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Business Segments
 9 Months Ended
Sep. 30, 2015
Segment Reporting [Abstract]  
Business Segments
Business Segments
The Company’s operations are organized into four separate business segments – Subsea, Surface, Drilling and Valves and Measurement (V&M). Summary financial data by segment follows:
    
Three Months Ended 
 September 30,
Nine Months Ended 
 September 30,
(dollars in millions)
2015
2014
2015
2014
 
 
 
 
 
Revenues:
 
 
 
 
Subsea
$
758

$
779

$
2,047

$
2,195

Surface
446

600

1,499

1,751

Drilling
673

800

2,118

2,233

V&M
376

558

1,185

1,597

Elimination of intersegment revenues
(45
)
(59
)
(146
)
(199
)
Total revenues
$
2,208

$
2,678

$
6,703

$
7,577

 
 
 
 
 
Segment income before interest and income taxes:
 

 

 

 

Subsea
$
120

$
44

$
244

$
119

Surface
49

105

210

304

Drilling
146

159

400

323

V&M
58

104

147

312

Elimination of intersegment earnings
(9
)
(17
)
(32
)
(53
)
Segment income before interest and income taxes
364

395

969

1,005

 
 
 
 
 
Corporate items:
 

 

 

 

Corporate expenses
(28
)
(35
)
(74
)
(110
)
Interest, net
(34
)
(36
)
(105
)
(98
)
Other (costs) gains, net (see Note 4)
(44
)
(19
)
(658
)
(62
)
Income from continuing operations before income taxes
$
258

$
305

$
132

$
735


Corporate items include governance expenses associated with the Company’s corporate office, as well as all of the Company’s interest income and interest expense, goodwill and asset impairment charges, severance and restructuring expenses, the impact of currency devaluations, stock-based compensation, foreign currency gains and losses from certain derivative and intercompany lending activities managed by the Company’s centralized treasury function and various other unusual or one-time costs or gains that are not considered a component of segment operating income. Consolidated interest income and expense are treated as corporate items because cash equivalents, short-term investments and debt, including location, type, currency, etc., are managed on a worldwide basis by the corporate treasury department.