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INTANGIBLE ASSETS AND GOODWILL
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND GOODWILL NOTE 13 - INTANGIBLE ASSETS AND GOODWILL
(in millions of U.S. dollar)
Technology
Computer
Software
Customer
relationships
Work in
Progress
Other
Total
Intangible
Assets
At December 31, 2024
Gross carrying value
97
97
45
4
4
247
Less accumulated amortization
(47)
(83)
(18)
—
(2)
(150)
Net balance at December 31, 2024
50
14
27
4
2
97
At December 31, 2023
Gross carrying value
97
97
45
3
4
246
Less accumulated amortization
(42)
(82)
(17)
—
(1)
(142)
Net balance, at December 31, 2023
55
15
28
3
3
104
Amortization expense related to Intangible assets is shown in the table below:
At December 31,
(in millions of U.S. dollar)
2024
2023
2022
Amortization expense related to intangible assets
(13)
(14)
(15)
Estimated total amortization expense related to intangible assets for the next five years is as follows:
(in millions of US Dollars)
At December 31,
2024
Year ending
2025
(13)
2026
(11)
2027
(9)
2028
(9)
2029
(8)
As of December 31, 2024 and 2023, the carrying value of Goodwill amounted to $46 million and $41 million,
respectively and was mainly allocated to the P&ARP segment for $28 million.
In the year ended December 31, 2024, a $5 million goodwill was recognized as a result of the acquisition of Railtech
(refer to Note 23 - Acquisition and disposal of subsidiaries). There was no increase nor decrease of goodwill related to
acquisition or disposals in 2023.
Management performed a quantitative assessment for its reporting units in the fourth quarter ended December 31, 2024.
The estimated fair value of each of the reporting units were in excess of its carrying value, resulting in no impairment of
goodwill.