Other Intangibles

9 Months Ended

Sep. 30, 2021

Other Intangibles [Abstract]

Other Intangibles

(8) Other Intangibles:

The components of other intangibles as of December 31, 2020 was follows:

	Predecessor
	December 31, 2020
	Gross Carrying		Accumulated		Net Carrying
($ in millions)	Amount		Amortization		Amount
Other Intangibles:
Customer base	$	4,332	$	(3,781)	$	551
Trade name		122		-		122
Royalty agreement		72		(68)		4
Total other intangibles	$	4,526	$	(3,849)	$	677

As a result of fresh start accounting, on the Effective Date, intangible assets and related accumulated amortization of the Predecessor were eliminated. Successor intangible assets were recorded at fair value as of the Effective Date. See Note 4. The balances of these assets as of September 30, 2021 are as follows:

	Successor
	September 30, 2021
	Gross Carrying		Accumulated		Net Carrying
($ in millions)	Amount		Amortization		Amount
Other Intangibles:
Customer Relationships - Business	$	800	$	(30)	$	770
Customer Relationships - Wholesale		3,491		(91)		3,400
Trademarks & Tradenames		150		(13)		137
Total other intangibles	$	4,441	$	(134)	$	4,307

Amortization expense was as follows:

	Successor		Predecessor
	For the three months		For the three months
	ended September 30,		ended September 30,
($ in millions)	2021		2020
Amortization expense	$	82	$	81
	Successor		Predecessor
	For the five months		For the four months		For the nine months
	ended September 30,		ended April 30,		ended September 30,
($ in millions)	2021		2021		2020
Amortization expense	$	134	$	99	$	263

For the Predecessor, amortization expense was primarily for our customer base acquired as a result of our acquisitions in 2010, 2014, and 2016 with each based on a useful life of 8 to 12 years and amortized on an accelerated method. Our trade name was an indefinite-lived intangible asset that was not subject to amortization.

Following our emergence from bankruptcy, we amortize our intangible assets on a straight line basis, over the assigned useful lives of 16 years for our wholesale customer relationships, 11 years for our business customer relationships, and 5 years for our trademarks and tradenames.