XML 41 R30.htm IDEA: XBRL DOCUMENT
v3.25.2

Segments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Segment Reporting [Abstract] |
Business Segments | The following table presents financial data by business segment (in millions):
|  | Three Months Ended |
|  | June 30, |
|  | 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 |  | $ | 998 |  |  | $ | 1,190 |  |  | $ | — |  |  | $ | 2,188 |  |  | $ | 1,027 |  |  | $ | 1,189 |  |  | $ | — |  |  | $ | 2,216 |
Intersegment revenue |  |  | 27 |  |  |  | 17 |  |  |  | (44 | ) |  |  | — |  |  |  | 23 |  |  |  | 15 |  |  |  | (38 | ) |  |  | — |
Total revenue |  |  | 1,025 |  |  |  | 1,207 |  |  |  | (44 | ) |  |  | 2,188 |  |  |  | 1,050 |  |  |  | 1,204 |  |  |  | (38 | ) |  |  | 2,216 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenue (2) |  |  | 759 |  |  |  | 927 |  |  |  | (22 | ) |  |  | 1,664 |  |  |  | 740 |  |  |  | 823 |  |  |  | (16 | ) |  |  | 1,547 |
Selling, general, and administrative (2) |  |  | 126 |  |  |  | 131 |  |  |  | 34 |  |  |  | 291 |  |  |  | 127 |  |  |  | 120 |  |  |  | 23 |  |  |  | 270 |
Depreciation and amortization |  |  | 57 |  |  |  | 28 |  |  |  | 2 |  |  |  | 87 |  |  |  | 55 |  |  |  | 29 |  |  |  | 2 |  |  |  | 86 |
(Gain) loss on sales of fixed assets |  |  | — |  |  |  | (1 | ) |  |  | 4 |  |  |  | 3 |  |  |  | - |  |  |  | — |  |  |  | — |  |  |  | — |
Operating profit |  | $ | 83 |  |  | $ | 122 |  |  | $ | (62 | ) |  | $ | 143 |  |  | $ | 128 |  |  | $ | 232 |  |  | $ | (47 | ) |  | $ | 313 |
Reconciliation to income before income taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and financial costs |  |  | — |  |  |  | — |  |  |  | (22 | ) |  |  | (22 | ) |  |  | — |  |  |  | — |  |  |  | (22 | ) |  |  | (22 | )
Interest income |  |  | — |  |  |  | — |  |  |  | 10 |  |  |  | 10 |  |  |  | — |  |  |  | — |  |  |  | 8 |  |  |  | 8 |
Equity income (loss) in unconsolidated affiliates |  |  | 2 |  |  |  | (1 | ) |  |  | — |  |  |  | 1 |  |  |  | 6 |  |  |  | 2 |  |  |  | — |  |  |  | 8 |
Other expenses, net |  |  | — |  |  |  | — |  |  |  | (17 | ) |  |  | (17 | ) |  |  | — |  |  |  | — |  |  |  | (14 | ) |  |  | (14 | )
Income before income taxes |  | $ | 85 |  |  | $ | 121 |  |  | $ | (91 | ) |  | $ | 115 |  |  | $ | 134 |  |  | $ | 234 |  |  | $ | (75 | ) |  | $ | 293 |
Other segment information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 48 |  |  | $ | 33 |  |  | $ | 2 |  |  | $ | 83 |  |  | $ | 68 |  |  | $ | 11 |  |  | $ | 3 |  |  | $ | 82 |
|  | Six Months Ended |
|  | June 30, |
|  | 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 |  | $ | 1,969 |  |  | $ | 2,322 |  |  | $ | — |  |  | $ | 4,291 |  |  | $ | 2,020 |  |  | $ | 2,351 |  |  | $ | — |  |  | $ | 4,371 |
Intersegment revenue |  |  | 48 |  |  |  | 31 |  |  |  | (79 | ) |  |  | — |  |  |  | 47 |  |  |  | 31 |  |  |  | (78 | ) |  |  | — |
Total revenue |  |  | 2,017 |  |  |  | 2,353 |  |  |  | (79 | ) |  |  | 4,291 |  |  |  | 2,067 |  |  |  | 2,382 |  |  |  | (78 | ) |  |  | 4,371 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenue (2) |  |  | 1,485 |  |  |  | 1,791 |  |  |  | (36 | ) |  |  | 3,240 |  |  |  | 1,452 |  |  |  | 1,747 |  |  |  | (31 | ) |  |  | 3,168 |
Selling, general, and administrative (2) |  |  | 252 |  |  |  | 251 |  |  |  | 76 |  |  |  | 579 |  |  |  | 258 |  |  |  | 251 |  |  |  | 51 |  |  |  | 560 |
Depreciation and amortization |  |  | 116 |  |  |  | 56 |  |  |  | 4 |  |  |  | 176 |  |  |  | 109 |  |  |  | 57 |  |  |  | 3 |  |  |  | 169 |
(Gain) loss on sales of fixed assets |  |  | (2 | ) |  |  | (1 | ) |  |  | 4 |  |  |  | 1 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | (1 | )
Operating profit |  | $ | 166 |  |  | $ | 256 |  |  | $ | (127 | ) |  | $ | 295 |  |  | $ | 249 |  |  | $ | 327 |  |  | $ | (101 | ) |  | $ | 475 |
