Intangible Assets, Net

9 Months Ended

Sep. 30, 2024

Intangible Assets, Net

Intangible Assets, Net

Note 5. Intangible Assets, Net

Intangible assets, net consisted of the following:

		September 30, 2024				December 31, 2023
	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	14.0	$	755.1	$	(550.5)	$	716.0	$	(520.5)
Backlog of orders	7.9		22.4		(8.0)		22.9		(6.0)
Other	9.3		10.2		(9.6)		10.0		(9.5)
			787.7		(568.1)		748.9		(536.0)
Intangible assets not subject to amortization:
Trade names			811.9		—		768.2		—
		$	1,599.6	$	(568.1)	$	1,517.1	$	(536.0)

Intangible assets recorded in connection with our 2024 acquisitions were $80.9 million, including $41.4 million allocated to the trade names acquired, which are not subject to amortization. See Note 2—“Acquisitions” for further discussion of intangible assets recorded in the preliminary purchase price allocations for our 2024 acquisitions.

Amortization expense for intangible assets was $32.1 million and $33.6 million for the nine months ended September 30, 2024 and 2023, respectively. Foreign currency translation loss on Intangible assets, net was $0.6 million for the nine

months ended September 30, 2024 compared to foreign currency translation gain of $0.1 million for the same period in 2023.

The following is a summary of estimated future amortization expense:

	(in millions)
2024 (remaining three months)	$	10.6
2025		39.3
2026		29.8
2027		29.2
2028		27.7
Thereafter		83.0
	$	219.6