Intangible Assets and Goodwill

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets and goodwill

A. Intangible assets

Intangible assets were comprised of the following:



	March 31, 2025
(Millions of dollars)	Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	2,207	$	(1,971)	$	236
Intellectual property	492		(399)		93
Other	117		(85)		32
Total finite-lived intangible assets	$	2,816	$	(2,455)	$	361


	December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	2,220	$	(1,950)	$	270
Intellectual property	496		(401)		95
Other	117		(83)		34
Total finite-lived intangible assets	$	2,833	$	(2,434)	$	399

Amortization expense for the three months ended March 31, 2025 and 2024 was $44 million and $44 million, respectively. Amortization expense related to intangible assets is expected to be:


(Millions of dollars)

Remaining Nine Months of 2025	2026	2027	2028	2029	Thereafter
$123	$97	$34	$27	$24	$56

B. Goodwill

No goodwill was impaired during the three months ended March 31, 2025 or 2024.

The changes in carrying amount of goodwill by reportable segment for the three months ended March 31, 2025 were as follows:



(Millions of dollars)	December 31, 2024		Other Adjustments 1		March 31, 2025
Construction Industries
Goodwill	$	261	$	6	$	267
Impairments	(22)		—		(22)
Net goodwill	239		6		245
Resource Industries
Goodwill	4,124		9		4,133
Impairments	(1,175)		—		(1,175)
Net goodwill	2,949		9		2,958
Energy & Transportation
Goodwill	2,939		12		2,951
Impairments	(925)		—		(925)
Net goodwill	2,014		12		2,026
All Other 2
Goodwill	39		2		41


Consolidated total
Goodwill	7,363		29		7,392
Impairments	(2,122)		—		(2,122)
Net goodwill	$	5,241	$	29	$	5,270

1 Other adjustments are comprised primarily of foreign currency translation.

2 Includes All Other Segment (See Note 16).