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Goodwill and Intangible Assets (Tables)
 12 Months Ended
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