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Segments
 9 Months Ended
Sep. 30, 2021
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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wellbore Technologies

 

$

507

 

 

$

361

 

 

$

1,383

 

 

$

1,494

 

Completion & Production Solutions

 

 

478

 

 

 

601

 

 

 

1,414

 

 

 

1,887

 

Rig Technologies

 

 

390

 

 

 

449

 

 

 

1,308

 

 

 

1,482

 

Eliminations

 

 

(34

)

 

 

(27

)

 

 

(98

)

 

 

(100

)

Total revenue

 

$

1,341

 

 

$

1,384

 

 

$

4,007

 

 

$

4,763

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wellbore Technologies

 

$

32

 

 

 

(50

)

 

$

24

 

 

$

(780

)

Completion & Production Solutions

 

 

(26

)

 

 

25

 

 

 

(49

)

 

 

(946

)

Rig Technologies

 

 

1

 

 

 

(3

)

 

 

42

 

 

 

(230

)

Eliminations and corporate costs

 

 

(50

)

 

 

(46

)

 

 

(136

)

 

 

(168

)

Total operating profit (loss)

 

$

(43

)

 

$

(74

)

 

$

(119

)

 

$

(2,124

)

 

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 three months ended September 30, 2021, includes net pre-tax charges of $24 million ($24 million of restructure, severance and facility closure costs and an $8 million post-warranty product modification, partially offset by related credits of $8 million). Operating loss for the nine months ended September 30, 2021 includes net pre-tax charges of $48 million ($67 million of restructure, severance and facility closure costs and an $8 million post-warranty product modification, partially offset by related credits of $27 million).