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Revenue (Tables) | 3 Months Ended
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Mar. 31, 2024
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, |
|  | 2024 |  |  | 2023 |
|  | Energy |  |  |  |  |  |  |  |  |  |  |  | Energy |  |  |  |  |  |  |  |  |  |
|  | Products |  |  | Energy |  |  |  |  |  |  |  |  | Products |  |  | Energy |  |  |  |  |  |  |
|  | and Services |  |  | Equipment |  |  | Elims. |  |  | Total |  |  | and Services |  |  | Equipment |  |  | Elims. |  |  | Total |
North America |  | $ | 537 |  |  | $ | 296 |  |  | $ | — |  |  | $ | 833 |  |  | $ | 502 |  |  | $ | 312 |  |  | $ | — |  |  | $ | 814 |
International |  |  | 456 |  |  |  | 866 |  |  |  | — |  |  |  | 1,322 |  |  |  | 421 |  |  |  | 727 |  |  |  | — |  |  |  | 1,148 |
Eliminations |  |  | 24 |  |  |  | 16 |  |  |  | (40 | ) |  |  | — |  |  |  | 18 |  |  |  | 13 |  |  |  | (31 | ) |  |  | — |
|  | $ | 1,017 |  |  | $ | 1,178 |  |  | $ | (40 | ) |  | $ | 2,155 |  |  | $ | 941 |  |  | $ | 1,052 |  |  | $ | (31 | ) |  | $ | 1,962 |
Land |  | $ | 772 |  |  | $ | 427 |  |  | $ | — |  |  | $ | 1,199 |  |  | $ | 697 |  |  | $ | 485 |  |  | $ | — |  |  | $ | 1,182 |
Offshore |  |  | 221 |  |  |  | 735 |  |  |  | — |  |  |  | 956 |  |  |  | 226 |  |  |  | 554 |  |  |  | — |  |  |  | 780 |
Eliminations |  |  | 24 |  |  |  | 16 |  |  |  | (40 | ) |  |  | — |  |  |  | 18 |  |  |  | 13 |  |  |  | (31 | ) |  |  | — |
|  | $ | 1,017 |  |  | $ | 1,178 |  |  | $ | (40 | ) |  | $ | 2,155 |  |  | $ | 941 |  |  | $ | 1,052 |  |  | $ | (31 | ) |  | $ | 1,962 |
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, 2023 |  | $ | 739 |  |  | $ | 532 |
Billings |  |  | (275 | ) |  |  | 314 |
Revenue recognized |  |  | 366 |  |  |  | (301 | )
Currency translation adjustments and other |  |  | (16 | ) |  |  | (12 | )
Balance at March 31, 2024 |  | $ | 814 |  |  | $ | 533 |
Summary of Changes Carrying Amount of Allowance for Credit Losses | The changes in the carrying amount of the allowance for credit losses are as follows (in millions):
Balance at December 31, 2023 |  | $ | 72 |
Provision for expected credit losses |  |  | 15 |
Recoveries collected |  |  | (5 | )
Other |  |  | (7 | )
Balance at March 31, 2024 |  | $ | 75 |

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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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 + Details
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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5 + Details
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