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Amortizable Intangible Assets
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Amortizable Intangible Assets

NOTE 5 Amortizable Intangible Assets

Amortizable intangible assets at December 31, 2022 and 2021 consisted of the following:

 

 

 

December 31, 2022

 

 

December 31, 2021

 

(in millions)

 

Gross
carrying
value

 

 

Accumulated
amortization

 

 

Net
carrying
value

 

 

Weighted
average
life in
years(1)

 

 

Gross
carrying
value

 

 

Accumulated
amortization

 

 

Net
carrying
value

 

 

Weighted
average
life in
years(1)

 

Purchased customer accounts

 

$

2,957.7

 

 

$

(1,363.7

)

 

$

1,594.0

 

 

 

14.8

 

 

$

2,311.6

 

 

$

(1,235.3

)

 

$

1,076.3

 

 

 

14.9

 

Non-compete agreements

 

 

39.3

 

 

 

(34.0

)

 

 

5.3

 

 

 

4.4

 

 

 

37.6

 

 

 

(32.4

)

 

 

5.2

 

 

 

4.5

 

Foreign currency translation adjustments during the year

 

 

(4.5

)

 

 

0.4

 

 

 

(4.1

)

 

 

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

Total

 

$

2,992.5

 

 

$

(1,397.3

)

 

$

1,595.2

 

 

 

 

 

$

2,349.2

 

 

$

(1,267.7

)

 

$

1,081.5

 

 

 

 
(1)
Weighted average life calculated as of the date of acquisition.

Amortization expense for amortizable intangible assets for the years ending December 31, 2023, 2024, 2025, 2026 and 2027 is estimated to be $161.6 million, $157.1 million, $154.2 million, $148.2 million and $135.5 million, respectively.