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Business Segments and Geographic Areas (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Business Segments | The following table presents financial data by business segment (in millions):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | Energy Products and Services |  |  | Energy Equipment |  |  | Eliminations and corporate costs (1) |  |  | Total |  |  | Energy Products and Services |  |  | Energy Equipment |  |  | Eliminations and corporate costs (1) |  |  | Total |  |  | Energy Products and Services |  |  | Energy Equipment |  |  | Eliminations and corporate costs (1) |  |  | Total |
Revenue from external customers |  | $ | 4,040 |  |  | $ | 4,830 |  |  | $ | - |  |  | $ | 8,870 |  |  | $ | 3,973 |  |  | $ | 4,610 |  |  | $ | - |  |  | $ | 8,583 |  |  | $ | 3,474 |  |  | $ | 3,763 |  |  | $ | - |  |  | $ | 7,237 |
Intersegment revenue |  |  | 90 |  |  |  | 58 |  |  |  | (148 | ) |  |  | - |  |  |  | 104 |  |  |  | 59 |  |  |  | (163 | ) |  |  | - |  |  |  | 63 |  |  |  | 56 |  |  |  | (119 | ) |  |  | - |
Total revenue |  |  | 4,130 |  |  |  | 4,888 |  |  |  | (148 | ) |  |  | 8,870 |  |  |  | 4,077 |  |  |  | 4,669 |  |  |  | (163 | ) |  |  | 8,583 |  |  |  | 3,537 |  |  |  | 3,819 |  |  |  | (119 | ) |  |  | 7,237 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenue (2) |  |  | 2,934 |  |  |  | 3,671 |  |  |  | (62 | ) |  |  | 6,543 |  |  |  | 2,870 |  |  |  | 3,670 |  |  |  | (67 | ) |  |  | 6,473 |  |  |  | 2,537 |  |  |  | 3,085 |  |  |  | (48 | ) |  |  | 5,574 |
Selling, general, and administrative (2) |  |  | 500 |  |  |  | 494 |  |  |  | 114 |  |  |  | 1,108 |  |  |  | 518 |  |  |  | 521 |  |  |  | 121 |  |  |  | 1,160 |  |  |  | 488 |  |  |  | 482 |  |  |  | 128 |  |  |  | 1,098 |
Depreciation and amortization |  |  | 221 |  |  |  | 115 |  |  |  | 7 |  |  |  | 343 |  |  |  | 183 |  |  |  | 111 |  |  |  | 8 |  |  |  | 302 |  |  |  | 179 |  |  |  | 115 |  |  |  | 7 |  |  |  | 301 |
(Gain)/loss on sales of fixed assets |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1 | ) |  |  | (4 | ) |  |  | 2 |  |  |  | (3 | ) |  |  | 2 |  |  |  | - |  |  |  | (2 | ) |  |  | - |
Operating profit |  | $ | 475 |  |  | $ | 608 |  |  | $ | (207 | ) |  | $ | 876 |  |  | $ | 507 |  |  | $ | 371 |  |  | $ | (227 | ) |  | $ | 651 |  |  | $ | 331 |  |  | $ | 137 |  |  | $ | (204 | ) |  | $ | 264 |
Reconciliation to income before income taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and financial costs |  |  | - |  |  |  | - |  |  |  | (91 | ) |  |  | (91 | ) |  |  | - |  |  |  | - |  |  |  | (88 | ) |  |  | (88 | ) |  |  | - |  |  |  | - |  |  |  | (78 | ) |  |  | (78 | )
Interest income |  |  | - |  |  |  | - |  |  |  | 38 |  |  |  | 38 |  |  |  | - |  |  |  | - |  |  |  | 28 |  |  |  | 28 |  |  |  | - |  |  |  | - |  |  |  | 19 |  |  |  | 19 |
Equity income (loss) in unconsolidated affiliates |  |  | 33 |  |  |  | 3 |  |  |  | - |  |  |  | 36 |  |  |  | 111 |  |  |  | 8 |  |  |  | - |  |  |  | 119 |  |  |  | 71 |  |  |  | (3 | ) |  |  | - |  |  |  | 68 |
Other expenses, net |  |  | - |  |  |  | - |  |  |  | (28 | ) |  |  | (28 | ) |  |  | - |  |  |  | - |  |  |  | (98 | ) |  |  | (98 | ) |  |  | - |  |  |  | - |  |  |  | (35 | ) |  |  | (35 | )
Income before income taxes |  | $ | 508 |  |  | $ | 611 |  |  | $ | (288 | ) |  | $ | 831 |  |  | $ | 618 |  |  | $ | 379 |  |  | $ | (385 | ) |  | $ | 612 |  |  | $ | 402 |  |  | $ | 134 |  |  | $ | (298 | ) |  | $ | 238 |
