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Business Segments and Geographic Areas | 12 Months Ended
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Dec. 31, 2013
Segment Reporting [Abstract] |
Business Segments and Geographic Areas | 15. Business Segments and Geographic Areas Effective April 1, 2014, the Company’s operations were reorganized into four reportable segments: Rig Systems, Rig Aftermarket, Wellbore Technologies and Completion & Production Solutions. Within the four reporting segments, the Company has aggregated two business units under Rig Systems, one business unit under Rig Aftermarket, six business units under Wellbore Technologies and six business units under Completion & Production Solutions for a total of 15 business units. The Company has aggregated each of its business units in one of the four reporting segments based on the guidelines of ASC Topic 280, “Segment Reporting” (“ASC Topic 280”). Rig Systems The Company’s Rig Systems segment makes and supports the capital equipment and integrated systems needed to drill oil and gas wells on land and offshore. The segment designs, manufactures, and sells land rigs, offshore drilling equipment packages, including installation and commissioning services, and drilling rig components that mechanize and automate the rig process and functionality. Equipment and technologies in Rig Systems include: substructures, derricks, and masts; cranes; pipe lifting, racking, rotating, and assembly systems; fluid transfer technologies, such as mud pumps; pressure control equipment, including blowout preventers; power transmission systems, including drives and generators; and rig instrumentation and control systems. The Rig Systems segment primarily supports land and offshore drillers. Demand for Rig Systems products primarily depends on drilling contractors’ and oil and gas companies’ capital spending plans, specifically capital expenditures on rig construction and refurbishment. Rig Aftermarket The Company’s Rig Aftermarket segment provides comprehensive aftermarket products and services to support land rigs and offshore rigs, and drilling rig components manufactured by the Rig Systems segment. The segment provides spare parts, repair, and rentals as well as technical support, field service and first well support, field engineering, and customer training through a network of aftermarket service and repair facilities strategically located in major areas of drilling operations. The Rig Aftermarket segment primarily supports land and offshore drillers. Demand for Rig Aftermarket products and services primarily depends on overall levels of oilfield drilling activity, which drives demand for spare parts, service, and repair for Rig System’s large installed base of equipment; and secondarily on drilling contractors’ and oil and gas companies’ capital spending plans, specifically capital expenditures on rig refurbishment and re-certification. Wellbore Technologies The Company’s Wellbore Technologies segment designs, manufactures, rents, and sells a variety of equipment and technologies used to perform drilling operations, and offers services that optimize their performance, including: solids control and waste management equipment and services, drilling fluids, premium drill pipe, wired pipe, tubular inspection and coating services, instrumentation, downhole tools, and drill bits. The Wellbore Technologies segment focuses on oil and gas companies and supports drilling contractors, oilfield service companies, and oilfield rental companies. Demand for Wellbore Technologies products and services primarily depends on the level of oilfield drilling activity by oil and gas companies, drilling contractors, and oilfield service companies. Completion & Production Solutions The Company’s Completion & Production Solutions segment integrates technologies for well completions and oil and gas production. The segment designs, manufactures, and sells equipment and technologies needed for hydraulic fracture stimulation, including pressure pumping trucks and pumps, blenders, sanders, hydration units, injection units, flowline, manifolds and wellheads; well intervention, including coiled tubing units, coiled tubing, and wireline units and tools; onshore production, including composite pipe, surface transfer and progressive cavity pumps, and artificial lift systems; and offshore production, including floating production systems and subsea production technologies. The Completion & Production Solutions segment primarily supports service companies and oil and gas companies. Demand for Completion & Production Solutions products depends on the level of oilfield completions and workover activity by oilfield service companies and drilling contractors and capital spending plans by oil and gas companies and oilfield service companies. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies of the Company. The Company evaluates performance of each reportable segment based upon its operating income, excluding non-recurring items. The Company had revenues of 11%, 11% and 13% of total revenue from one of its customers for the years ended December 31, 2013, 2012, and 2011, 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. Geographic Areas: The following table presents consolidated revenues by country based on sales destination of the use of the products or services (in millions):
