v3.26.1
Intangible Assets and Goodwill
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Goodwill Intangible assets and goodwill
 
A.  Intangible assets
 
Intangible assets were comprised of the following:
 
 March 31, 2026
(Millions of dollars)Gross
Carrying
Amount		Accumulated
Amortization		Net
Customer relationships$2,097 $(1,909)$188 
Intellectual property598 (396)202 
Other121 (92)29 
Total finite-lived intangible assets$2,816 $(2,397)$419 

 December 31, 2025
Gross
Carrying
Amount		Accumulated
Amortization		Net
Customer relationships$2,012 $(1,877)$135 
Intellectual property479 (399)80 
Other117 (91)26 
Total finite-lived intangible assets$2,608 $(2,367)$241 

During the first quarter of 2026, we acquired finite-lived intangible assets of $200 million due to the purchase of RPM Global. See Note 22 for details on the acquisition.

Amortization expense for the three months ended March 31, 2026 and 2025 was $41 million and $44 million, respectively.
Amortization expense related to intangible assets is expected to be:

(Millions of dollars)
Remaining Nine Months of 20262027202820292030Thereafter
$77$60$53$50$47$132
 
B.  Goodwill

No goodwill was impaired during the three months ended March 31, 2026 or 2025.

The changes in carrying amount of goodwill by reportable segment for the three months ended March 31, 2026 were as follows: 

​
(Millions of dollars)December 31,
2025
Acquisitions3
Other Adjustments 1
March 31,
2026
Construction Industries
Goodwill$264 $— $(1)$263 
Impairments(22)— — (22)
Net goodwill242 — (1)241 
Resource Industries
Goodwill5,086 546 8 5,640 
Impairments(2,100)— — (2,100)
Net goodwill2,986 546 8 3,540 
Power & Energy
Goodwill2,054 — (8)2,046 
All Other 2
Goodwill39 — (1)38 
Consolidated total
Goodwill7,443 546 (2)7,987 
Impairments(2,122)— — (2,122)
Net goodwill$5,321 $546 $(2)$5,865 

1 Other adjustments are comprised primarily of foreign currency translation.
2 Includes All Other Segment (See Note 16).
3 See Note 22 - Acquisitions.