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Intangible Assets
 12 Months Ended
Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]  
Intangible Assets

8. Intangible Assets

Intangible assets consist of the following:

 

 

(Stated in millions)

 

 

 

 

 

2019

 

 

2018

 

 

Gross

 

 

Accumulated

 

 

Net Book

 

 

Gross

 

 

Accumulated

 

 

Net Book

 

 

Book Value

 

 

Amortization

 

 

Value

 

 

Book Value

 

 

Amortization

 

 

Value

 

Customer Relationships

$

3,779

 

 

$

868

 

 

$

2,911

 

 

$

4,768

 

 

$

1,243

 

 

$

3,525

 

Technology/Technical Know-How

 

2,498

 

 

 

779

 

 

 

1,719

 

 

 

3,494

 

 

 

1,246

 

 

 

2,248

 

Tradenames

 

1,885

 

 

 

264

 

 

 

1,621

 

 

 

2,799

 

 

 

628

 

 

 

2,171

 

Other

 

1,514

 

 

 

676

 

 

 

838

 

 

 

1,404

 

 

 

621

 

 

 

783

 

 

$

9,676

 

 

$

2,587

 

 

$

7,089

 

 

$

12,465

 

 

$

3,738

 

 

$

8,727

 

 

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 $618 million in 2019, $673 million in 2018 and $663 million in 2017.

Based on the carrying value of intangible assets at December 31, 2019, amortization expense for the subsequent five years is estimated to be as follows: 2020: $530 million, 2021: $521 million, 2022: $497 million, 2023: $476 million and 2024: $472 million.