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Segments
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Segments

5.

Segments

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

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

Revenue:

 

 

 

 

 

 

 

 

Wellbore Technologies

 

$

413

 

 

$

691

 

Completion & Production Solutions

 

 

439

 

 

 

675

 

Rig Technologies

 

 

431

 

 

 

557

 

Eliminations

 

 

(34

)

 

 

(40

)

Total revenue

 

$

1,249

 

 

$

1,883

 

 

 

 

 

 

 

 

 

 

Operating profit (loss):

 

 

 

 

 

 

 

 

Wellbore Technologies

 

$

(14

)

 

 

(663

)

Completion & Production Solutions

 

 

(17

)

 

 

(1,013

)

Rig Technologies

 

 

(8

)

 

 

(202

)

Eliminations and corporate costs

 

 

(49

)

 

 

(72

)

Total operating profit (loss)

 

$

(88

)

 

$

(1,950

)

 

 

 

 

 

 

 

 

 

Operating profit (loss)%:

 

 

 

 

 

 

 

 

Wellbore Technologies

 

 

(3.4

%)

 

 

(95.9

%)

Completion & Production Solutions

 

 

(3.9

%)

 

 

(150.1

%)

Rig Technologies

 

 

(1.9

%)

 

 

(36.3

%)

Total operating profit (loss)%

 

 

(7.0

%)

 

 

(103.6

%)

 

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.

First quarter 2021 operating profit includes pre-tax charges for severance, facility closures and other items ($9 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).