|  | Years Ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
United States |  | $ | 5,140 |  |  | $ | 6,040 |  |  | $ | 4,532 |
South Korea |  |  | 3,219 |  |  |  | 3,121 |  |  |  | 2,257 |
Singapore |  |  | 1,850 |  |  |  | 1,118 |  |  |  | 721 |
Norway |  |  | 1,102 |  |  |  | 736 |  |  |  | 689 |
China |  |  | 1,007 |  |  |  | 533 |  |  |  | 430 |
Brazil |  |  | 811 |  |  |  | 503 |  |  |  | 397 |
United Kingdom |  |  | 705 |  |  |  | 523 |  |  |  | 465 |
Canada |  |  | 625 |  |  |  | 728 |  |  |  | 608 |
Other Countries |  |  | 4,762 |  |  |  | 3,892 |  |  |  | 3,376 |
Total |  | $ | 19,221 |  |  | $ | 17,194 |  |  | $ | 13,475 |
The following table presents long-lived assets by country based on the location (in millions):
|  | December 31, |
|  | 2013 |  |  | 2012 |
United States |  | $ | 1,830 |  |  | $ | 1,606 |
Brazil |  |  | 270 |  |  |  | 162 |
United Kingdom |  |  | 200 |  |  |  | 173 |
Denmark |  |  | 166 |  |  |  | 174 |
Canada |  |  | 123 |  |  |  | 131 |
South Korea |  |  | 115 |  |  |  | 112 |
Mexico |  |  | 101 |  |  |  | 87 |
Singapore |  |  | 94 |  |  |  | 93 |
Other Countries |  |  | 509 |  |  |  | 407 |
Total |  | $ | 3,408 |  |  | $ | 2,945 |
Business Segments:
|  | Rig Systems |  |  | Rig Aftermarket |  |  | Wellbore Technologies |  |  | Completion & Production Solutions |  |  | Eliminations(1) |  |  | Discontinued Operations |  |  | Total |
December 31, 2013: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 8,450 |  |  | $ | 2,692 |  |  | $ | 5,211 |  |  | $ | 4,309 |  |  | $ | (1,441 | ) |  | $ | — |  |  | $ | 19,221 |
Operating profit |  |  | 1,594 |  |  |  | 729 |  |  |  | 915 |  |  |  | 613 |  |  |  | (652 | ) |  |  | — |  |  |  | 3,199 |
Capital expenditures |  |  | 61 |  |  |  | 24 |  |  |  | 226 |  |  |  | 212 |  |  |  | 91 |  |  |  | — |  |  |  | 614 |
Depreciation and amortization |  |  | 82 |  |  |  | 26 |  |  |  | 420 |  |  |  | 210 |  |  |  | — |  |  |  | — |  |  |  | 738 |
Goodwill |  |  | 1,279 |  |  |  | 906 |  |  |  | 4,425 |  |  |  | 2,106 |  |  |  | — |  |  |  | 333 |  |  |  | 9,049 |
Total assets |  |  | 7,654 |  |  |  | 2,475 |  |  |  | 11,862 |  |  |  | 7,287 |  |  |  | 3,351 |  |  |  | 2,183 |  |  |  | 34,812 |
December 31, 2012: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 7,077 |  |  | $ | 2,138 |  |  | $ | 5,184 |  |  | $ | 3,994 |  |  | $ | (1,199 | ) |  | $ | — |  |  | $ | 17,194 |
Operating profit |  |  | 1,685 |  |  |  | 594 |  |  |  | 983 |  |  |  | 684 |  |  |  | (557 | ) |  |  | — |  |  |  | 3,389 |
Capital expenditures |  |  | 81 |  |  |  | 13 |  |  |  | 247 |  |  |  | 169 |  |  |  | 59 |  |  |  | — |  |  |  | 569 |
Depreciation and amortization |  |  | 64 |  |  |  | 18 |  |  |  | 389 |  |  |  | 145 |  |  |  | — |  |  |  | — |  |  |  | 616 |
Goodwill |  |  | 1,097 |  |  |  | 649 |  |  |  | 3,769 |  |  |  | 1,314 |  |  |  | — |  |  |  | 343 |  |  |  | 7,172 |
Total assets |  |  | 6,563 |  |  |  | 1,930 |  |  |  | 11,032 |  |  |  | 6,192 |  |  |  | 3,394 |  |  |  | 2,373 |  |  |  | 31,484 |
December 31, 2011: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 5,686 |  |  | $ | 1,876 |  |  | $ | 4,455 |  |  | $ | 2,483 |  |  | $ | (1,025 | ) |  | $ | — |  |  | $ | 13,475 |
Operating profit |  |  | 1,562 |  |  |  | 528 |  |  |  | 726 |  |  |  | 456 |  |  |  | (463 | ) |  |  | — |  |  |  | 2,809 |
Capital expenditures |  |  | 70 |  |  |  | 10 |  |  |  | 245 |  |  |  | 103 |  |  |  | 51 |  |  |  | — |  |  |  | 479 |
Depreciation and amortization |  |  | 61 |  |  |  | 14 |  |  |  | 381 |  |  |  | 93 |  |  |  | — |  |  |  | — |  |  |  | 549 |
Goodwill |  |  | 943 |  |  |  | 556 |  |  |  | 3,683 |  |  |  | 917 |  |  |  | — |  |  |  | 52 |  |  |  | 6,151 |
Total assets |  |  | 4,743 |  |  |  | 1,569 |  |  |  | 10,799 |  |  |  | 4,020 |  |  |  | 3,555 |  |  |  | 829 |  |  |  | 25,515 |
(1) | Sales from one segment to another generally are priced at estimated equivalent commercial selling prices; however, segments originating an external sale are credited with the full profit to the company. Eliminations include intercompany transactions conducted between the four reporting segments that are eliminated in consolidation. Intercompany transactions within each reporting segment are eliminated within each reporting segment. Also included in the eliminations column are capital expenditures and total assets related to corporate. Corporate assets consist primarily of cash and fixed assets.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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