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Intangible Assets, net

3 Months Ended

Mar. 31, 2021

Note 5. Intangible Assets, net

Intangible assets, net consisted of the following:


		March 31, 2021				December 31, 2020
	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	$	(0.5)
Customer lists/relationships	14.9		623.4		(406.0)		623.2		(396.7)
Software	10.0		8.1		(8.1)		8.1		(8.1)
Other	5.2		0.7		(0.6)		1.1		(0.9)
			632.9		(415.2)		633.1		(406.2)
Intangible assets not subject to amortization:
Trade names			720.3		—		720.2		—
		$	1,353.2	$	(415.2)	$	1,353.3	$	(406.2)

Amortization expense for intangible assets was $9.2 million and $10.8 million for the first quarters of 2021 and 2020, respectively. Foreign currency translation gains related to intangible assets, net, were $0.1 million for the first quarter of 2021 compared to foreign currency translation losses of 3.5 million in the first quarter of 2020.

In the first quarter of 2020, we recognized impairment losses of $64.1 million on our trade names and $24.7 million on our customer lists/relationships intangible assets, mainly related to certain of our energy-related businesses. See Note 12—“Impairment and Restructuring Charges” for further discussion of our impairment losses.

The following is a summary of estimated future amortization expense for the remaining nine months of 2021 and each of the succeeding five years:


	(in millions)
2021 (remaining nine months)	$	27.4
2022		35.9
2023		31.6
2024		28.1
2025		23.9
2026		14.4