v3.25.4

Business Segments and Geographic Areas (Tables) | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Business Segments | The following table presents financial data by business segment (in millions):
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
|  | 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 |  | $ | 3,871 |  |  | $ | 4,873 |  |  | $ | — |  |  | $ | 8,744 |  |  | $ | 4,040 |  |  | $ | 4,830 |  |  | $ | — |  |  | $ | 8,870 |  |  | $ | 3,973 |  |  | $ | 4,610 |  |  | $ | — |  |  | $ | 8,583 |
Intersegment revenue |  |  | 106 |  |  |  | 61 |  |  |  | (167 | ) |  |  | — |  |  |  | 90 |  |  |  | 58 |  |  |  | (148 | ) |  |  | — |  |  |  | 104 |  |  |  | 59 |  |  |  | (163 | ) |  |  | — |
Total revenue |  |  | 3,977 |  |  |  | 4,934 |  |  |  | (167 | ) |  |  | 8,744 |  |  |  | 4,130 |  |  |  | 4,888 |  |  |  | (148 | ) |  |  | 8,870 |  |  |  | 4,077 |  |  |  | 4,669 |  |  |  | (163 | ) |  |  | 8,583 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenue (2) |  |  | 2,964 |  |  |  | 3,772 |  |  |  | (78 | ) |  |  | 6,658 |  |  |  | 2,934 |  |  |  | 3,671 |  |  |  | (62 | ) |  |  | 6,543 |  |  |  | 2,870 |  |  |  | 3,670 |  |  |  | (67 | ) |  |  | 6,473 |
Selling, general, and administrative (2) |  |  | 506 |  |  |  | 518 |  |  |  | 146 |  |  |  | 1,170 |  |  |  | 500 |  |  |  | 494 |  |  |  | 114 |  |  |  | 1,108 |  |  |  | 518 |  |  |  | 521 |  |  |  | 121 |  |  |  | 1,160 |
Goodwill and long-lived asset impairment |  |  | — |  |  |  | 40 |  |  |  | 30 |  |  |  | 70 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Depreciation and amortization |  |  | 233 |  |  |  | 115 |  |  |  | 7 |  |  |  | 355 |  |  |  | 221 |  |  |  | 115 |  |  |  | 7 |  |  |  | 343 |  |  |  | 183 |  |  |  | 111 |  |  |  | 8 |  |  |  | 302 |
(Gain)/loss on sales of fixed assets |  |  | (3 | ) |  |  | (4 | ) |  |  | 4 |  |  |  | (3 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | (4 | ) |  |  | 2 |  |  |  | (3 | )
Operating profit |  | $ | 277 |  |  | $ | 493 |  |  | $ | (276 | ) |  | $ | 494 |  |  | $ | 475 |  |  | $ | 608 |  |  | $ | (207 | ) |  | $ | 876 |  |  | $ | 507 |  |  | $ | 371 |  |  | $ | (227 | ) |  | $ | 651 |
Reconciliation to income before income taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and financial costs |  |  | — |  |  |  | — |  |  |  | (88 | ) |  |  | (88 | ) |  |  | — |  |  |  | — |  |  |  | (91 | ) |  |  | (91 | ) |  |  | — |  |  |  | — |  |  |  | (88 | ) |  |  | (88 | )
Interest income |  |  | — |  |  |  | — |  |  |  | 51 |  |  |  | 51 |  |  |  | — |  |  |  | — |  |  |  | 38 |  |  |  | 38 |  |  |  | — |  |  |  | — |  |  |  | 28 |  |  |  | 28 |
Equity income (loss) in unconsolidated affiliates |  |  | (18 | ) |  |  | 2 |  |  |  | — |  |  |  | (16 | ) |  |  | 33 |  |  |  | 3 |  |  |  | — |  |  |  | 36 |  |  |  | 111 |  |  |  | 8 |  |  |  | — |  |  |  | 119 |
Other expenses, net |  |  | — |  |  |  | — |  |  |  | (66 | ) |  |  | (66 | ) |  |  | — |  |  |  | — |  |  |  | (28 | ) |  |  | (28 | ) |  |  | — |  |  |  | — |  |  |  | (98 | ) |  |  | (98 | )
Income before income taxes |  | $ | 259 |  |  | $ | 495 |  |  | $ | (379 | ) |  | $ | 375 |  |  | $ | 508 |  |  | $ | 611 |  |  | $ | (288 | ) |  | $ | 831 |  |  | $ | 618 |  |  | $ | 379 |  |  | $ | (385 | ) |  | $ | 612 |
Other segment information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 229 |  |  | $ | 136 |  |  | $ | 10 |  |  | $ | 375 |  |  | $ | 255 |  |  | $ | 86 |  |  | $ | 10 |  |  | $ | 351 |  |  | $ | 198 |  |  | $ | 68 |  |  | $ | 17 |  |  | $ | 283 |
Investment in unconsolidated affiliates |  | $ | 158 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 163 |  |  | $ | 158 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 163 |  |  | $ | 211 |  |  | $ | — |  |  | $ | — |  |  | $ | 211 |
Total assets |  | $ | 4,777 |  |  | $ | 4,815 |  |  | $ | 1,699 |  |  | $ | 11,291 |  |  | $ | 5,054 |  |  | $ | 4,895 |  |  | $ | 1,412 |  |  | $ | 11,361 |  |  | $ | 4,777 |  |  | $ | 5,509 |  |  | $ | 1,008 |  |  | $ | 11,294 |
