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Segments
 6 Months Ended
Jun. 30, 2021
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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wellbore Technologies

 

$

463

 

 

$

442

 

 

$

876

 

 

$

1,133

 

Completion & Production Solutions

 

 

497

 

 

 

611

 

 

 

936

 

 

 

1,286

 

Rig Technologies

 

 

487

 

 

 

476

 

 

 

918

 

 

 

1,033

 

Eliminations

 

 

(30

)

 

 

(33

)

 

 

(64

)

 

 

(73

)

Total revenue

 

$

1,417

 

 

$

1,496

 

 

$

2,666

 

 

$

3,379

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wellbore Technologies

 

$

6

 

 

 

(67

)

 

$

(8

)

 

$

(730

)

Completion & Production Solutions

 

 

(6

)

 

 

42

 

 

 

(23

)

 

 

(971

)

Rig Technologies

 

 

49

 

 

 

(25

)

 

 

41

 

 

 

(227

)

Eliminations and corporate costs

 

 

(37

)

 

 

(50

)

 

 

(86

)

 

 

(122

)

Total operating profit (loss)

 

$

12

 

 

$

(100

)

 

$

(76

)

 

$

(2,050

)

 

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.

Operating loss for the six months ended June 30, 2021, includes pre-tax charges of $42 million (severance, facility closure, and inventory write downs) net of related credits of $18 million. Operating loss for the six months ended June 30, 2020, includes pre-tax charges for impairment of goodwill, indefinite-lived and finite-lived intangible and long-lived tangible assets ($1,891 million); inventory charges ($132 million); and, severance, facility closures and other items ($102 million).