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Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Identified, by Segment

Goodwill is identified by segment as follows (in millions):

 

 

Wellbore Technologies

 

 

Completion & Production Solutions

 

 

Rig Technologies

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2021

 

 

342

 

 

 

473

 

 

 

712

 

 

 

1,527

 

Goodwill acquired during period

 

 

3

 

 

 

7

 

 

 

—

 

 

 

10

 

Adjustment during the measurement period of assets acquired

 

 

(32

)

 

 

—

 

 

 

—

 

 

 

(32

)

Balance at December 31, 2022

 

$

313

 

 

$

480

 

 

$

712

 

 

$

1,505

 

Goodwill acquired during period

 

 

—

 

 

 

—

 

 

 

40

 

 

 

40

 

Adjustment during the measurement period of assets acquired

 

 

14

 

 

 

3

 

 

 

—

 

 

 

17

 

Balance at December 31, 2023 (1)

 

$

327

 

 

$

483

 

 

$

752

 

 

$

1,562

 

 

(1)
Accumulated goodwill impairment was $7,261 million as of December 31, 2023.
Identified Intangible Assets, by Segment

The net book values of identified intangible assets are identified by segment as follows (in millions):

 

 

Wellbore Technologies

 

 

Completion & Production Solutions

 

 

Rig Technologies

 

 

Total

 

Balance at December 31, 2021

 

$

264

 

 

$

42

 

 

$

197

 

 

$

503

 

Additions to intangible assets

 

 

3

 

 

 

—

 

 

 

—

 

 

 

3

 

Adjustment during the measurement period of assets acquired

 

 

32

 

 

 

—

 

 

 

—

 

 

 

32

 

Amortization

 

 

(17

)

 

 

(5

)

 

 

(29

)

 

 

(51

)

Currency translation adjustments

 

 

—

 

 

 

—

 

 

 

3

 

 

 

3

 

Balance at December 31, 2022

 

$

282

 

 

$

37

 

 

$

171

 

 

$

490

 

Additions to intangible assets

 

 

2

 

 

 

—

 

 

 

—

 

 

 

2

 

Amortization

 

 

(17

)

 

 

(5

)

 

 

(21

)

 

 

(43

)

Currency translation adjustments

 

 

—

 

 

 

—

 

 

 

1

 

 

 

1

 

Balance at December 31, 2023

 

$

267

 

 

$

32

 

 

$

151

 

 

$

450

 
Identified Intangible Assets, by Major Classification

Identified intangible assets by major classification consist of the following (in millions):

 

 

 

Gross

 

 

Accumulated
Amortization

 

 

Net Book Value

 

December 31, 2022:

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

499

 

 

$

(351

)

 

$

148

 

Trademarks

 

 

173

 

 

 

(127

)

 

 

46

 

Patents

 

 

128

 

 

 

(66

)

 

 

62

 

Indefinite-lived trade names

 

 

196

 

 

 

—

 

 

 

196

 

Other

 

 

104

 

 

 

(66

)

 

 

38

 

Total identified intangibles

 

$

1,100

 

 

$

(610

)

 

$

490

 

December 31, 2023:

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

494

 

 

$

(369

)

 

$

125

 

Trademarks

 

 

174

 

 

 

(133

)

 

 

41

 

Patents

 

 

129

 

 

 

(75

)

 

 

54

 

Indefinite-lived trade names

 

 

196

 

 

 

—

 

 

 

196

 

Other

 

 

105

 

 

 

(71

)

 

 

34

 

Total identified intangibles

 

$

1,098

 

 

$

(648

)

 

$

450