Intangible assets and goodwill

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

A.Intangible assets

Intangible assets were comprised of the following:


		December 31, 2021
(Millions of dollars)	Weighted Amortizable Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	15	$	2,421	$	(1,709)	$	712
Intellectual property	12	1,472		(1,192)		280
Other	14	156		(106)		50
Total finite-lived intangible assets	14	$	4,049	$	(3,007)	$	1,042



		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

Finite-lived intangible assets are amortized over their estimated useful lives and tested for impairment if events or changes in circumstances indicate that the asset may be impaired.

Amortization expense related to intangible assets was $302 million, $311 million and $324 million for 2021, 2020 and 2019, respectively.

As of December 31, 2021, amortization expense related to intangible assets is expected to be:


(Millions of dollars)
2022	2023	2024	2025	2026	Thereafter
$286	$227	$169	$159	$88	$113

B.Goodwill

There were no goodwill impairments during 2021, 2020 or 2019.

The changes in carrying amount of goodwill by reportable segment for the years ended December 31, 2021 and 2020 were as follows:


(Millions of dollars)	December 31, 2020		Acquisitions		Other Adjustments 1		December 31, 2021
Construction Industries
Goodwill	$	320	$	4	$	(22)	$	302
Impairments	(22)		—		—		(22)
Net goodwill	298		4		(22)		280
Resource Industries
Goodwill	4,253		22		(93)		4,182
Impairments	(1,175)		—		—		(1,175)
Net goodwill	3,078		22		(93)		3,007
Energy & Transportation
Goodwill	2,959		49		(23)		2,985
All Other 2
Goodwill	59		—		(7)		52


Consolidated total
Goodwill	7,591		75		(145)		7,521
Impairments	(1,197)		—		—		(1,197)
Net goodwill	$	6,394	$	75	$	(145)	$	6,324

	December 31, 2019		Acquisitions		Other Adjustments 1		December 31, 2020
Construction Industries
Goodwill	$	306	$	—	$	14	$	320
Impairments	(22)		—		—		(22)
Net goodwill	284		—		14		298
Resource Industries
Goodwill	4,156		—		97		4,253
Impairments	(1,175)		—		—		(1,175)
Net goodwill	2,981		—		97		3,078
Energy & Transportation
Goodwill	2,875		41		43		2,959
All Other 2
Goodwill	56		—		3		59


Consolidated total
Goodwill	7,393		41		157		7,591
Impairments	(1,197)		—		—		(1,197)
Net goodwill	$	6,196	$	41	$	157	$	6,394
1 Other adjustments are comprised primarily of foreign currency translation. 2 Includes All Other operating segment (See Note 23).