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Segments
 6 Months Ended
Jun. 30, 2020
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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wellbore Technologies

 

$

442

 

 

$

850

 

 

$

1,133

 

 

$

1,657

 

Completion & Production Solutions

 

 

611

 

 

 

663

 

 

 

1,286

 

 

 

1,244

 

Rig Technologies

 

 

476

 

 

 

671

 

 

 

1,033

 

 

 

1,274

 

Eliminations

 

 

(33

)

 

 

(52

)

 

 

(73

)

 

 

(103

)

Total revenue

 

$

1,496

 

 

$

2,132

 

 

$

3,379

 

 

$

4,072

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wellbore Technologies

 

$

(67

)

 

 

(3,295

)

 

$

(730

)

 

$

(3,276

)

Completion & Production Solutions

 

 

42

 

 

 

(1,932

)

 

 

(971

)

 

 

(1,967

)

Rig Technologies

 

 

(25

)

 

 

(422

)

 

 

(227

)

 

 

(391

)

Eliminations and corporate costs

 

 

(50

)

 

 

(79

)

 

 

(122

)

 

 

(142

)

Total operating profit (loss)

 

$

(100

)

 

$

(5,728

)

 

$

(2,050

)

 

$

(5,776

)

 

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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Other Significant Items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wellbore Technologies

 

$

62

 

 

$

3,345

 

 

$

777

 

 

$

3,343

 

Completion & Production Solutions

 

 

12

 

 

 

1,939

 

 

 

1,066

 

 

 

1,950

 

Rig Technologies

 

 

20

 

 

 

474

 

 

 

258

 

 

 

476

 

Eliminations and corporate costs

 

 

8

 

 

 

11

 

 

 

24

 

 

 

11

 

 

Second quarter 2020 operating profit (loss) includes pre-tax charges for severance, inventory impairments, facility closures and other items ($102 million).  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).

 

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 closures and other items ($11 million).