Other Intangible Assets

9 Months Ended

Sep. 30, 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		15.6
Exchange effect		1.6
Gross cost at September 30		332.3
Accumulated amortization at January 1		(257.8	)
Amortization expense		(9.6	)
Exchange effect		(1.3	)
Accumulated amortization at September 30		(268.7	)
Net book amount at September 30	$	63.6

The amortization expense for the nine months ended September 30, 2024 was $9.6 million (nine months ended September 30, 2023 – $8.0 million).

In relation to the acquisition of QGP in December 2023, management finalized the valuation of customer lists which has 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 2024, we have capitalized $12.1 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.