Plant and Equipment, Goodwill and Intangibles

12 Months Ended

Dec. 31, 2015

Plant and Equipment, Goodwill and Intangibles [Abstract]

Plant and Equipment, Goodwill and Intangibles

Plant and Equipment, Goodwill and Intangibles

Plant and equipment consisted of the following:

	December 31,
(dollars in millions)	2015			2014
Land and land improvements	$	118		$	130
Buildings	702			726
Machinery and equipment	1,586			1,682
Tooling, dies, patterns, etc.	185			179
Office furniture & equipment	213			212
Capitalized software	370			370
Assets under capital leases	108			120
Construction in progress	162			127
All other	17			34
	3,461			3,580
Accumulated depreciation	(1,744		)	(1,616		)
Total plant and equipment, net	$	1,717		$	1,964

Changes in goodwill during 2015 were as follows:

(dollars in millions)	Subsea			Surface			Drilling			Valves & Measurement			Total
Balance at December 31, 2014	$	1,476		$	173		$	501		$	311		$	2,461
Impairment (See Note 4)	(517		)	—			—			—			(517		)
Goodwill associated with assets held for sale	—			—			(14		)	—			(14		)
Adjustments to the purchase price allocation for prior year acquisitions	(8		)	(4		)	—			—			(12		)
Translation effect of currency changes and other	(134		)	(4		)	(4		)	(12		)	(154		)
Balance at December 31, 2015	$	817		$	165		$	483		$	299		$	1,764

Intangibles consisted of the following:

	December 31,
(dollars in millions)	2015			2014
Customer relationships	$	398		$	459
Patents and technology	345			382
Trademarks	54			68
Noncompete agreements, engineering drawings and other	61			80
	858			989
Accumulated amortization	(276		)	(261		)
Total intangibles, net	$	582		$	728

Amortization expense associated with the Company’s amortizable intangibles recorded as of December 31, 2015 is expected to approximate $41 million, $40 million, $39 million, $36 million, and $34 million for the year ending December 31, 2016, 2017, 2018, 2019, and 2020, respectively.