Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

6. Intangible Assets

Intangible assets consist of the following:


	(Stated in millions)

	Sept. 30, 2024						Dec. 31, 2023
	Gross		Accumulated		Net Book		Gross		Accumulated		Net Book
	Book Value		Amortization		Value		Book Value		Amortization		Value
Customer relationships	$	1,887	$	776	$	1,111	$	1,887	$	709	$	1,178
Technology/technical know-how		1,628		852		776		1,516		770		746
Tradenames		795		291		504		795		265		530
Other		1,603		872		731		1,582		797		785
	$	5,913	$	2,791	$	3,122	$	5,780	$	2,541	$	3,239

Amortization expense charged to income was as follows:


(Stated in millions)

	2024		2023
Third Quarter	$	87	$	78
Nine Months	$	250	$	231

Based on the carrying value of intangible assets at September 30, 2024, amortization expense for the subsequent five years is estimated to be: fourth quarter of 2024—$84 million; 2025—$314 million; 2026—$304 million; 2027—$300 million; 2028—$291 million; and 2029—$278 million.