Other Intangible Assets, net

9 Months Ended

Sep. 30, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

6. Other Intangible Assets, net

The components of other intangible assets, net, as of September 30, 2022 (unaudited) and December 31, 2021, were as follows:


			September 30, 2022							December 31, 2021
(millions)	Weighted Average Life (Years)		Intangible Assets, Gross		Accumulated Amortization			Intangible Assets, Net		Intangible Assets, Gross		Accumulated Amortization			Intangible Assets, Net
Covenant not to compete		2.3	$	1.8	$	(1.2	)	$	0.6	$	2.9	$	(2.3	)	$	0.6
Trade names and trademarks		1.2		0.9		(0.6	)		0.3		0.9		(0.5	)		0.4
Proprietary know how		2.2		3.8		(1.9	)		1.9		3.8		(1.3	)		2.5
Management contract rights		6.6		81.0		(51.7	)		29.3		81.0		(47.7	)		33.3
Customer relationships		9.0		23.1		(6.0	)		17.1		21.5		(3.9	)		17.6
Other intangible assets, net		7.2	$	110.6	$	(61.4	)	$	49.2	$	110.1	$	(55.7	)	$	54.4

On April 18, 2022, the Company acquired certain intangible assets for a purchase price of $1.8 million. The assets acquired were recorded at their estimated fair values on April 18, 2022 (unaudited) as follows:


(millions)	Estimated Life	Estimated Fair Value
Customer relationships	5.0 Years	$	1.6
Covenant not to compete	5.0 Years	0.2
Estimated fair value of identified intangible assets		$	1.8

The fair value of all identifiable intangible assets is based on assumptions that market participants would use in pricing an asset based on the most advantageous market for the asset (i.e. its highest and best use). The fair value of acquired customer relationships was determined with the excess earnings method. This approach calculated the excess of the future cash flows (i.e. revenue from customers generated from the relationships) over the related cash outflows (i.e. customer servicing expenses) generated over the useful life of the relationship.

Amortization expense related to intangible assets during the three and nine months ended September 30, 2022 and 2021, (unaudited), respectively, which was included in Depreciation and amortization within the Condensed Consolidated Statements of Income, was as follows:


	Three Months Ended				Nine Months Ended
(millions)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Amortization expense	$	2.1	$	2.2	$	7.0	$	6.5