Intangible Assets, net

12 Months Ended

Dec. 31, 2022

Intangible Assets, net

Intangible Assets, net

Note 7. Intangible Assets, net

Intangible assets, net, consisted of the following:

		December 31, 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	$	713.6	$	(479.3)	$	713.0	$	(435.1)
Backlog of orders	7.9		22.3		(3.1)		15.8		(0.2)
Other	9.1		9.9		(9.5)		9.9		(9.4)
			745.8		(491.9)		738.7		(444.7)
Intangible assets not subject to amortization:
Trade names			765.7		—		783.7		—
		$	1,511.5	$	(491.9)	$	1,522.4	$	(444.7)

Certain 2021 amounts have been reclassified for consistency with the current period presentation.

In 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. See Note 2—“Acquisitions” for further discussion of intangible assets recorded in the purchase price allocations for our 2021 acquisitions.  

During 2021, we recognized impairment losses of $4.7 million on our trade name intangible assets and a total of $98.5 million of impairment losses in 2020, comprised of $67.8 million on our trade name intangible assets and $30.7 million on our customer relationship intangible assets. See Note 19—“Impairment and Restructuring Charges” for further discussion of our impairment losses.

Amortization expense for intangible assets amounted to $48.1 million, $38.7 million and $39.6 million in 2022, 2021 and 2020, respectively. Foreign currency translation losses were $4.0 million in 2022 compared to gains of $0.3 million in 2021.

The following is a summary of estimated aggregate amortization expense for each of the next five years:

	(in millions)
2023	$	43.6
2024		40.1
2025		35.9
2026		26.4
2027		25.8