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Segments

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Segments

5. Segments

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

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2019				2018				2019				2018
Revenue:
Wellbore Technologies		$	793			$	847			$	2,450			$	2,351
Completion & Production Solutions			728				735				1,972				2,143
Rig Technologies			649				637				1,923				1,771
Eliminations			(44	)			(65	)			(147	)			(210	)
Total revenue		$	2,126			$	2,154			$	6,198			$	6,055
Operating profit (loss):
Wellbore Technologies		$	42				40			$	(3,234	)		$	90
Completion & Production Solutions			(24	)			46				(1,991	)			102
Rig Technologies			(110	)			58				(501	)			138
Eliminations and corporate costs			(62	)			(71	)			(204	)			(206	)
Total operating profit (loss)		$	(154	)		$	73			$	(5,930	)		$	124

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								Nine Months Ended
		September 30,								September 30,
		2019				2018				2019				2018
Other Significant Items:
Wellbore Technologies		$	41			$	—			$	3,384			$	(3	)
Completion & Production Solutions			79				—				2,029				3
Rig Technologies			194				—				670				6
Eliminations and corporate costs			—				—				11				(18	)

For the three months ended September 30, 2019, operating profit (loss) includes pre-tax inventory charges ($265 million); impairment of long-lived tangible assets ($12 million); and severance, facility closure and other items ($37 million). For the nine months ended September 30, 2019, operating profit (loss) includes pre-tax charges for impairment of goodwill, indefinite-lived and finite-lived intangible and long-lived tangible assets ($5,385 million); inventory charges ($571 million); a Voluntary Early Retirement Program ($87 million); and severance, facility closures and other items ($51 million). For the nine months ended September 30, 2018, operating profit (loss) 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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