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Intangible Assets, net
 6 Months Ended
Jun. 30, 2012
Intangible Assets, net  
Intangible Assets, net

 

 

5.  Intangible Assets, net

 

The following table summarizes our intangible assets, net:

 

 

 

June 30, 2012

 

December 31, 2011

 

 

 

Gross
Carrying
Amount

 

Accumulated
Amortization

 

Gross
Carrying
Amount

 

Accumulated
Amortization

 

 

 

 

(in millions)

 

Intangible assets subject to amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Covenants not to compete

 

 

$

7.6

 

 

 

$

(7.0

)

 

 

$

7.3

 

 

 

$

(6.9

)

 

Loan fees

 

 

31.2

 

 

 

(18.9

)

 

 

31.2

 

 

 

(17.6

)

 

Customer lists/relationships

 

 

501.8

 

 

 

(133.0

)

 

 

477.7

 

 

 

(114.2

)

 

Software – internal use

 

 

8.1

 

 

 

(5.1

)

 

 

8.1

 

 

 

(4.7

)

 

Other

 

 

6.6

 

 

 

(2.4

)

 

 

6.6

 

 

 

(2.2

)

 

 

 

 

555.3

 

 

 

(166.4

)

 

 

530.9

 

 

 

(145.6

)

 

Intangible assets not subject to amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade names

 

 

526.7

 

 

 

—

 

 

 

510.6

 

 

 

—

 

 

 

 

 

$

1,082.0

 

 

 

$

(166.4

)

 

 

$

1,041.5

 

 

 

$

(145.6

)

 

 

Intangible assets recorded in connection with 2012 acquisitions were $41.0 million (see Note 3). We recognized amortization expense for intangible assets of $20.9 million and $15.8 million for the six months ended June 30, 2012 and 2011, respectively. Other changes in intangible assets, net during the six months ended June 30, 2012 are due to foreign currency translation losses of $0.4 million.

 

The following is a summary of estimated aggregated amortization expense for the remaining six months of 2012 and each of the succeeding five years:

 

 

 

(in millions)

 

2012

 

$

21.5

 

2013

 

42.9

 

2014

 

40.9

 

2015

 

39.3

 

2016

 

37.6

 

2017

 

32.2