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Goodwill and Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill Identified, by Segment | Goodwill is identified by segment as follows (in millions):
|  | Energy Products and Services |  |  | Energy Equipment |  |  | Total |
Balance at December 31, 2022 |  | $ | 729 |  |  | $ | 776 |  |  | $ | 1,505 |
Goodwill acquired during period |  |  | — |  |  |  | 40 |  |  |  | 40 |
Adjustment during the measurement period of assets acquired |  |  | 17 |  |  |  | — |  |  |  | 17 |
Balance at December 31, 2023 |  | $ | 746 |  |  | $ | 816 |  |  | $ | 1,562 |
Goodwill acquired during period |  |  | 70 |  |  |  | — |  |  |  | 70 |
Currency translation adjustments and other |  |  | (2 | ) |  |  | — |  |  |  | (2 | )
Balance at December 31, 2024 (1) |  | $ | 814 |  |  | $ | 816 |  |  | $ | 1,630 |
(1) Accumulated goodwill impairment was $7,261 million as of December 31, 2024.
Identified Intangible Assets, by Segment | The net book values of identified intangible assets are identified by segment as follows (in millions):
|  | Energy Products and Services |  |  | Energy Equipment |  |  | Total |
Balance at December 31, 2022 |  | $ | 319 |  |  | $ | 171 |  |  | $ | 490 |
Additions to intangible assets |  |  | 2 |  |  |  | — |  |  |  | 2 |
Amortization |  |  | (22 | ) |  |  | (21 | ) |  |  | (43 | )
Currency translation adjustments and other |  |  | — |  |  |  | 1 |  |  |  | 1 |
Balance at December 31, 2023 |  | $ | 299 |  |  | $ | 151 |  |  | $ | 450 |
Additions to intangible assets |  |  | 1 |  |  |  | 6 |  |  |  | 7 |
Intangible assets acquired |  |  | 102 |  |  |  | — |  |  |  | 102 |
Amortization |  |  | (28 | ) |  |  | (21 | ) |  |  | (49 | )
Currency translation adjustments and other |  |  | — |  |  |  | (2 | ) |  |  | (2 | )
Balance at December 31, 2024 |  | $ | 374 |  |  | $ | 134 |  |  | $ | 508 |
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, 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 |
December 31, 2024: |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 531 |  |  | $ | (388 | ) |  | $ | 143 |
Trademarks |  |  | 194 |  |  |  | (139 | ) |  |  | 55 |
Patents |  |  | 153 |  |  |  | (85 | ) |  |  | 68 |
Indefinite-lived trade names |  |  | 196 |  |  |  | — |  |  |  | 196 |
Other |  |  | 125 |  |  |  | (79 | ) |  |  | 46 |
Total identified intangibles |  | $ | 1,199 |  |  | $ | (691 | ) |  | $ | 508 |
Intangible Assets Acquired, by Major Classification | The following table presents intangible assets that were acquired during the year ended December 31, 2024 by major classification (in millions):
|  | Gross |  |  | Accumulated Amortization |  |  | Net Book Value |  |  | Weighted Average Amortization Period (in years) |
December 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 39 |  |  | $ | (3 | ) |  | $ | 36 |  |  |  | 9.2 |
Trademarks |  |  | 21 |  |  |  | (2 | ) |  |  | 19 |  |  |  | 9.6 |
Patents |  |  | 27 |  |  |  | (4 | ) |  |  | 23 |  |  |  | 5.0 |
Other |  |  | 15 |  |  |  | — |  |  |  | 15 |  |  |  | 5.0 |
Total identified intangibles |  | $ | 102 |  |  | $ | (9 | ) |  | $ | 92 |  |  |  | 7.6 |

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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1 + Details
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