XML 23 R13.htm IDEA: XBRL DOCUMENT

Intangible Assets, net

3 Months Ended

Mar. 31, 2022

Note 5. Intangible Assets, net

Intangible assets, net consisted of the following:


		March 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	$	715.9	$	(446.2)	$	713.0	$	(435.1)
Backlog of orders	7.9		24.2		(1.0)		15.8		(0.2)
Other	9.2		10.0		(9.6)		9.9		(9.4)
			750.1		(456.8)		738.7		(444.7)
Intangible assets not subject to amortization:
Trade names			766.6		—		783.7		—
		$	1,516.7	$	(456.8)	$	1,522.4	$	(444.7)

Certain amounts in prior periods have been reclassified to conform with current period presentation.

Amortization expense for intangible assets was $12.2 million and $9.2 million for the quarters ended March 31, 2022 and 2021, respectively. Foreign currency translation gains related to intangible assets, net, were $0.4 million and $0.1 million for the quarters ended March 31, 2022 and 2021, respectively.

During the first quarter of 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 for $16.9 million, increased the Backlog of orders intangible asset for $8.0 million and increased customer lists/relationships intangible assets for $2.7 million.

The following is a summary of estimated future amortization expense for the remaining nine months of 2022 and each of the succeeding five years:


	(in millions)
2022 (remaining nine months)	$	36.1
2023		44.0
2024		40.5
2025		36.3
2026		26.8
2027		26.1