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Intangible Assets, Net

12 Months Ended

Dec. 31, 2023

Note 7. Intangible Assets, Net

Intangible assets, net, consisted of the following:


		December 31, 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	$	716.0	$	(520.5)	$	713.6	$	(479.3)
Backlog of orders	7.9		22.9		(6.0)		22.3		(3.1)
Other	9.4		10.0		(9.5)		9.9		(9.5)
			748.9		(536.0)		745.8		(491.9)
Intangible assets not subject to amortization:
Trade names			768.2		—		765.7		—
		$	1,517.1	$	(536.0)	$	1,511.5	$	(491.9)

Amortization expense for intangible assets amounted to $43.8 million, $48.1 million and $38.7 million in 2023, 2022 and 2021, respectively. Foreign currency translation gains were $1.4 million in 2023 compared to losses of $4.0 million in 2022.

As part of the purchase price allocation of our acquisition of Southern Steel Supply, LLC on May 1, 2023, we allocated a total of $3.9 million to the intangible assets acquired.

During 2021, we recognized impairment losses of $4.7 million on our trade name intangible assets.

The following is a summary of estimated future amortization expense:


	(in millions)
2024	$	40.4
2025		36.3
2026		26.8
2027		26.1
2028		24.6
Thereafter		58.7
	$	212.9