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Segment Information
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Segment Information
4 – Segment Information
 
The Company's chief operating decision maker (“CODM”), our chief executive officer, regularly reviews information to make operating decisions, allocate resources and assess performance of the business. During the fourth quarter of 2021, the CODM changed the information regularly reviewed to be aligned with how we offer our services and technologies in relation to the well life cycle and we have realigned our reportable segments to reflect the change. All of our segments are enabled by a full suite of digital, monitoring, optimization and artificial intelligence solutions providing services throughout the well life cycle, including responsible responsible abandonment. We now have three reportable segments: (1) Drilling and Evaluation (2) Well Construction and Completions, and (3) Production and Intervention. Previously we had two geographic based reportable segments, Western Hemisphere and Eastern Hemisphere.

Drilling and Evaluation (“DRE”) offers a suite of services including managed pressure drilling, drilling services, wireline and drilling fluids. DRE offerings range from early well planning to reservoir management through innovative tools and expert engineering to optimize reservoir access and productivity.

Well Construction and Completions (“WCC”) offers products and services for well integrity assurance across the full life cycle of the well. The primary offerings are tubular running services, cementation products, completions, liner hangers and well services. WCC deploys conventional to advanced technologies, providing safe and efficient services in any environment during the well construction phase.

Production and Intervention (“PRI”) offers a suite of reservoir stimulation designs, and engineering capabilities that isolate zones and unlock reserves in conventional and unconventional wells, deep water, and aging reservoirs. The primary offerings are intervention services & drilling tools, artificial lift, production automation & software, sub-sea intervention and pressure pumping services in select markets.

Total revenues are from external customers and segment revenues are specific to our three reportable segments and all other revenues are specific to our non-operating segment revenues. Revenues are further described in “Note 5 – Revenues.”

Additionally, we have changed our primary measure of segment profitability to segment adjusted EBITDA, which is based on segment earnings before interest, taxes, depreciation, amortization, share-based compensation expense and other adjustments. Research and development expenses are included in segment adjusted EBITDA. Corporate and other includes business activities related to all other segments (profit and loss), corporate and other expenses (overhead support and centrally managed or shared facilities costs) that do not individually meet the criteria for segment reporting.

We have revised our segment reporting to reflect our current management approach and recast prior periods to conform to the current segment presentation.
SuccessorPredecessor
Period FromPeriod From
12/14/20191/1/2019
 Year EndedYear Endedthrough through
(Dollars in millions)12/31/202112/31/202012/31/201912/13/2019
Revenues:
Drilling and Evaluation$1,066 $1,044 $67 $1,407 
Well Construction and Completions1,353 1,414 90 1,583 
Production and Intervention1,127 1,106 86 1,673 
  Segment Revenues3,546 3,564 243 4,663 
All Other99 121 18 291 
  Total Revenues$3,645 $3,685 $261 $4,954 
Segment Adjusted EBITDA:
Drilling and Evaluation$186 $132 $(3)$219 
Well Construction and Completions256 273 19 225 
Production and Intervention191 154 20 216 
  Segment Adjusted EBITDA$633 $559 $36 $660 
Corporate and Other(62)(100)(1)(104)
Depreciation and Amortization(440)(503)(34)(447)
Share-based Compensation Expense (a)
(25)— — (24)
Other Adjustments (b)
10 (1,442)— (1,267)
Operating Income (Loss)$116 $(1,486)$1 $(1,182)
(a)See “Note 18 – Share-Based Compensation” for additional information.
(b)Other adjustments include goodwill and long-lived asset impairments, restructuring charges, prepetition charges, gain on sale of businesses and other charges and credits, net as applicable to the periods presented. See “Note 7 – Long-Lived Assets Impairment”, “Note 11 – Goodwill and Intangibles, Net”, “ Note 8 – Restructuring Charges”, “ Note 6 – Impairments and Other Charges, Net”, and “Note 2 – Emergence from Chapter 11 Bankruptcy Proceedings” for additional information. In the 2020 Successor and 2019 Predecessor Periods, the segment adjusted EBITDA of Well Construction and Completions includes $12 million and $15 million, respectively, of gains on sales of operational assets.
Depreciation and amortization and capital expenditures by segment are summarized in the table below:

SuccessorPredecessor
Period FromPeriod From
YearYear12/14/20191/1/2019
EndedEndedthrough through
(Dollars in millions)12/31/202112/31/202012/31/201912/13/2019
Depreciation and Amortization:
Drilling and Evaluation$164 $183 $11 $168 
Well Construction and Completions123 151 9 115 
Production and Intervention102 112 9 121 
Corporate and Other51 57 5 43 
Total Depreciation and Amortization$440 $503 $34 $447 
Capital Expenditures:
Drilling and Evaluation$18 $27 $10 $88 
Well Construction and Completions18 23 6 59 
Production and Intervention36 73 2 60 
Corporate and Other13 31 2 43 
Total Capital Expenditures$85 $154 $20 $250 
Corporate and other depreciation and amortization and capital expenditures were for business activities related to all other segments (profit and loss), corporate and other expenses (overhead support and centrally managed or shared facilities costs) that do not individually meet the criteria for segment reporting.

Total assets by segment are summarized in the table below:
December 31,
(Dollars in millions)20212020
Total Assets:
Drilling and Evaluation$783 $950 
Well Construction and Completions974 1,100 
Production and Intervention686 768 
     Total Reportable Segment Assets2,443 2,818 
Corporate and Other2,331 2,616 
     Total$4,774 $5,434 

Corporate and other assets primarily include cash and cash equivalents, certain intangibles, and centrally managed or shared facilities.
Long-lived Assets by Geographic Areas

Long-lived assets by geographic area are summarized below and includes PP&E, intangibles and ROU assets at December 31, 2021 and December 31, 2020. Long-lived assets were zero in Ireland, our country of domicile in both years and in the U.S. were $238 million and $306 million as of December 31, 2021 and December 31, 2020, respectively. North America in the table below consists of the U.S. and Canada.
December 31,
(Dollars in millions)20212020
Long-Lived Assets:
North America$324 $403 
  Latin America265 289 
  Europe/Sub-Sahara Africa/Russia337 463 
  Middle East/North Africa/Asia840 1,029 
 Total Long-Lived Assets$1,766 $2,184