |
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Carrying |
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Amount |
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Amortization |
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Amount |
December 31, 2021 |
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Indefinite-lived intangibles: |
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Trademark and tradenames |
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$ |
77,600 |
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$ |
- |
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$ |
77,600 |
Amortizable intangibles: |
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Dealer network |
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80,000 |
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71,000 |
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|
9,000 |
Customer relationships |
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80,920 |
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32,366 |
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48,554 |
Patents |
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21,136 |
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15,739 |
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|
5,397 |
Noncompete agreements |
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8,640 |
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8,640 |
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- |
Trademarks |
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5,459 |
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3,901 |
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|
1,558 |
Amortizable intangibles, net |
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196,155 |
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|
131,646 |
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|
64,509 |
Total |
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$ |
273,755 |
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$ |
131,646 |
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$ |
142,109 |
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Gross |
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Less |
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Net |
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Carrying |
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Accumulated |
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Carrying |
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|
Amount |
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Amortization |
|
Amount |
December 31, 2020 |
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Indefinite-lived intangibles: |
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Trademark and tradenames |
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$ |
77,600 |
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$ |
- |
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$ |
77,600 |
Amortizable intangibles: |
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Dealer network |
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80,000 |
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67,000 |
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|
13,000 |
Customer relationships |
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|
80,920 |
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27,196 |
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|
53,724 |
Patents |
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21,136 |
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14,484 |
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|
6,652 |
Noncompete agreements |
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8,640 |
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|
8,477 |
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|
163 |
Trademarks |
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5,459 |
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|
3,807 |
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|
1,652 |
Amortizable intangibles, net |
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196,155 |
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|
120,964 |
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|
75,191 |
Total |
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$ |
273,755 |
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$ |
120,964 |
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$ |
152,791 |
Amortization expense for intangible assets was $10,682, $10,931 and $10,956 for the years ended December 31, 2021, 2020 and 2019, respectively. Estimated amortization expense for the next five years is as follows:
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2022 |
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$ |
10,520 |
2023 |
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10,520 |
2024 |
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7,520 |
2025 |
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6,075 |
2026 |
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5,450 |
The weighted average remaining life for intangible assets is 8.2 years at December 31, 2021.
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