Intangible Assets, net

6 Months Ended

Jun. 30, 2022

Intangible Assets, net

Intangible Assets, net

Note 5. Intangible Assets, net

Intangible assets, net consisted of the following:

		June 30, 2022				December 31, 2021
	Weighted Average	Gross				Gross
	Amortizable	Carrying		Accumulated		Carrying		Accumulated
	Life in Years	Amount		Amortization		Amount		Amortization
		(in millions)
Intangible assets subject to amortization:
Customer lists/relationships	14.2	$	714.7	$	(457.0)	$	713.0	$	(435.1)
Backlog of orders	7.9		23.4		(1.7)		15.8		(0.2)
Other	9.1		10.0		(9.6)		9.9		(9.4)
			748.1		(468.3)		738.7		(444.7)
Intangible assets not subject to amortization:
Trade names			766.0		—		783.7		—
		$	1,514.1	$	(468.3)	$	1,522.4	$	(444.7)

Certain prior year amounts have been reclassified for consistency with the current period presentation.

Amortization expense for intangible assets was $24.3 million and $18.4 million for the six months ended June 30, 2022 and 2021, respectively. Foreign currency translation losses related to intangible assets, net, were $1.6 million for the six months ended June 30, 2022 compared to foreign currency translation gains of $0.2 million for the six months ended June 30, 2021.

During the first quarter of 2022, we recorded purchase price adjustments relating to our 2021 acquisitions based on the finalization of intangible asset valuations that decreased trade name intangible assets for $16.9 million, increased the Backlog of orders intangible asset for $8.0 million and increased customer lists/relationships intangible assets for $2.7 million.

The following is a summary of estimated future amortization expense for the remaining six months of 2022 and each of the succeeding five years:

	(in millions)
2022 (remaining six months)	$	23.9
2023		43.8
2024		40.3
2025		36.1
2026		26.6
2027		26.0