Intangible assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets

Intangible assets

	As of September 30, 2023						As of December 31, 2022
(dollars in millions)	Cost		Accumulated amortization and impairment		Net		Cost		Accumulated amortization and impairment		Net
Finite-lived:
—Customer relationships	$	1,966.2	$	(1,077.1)	$	889.1	$	1,973.7	$	(993.2)	$	980.5
—Technology	90.4		(90.1)		0.3		90.4		(89.6)		0.8
—Capitalized software	113.1		(72.3)		40.8		105.4		(65.7)		39.7
	2,169.7		(1,239.5)		930.2		2,169.5		(1,148.5)		1,021.0
Indefinite-lived:
—Brands and trade names	513.4		(44.0)		469.4		513.4		(44.0)		469.4
Total intangible assets	$	2,683.1	$	(1,283.5)	$	1,399.6	$	2,682.9	$	(1,192.5)	$	1,490.4

During the three months ended September 30, 2023, the amortization expense recognized in respect of intangible assets was $32.1 million, compared to $31.6 million for the three months ended October 1, 2022. In addition, movements in foreign currency exchange rates resulted in a decrease in the net carrying value of total intangible assets of $10.3 million for the three months ended September 30, 2023, compared to a decrease of $25.6 million for the three months ended October 1, 2022.

During the nine months ended September 30, 2023, the amortization expense recognized in respect of intangible assets was $96.4 million, compared to $96.9 million for the nine months ended October 1, 2022. In addition, movements in foreign currency exchange rates resulted in a decrease in the net carrying value of total intangible assets of $3.0 million for the nine months ended September 30, 2023, compared to a decrease of $60.4 million for the nine months ended October 1, 2022.