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Intangible Assets, net

12 Months Ended

Dec. 31, 2020

Note 7. Intangible Assets, net

Intangible assets, net, consisted of the following:


		December 31, 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	$	(0.5)	$	0.7	$	(0.4)
Customer lists/relationships	14.9		623.2		(396.7)		710.1		(438.1)
Software	10.0		8.1		(8.1)		8.1		(8.1)
Other	7.7		1.1		(0.9)		1.1		(0.9)
			633.1		(406.2)		720.0		(447.5)
Intangible assets not subject to amortization:
Trade names			720.2		—		758.6		—
		$	1,353.3	$	(406.2)	$	1,478.6	$	(447.5)

In 2020, we completed the accounting of our 2019 acquisition of Fry Steel and recorded $56.3 million of intangible assets; $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.

During 2020 and 2018, we recognized impairment losses of $67.8 million and $16.5 million, respectively, on our trade name intangible assets and $30.7 million and $16.7 million on our customer relationship intangible assets, respectively, mainly related to our energy (oil and natural gas) businesses. See Note 19 — “Impairment and Restructuring Charges” for further discussion of our impairment losses.

Amortization expense for intangible assets amounted to $39.6 million, $43.1 million and $45.8 million in 2020, 2019 and 2018, respectively. Foreign currency translation losses related to intangible assets, net in 2020 were $2.2 million.

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


	(in millions)
2021	$	36.6
2022		35.9
2023		31.6
2024		28.1
2025		23.9