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Revenue
 6 Months Ended
Jun. 30, 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 June 30,

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

Completion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Completion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wellbore

 

 

& Production

 

 

Rig

 

 

 

 

 

 

 

 

 

 

Wellbore

 

 

& Production

 

 

Rig

 

 

 

 

 

 

 

 

 

 

 

Technologies

 

 

Solutions

 

 

Technologies

 

 

Elims.

 

 

Total

 

 

Technologies

 

 

Solutions

 

 

Technologies

 

 

Elims.

 

 

Total

 

North America

 

$

183

 

 

$

181

 

 

$

53

 

 

$

—

 

 

$

417

 

 

$

461

 

 

$

282

 

 

$

127

 

 

$

—

 

 

$

870

 

International

 

 

246

 

 

 

419

 

 

 

414

 

 

 

—

 

 

 

1,079

 

 

 

375

 

 

 

364

 

 

 

523

 

 

 

—

 

 

 

1,262

 

Eliminations

 

 

13

 

 

 

11

 

 

 

9

 

 

 

(33

)

 

 

—

 

 

 

14

 

 

 

17

 

 

 

21

 

 

 

(52

)

 

 

—

 

 

 

$

442

 

 

$

611

 

 

$

476

 

 

$

(33

)

 

$

1,496

 

 

$

850

 

 

$

663

 

 

$

671

 

 

$

(52

)

 

$

2,132

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land

 

$

296

 

 

$

345

 

 

$

113

 

 

$

—

 

 

$

754

 

 

$

679

 

 

$

456

 

 

$

171

 

 

$

—

 

 

$

1,306

 

Offshore

 

 

133

 

 

 

255

 

 

 

354

 

 

 

—

 

 

 

742

 

 

 

157

 

 

 

190

 

 

 

479

 

 

 

—

 

 

 

826

 

Eliminations

 

 

13

 

 

 

11

 

 

 

9

 

 

 

(33

)

 

 

—

 

 

 

14

 

 

 

17

 

 

 

21

 

 

 

(52

)

 

 

—

 

 

 

$

442

 

 

$

611

 

 

$

476

 

 

$

(33

)

 

$

1,496

 

 

$

850

 

 

$

663

 

 

$

671

 

 

$

(52

)

 

$

2,132

 

 

 

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

Completion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Completion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wellbore

 

 

& Production

 

 

Rig

 

 

 

 

 

 

 

 

 

 

Wellbore

 

 

& Production

 

 

Rig

 

 

 

 

 

 

 

 

 

 

 

Technologies

 

 

Solutions

 

 

Technologies

 

 

Elims.

 

 

Total

 

 

Technologies

 

 

Solutions

 

 

Technologies

 

 

Elims.

 

 

Total

 

North America

 

$

544

 

 

$

406

 

 

$

130

 

 

$

—

 

 

$

1,080

 

 

$

921

 

 

$

551

 

 

$

268

 

 

$

—

 

 

$

1,740

 

International

 

 

559

 

 

 

856

 

 

 

884

 

 

 

—

 

 

 

2,299

 

 

 

706

 

 

 

660

 

 

 

966

 

 

 

—

 

 

 

2,332

 

Eliminations

 

 

30

 

 

 

24

 

 

 

19

 

 

 

(73

)

 

 

—

 

 

 

30

 

 

 

33

 

 

 

40

 

 

 

(103

)

 

 

—

 

 

 

$

1,133

 

 

$

1,286

 

 

$

1,033

 

 

$

(73

)

 

$

3,379

 

 

$

1,657

 

 

$

1,244

 

 

$

1,274

 

 

$

(103

)

 

$

4,072

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land

 

$

825

 

 

$

761

 

 

$

264

 

 

$

—

 

 

$

1,850

 

 

$

1,344

 

 

$

861

 

 

$

386

 

 

$

—

 

 

$

2,591

 

Offshore

 

 

278

 

 

 

501

 

 

 

750

 

 

 

—

 

 

 

1,529

 

 

 

283

 

 

 

350

 

 

 

848

 

 

 

—

 

 

 

1,481

 

Eliminations

 

 

30

 

 

 

24

 

 

 

19

 

 

 

(73

)

 

 

—

 

 

 

30

 

 

 

33

 

 

 

40

 

 

 

(103

)

 

 

—

 

 

 

$

1,133

 

 

$

1,286

 

 

$

1,033

 

 

$

(73

)

 

$

3,379

 

 

$

1,657

 

 

$

1,244

 

 

$

1,274

 

 

$

(103

)

 

$

4,072

 

 

Performance Obligations

Net revenue recognized from performance obligations satisfied in previous periods was $8 million for the three months ended June 30, 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 June 30, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was $3,919 million. The Company expects to recognize approximately $591 million in revenue for the remaining performance obligations in 2020 and $3,328 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 contract assets and contract liabilities are as follows (in millions):

 

 

 

Contract

Assets

 

 

Contract

Liabilities

 

Balance at December 31, 2019

 

$

643

 

 

$

427

 

Provision

 

 

(4

)

 

 

—

 

Billings

 

 

(373

)

 

 

598

 

Revenue recognized

 

 

253

 

 

 

(609

)

Currency translation adjustments and other

 

 

(11

)

 

 

(8

)

Balance at June 30, 2020

 

$

508

 

 

$

408