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Revenue
 3 Months Ended
Mar. 31, 2020
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,

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

Completion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Completion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wellbore

 

 

& Production

 

 

Rig

 

 

 

 

 

 

 

 

 

 

Wellbore

 

 

& Production

 

 

Rig

 

 

 

 

 

 

 

 

 

 

 

Technologies

 

 

Solutions

 

 

Technologies

 

 

Eliminations

 

 

Total

 

 

Technologies

 

 

Solutions

 

 

Technologies

 

 

Eliminations

 

 

Total

 

North America

 

$

361

 

 

$

225

 

 

$

77

 

 

$

—

 

 

$

663

 

 

$

460

 

 

$

269

 

 

$

141

 

 

$

—

 

 

$

870

 

International

 

 

313

 

 

 

437

 

 

 

470

 

 

 

—

 

 

 

1,220

 

 

 

331

 

 

 

296

 

 

 

443

 

 

 

—

 

 

 

1,070

 

Eliminations

 

 

17

 

 

 

13

 

 

 

10

 

 

 

(40

)

 

 

—

 

 

 

16

 

 

 

16

 

 

 

19

 

 

 

(51

)

 

 

—

 

 

 

$

691

 

 

$

675

 

 

$

557

 

 

$

(40

)

 

$

1,883

 

 

$

807

 

 

$

581

 

 

$

603

 

 

$

(51

)

 

$

1,940

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land

 

$

529

 

 

$

416

 

 

$

151

 

 

$

—

 

 

$

1,096

 

 

$

665

 

 

$

405

 

 

$

215

 

 

$

—

 

 

$

1,285

 

Offshore

 

 

145

 

 

 

246

 

 

 

396

 

 

 

—

 

 

 

787

 

 

 

126

 

 

 

160

 

 

 

369

 

 

 

—

 

 

 

655

 

Eliminations

 

 

17

 

 

 

13

 

 

 

10

 

 

 

(40

)

 

 

—

 

 

 

16

 

 

 

16

 

 

 

19

 

 

 

(51

)

 

 

—

 

 

 

$

691

 

 

$

675

 

 

$

557

 

 

$

(40

)

 

$

1,883

 

 

$

807

 

 

$

581

 

 

$

603

 

 

$

(51

)

 

$

1,940

 

 

 

Performance Obligations

Net revenue recognized from performance obligations satisfied in previous periods was $4 million for the three months ended March 31, 2020, 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, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was $3,558 million. The Company expects to recognize approximately $937 million in revenue for the remaining performance obligations in 2020, and $2,621 million in 2021 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 net contract assets and contract liabilities are as follows (in millions):

 

 

 

Contract Assets

 

 

Contract Liabilities

 

Balance at December 31, 2019

 

$

643

 

 

$

427

 

Provision

 

 

(4

)

 

 

-

 

Billings

 

 

(84

)

 

 

282

 

Revenue recognized

 

 

99

 

 

 

(233

)

Currency translation adjustments and other

 

 

(15

)

 

 

(6

)

Balance at March 31, 2020

 

$

639

 

 

$

470