Reconciliation to income before income taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and financial costs |  |  | — |  |  |  | — |  |  |  | (44 | ) |  |  | (44 | ) |  |  | — |  |  |  | — |  |  |  | (46 | ) |  |  | (46 | )
Interest income |  |  | — |  |  |  | — |  |  |  | 21 |  |  |  | 21 |  |  |  | — |  |  |  | — |  |  |  | 16 |  |  |  | 16 |
Equity income (loss) in unconsolidated affiliates |  |  | (2 | ) |  |  | 3 |  |  |  | — |  |  |  | 1 |  |  |  | 35 |  |  |  | 2 |  |  |  | — |  |  |  | 37 |
Other expenses, net |  |  | — |  |  |  | — |  |  |  | (37 | ) |  |  | (37 | ) |  |  | — |  |  |  | — |  |  |  | (24 | ) |  |  | (24 | )
Income before income taxes |  | $ | 164 |  |  | $ | 259 |  |  | $ | (187 | ) |  | $ | 236 |  |  | $ | 284 |  |  | $ | 329 |  |  | $ | (155 | ) |  | $ | 458 |
Other segment information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 97 |  |  | $ | 66 |  |  | $ | 4 |  |  | $ | 167 |  |  | $ | 124 |  |  | $ | 21 |  |  | $ | 6 |  |  | $ | 151 |
Investment in unconsolidated affiliates |  | $ | 169 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 178 |  |  | $ | 162 |  |  | $ | 6 |  |  | $ | — |  |  | $ | 168 |
Goodwill |  | $ | 807 |  |  | $ | 816 |  |  | $ | — |  |  | $ | 1,623 |  |  | $ | 802 |  |  | $ | 816 |  |  | $ | — |  |  | $ | 1,618 |
Intangibles, net |  | $ | 367 |  |  | $ | 129 |  |  | $ | — |  |  | $ | 496 |  |  | $ | 354 |  |  | $ | 144 |  |  | $ | — |  |  | $ | 498 |
Total assets |  | $ | 5,152 |  |  | $ | 4,966 |  |  | $ | 1,245 |  |  | $ | 11,363 |  |  | $ | 5,019 |  |  | $ | 5,263 |  |  | $ | 1,015 |  |  | $ | 11,297 |
(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) Operating profit for the three and six months ended June 30, 2025, included charges of $15 million and $23 million, respectively, reported in “Cost of Revenue,” primarily related to severance and other restructuring costs. Operating profit included charges of $4 million and $9 million for the three and six months ended June 30, 2025, respectively, reported in “Selling, General, and Administrative.” These charges were primarily related to streamlining our business processes during the second quarter of 2025, and the deconsolidation of the Company’s Russian subsidiaries in the first quarter of 2025. Operating profit for the three and six months ended June 30, 2024, included a credit of $118 million and $121 million, respectively, reported in “Cost of Revenue,” primarily attributed to a pre-tax gain on the sale of a business during the second quarter of 2024.
|  | Three Months Ended |
|  | June 30, |
|  | 2025 |  |  | 2024 |
|  | Energy Products and Services |  |  | Energy Equipment |  |  | Corporate |  |  | Total |  |  | Energy Products and Services |  |  | Energy Equipment |  |  | Corporate |  |  | Total |
Other Items included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenue |  | $ | 6 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 15 |  |  | $ | 1 |  |  | $ | (119 | ) |  | $ | — |  |  | $ | (118 | )
Selling, general, and administrative |  |  | — |  |  |  | — |  |  |  | 4 |  |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 6 |  |  | $ | 9 |  |  | $ | 4 |  |  | $ | 19 |  |  | $ | 1 |  |  | $ | (119 | ) |  | $ | — |  |  | $ | (118 | )
|  | Six Months Ended |
|  | June 30, |
|  | 2025 |  |  | 2024 |
|  | Energy Products and Services |  |  | Energy Equipment |  |  | Corporate |  |  | Total |  |  | Energy Products and Services |  |  | Energy Equipment |  |  | Corporate |  |  | Total |
Other Items included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenue |  | $ | 10 |  |  | $ | 12 |  |  | $ | 1 |  |  | $ | 23 |  |  | $ | 1 |  |  | $ | (123 | ) |  | $ | 1 |  |  | $ | (121 | )
Selling, general, and administrative |  |  | 1 |  |  |  | — |  |  |  | 8 |  |  |  | 9 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 11 |  |  | $ | 12 |  |  | $ | 9 |  |  | $ | 32 |  |  | $ | 1 |  |  | $ | (123 | ) |  | $ | 1 |  |  | $ | (121 | )

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