Intangible Assets and Goodwill

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Intangible assets and goodwill

A. Intangible assets

Intangible assets were comprised of the following:



	June 30, 2026
(Millions of dollars)	Gross Carrying Amount1		Accumulated Amortization1		Net
Customer relationships	$	495	$	(342)	$	153
Intellectual property	642		(402)		240
Other	86		(59)		27
Total finite-lived intangible assets	$	1,223	$	(803)	$	420


	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		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



1 For the six months ended June 30, 2026, $1.6 billion of intangible assets were fully amortized and have been removed.

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 and six months ended June 30, 2026 was $46 million and $87 million, respectively. Amortization expense for the three and six months ended June 30, 2025 was $43 million and $87 million, respectively.

Amortization expense related to intangible assets is expected to be:


(Millions of dollars)

Remaining Six Months of 2026	2027	2028	2029	2030	Thereafter
$36	$67	$59	$55	$53	$150

B. Goodwill

No goodwill was impaired during the six months ended June 30, 2026 or 2025.

The changes in carrying amount of goodwill by reportable segment for the six months ended June 30, 2026 were as follows:



(Millions of dollars)	December 31, 2025		Acquisitions3			Other Adjustments 1		June 30, 2026
Power & Energy
Goodwill	$	2,054	$	—		$	(10)	$	2,044


Construction Industries
Goodwill	264		—			(4)		260
Impairments	(22)		—			—		(22)
Net goodwill	242		—			(4)		238
Resource Industries
Goodwill	5,086		546			7		5,639
Impairments	(2,100)		—			—		(2,100)
Net goodwill	2,986		546		—	7		3,539
All Other 2
Goodwill	39		—			(1)		38


Consolidated total
Goodwill	7,443		546			(8)		7,981
Impairments	(2,122)		—			—		(2,122)
Net goodwill	$	5,321	$	546		$	(8)	$	5,859

1 Other adjustments are comprised primarily of foreign currency translation.

2 Includes All Other Segment (See Note 16).

3 See Note 22 - Acquisitions.