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Revenue (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, |
|  | 2024 |  |  | 2023 |
|  | Energy |  |  |  |  |  |  |  |  |  |  |  | Energy |  |  |  |  |  |  |  |  |  |
|  | Products |  |  | Energy |  |  |  |  |  |  |  |  | Products |  |  | Energy |  |  |  |  |  |  |
|  | and Services |  |  | Equipment |  |  | Elims. |  |  | Total |  |  | and Services |  |  | Equipment |  |  | Elims. |  |  | Total |
North America |  | $ | 534 |  |  | $ | 301 |  |  | $ | — |  |  | $ | 835 |  |  | $ | 519 |  |  | $ | 326 |  |  | $ | — |  |  | $ | 845 |
International |  |  | 493 |  |  |  | 888 |  |  |  | — |  |  |  | 1,381 |  |  |  | 471 |  |  |  | 777 |  |  |  | — |  |  |  | 1,248 |
Eliminations |  |  | 23 |  |  |  | 15 |  |  |  | (38 | ) |  |  | — |  |  |  | 39 |  |  |  | 14 |  |  |  | (53 | ) |  |  | — |
|  | $ | 1,050 |  |  | $ | 1,204 |  |  | $ | (38 | ) |  | $ | 2,216 |  |  | $ | 1,029 |  |  | $ | 1,117 |  |  | $ | (53 | ) |  | $ | 2,093 |
Land |  | $ | 777 |  |  | $ | 460 |  |  | $ | — |  |  | $ | 1,237 |  |  | $ | 729 |  |  | $ | 443 |  |  | $ | — |  |  | $ | 1,172 |
Offshore |  |  | 250 |  |  |  | 729 |  |  |  | — |  |  |  | 979 |  |  |  | 261 |  |  |  | 660 |  |  |  | — |  |  |  | 921 |
Eliminations |  |  | 23 |  |  |  | 15 |  |  |  | (38 | ) |  |  | — |  |  |  | 39 |  |  |  | 14 |  |  |  | (53 | ) |  |  | — |
|  | $ | 1,050 |  |  | $ | 1,204 |  |  | $ | (38 | ) |  | $ | 2,216 |  |  | $ | 1,029 |  |  | $ | 1,117 |  |  | $ | (53 | ) |  | $ | 2,093 |
|  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |
|  | Energy |  |  |  |  |  |  |  |  |  |  |  | Energy |  |  |  |  |  |  |  |  |  |
|  | Products |  |  | Energy |  |  |  |  |  |  |  |  | Products |  |  | Energy |  |  |  |  |  |  |
|  | and Services |  |  | Equipment |  |  | Elims. |  |  | Total |  |  | and Services |  |  | Equipment |  |  | Elims. |  |  | Total |
North America |  | $ | 1,071 |  |  | $ | 597 |  |  | $ | — |  |  | $ | 1,668 |  |  | $ | 1,021 |  |  | $ | 638 |  |  | $ | — |  |  | $ | 1,659 |
International |  |  | 949 |  |  |  | 1,754 |  |  |  | — |  |  |  | 2,703 |  |  |  | 892 |  |  |  | 1,504 |  |  |  | — |  |  |  | 2,396 |
Eliminations |  |  | 47 |  |  |  | 31 |  |  |  | (78 | ) |  |  | — |  |  |  | 57 |  |  |  | 27 |  |  |  | (84 | ) |  |  | — |
|  | $ | 2,067 |  |  | $ | 2,382 |  |  | $ | (78 | ) |  | $ | 4,371 |  |  | $ | 1,970 |  |  | $ | 2,169 |  |  | $ | (84 | ) |  | $ | 4,055 |
Land |  | $ | 1,549 |  |  | $ | 887 |  |  | $ | — |  |  | $ | 2,436 |  |  | $ | 1,426 |  |  | $ | 928 |  |  | $ | — |  |  | $ | 2,354 |
Offshore |  |  | 471 |  |  |  | 1,464 |  |  |  | — |  |  |  | 1,935 |  |  |  | 487 |  |  |  | 1,214 |  |  |  | — |  |  |  | 1,701 |
Eliminations |  |  | 47 |  |  |  | 31 |  |  |  | (78 | ) |  |  | — |  |  |  | 57 |  |  |  | 27 |  |  |  | (84 | ) |  |  | — |
|  | $ | 2,067 |  |  | $ | 2,382 |  |  | $ | (78 | ) |  | $ | 4,371 |  |  | $ | 1,970 |  |  | $ | 2,169 |  |  | $ | (84 | ) |  | $ | 4,055 |
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 |  |  | (639 | ) |  |  | 582 |
Revenue recognized |  |  | 710 |  |  |  | (592 | )
Currency translation adjustments and other |  |  | (38 | ) |  |  | (14 | )
Balance at June 30, 2024 |  | $ | 772 |  |  | $ | 508 |
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 |  |  | 24 |
Recoveries collected |  |  | (8 | )
Other |  |  | (15 | )
Balance at June 30, 2024 |  | $ | 73 |

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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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