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Segment Information
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment Information

10. Segment Information

 

 

 

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter 2024

 

First Quarter 2023

 

 

 

Income

 

 

 

Income

 

 

Revenue

 

 

Before Taxes

 

 

Revenue

 

 

Before Taxes

 

Digital & Integration

$

953

 

 

$

254

 

$

894

 

 

$

265

 

Reservoir Performance

 

1,725

 

 

 

339

 

 

1,503

 

 

 

242

 

Well Construction

 

3,368

 

 

 

690

 

 

3,261

 

 

 

672

 

Production Systems

 

2,818

 

 

 

400

 

 

 

2,207

 

 

 

205

 

Eliminations & other

 

(157

)

 

 

(34

)

 

(129

)

 

 

7

 

Pretax segment operating income

 

 

 

 

1,649

 

 

 

 

 

1,391

 

Corporate & other (1)

 

 

 

 

(191

)

 

 

 

 

(169

)

Interest income (2)

 

 

 

 

34

 

 

 

 

 

17

 

Interest expense (3)

 

 

 

 

(110

)

 

 

 

 

 

(114

)

Charges and credits (4)

 

 

 

 

(25

)

 

 

 

 

36

 

$

8,707

 

$

1,357

 

$

7,736

 

$

1,161

 

 

(1)
Comprised principally of certain corporate expenses not allocated to the segments, stock-based compensation costs, amortization expense associated with certain intangible assets, certain centrally managed initiatives and other nonoperating items.
(2)
Interest income excludes amounts that are included in the segments’ income ($4 million in 2024; $- million in 2023).
(3)
Interest expense excludes amounts that are included in the segments’ income ($3 million in 2024; $3 million in 2023).
(4)
See Note 2 – Charges and Credits.

Revenue by geographic area was as follows:

 

(Stated in millions)

 

 

 

 

 

 

 

First Quarter

 

 

2024

 

 

2023

 

North America

$

1,598

 

$

1,698

 

Latin America

 

1,654

 

 

1,618

 

Europe & Africa (1)

 

2,322

 

 

1,974

 

Middle East & Asia

 

3,080

 

 

 

2,393

 

Other

 

53

 

 

 

53

 

$

8,707

 

$

7,736

 

 

(1)
Includes Russia and the Caspian region.

 

North America and International revenue disaggregated by segment was as follows:

 

 

 

 

 

 

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter 2024

 

 

North

 

 

 

 

 

 

 

 

 

 

 

America

 

 

International

 

 

Other

 

 

Total

 

Digital & Integration

$

236

 

 

$

717

 

$

-

 

$

953

 

Reservoir Performance

 

130

 

 

 

1,592

 

 

 

3

 

 

1,725

 

Well Construction

 

604

 

 

 

2,707

 

 

 

57

 

 

3,368

 

Production Systems

 

647

 

 

 

2,164

 

 

7

 

 

 

2,818

 

Eliminations & other

 

(19

)

 

 

(124

)

 

(14

)

 

(157

)

 

$

1,598

 

 

$

7,056

 

$

53

 

$

8,707

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter 2023

 

 

North

 

 

 

 

 

 

 

 

 

 

 

America

 

 

International

 

 

Other

 

 

Total

 

Digital & Integration

$

251

 

 

$

642

 

$

1

 

$

894

 

Reservoir Performance

 

120

 

 

 

1,380

 

 

 

3

 

 

 

1,503

 

Well Construction

 

711

 

 

 

2,493

 

 

 

57

 

 

 

3,261

 

Production Systems

 

626

 

 

 

1,574

 

 

7

 

 

2,207

 

Eliminations & other

 

(10

)

 

 

(104

)

 

(15

)

 

(129

)

$

1,698

 

$

5,985

 

$

53

 

$

7,736

 

 

 

Revenue in excess of billings related to contracts where revenue is recognized over time was $0.4 billion at March 31, 2024 and December 31, 2023. Such amounts are included within Receivables less allowance for doubtful accounts in the Consolidated Balance Sheet.

 

Total backlog was $5.3 billion at March 31, 2024, of which approximately 65% is expected to be recognized as revenue over the next 12 months.

 

Billings and cash collections in excess of revenue was $2.0 billion at both March 31, 2024 and December 31, 2023. Such amounts are included within Accounts payable and accrued liabilities in the Consolidated Balance Sheet.