Intangible Assets, net

6 Months Ended

Jun. 30, 2020

Intangible Assets, net

Intangible Assets, net

Note 6. Intangible Assets, net

Intangible assets, net consisted of the following:

		June 30, 2020				December 31, 2019
	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	5.0	$	0.7	$	(0.4)	$	0.7	$	(0.4)
Customer lists/relationships	14.7		629.8		(378.9)		710.1		(438.1)
Software	10.0		8.1		(8.1)		8.1		(8.1)
Other	7.3		0.9		(0.9)		1.1		(0.9)
			639.5		(388.3)		720.0		(447.5)
Intangible assets not subject to amortization:
Trade names			723.1		—		758.6		—
		$	1,362.6	$	(388.3)	$	1,478.6	$	(447.5)

Intangible assets recorded in connection with our 2019 acquisition of Fry Steel were $56.3 million; $30.3 million was allocated to trade names, which is not subject to amortization, and $26.0 million was allocated to customer lists/relationships.

Amortization expense for intangible assets was $20.9 million and $21.5 million for the six months ended June 30, 2020 and 2019, respectively. Foreign currency translation losses related to intangible assets, net, were $3.2 million for the

six months ended June 30, 2020 compared to foreign currency translation gains of $1.7 million for the comparable 2019 period.

In the six months ended June 30, 2020, we recognized impairment losses of $64.3 million on our trade names and $24.7 million on our customer lists/relationships intangible assets related to certain of our energy-related businesses. See Note 13—“Impairment and Restructuring Charges” for further discussion of our impairment losses.

The following is a summary of estimated future amortization expense for the remaining six months of 2020 and each of the succeeding five years:

	(in millions)
2020 (remaining six months)	$	18.9
2021		37.3
2022		36.6
2023		32.4
2024		28.8
2025		24.6