Intangible Assets, net

12 Months Ended

Dec. 31, 2021

Intangible Assets, net

Intangible Assets, net

Note 7. Intangible Assets, net

Intangible assets, net, consisted of the following:

		December 31, 2021				December 31, 2020
	Weighted Average	Gross				Gross
	Amortizable	Carrying		Accumulated		Carrying		Accumulated
	Life in Years	Amount		Amortization		Amount		Amortization
		(in millions)
Intangible assets subject to amortization:
Covenants not to compete	5.0	$	0.5	$	(0.2)	$	0.7	$	(0.5)
Customer lists/relationships	14.3		713.0		(435.1)		623.2		(396.7)
Other	8.5		25.2		(9.4)		9.2		(9.0)
			738.7		(444.7)		633.1		(406.2)
Intangible assets not subject to amortization:
Trade names			783.7		—		720.2		—
		$	1,522.4	$	(444.7)	$	1,353.3	$	(406.2)

Intangible assets recorded in connection with our 2021 acquisitions were $173.7 million, including $68.1 million allocated to the trade names acquired, which is not subject to amortization. See Note 2—“Acquisitions” for further discussion of intangible assets recorded in the preliminary purchase price allocations for our 2021 acquisitions.  

In 2021,we recognized impairment losses of $4.7 million on our trade name intangible assets compared to a total of $98.5 million of impairment losses in 2020, comprised of $67.8 million for our trade name intangible assets and $30.7

million for our customer relationship intangible assets. See Note 19—“Impairment and Restructuring Charges” for further discussion of our impairment losses.

Amortization expense for intangible assets amounted to $38.7 million, $39.6 million and $43.1 million in 2021, 2020 and 2019, respectively. Foreign currency translation gains related to intangible assets, net in 2021 were $0.3 million.

The following is a summary of estimated aggregate amortization expense for each of the next five years:

	(in millions)
2022		46.8
2023		42.6
2024		39.1
2025		34.9
2026		25.4