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Segments
 3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Segments
5.
Segments

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

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

Revenue:

 

 

 

 

 

 

Wellbore Technologies

 

$

608

 

 

$

413

 

Completion & Production Solutions

 

 

530

 

 

 

439

 

Rig Technologies

 

 

441

 

 

 

431

 

Eliminations

 

 

(31

)

 

 

(34

)

Total revenue

 

$

1,548

 

 

$

1,249

 

 

 

 

 

 

 

 

Operating profit (loss):

 

 

 

 

 

 

Wellbore Technologies

 

$

39

 

 

 

(14

)

Completion & Production Solutions

 

 

(22

)

 

 

(17

)

Rig Technologies

 

 

11

 

 

 

(8

)

Eliminations and corporate costs

 

 

(49

)

 

 

(49

)

Total operating profit (loss)

 

$

(21

)

 

$

(88

)

 

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 2022 operating profit includes pre-tax charges for severance, facility closures, and other items of ($45) million. Other items in the first quarter of 2022 included impairment and other charges associated with the Company's operations in Russia, Belarus, and Ukraine of approximately $41 million recorded within cost of revenue. First quarter 2021 operating profit includes pre-tax charges for severance, facility closures and other items of ($9) million.