Intangible assets, net

12 Months Ended

Dec. 31, 2024

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible assets, net

8. Intangible assets, net

Intangible assets, net at December 31 were:

in $ millions	2024	2023
Marketing-related	337	310
Customer-related (i)	1,394	1,260
Contract-based	110	101
Software costs	126	–
IT projects in progress	63	–
Total intangible assets, gross	2,030	1,671
Accumulated amortization	(819)	(630)
Total intangible assets, net	1,211	1,041

(i)    The customer-related intangible assets relate predominantly to non-contractual customer relationships.

Amortization of intangibles included predominantly in Selling, general and administrative expenses in the Consolidated Statements of Income for the years ended December 31, 2024, 2023 and 2022 amounted to $152 million, $139 million and $103 million, respectively.

The estimated amortization for intangible assets for the five years subsequent to December 31, 2024, and thereafter is as follows:

in $ millions	2025	2026	2027	2028	2029	2030 and thereafter
Amortization	207	112	116	104	85	587