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Revenue (Tables)

9 Months Ended

Sep. 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 September 30,
		2024																2023
		Energy																Energy
		Products				Energy												Products				Energy
		and Services				Equipment				Elims.				Total				and Services				Equipment				Elims.				Total
North America		$	502			$	319			$	—			$	821			$	495			$	302			$	—			$	797
International			483				887				—				1,370				511				877				—				1,388
Eliminations			18				13				(31	)			—				28				16				(44	)			—
		$	1,003			$	1,219			$	(31	)		$	2,191			$	1,034			$	1,195			$	(44	)		$	2,185

Land		$	761			$	436			$	—			$	1,197			$	739			$	435			$	—			$	1,174
Offshore			224				770				—				994				267				744				—				1,011
Eliminations			18				13				(31	)			—				28				16				(44	)			—
		$	1,003			$	1,219			$	(31	)		$	2,191			$	1,034			$	1,195			$	(44	)		$	2,185


		Nine Months Ended September 30,
		2024																2023
		Energy																Energy
		Products				Energy												Products				Energy
		and Services				Equipment				Elims.				Total				and Services				Equipment				Elims.				Total
North America		$	1,573			$	916			$	—			$	2,489			$	1,516			$	940			$	—			$	2,456
International			1,432				2,641				—				4,073				1,403				2,381				—				3,784
Eliminations			65				44				(109	)			—				85				43				(128	)			—
		$	3,070			$	3,601			$	(109	)		$	6,562			$	3,004			$	3,364			$	(128	)		$	6,240

Land		$	2,310			$	1,323			$	—			$	3,633			$	2,165			$	1,363			$	—			$	3,528
Offshore			695				2,234				—				2,929				754				1,958				—				2,712
Eliminations			65				44				(109	)			—				85				43				(128	)			—
		$	3,070			$	3,601			$	(109	)		$	6,562			$	3,004			$	3,364			$	(128	)		$	6,240

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			(1,148	)			890
Revenue recognized			1,137				(906	)
Currency translation adjustments and other			(44	)			(21	)
Balance at September 30, 2024		$	684			$	495

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			34
Recoveries collected			(11	)
Reclass for long-term receivables			(12	)
Writeoffs			(13	)
Other			(1	)
Balance at September 30, 2024		$	69