Amortizable Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Amortizable Intangible Assets

NOTE 5 Amortizable Intangible Assets

Amortizable intangible assets at December 31, 2023 and 2022 consisted of the following:

	December 31, 2023									December 31, 2022
(in millions)	Gross carrying value		Accumulated amortization			Net carrying value		Weighted average life in years(1)		Gross carrying value			Accumulated amortization			Net carrying value			Weighted average life in years(1)
Purchased customer accounts	$	3,138.0	$	(1,548.7	)	$	1,589.3		14.8	$	2,997.0		$	(1,397.7	)	$	1,599.3			14.8
Foreign currency translation adjustments during the year		33.5		(2.0	)		31.5				(4.5	)		0.4			(4.1	)
Total	$	3,171.5	$	(1,550.7	)	$	1,620.8			$	2,992.5		$	(1,397.3	)	$	1,595.2

(1)Weighted average life calculated as of the date of acquisition.

Amortization expense for amortizable intangible assets for the years ending December 31, 2024, 2025, 2026, 2027 and 2028 is estimated to be $169.4 million, $165.9 million, $159.9 million, $147.5 million and $141.0 million, respectively.