Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

NOTE 8 — INTANGIBLE ASSETS

The gross carrying amount of intangible assets and accumulated amortization as of December 31, 2021 and 2020 were as follows (amounts in millions):

	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
	December 31, 2020
	Weighted Average Remaining Life (in years)		Gross carrying amount		Accumulated amortization			Net carrying amount
Customer relationships		9.2	$	25.9	$	(3.1	)	$	22.8
Tradenames		5.2		1.6		(0.4	)		1.2
Non-compete agreements		4.3		0.8		(0.1	)		0.7
Favorable market rent		9.5		1.7		(0.1	)		1.6
Total	8.9		$	30.0	$	(3.7	)	$	26.3

Amortization of intangible assets, excluding favorable market rent which is amortized to lease expense, was $3.3 million and $2.3 million for the years ended December 31, 2021 and 2020, respectively.

During the 4^th quarter of 2021, the Company reassessed the useful lives of our intangible assets acquired from recent acquisitions. Given our recent rebranding efforts, the Company shortened the remaining useful lives of some tradename intangible assets resulting in accelerated amortization in the 4^th quarter of 2021 and beyond.

The Company reviewed its finite-lived intangible assets for impairment and determined that none of the assets were impaired during the years ended December 31, 2021 and 2020.

As of December 31, 2021, estimated amortization expense for other intangible assets for each of the next five years and thereafter was as follows (amounts in millions):

Years ending December 31,	Amount
2022	$	5.7
2023		5.4
2024		5.3
2025		5.0
2026		4.9
Thereafter		17.1
Total	$	43.4