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v3.24.3

Segment Information | 9 Months Ended
--- | ---
Sep. 30, 2024
Segment Reporting [Abstract] |
Segment Information | 10. Segment Information
|  |  |  | (Stated in millions) |
| Third Quarter 2024 |  |  | Third Quarter 2023 |
|  |  |  | Income |  |  |  |  |  | Income |
| Revenue |  |  | Before Taxes |  |  | Revenue |  |  | Before Taxes |
Digital & Integration | $ | 1,088 |  |  | $ | 386 |  |  | $ | 982 |  |  | $ | 314 |
Reservoir Performance |  | 1,823 |  |  |  | 367 |  |  |  | 1,680 |  |  |  | 344 |
Well Construction |  | 3,312 |  |  |  | 714 |  |  |  | 3,430 |  |  |  | 759 |
Production Systems |  | 3,103 |  |  |  | 519 |  |  |  | 2,367 |  |  |  | 319 |
Eliminations & other |  | (167 | ) |  |  | (84 | ) |  |  | (149 | ) |  |  | (53 | )
|  |  |  |  | 1,902 |  |  |  |  |  |  | 1,683 |
Corporate & other (1) |  |  |  |  | (187 | ) |  |  |  |  |  | (182 | )
Interest income (2) |  |  |  |  | 36 |  |  |  |  |  |  | 20 |
Interest expense (3) |  |  |  |  | (132 | ) |  |  |  |  |  | (126 | )
Charges and credits (4) |  |  |  |  | (112 | ) |  |  |  |  |  | - |
| $ | 9,159 |  |  | $ | 1,507 |  |  | $ | 8,310 |  |  | $ | 1,395 |
(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 ($16 million in 2024; $3 million in 2023). (3) Interest expense excludes amounts that are included in the segments’ income ($4 million in 2024; $4 million in 2023). (4) See Note 2 – Charges and Credits.
|  |  |  | (Stated in millions) |
| Nine Months 2024 |  |  | Nine Months 2023 |
|  |  |  | Income |  |  |  |  |  | Income |
| Revenue |  |  | Before Taxes |  |  | Revenue |  |  | Before Taxes |
Digital & Integration | $ | 3,091 |  |  | $ | 965 |  |  | $ | 2,822 |  |  | $ | 901 |
Reservoir Performance |  | 5,368 |  |  |  | 1,082 |  |  |  | 4,826 |  |  |  | 892 |
Well Construction |  | 10,090 |  |  |  | 2,145 |  |  |  | 10,052 |  |  |  | 2,162 |
Production Systems |  | 8,946 |  |  |  | 1,392 |  |  |  | 6,888 |  |  |  | 802 |
Eliminations & other |  | (490 | ) |  |  | (180 | ) |  |  | (443 | ) |  |  | (102 | )
|  |  |  |  | 5,404 |  |  |  |  |  |  | 4,655 |
Corporate & other (1) |  |  |  |  | (568 | ) |  |  |  |  |  | (536 | )
Interest income (2) |  |  |  |  | 98 |  |  |  |  |  |  | 57 |
Interest expense (3) |  |  |  |  | (370 | ) |  |  |  |  |  | (363 | )
Charges and credits (4) |  |  |  |  | (279 | ) |  |  |  |  |  | 36 |
| $ | 27,005 |  |  | $ | 4,285 |  |  | $ | 24,145 |  |  | $ | 3,849 |
(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 ($31 million in 2024; $2 million in 2023). (3) Interest expense excludes amounts that are included in the segments’ income ($13 million in 2024 ; $10 million in 2023). (4) See Note 2 – Charges and Credits. Revenue by geographic area was as follows:
|  |  |  |  |  |  | (Stated in millions) |
| Third Quarter |  |  | Nine Months |
| 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
North America | $ | 1,687 |  |  | $ | 1,643 |  |  | $ | 4,929 |  |  | $ | 5,086 |
Latin America |  | 1,689 |  |  |  | 1,681 |  |  |  | 5,084 |  |  |  | 4,923 |
Europe & Africa (1) |  | 2,434 |  |  |  | 2,091 |  |  |  | 7,199 |  |  |  | 6,095 |
Middle East & Asia |  | 3,302 |  |  |  | 2,842 |  |  |  | 9,650 |  |  |  | 7,877 |
Other |  | 47 |  |  |  | 53 |  |  |  | 143 |  |  |  | 164 |
| $ | 9,159 |  |  | $ | 8,310 |  |  | $ | 27,005 |  |  | $ | 24,145 |
