Intangible Assets, net

9 Months Ended

Sep. 30, 2022

Intangible Assets, net

Intangible Assets, net

Note 5. Intangible Assets, net

Intangible assets, net consisted of the following:

		September 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	$	712.9	$	(467.7)	$	713.0	$	(435.1)
Backlog of orders	7.9		22.0		(2.3)		15.8		(0.2)
Other	9.1		9.9		(9.7)		9.9		(9.4)
			744.8		(479.7)		738.7		(444.7)
Intangible assets not subject to amortization:
Trade names			765.3		—		783.7		—
		$	1,510.1	$	(479.7)	$	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 $36.3 million and $27.5 million for the nine months ended September 30, 2022 and 2021, respectively. Foreign currency translation losses related to intangible assets, net were $5.0 million and $0.1 million for the nine months ended September 30, 2022 and 2021, respectively.

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 by $16.9 million, increased the

Backlog of orders intangible asset by $8.0 million and increased Customer lists/relationships intangible assets by $2.7 million.

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

	(in millions)
2022 (remaining three months)	$	11.8
2023		43.5
2024		40.0
2025		35.8
2026		26.3
2027		25.7