Intangible Assets and Goodwill

Intangible assets were comprised of the following:


	December 31, 2025
(Millions of dollars)	Gross Carrying Amount1		Accumulated Amortization1		Net
Customer relationships	$	2,012	$	(1,877)	$	135
Intellectual property	479		(399)		80
Other	117		(91)		26
Total finite-lived intangible assets	$	2,608	$	(2,367)	$	241



	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 year ended December 31, 2025, $248 million of intangible assets were fully amortized and have been removed.

Finite-lived intangible assets are amortized over their estimated useful lives and tested for impairment if events or changes in circumstances indicate that the asset may be impaired.

Amortization expense related to intangible assets was $169 million, $176 million and $218 million for 2025, 2024 and 2023, respectively.

As of December 31, 2025, amortization expense related to intangible assets is expected to be:


(Millions of dollars)
2026	2027	2028	2029	2030	Thereafter
$98	$35	$27	$24	$21	$36

There were no goodwill impairments during 2025, 2024 or 2023.

The changes in carrying amount of goodwill by reportable segment for the years ended December 31, 2025 and 2024 were as follows:


(Millions of dollars)	December 31, 2024		Other Adjustments 1		December 31, 2025
Construction Industries
Goodwill	$	261	$	3	$	264
Impairments	(22)		—		(22)
Net goodwill	239		3		242
Resource Industries
Goodwill	4,124		37		4,161
Impairments	(1,175)		—		(1,175)
Net goodwill	2,949		37		2,986
Power & Energy
Goodwill	2,939		40		2,979
Impairment	(925)		—		(925)
Net goodwill	2,014		40		2,054
All Other 2
Goodwill	39		—		39


Consolidated total
Goodwill	7,363		80		7,443
Impairments	(2,122)		—		(2,122)
Net goodwill	$	5,241	$	80	$	5,321

	December 31, 2023		Other Adjustments 1		December 31, 2024
Construction Industries
Goodwill	$	277	$	(16)	$	261
Impairments	(22)		—		(22)
Net goodwill	255		(16)		239
Resource Industries
Goodwill	4,151		(27)		4,124
Impairments	(1,175)		—		(1,175)
Net goodwill	2,976		(27)		2,949
Power & Energy
Goodwill	2,959		(20)		2,939
Impairment	(925)		—		(925)
Net goodwill	2,034		(20)		2,014
All Other 2
Goodwill	43		(4)		39


Consolidated total
Goodwill	7,430		(67)		7,363
Impairments	(2,122)		—		(2,122)
Net goodwill	$	5,308	$	(67)	$	5,241

1 Other adjustments are comprised primarily of foreign currency translation. 2 Includes All Other Segment (See Note 23).