Intangible Assets, net

9 Months Ended

Sep. 30, 2016

5. Intangible Assets, net

Intangible assets, net consisted of the following:


		September 30, 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	4.5	$	1.8	$	(1.2)	$	1.3	$	(1.0)
Customer lists/relationships	14.6		738.1		(326.2)		659.0		(285.7)
Software – internal use	10.0		8.1		(8.1)		8.1		(7.9)
Other	5.2		6.3		(5.5)		6.3		(5.0)
			754.3		(341.0)		674.7		(299.6)
Intangible assets not subject to amortization:
Trade names			752.9		—		750.3		—
		$	1,507.2	$	(341.0)	$	1,425.0	$	(299.6)

Intangible assets recorded in connection with our 2016 acquisitions were $115.3 million (see Note 3 — “Acquisitions”). A total of $38.2 million was allocated to the trade names acquired, which is not subject to amortization.

We recognized amortization expense for intangible assets of $40.6 million and $41.0 million for the nine months ended September 30, 2016 and 2015, respectively. Foreign currency translation gains related to intangible assets, net, were approximately $2.5 million during the nine months ended September 30, 2016.

Impairment losses of $36.4 million related to eight of our trade names were recognized during the three months and nine months ended September 30, 2016. Impairment losses of $21.2 million related to five of our trade names and $14.4 million related to two of our customer relationships were recognized for the three months and nine months ended September 30, 2015. See Note 11 – “Impairment and Restructuring Charges” for further discussion of our impairment losses.

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


	(in millions)
2016	$	13.5
2017		50.4
2018		46.1
2019		46.0
2020		46.0
2021		42.0