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Segments

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Segments

5. Segments

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

		Three Months Ended
		March 31,
		2020				2019
Revenue:
Wellbore Technologies		$	691			$	807
Completion & Production Solutions			675				581
Rig Technologies			557				603
Eliminations			(40	)			(51	)
Total revenue		$	1,883			$	1,940
Operating profit (loss):
Wellbore Technologies		$	(663	)			19
Completion & Production Solutions			(1,013	)			(35	)
Rig Technologies			(202	)			31
Eliminations and corporate costs			(72	)			(63	)
Total operating profit (loss)		$	(1,950	)		$	(48	)
Operating profit (loss)%:
Wellbore Technologies			(95.9	%)			2.4	%
Completion & Production Solutions			(150.1	%)			(6.0	%)
Rig Technologies			(36.3	%)			5.1	%
Total operating profit (loss)%			(103.6	%)			(2.5	%)

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

		Three Months Ended
		March 31,
		2020				2019
Other items in operating profit:
Wellbore Technologies		$	715			$	(2	)
Completion & Production Solutions			1,054				11
Rig Technologies			238				2
Eliminations and corporate costs			16				—
Total other items in operating profit		$	2,023			$	11

First quarter 2020 operating profit (loss) includes pre-tax charges for impairment of goodwill, indefinite-lived and finite-lived  intangible and long-lived tangible assets ($1,891 million); inventory charges ($114 million); and, severance, facility closures and other items ($18 million). First quarter 2019 operating profit includes pre-tax charges for inventory, facility closure and other items ($11 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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