Intangible Assets, net

6 Months Ended

Jun. 30, 2023

Intangible Assets, net

Intangible Assets, net

Note 4. Intangible Assets, net

Intangible assets, net consisted of the following:

		June 30, 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	$	716.4	$	(501.2)	$	713.6	$	(479.3)
Backlog of orders	7.9		22.8		(4.6)		22.3		(3.1)
Other	9.4		10.3		(9.5)		9.9		(9.5)
			749.5		(515.3)		745.8		(491.9)
Intangible assets not subject to amortization:
Trade names			768.6		—		765.7		—
		$	1,518.1	$	(515.3)	$	1,511.5	$	(491.9)

Amortization expense for intangible assets was $23.0 million and $24.3 million for the six months ended June 30, 2023 and 2022, respectively. As part of the purchase price allocation of our acquisition of Southern Steel Supply, LLC on May 1, 2023, we allocated a total of $5.0 million to the intangible assets acquired. Foreign currency translation gains related to intangible assets, net were $1.2 million for the six months ended June 30, 2023 compared to foreign currency translation losses of $1.6 million for the six months ended June 30, 2022.

The following is a summary of estimated future amortization expense:

	(in millions)
2023 (remaining six months)	$	20.8
2024		40.5
2025		36.3
2026		26.8
2027		26.2
Thereafter		83.6
	$	234.2