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 using 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 Nine Months Ended Millions of dollars 2018 2017 2018 2017 Revenue: Completion and Production $ 4,170 $ 3,537 $ 12,141 $ 9,273 Drilling and Evaluation 2,002 1,907 5,918 5,407 Total revenue $ 6,172 $ 5,444 $ 18,059 $ 14,680 Operating income: Completion and Production $ 613 $ 527 $ 1,782 $ 1,071 Drilling and Evaluation 181 186 560 433 Total operations 794 713 2,342 1,504 Corporate and other (a) (78 ) (71 ) (218 ) (251 ) Impairments and other charges (b) — — (265 ) (262 ) Total operating income $ 716 $ 642 $ 1,859 $ 991 Interest expense, net of interest income (c) (140 ) (115 ) (417 ) (478 ) Other, net (42 ) (31 ) (86 ) (75 ) Income from continuing operations before income taxes $ 534 $ 496 $ 1,356 $ 438 (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 amortization expense associated with intangible assets recorded as a result of acquisitions. (b) Represents a pre-tax charge of $265 million related to a write-down of all of our remaining investment in Venezuela, consisting of receivables, fixed assets, inventory and other assets and liabilities during the nine months ended September 30, 2018 and $262 million for a fair market value adjustment related to Venezuela during the nine months ended September 30, 2017. (c) Includes $104 million of costs related to the early extinguishment of $1.4 billion of senior notes in the nine months ended September 30, 2017. Receivables As of September 30, 2018 , 46% of our net trade receivables were from customers in the United States. As of December 31, 2017 , 42% of our net trade receivables were from customers in the United States. Other than the United States, no other country or single customer accounted for more than 10% of our trade receivables at these dates. We routinely monitor the financial stability of our customers and employ an extensive process to evaluate the collectability of outstanding receivables. This process, which involves a high degree of judgment utilizing significant assumptions, includes analysis of our customers’ historical time to pay, financial condition and various financial metrics, debt structure, credit agency ratings, and production profile, as well as political and economic factors in countries of operations and other customer-specific factors. Venezuela During the first quarter of 2018, the Venezuelan government announced that it changed the existing dual-rate foreign currency exchange system by eliminating the DIPRO foreign exchange rate, which was 10 Bolívares per United States dollar, and that all future currency transactions would be carried out at the DICOM floating rate, which was approximately 50,000 Bolívares per United States dollar at March 31, 2018. Additionally, the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury issued guidance during the first quarter of 2018 which purports to prohibit the acceptance of payments on receivables issued on or after August 25, 2017 and outstanding longer than 90 days from customers subject to U.S. sanctions related to Venezuela in the absence of an OFAC license. These events, combined with continued deteriorating political and economic conditions in Venezuela and ongoing delayed payments on existing accounts receivable with customers in the country, created significant uncertainties regarding the recoverability of our investment. As such, we determined it was appropriate to write down all of our remaining investment in Venezuela during the first quarter of 2018, which resulted in a $312 million charge, net of tax. This consisted of $119 million of allowance for doubtful accounts related to remaining accounts receivable, a $32 million write-off of our promissory note from our primary customer in Venezuela, and write-offs of $48 million of inventory, $53 million of fixed assets and $13 million of other assets and liabilities, all of which were included within "Impairments and other charges" in our condensed consolidated statements of operations, in addition to $47 million of accrued taxes recognized in our tax provision. |