Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

8. Intangible Assets

Intangible assets consist of the following:


	(Stated in millions)

	2024						2023
	Gross		Accumulated		Net Book		Gross		Accumulated		Net Book
	Book Value		Amortization		Value		Book Value		Amortization		Value
Customer relationships	$	1,887	$	799	$	1,088	$	1,887	$	709	$	1,178
Technology/technical know-how		1,588		872		716		1,516		770		746
Trade names		795		299		496		795		265		530
Other		1,604		892		712		1,582		797		785
	$	5,874	$	2,862	$	3,012	$	5,780	$	2,541	$	3,239

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 trade names are generally amortized over periods ranging from 15 to 30 years.

Amortization expense was $334 million in 2024, $314 million in 2023, and $301 million in 2022.

Based on the carrying value of intangible assets at December 31, 2024, amortization expense for the subsequent five years is estimated to be as follows: 2025: $322 million, 2026: $312 million, 2027: $308 million, 2028: $298 million and 2029: $285 million.