Intangible Assets and Goodwill (Tables)

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

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

Expected amortization expense related to intangible assets

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

Goodwill acquired

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).