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Business Segment and Geographic Information
 9 Months Ended
Sep. 30, 2016
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 within cost of services on our statements of operations, which is part of 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
2016
2015
2016
2015
Revenue:
 
 
 
 
Completion and Production
$
2,176

$
3,200

$
6,614

$
10,890

Drilling and Evaluation
1,657

2,382

5,252

7,661

Total revenue
$
3,833

$
5,582

$
11,866

$
18,551

Operating income (loss):
 
 
 
 
Completion and Production
$
24

$
163

$
22

$
938

Drilling and Evaluation
151

401

546

1,107

Total operations
175

564

568

2,045

Corporate and other (a)
(47
)
(140
)
(4,210
)
(401
)
Impairments and other charges (b)
—

(381
)
(3,189
)
(1,895
)
Total operating income (loss)
$
128

$
43

$
(6,831
)
$
(251
)
Interest expense, net of interest income
(141
)
(99
)
(502
)
(311
)
Other, net
(39
)
(34
)
(117
)
(281
)
Loss from continuing operations before income taxes
$
(52
)
$
(90
)
$
(7,450
)
$
(843
)

(a) Corporate and other includes certain expenses not attributable to a particular business segment such as costs related to support functions and corporate executives and Baker Hughes related costs for all periods presented, including the $3.5 billion termination fee incurred during the second quarter of 2016.
(b) Impairments and other charges are as follows:
-For the three months ended September 30, 2015, 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 nine months ended September 30, 2016, includes $2.0 billion attributable to Completion and Production, $1.1 billion attributable to Drilling and Evaluation, and $8 million attributable to Corporate and other.
-For the nine 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.

Receivables
As of September 30, 2016, 23% of our gross trade receivables were from customers in the United States, 13% in Venezuela, and 11% in Saudi Arabia. As of December 31, 2015, 26% of our gross trade receivables were from customers in the United States and 14% in Venezuela. Other than the United States, Saudi Arabia, and Venezuela, no other country or single customer accounted for more than 10% of our gross trade receivables at these dates.

Venezuela. We have continued to experience delays in collecting payments on our receivables from our primary customer in Venezuela. These receivables are not disputed, and we have not historically had material write-offs relating to this customer. Additionally, we routinely monitor the financial stability of our customers. During the second quarter of 2016, we executed a financing agreement with our primary customer in Venezuela in an effort to actively manage these customer receivables, resulting in an exchange of $200 million of outstanding trade receivables for an interest-bearing promissory note.

Our total outstanding net trade receivables in Venezuela were $564 million as of September 30, 2016, excluding the promissory note receivable discussed above, compared to $704 million as of December 31, 2015, which represents 13% and 14% of total company trade receivables for the respective periods. The majority of our Venezuela receivables are United States dollar-denominated receivables. Of the $564 million of receivables in Venezuela as of September 30, 2016, $138 million have been classified as long-term and included within “Other assets” on our condensed consolidated balance sheets. Of the $704 million of receivables in Venezuela as of December 31, 2015, $175 million have been classified as long-term and included within “Other assets” on our condensed consolidated balance sheets.

As a result of current conditions in Venezuela and the continued delays in collecting payments on our receivables in the country, we began curtailing activity in Venezuela during the first quarter of 2016. See Note 10 and “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Business Environment and Results of Operations” for additional information about the promissory note exchange.