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Segments (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Business Segments

The following table presents financial data by business segment (in millions):

 

 

Three Months Ended

 

 

 

September 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

 

$

946

 

 

$

1,230

 

 

$

—

 

 

$

2,176

 

 

$

985

 

 

$

1,206

 

 

$

—

 

 

$

2,191

 

Intersegment revenue

 

 

25

 

 

 

17

 

 

 

(42

)

 

 

—

 

 

 

18

 

 

 

13

 

 

 

(31

)

 

 

—

 

Total revenue

 

 

971

 

 

 

1,247

 

 

 

(42

)

 

 

2,176

 

 

 

1,003

 

 

 

1,219

 

 

 

(31

)

 

 

2,191

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue (2)

 

 

750

 

 

 

953

 

 

 

(19

)

 

 

1,684

 

 

 

713

 

 

 

939

 

 

 

(10

)

 

 

1,642

 

Selling, general, and administrative (2)

 

 

127

 

 

 

135

 

 

 

37

 

 

 

299

 

 

 

121

 

 

 

122

 

 

 

25

 

 

 

268

 

Depreciation and amortization

 

 

58

 

 

 

30

 

 

 

1

 

 

 

89

 

 

 

54

 

 

 

29

 

 

 

3

 

 

 

86

 

(Gain) loss on sales of fixed assets

 

 

(2

)

 

 

(1

)

 

 

—

 

 

 

(3

)

 

 

1

 

 

 

—

 

 

 

—

 

 

 

1

 

Operating profit

 

$

38

 

 

$

130

 

 

$

(61

)

 

$

107

 

 

$

114

 

 

$

129

 

 

$

(49

)

 

$

194

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation to income before income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and financial costs

 

 

—

 

 

 

—

 

 

 

(22

)

 

 

(22

)

 

 

—

 

 

 

—

 

 

 

(21

)

 

 

(21

)

Interest income

 

 

—

 

 

 

—

 

 

 

11

 

 

 

11

 

 

 

—

 

 

 

—

 

 

 

11

 

 

 

11

 

Equity income (loss) in unconsolidated affiliates

 

 

(10

)

 

 

(1

)

 

 

—

 

 

 

(11

)

 

 

1

 

 

 

(1

)

 

 

—

 

 

 

—

 

Other expenses, net

 

 

—

 

 

 

—

 

 

 

(12

)

 

 

(12

)

 

 

—

 

 

 

—

 

 

 

(10

)

 

 

(10

)

Income before income taxes

 

$

28

 

 

$

129

 

 

$

(84

)

 

$

73

 

 

$

115

 

 

$

128

 

 

$

(69

)

 

$

174

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other segment information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

$

66

 

 

$

37

 

 

$

4

 

 

$

107

 

 

$

58

 

 

$

21

 

 

$

3

 

 

$

82

 

 

 

 

Nine Months Ended

 

 

 

September 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

 

$

2,915

 

 

$

3,552

 

 

$

—

 

 

$

6,467

 

 

$

3,005

 

 

$

3,557

 

 

$

—

 

 

$

6,562

 

Intersegment revenue

 

 

73

 

 

 

48

 

 

 

(121

)

 

 

—

 

 

 

65

 

 

 

44

 

 

 

(109

)

 

 

—

 

Total revenue

 

 

2,988

 

 

 

3,600

 

 

 

(121

)

 

 

6,467

 

 

 

3,070

 

 

 

3,601

 

 

 

(109

)

 

 

6,562

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue (2)

 

 

2,235

 

 

 

2,744

 

 

 

(55

)

 

 

4,924

 

 

 

2,165

 

 

 

2,686

 

 

 

(41

)

 

 

4,810

 

Selling, general, and administrative (2)

 

 

379

 

 

 

386

 

 

 

113

 

 

 

878

 

 

 

379

 

 

 

373

 

 

 

76

 

 

 

828

 

Depreciation and amortization

 

 

174

 

 

 

86

 

 

 

5

 

 

 

265

 

 

 

163

 

 

 

86

 

 

 

6

 

 

 

255

 

(Gain) loss on sales of fixed assets

 

 

(4

)

