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Business Segment and Geographic Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Business Segment and Geographic Information | Business Segment and Geographic Information We operate under two divisions, which form the basis for the two operating segments we report: the Completion and Production segment and the Drilling and Evaluation segment. Our equity in earnings and losses of unconsolidated affiliates that are accounted for using the equity method of accounting are included within cost of services and cost of sales on our statements of operations, which is part of operating income of the applicable segment. Operations by business segment The following tables present financial information on our business segments.
|  | Year Ended December 31
Millions of dollars | 2023 | 2022 | 2021
Revenue: |  |  |
Completion and Production | $ | 13,689 |  | $ | 11,582 |  | $ | 8,410 |
Drilling and Evaluation | 9,329 |  | 8,715 |  | 6,885 |
Total revenue | $ | 23,018 |  | $ | 20,297 |  | $ | 15,295 |
Operating income: |  |  |
Completion and Production | $ | 2,835 |  | $ | 2,037 |  | $ | 1,238 |
Drilling and Evaluation | 1,543 |  | 1,292 |  | 801 |
Total operations | 4,378 |  | 3,329 |  | 2,039 |
Corporate and other (a) | (244) |  | (256) |  | (227) |
SAP S4 upgrade expense | (51) |  | — |  | — |
Impairments and other charges (b) | — |  | (366) |  | (12) |
Total operating income | $ | 4,083 |  | $ | 2,707 |  | $ | 1,800 |
Interest expense, net of interest income | $ | (395) |  | $ | (463) |  | $ | (520) |
Loss on Blue Chip Swap transactions (c) | (110) |  | — |  | — |
Argentina currency impact (d) | (131) |  | (30) |  | 6 |
Loss on early extinguishment of debt | — |  | (42) |  | — |
Other, net | (84) |  | (62) |  | (34) |
Income before income taxes | $ | 3,363 |  | $ | 2,110 |  | $ | 1,252 |
Capital expenditures: |  |  |
Completion and Production | $ | 765 |  | $ | 589 |  | $ | 402 |
Drilling and Evaluation | 613 |  | 420 |  | 392 |
Corporate and other | 1 |  | 2 |  | 5 |
Total capital expenditures | $ | 1,379 |  | $ | 1,011 |  | $ | 799 |
Depreciation, depletion, and amortization: |  |  |
Completion and Production | $ | 553 |  | $ | 520 |  | $ | 502 |
Drilling and Evaluation | 430 |  | 406 |  | 388 |
Corporate and other | 15 |  | 14 |  | 14 |
Total depreciation, depletion, and amortization | $ | 998 |  | $ | 940 |  | $ | 904 |
(a) | Includes certain expenses not attributable to a business segment, such as costs related to support functions, corporate executives, and operating lease assets, and also includes amortization expense associated with intangible assets recorded as a result of acquisitions.
(b) | Impairments and other charges are as follows: -For the year ended December 31, 2022, amount includes approximately $136 million attributable to Completion and Production, $195 million attributable to Drilling and Evaluation, and $35 million attributable to Corporate and other. -For the year ended December 31, 2021, amount includes approximately $42 million attributable to Completion and Production, $9 million attributable to Drilling and Evaluation, and a $39 million net gain attributable to Corporate and other.
(c) | The Central Bank of Argentina maintains currency controls that limit our ability to access U.S. dollars in Argentina and remit cash from our Argentine operations. Our execution of certain trades, known as Blue Chip Swaps, which effectively results in a parallel U.S. dollar exchange rate, resulted in a $110 million pre-tax loss for the year ended December 31, 2023.
(d) | For the year ended December 31, 2023, we incurred a loss of $131 million due to the devaluation of the currency in Argentina.
|  | December 31
Millions of dollars | 2023 | 2022
Total assets: |  |
Completion and Production (a) | $ | 11,606 |  | $ | 9,311 |
Drilling and Evaluation (a) | 7,532 |  | 7,199 |
Corporate and other (b) | 5,545 |  | 6,745 |
Total assets | $ | 24,683 |  | $ | 23,255 |
(a) | Assets associated with specific segments primarily include receivables, inventories, property, plant, and equipment, operating lease right-of-use assets, equity in and advances to related companies, and goodwill.
(b) | Includes primarily cash and equivalents and deferred tax assets.
Operations by geographic region The following tables present information by geographic area. In 2023, 2022, and 2021, based on the location of services provided and products sold, 44%, 45%, and 40%, respectively, of our consolidated revenue was from the United States. No other country accounted for more than 10% of our revenue or property, plant, and equipment during the periods presented. As of December 31, 2023 and December 31, 2022, 59% and 54%, respectively, of our property, plant, and equipment was located in the United States.
| Year Ended December 31
Millions of dollars | 2023 | 2022 | 2021
Revenue: |  |  |
North America | $ | 10,492 |  | $ | 9,597 |  | $ | 6,371 |
Latin America | 3,987 |  | 3,197 |  | 2,362 |
Europe/Africa/CIS | 2,861 |  | 2,691 |  | 2,719 |
Middle East/Asia | 5,678 |  | 4,812 |  | 3,843 |
Total revenue | $ | 23,018 |  | $ | 20,297 |  | $ | 15,295 |
| December 31
Millions of dollars | 2023 | 2022
Net property, plant, and equipment: |  |
North America | $ | 2,961 |  | $ | 2,424 |
Latin America | 527 |  | 520 |
Europe/Africa/CIS | 444 |  | 435 |
Middle East/Asia | 968 |  | 969 |
Total net property, plant, and equipment | $ | 4,900 |  | $ | 4,348 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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