Segments

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segments

5.Segments

Financial results by operating segment are as follows (in millions):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
Revenue:
Wellbore Technologies	$	666		$	463		$	1,274		$	876
Completion & Production Solutions		639			497			1,169			936
Rig Technologies		462			487			903			918
Eliminations		(40	)		(30	)		(71	)		(64	)
Total revenue	$	1,727		$	1,417		$	3,275		$	2,666
Operating profit (loss):
Wellbore Technologies	$	81			6		$	120		$	(8	)
Completion & Production Solutions		20			(6	)		(2	)		(23	)
Rig Technologies		31			49			42			41
Eliminations and corporate costs		(64	)		(37	)		(113	)		(86	)
Total operating profit (loss)	$	68		$	12		$	47		$	(76	)

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 include intercompany transactions conducted between the three reporting segments that are eliminated in consolidation. Intrasegment transactions are eliminated within each segment.

Cost of revenue and operating profit for the three months ended June 30, 2022 includes pre-tax charges for other items (impairment, restructure, severance, facility closure costs, and inventory charges) of $14 million, net of related credits of $16 million. Cost of revenue and operating profit for the six months ended June 30, 2022 includes pre-tax charges for other items of $59 million, net of related credits of $17 million. Other items associated with the Company's operations in Russia, Belarus, and Ukraine of approximately $8 million and $49 million were recorded within cost of revenue for the three and six months ended June 30, 2022, respectively. Cost of revenue and operating profit for the three months ending June 30, 2021, includes other items of $20 million, net of related credits of $9 million. Cost of revenue and operating loss for the six months ending June 30, 2021, includes pre-tax charges for other items of $24 million, net of related credits of $12 million.