XML 43 R30.htm IDEA: XBRL DOCUMENT
v3.25.1

Segments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
Segment Reporting [Abstract] |
Business Segments | The following table presents financial data by business segment (in millions):
|  | Three Months Ended |
|  | March 31, |
|  | 2025 |  |  | 2024 |
|  | 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 |  | $ | 971 |  |  | $ | 1,132 |  |  | $ | — |  |  | $ | 2,103 |  |  | $ | 993 |  |  | $ | 1,162 |  |  | $ | — |  |  | $ | 2,155 |
Intersegment revenue |  |  | 21 |  |  |  | 14 |  |  |  | (35 | ) |  |  | — |  |  |  | 24 |  |  |  | 16 |  |  |  | (40 | ) |  |  | — |
Total revenue |  |  | 992 |  |  |  | 1,146 |  |  |  | (35 | ) |  |  | 2,103 |  |  |  | 1,017 |  |  |  | 1,178 |  |  |  | (40 | ) |  |  | 2,155 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenue (2) |  |  | 726 |  |  |  | 864 |  |  |  | (14 | ) |  |  | 1,576 |  |  |  | 712 |  |  |  | 924 |  |  |  | (15 | ) |  |  | 1,621 |
Selling, general, and administrative (2) |  |  | 126 |  |  |  | 120 |  |  |  | 42 |  |  |  | 288 |  |  |  | 131 |  |  |  | 131 |  |  |  | 28 |  |  |  | 290 |
Depreciation and amortization |  |  | 59 |  |  |  | 28 |  |  |  | 2 |  |  |  | 89 |  |  |  | 54 |  |  |  | 28 |  |  |  | 1 |  |  |  | 83 |
Gain on sales of fixed assets |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | (1 | )
Operating profit |  | $ | 83 |  |  | $ | 134 |  |  | $ | (65 | ) |  | $ | 152 |  |  | $ | 121 |  |  | $ | 95 |  |  | $ | (54 | ) |  | $ | 162 |
Reconciliation to income before income taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and financial costs |  |  | — |  |  |  | — |  |  |  | (22 | ) |  |  | (22 | ) |  |  | — |  |  |  | — |  |  |  | (24 | ) |  |  | (24 | )
Interest income |  |  | — |  |  |  | — |  |  |  | 11 |  |  |  | 11 |  |  |  | — |  |  |  | — |  |  |  | 8 |  |  |  | 8 |
Equity income (loss) in unconsolidated affiliates |  |  | (4 | ) |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | 29 |  |  |  | — |  |  |  | — |  |  |  | 29 |
Other expenses, net |  |  | — |  |  |  | — |  |  |  | (20 | ) |  |  | (20 | ) |  |  | — |  |  |  | — |  |  |  | (10 | ) |  |  | (10 | )
Income before income taxes |  | $ | 79 |  |  | $ | 138 |  |  | $ | (96 | ) |  | $ | 121 |  |  | $ | 150 |  |  | $ | 95 |  |  | $ | (80 | ) |  | $ | 165 |
Other segment information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 49 |  |  | $ | 33 |  |  | $ | 2 |  |  | $ | 84 |  |  | $ | 56 |  |  | $ | 10 |  |  | $ | 3 |  |  | $ | 69 |
Investment in unconsolidated affiliates |  | $ | 149 |  |  | $ | 8 |  |  | $ | — |  |  | $ | 157 |  |  | $ | 242 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 247 |
Goodwill |  | $ | 805 |  |  | $ | 816 |  |  | $ | — |  |  | $ | 1,621 |  |  | $ | 786 |  |  | $ | 816 |  |  | $ | — |  |  | $ | 1,602 |
Intangibles, net |  | $ | 375 |  |  | $ | 131 |  |  | $ | — |  |  | $ | 506 |  |  | $ | 362 |  |  | $ | 146 |  |  | $ | — |  |  | $ | 508 |
Total assets |  | $ | 5,072 |  |  | $ | 4,874 |  |  | $ | 1,327 |  |  | $ | 11,273 |  |  | $ | 5,116 |  |  | $ | 5,533 |  |  | $ | 656 |  |  | $ | 11,305 |
(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 two 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 $13 million and $(3) million, for the three months ended March 31, 2025, and 2024, respectively. Other Items included in cost of revenue for the three months ended March 31, 2025 includes charges related to severance and other restructuring costs (Energy Products and Services: $4 million; and Energy Equipment: $3 million); and charges resulting from the deconsolidation of the Company’s Russian subsidiaries based on our determination that control over the subsidiaries was restricted following the levy of additional U.S. sanctions on Russian operations (Corporate: $1 million). Other Items included in selling, general, and administrative expenses includes charges related to currency translation adjustment write-offs (Energy Products and Services: $1 million); and charges related to the aforementioned deconsolidation of our Russian subsidiaries (Corporate: $4 million). Other items included in cost of revenue for three months ended March 31, 2024 include credits related to gains on sales of previously reserved inventory (Energy Equipment: $(5) million); charges related to severance and other restructuring costs (Energy Equipment: $1 million; and Corporate: $1 million).

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration