v3.23.1

GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL | 3 Months Ended
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Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL | GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL The changes in the carrying value of goodwill are detailed below by segment:
| Oilfield Services & Equipment | Industrial & Energy Technology | Total
Balance at December 31, 2021, gross | $ | 19,531 |  | $ | 4,661 |  | $ | 24,192 |
Accumulated impairment at December 31, 2021 | (18,217) |  | (254) |  | (18,471) |
Balance at December 31, 2021 | 1,314 |  | 4,407 |  | 5,721 |
Disposition | (161) |  | — |  | (161) |
Acquisitions | 41 |  | 417 |  | 458 |
Currency exchange, impairment and other | — |  | (96) |  | (96) |
Total | 1,194 |  | 4,728 |  | 5,922 |
Classified as held for sale (1) | — |  | (230) |  | (230) |
Balance at December 31, 2022 | 1,194 |  | 4,498 |  | 5,691 |
Currency exchange and other | 16 |  | (30) |  | (14) |
Balance at March 31, 2023 | $ | 1,210 |  | $ | 4,468 |  | $ | 5,677 |
(1)The reduction in Industrial & Energy Technology ("IET") goodwill relates to transferring our IET Nexus Controls business to held for sale. See "Note 17. Business Held for Sale" for further information. We perform our annual goodwill impairment test for each of our reporting units as of July 1 of each fiscal year, in conjunction with our annual strategic planning process. We also test goodwill for impairment whenever events or circumstances occur which, in our judgment, could more likely than not reduce the fair value of one or more reporting units below its carrying value. Potential impairment indicators include, but are not limited to, (i) the results of our most recent annual or interim impairment testing, in particular the magnitude of the excess of fair value over carrying value observed, (ii) downward revisions to internal forecasts, and the magnitude thereof, if any, and (iii) declines in Baker Hughes' market capitalization below its book value, and the magnitude and duration of those declines, if any. During the first quarter of 2023, we completed a review to assess whether indicators of impairment existed. As a result of this assessment, we concluded that no indicators existed that would lead to a determination that it is more likely than not that the fair value of each reporting unit is less than its carrying value. There can be no assurances that future sustained declines in macroeconomic or business conditions affecting our industry will not occur, which could result in goodwill impairment charges in future periods. OTHER INTANGIBLE ASSETS Intangible assets are comprised of the following:
| March 31, 2023 | December 31, 2022
| Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net
Customer relationships | $ | 1,898 |  | $ | (746) |  | $ | 1,152 |  | $ | 1,917 |  | $ | (729) |  | $ | 1,189 |
Technology | 1,204 |  | (816) |  | 388 |  | 1,212 |  | (803) |  | 409 |
Trade names and trademarks | 287 |  | (178) |  | 109 |  | 287 |  | (175) |  | 112 |
Capitalized software | 1,325 |  | (1,053) |  | 272 |  | 1,308 |  | (1,040) |  | 268 |
Finite-lived intangible assets | 4,714 |  | (2,793) |  | 1,921 |  | 4,725 |  | (2,747) |  | 1,978 |
Indefinite-lived intangible assets | 2,202 |  | — |  | 2,202 |  | 2,202 |  | — |  | 2,202 |
Total intangible assets | $ | 6,916 |  | $ | (2,793) |  | $ | 4,123 |  | $ | 6,927 |  | $ | (2,747) |  | $ | 4,180 |
Intangible assets are generally amortized on a straight-line basis with estimated useful lives ranging from 1 to 35 years. Amortization expense for the three months ended March 31, 2023 and 2022 was $63 million and $55 million, respectively. Estimated amortization expense for the remainder of 2023 and each of the subsequent five fiscal years is expected to be as follows:
Year | Estimated Amortization Expense
Remainder of 2023 | $ | 184 |
2024 | 227 |
2025 | 186 |
2026 | 144 |
2027 | 120 |
2028 | 97 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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