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Other Intangible Assets, net
12 Months Ended
Dec. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]  
Other Intangible Assets, net

9. Other Intangible Assets, net

 

The components of other intangible assets, net, as of December 31, 2021 and 2020, were as follows:

 

 

 

 

 

 

 

December 31,

 

 

 

 

 

 

 

2021

 

 

2020

 

 

 

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

 

 

1.9

 

 

$

2.9

 

 

$

(2.3

)

 

$

0.6

 

 

$

2.9

 

 

$

(1.3

)

 

$

1.6

 

Trade names and trademarks

 

 

2.0

 

 

 

0.9

 

 

 

(0.5

)

 

 

0.4

 

 

 

0.9

 

 

 

(0.2

)

 

 

0.7

 

Proprietary know how

 

 

2.8

 

 

 

3.8

 

 

 

(1.3

)

 

 

2.5

 

 

 

3.8

 

 

 

(0.4

)

 

 

3.4

 

Management contract rights

 

 

7.2

 

 

 

81.0

 

 

 

(47.7

)

 

 

33.3

 

 

 

81.0

 

 

 

(42.6

)

 

 

38.4

 

Customer relationships

 

 

12.1

 

 

 

21.5

 

 

 

(3.9

)

 

 

17.6

 

 

 

21.5

 

 

 

(2.5

)

 

 

19.0

 

Other intangible assets, net

 

 

8.5

 

 

$

110.1

 

 

$

(55.7

)

 

$

54.4

 

 

$

110.1

 

 

$

(47.0

)

 

$

63.1

 

 

Amortization expense related to intangible assets for the years ended December 31, 2021, 2020 and 2019, which was included in Depreciation and amortization within the Consolidated Statements of Income (Loss), was as follows:

 

 

 

Year Ended December 31,

 

(millions)

 

2021

 

 

2020

 

 

2019

 

Amortization expense

 

$

8.7

 

 

$

13.2

 

 

$

15.1

 

 

The expected future amortization of intangible assets as of December 31, 2021 was as follows:

 

(millions)

 

Intangible asset

amortization

 

2022

 

$

8.1

 

2023

 

 

8.0

 

2024

 

 

7.3

 

2025

 

 

6.6

 

2026

 

 

6.1

 

2027 and thereafter

 

 

18.3

 

Total

 

$

54.4

 

 

As discussed in Note 1. Significant Accounting Policies and Practices, due to the impact of COVID-19 on the Company’s expected future operating cash flows, the Company determined certain impairment testing triggers had occurred for Proprietary know how intangible assets as of June 30, 2020.

Accordingly, the Company analyzed undiscounted cash flows for these intangible assets as of June 30, 2020 and determined the carrying value for the Proprietary know how assets was higher than their projected undiscounted cash flows. As a result, the Company recorded $3.7 million of impairment charges within the Aviation segment during the year ended December 31, 2020, which was recognized within Impairment of goodwill and intangible assets in the Consolidated Statements of Income (Loss).

Additionally, due to the termination of certain contracts within the Aviation segment during August 2020 and the impact of COVID-19 on the Company's expected future operating cash flows, the Company analyzed undiscounted cash flows for customer relationships and trade names and trademarks as of August 31, 2020. The Company determined the carrying values for certain customer relationships and trade names and trademarks were higher than their projected undiscounted cash flows. As a result, the Company recorded $72.1 million of impairment charges within the Aviation segment during the year ended December 31, 2020, which was recognized within Impairment of goodwill and intangible assets in the Consolidated Statements of Income (Loss).

The fair value of these intangible assets were classified as Level 3 in the fair value hierarchy. See Note 11. Fair Value Measurement for further discussion.

No impairment charges were recorded during the years ended December 31, 2021 and 2019.