Plant and Equipment, Goodwill and Intangibles (Tables)

12 Months Ended

Dec. 31, 2014

Plant and Equipment, Goodwill and Intangibles [Abstract]

Plant and equipment consisted of the following:

	December 31,
(dollars in millions)	2014			2013

Land and land improvements	$	130		$	132
Buildings		726			744
Machinery and equipment		1,682			1,662
Tooling, dies, patterns, etc.		179			208
Office furniture & equipment		212			210
Capitalized software		370			348
Assets under capital leases		120			107
Construction in progress		127			231
All other		34			28
		3,580			3,670
Accumulated depreciation		(1,616	)		(1,633	)

Total plant and equipment, net	$	1,964		$	2,037

Changes in goodwill

Changes in goodwill during 2014 were as follows:

(dollars in millions)	Subsea			Surface			Drilling			Valves & Measurement			Discontinued Operations			Total

Balance at December 31, 2013	$	1,654		$	199		$	505		$	318		$	249		$	2,925
Discontinued operations		–			–			–			–			(249	)		(249	)
Impairment		–			(40	)		–			–			–			(40	)
Acquisitions		–			20			–			–			–			20
Adjustments to the purchase price allocation for prior year acquisitions		19			–			–			(1	)		–			18
Translation effect of currency changes and other		(197	)		(6	)		(4	)		(6	)		–			(213	)

Balance at December 31, 2014	$	1,476		$	173		$	501		$	311		$	–		$	2,461

Intangibles

Intangibles consisted of the following:

	December 31,
(dollars in millions)	2014			2013

Customer relationships	$	459		$	519
Patents and technology		382			426
Trademarks		68			69
Noncompete agreements, engineering drawings and other		80			103
		989			1,117
Accumulated amortization		(261	)		(213	)

Total intangibles, net	$	728		$	904

Amortization expense associated with the Company’s amortizable intangibles recorded as of December 31, 2014 is expected to approximate $45 million, $45 million, $44 million, $42 million, and $38 million for the years ending December 31, 2015, 2016, 2017, 2018 and 2019, respectively.