Intangible Assets, net

3 Months Ended

Mar. 31, 2015

5. Intangible Assets, net

Intangible assets, net consisted of the following:

		March 31, 2015					December 31, 2014
	Weighted Average	Gross					Gross
	Amortizable	Carrying		Accumulated			Carrying		Accumulated
	Life in Years	Amount		Amortization			Amount		Amortization
		(in millions)
Intangible assets subject to amortization:
Covenants not to compete	4.3	$	2.3	$	(1.7	)	$	2.3	$	(1.7	)
Loan fees	3.8	41.5		(28.2		)	41.5		(27.3		)
Customer lists/relationships	14.2	689.1		(260.4		)	694.7		(249.3		)
Software – internal use	10.0	8.1		(7.3		)	8.1		(7.1		)
Other	5.1	7.1		(4.8		)	7.2		(4.5		)
		748.1		(302.4		)	753.8		(289.9		)
Intangible assets not subject to amortization:
Trade names		774.5		—			777.7		—
		$	1,522.6	$	(302.4	)	$	1,531.5	$	(289.9	)

We recognized amortization expense for intangible assets of $14.3 million and $14.1 million for the three months ended March 31, 2015 and 2014, respectively. Other changes in intangible assets, net during the three months ended March 31, 2015 are due to foreign currency translation losses of $7.1 million.

The following is a summary of estimated aggregate amortization expense for the remaining nine months of 2015 and each of the succeeding five years:

	(in millions)
2015	$	42.5
2016	55.0
2017	50.5
2018	44.4
2019	43.7
2020	43.7