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Other Intangible Assets, net (Tables)
12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Components of Intangible Assets, Net

The components of other intangible assets, net, as of December 31, 2023 and 2022, were as follows:

 

 

 

 

 

December 31,

 

 

 

 

 

2023

 

 

2022

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

Intangible

 

 

 

 

 

Intangible

 

 

Intangible

 

 

 

 

 

Intangible

 

 

Life

 

 

Assets,

 

 

Accumulated

 

 

Assets,

 

 

Assets,

 

 

Accumulated

 

 

Assets,

 

(millions)

 

(Years)

 

 

Gross

 

 

Amortization

 

 

Net

 

 

Gross

 

 

Amortization

 

 

Net

 

Management contract rights

 

 

5.6

 

 

$

81.0

 

 

$

(58.0

)

 

$

23.0

 

 

$

81.0

 

 

$

(52.9

)

 

$

28.1

 

Proprietary know how

 

 

6.1

 

 

 

24.1

 

 

 

(6.2

)

 

 

17.9

 

 

 

21.7

 

 

 

(2.7

)

 

 

19.0

 

Customer relationships

 

 

7.8

 

 

 

25.1

 

 

 

(8.9

)

 

 

16.2

 

 

 

24.8

 

 

 

(6.6

)

 

 

18.2

 

Trade names and trademarks

 

 

12.5

 

 

 

3.0

 

 

 

(1.2

)

 

 

1.8

 

 

 

2.8

 

 

 

(0.7

)

 

 

2.1

 

Covenant not to compete

 

 

3.7

 

 

 

2.9

 

 

 

(2.1

)

 

 

0.8

 

 

 

2.9

 

 

 

(1.4

)

 

 

1.5

 

Other intangible assets, net

 

 

6.5

 

 

$

136.1

 

 

$

(76.4

)

 

$

59.7

 

 

$

133.2

 

 

$

(64.3

)

 

$

68.9

 

Summary of Amortization of Other Intangible Assets

Amortization expense related to other intangible assets during the years ended December 31, 2023, 2022 and 2021, which was included in Depreciation and amortization within the Consolidated Statements of Income, was as follows:

 

 

Year Ended December 31,

 

(millions)

 

2023

 

 

2022

 

 

2021

 

Amortization expense

 

$

12.0

 

 

$

9.9

 

 

$

8.7

 

Schedule of Expected Future Amortization of Other Intangible Assets

The expected future amortization of other intangible assets as of December 31, 2023 was as follows:

 

(millions)

 

Intangible asset
amortization

 

2024

 

$

11.6

 

2025

 

 

10.5

 

2026

 

 

10.0

 

2027

 

 

6.9

 

2028

 

 

6.6

 

2029 and thereafter

 

 

14.1

 

Total

 

$

59.7