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Business Segments | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Business Segments | 17. Business Segments The Company has three reportable segments – United States, Canada and International. These segments were determined primarily based on geographical markets. The Chief Operating Decision Maker (“CODM”) uses operating profit to evaluate segment performance and allocate resources. Operating profit is revenue less cost of products, warehousing, selling and administrative expenses and impairment and other charges. The Company’s Chief Executive Officer has been identified as the CODM. The Company has disclosed for each reportable segment the significant expense categories that are reviewed by the CODM in the tables below and there are no additional significant expenses within the expense categories presented. United States The Company has approximately 110 locations in the U.S., which are geographically positioned to serve the upstream, midstream, downstream and renewable energy and industrial markets. Canada The Company has a network of approximately 40 locations in the Canadian oilfield, predominantly in the oil rich provinces of Alberta, Saskatchewan, Manitoba and other locations across the country. The Company’s Canadian segment primarily serves the energy exploration, production, mining and drilling business. International The Company serves the needs of its international customers from approximately 15 locations outside of the U.S. and Canada, which are strategically located in major oil and gas development areas. The Company’s International segment primarily serves the energy exploration, production and drilling business. In the third quarter of 2024, we began a plan to restructure operations in the International segment to optimize efficiencies and to improve operating margins. For the year ended December 31, 2024, the Company recognized $9 million in charges, including approximately $6 million of foreign currency translation losses included in impairment and other charges, approximately $2 million of inventory write-downs included in cost of products and $1 million of other exit costs included in warehousing, selling and administrative. We could incur additional non-cash foreign currency translation losses as we complete the International restructuring; however, we do not expect the remaining restructuring related liabilities to be material. The following table presents revenues, significant segment expenses and other segments items included in operating profit for each of the Company’s reportable segments as of and for the year ended December 31 (in millions):
|  | United States |  |  | Canada |  |  | International |  |  | Total |
2024 |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  | $ | 1,880 |  |  | $ | 253 |  |  | $ | 240 |  |  | $ | 2,373 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Cost of products |  |  | 1,456 |  |  |  | 189 |  |  |  | 193 |  |  |  | 1,838 |
Warehousing, selling and administrative expenses |  |  | 329 |  |  |  | 51 |  |  |  | 36 |  |  |  | 416 |
Impairment and other charges |  |  | — |  |  |  | — |  |  |  | 6 |  |  |  | 6 |
Operating profit |  | $ | 95 |  |  | $ | 13 |  |  | $ | 5 |  |  |  | 113 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  | 1 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 114 |
2023 |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  | $ | 1,749 |  |  | $ | 282 |  |  | $ | 290 |  |  | $ | 2,321 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Cost of products |  |  | 1,343 |  |  |  | 207 |  |  |  | 236 |  |  |  | 1,786 |
Warehousing, selling and administrative expenses |  |  | 302 |  |  |  | 54 |  |  |  | 39 |  |  |  | 395 |
Operating profit |  | $ | 104 |  |  | $ | 21 |  |  | $ | 15 |  |  |  | 140 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  | (2 | )
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 138 |
2022 |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  | $ | 1,591 |  |  | $ | 315 |  |  | $ | 230 |  |  | $ | 2,136 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Cost of products |  |  | 1,214 |  |  |  | 231 |  |  |  | 185 |  |  |  | 1,630 |
Warehousing, selling and administrative expenses |  |  | 274 |  |  |  | 54 |  |  |  | 37 |  |  |  | 365 |
Impairment and other charges |  |  | — |  |  |  | — |  |  |  | 10 |  |  |  | 10 |
Operating profit (loss) |  | $ | 103 |  |  | $ | 30 |  |  | $ | (2 | ) |  |  | 131 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  | 8 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 139 |
The following table presents financial information for each of the Company’s reportable segments as of and for the year ended December 31 (in millions):
|  | United States |  |  | Canada |  |  | International |  |  | Total |
2024 |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment, net |  | $ | 135 |  |  | $ | 11 |  |  | $ | 11 |  |  | $ | 157 |
Total assets |  |  | 1,299 |  |  |  | 177 |  |  |  | 145 |  |  |  | 1,621 |
Depreciation and amortization |  |  | 31 |  |  |  | 2 |  |  |  | 1 |  |  |  | 34 |
2023 |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment, net |  | $ | 106 |  |  | $ | 12 |  |  | $ | 13 |  |  | $ | 131 |
Total assets |  |  | 1,192 |  |  |  | 177 |  |  |  | 160 |  |  |  | 1,529 |
Depreciation and amortization |  |  | 23 |  |  |  | 2 |  |  |  | 1 |  |  |  | 26 |
2022 |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment, net |  | $ | 95 |  |  | $ | 11 |  |  | $ | 13 |  |  | $ | 119 |
Total assets |  |  | 991 |  |  |  | 179 |  |  |  | 150 |  |  |  | 1,320 |
Depreciation and amortization |  |  | 16 |  |  |  | 2 |  |  |  | 1 |  |  |  | 19 |
The following table presents a comparison of the approximate sales mix in the principal product categories (in millions):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Product Category |  |  |  |  |  |  |  |  |
Pumps, production and drilling |  | $ | 623 |  |  | $ | 639 |  |  | $ | 531 |
Pipe |  |  | 395 |  |  |  | 422 |  |  |  | 432 |
Valves |  |  | 520 |  |  |  | 437 |  |  |  | 409 |
Fittings and flanges |  |  | 475 |  |  |  | 433 |  |  |  | 389 |
Mill tool, MRO, safety and other |  |  | 360 |  |  |  | 390 |  |  |  | 375 |
Total |  | $ | 2,373 |  |  | $ | 2,321 |  |  | $ | 2,136 |

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- Definition The entire disclosure for reporting segments including data and tables. 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