Intangible assets

6 Months Ended

Jul. 02, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets

Intangible assets

	As of July 2, 2022						As of January 1, 2022
(dollars in millions)	Cost		Accumulated amortization and impairment		Net		Cost		Accumulated amortization and impairment		Net
Finite-lived:
—Customer relationships	$	1,967.9	$	(931.3)	$	1,036.6	$	2,031.7	$	(901.6)	$	1,130.1
—Technology	90.4		(89.3)		1.1		90.9		(89.4)		1.5
—Capitalized software	99.5		(61.2)		38.3		97.8		(56.6)		41.2
	2,157.8		(1,081.8)		1,076.0		2,220.4		(1,047.6)		1,172.8
Indefinite-lived:
—Brands and trade names	513.4		(44.0)		469.4		513.4		(44.0)		469.4
Total intangible assets	$	2,671.2	$	(1,125.8)	$	1,545.4	$	2,733.8	$	(1,091.6)	$	1,642.2

During the three months ended July 2, 2022, the amortization expense recognized in respect of intangible assets was $32.3 million, compared to $33.2 million for the three months ended July 3, 2021. In addition, movements in foreign currency exchange rates resulted in a decrease in the net carrying value of total intangible assets of $28.3 million for the three months ended July 2, 2022, compared to an increase of $5.7 million for the three months ended July 3, 2021.

During the six months ended July 2, 2022, the amortization expense recognized in respect of intangible assets was $65.3 million, compared to $66.6 million for the six months ended July 3, 2021. In addition, movements in foreign currency exchange rates resulted in a decrease in the net carrying value of total intangible assets of $34.8 million for the six months ended July 2, 2022, compared to a decrease of $9.3 million for the six months ended July 3, 2021.