Intangible Assets and Goodwill (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets

Intangible assets were comprised of the following:

		September 30, 2020
(Millions of dollars)	Weighted Amortizable Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	15	$	2,453	$	(1,533)	$	920
Intellectual property	11	1,522		(1,131)		391
Other	13	181		(129)		52
Total finite-lived intangible assets	14	$	4,156	$	(2,793)	$	1,363

		December 31, 2019
	Weighted Amortizable Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	15	$	2,450	$	(1,406)	$	1,044
Intellectual property	12	1,510		(1,055)		455
Other	13	191		(125)		66
Total finite-lived intangible assets	14	$	4,151	$	(2,586)	$	1,565

Expected amortization expense related to intangible assets

Amortization expense related to intangible assets is expected to be:

(Millions of dollars)
Remaining Three Months of 2020	2021	2022	2023	2024	Thereafter
$76	$296	$278	$220	$162	$331

Goodwill acquired

The changes in carrying amount of goodwill by reportable segment for the nine months ended September 30, 2020 were as follows: 

(Millions of dollars)	December 31, 2019		Acquisitions		Other Adjustments 1		September 30, 2020
Construction Industries
Goodwill	$	306	$	—	$	6	$	312
Impairments	(22)		—		—		(22)
Net goodwill	284		—		6		290
Resource Industries
Goodwill	4,156		—		40		4,196
Impairments	(1,175)		—		—		(1,175)
Net goodwill	2,981		—		40		3,021
Energy & Transportation
Goodwill	2,875		41		19		2,935
All Other 2
Goodwill	56		—		2		58
Consolidated total
Goodwill	7,393		41		67		7,501
Impairments	(1,197)		—		—		(1,197)
Net goodwill	$	6,196	$	41	$	67	$	6,304

1 Other adjustments are comprised primarily of foreign currency translation.

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