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v3.23.1

Revenue (Tables) | 3 Months Ended
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Mar. 31, 2023
Revenue from Contract with Customer [Abstract] |
Summary of Disaggregate Revenue by Destinations | 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, |
|  | 2023 |  |  | 2022 |
|  |  |  |  | Completion |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Completion |  |  |  |  |  |  |  |  |  |
|  | Wellbore |  |  | & Production |  |  | Rig |  |  |  |  |  |  |  |  | Wellbore |  |  | & Production |  |  | Rig |  |  |  |  |  |  |
|  | Technologies |  |  | Solutions |  |  | Technologies |  |  | Elims. |  |  | Total |  |  | Technologies |  |  | Solutions |  |  | Technologies |  |  | Elims. |  |  | Total |
North America |  | $ | 383 |  |  | $ | 327 |  |  | $ | 104 |  |  | $ | — |  |  | $ | 814 |  |  | $ | 306 |  |  | $ | 213 |  |  | $ | 88 |  |  | $ | — |  |  | $ | 607 |
International |  |  | 343 |  |  |  | 372 |  |  |  | 433 |  |  |  | — |  |  |  | 1,148 |  |  |  | 290 |  |  |  | 308 |  |  |  | 343 |  |  |  | — |  |  |  | 941 |
Eliminations |  |  | 19 |  |  |  | 19 |  |  |  | 13 |  |  |  | (51 | ) |  |  | — |  |  |  | 12 |  |  |  | 9 |  |  |  | 10 |  |  |  | (31 | ) |  |  | — |
|  | $ | 745 |  |  | $ | 718 |  |  | $ | 550 |  |  | $ | (51 | ) |  | $ | 1,962 |  |  | $ | 608 |  |  | $ | 530 |  |  | $ | 441 |  |  | $ | (31 | ) |  | $ | 1,548 |
Land |  | $ | 553 |  |  | $ | 438 |  |  | $ | 191 |  |  | $ | — |  |  | $ | 1,182 |  |  | $ | 434 |  |  | $ | 322 |  |  | $ | 123 |  |  | $ | — |  |  | $ | 879 |
Offshore |  |  | 173 |  |  |  | 261 |  |  |  | 346 |  |  |  | — |  |  |  | 780 |  |  |  | 162 |  |  |  | 199 |  |  |  | 308 |  |  |  | — |  |  |  | 669 |
Eliminations |  |  | 19 |  |  |  | 19 |  |  |  | 13 |  |  |  | (51 | ) |  |  | — |  |  |  | 12 |  |  |  | 9 |  |  |  | 10 |  |  |  | (31 | ) |  |  | — |
|  | $ | 745 |  |  | $ | 718 |  |  | $ | 550 |  |  | $ | (51 | ) |  | $ | 1,962 |  |  | $ | 608 |  |  | $ | 530 |  |  | $ | 441 |  |  | $ | (31 | ) |  | $ | 1,548 |
Summary of Changes in Carrying Amount of Contract Assets and Contract Liabilities | 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, 2022 |  | $ | 685 |  |  | $ | 444 |
Provision |  |  | — |  |  |  | — |
Billings |  |  | (378 | ) |  |  | 273 |
Revenue recognized |  |  | 317 |  |  |  | (273 | )
Currency translation adjustments and other |  |  | 13 |  |  |  | 5 |
Balance at March 31, 2023 |  | $ | 637 |  |  | $ | 449 |
Summary of Allowance for Credit Losses | As of March 31, 2023, the allowance for credit losses totaled $71 million.
Balance at December 31, 2022 |  | $ | 71 |
Provision for expected credit losses |  |  | 9 |
Recoveries collected |  |  | (6 | )
Other |  |  | (3 | )
Balance at March 31, 2023 |  | $ | 71 |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045 + Details
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