CATERPILLAR INC Goodwill & Intangibles Disclosure
| December 31, 2025 | ||||||||||||||||||||
| (Millions of dollars) | Gross Carrying Amount1 | Accumulated Amortization1 | 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 | ||||||||||||||
| December 31, 2024 | ||||||||||||||||||||
| Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||||||||
| Customer relationships | $ | 2,220 | $ | (1,950) | $ | 270 | ||||||||||||||
| Intellectual property | 496 | (401) | 95 | |||||||||||||||||
| Other | 117 | (83) | 34 | |||||||||||||||||
| Total finite-lived intangible assets | $ | 2,833 | $ | (2,434) | $ | 399 | ||||||||||||||
1 For the year ended December 31, 2025, $248 million of intangible assets were fully amortized and have been removed. | ||||||||||||||||||||
| (Millions of dollars) | ||||||||||||||||||||||||||||||||
| 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | |||||||||||||||||||||||||||
| $98 | $35 | $27 | $24 | $21 | $36 | |||||||||||||||||||||||||||
| (Millions of dollars) | December 31, 2024 | Other Adjustments 1 | December 31, 2025 | |||||||||||||||||
| Construction Industries | ||||||||||||||||||||
| Goodwill | $ | 261 | $ | 3 | $ | 264 | ||||||||||||||
| Impairments | (22) | — | (22) | |||||||||||||||||
| Net goodwill | 239 | 3 | 242 | |||||||||||||||||
| Resource Industries | ||||||||||||||||||||
| Goodwill | 4,124 | 37 | 4,161 | |||||||||||||||||
| Impairments | (1,175) | — | (1,175) | |||||||||||||||||
| Net goodwill | 2,949 | 37 | 2,986 | |||||||||||||||||
| Power & Energy | ||||||||||||||||||||
| Goodwill | 2,939 | 40 | 2,979 | |||||||||||||||||
| Impairment | (925) | — | (925) | |||||||||||||||||
| Net goodwill | 2,014 | 40 | 2,054 | |||||||||||||||||
All Other 2 | ||||||||||||||||||||
| Goodwill | 39 | — | 39 | |||||||||||||||||
| Consolidated total | ||||||||||||||||||||
| Goodwill | 7,363 | 80 | 7,443 | |||||||||||||||||
| Impairments | (2,122) | — | (2,122) | |||||||||||||||||
| Net goodwill | $ | 5,241 | $ | 80 | $ | 5,321 | ||||||||||||||
| December 31, 2023 | Other Adjustments 1 | December 31, 2024 | ||||||||||||||||||
| Construction Industries | ||||||||||||||||||||
| Goodwill | $ | 277 | $ | (16) | $ | 261 | ||||||||||||||
| Impairments | (22) | — | (22) | |||||||||||||||||
| Net goodwill | 255 | (16) | 239 | |||||||||||||||||
| Resource Industries | ||||||||||||||||||||
| Goodwill | 4,151 | (27) | 4,124 | |||||||||||||||||
| Impairments | (1,175) | — | (1,175) | |||||||||||||||||
| Net goodwill | 2,976 | (27) | 2,949 | |||||||||||||||||
| Power & Energy | ||||||||||||||||||||
| Goodwill | 2,959 | (20) | 2,939 | |||||||||||||||||
| Impairment | (925) | — | (925) | |||||||||||||||||
| Net goodwill | 2,034 | (20) | 2,014 | |||||||||||||||||
All Other 2 | ||||||||||||||||||||
| Goodwill | 43 | (4) | 39 | |||||||||||||||||
| Consolidated total | ||||||||||||||||||||
| Goodwill | 7,430 | (67) | 7,363 | |||||||||||||||||
| Impairments | (2,122) | — | (2,122) | |||||||||||||||||
| Net goodwill | $ | 5,308 | $ | (67) | $ | 5,241 | ||||||||||||||
1 Other adjustments are comprised primarily of foreign currency translation. 2 Includes All Other Segment (See Note 23). | ||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 15, 2023 | |
| 2021 | Feb 16, 2022 | |
| 2020 | Feb 17, 2021 | |
| 2019 | Feb 19, 2020 | |
| 2018 | Feb 14, 2019 | |
| 2017 | Feb 15, 2018 | |
| 2016 | Feb 15, 2017 | |
| 2015 | Feb 16, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.