Intangible Assets, net

3 Months Ended

Mar. 31, 2016

5. Intangible Assets, net

Intangible assets, net consisted of the following:


		March 31, 2016				December 31, 2015
	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	4.4	$	1.4	$	(1.1)	$	1.3	$	(1.0)
Customer lists/relationships	14.9		724.3		(300.1)		659.0		(285.7)
Software – internal use	10.0		8.1		(8.1)		8.1		(7.9)
Other	5.3		6.4		(5.4)		6.3		(5.0)
			740.2		(314.7)		674.7		(299.6)
Intangible assets not subject to amortization:
Trade names			779.5		—		750.3		—
		$	1,519.7	$	(314.7)	$	1,425.0	$	(299.6)

Intangible assets recorded in connection with our acquisition of Tubular Steel were $89.0 million as of March 31, 2016 (see Note 3). A total of $27.3 million was allocated to the acquisition of Tubular Steel’s trade name, which is not subject to amortization.

We recognized amortization expense for intangible assets of $13.6 million and $14.3 million for the first quarter of 2016 and 2015, respectively. Foreign currency translation gains related to intangible assets, net, were approximately $4.2 million during the first quarter of 2016.

The following is a summary of estimated aggregate amortization expense for the remaining nine months of 2016 and each of the succeeding five years:


	(in millions)

2016	$	39.6
2017		49.0
2018		44.7
2019		44.6
2020		44.6
2021		40.6