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Revenue (Tables) | 6 Months Ended
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Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
Summary of Disaggregate Revenue by Destinations and Revenue Streams | The following tables disaggregate our revenue by destinations and revenue streams, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors (in millions). In the table below, North America includes only the U.S. and Canada:
|  | Three Months Ended |
|  | June 30, |
|  | 2025 |  |  | 2024 |
|  | Energy |  |  |  |  |  |  |  |  |  |  |  | Energy |  |  |  |  |  |  |  |  |  |
|  | Products |  |  | Energy |  |  |  |  |  |  |  |  | Products |  |  | Energy |  |  |  |  |  |  |
|  | and Services |  |  | Equipment |  |  | Eliminations |  |  | Total |  |  | and Services |  |  | Equipment |  |  | Eliminations |  |  | Total |
North America |  | $ | 570 |  |  | $ | 271 |  |  | $ | — |  |  | $ | 841 |  |  | $ | 534 |  |  | $ | 301 |  |  | $ | — |  |  | $ | 835 |
International |  |  | 428 |  |  |  | 919 |  |  |  | — |  |  |  | 1,347 |  |  |  | 493 |  |  |  | 888 |  |  |  | — |  |  |  | 1,381 |
Intersegment revenue |  |  | 27 |  |  |  | 17 |  |  |  | (44 | ) |  |  | — |  |  |  | 23 |  |  |  | 15 |  |  |  | (38 | ) |  |  | — |
|  | $ | 1,025 |  |  | $ | 1,207 |  |  | $ | (44 | ) |  | $ | 2,188 |  |  | $ | 1,050 |  |  | $ | 1,204 |  |  | $ | (38 | ) |  | $ | 2,216 |
Land |  | $ | 737 |  |  | $ | 418 |  |  | $ | — |  |  | $ | 1,155 |  |  | $ | 777 |  |  | $ | 460 |  |  | $ | — |  |  | $ | 1,237 |
Offshore |  |  | 261 |  |  |  | 772 |  |  |  | — |  |  |  | 1,033 |  |  |  | 250 |  |  |  | 729 |  |  |  | — |  |  |  | 979 |
Intersegment revenue |  |  | 27 |  |  |  | 17 |  |  |  | (44 | ) |  |  | — |  |  |  | 23 |  |  |  | 15 |  |  |  | (38 | ) |  |  | — |
|  | $ | 1,025 |  |  | $ | 1,207 |  |  | $ | (44 | ) |  | $ | 2,188 |  |  | $ | 1,050 |  |  | $ | 1,204 |  |  | $ | (38 | ) |  | $ | 2,216 |
|  | Six Months Ended |
|  | June 30, |
|  | 2025 |  |  | 2024 |
|  | Energy |  |  |  |  |  |  |  |  |  |  |  | Energy |  |  |  |  |  |  |  |  |  |
|  | Products |  |  | Energy |  |  |  |  |  |  |  |  | Products |  |  | Energy |  |  |  |  |  |  |
|  | and Services |  |  | Equipment |  |  | Elims. |  |  | Total |  |  | and Services |  |  | Equipment |  |  | