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

)