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Business Segment and Geographic Information
 9 Months Ended
Sep. 30, 2015
Segment Reporting [Abstract]  
Business Segment and Geographic Information
Business Segment and Geographic Information
We operate under two divisions, which form the basis for the two operating segments we report: the Completion and Production segment and the Drilling and Evaluation segment. Intersegment revenue was immaterial. Our equity in earnings and losses of unconsolidated affiliates that are accounted for by the equity method of accounting are included in revenue and operating income of the applicable segment.
The following table presents information on our business segments.
 
Three Months Ended
September 30
Nine Months Ended
September 30
Millions of dollars
2015
2014
2015
2014
Revenue:
 
 
 
 
Completion and Production
$
3,200

$
5,420

$
10,890

$
14,782

Drilling and Evaluation
2,382

3,281

7,661

9,318

Total revenue
$
5,582

$
8,701

$
18,551

$
24,100

Operating income (loss):
 
 
 
 
Completion and Production
$
163

$
1,071

$
938

$
2,619

Drilling and Evaluation
401

451

1,107

1,263

Total operations
564

1,522

2,045

3,882

Corporate and other (a)
(140
)
112

(401
)
(84
)
Impairments and other charges (b)
(381
)
—

(1,895
)
—

Total operating income (loss)
$
43

$
1,634

$
(251
)
$
3,798

Interest expense, net of interest income
(99
)
(96
)
(311
)
(283
)
Other, net
(34
)
12

(281
)
(43
)
Income (loss) from continuing operations before income taxes
$
(90
)
$
1,550

$
(843
)
$
3,472


(a) Includes certain expenses not attributable to a particular business segment such as costs related to support functions and corporate executives, as well as costs related to the pending Baker Hughes acquisition incurred during the three and nine months ended September 30, 2015.
(b) Includes $228 million attributable to Completion and Production, $138 million attributable to Drilling and Evaluation, and $15 million attributable to Corporate and other for the three months ended September 30, 2015. Includes $949 million attributable to Completion and Production, $865 million attributable to Drilling and Evaluation, and $81 million attributable to Corporate and other for the nine months ended September 30, 2015.

Receivables
As of September 30, 2015, 31% of our gross trade receivables were from customers in the United States. As of December 31, 2014, 39% of our gross trade receivables were from customers in the United States. Other than Venezuela, as further discussed below, no other country or single customer accounted for more than 10% of our gross trade receivables at these dates.
Venezuela. During the first quarter of 2015, we began utilizing the new SIMADI exchange rate mechanism to remeasure our net monetary assets denominated in Bolívares, at a market rate of 192 Bolívares per United States dollar as compared to the official exchange rate of 6.3 Bolívares per United States dollar we had previously utilized, resulting in a foreign currency devaluation loss of $199 million. Additionally, we have experienced delays in collecting payment on our receivables from our primary customer in Venezuela, which partially offset the decline in receivables related to the currency devaluation during the period. These receivables are not disputed, and we have not historically had material write-offs relating to this customer.
Our total outstanding trade receivables in Venezuela were $639 million, or approximately 11% of our gross trade receivables, as of September 30, 2015, compared to $670 million, or approximately 9% of our gross trade receivables, as of December 31, 2014. Of the $639 million of receivables in Venezuela as of September 30, 2015, $176 million have been classified as long-term and included within “Other assets” on our condensed consolidated balance sheets. Of the $670 million of receivables in Venezuela as of December 31, 2014, $256 million have been classified as long-term and included within “Other assets” on our condensed consolidated balance sheets.
For additional information about the new currency system, see Note 3 and “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Business Environment and Results of Operations.”