GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND 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	$	19,825	$	4,661	$	24,486
Accumulated impairment at December 31, 2021	(18,273)		(254)		(18,527)
Balance at December 31, 2021	1,552		4,407		5,959
Disposition	(161)		—		(161)
Acquisitions	41		417		458
Currency exchange and other	—		(96)		(96)
Total	1,432		4,728		6,160
Classified as held for sale (1)	—		(230)		(230)
Balance at December 31, 2022	1,432		4,498		5,930
Acquisitions	95		43		138
Currency exchange and other	14		55		69
Balance at December 31, 2023	$	1,541	$	4,596	$	6,137

(1)The reduction in IET goodwill reflects a transfer of goodwill to business held for sale related to our Nexus Controls business. See "Note 21. Business Dispositions and Acquisitions" for further information.

As a result of our goodwill impairment assessment performed in the year ended December 31, 2023, there were no goodwill impairments deemed necessary.

OTHER INTANGIBLE ASSETS

Intangible assets consist of the following at December 31:

	2023						2022
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	1,945	$	(818)	$	1,127	$	1,917	$	(729)	$	1,189
Technology	1,253		(899)		354		1,212		(803)		$	409
Trade names and trademarks	290		(186)		104		287		(175)		112
Capitalized software	1,413		(1,107)		306		1,308		(1,040)		268
Finite-lived intangible assets	4,901		(3,010)		1,891		4,725		(2,747)		1,978
Indefinite-lived intangible assets	2,202		—		2,202		2,202		—		2,202
Total intangible assets	$	7,103	$	(3,010)	$	4,093	$	6,927	$	(2,747)	$	4,180

Finite-lived intangible assets are generally amortized on a straight-line basis with estimated useful lives ranging from 1 to 35 years. Amortization expense was $257 million, $222 million and $253 million for the years ended December 31, 2023, 2022 and 2021, respectively. No impairment for indefinite-lived intangible assets were recorded in 2023.

Estimated amortization expense for each of the subsequent five fiscal years is expected to be as follows:

Year	Estimated Amortization Expense
2024	$	243
2025	201
2026	156
2027	134
2028	115