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Intangible Assets | 9 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | 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.

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