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Intangible Assets, net

9 Months Ended

Sep. 30, 2023

Note 4. Intangible Assets, net

Intangible assets, net consisted of the following:


		September 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	$	715.2	$	(510.7)	$	713.6	$	(479.3)
Backlog of orders	7.9		22.3		(5.2)		22.3		(3.1)
Other	9.4		10.3		(9.6)		9.9		(9.5)
			747.8		(525.5)		745.8		(491.9)
Intangible assets not subject to amortization:
Trade names			767.8		—		765.7		—
		$	1,515.6	$	(525.5)	$	1,511.5	$	(491.9)

Amortization expense for intangible assets was $33.6 million and $36.3 million for the nine months ended September 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 $4.0 million to the intangible assets acquired. Foreign currency translation gain related to Intangible assets, net was $0.1 million for the nine months ended September 30, 2023 compared to foreign currency translation loss of $5.0 million for the nine months ended September 30, 2022.

The following is a summary of estimated future amortization expense:


	(in millions)
2023 (remaining three months)	$	10.2
2024		40.3
2025		36.1
2026		26.7
2027		26.0
Thereafter		83.0
	$	222.3