Intangible assets

6 Months Ended

Jun. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]


	As of June 29, 2024						As of December 30, 2023
(dollars in millions)	Cost		Accumulated amortization and impairment		Net		Cost		Accumulated amortization and impairment		Net
Finite-lived:
—Customer relationships	$	1,958.3	$	(1,160.5)	$	797.8	$	2,003.6	$	(1,127.7)	$	875.9
—Technology	90.5		(90.5)		—		90.6		(90.3)		0.3
—Capitalized software	123.6		(81.4)		42.2		117.3		(76.8)		40.5
	2,172.4		(1,332.4)		840.0		2,211.5		(1,294.8)		916.7
Indefinite-lived:
—Brands and trade names	513.4		(44.0)		469.4		513.4		(44.0)		469.4
Total intangible assets	$	2,685.8	$	(1,376.4)	$	1,309.4	$	2,724.9	$	(1,338.8)	$	1,386.1

During the three months ended June 29, 2024, the amortization expense recognized in respect of intangible assets was $32.2 million, compared to $32.2 million for the three months ended July 1, 2023. In addition, movements in foreign currency exchange rates resulted in a decrease in the net carrying value of total intangible assets of $10.8 million for the three months ended June 29, 2024, compared to a decrease of $1.9 million for the three months ended July 1, 2023.

During the six months ended June 29, 2024, the amortization expense recognized in respect of intangible assets was $64.7 million, compared to $64.3 million for the six months ended July 1, 2023. In addition, movements in foreign currency exchange rates resulted in a decrease in the net carrying value of total intangible assets of $19.6 million for the six months ended June 29, 2024, compared to an increase of $7.3 million for the six months ended July 1, 2023.