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Business Segments
 6 Months Ended
Jun. 30, 2015
Segment Reporting [Abstract]  
Business Segments
7.   Business Segments

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

 

     Three Months Ended
June 30,		     Six Months Ended
June 30,		  
     2015     2014     2015     2014  

Revenue:

         

Rig Systems

    $ 1,930      $ 2,372      $ 4,453      $ 4,628   

Rig Aftermarket

      657        785        1,376        1,535   

Wellbore Technologies

      956        1,446        2,127        2,724   

Completion & Production Solutions

      873        1,127        1,821        2,129   

Eliminations

      (507 )      (475 )      (1,048 )      (872 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Revenue

    $ 3,909      $ 5,255      $ 8,729      $ 10,144   
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating Profit:

         

Rig Systems

    $ 392      $ 501      $ 840      $ 952   

Rig Aftermarket

      143        217        334        408   

Wellbore Technologies

      38        263        117        484   

Completion & Production Solutions

      78        157        157        294   

Unallocated expenses and eliminations

      (213 )      (225 )      (440 )      (426 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Operating Profit

    $ 438      $ 913      $ 1,008      $ 1,712   
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating Profit %:

         

Rig Systems

      20.3 %      21.1 %      18.9 %      20.6 % 

Rig Aftermarket

      21.8 %      27.6 %      24.3 %      26.6 % 

Wellbore Technologies

      4.0 %      18.2 %      5.5 %      17.8 % 

Completion & Production Solutions

      8.9 %      13.9 %      8.6 %      13.8 % 

Total Operating Profit %

      11.2 %      17.4 %      11.5 %      16.9 % 

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.

Included in operating profit are other items related to costs associated with a Voluntary Early Retirement Plan established by the Company during the first quarter of 2015; costs related to severance and facility closures; items related to acquisitions, such as transaction costs, the amortization of backlog and inventory that was stepped up to fair value during purchase accounting; the costs of the spin-off of the Company’s distribution business and certain legal costs. Other items by segment are as follows (in millions):

 

     Three Months Ended
June 30,		      Six Months Ended
June 30,		  
     2015      2014      2015      2014  

Other items:

            

Rig Systems

    $ 3       $ —         $ 43       $ —     

Rig Aftermarket

      2         —           10         —     

Wellbore Technologies

      9         6         54         9   

Completion & Production Solutions

      3         1         32         7   

Unallocated expenses and eliminations

      —           25         —           34   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total other items

    $ 17       $ 32       $ 139       $ 50