Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of intangible assets

Intangible assets were comprised of the following:

 

	December 31, 2024
(Millions of dollars)	Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	2,220	$	(1,950)	$	270
Intellectual property	496		(401)		95
Other	117		(83)		34
Total finite-lived intangible assets	$	2,833	$	(2,434)	$	399
	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	2,232	$	(1,814)	$	418
Intellectual property	484		(380)		104
Other	117		(75)		42
Total finite-lived intangible assets	$	2,833	$	(2,269)	$	564

Summary of expected amortization expense related to intangible assets

As of December 31, 2024, amortization expense related to intangible assets is expected to be: 

(Millions of dollars)
2025	2026	2027	2028	2029	Thereafter
$166	$96	$33	$26	$23	$55

Summary of goodwill acquired

The changes in carrying amount of goodwill by reportable segment for the years ended December 31, 2024 and 2023 were as follows:

(Millions of dollars)	December 31, 2023		Other Adjustments 1		December 31, 2024
Construction Industries
Goodwill	$	277	$	(16)	$	261
Impairments	(22)		—		(22)
Net goodwill	255		(16)		239
Resource Industries
Goodwill	4,151		(27)		4,124
Impairments	(1,175)		—		(1,175)
Net goodwill	2,976		(27)		2,949
Energy & Transportation
Goodwill	2,959		(20)		2,939
Impairment	(925)		—		(925)
Net goodwill	2,034		(20)		2,014
All Other 2
Goodwill	43		(4)		39
Consolidated total
Goodwill	7,430		(67)		7,363
Impairments	(2,122)		—		(2,122)
Net goodwill	$	5,308	$	(67)	$	5,241
	December 31, 2022		Other Adjustments 1		December 31, 2023
Construction Industries
Goodwill	$	287	$	(10)	$	277
Impairments	(22)		—		(22)
Net goodwill	265		(10)		255
Resource Industries
Goodwill	4,130		21		4,151
Impairments	(1,175)		—		(1,175)
Net goodwill	2,955		21		2,976
Energy & Transportation
Goodwill	2,947		12		2,959
Impairment	(925)		—		(925)
Net goodwill	2,022		12		2,034
All Other 2
Goodwill	46		(3)		43
Consolidated total
Goodwill	7,410		20		7,430
Impairments	(2,122)		—		(2,122)
Net goodwill	$	5,288	$	20	$	5,308
1 Other adjustments are comprised primarily of foreign currency translation. 2 Includes All Other Segment (See Note 23).