Other segment information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 255 |  |  | $ | 86 |  |  | $ | 10 |  |  | $ | 351 |  |  | $ | 198 |  |  | $ | 68 |  |  | $ | 17 |  |  | $ | 283 |  |  | $ | 131 |  |  | $ | 71 |  |  | $ | 12 |  |  | $ | 214 |
Investment in unconsolidated affiliates |  | $ | 158 |  |  | $ | 5 |  |  | $ | - |  |  | $ | 163 |  |  | $ | 211 |  |  | $ | - |  |  | $ | - |  |  | $ | 211 |  |  | $ | 87 |  |  | $ | 30 |  |  | $ | - |  |  | $ | 117 |
Total assets |  | $ | 5,054 |  |  | $ | 4,895 |  |  | $ | 1,412 |  |  | $ | 11,361 |  |  | $ | 4,777 |  |  | $ | 5,509 |  |  | $ | 1,008 |  |  | $ | 11,294 |  |  | $ | 4,126 |  |  | $ | 4,745 |  |  | $ | 1,264 |  |  | $ | 10,135 |
(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) Included in cost of revenue and selling, general, and administrative expenses are pre-tax charges (credits) within Other Items of $(109) million, $51 million, and $114 million, for the years ended December 31, 2024, 2023, and 2022, respectively. Other Items included in cost of revenue for 2024 includes a credit related to a gain on business divestiture (Energy Equipment $130 million); credits related to gains on sales of previously reserved inventory (Energy Equipment $3 million); charges related to severance and other restructuring costs (Energy Products and Services $8 million and Energy Equipment $15 million), and a credit related to Russia impairment (Energy Products and Services $1 million). Other Items included in selling, general, and administrative expenses for 2023 includes charges related to voluntary early retirement program (VERP) (Energy Products and Services $29 million and Energy Equipment $19 million); credit related to release of an earnout accrual (Energy Equipment $25 million); charges related to severance and other restructure costs (Energy Equipment $10 million). Other items included in cost of revenue for 2023 include a non-cash discount charge on royalty receivables (Energy Products and Services $25 million); credits related to gains on sales of previously reserved inventory (Energy Products and Services $1 million and Energy Equipment $19 million); charges related to severance and other restructuring costs (Energy Equipment $1 million). Other Items included in selling, general, and administrative expenses for 2022 include Russia impairment and other charges (Energy Products and Services $11 million and Energy Equipment $40 million). Other items included in cost of revenue for 2022 include Russia impairment and other charges (Energy Products and Services $60 million and Energy Equipment $12 million); charges related to severance and other restructuring costs (Energy Products and Services $2 million and Energy Equipment $6 million); and credits related to gains on sales of previously reserved inventory (Energy Products and Services $1 million and Energy Equipment $34 million).
Revenues by Country Based on Sales Destination of Products or Service | The following table presents consolidated revenues by country based on sales destination of the products or service (in millions):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
United States |  | $ | 2,984 |  |  | $ | 2,933 |  |  | $ | 2,603 |
Other Countries |  |  | 5,886 |  |  |  | 5,650 |  |  |  | 4,634 |
Total |  | $ | 8,870 |  |  | $ | 8,583 |  |  | $ | 7,237 |
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, |
|  | 2024 |  |  | 2023 |
United States |  | $ | 928 |  |  | $ | 906 |
Saudi Arabia |  |  | 303 |  |  |  | 258 |
Other Countries |  |  | 691 |  |  |  | 701 |
Total |  | $ | 1,922 |  |  | $ | 1,865 |

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