XML 25 R14.htm IDEA: XBRL DOCUMENT

Intangible Assets, net

9 Months Ended

Sep. 30, 2020

Note 6. Intangible Assets, net

Intangible assets, net consisted of the following:


		September 30, 2020				December 31, 2019
	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	$	0.7	$	(0.4)	$	0.7	$	(0.4)
Customer lists/relationships	14.8		624.1		(388.6)		710.1		(438.1)
Software	10.0		8.1		(8.1)		8.1		(8.1)
Other	7.5		1.0		(0.9)		1.1		(0.9)
			633.9		(398.0)		720.0		(447.5)
Intangible assets not subject to amortization:
Trade names			719.9		—		758.6		—
		$	1,353.8	$	(398.0)	$	1,478.6	$	(447.5)

Intangible assets recorded in connection with our 2019 acquisition of Fry Steel were $56.3 million; $30.3 million was allocated to trade names, which is not subject to amortization, and $26.0 million was allocated to customer lists/relationships, which amortizes over a 10.0 year life.

Amortization expense for intangible assets was $30.3 million and $32.3 million for the nine months ended September 30, 2020 and 2019, respectively. Foreign currency translation losses related to intangible assets, net, were $2.8 million for

the nine months ended September 30, 2020 compared to foreign currency translation gains of $1.0 million in the same period in 2019.

In the nine months ended September 30, 2020, we recognized impairment losses of $67.8 million on our trade names and $30.7 million on our customer lists/relationships intangible assets, mainly related to certain of our energy-related businesses. See Note 13—“Impairment and Restructuring Charges” for further discussion of our impairment losses.

The following is a summary of estimated future amortization expense for the remaining three months of 2020 and each of the succeeding five years:


	(in millions)
2020 (remaining three months)	$	9.3
2021		36.5
2022		35.8
2023		31.6
2024		28.1
2025		23.9