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Business Segments and Geographic Areas (Tables) | 12 Months Ended
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Dec. 31, 2023
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, |
|  | 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 |
Net Property, Plant and Equipment by Country Based on the Location | 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 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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