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Business Segments and Geographic Areas (Tables)

12 Months Ended

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).

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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