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v3.25.1

Revenue (Tables) | 3 Months Ended
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Mar. 31, 2025
Revenue from Contract with Customer [Abstract] |
Summary of Disaggregate Revenue by Destinations and Revenue Streams |
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
|  | Energy |  |  |  |  |  |  |  |  |  |  |  | Energy |  |  |  |  |  |  |  |  |  |
|  | Products |  |  | Energy |  |  |  |  |  |  |  |  | Products |  |  | Energy |  |  |  |  |  |  |
|  | and Services |  |  | Equipment |  |  | Eliminations |  |  | Total |  |  | and Services |  |  | Equipment |  |  | Eliminations |  |  | Total |
North America |  | $ | 551 |  |  | $ | 261 |  |  | $ | — |  |  | $ | 812 |  |  | $ | 537 |  |  | $ | 296 |  |  | $ | — |  |  | $ | 833 |
International |  |  | 420 |  |  |  | 871 |  |  |  | — |  |  |  | 1,291 |  |  |  | 456 |  |  |  | 866 |  |  |  | — |  |  |  | 1,322 |
Intersegment revenue |  |  | 21 |  |  |  | 14 |  |  |  | (35 | ) |  |  | — |  |  |  | 24 |  |  |  | 16 |  |  |  | (40 | ) |  |  | — |
|  | $ | 992 |  |  | $ | 1,146 |  |  | $ | (35 | ) |  | $ | 2,103 |  |  | $ | 1,017 |  |  | $ | 1,178 |  |  | $ | (40 | ) |  | $ | 2,155 |
Land |  | $ | 755 |  |  | $ | 401 |  |  | $ | — |  |  | $ | 1,156 |  |  | $ | 772 |  |  | $ | 427 |  |  | $ | — |  |  | $ | 1,199 |
Offshore |  |  | 216 |  |  |  | 731 |  |  |  | — |  |  |  | 947 |  |  |  | 221 |  |  |  | 735 |  |  |  | — |  |  |  | 956 |
Intersegment revenue |  |  | 21 |  |  |  | 14 |  |  |  | (35 | ) |  |  | — |  |  |  | 24 |  |  |  | 16 |  |  |  | (40 | ) |  |  | — |
|  | $ | 992 |  |  | $ | 1,146 |  |  | $ | (35 | ) |  | $ | 2,103 |  |  | $ | 1,017 |  |  | $ | 1,178 |  |  | $ | (40 | ) |  | $ | 2,155 |
In the table below, the revenue streams of the Energy Products and Services segment are categorized as services and rentals, sales of shorter-lived capital equipment, and sales of consumable products. The revenue streams of Energy Equipment are categorized as long-lived capital equipment sales and aftermarket sales and services.
|  | Three Months Ended March 31, |
|  | 2025 |  | 2024 |
Energy Products and Services: |  |  |  |  |  |
Services & rental |  | $ | 507 |  |  | $ | 486 |
Capital equipment |  |  | 288 |  |  |  | 304 |
Product sales |  |  | 176 |  |  |  | 203 |
Intersegment revenue |  |  | 21 |  |  |  | 24 |
Total |  |  | 992 |  |  |  | 1,017 |
Energy Equipment: |  |  |  |  |  |
Capital equipment |  |  | 641 |  |  |  | 609 |
Aftermarket |  |  | 491 |  |  |  | 553 |
Intersegment revenue |  |  | 14 |  |  |  | 16 |
Total |  |  | 1,146 |  |  |  | 1,178 |
Eliminations |  |  | (35 | ) |  |  | (40 | )
Total consolidated |  | $ | 2,103 |  |  | $ | 2,155 |
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, 2024 |  | $ | 577 |  |  | $ | 492 |
Billings |  |  | (322 | ) |  |  | 381 |
Revenue recognized |  |  | 398 |  |  |  | (373 | )
Currency translation adjustments and other |  |  | 27 |  |  |  | 20 |
Balance at March 31, 2025 |  | $ | 680 |  |  | $ | 520 |
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, 2024 |  | $ | 67 |
Provision for expected credit losses |  |  | 14 |
Recoveries collected |  |  | (7 | )
Reclass for long-term receivables |  |  | (6 | )
Writeoffs |  |  | (1 | )
Other |  |  | (1 | )
Balance at March 31, 2025 |  | $ | 66 |

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