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Other Intangible Assets
 3 Months Ended
Mar. 31, 2025
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)

 

2025

 

Gross cost at January 1

 

$

331.8

 

Additions

 

 

7.2

 

Exchange effect

 

 

5.7

 

Gross cost at March 31

 

 

344.7

 

Accumulated amortization at January 1

 

 

(266.4

)

Amortization expense

 

 

(2.7

)

Exchange effect

 

 

(2.8

)

Accumulated amortization at March 31

 

 

(271.9

)

Net book amount at March 31

 

$

72.8

 

 

The amortization expense for the three months ended March 31, 2025 was $2.7 million (three months ended March 31, 2024 – $2.8 million).

 

In 2025, we have capitalized $7.2 million in relation to our internally developed software for a new Enterprise Resource Planning (“ERP”) system covering all our regions. The project is ongoing and is currently expected to complete in 2026. The expenses capitalized include the acquisition costs for the software as well as the external consultancy costs and the internal employee costs relating to the software development.