Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets and goodwill

A. Intangible assets

Intangible assets were comprised of the following:



		September 30, 2023
(Millions of dollars)	Weighted Amortizable Life (Years)	Gross Carrying Amount 1		Accumulated Amortization 1		Net
Customer relationships	16	$	2,224	$	(1,774)	$	450
Intellectual property	14	503		(393)		110
Other	17	117		(73)		44
Total finite-lived intangible assets	15	$	2,844	$	(2,240)	$	604


		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



1 For the nine months ended September 30, 2023, $1.0 billion of intangible assets were fully amortized and have been removed.

Amortization expense for the three and nine months ended September 30, 2023 was $44 million and $174 million, respectively. Amortization expense for the three and nine months ended September 30, 2022 was $70 million and $213 million, respectively. Amortization expense related to intangible assets is expected to be:


(Millions of dollars)

Remaining Three Months of 2023	2024	2025	2026	2027	Thereafter
$44	$174	$165	$94	$31	$96

B. Goodwill

No goodwill was impaired during the nine months ended September 30, 2023 or 2022.

The changes in carrying amount of goodwill by reportable segment for the nine months ended September 30, 2023 were as follows:



(Millions of dollars)	December 31, 2022		Other Adjustments 1		September 30, 2023
Construction Industries
Goodwill	$	287	$	(18)	$	269
Impairments	(22)		—		(22)
Net goodwill	265		(18)		247
Resource Industries
Goodwill	4,130		5		4,135
Impairments	(1,175)		—		(1,175)
Net goodwill	2,955		5		2,960
Energy & Transportation
Goodwill	2,947		(2)		2,945
Impairments	(925)		—		(925)
Net goodwill	2,022		(2)		2,020
All Other 2
Goodwill	46		(5)		41
Impairments	—		—		—
Net goodwill	46		(5)		41
Consolidated total
Goodwill	7,410		(20)		7,390
Impairments	(2,122)		—		(2,122)
Net goodwill	$	5,288	$	(20)	$	5,268

1 Other adjustments are comprised primarily of foreign currency translation.

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