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Other Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Other Intangible Assets | Note 9. Other Intangible Assets The following table analyzes other intangible assets movement for 2024 and 2023.
(in millions) |  | 2024 |  |  | 2023 |
Gross cost at January 1 |  | $ | 315.1 |  |  | $ | 291.1 |
Additions |  |  | 24.3 |  |  |  | 22.4 |
Exchange effect |  |  | (7.5 | ) |  |  | 1.6 |
Gross cost at December 31 |  |  | 331.9 |  |  |  | 315.1 |
Accumulated amortization at January 1 |  |  | (257.8 | ) |  |  | (246.1 | )
Amortization expense |  |  | (12.6 | ) |  |  | (10.6 | )
Exchange effect |  |  | 3.9 |  |  |  | (1.1 | )
Accumulated amortization at December 31 |  |  | (266.5 | ) |  |  | (257.8 | )
Net book amount at December 31 |  | $ | 65.4 |  |  | $ | 57.3 |
Amortization expense The amortization expense was $12.6 million, $10.6 million and $14.0 million in 2024, 2023 and 2022, respectively. Excluding the impact of foreign exchange translation on the balance sheet, $2.3 million, $2.3 million and $2.3 million of amortization, respectively, was recognized in cost of goods sold, and the remainder was recognized in selling, general and administrative expenses. In 2024, we capitalized $20.8 million (2023 - $15.1 million) in relation to our internally developed software for a new Enterprise Resource Planning (“ERP”) system covering our all our regions. The expenses capitalized include the acquisition costs for the software as well as the external and internal costs of the development. The additional completion costs are currently expected to be approximately $29.5 million. Our current plan is to complete the implementation of the new ERP system across all regions by the middle of 2026. We have determined the useful economic life of the ERP system to be up to 12 years. In 2024, within the remeasurement period, we finalized the valuation of customer lists in relation to the acquisition of QGP in December 2023. This increased the intangible asset capitalized by $3.5 million in the second quarter of 2024. Management also revised the expected useful life of the customer lists from 10 years to 7 years. In 2023, we capitalized $7.3 million in relation to the acquisition of QGP. Other intangible assets at December 31, 2024 were:
(in millions) |  | Gross carrying amount |  |  | Accumulated amortization |
Product rights |  | $ | 34.0 |  |  | $ | (34.0 | )
Brand names |  |  | 8.9 |  |  |  | (8.9 | )
Technology |  |  | 55.1 |  |  |  | (44.6 | )
Customer relationships |  |  | 130.6 |  |  |  | (111.9 | )
Internally developed software |  |  | 78.7 |  |  |  | (42.5 | )
Other |  |  | 24.6 |  |  |  | (24.6 | )
|  | $ | 331.9 |  |  | $ | (266.5 | )
Other intangible assets at December 31, 2023 were:
(in millions) |  | Gross carrying amount |  |  | Accumulated amortization |
Product rights |  | $ | 34.0 |  |  | $ | (34.0 | )
Brand names |  |  | 8.9 |  |  |  | (8.4 | )
Technology |  |  | 55.1 |  |  |  | (42.3 | )
Customer relationships |  |  | 131.6 |  |  |  | (105.4 | )
Internally developed software |  |  | 60.5 |  |  |  | (42.7 | )
Other |  |  | 25.0 |  |  |  | (25.0 | )
|  | $ | 315.1 |  |  | $ | (257.8 | )
Future amortization expense is estimated to be as follows for the next five years:
(in millions) |  |  |
2025 |  | $ | 11.1 |
2026 |  | $ | 10.9 |
2027 |  | $ | 7.4 |
2028 |  | $ | 7.1 |
2029 |  | $ | 6.2 |

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