XML 15 R14.htm IDEA: XBRL DOCUMENT v3.19.3
Revenue
 9 Months Ended
Sep. 30, 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 September 30,

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

Completion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Completion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wellbore

 

 

& Production

 

 

Rig

 

 

 

 

 

 

 

 

 

 

Wellbore

 

 

& Production

 

 

Rig

 

 

 

 

 

 

 

 

 

 

 

Technologies

 

 

Solutions

 

 

Technologies

 

 

Elims.

 

 

Total

 

 

Technologies

 

 

Solutions

 

 

Technologies

 

 

Elims.

 

 

Total

 

North America

 

$

422

 

 

$

295

 

 

$

113

 

 

$

—

 

 

$

830

 

 

$

469

 

 

$

343

 

 

$

189

 

 

$

—

 

 

$

1,001

 

International

 

 

355

 

 

 

420

 

 

 

521

 

 

 

—

 

 

 

1,296

 

 

 

362

 

 

 

372

 

 

 

419

 

 

 

—

 

 

 

1,153

 

Eliminations

 

 

16

 

 

 

13

 

 

 

15

 

 

 

(44

)

 

 

—

 

 

 

16

 

 

 

20

 

 

 

29

 

 

 

(65

)

 

 

—

 

 

 

$

793

 

 

$

728

 

 

$

649

 

 

$

(44

)

 

$

2,126

 

 

$

847

 

 

$

735

 

 

$

637

 

 

$

(65

)

 

$

2,154

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land

 

$

616

 

 

$

479

 

 

$

151

 

 

$

—

 

 

$

1,246

 

 

$

707

 

 

$

521

 

 

$

206

 

 

$

—

 

 

$

1,434

 

Offshore

 

 

161

 

 

 

236

 

 

 

483

 

 

 

—

 

 

 

880

 

 

 

124

 

 

 

194

 

 

 

402

 

 

 

—

 

 

 

720

 

Eliminations

 

 

16

 

 

 

13

 

 

 

15

 

 

 

(44

)

 

 

—

 

 

 

16

 

 

 

20

 

 

 

29

 

 

 

(65

)

 

 

—

 

 

 

$

793

 

 

$

728

 

 

$

649

 

 

$

(44

)

 

$

2,126

 

 

$

847

 

 

$

735

 

 

$

637

 

 

$

(65

)

 

$

2,154

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

Completion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Completion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wellbore

 

 

& Production

 

 

Rig

 

 

 

 

 

 

 

 

 

 

Wellbore

 

 

& Production

 

 

Rig

 

 

 

 

 

 

 

 

 

 

 

Technologies

 

 

Solutions

 

 

Technologies

 

 

Elims.

 

 

Total

 

 

Technologies

 

 

Solutions

 

 

Technologies

 

 

Elims.

 

 

Total

 

North America

 

$

1,343

 

 

$

846

 

 

$

381

 

 

$

—

 

 

$

2,570

 

 

$

1,333

 

 

$

977

 

 

$

467

 

 

$

—

 

 

$

2,777

 

International

 

 

1,061

 

 

 

1,080

 

 

 

1,487

 

 

 

—

 

 

 

3,628

 

 

 

970

 

 

 

1,104

 

 

 

1,204

 

 

 

—

 

 

 

3,278

 

Eliminations

 

 

46

 

 

 

46

 

 

 

55

 

 

 

(147

)

 

 

—

 

 

 

48

 

 

 

62

 

 

 

100

 

 

 

(210

)

 

 

—

 

 

 

$

2,450

 

 

$

1,972

 

 

$

1,923

 

 

$

(147

)

 

$

6,198

 

 

$

2,351

 

 

$

2,143

 

 

$

1,771

 

 

$

(210

)

 

$

6,055

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land

 

$

1,960

 

 

$

1,340

 

 

$

537

 

 

$

—

 

 

$

3,837

 

 

$

1,950

 

 

$

1,476

 

 

$

586

 

 

$

—

 

 

$

4,012

 

Offshore

 

 

444

 

 

 

586

 

 

 

1,331

 

 

 

—

 

 

 

2,361

 

 

 

353

 

 

 

605

 

 

 

1,085

 

 

 

—

 

 

 

2,043

 

Eliminations

 

 

46

 

 

 

46

 

 

 

55

 

 

 

(147

)

 

 

—

 

 

 

48

 

 

 

62

 

 

 

100

 

 

 

(210

)

 

 

—

 

 

 

$

2,450

 

 

$

1,972

 

 

$

1,923

 

 

$

(147

)

 

$

6,198

 

 

$

2,351

 

 

$

2,143

 

 

$

1,771

 

 

$

(210

)

 

$

6,055

 

 

Performance Obligations

Net revenue recognized from performance obligations partially satisfied in previous periods was $54 million and $56 million for the nine months ended September 30, 2019 and September 30, 2018, respectively, 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. The Company does 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 September 30, 2019, the aggregate amount of the transaction price allocated to remaining performance obligations was $2,603 million. The Company expects to recognize approximately 12 percent of the remaining performance obligations in the fourth quarter of 2019 and the remainder 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

 

 

(591

)

 

 

548

 

Revenue recognized

 

 

661

 

 

 

(560

)

Currency translation adjustments and other

 

 

(20

)

 

 

9

 

Balance at September 30, 2019

 

$

615

 

 

$

455

 

 

There were no impairment losses recorded on contract assets for each of the periods ending September 30, 2019 or 2018.