XML 27 R13.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Segments
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segments

5. Segments

Effective January 1, 2024, NOV consolidated its reporting structure into two segments: Energy Products and Services, and Energy Equipment. Segment disclosures pertaining to prior periods have been restated to reflect the change in reportable segments.

Financial results by operating segment are as follows (in millions):

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2024

 

 

2023

 

Revenue:

 

 

 

 

 

 

Energy Products and Services

 

$

1,017

 

 

$

941

 

Energy Equipment

 

 

1,178

 

 

 

1,052

 

Eliminations

 

 

(40

)

 

 

(31

)

Total revenue

 

$

2,155

 

 

$

1,962

 

 

 

 

 

 

 

Operating profit:

 

 

 

 

 

 

Energy Products and Services

 

$

121

 

 

$

112

 

Energy Equipment

 

 

95

 

 

 

71

 

Eliminations and corporate costs

 

 

(54

)

 

 

(57

)

Total operating profit

 

$

162

 

 

$

126

 

 

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 two reporting segments that are eliminated in consolidation. Intrasegment transactions are eliminated within each segment.

 

Total other items included in operating profit for the three months ended March 31, 2024 and March 31, 2023, were a pre-tax credit of $3 million and $4 million, respectively, primarily related to gains on sale of previously reserved inventory.