Segment Information

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Segment Information

Segment Information

Financial information by segment is summarized below. The accounting policies of the segments are the same as those described in the summary of significant accounting policies as presented in our 2019 Annual Report.

	Successor		Predecessor		Successor		Predecessor
	Three Months Ended		Three Months Ended		Six Months Ended		Six Months Ended
(Dollars in millions)	6/30/2020		6/30/2019		6/30/2020		6/30/2019
Revenue:
Western Hemisphere	$	310	$	719	$	898	$	1,445
Eastern Hemisphere	511		590		1,138		$	1,210
Total Revenue	$	821	$	1,309	$	2,036	$	2,655
Operating Income (Loss):
Western Hemisphere	$	(23)	11		$	6	$	20
Eastern Hemisphere	15		28		33		48
Total Segment Operating Income (Loss)	(8)		39		39		68
Impairment and Other Charges (a) (b)	(463)		(239)		(1,306)		(535)
Corporate	(26)		(32)		(52)		(64)
Gain on Sale of Businesses, Net (c)	—		114		—		112
Total Operating Loss	$	(497)	$	(118)	$	(1,319)	$	(419)
Interest Expense, Net	(59)		(160)		(117)		(315)
Reorganization Items	—		—		(9)		—
Other Expense, Net	(11)		(1)		(36)		(10)
Loss Before Income Taxes	$	(567)	$	(279)	$	(1,481)	$	(744)

(a)In the three and six months ended June 30, 2020, includes the impairment on goodwill, property, plant and equipment, intangibles and right of use assets, inventory excess and obsolete charges (in the second quarter of 2020), and restructuring and other charges, due to the decline in oil and gas commodity demand in our industry. See “Note 4 – Inventories, Net”, “Note 6 - Long-Lived Asset Impairments”, “Note 7 – Goodwill and Intangible Assets”, and “Note 8 – Restructuring, Facility Consolidation and Severance Charges” for additional information.

(b)In the three and six months ended June 30, 2019, includes prepetition charges for professional and other fees related to the Predecessor bankruptcy cases, goodwill and asset impairments and other fees, partially offset by a reduction of a contingency reserve on a legacy contract (in the first quarter of 2019).

(c)Primarily includes the gain on sale of our laboratory services business in the second quarter of 2019.

The following table presents total assets by segment at for each period presented:

(Dollars in millions)	6/30/2020		12/31/2019
Western Hemisphere	$	1,761	$	2,514
Eastern Hemisphere	3,426		4,392
Corporate	222		387
Total	$	5,409	$	7,293