Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

7. Intangible Assets and Goodwill

The following table summarizes the carrying amount of intangible assets as of September 30, 2022 and December 31, 2021:


	As of
	September 30, 2022		December 31, 2021
	(Dollars in millions)
Acquired contractual rights	$	914.6	$	48.0

Accumulated amortization	(92.5)		(26.4)
Finite-lived intangible assets, net	822.1		21.6
Goodwill	103.0		13.3
Intangible Assets, net	$	925.1	$	34.9

As discussed in Note 3, the Company reviews its intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. No impairment losses were recorded during the three months ended September 30, 2022. During the nine months ended September 30, 2022, the Company recorded an impairment charge of $4.0 million on certain acquired contractual rights related to Carlyle Aviation Partners as a result of

impaired income streams from aircraft under lease in Russia. No impairment losses were recorded during the three and nine months ended September 30, 2021.

Intangible asset amortization expense was $32.0 million and $1.8 million for the three months ended September 30, 2022 and 2021, respectively, and $70.7 million and $8.4 million for the nine months ended September 30, 2022 and 2021, respectively, and is included in general, administrative, and other expenses in the unaudited condensed consolidated statements of operations. Certain intangible assets are held by entities of which the functional currency is not the U.S. dollar. Any corresponding currency translation is recorded in other comprehensive income.

The following table summarizes the expected amortization expense for 2022 through 2026 and thereafter (Dollars in millions):


2022 (excluding the nine months ended September 30, 2022)	$	33.1
2023	130.4
2024	130.5
2025	130.4
2026	130.3
Thereafter	267.4
	$	822.1