(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 and with Corporate 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 year ended December 31, 2025, included (i) charges of $96 million, reported in “Cost of revenue,” primarily related to a severance charges of $72 million associated with facility consolidations and other restructuring activities, and a discount charge of $24 million to reflect delayed timing of the expected cash collection of royalty receivables currently in litigation as discussed in Note 14; (ii) charges of $17 million, reported in “Selling, general, and administrative,” related to various restructuring costs; and (iii) impairment charges of $70 million, reported in “Goodwill and long-lived asset impairment”. Operating profit for the year end ed December 31, 2024, included (i) a credit of $110 million, reported in “Cost of revenue,” primarily related to a gain on business divestiture of $130 million, offset by charges of $20 million primarily related to severance and other restructuring costs; and (ii) charges of $1 million, reported in “Selling, general and administrative” related to various restructuring costs. Operating profit for the year ended December 31, 2023, included (i) charges of $10 million, reported in “Cost of revenue,” primarily related to a non-cash timing discount charge of $25 million on royalty receivables, other restructuring costs of $5 million, offset by credits related to gains on sales of previously reserved inventory of $20 million; and (ii) charges of $41 million, reported in “Selling, general, and administrative,” primarily related to voluntary early retirement program (“VERP”) of $52 million, other restructuring costs of $14 million, offset by a credit related to release of an earnout accrual of $25 million:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
|  | Energy Products and Services |  |  | Energy Equipment |  |  | Corporate |  |  | Total |  |  | Energy Products and Services |  |  | Energy Equipment |  |  | Corporate |  |  | Total |  |  | Energy Products and Services |  |  | Energy Equipment |  |  | Corporate |  |  | Total |
Pre-tax Other Items included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenue |  | $ | 56 |  |  | $ | 39 |  |  | $ | 1 |  |  | $ | 96 |  |  | $ | 7 |  |  | $ | (118 | ) |  | $ | 1 |  |  | $ | (110 | ) |  | $ | 24 |  |  | $ | (18 | ) |  | $ | 4 |  |  | $ | 10 |
Selling, general, and administrative |  |  | 3 |  |  |  | — |  |  |  | 14 |  |  |  | 17 |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 1 |  |  |  | 29 |  |  |  | 4 |  |  |  | 8 |  |  |  | 41 |
Goodwill and long-lived asset impairment |  |  | — |  |  |  | 40 |  |  |  | 30 |  |  |  | 70 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total pre-tax Other Items |  | $ | 59 |  |  | $ | 79 |  |  | $ | 45 |  |  | $ | 183 |  |  | $ | 7 |  |  | $ | (118 | ) |  | $ | 2 |  |  | $ | (109 | ) |  | $ | 53 |  |  | $ | (14 | ) |  | $ | 12 |  |  | $ | 51 |
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, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
United States |  | $ | 2,998 |  |  | $ | 2,984 |  |  | $ | 2,933 |
Norway |  |  | 907 |  |  |  | 714 |  |  |  | 473 |
Brazil |  |  | 896 |  |  |  | 618 |  |  |  | 605 |
Other countries |  |  | 3,943 |  |  |  | 4,554 |  |  |  | 4,572 |
Total |  | $ | 8,744 |  |  | $ | 8,870 |  |  | $ | 8,583 |
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, |
|  | 2025 |  |  | 2024 |
United States |  | $ | 941 |  |  | $ | 928 |
Saudi Arabia |  |  | 328 |  |  |  | 303 |
Other countries |  |  | 781 |  |  |  | 691 |
Total |  | $ | 2,050 |  |  | $ | 1,922 |

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- 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- 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
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