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Intangible Assets and Goodwill | 9 Months Ended
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Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets and Goodwill | Intangible assets and goodwill A. Intangible assets Intangible assets were comprised of the following:
|  |  | September 30, 2025
(Millions of dollars) |  |  | Gross Carrying Amount 1 |  | Accumulated Amortization 1 |  | Net
Customer relationships |  |  | $ | 2,022 |  |  | $ | (1,854) |  |  | $ | 168 |
Intellectual property |  |  | 482 |  |  | (397) |  |  | 85 |
Other |  |  | 117 |  |  | (89) |  |  | 28 |
Total finite-lived intangible assets |  |  | $ | 2,621 |  |  | $ | (2,340) |  |  | $ | 281 |
|  |  | 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 |
1 For the nine months ended September 30, 2025, $235 million of intangible assets were fully amortized and have been removed.
Amortization expense for the three and nine months ended September 30, 2025 was $41 million and $128 million, respectively. Amortization expense for the three and nine months ended September 30, 2024 was $44 million and $131 million, respectively. Amortization expense related to intangible assets is expected to be:
(Millions of dollars)
Remaining Three Months of 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter
$40 |  | $98 |  | $35 |  | $27 |  | $24 |  | $57
B. Goodwill No goodwill was impaired during the nine months ended September 30, 2025 or 2024. The changes in carrying amount of goodwill by reportable segment for the nine months ended September 30, 2025 were as follows:
(Millions of dollars) |  | December 31, 2024 |  |  |  |  |  | Other Adjustments 1 |  | September 30, 2025
Construction Industries |  |  |  |  |  |  |  |  |  |
Goodwill |  | $ | 261 |  |  |  |  |  |  | $ | 11 |  |  | $ | 272 |
Impairments |  | (22) |  |  |  |  |  |  | — |  |  | (22) |
Net goodwill |  | 239 |  |  |  |  |  |  | 11 |  |  | 250 |
Resource Industries |  |  |  |  |  |  |  |  |  |
Goodwill |  | 4,124 |  |  |  |  |  |  | 35 |  |  | 4,159 |
Impairments |  | (1,175) |  |  |  |  |  |  | — |  |  | (1,175) |
Net goodwill |  | 2,949 |  |  |  |  |  |  | 35 |  |  | 2,984 |
Energy & Transportation |  |  |  |  |  |  |  |  |  |
Goodwill |  | 2,939 |  |  |  |  |  |  | 40 |  |  | 2,979 |
Impairments |  | (925) |  |  |  |  |  |  | — |  |  | (925) |
Net goodwill |  | 2,014 |  |  |  |  |  |  | 40 |  |  | 2,054 |
All Other 2 |  |  |  |  |  |  |  |  |  |
Goodwill |  | 39 |  |  |  |  |  |  | 2 |  |  | 41 |
Consolidated total |  |  |  |  |  |  |  |  |  |
Goodwill |  | 7,363 |  |  |  |  |  |  | 88 |  |  | 7,451 |
Impairments |  | (2,122) |  |  |  |  |  |  | — |  |  | (2,122) |
Net goodwill |  | $ | 5,241 |  |  |  |  |  |  | $ | 88 |  |  | $ | 5,329 |
1 Other adjustments are comprised primarily of foreign currency translation. 2 Includes All Other Segment (See Note 16).

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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