Intangible Assets, net

3 Months Ended

Mar. 31, 2023

Intangible Assets, net

Intangible Assets, net

Note 4. Intangible Assets, net

Intangible assets, net consisted of the following:

		March 31, 2023				December 31, 2022
	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	$	713.8	$	(490.5)	$	713.6	$	(479.3)
Backlog of orders	7.9		22.3		(3.8)		22.3		(3.1)
Other	9.2		9.9		(9.5)		9.9		(9.5)
			746.0		(503.8)		745.8		(491.9)
Intangible assets not subject to amortization:
Trade names			765.8		—		765.7		—
		$	1,511.8	$	(503.8)	$	1,511.5	$	(491.9)

Amortization expense for intangible assets was $11.8 million and $12.2 million for the first quarters of 2023 and 2022, respectively. Foreign currency translation gains related to intangible assets, net were $0.2 million and $0.4 million for the first quarters of 2023 and 2022, respectively.

The following is a summary of estimated future amortization expense:

	(in millions)
2023 (remaining nine months)	$	31.8
2024		40.1
2025		35.9
2026		26.4
2027		25.8
Thereafter		82.2
	$	242.2