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Revenue
 9 Months Ended
Sep. 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 September 30,

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

Completion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Completion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wellbore

 

 

& Production

 

 

Rig

 

 

 

 

 

 

 

 

 

 

Wellbore

 

 

& Production

 

 

Rig

 

 

 

 

 

 

 

 

 

 

 

Technologies

 

 

Solutions

 

 

Technologies

 

 

Elims.

 

 

Total

 

 

Technologies

 

 

Solutions

 

 

Technologies

 

 

Elims.

 

 

Total

 

North America

 

$

132

 

 

$

168

 

 

$

54

 

 

$

—

 

 

$

354

 

 

$

422

 

 

$

295

 

 

$

113

 

 

$

—

 

 

$

830

 

International

 

 

217

 

 

 

424

 

 

 

389

 

 

 

—

 

 

 

1,030

 

 

 

355

 

 

 

420

 

 

 

521

 

 

 

—

 

 

 

1,296

 

Eliminations

 

 

12

 

 

 

9

 

 

 

6

 

 

 

(27

)

 

 

—

 

 

 

16

 

 

 

13

 

 

 

15

 

 

 

(44

)

 

 

—

 

 

 

$

361

 

 

$

601

 

 

$

449

 

 

$

(27

)

 

$

1,384

 

 

$

793

 

 

$

728

 

 

$

649

 

 

$

(44

)

 

$

2,126

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land

 

$

226

 

 

$

346

 

 

$

103

 

 

$

—

 

 

$

675

 

 

$

616

 

 

$

479

 

 

$

151

 

 

$

—

 

 

$

1,246

 

Offshore

 

 

123

 

 

 

246

 

 

 

340

 

 

 

—

 

 

 

709

 

 

 

161

 

 

 

236

 

 

 

483

 

 

 

—

 

 

 

880

 

Eliminations

 

 

12

 

 

 

9

 

 

 

6

 

 

 

(27

)

 

 

—

 

 

 

16

 

 

 

13

 

 

 

15

 

 

 

(44

)

 

 

—

 

 

 

$

361

 

 

$

601

 

 

$

449

 

 

$

(27

)

 

$

1,384

 

 

$

793

 

 

$

728

 

 

$

649

 

 

$

(44

)

 

$

2,126

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

Completion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Completion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wellbore

 

 

& Production

 

 

Rig

 

 

 

 

 

 

 

 

 

 

Wellbore

 

 

& Production

 

 

Rig

 

 

 

 

 

 

 

 

 

 

 

Technologies

 

 

Solutions

 

 

Technologies

 

 

Elims.

 

 

Total

 

 

Technologies

 

 

Solutions

 

 

Technologies

 

 

Elims.

 

 

Total

 

North America

 

$

676

 

 

$

574

 

 

$

184

 

 

$

—

 

 

$

1,434

 

 

$

1,343

 

 

$

846

 

 

$

381

 

 

$

—

 

 

$

2,570

 

International

 

 

776

 

 

 

1,280

 

 

 

1,273

 

 

 

—

 

 

 

3,329

 

 

 

1,061

 

 

 

1,080

 

 

 

1,487

 

 

 

—

 

 

 

3,628

 

Eliminations

 

 

42

 

 

 

33

 

 

 

25

 

 

 

(100

)

 

 

—

 

 

 

46

 

 

 

46

 

 

 

55

 

 

 

(147

)

 

 

—

 

 

 

$

1,494

 

 

$

1,887

 

 

$

1,482

 

 

$

(100

)

 

$

4,763

 

 

$

2,450

 

 

$

1,972

 

 

$

1,923

 

 

$

(147

)

 

$

6,198

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land

 

$

1,051

 

 

$

1,107

 

 

$

367

 

 

$

—

 

 

$

2,525

 

 

$

1,960

 

 

$

1,340

 

 

$

537

 

 

$

—

 

 

$

3,837

 

Offshore

 

 

401

 

 

 

747

 

 

 

1,090

 

 

 

—

 

 

 

2,238

 

 

 

444

 

 

 

586

 

 

 

1,331

 

 

 

—

 

 

 

2,361

 

Eliminations

 

 

42

 

 

 

33

 

 

 

25

 

 

 

(100

)

 

 

—

 

 

 

46

 

 

 

46

 

 

 

55

 

 

 

(147

)

 

 

—

 

 

 

$

1,494

 

 

$

1,887

 

 

$

1,482

 

 

$

(100

)

 

$

4,763

 

 

$

2,450

 

 

$

1,972

 

 

$

1,923

 

 

$

(147

)

 

$

6,198

 

 

Performance Obligations

Net revenue recognized from performance obligations satisfied in previous periods was $15 million for the three months ended September 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 September 30, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was $3,718 million. The Company expects to recognize approximately $288 million in revenue for the remaining performance obligations in 2020 and $3,430 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

 

 

(2

)

 

 

—

 

Billings

 

 

(692

)

 

 

924

 

Revenue recognized

 

 

655

 

 

 

(946

)

Currency translation adjustments and other

 

 

(49

)

 

 

(34

)

Balance at September 30, 2020

 

$

555

 

 

$

371