v3.25.4

Business Segments and Geographic Areas (Tables)

12 Months Ended

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 ended 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

X

- 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

Name:	us-gaap_ScheduleOfEntityWideDisclosureOnGeographicAreasLongLivedAssetsInIndividualForeignCountriesByCountryTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

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