Intangible Assets and Goodwill (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets

Intangible assets were comprised of the following:

		March 31, 2023
(Millions of dollars)	Weighted Amortizable Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	16	$	2,241	$	(1,717)	$	524
Intellectual property	13	1,470		(1,345)		125
Other	17	121		(76)		45
Total finite-lived intangible assets	15	$	3,832	$	(3,138)	$	694

		December 31, 2022
	Weighted Amortizable Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	16	$	2,233	$	(1,675)	$	558
Intellectual property	12	1,473		(1,320)		153
Other	16	132		(85)		47
Total finite-lived intangible assets	14	$	3,838	$	(3,080)	$	758

Expected amortization expense related to intangible assets

Amortization expense related to intangible assets is expected to be:

(Millions of dollars)
Remaining Nine Months of 2023	2024	2025	2026	2027	Thereafter
$151	$171	$161	$91	$27	$93

Goodwill acquired

The changes in carrying amount of goodwill by reportable segment for the three months ended March 31, 2023 were as follows: 

(Millions of dollars)	December 31, 2022		Other Adjustments 1		March 31, 2023
Construction Industries
Goodwill	$	287	$	(3)	$	284
Impairments	(22)		—		(22)
Net goodwill	265		(3)		262
Resource Industries
Goodwill	4,130		18		4,148
Impairments	(1,175)		—		(1,175)
Net goodwill	2,955		18		2,973
Energy & Transportation
Goodwill	2,947		6		2,953
Impairments	(925)		—		(925)
Net goodwill	2,022		6		2,028
All Other 2
Goodwill	46		—		46
Impairments	—		—		—
Net goodwill	46		—		46
Consolidated total
Goodwill	7,410		21		7,431
Impairments	(2,122)		—		(2,122)
Net goodwill	$	5,288	$	21	$	5,309

1 Other adjustments are comprised primarily of foreign currency translation.

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