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Intangible Assets, net
9 Months Ended
Sep. 30, 2011
Intangible Assets, net 
Intangible Assets, net

5.  Intangible Assets, net

 

The following table summarizes the Company’s intangible assets, net:

 

 

 

September 30, 2011

 

December 31, 2010

 

 

 

Gross
Carrying
Amount

 

Accumulated
Amortization

 

Gross
Carrying
Amount

 

Accumulated
Amortization

 

 

 

(in millions)

 

Intangible assets subject to amortization:

 

 

 

 

 

 

 

 

 

Covenants not to compete

 

$

7.4

 

$

(6.9

)

$

7.1

 

$

(6.7

)

Loan fees

 

31.2

 

(17.4

)

23.9

 

(14.1

)

Customer lists/relationships

 

470.5

 

(104.9

)

379.3

 

(83.7

)

Software — internal use

 

8.1

 

(4.5

)

8.1

 

(3.8

)

Other

 

4.9

 

(2.0

)

4.9

 

(1.7

)

 

 

522.1

 

(135.7

)

423.3

 

(110.0

)

Intangible assets not subject to amortization:

 

 

 

 

 

 

 

 

 

Trade names

 

523.4

 

—

 

442.5

 

—

 

 

 

$

1,045.5

 

$

(135.7

)

$

865.8

 

$

(110.0

)

 

Intangible assets recorded in connection with the Continental acquisition were $180.2 million (see Note 3). A total of $84.3 million was allocated to the trade names acquired, none of which is subject to amortization. Additionally, the Company recorded other identifiable assets related to customer relationships and covenants not to compete of $95.6 million and $0.3 million, respectively, with weighted average lives of 10 years and 5 years, respectively. The Company also recorded $7.3 million of intangible assets in connection with the amendment of its syndicated credit agreement (see Note 7).  The Company recognized amortization expense for intangible assets of $25.9 million and $21.7 million for the nine months ended September 30, 2011 and 2010, respectively. Other changes in intangible assets, net during the nine months ended September 30, 2011 are due to foreign currency translation losses of $7.6 million.

 

The following is a summary of estimated aggregated amortization expense for the remaining three months of 2011 and each of the succeeding five years (in millions):

 

2011

 

$

9.9

 

2012

 

39.5

 

2013

 

39.4

 

2014

 

37.4

 

2015

 

35.8

 

2016

 

34.2