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Business Segments
 3 Months Ended
Mar. 31, 2013
Segment Reporting [Abstract]  
Business Segments
6. Business Segments

Operating results by segment are as follows (in millions):

 

     Three Months Ended
March 31,		  
     2013     2012  

Revenue:

     

Rig Technology

    $ 2,628      $ 2,259   

Petroleum Services & Supplies

      1,701        1,704   

Distribution & Transmission

      1,227        564   

Eliminations

      (249 )      (224 ) 
  

 

 

    

 

 

  

Total Revenue

    $ 5,307      $ 4,303   
  

 

 

    

 

 

  

Operating Profit:

     

Rig Technology

    $ 550      $ 547   

Petroleum Services & Supplies

      255        388   

Distribution & Transmission

      63        43   

Unallocated expenses and eliminations

      (117 )      (101 ) 
  

 

 

    

 

 

  

Total Operating Profit

    $ 751      $ 877   
  

 

 

    

 

 

  

Operating Profit %:

     

Rig Technology

      20.9 %      24.2 % 

Petroleum Services & Supplies

      15.0 %      22.8 % 

Distribution & Transmission

      5.1 %      7.6 % 

Total Operating Profit %

      14.2 %      20.4 % 

Included in operating profit are other costs related to acquisitions, such as the amortization of backlog and inventory that was stepped up to fair value during purchase accounting. Other costs by segment are as follows (in millions):

 

     Three Months Ended
March 31,		  
     2013      2012  

Other costs:

      

Rig Technology

    $ 7       $ 4   

Petroleum Services & Supplies

      56         —     

Distribution & Transmission

      2         —     
  

 

 

     

 

 

  

Total other costs

    $ 65       $ 4   
  

 

 

     

 

 

  

The Company had revenues of 9% and 11% of total revenue from one of its customers for the three months ended March 31, 2013 and 2012, respectively. This customer, Samsung Heavy Industries, is a shipyard acting as a general contractor for its customers, who are drillship owners and drilling contractors. This shipyard’s customers have specified that the Company’s drilling equipment be installed on their drillships and have required the shipyard to issue contracts to the Company.