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Segments
 9 Months Ended
Sep. 30, 2023
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,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Wellbore Technologies

 

$

799

 

 

$

741

 

 

$

2,348

 

 

$

2,015

 

Completion & Production Solutions

 

 

760

 

 

 

681

 

 

 

2,231

 

 

 

1,850

 

Rig Technologies

 

 

686

 

 

 

511

 

 

 

1,842

 

 

 

1,414

 

Eliminations

 

 

(60

)

 

 

(44

)

 

 

(181

)

 

 

(115

)

Total revenue

 

$

2,185

 

 

$

1,889

 

 

$

6,240

 

 

$

5,164

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit:

 

 

 

 

 

 

 

 

 

 

 

 

Wellbore Technologies

 

$

123

 

 

$

74

 

 

$

347

 

 

$

194

 

Completion & Production Solutions

 

 

47

 

 

 

21

 

 

 

144

 

 

 

19

 

Rig Technologies

 

 

86

 

 

 

22

 

 

 

203

 

 

 

64

 

Eliminations and corporate costs

 

 

(73

)

 

 

(62

)

 

 

(204

)

 

 

(175

)

Total operating profit

 

$

183

 

 

$

55

 

 

$

490

 

 

$

102

 

 

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.