Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

8. Intangible Assets

Intangible assets consist of the following:

	(Stated in millions)
	2023						2022
	Gross		Accumulated		Net Book		Gross		Accumulated		Net Book
	Book Value		Amortization		Value		Book Value		Amortization		Value
Customer Relationships	$	1,887	$	709	$	1,178	$	1,680	$	631	$	1,049
Technology/Technical Know-How		1,516		770		746		1,280		676		604
Tradenames		795		265		530		767		222		545
Other		1,582		797		785		1,657		863		794
	$	5,780	$	2,541	$	3,239	$	5,384	$	2,392	$	2,992

Customer relationships are generally amortized over periods ranging from 18 to 28 years, technology/technical know-how are generally amortized over periods ranging from 10 to 18 years, and tradenames are generally amortized over periods ranging from 15 to 30 years.

Amortization expense was $314 million in 2023, $301 million in 2022, and $302 million in 2021.

Based on the carrying value of intangible assets at December 31, 2023, amortization expense for the subsequent five years is estimated to be as follows: 2024: $308 million, 2025: $304 million, 2026: $296 million, 2027: $292 million and 2028: $283 million.