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Other Intangible Assets
6 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
OTHER INTANGIBLE ASSETS

NOTE 8 — OTHER INTANGIBLE ASSETS

The gross carrying amount of other intangible assets and accumulated amortization as of June 30, 2022 and December 31, 2021 were as follows (amounts in millions):

 

 

June 30, 2022

 

 

 

Weighted Average Remaining Life (in years)

 

 

Gross carrying
amount

 

 

Accumulated
amortization

 

 

Net carrying
amount

 

Customer relationships

 

 

8.5

 

 

$

44.8

 

 

$

(8.1

)

 

$

36.7

 

Tradenames

 

 

4.0

 

 

 

4.5

 

 

 

(1.5

)

 

 

3.0

 

Non-compete agreements

 

 

2.8

 

 

 

0.7

 

 

 

(0.3

)

 

 

0.4

 

Internal use software

 

 

2.7

 

 

 

0.5

 

 

 

(0.2

)

 

 

0.3

 

Total

 

 

8.1

 

 

$

50.5

 

 

$

(10.1

)

 

$

40.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

 

Weighted Average Remaining Life (in years)

 

 

Gross carrying
amount

 

 

Accumulated
amortization

 

 

Net carrying
amount

 

Customer relationships

 

 

9.0

 

 

$

44.8

 

 

$

(5.9

)

 

$

38.9

 

Tradenames

 

 

4.3

 

 

 

4.5

 

 

 

(0.9

)

 

 

3.6

 

Non-compete agreements

 

 

3.3

 

 

 

0.7

 

 

 

(0.2

)

 

 

0.5

 

Internal use software

 

 

3.2

 

 

 

0.5

 

 

 

(0.1

)

 

 

0.4

 

Total

 

 

8.5

 

 

$

50.5

 

 

$

(7.1

)

 

$

43.4

 

Amortization of other intangible assets was $1.6 million and $0.8 million for the three months ended June 30, 2022 and 2021, respectively, and $3.0 million and $1.5 million for the six months ended June 30, 2022 and 2021, respectively.

During the fourth quarter of 2021, the Company reassessed the useful lives of our other intangible assets acquired from recent acquisitions. Given our rebranding efforts, the Company shortened the remaining useful lives of some tradename intangible assets resulting in accelerated amortization prospectively beginning in the fourth quarter of 2021.