Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

9. Goodwill and Intangible Assets

Goodwill

The following table sets forth the change in the carrying amount of goodwill during the three months ended March 31, 2022 (in millions):

Balance as of December 31, 2021	$	1,777.4
Acquisitions		(1.2	)
Translation and other adjustments		0.5
Balance as of March 31, 2022	$	1,776.7

The changes in the carrying amount of goodwill for the three months ended March 31, 2022 were driven primarily by measurement period adjustments for the acquisition of Midway. See Note 3 for additional information.

Intangible Assets

The intangible asset lives range from 5 to 20 years. The following table summarizes intangible assets by category (in millions, except time periods):

	March 31,			December 31,			March 31,			Weighted- Average Remaining Life1
	2022			2021			2021			(Years)
Amortizable intangible assets:
Non-compete agreements	$	0.2		$	0.2		$	0.2			0.2
Customer relationships		1,092.4			1,092.3			1,086.0			15.3
Trademarks		1.0			1.0			—			1.6
Total amortizable intangible assets		1,093.6			1,093.5			1,086.2			15.3
Accumulated amortization		(703.8	)		(682.3	)		(631.0	)
Total amortizable intangible assets, net		389.8			411.2			455.2
Indefinite-lived trademarks		9.8			9.8			9.8
Total intangibles, net	$	399.6		$	421.0		$	465.0

__________________________________

1.As of March 31, 2022.

The following table summarizes the estimated future amortization expense for intangible assets (in millions):

Year Ending December 31,
2022 (Apr - Dec)	$	60.2
2023		66.9
2024		53.9
2025		43.7
2026		35.2
Thereafter		129.9
Total future amortization expense	$	389.8