Intangible Assets, Net

3 Months Ended

Mar. 31, 2024

Note 5. Intangible Assets, Net

Intangible assets, net consisted of the following:


		March 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	14.0	$	721.4	$	(529.8)	$	716.0	$	(520.5)
Backlog of orders	7.9		22.3		(6.6)		22.9		(6.0)
Other	9.4		10.1		(9.5)		10.0		(9.5)
			753.8		(545.9)		748.9		(536.0)
Intangible assets not subject to amortization:
Trade names			778.2		—		768.2		—
		$	1,532.0	$	(545.9)	$	1,517.1	$	(536.0)

In connection with our acquisition of Cooksey Steel in the first quarter of 2024, we recorded $14.1 million of intangible assets, including $8.0 million allocated to the trade name acquired, which is not subject to amortization.

Amortization expense for intangible assets was $10.3 million and $11.8 million for the first quarters of 2024 and 2023, respectively. Foreign currency translation losses related to Intangible assets, net were $1.0 million in the first quarter of 2024 compared to foreign currency translation gains of $0.2 million in the first quarter of 2023.

The following is a summary of estimated future amortization expense:


	(in millions)
2024 (remaining nine months)	$	30.6
2025		36.7
2026		27.3
2027		26.6
2028		25.1
Thereafter		61.6
	$	207.9