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Revenue
 3 Months Ended
Mar. 31, 2019
Revenue From Contract With Customer [Abstract]  
Revenue

6.

Revenue

Disaggregation of Revenue

The following table disaggregates the Company’s revenue by major geographic and market segment destination. In the table, North America includes the U.S. and Canada (in millions):

 

 

 

Three Months Ended March 31,

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

Completion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Completion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wellbore

 

 

& Production

 

 

Rig

 

 

 

 

 

 

 

 

 

 

Wellbore

 

 

& Production

 

 

Rig

 

 

 

 

 

 

 

 

 

 

 

Technologies

 

 

Solutions

 

 

Technologies

 

 

Eliminations

 

 

Total

 

 

Technologies

 

 

Solutions

 

 

Technologies

 

 

Eliminations

 

 

Total

 

North America

 

$

460

 

 

$

269

 

 

$

141

 

 

$

—

 

 

$

870

 

 

$

415

 

 

$

292

 

 

$

135

 

 

$

—

 

 

$

842

 

International

 

 

331

 

 

 

296

 

 

 

443

 

 

 

—

 

 

 

1,070

 

 

 

282

 

 

 

358

 

 

 

313

 

 

 

—

 

 

 

953

 

Eliminations

 

 

16

 

 

 

16

 

 

 

19

 

 

 

(51

)

 

 

—

 

 

 

14

 

 

 

20

 

 

 

35

 

 

 

(69

)

 

 

—

 

 

 

$

807

 

 

$

581

 

 

$

603

 

 

$

(51

)

 

$

1,940

 

 

$

711

 

 

$

670

 

 

$

483

 

 

$

(69

)

 

$

1,795

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land

 

$

665

 

 

$

405

 

 

$

215

 

 

$

—

 

 

$

1,285

 

 

$

583

 

 

$

446

 

 

$

172

 

 

$

—

 

 

$

1,201

 

Offshore

 

 

126

 

 

 

160

 

 

 

369

 

 

 

—

 

 

 

655

 

 

 

114

 

 

 

204

 

 

 

276

 

 

 

—

 

 

 

594

 

Eliminations

 

 

16

 

 

 

16

 

 

 

19

 

 

 

(51

)

 

 

—

 

 

 

14

 

 

 

20

 

 

 

35

 

 

 

(69

)

 

 

—

 

 

 

$

807

 

 

$

581

 

 

$

603

 

 

$

(51

)

 

$

1,940

 

 

$

711

 

 

$

670

 

 

$

483

 

 

$

(69

)

 

$

1,795

 

 

 

Performance Obligations

Net revenue recognized from performance obligations partially satisfied in previous periods was $16 million for the three months ended March 31, 2019 primarily due to change orders.

Remaining performance obligations represents the transaction price of firm orders for all revenue streams for which work has not been performed on contracts with original expected duration of one year or more. We do not disclose the remaining performance obligations of royalty contracts, service contracts for which there is a right to invoice, and short-term contracts that are expected to have a duration of one year or less. As of March 31, 2019, the aggregate amount of the transaction price allocated to remaining performance obligations was $1,681 million. The Company expects to recognize approximately $715 million in revenue for the remaining performance obligations in 2019 and $966 million in 2020 and thereafter.  

Contract Assets and Liabilities

Contract assets include unbilled amounts when revenue recognized exceeds the amount billed to the customer under contracts where revenue is recognized over-time. Contract liabilities consist of customer billings in excess of revenue recognized under over-time contracts, customer advance payments and deferred revenue.   

The changes in the carrying amount of contract assets and contract liabilities are as follows (in millions):

 

 

 

Contract Assets

 

 

Contract Liabilities

 

Balance at December 31, 2018

 

$

565

 

 

$

458

 

Billings

 

 

(215

)

 

 

93

 

Revenue recognized

 

 

223

 

 

 

(118

)

Currency translation adjustments and other

 

 

(34

)

 

 

(21

)

Balance at March 31, 2019

 

$

539

 

 

$

412

 

 

There were no impairment losses recorded on contract assets for the periods ending March 31, 2019 or 2018.