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Goodwill and other intangible assets
 3 Months Ended
Mar. 31, 2023
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and other intangible assets

Note 13. Goodwill and other intangible assets

Reconciliations of the changes in the carrying value of goodwill for the first three months of 2023 and for the year ended December 31, 2022 follow (in millions).

 

 

 

March 31,
2023

 

 

December 31,
2022

 

Balance at beginning of year

 

$

78,119

 

 

$

73,875

 

Business acquisitions

 

 

6,112

 

 

 

4,657

 

Other, including foreign currency translation

 

 

(729

)

 

 

(413

)

Balance at end of period*

 

$

83,502

 

 

$

78,119

 

 

——————

* Net of accumulated goodwill impairments of $11.0 billion as of March 31, 2023 and December 31, 2022.

The gross carrying amounts and accumulated amortization of other intangible assets are summarized below (in millions).

 

 

 

March 31, 2023

 

 

December 31, 2022

 

 

 

Gross
carrying
amount

 

 

Accumulated
amortization

 

 

Net
carrying
value

 

 

Gross
carrying
amount

 

 

Accumulated
amortization

 

 

Net
carrying
value

 

Insurance and other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

28,247

 

 

$

7,376

 

 

$

20,871

 

 

$

27,765

 

 

$

7,174

 

 

$

20,591

 

Trademarks and trade names

 

 

5,605

 

 

 

832

 

 

 

4,773

 

 

 

5,603

 

 

 

822

 

 

 

4,781

 

Patents and technology

 

 

5,010

 

 

 

3,832

 

 

 

1,178

 

 

 

4,943

 

 

 

3,748

 

 

 

1,195

 

Other

 

 

4,775

 

 

 

1,596

 

 

 

3,179

 

 

 

4,150

 

 

 

1,530

 

 

 

2,620

 

 

$

43,637

 

 

$

13,636

 

 

$

30,001

 

 

$

42,461

 

 

$

13,274

 

 

$

29,187

 

Railroad, utilities and energy:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships and contracts

 

$

6,214

 

 

$

612

 

 

$

5,602

 

 

$

1,507

 

 

$

541

 

 

$

966

 

Trademarks and trade names

 

 

2,566

 

 

 

44

 

 

 

2,522

 

 

 

217

 

 

 

39

 

 

 

178

 

Other

 

 

658

 

 

 

47

 

 

 

611

 

 

 

190

 

 

 

42

 

 

 

148

 

 

$

9,438

 

 

$

703

 

 

$

8,735

 

 

$

1,914

 

 

$

622

 

 

$

1,292

 

 

Other intangible assets of the railroad, utilities and energy businesses are included in other assets. The net carrying value of such assets at March 31, 2023 included $7.4 billion related to Pilot. Intangible asset amortization expense in the first quarter was $429 million in 2023 and $303 million in 2022. Intangible assets with indefinite lives were $20.9 billion as of March 31, 2023 and $18.3 billion as of December 31, 2022 and primarily related to certain customer relationships and trademarks and trade names.