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Business Segments
 9 Months Ended
Sep. 30, 2015
Segment Reporting [Abstract]  
Business Segments
7. Business Segments

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

 

     Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
     2015     2014     2015     2014  

Revenue:

         

Rig Systems

    $ 1,496      $ 2,659      $ 5,949      $ 7,287   

Rig Aftermarket

      570        837        1,946        2,372   

Wellbore Technologies

      834        1,469        2,961        4,193   

Completion & Production Solutions

      798        1,191        2,619        3,320   

Eliminations

      (392 )      (569 )      (1,440 )      (1,441 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Revenue

    $ 3,306      $ 5,587      $ 12,035      $ 15,731   
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating Profit (Loss):

         

Rig Systems

    $ 253      $ 533      $ 1,093      $ 1,485   

Rig Aftermarket

      145        229        479        637   

Wellbore Technologies

      (7 )      278        110        762   

Completion & Production Solutions

      3        185        160        479   

Unallocated expenses and eliminations

      (160 )      (237 )      (600 )      (663 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Operating Profit

    $ 234      $ 988      $ 1,242      $ 2,700   
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating Profit (Loss)%:

         

Rig Systems

      16.9 %      20.0 %      18.4 %      20.4 % 

Rig Aftermarket

      25.4 %      27.4 %      24.6 %      26.9 % 

Wellbore Technologies

      (0.8 %)      18.9 %      3.7 %      18.2 % 

Completion & Production Solutions

      0.4 %      15.5 %      6.1 %      14.4 % 

Total Operating Profit %

      7.1 %      17.7 %      10.3 %      17.2 % 

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 intangible asset impairments; 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
September 30,		      Nine Months Ended
September 30,		  
     2015      2014      2015      2014  

Other items:

            

Rig Systems

    $ 22       $ —         $ 65       $ —     

Rig Aftermarket

      1         —           11         —     

Wellbore Technologies

      29         —           83         9   

Completion & Production Solutions

      60         (1 )       92         6   

Unallocated expenses and eliminations

      —           2         —           36   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total other items

    $ 112       $ 1       $ 251       $ 51