 

 

(2

)

 

 

4

 

 

 

(2

)

 

 

-

 

 

 

—

 

 

 

—

 

 

 

—

 

Operating profit

 

$

204

 

 

$

386

 

 

$

(188

)

 

$

402

 

 

$

363

 

 

$

456

 

 

$

(150

)

 

$

669

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation to income before income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and financial costs

 

 

—

 

 

 

—

 

 

 

(66

)

 

 

(66

)

 

 

—

 

 

 

—

 

 

 

(67

)

 

 

(67

)

Interest income

 

 

—

 

 

 

—

 

 

 

32

 

 

 

32

 

 

 

—

 

 

 

—

 

 

 

27

 

 

 

27

 

Equity income (loss) in unconsolidated affiliates

 

 

(12

)

 

 

2

 

 

 

—

 

 

 

(10

)

 

 

36

 

 

 

1

 

 

 

—

 

 

 

37

 

Other expenses, net

 

 

—

 

 

 

—

 

 

 

(49

)

 

 

(49

)

 

 

—

 

 

 

—

 

 

 

(34

)

 

 

(34

)

Income before income taxes

 

$

192

 

 

$

388

 

 

$

(271

)

 

$

309

 

 

$

399

 

 

$

457

 

 

$

(224

)

 

$

632

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other segment information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

$

163

 

 

$

103

 

 

$

8

 

 

$

274

 

 

$

182

 

 

$

42

 

 

$

9

 

 

$

233

 

Investment in unconsolidated affiliates

 

$

167

 

 

$

6

 

 

$

—

 

 

$

173

 

 

$

164

 

 

$

6

 

 

$

—

 

 

$

170

 

Goodwill

 

$

805

 

 

$

818

 

 

$

—

 

 

$

1,623

 

 

$

796

 

 

$

816

 

 

$

—

 

 

$

1,612

 

Intangibles, net

 

$

327

 

 

$

139

 

 

$

—

 

 

$

466

 

 

$

353

 

 

$

140

 

 

$

—

 

 

$

493

 

Total assets

 

$

4,883

 

 

$

5,082

 

 

$

1,373

 

 

$

11,338

 

 

$

5,006

 

 

$

5,234

 

 

$

1,182

 

 

$

11,422

 

 

(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 nine months ended September 30, 2025, included charges of $62 million and $85 million, respectively, reported in “Cost of Revenue,” primarily related to a discount charge to reflect delayed timing of the expected cash collection of royalty receivables currently in litigation as discussed in Note 6, the write-down of certain long-lived assets and inventory, and severance charges associated with facility consolidations and other restructuring activities during the third quarter of 2025, and charges related to severance and other restructuring costs during the first nine months of 2025. Operating profit included charges of $3 million and $12 million for the three and nine months ended September 30, 2025, respectively, reported in “Selling, General, and Administrative.” These charges were primarily related to the release of cumulative translation adjustment (“CTA”) balances to earnings upon the liquidation of a foreign subsidiary during the third quarter of 2025, 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 months ended September 30, 2024, included charges of $5 million reported in “Cost of Revenue,” primarily attributed to severance pay. For the nine months ended September 30, 2024, operating profit included a credit of $116 million 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

 

 

 

September 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

 

$

41

 

 

$

21

 

 

$

-

 

 

$

62

 

 

$

3

 

 

$

1

 

 

$

1

 

 

$

5

 

Selling, general, and administrative

 

 

—

 

 

 

—

 

 

 

3

 

 

 

3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

41

 

 

$

21

 

 

$

3

 

 

$

65

 

 

$

3

 

 

$

1

 

 

$

1

 

 

$

5

 

 

 

 

Nine Months Ended

 

 

 

September 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

 

$

51

 

 

$

33

 

 

$

1

 

 

$

85

 

 

$

4

 

 

$

(122

)

 

$

2

 

 

$

(116

)

Selling, general, and administrative

 

 

1

 

 

 

—

 

 

 

11

 

 

 

12

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

52

 

 

$

33

 

 

$

12

 

 

$

97

 

 

$

4

 

 

$

(122

)

 

$

2

 

 

$

(116

)