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Goodwill and other intangible assets
 9 Months Ended
Sep. 30, 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 nine months of 2023 and for the year ended December 31, 2022 follow (in millions).

 

 

 

September 30,
2023

 

 

December 31,
2022

 

Balance at beginning of year

 

$

78,119

 

 

$

73,875

 

Business acquisitions

 

 

8,382

 

 

 

4,657

 

Other, including acquisition period remeasurements and foreign currency translation

 

 

(849

)

 

 

(413

)

Balance at end of period*

 

$

85,652

 

 

$

78,119

 

 

——————

* Net of accumulated goodwill impairments of $11.0 billion as of September 30, 2023 and December 31, 2022.

Other intangible assets are summarized below (in millions).

 

 

 

September 30, 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

 

$

28,266

 

 

$

7,716

 

 

$

20,550

 

 

$

27,765

 

 

$

7,174

 

 

$

20,591

 

Trademarks and trade names

 

 

5,619

 

 

 

842

 

 

 

4,777

 

 

 

5,603

 

 

 

822

 

 

 

4,781

 

Patents and technology

 

 

5,083

 

 

 

3,984

 

 

 

1,099

 

 

 

4,943

 

 

 

3,748

 

 

 

1,195

 

Other

 

 

4,804

 

 

 

1,735

 

 

 

3,069

 

 

 

4,150

 

 

 

1,530

 

 

 

2,620

 

 

$

43,772

 

 

$

14,277

 

 

$

29,495

 

 

$

42,461

 

 

$

13,274

 

 

$

29,187

 

Railroad, utilities and energy:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships and contracts

 

$

5,276

 

 

$

753

 

 

$

4,523

 

 

$

1,507

 

 

$

541

 

 

$

966

 

Trademarks and trade names

 

 

2,228

 

 

 

57

 

 

 

2,171

 

 

 

217

 

 

 

39

 

 

 

178

 

Other

 

 

1,106

 

 

 

91

 

 

 

1,015

 

 

 

190

 

 

 

42

 

 

 

148

 

 

$

8,610

 

 

$

901

 

 

$

7,709

 

 

$

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 September 30, 2023 included $6.4 billion related to PTC.

Intangible asset amortization expense in the first nine months was $1.3 billion in 2023 and $905 million in 2022. Intangible assets with indefinite lives were $20.5 billion as of September 30, 2023 and $18.3 billion as of December 31, 2022 and primarily related to certain customer relationships and trademarks and trade names.