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Other Intangible Assets, net (Tables)
12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Components of Intangible Assets, Net

The components of other intangible assets, net, as of December 31, 2022 and 2021, were as follows:

 

 

 

 

 

 

December 31,

 

 

 

 

 

 

2022

 

 

2021

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

Intangible

 

 

 

 

 

Intangible

 

 

Intangible

 

 

 

 

 

Intangible

 

 

 

Life

 

 

Assets,

 

 

Accumulated

 

 

Assets,

 

 

Assets,

 

 

Accumulated

 

 

Assets,

 

(millions)

 

(Years)

 

 

Gross

 

 

Amortization

 

 

Net

 

 

Gross

 

 

Amortization

 

 

Net

 

Covenant not to compete

 

 

3.4

 

 

$

2.9

 

 

$

(1.4

)

 

$

1.5

 

 

$

2.9

 

 

$

(2.3

)

 

$

0.6

 

Trade names and trademarks

 

 

11.8

 

 

 

2.8

 

 

 

(0.7

)

 

 

2.1

 

 

 

0.9

 

 

 

(0.5

)

 

 

0.4

 

Proprietary know how

 

 

6.8

 

 

 

21.7

 

 

 

(2.7

)

 

 

19.0

 

 

 

3.8

 

 

 

(1.3

)

 

 

2.5

 

Management contract rights

 

 

6.3

 

 

 

81.0

 

 

 

(52.9

)

 

 

28.1

 

 

 

81.0

 

 

 

(47.7

)

 

 

33.3

 

Customer relationships

 

 

8.6

 

 

 

24.8

 

 

 

(6.6

)

 

 

18.2

 

 

 

21.5

 

 

 

(3.9

)

 

 

17.6

 

Other intangible assets, net

 

 

7.2

 

 

$

133.2

 

 

$

(64.3

)

 

$

68.9

 

 

$

110.1

 

 

$

(55.7

)

 

$

54.4

 

Summary of Amortization of Intangible Assets

Amortization expense related to other intangible assets during the years ended December 31, 2022, 2021 and 2020, which was included in Depreciation and amortization within the Consolidated Statements of Income (Loss), was as follows:

 

 

 

Year Ended December 31,

 

(millions)

 

2022

 

 

2021

 

 

2020

 

Amortization expense

 

$

9.9

 

 

$

8.7

 

 

$

13.2

 

Schedule of Other Assets Acquired were Recorded at their Estimated Fair Value The other intangible assets acquired were recorded at their estimated fair value on the acquisition dates as follows:

 

(millions)

 

Estimated Life

 

Estimated Fair Value

 

Proprietary know how

 

7.4 Years

 

$

17.3

 

Customer relationships

 

5.8 Years

 

 

3.2

 

Trade names

 

13.2 Years

 

 

1.8

 

Covenant not to compete

 

4.2 Years

 

1.2

 

Estimated fair value of identified intangible assets

 

 

 

$

23.5

 

Schedule of Expected Future Amortization of Other Intangible Assets

The expected future amortization of other intangible assets as of December 31, 2022 was as follows:

 

(millions)

 

Intangible asset
amortization

 

2023

 

$

11.8

 

2024

 

 

11.2

 

2025

 

 

10.1

 

2026

 

 

9.6

 

2027

 

 

6.6

 

2028 and thereafter

 

 

19.6

 

Total

 

$

68.9