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Other Intangible Assets
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Other Intangible Assets

NOTE 5 – OTHER INTANGIBLE ASSETS

The following table analyzes other intangible assets movements in the year:

 

(in millions)

 

2023

 

Gross cost at January 1

 

$

291.1

 

Additions

 

 

10.8

 

Exchange effect

 

 

(0.3

)

Gross cost at September 30

 

 

301.6

 

Accumulated amortization at January 1

 

 

(246.1

)

Amortization expense

 

 

(8.0

)

Exchange effect

 

 

0.3

 

Accumulated amortization at September 30

 

 

(253.8

)

Net book amount at September 30

 

$

47.8

 

 

The amortization expense for the nine months ended September 30, 2023 was $8.0 million (nine months ended September 30, 2022 – $11.4 million).

 

In 2023, we capitalized $10.8 million in relation to our internally developed software for a new Enterprise Resource Planning (“ERP”) system covering our EMEA and ASPAC regions. The expenses capitalized include the acquisition costs for the software as well as the external and internal costs of the development.