Intangible Assets and Goodwill

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets and goodwill

A. Intangible assets

Intangible assets were comprised of the following:



		March 31, 2022
(Millions of dollars)	Weighted Amortizable Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	15	$	2,273	$	(1,601)	$	672
Intellectual property	12	1,473		(1,225)		248
Other	16	131		(84)		47
Total finite-lived intangible assets	14	$	3,877	$	(2,910)	$	967


		December 31, 2021
	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

Amortization expense for the three months ended March 31, 2022 and 2021 was $72 million and $77 million, respectively. Amortization expense related to intangible assets is expected to be:


(Millions of dollars)

Remaining Nine Months of 2022	2023	2024	2025	2026	Thereafter
$214	$227	$168	$158	$87	$113

B. Goodwill

No goodwill was impaired during the three months ended March 31, 2022 or 2021.

The changes in carrying amount of goodwill by reportable segment for the three months ended March 31, 2022 were as follows:



(Millions of dollars)	December 31, 2021		Other Adjustments 1		March 31, 2022
Construction Industries
Goodwill	$	302	$	(9)	$	293
Impairments	(22)		—		(22)
Net goodwill	280		(9)		271
Resource Industries
Goodwill	4,182		2		4,184
Impairments	(1,175)		—		(1,175)
Net goodwill	3,007		2		3,009
Energy & Transportation
Goodwill	2,985		(22)		2,963
All Other 2
Goodwill	52		(2)		50
Consolidated total
Goodwill	7,521		(31)		7,490
Impairments	(1,197)		—		(1,197)
Net goodwill	$	6,324	$	(31)	$	6,293

1 Other adjustments are comprised primarily of foreign currency translation.

2 Includes All Other operating segment (See Note 16).