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Revenue
 12 Months Ended
Dec. 31, 2021
Revenue From Contract With Customer [Abstract]  
Revenue

14.

Revenue

Disaggregation of Revenue

 

The following tables disaggregate our revenue by destinations, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. In the tables below, North America includes only the U.S. and Canada (in millions):

 

 

 

Year Ended December 31, 2021

 

 

 

 

 

 

 

Completion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wellbore

 

 

& Production

 

 

Rig

 

 

 

 

 

 

 

 

 

 

 

Technologies

 

 

Solutions

 

 

Technologies

 

 

Eliminations

 

 

Total

 

North America

 

$

904

 

 

$

789

 

 

$

275

 

 

$

—

 

 

$

1,968

 

International

 

 

991

 

 

 

1,131

 

 

 

1,434

 

 

 

—

 

 

 

3,556

 

Eliminations

 

 

64

 

 

 

43

 

 

 

30

 

 

 

(137

)

 

 

—

 

 

 

$

1,959

 

 

$

1,963

 

 

$

1,739

 

 

$

(137

)

 

$

5,524

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land

 

$

1,423

 

 

$

1,250

 

 

$

390

 

 

$

—

 

 

$

3,063

 

Offshore

 

 

472

 

 

 

670

 

 

 

1,319

 

 

 

—

 

 

 

2,461

 

Eliminations

 

 

64

 

 

 

43

 

 

 

30

 

 

 

(137

)

 

 

—

 

 

 

$

1,959

 

 

$

1,963

 

 

$

1,739

 

 

$

(137

)

 

$

5,524

 

 

 

 

 

Year Ended December 31, 2020

 

 

 

 

 

 

 

Completion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wellbore

 

 

& Production

 

 

Rig

 

 

 

 

 

 

 

 

 

 

 

Technologies

 

 

Solutions

 

 

Technologies

 

 

Eliminations

 

 

Total

 

North America

 

$

824

 

 

$

751

 

 

$

227

 

 

$

—

 

 

$

1,802

 

International

 

 

988

 

 

 

1,639

 

 

 

1,661

 

 

 

—

 

 

 

4,288

 

Eliminations

 

 

55

 

 

 

43

 

 

 

31

 

 

 

(129

)

 

 

—

 

 

 

$

1,867

 

 

$

2,433

 

 

$

1,919

 

 

$

(129

)

 

$

6,090

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land

 

$

1,308

 

 

$

1,426

 

 

$

473

 

 

$

—

 

 

$

3,207

 

Offshore

 

 

504

 

 

 

964

 

 

 

1,415

 

 

 

—

 

 

 

2,883

 

Eliminations

 

 

55

 

 

 

43

 

 

 

31

 

 

 

(129

)

 

 

—

 

 

 

$

1,867

 

 

$

2,433

 

 

$

1,919

 

 

$

(129

)

 

$

6,090

 

 

 

 

Year Ended December 31, 2019

 

 

 

 

 

 

 

Completion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wellbore

 

 

& Production

 

 

Rig

 

 

 

 

 

 

 

 

 

 

 

Technologies

 

 

Solutions

 

 

Technologies

 

 

Eliminations

 

 

Total

 

North America

 

$

1,710

 

 

$

1,122

 

 

$

529

 

 

$

—

 

 

$

3,361

 

International

 

 

1,441

 

 

 

1,590

 

 

 

2,087

 

 

 

—

 

 

 

5,118

 

Eliminations

 

 

63

 

 

 

59

 

 

 

66

 

 

 

(188

)

 

 

—

 

 

 

$

3,214

 

 

$

2,771

 

 

$

2,682

 

 

$

(188

)

 

$

8,479

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land

 

$

2,531

 

 

$

1,808

 

 

$

758

 

 

$

—

 

 

$

5,097

 

Offshore

 

 

620

 

 

 

904

 

 

 

1,858

 

 

 

—

 

 

 

3,382

 

Eliminations

 

 

63

 

 

 

59

 

 

 

66

 

 

 

(188

)

 

 

—

 

 

 

$

3,214

 

 

$

2,771

 

 

$

2,682

 

 

$

(188

)

 

$

8,479

 

 

The Company did not have any customers with revenues greater than 10% of total revenue for the years ended December 31, 2021, 2020, or 2019.

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. There were no impairment losses recorded on contract assets for the years ending December 31, 2021, 2020 and 2019.  

Contract liabilities consist of advance payments, billings in excess of revenue recognized 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, 2020

 

$

611

 

 

$

354

 

Provision, net

 

 

1

 

 

 

—

 

Billings

 

 

(866

)

 

 

933

 

Revenue recognized

 

 

806

 

 

 

(818

)

Currency translation adjustments and other

 

 

(91

)

 

 

(77

)

Balance at December 31, 2021

 

$

461

 

 

$

392

 

 

Allowance for Credit Losses

 

The Company estimates its allowance for credit losses using information about past events, current conditions and risk characteristics of each customer, and forecasts relevant to assessing risk associated with the collectability of

receivables and contract assets. The Company’s customer base, mostly in the oil and gas industry, have generally similar collectability risk characteristics, although larger and state-owned customers may have lower risk than smaller independent customers. As of December 31, 2021, and December 31, 2020, the allowance for credit losses totaled $89 million and $102 million, respectively.