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Segments
 6 Months Ended
Jun. 30, 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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Energy Products and Services

 

$

1,050

 

 

$

1,029

 

 

$

2,067

 

 

$

1,970

 

Energy Equipment

 

 

1,204

 

 

 

1,117

 

 

 

2,382

 

 

 

2,169

 

Eliminations

 

 

(38

)

 

 

(53

)

 

 

(78

)

 

 

(84

)

Total revenue

 

$

2,216

 

 

$

2,093

 

 

$

4,371

 

 

$

4,055

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit:

 

 

 

 

 

 

 

 

 

 

 

 

Energy Products and Services

 

$

128

 

 

$

156

 

 

$

249

 

 

$

268

 

Energy Equipment

 

 

232

 

 

 

81

 

 

 

327

 

 

 

152

 

Eliminations and corporate costs

 

 

(47

)

 

 

(56

)

 

 

(101

)

 

 

(113

)

Total operating profit

 

$

313

 

 

$

181

 

 

$

475

 

 

$

307

 

 

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 were a credit of $118 million and $121 million for the three and six months ended June 30, 2024, primarily related to gains from divestiture of its Pole Products business, and a credit of $7 million and $11 million for the three and six months ended June 30, 2023, primarily related to gains on the sale of previously reserved inventory.