v3.25.3
Intangible Assets
9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

8. Intangible Assets

Intangible assets consist of the following:

 

 

(Stated in millions)

 

 

 

Sept. 30, 2025

 

Dec. 31, 2024

 

Gross

 

Accumulated

 

 

Net Book

 

Gross

 

Accumulated

 

 

Net Book

 

Book Value

 

Amortization

 

 

Value

 

Book Value

 

Amortization

 

 

Value

 

Customer relationships

$

2,838

 

$

873

 

$

1,965

 

$

1,887

 

$

799

 

$

1,088

 

Technology/technical know-how

 

2,634

 

 

 

958

 

 

1,676

 

 

1,588

 

 

872

 

 

716

 

Tradenames

 

1,125

 

 

328

 

 

797

 

 

795

 

 

299

 

 

496

 

Other

 

1,624

 

 

973

 

 

651

 

 

1,604

 

 

892

 

 

712

 

$

8,221

 

$

3,132

 

$

5,089

 

$

5,874

 

$

2,862

 

$

3,012

 

 

Amortization expense charged to income was as follows:

 

(Stated in millions)

 

 

 

 

 

 

 

 

2025

 

 

2024

 

Third Quarter

$

101

 

$

87

 

Nine Months

$

265

 

$

250

 

 

Based on the carrying value of intangible assets at September 30, 2025, amortization expense for the subsequent five years is estimated to be: fourth quarter of 2025—$112 million; 2026—$436 million; 2027—$433 million; 2028—$423 million; 2029—$410 million; and 2030—$404 million.