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Segments

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Segments

5. Segments

Financial results by operating segment are as follows (in millions):

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2019				2018				2019				2018
Revenue:
Wellbore Technologies		$	850			$	793			$	1,657			$	1,504
Completion & Production Solutions			663				738				1,244				1,408
Rig Technologies			671				651				1,274				1,134
Eliminations			(52	)			(76	)			(103	)			(145	)
Total revenue		$	2,132			$	2,106			$	4,072			$	3,901
Operating profit (loss):
Wellbore Technologies		$	(3,295	)			38			$	(3,276	)		$	50
Completion & Production Solutions			(1,932	)			40				(1,967	)			56
Rig Technologies			(422	)			62				(391	)			80
Eliminations and corporate costs			(79	)			(88	)			(142	)			(135	)
Total operating profit (loss)		$	(5,728	)		$	52			$	(5,776	)		$	51

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 three reporting segments that are eliminated in consolidation. Intrasegment transactions are eliminated within each segment.

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2019				2018				2019				2018
Other Items:
Wellbore Technologies		$	3,345			$	—			$	3,343			$	(3	)
Completion & Production Solutions			1,939				—				1,950				3
Rig Technologies			474				—				476				6
Eliminations and corporate costs			11				—				11				(18	)
Total other items		$	5,769			$	—			$	5,780			$	(12	)

Second quarter 2019 operating profit (loss) includes pre-tax charges for impairment of goodwill, indefinite-lived and finite-lived intangible and long-lived tangible assets ($5,373 million); inventory charges ($302 million); a Voluntary Early Retirement Program ($89 million); and, severance, facility closures and other items ($5 million). First quarter 2019 operating profit includes pre-tax charges for severance, facility closure and other items ($11 million). First quarter 2018 operating profit includes a pre-tax net credit for severance, facility closures and reserve adjustments ($12 million).

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- References

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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