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Other Intangible Assets, net
6 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Other Intangible Assets, net

6. Other Intangible Assets, net

The components of other intangible assets, net, as of June 30, 2023 (unaudited) and December 31, 2022, were as follows:

 

 

 

 

June 30, 2023

 

 

December 31, 2022

 

(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

 

 

3.4

 

 

$

2.9

 

 

$

(1.8

)

 

$

1.1

 

 

$

2.9

 

 

$

(1.4

)

 

$

1.5

 

Trade names and trademarks

 

 

12.0

 

 

 

3.0

 

 

 

(0.9

)

 

 

2.1

 

 

 

2.8

 

 

 

(0.7

)

 

 

2.1

 

Proprietary know how

 

 

6.4

 

 

 

22.0

 

 

 

(4.4

)

 

 

17.6

 

 

 

21.7

 

 

 

(2.7

)

 

 

19.0

 

Management contract rights

 

 

6.0

 

 

 

81.0

 

 

 

(55.4

)

 

 

25.6

 

 

 

81.0

 

 

 

(52.9

)

 

 

28.1

 

Customer relationships

 

 

8.1

 

 

 

24.9

 

 

 

(7.8

)

 

 

17.1

 

 

 

24.8

 

 

 

(6.6

)

 

 

18.2

 

Other intangible assets, net

 

 

6.8

 

 

$

133.8

 

 

$

(70.3

)

 

$

63.5

 

 

$

133.2

 

 

$

(64.3

)

 

$

68.9

 

 

Amortization expense related to other intangible assets during the three and six months ended June 30, 2023 and 2022, (unaudited), respectively, which was included in Depreciation and amortization within the Condensed Consolidated Statements of Income, was as follows:

 

Three Months Ended

 

Six Months Ended

 

(millions)

 

June 30, 2023

 

 

June 30, 2022

 

June 30, 2023

 

 

June 30, 2022

 

Amortization expense

 

$

3.0

 

 

$

2.1

 

$

6.0

 

 

$

4.9