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Other Intangible Assets
 3 Months Ended
Mar. 31, 2024
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)

 

2024

 

Gross cost at January 1

 

$

315.1

 

Additions

 

 

3.6

 

Exchange effect

 

 

(1.2

)

Gross cost at March 31

 

 

317.5

 

Accumulated amortization at January 1

 

 

(257.8

)

Amortization expense

 

 

(2.8

)

Exchange effect

 

 

0.8

 

Accumulated amortization at March 31

 

 

(259.8

)

Net book amount at March 31

 

$

57.7

 

 

The amortization expense for the three months ended March 31, 2024 was $2.8 million (three months ended March 31, 2023 – $2.7 million).

 

In relation to the acquisition of QGP in December 2023, a provisional amount based on previous acquisitions and management’s best current estimate has been included for customer lists. We have provisionally estimated the expected useful life of the other intangible assets to be 10 years. The measurement periods for the valuation of assets acquired and liabilities assumed ends as soon as information on the facts and circumstances that existed as of the acquisition dates becomes available but does not exceed twelve months.

 

In 2024, we capitalized $3.6 million in relation to our internally developed software for a new Enterprise Resource Planning 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.