Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

6. Intangible Assets

Intangible assets consist of the following:


	(Stated in millions)

	Mar. 31, 2024						Dec. 31, 2023
	Gross		Accumulated		Net Book		Gross		Accumulated		Net Book
	Book Value		Amortization		Value		Book Value		Amortization		Value
Customer relationships	$	1,886	$	731	$	1,155	$	1,887	$	709	$	1,178
Technology/technical know-how		1,516		795		721		1,516		770		746
Tradenames		795		274		521		795		265		530
Other		1,592		822		770		1,582		797		785
	$	5,789	$	2,622	$	3,167	$	5,780	$	2,541	$	3,239

Amortization expense charged to income was $81 million during the first quarter of 2024 and $76 million during the first quarter of 2023.

Based on the carrying value of intangible assets at March 31, 2024, amortization expense for the subsequent five years is estimated to be: remaining three quarters of 2024—$244 million; 2025—$306 million; 2026—$297 million; 2027—$293 million; 2028—$283 million; and 2029—$270 million.