Intangible assets and goodwill (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

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

Expected amortization expense related to intangible assets

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

Goodwill

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).