Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 16. Intangible Assets

At December 31, 2025	Cost		Accumulated amortization		Net book value
Trade names and trademarks	$	225.8	$	(103.3)	$	122.5
Customer relationships	2,588.6		(568.3)		2,020.3
Software and technology assets	898.3		(582.5)		315.8
Software under development	5.9		—		5.9
Intangible assets	$	3,718.6	$	(1,254.1)	$	2,464.5

At December 31, 2024	Cost		Accumulated amortization		Net book value
Trade names and trademarks	$	220.5	$	(63.2)	$	157.3
Customer relationships	2,538.1		(393.7)		2,144.4
Software and technology assets	781.1		(416.9)		364.2
Software under development	2.8		—		2.8
Intangible assets	$	3,542.5	$	(873.8)	$	2,668.7

At December 31, 2025, $10.3 million (December 31, 2024: $52.7 million) included in intangible assets was not subject to amortization, $4.3 million (December 31, 2024: $49.9 million) of which relates to certain trade names and trademarks and the remainder relates to software under development. During the year ended December 31, 2025, the remaining useful life of $46.0 million of tradenames and trademarks was changed from indefinite to four years and amortization commenced.

During the year ended December 31, 2025, interest of $0.5 million (2024: $1.0 million; 2023: $1.6 million) was capitalized to the cost of software under development.

Amortization of intangible assets was $374.7 million, $340.8 million, and $266.0 million for 2025, 2024, and 2023, respectively. Estimated annual amortization of intangible assets for each of the next five years is as follows:

2026	$	379.0
2027	304.1
2028	229.8
2029	193.4
2030	175.9