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Intangible Assets
12 Months Ended
Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]  
Intangible Assets

Note 12 - Intangible Assets

The components of intangible assets, net as of December 31, 2020 and 2019 were as follows:

 

 

December 31, 2020

 

 

December 31, 2019

 

 

 

Gross

Carrying

Amount

 

 

Accumulated

Amortization

 

 

Net

Carrying

Amount

 

 

Gross

Carrying

Amount

 

 

Accumulated

Amortization

 

 

Net

Carrying

Amount

 

Customer relationships

 

$

6.3

 

 

$

5.4

 

 

$

0.9

 

 

$

6.3

 

 

$

5.0

 

 

$

1.3

 

Technology use

 

 

9.0

 

 

 

9.0

 

 

 

 

 

 

9.0

 

 

 

8.0

 

 

 

1.0

 

Capitalized software

 

 

58.0

 

 

 

49.6

 

 

 

8.4

 

 

 

61.1

 

 

 

49.1

 

 

 

12.0

 

Total intangible assets

 

$

73.3

 

 

$

64.0

 

 

$

9.3

 

 

$

76.4

 

 

$

62.1

 

 

$

14.3

 

Intangible assets subject to amortization are amortized on a straight-line method over their legal or estimated useful lives. The weighted average useful lives of the customer relationships, technology use and capitalized software intangible assets are 15 years, 15 years and 6 years, respectively. The weighted average useful life of total intangible assets is 8 years. Amortization expense for intangible assets for the years ended December 31, 2020, 2019, and 2018 was $5.0 million, $6.1 million and $5.5 million, respectively. Amortization expense in 2020 and 2019 associated with capitalized software includes accelerated amortization of $1.0 million and $0.9 million, respectively, related to the closure of TMS. See “Note 6 - Disposition of Non-Core Assets” for additional information. During the years ended December 31, 2020, 2019, and 2018, TimkenSteel recorded a loss on disposal of $0.2 million, $0.1 million, and $0.4 million, respectively, related to capitalized software.

Based upon the intangible assets subject to amortization as of December 31, 2020, TimkenSteel’s estimated annual amortization for the five succeeding years is shown below (in millions):

Year

 

Amortization

Expense

 

2021

 

$

3.1

 

2022

 

 

2.6

 

2023

 

 

2.0

 

2024

 

 

1.0

 

2025

 

 

0.1