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Business Segments
 6 Months Ended
Jun. 30, 2013
Segment Reporting [Abstract]  
Business Segments

6. Business Segments

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

 

     Three Months Ended
June 30,		     Six Months Ended
June 30,		  
     2013     2012     2013     2012  

Revenue:

         

Rig Technology

    $ 2,833      $ 2,405      $ 5,461      $ 4,664   

Petroleum Services & Supplies

      1,749        1,776        3,450        3,480   

Distribution & Transmission

      1,295        780        2,522        1,344   

Eliminations

      (276 )      (227 )      (525 )      (451 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Revenue

    $ 5,601      $ 4,734      $ 10,908      $ 9,037   
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating Profit:

         

Rig Technology

    $ 574      $ 554      $ 1,124      $ 1,101   

Petroleum Services & Supplies

      273        390        528        778   

Distribution & Transmission

      58        46        121        89   

Unallocated expenses and eliminations

      (136 )      (111 )      (253 )      (212 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Operating Profit

    $ 769      $ 879      $ 1,520      $ 1,756   
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating Profit %:

         

Rig Technology

      20.3 %      23.0 %      20.6 %      23.6 % 

Petroleum Services & Supplies

      15.6 %      22.0 %      15.3 %      22.4 % 

Distribution & Transmission

      4.5 %      5.9 %      4.8 %      6.6 % 

Total Operating Profit %

      13.7 %      18.6 %      13.9 %      19.4 % 

Included in operating profit are other costs related to acquisitions, such as administration costs and 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
June 30,		      Six Months Ended
June 30,		  
     2013      2012      2013      2012  

Other costs:

            

Rig Technology

    $ 13       $ 17       $ 20       $ 21   

Petroleum Services & Supplies

      31         3         87         3   

Distribution & Transmission

      13         8         15         8   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total other costs

    $ 57       $ 28       $ 122       $ 32   
  

 

 

     

 

 

     

 

 

     

 

 

  

The Company had revenues of 10% of total revenue from one of its customers for each of the three and six months ended June 30, 2013, respectively and 10% for each of the three and six months ended June 30, 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.