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Goodwill and other intangible assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and other intangible assets
(13)
Goodwill and other intangible assets

Reconciliations of the changes in the carrying value of goodwill during 2024 and 2023 follow (in millions).

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

Balance at the beginning of the year*

 

$

84,626

 

 

$

78,119

 

Business acquisitions

 

 

87

 

 

 

7,347

 

Other, including acquisition period remeasurements and foreign currency translation

 

 

(833

)

 

 

(840

)

Balance at the end of the year*

 

$

83,880

 

 

$

84,626

 

 

* Net of accumulated goodwill impairments of $11.5 billion as of December 31, 2024, $11.1 billion as of December 31, 2023 and $11.0 billion as of December 31, 2022.

Other intangible assets are summarized below (in millions).

 

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

Gross
carrying
amount

 

 

Accumulated
amortization

 

 

Net
carrying
value

 

 

Gross
carrying
amount

 

 

Accumulated
amortization

 

 

Net
carrying
value

 

Insurance and other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

30,941

 

 

$

8,840

 

 

$

22,101

 

 

$

30,832

 

 

$

8,048

 

 

$

22,784

 

Trademarks and trade names

 

 

9,007

 

 

 

1,041

 

 

 

7,966

 

 

 

8,997

 

 

 

899

 

 

 

8,098

 

Patents and technology

 

 

5,375

 

 

 

4,359

 

 

 

1,016

 

 

 

5,238

 

 

 

4,109

 

 

 

1,129

 

Other

 

 

5,551

 

 

 

1,996

 

 

 

3,555

 

 

 

5,764

 

 

 

1,891

 

 

 

3,873

 

 

$

50,874

 

 

$

16,236

 

 

$

34,638

 

 

$

50,831

 

 

$

14,947

 

 

$

35,884

 

Railroad, utilities and energy:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships and contracts

 

$

1,553

 

 

$

728

 

 

$

825

 

 

$

1,565

 

 

$

644

 

 

$

921

 

Other

 

 

437

 

 

 

126

 

 

 

311

 

 

 

450

 

 

 

115

 

 

 

335

 

 

$

1,990

 

 

$

854

 

 

$

1,136

 

 

$

2,015

 

 

$

759

 

 

$

1,256

 

 

Intangible assets of the railroad, utilities and energy businesses are included in other assets in our Consolidated Balance Sheets.

Intangible assets with indefinite lives were $18.9 billion as of December 31, 2024 and December 31, 2023 and primarily related to certain customer relationships and trademarks and trade names. Intangible asset amortization expense was $1.8 billion in 2024 and 2023 and $1.2 billion in 2022. Estimated amortization expense over the next five years follows (in billions): 2025 – $1.7; 2026 – $1.6; 2027 – $1.4; 2028 – $1.4 and 2029 – $1.3.