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Business Segments and Geographic Areas | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Business Segments and Geographic Areas | 16. Business Segments and Geographic Areas The Company’s operations are organized into three operating segments: Wellbore Technologies, Completion & Production Solutions and Rig Technologies. Wellbore Technologies The Company’s Wellbore Technologies segment designs, manufactures, rents, and sells a variety of equipment and technologies used to perform drilling operations, and offers services that optimize their performance, including: solids control and waste management equipment and services, managed pressure drilling, drilling fluids, premium drillpipe, wired pipe, drilling optimization services, tubular inspection and coating services, instrumentation, downhole tools, and drill bits. Wellbore Technologies focuses on oil and gas companies and supports drilling contractors, oilfield service companies, and oilfield equipment rental companies. Demand for the segment’s products and services depends on the level of oilfield drilling activity by oil and gas companies, drilling contractors, and oilfield service companies. Completion & Production Solutions The Company’s Completion & Production Solutions segment integrates technologies for well completions and oil and gas production. The segment designs, manufactures, and integrates technologies for well completions, oil and gas production, and industrial markets. This includes equipment and technologies needed for hydraulic fracture stimulation, including pressure pumping trucks, blenders, sanders, hydration units, injection units, flowline, and manifolds; well intervention, including coiled tubing units, coiled tubing, and wireline units and tools; cementing products for pumping, mixing, transport, and storage; onshore production, including fluid processing, composite pipe, surface transfer and progressive cavity pumps, and artificial lift systems; and offshore production, including integrated production systems and subsea production technologies. Completion & Production Solutions supports service companies and oil and gas companies. Demand for the segment’s products depends on the level of oilfield completions and workover activity by oilfield service companies and drilling contractors, and capital spending plans by oil and gas companies and oilfield service companies. The segment also designs and manufactures equipment for industrial markets. This includes specialized, technology-driven progressive cavity pumps and mixers for a wide breadth of industrial end markets with high failure costs, premium pole products to support connectivity, lighting, and power for municipal and residential applications including 5G, smart-city infrastructure, roads and highways, and energy-grid modernization. Demand for these products is driven by general industrial activity and infrastructure spend. Rig Technologies The Company’s Rig Technologies segment manufactures and supports the capital equipment and integrated systems needed to drill oil and gas wells on land and offshore as well as other marine-based markets, including offshore wind vessels. The segment designs, manufactures and sells land rigs, offshore drilling equipment packages, including installation and commissioning services, and drilling rig components that mechanize and automate the drilling process and rig functionality. Equipment and technologies the segment provides to customers include: substructures, derricks, and masts; cranes; jacking systems; pipe lifting, racking, rotating, and assembly systems; fluid transfer technologies, such as mud pumps; pressure control equipment, including blowout preventers; power transmission systems, including drives and generators; rig instrumentation and control systems; mooring, anchor, and deck handling machinery; major equipment components for offshore wind construction vessels; and pipelay and construction systems. The segment also provides spare parts, repair, and rentals as well as comprehensive remote equipment monitoring, technical support, field service, and customer training through an extensive network of aftermarket service and repair facilities strategically located in major areas of drilling operations around the world. Rig Technologies supports land and offshore drillers. Demand for the segment’s products depends on drilling contractors’ and oil and gas companies’ capital spending plans, specifically capital expenditures on rig construction and refurbishment; and secondarily on the overall level of oilfield drilling activity, which drives demand for spare parts, service, and repair for the segment’s large installed base of equipment. The segment also designs and builds equipment for wind turbine installation companies, where demand is dependent on global investment into offshore wind energy developments. Geographic Areas: The following table presents consolidated revenues by country based on sales destination of the products or services (in millions):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
United States |  | $ | 2,933 |  |  | $ | 2,603 |  |  | $ | 1,760 |
Saudi Arabia |  |  | 729 |  |  |  | 488 |  |  |  | 316 |
Brazil |  |  | 605 |  |  |  | 495 |  |  |  | 316 |
Norway |  |  | 473 |  |  |  | 351 |  |  |  | 365 |
Canada |  |  | 324 |  |  |  | 277 |  |  |  | 207 |
United Kingdom |  |  | 277 |  |  |  | 199 |  |  |  | 204 |
China |  |  | 248 |  |  |  | 296 |  |  |  | 222 |
Argentina |  |  | 247 |  |  |  | 211 |  |  |  | 151 |
United Arab Emirates |  |  | 224 |  |  |  | 157 |  |  |  | 130 |
Australia |  |  | 211 |  |  |  | 229 |  |  |  | 88 |
Denmark |  |  | 160 |  |  |  | 78 |  |  |  | — |
Other Countries |  |  | 2,152 |  |  |  | 1,853 |  |  |  | 1,765 |
Total |  | $ | 8,583 |  |  | $ | 7,237 |  |  | $ | 5,524 |
The following table presents net property, plant and equipment by country based on the location (in millions):
|  | December 31, |
|  | 2023 |  |  | 2022 |
United States |  | $ | 906 |  |  | $ | 883 |
Saudi Arabia |  |  | 258 |  |  |  | 240 |
Brazil |  |  | 101 |  |  |  | 94 |
United Kingdom |  |  | 80 |  |  |  | 72 |
United Arab Emirates |  |  | 73 |  |  |  | 64 |
Denmark |  |  | 72 |  |  |  | 68 |
South Korea |  |  | 66 |  |  |  | 66 |
Norway |  |  | 60 |  |  |  | 56 |
Canada |  |  | 51 |  |  |  | 50 |
Mexico |  |  | 31 |  |  |  | 27 |
Indonesia |  |  | 20 |  |  |  | 18 |
Other Countries |  |  | 147 |  |  |  | 143 |
Total |  | $ | 1,865 |  |  | $ | 1,781 |
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, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  | $ | 3,172 |  |  | $ | 3,034 |  |  | $ | 2,608 |  |  | $ | (231 | ) |  | $ | 8,583 |
Operating profit (2) |  |  | 423 |  |  |  | 188 |  |  |  | 314 |  |  |  | (274 | ) |  |  | 651 |
Capital expenditures |  |  | 174 |  |  |  | 63 |  |  |  | 29 |  |  |  | 17 |  |  |  | 283 |
Depreciation and amortization |  |  | 155 |  |  |  | 66 |  |  |  | 66 |  |  |  | 15 |  |  |  | 302 |
Goodwill |  |  | 327 |  |  |  | 483 |  |  |  | 752 |  |  |  | — |  |  |  | 1,562 |
Total assets |  |  | 3,419 |  |  |  | 2,973 |  |  |  | 3,675 |  |  |  | 1,227 |  |  |  | 11,294 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  | $ | 2,777 |  |  | $ | 2,588 |  |  | $ | 2,034 |  |  | $ | (162 | ) |  | $ | 7,237 |
Operating profit (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 |  |  | 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 |
(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 2023 includes charges, net of related credits, for: voluntary early retirement program (VERP) (Wellbore Technologies $19 million; Completion & Production Solutions $18 million; and, Rig Technologies $11 million); non-cash discount charge on royalty receivables (Wellbore Technologies $25 million); credits related to gains on sales of previously reserved inventory (Completion & Production Solutions $(2) million; and, Rig Technologies $(18) million); credit related to release of an earnout accrual (Rig Technologies $25 million); and severance and other restructuring costs (Completion & Production Solutions $10 million; and, Rig Technologies $1 million). 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 (Completion & Production Solutions $(8) million; and, Rig Technologies $(27) million); and severance and other restructuring costs (Completion & Production Solutions $5 million; and, Rig Technologies $3 million).

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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