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Business Segments and Geographic Areas (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Revenues by Country Based on Sales Destination of Products or Services

The following table presents consolidated revenues by country based on sales destination of the products or services (in millions):

		Year Ended December 31,
		2022				2021				2020
United States		$	2,603			$	1,760			$	1,634
Brazil			495				316				224
Saudi Arabia			488				316				343
Norway			351				365				464
China			296				222				288
Canada			277				207				168
United Kingdom			199				204				222
United Arab Emirates			157				130				221
Singapore			131				143				242
South Korea			88				32				33
Other Countries			2,152				1,829				2,251
Total		$	7,237			$	5,524			$	6,090

Plant, Property and Equipment by Country Based on the Location

The following table presents plant, property and equipment by country based on the location (in millions):

		December 31,
		2022				2021
United States		$	883			$	898
Saudi Arabia			240				231
Brazil			94				87
United Kingdom			72				84
Denmark			68				72
South Korea			66				60
United Arab Emirates			64				65
Canada			50				59
Mexico			27				28
Singapore			13				14
Russia			-				10
Other Countries			204				215
Total		$	1,781			$	1,823

Business Segments

The following table presents selected financial data by business segment (in millions):

		Wellbore Technologies				Completion & Production Solutions				Rig Technologies				Eliminations and corporate (1)				Total
December 31, 2022
Revenue		$	2,777			$	2,588			$	2,034			$	(162	)		$	7,237
Operating profit (loss)(2)			304				69				144				(253	)			264
Capital expenditures			109				59				34				12				214
Depreciation and amortization			150				62				73				16				301
Goodwill			313				480				712				—				1,505
Total assets			2,992				2,748				3,074				1,321				10,135
December 31, 2021
Revenue		$	1,959			$	1,963			$	1,739			$	(137	)		$	5,524
Operating profit (loss)(2)			74				(65	)			43				(186	)			(134	)
Capital expenditures			77				46				74				4				201
Depreciation and amortization			158				62				71				15				306
Goodwill			342				473				712				-				1,527
Total assets			2,670				2,465				2,621				1,794				9,550
December 31, 2020
Revenue		$	1,867			$	2,433			$	1,919			$	(129	)		$	6,090
Operating profit (loss)(2)			(858	)			(977	)			(362	)			(228	)			(2,425	)
Capital expenditures			87				48				80				11				226
Depreciation and amortization			187				75				77				13				352
Goodwill			308				473				712				—				1,493
Total assets			2,665				2,472				2,923				1,869				9,929

(1)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 and corporate costs include intercompany transactions conducted between the three reporting segments that are eliminated in consolidation, as well as corporate costs not allocated to the segments. Intercompany transactions within each reporting segment are eliminated within each reporting segment. Also included in the eliminations and corporate costs column are capital expenditures and total assets related to corporate. Corporate assets consist primarily of cash and fixed assets.

(2)Segment operating profit for 2022 includes charges, net of related credits, for: Russia impairment and other charges (Wellbore Technologies $60 million; Completion & Production Solutions $39 million; and, Rig Technologies $24 million); credits related to gains on sales of previously reserved inventory (Wellbore Technologies zero; Completion & Production Solutions $(8) million; and, Rig Technologies $(27) million); and severance and other restructuring costs (Wellbore Technologies zero; Completion & Production Solutions $5 million; and, Rig Technologies $3 million). Segment operating loss for 2021 includes charges, net of related credits, for: inventory write-downs net of gains on sales of previously reserved inventory (Wellbore Technologies $(2) million; Completion & Production Solutions $(12) million; and, Rig Technologies $1 million); and severance and other restructuring costs (Wellbore Technologies $32 million; Completion & Production Solutions $12 million; and, Rig Technologies $19 million).

X

- Definition

Tabular disclosure of the names of foreign countries in which material long-lived assets other than financial instruments, long-term customer relationships of a financial institution, mortgage and other servicing rights, deferred policy acquisition costs, and deferred tax assets are located, and amount of such long-lived assets located in that country or foreign geographic area.

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Tabular disclosure of the names of foreign countries from which revenue is material and the amount of revenue from external customers attributed to those countries. An entity may also provide subtotals of geographic information about groups of countries.

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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