Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets and goodwill

A. Intangible assets

Intangible assets were comprised of the following:



		September 30, 2021
(Millions of dollars)	Weighted Amortizable Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	15	$	2,436	$	(1,682)	$	754
Intellectual property	12	1,473		(1,160)		313
Other	15	157		(103)		54
Total finite-lived intangible assets	14	$	4,066	$	(2,945)	$	1,121


		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

Amortization expense for the three and nine months ended September 30, 2021 was $75 million and $228 million, respectively. Amortization expense for the three and nine months ended September 30, 2020 was $78 million and $236 million, respectively. Amortization expense related to intangible assets is expected to be:


(Millions of dollars)

Remaining Three Months of 2021	2022	2023	2024	2025	Thereafter
$74	$287	$228	$170	$160	$202

B. Goodwill

No goodwill was impaired during the nine months ended September 30, 2021 or 2020.

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



(Millions of dollars)	December 31, 2020		Acquisitions 1		Other Adjustments 2		September 30, 2021
Construction Industries
Goodwill	$	320	$	4	$	(17)	$	307
Impairments	(22)		—		—		(22)
Net goodwill	298		4		(17)		285
Resource Industries
Goodwill	4,253		22		(62)		4,213
Impairments	(1,175)		—		—		(1,175)
Net goodwill	3,078		22		(62)		3,038
Energy & Transportation
Goodwill	2,959		51		(35)		2,975
All Other 3
Goodwill	59		—		(4)		55
Consolidated total
Goodwill	7,591		77		(118)		7,550
Impairments	(1,197)		—		—		(1,197)
Net goodwill	$	6,394	$	77	$	(118)	$	6,353

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).