(1) Includes Russia and the Caspian region. North America and International revenue disaggregated by segment was as follows:
|  |  |  |  |  |  | (Stated in millions) |
| Third Quarter 2024 |
| North |  |  |  |  |  |  |  |  |  |
| America |  |  | International |  |  | Other |  |  | Total |
Digital & Integration | $ | 258 |  |  | $ | 830 |  |  | $ | - |  |  | $ | 1,088 |
Reservoir Performance |  | 145 |  |  |  | 1,676 |  |  |  | 2 |  |  |  | 1,823 |
Well Construction |  | 581 |  |  |  | 2,675 |  |  |  | 56 |  |  |  | 3,312 |
Production Systems |  | 723 |  |  |  | 2,373 |  |  |  | 7 |  |  |  | 3,103 |
Eliminations & other |  | (20 | ) |  |  | (129 | ) |  |  | (18 | ) |  |  | (167 | )
| $ | 1,687 |  |  | $ | 7,425 |  |  | $ | 47 |  |  | $ | 9,159 |
| Third Quarter 2023 |
| North |  |  |  |  |  |  |  |  |  |
| America |  |  | International |  |  | Other |  |  | Total |
Digital & Integration | $ | 242 |  |  | $ | 737 |  |  | $ | 3 |  |  | $ | 982 |
Reservoir Performance |  | 125 |  |  |  | 1,554 |  |  |  | 1 |  |  |  | 1,680 |
Well Construction |  | 663 |  |  |  | 2,707 |  |  |  | 60 |  |  |  | 3,430 |
Production Systems |  | 626 |  |  |  | 1,740 |  |  |  | 1 |  |  |  | 2,367 |
Eliminations & other |  | (13 | ) |  |  | (124 | ) |  |  | (12 | ) |  |  | (149 | )
| $ | 1,643 |  |  | $ | 6,614 |  |  | $ | 53 |  |  | $ | 8,310 |
| Nine Months 2024 |
| North |  |  |  |  |  |  |  |  |  |
| America |  |  | International |  |  | Other |  |  | Total |
Digital & Integration | $ | 784 |  |  | $ | 2,303 |  |  | $ | 4 |  |  | $ | 3,091 |
Reservoir Performance |  | 409 |  |  |  | 4,952 |  |  |  | 7 |  |  |  | 5,368 |
Well Construction |  | 1,776 |  |  |  | 8,151 |  |  |  | 163 |  |  |  | 10,090 |
Production Systems |  | 2,009 |  |  |  | 6,915 |  |  |  | 22 |  |  |  | 8,946 |
Eliminations & other |  | (49 | ) |  |  | (388 | ) |  |  | (53 | ) |  |  | (490 | )
| $ | 4,929 |  |  | $ | 21,933 |  |  | $ | 143 |  |  | $ | 27,005 |
| Nine Months 2023 |
| North |  |  |  |  |  |  |  |  |  |
| America |  |  | International |  |  | Other |  |  | Total |
Digital & Integration | $ | 727 |  |  | $ | 2,091 |  |  | $ | 4 |  |  | $ | 2,822 |
Reservoir Performance |  | 375 |  |  |  | 4,446 |  |  |  | 5 |  |  |  | 4,826 |
Well Construction |  | 2,095 |  |  |  | 7,782 |  |  |  | 175 |  |  |  | 10,052 |
Production Systems |  | 1,931 |  |  |  | 4,943 |  |  |  | 14 |  |  |  | 6,888 |
Eliminations & other |  | (42 | ) |  |  | (367 | ) |  |  | (34 | ) |  |  | (443 | )
| $ | 5,086 |  |  | $ | 18,895 |  |  | $ | 164 |  |  | $ | 24,145 |
Revenue in excess of billings related to contracts where revenue is recognized over time was $0.4 billion at both September 30, 2024 and December 31, 2023. Such amounts are included within Receivables less allowance for doubtful accounts in the Consolidated Balance Sheet. Total backlog was $5.2 billion at September 30, 2024, of which approximately 60% is expected to be recognized as revenue over the next 12 months. Billings and cash collections in excess of revenue was $2.0 b illion at both September 30, 2024 and December 31, 2023. Such amounts are included within Accounts payable and accrued liabilities in the Consolidated Balance Sheet.

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- Definition The entire disclosure for reporting segments including data and tables. 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