Intangible Assets, Net

12 Months Ended

Dec. 31, 2024

Intangible Assets, Net

Intangible Assets, Net

Note 8. Intangible Assets, Net

Intangible assets, net, consisted of the following:

		December 31, 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	13.9	$	753.4	$	(559.6)	$	716.0	$	(520.5)
Backlog of orders	7.9		21.0		(8.2)		22.9		(6.0)
Other	9.3		10.2		(9.6)		10.0		(9.5)
			784.6		(577.4)		748.9		(536.0)
Intangible assets not subject to amortization:
Trade names			800.0		—		768.2		—
		$	1,584.6	$	(577.4)	$	1,517.1	$	(536.0)

Changes in the carrying amount of intangible assets, net are as follows:

	(in millions)
Balance at January 1, 2023	$	1,019.6
Acquisition		3.9
Amortization expense		(43.8)
Effect of foreign currency translation		1.4
Balance at December 31, 2023		981.1
Acquisitions		80.9
Amortization expense		(42.6)
Impairment		(11.2)
Other		2.2
Effect of foreign currency translation		(3.2)
Balance at December 31, 2024	$	1,007.2

See Note 2—“Acquisitions” for further discussion of intangible assets recorded in the preliminary purchase price allocations of our 2024 acquisitions.

We recognized an impairment loss of $11.2 million in 2024 related to the write-off of the carrying amount of a trade name intangible asset pursuant to its discontinued use resulting from an operational restructuring.

The following is a summary of estimated future amortization expense:

	(in millions)
2025	$	39.0
2026		29.5
2027		28.9
2028		27.4
2029		25.3
Thereafter		57.1
	$	207.2