Intangible Assets and Goodwill (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets

Intangible assets were comprised of the following:

		June 30, 2021
(Millions of dollars)	Weighted Amortizable Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	15	$	2,457	$	(1,655)	$	802
Intellectual property	12	1,447		(1,129)		318
Other	14	165		(109)		56
Total finite-lived intangible assets	14	$	4,069	$	(2,893)	$	1,176

		December 31, 2020
	Weighted Amortizable Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	15	$	2,493	$	(1,600)	$	893
Intellectual property	12	1,439		(1,073)		366
Other	14	164		(115)		49
Total finite-lived intangible assets	14	$	4,096	$	(2,788)	$	1,308

Expected amortization expense related to intangible assets

Amortization expense related to intangible assets is expected to be:

(Millions of dollars)
Remaining Six Months of 2021	2022	2023	2024	2025	Thereafter
$149	$284	$226	$167	$157	$193

Goodwill acquired

The changes in carrying amount of goodwill by reportable segment for the six months ended June 30, 2021 were as follows: 

(Millions of dollars)	December 31, 2020		Acquisitions 1		Other Adjustments 2		June 30, 2021
Construction Industries
Goodwill	$	320	$	—	$	(14)	$	306
Impairments	(22)		—		—		(22)
Net goodwill	298		—		(14)		284
Resource Industries
Goodwill	4,253		—		(32)		4,221
Impairments	(1,175)		—		—		(1,175)
Net goodwill	3,078		—		(32)		3,046
Energy & Transportation
Goodwill	2,959		43		(15)		2,987
All Other 3
Goodwill	59		—		(4)		55
Consolidated total
Goodwill	7,591		43		(65)		7,569
Impairments	(1,197)		—		—		(1,197)
Net goodwill	$	6,394	$	43	$	(65)	$	6,372

1 See Note 21 for additional details.

2 Other adjustments are comprised primarily of foreign currency translation.

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