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Business Segments and Geographic Areas (Tables)

12 Months Ended

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

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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Tabular disclosure of the names of foreign countries from which revenue is material and the amount of revenue from external customers attributed to those countries. An entity may also provide subtotals of geographic information about groups of countries.

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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.

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