NOTE 5. INTANGIBLE ASSETS, NET Intangible assets, net consisted of the following (in millions): | | | | | | | | | | | | | | | | | June 30, | | December 31, | | | | 2026 | | 2025 | | Weighted Average | | Gross | | | | | Gross | | | | | Amortizable | | Carrying | | Accumulated | | Carrying | | Accumulated | | Life in Years | | Amount | | Amortization | | Amount | | Amortization | Intangible assets subject to amortization: | | | | | | | | | | | | | | Customer lists/relationships | 13.9 | | $ | 754.0 | | $ | (609.8) | | $ | 754.8 | | $ | (596.6) | Backlog of orders | 7.9 | | | 21.3 | | | (12.3) | | | 22.1 | | | (11.4) | Other | 8.8 | | | 11.2 | | | (9.9) | | | 10.2 | | | (9.8) | | | | | 786.5 | | | (632.0) | | | 787.1 | | | (617.8) | Intangible assets not subject to amortization: | | | | | | | | | | | | | | Trade names | | | | 790.5 | | | — | | | 790.8 | | | — | | | | $ | 1,577.0 | | $ | (632.0) | | $ | 1,577.9 | | $ | (617.8) |
The change in the carrying amount of intangible assets, net is as follows (in millions): | | | Balance as of January 1, 2026 | $ | 960.1 | Other | | 1.1 | Amortization expense | | (15.1) | Foreign currency translation | | (1.1) | Balance as of June 30, 2026 | $ | 945.0 |
The following is a summary of estimated future amortization expense (in millions): | | | 2026 – remaining | $ | 14.7 | 2027 | | 29.1 | 2028 | | 27.6 | 2029 | | 25.4 | 2030 | | 20.7 | Thereafter | | 37.0 | | $ | 154.5 |
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