v3.25.2
Intangible Assets and Goodwill
 6 Months Ended
Jun. 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:
 
 June 30, 2025
(Millions of dollars)Gross
Carrying
Amount		Accumulated
Amortization		Net
Customer relationships$2,214 $(2,012)$202 
Intellectual property483 (394)89 
Other117 (87)30 
Total finite-lived intangible assets$2,814 $(2,493)$321 

 December 31, 2024
Gross
Carrying
Amount		Accumulated
Amortization		Net
Customer relationships$2,220 $(1,950)$270 
Intellectual property496 (401)95 
Other117 (83)34 
Total finite-lived intangible assets$2,833 $(2,434)$399 

Amortization expense was $43 million for both the three months ended June 30, 2025 and 2024. Amortization expense was $87 million for both the six months ended June 30, 2025 and 2024.

Amortization expense related to intangible assets is expected to be:

(Millions of dollars)
Remaining Six Months of 20252026202720282029Thereafter
$80$98$34$27$24$58
 
B.  Goodwill
 
No goodwill was impaired during the six months ended June 30, 2025 or 2024.

The changes in carrying amount of goodwill by reportable segment for the six months ended June 30, 2025 were as follows: 

(Millions of dollars)December 31,
2024
Other Adjustments 1
June 30,
2025
Construction Industries
Goodwill$261 $14 $275 
Impairments(22)— (22)
Net goodwill239 14 253 
Resource Industries
Goodwill4,124 33 4,157 
Impairments(1,175)— (1,175)
Net goodwill2,949 33 2,982 
Energy & Transportation
Goodwill2,939 40 2,979 
Impairments(925)— (925)
Net goodwill2,014 40 2,054 
All Other 2
Goodwill39 3 42 
Consolidated total
Goodwill7,363 90 7,453 
Impairments(2,122)— (2,122)
Net goodwill$5,241 $90 $5,331 

1 Other adjustments are comprised primarily of foreign currency translation.
2 Includes All Other Segment (See Note 16).