Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Intangible assets and goodwill

A. Intangible assets

Intangible assets were comprised of the following:



	September 30, 2026
(Millions of dollars)	Gross Carrying Amount1		Accumulated Amortization1		Net
Customer relationships	$	269	$	(123)	$	146
Intellectual property	644		(406)		238
Other	86		(61)		25
Total finite-lived intangible assets	$	999	$	(590)	$	409


	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 nine months ended September 30, 2026, $1.9 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 RPMGlobal. See Note 22 for details on the acquisition.

Amortization expense for the three and nine months ended September 30, 2026 was $21 million and $108 million, respectively. Amortization expense for the three and nine months ended September 30, 2025 was $41 million and $128 million, respectively.

Amortization expense related to intangible assets is expected to be:


(Millions of dollars)

Remaining Three Months of 2026	2027	2028	2029	2030	Thereafter
$17	$67	$60	$57	$54	$154

B. Goodwill

No goodwill was impaired during the nine months ended September 30, 2026 or 2025.

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



(Millions of dollars)	December 31, 2025		Acquisitions3		Other Adjustments 1		September 30, 2026
Power & Energy
Goodwill	$	2,054	$	33	$	(12)	$	2,075


Construction Industries
Goodwill	264		—		—		264
Impairments	(22)		—		—		(22)
Net goodwill	242		—		—		242
Resource Industries
Goodwill	5,086		567		(4)		5,649
Impairments	(2,100)		—		—		(2,100)
Net goodwill	2,986		567		(4)		3,549
All Other 2
Goodwill	39		—		—		39


Consolidated total
Goodwill	7,443		600		(16)		8,027
Impairments	(2,122)		—		—		(2,122)
Net goodwill	$	5,321	$	600	$	(16)	$	5,905

1 Other adjustments are comprised primarily of foreign currency translation.

2 Includes All Other Segment (See Note 16).

3 See Note 22 for details on the RPMGlobal acquisition.