Intangible Assets and Goodwill (Tables)

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets

Intangible assets are comprised of the following:

		September 30, 2019
(Millions of dollars)	Weighted Amortizable Life (Years)	Gross Carrying Amount		Accumulated Amortization			Net
Customer relationships	15	$	2,426	$	(1,352	)	$	1,074
Intellectual property	12	1,500		(1,015		)	485
Other	13	190		(119		)	71
Total finite-lived intangible assets	14	$	4,116	$	(2,486	)	$	1,630

		December 31, 2018
	Weighted Amortizable Life (Years)	Gross Carrying Amount		Accumulated Amortization			Net
Customer relationships	15	$	2,463	$	(1,249	)	$	1,214
Intellectual property	11	1,557		(965		)	592
Other	13	199		(108		)	91
Total finite-lived intangible assets	14	$	4,219	$	(2,322	)	$	1,897

Expected amortization expense related to intangible assets

Amortization expense related to intangible assets is expected to be:

(Millions of dollars)
Remaining Three Months of 2019	2020	2021	2022	2023	Thereafter
$80	$307	$289	$271	$214	$469

Goodwill acquired

The changes in carrying amount of goodwill by reportable segment for the nine months ended September 30, 2019 were as follows: 

(Millions of dollars)	December 31, 2018			Other Adjustments 1			September 30, 2019
Construction Industries
Goodwill	$	304		$	2		$	306
Impairments	(22		)	—			(22		)
Net goodwill	282			2			284
Resource Industries
Goodwill	4,172			(50		)	4,122
Impairments	(1,175		)	—			(1,175		)
Net goodwill	2,997			(50		)	2,947
Energy & Transportation
Goodwill	2,882			(28		)	2,854
All Other 2
Goodwill	56			1			57
Consolidated total
Goodwill	7,414			(75		)	7,339
Impairments	(1,197		)	—			(1,197		)
Net goodwill	$	6,217		$	(75	)	$	6,142

¹ Other adjustments are comprised primarily of foreign currency translation.

² Includes All Other operating segment (See Note 16).