Other Intangible Assets

3 Months Ended

Mar. 31, 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		4.3
Exchange effect		0.9
Gross cost at March 31		296.3
Accumulated amortization at January 1		(246.1	)
Amortization expense		(2.7	)
Exchange effect		(0.6	)
Accumulated amortization at March 31		(249.4	)
Net book amount at March 31	$	46.9

The amortization expense for the three months ended March 31, 2023 was $2.7 million (three months ended March 31, 2022 – $4.0 million).

In 2023, we capitalized $4.3 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.