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Business Segments | 6 Months Ended
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Jun. 30, 2016
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, |
|  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rig Systems |  | $ | 564 |  |  | $ | 1,930 |  |  | $ | 1,490 |  |  | $ | 4,453 |
Rig Aftermarket |  |  | 364 |  |  |  | 657 |  |  |  | 755 |  |  |  | 1,376 |
Wellbore Technologies |  |  | 511 |  |  |  | 956 |  |  |  | 1,142 |  |  |  | 2,127 |
Completion & Production Solutions |  |  | 538 |  |  |  | 873 |  |  |  | 1,096 |  |  |  | 1,821 |
Eliminations |  |  | (253 | ) |  |  | (507 | ) |  |  | (570 | ) |  |  | (1,048 | )
Total revenue |  | $ | 1,724 |  |  | $ | 3,909 |  |  | $ | 3,913 |  |  | $ | 8,729 |
Operating profit (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rig Systems |  | $ | 7 |  |  | $ | 421 |  |  | $ | 74 |  |  | $ | 898 |
Rig Aftermarket |  |  | 62 |  |  |  | 153 |  |  |  | 131 |  |  |  | 357 |
Wellbore Technologies |  |  | (146 | ) |  |  | 48 |  |  |  | (237 | ) |  |  | 143 |
Completion & Production Solutions |  |  | (33 | ) |  |  | 85 |  |  |  | (71 | ) |  |  | 173 |
Eliminations and corporate costs |  |  | (160 | ) |  |  | (269 | ) |  |  | (356 | ) |  |  | (563 | )
Total operating profit (loss) |  | $ | (270 | ) |  | $ | 438 |  |  | $ | (459 | ) |  | $ | 1,008 |
Operating profit (loss)%: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rig Systems |  |  | 1.2 | % |  |  | 21.8 | % |  |  | 5.0 | % |  |  | 20.2 | %
Rig Aftermarket |  |  | 17.0 | % |  |  | 23.3 | % |  |  | 17.4 | % |  |  | 25.9 | %
Wellbore Technologies |  |  | (28.6 | %) |  |  | 5.0 | % |  |  | (20.8 | %) |  |  | 6.7 | %
Completion & Production Solutions |  |  | (6.1 | %) |  |  | 9.7 | % |  |  | (6.5 | %) |  |  | 9.5 | %
Total operating profit (loss) % |  |  | (15.7 | %) |  |  | 11.2 | % |  |  | (11.7 | %) |  |  | 11.5 | %
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 primarily related to costs associated with Voluntary Early Retirement Plans (“VERP”) established by the Company during the first quarters of 2016 and 2015 and certain costs related to severance and facility closures. As of June 30, 2016, the Company had approximately $72 million accrued for the VERP postretirement medical benefits. Other items by segment are as follows (in millions):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Other items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rig Systems |  | $ | 23 |  |  | $ | 3 |  |  | $ | 75 |  |  | $ | 43 |
Rig Aftermarket |  |  | 5 |  |  |  | 2 |  |  |  | 13 |  |  |  | 10 |
Wellbore Technologies |  |  | 50 |  |  |  | 9 |  |  |  | 88 |  |  |  | 54 |
Completion & Production Solutions |  |  | 38 |  |  |  | 3 |  |  |  | 72 |  |  |  | 32 |
Eliminations and corporate costs |  |  | 1 |  |  |  | — |  |  |  | 10 |  |  |  | — |
Total other items |  | $ | 117 |  |  | $ | 17 |  |  | $ | 258 |  |  | $ | 139 |

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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 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: 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=68060357&loc=d3e9038-108599 Reference 3: 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=68060357&loc=d3e8971-108599 Reference 4: 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=68060357&loc=d3e8595-108599 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=68060357&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 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: 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=68060357&loc=d3e8844-108599 Reference 8: 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=68060357&loc=d3e8984-108599 Reference 9: 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=68060357&loc=d3e9031-108599 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=68060357&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 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: 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=68060357&loc=d3e8864-108599 Reference 13: 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=68060357&loc=d3e8924-108599 Reference 14: 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=68060357&loc=d3e8906-108599 + Details
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