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Segments
 9 Months Ended
Sep. 30, 2020
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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wellbore Technologies

 

$

361

 

 

$

793

 

 

$

1,494

 

 

$

2,450

 

Completion & Production Solutions

 

 

601

 

 

 

728

 

 

 

1,887

 

 

 

1,972

 

Rig Technologies

 

 

449

 

 

 

649

 

 

 

1,482

 

 

 

1,923

 

Eliminations

 

 

(27

)

 

 

(44

)

 

 

(100

)

 

 

(147

)

Total revenue

 

$

1,384

 

 

$

2,126

 

 

$

4,763

 

 

$

6,198

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wellbore Technologies

 

$

(50

)

 

 

42

 

 

$

(780

)

 

$

(3,234

)

Completion & Production Solutions

 

 

25

 

 

 

(24

)

 

 

(946

)

 

 

(1,991

)

Rig Technologies

 

 

(3

)

 

 

(110

)

 

 

(230

)

 

 

(501

)

Eliminations and corporate costs

 

 

(46

)

 

 

(62

)

 

 

(168

)

 

 

(204

)

Total operating profit (loss)

 

$

(74

)

 

$

(154

)

 

$

(2,124

)

 

$

(5,930

)

 

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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Other Significant Items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wellbore Technologies

 

$

26

 

 

$

41

 

 

$

803

 

 

$

3,384

 

Completion & Production Solutions

 

 

23

 

 

 

79

 

 

 

1,089

 

 

 

2,029

 

Rig Technologies

 

 

12

 

 

 

194

 

 

 

270

 

 

 

670

 

Eliminations and corporate costs

 

 

1

 

 

 

—

 

 

 

25

 

 

 

11

 

 

For the three months ended September 30, 2020, operating profit (loss) included pre-tax charges for severance ($23 million); facility closures ($20 million); and inventory charges and other items ($19 million). For the nine months ended September 30, 2020, operating profit (loss) included pre-tax charges for impairment of goodwill, indefinite-lived and finite-lived intangible and long-lived tangible assets ($1,891 million); inventory charges ($152 million); and, severance, facility closures and other items ($144 million).

 

For the three months ended September 30, 2019, operating profit (loss) included 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) included 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).