GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

The Company’s goodwill by business segment is as follows (in millions):


	September 30, 2026						December 31, 2025
	Goodwill, Gross		Accumulated Impairment		Goodwill, Net		Goodwill, Gross		Accumulated Impairment		Goodwill, Net
ES	$	796	$	—	$	796	$	796	$	—	$	796
MP	214		(23)		191		217		(23)		194
SV	1,425		—		1,425		—		—		—
Aerials	140		(39)		101		140		(39)		101
Total	$	2,575	$	(62)	$	2,513	$	1,153	$	(62)	$	1,091

An analysis of changes in the Company’s net carrying value of goodwill by business segment is as follows (in millions):


	ES		MP		SV		Aerials		Total
Balance at December 31, 2025, net	$	796	$	194	$	—	$	101	$	1,091
Acquisitions	—		—		1,428		—		1,428
Reclass to held-for-sale	—		—		(3)		—		(3)
Foreign exchange effect and other	—		(3)		—		—		(3)
Balance at September 30, 2026, net	$	796	$	191	$	1,425	$	101	$	2,513

Intangible assets, net were comprised of the following (in millions):


	September 30, 2026						December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Technology	$	320	$	(41)	$	279	$	153	$	(19)	$	134
Customer relationships	1,683		(151)		1,532		860		(103)		757
Trade names	169		(31)		138		153		(21)		132
Land use rights	4		(1)		3		4		(1)		3
Backlog	232		(84)		148		—		—		—
Non-competition agreement	19		(5)		14		—		—		—
Other	18		(17)		1		17		(16)		1
Total finite-lived intangible assets	$	2,445	$	(330)	$	2,115	$	1,187	$	(160)	$	1,027
Indefinite-lived trade names	786		—		786		—		—		—
Total intangible assets	$	3,231	$	(330)	$	2,901	$	1,187	$	(160)	$	1,027

Aggregate intangible asset amortization expense, which is recognized based upon the pattern in which the economic benefits of the related intangible assets are consumed or, for certain intangibles, on a straight-line basis, was $62 million and $20 million for the three months ended September 30, 2026 and 2025, respectively, of which $9 million and $3 million, respectively, was recorded in Cost of goods sold in the Condensed Consolidated Statements of Income and Comprehensive Income.

Aggregate intangible asset amortization expense was $172 million and $61 million for the nine months ended September 30, 2026 and 2025, respectively, of which $24 million and $9 million, respectively, was recorded in Cost of goods sold in the Condensed Consolidated Statements of Income and Comprehensive Income.

Estimated aggregate intangible asset amortization expense for each of the next five years is as follows (in millions):



2026 (remaining three months)	$	61
2027	255
2028	239
2029	220
2030	203

- Definition

The entire disclosure for goodwill.

+ References + Details