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Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

7. Intangible Assets

Intangible assets consist of the following:

	(Stated in millions)
	2021												2020
	Gross				Accumulated				Net Book				Gross				Accumulated				Net Book
	Book Value				Amortization				Value				Book Value				Amortization				Value
Customer Relationships	$	1,681			$	551			$	1,130			$	1,744			$	485			$	1,259
Technology/Technical Know-How		1,264				562				702				1,284				488				796
Tradenames		766				191				575				767				166				601
Other		1,529				725				804				1,488				689				799
	$	5,240			$	2,029			$	3,211			$	5,283			$	1,828			$	3,455

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 $302 million in 2021, $371 million in 2020 and $618 million in 2019.

Based on the carrying value of intangible assets at December 31, 2021, amortization expense for the subsequent five years is estimated to be as follows: 2022: $291 million, 2023: $281 million, 2024: $264 million, 2025: $249 million and 2026: $245 million.

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- Definition

The entire disclosure for all or part of the information related to intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-URI http://asc.fasb.org/topic&trid=2144416

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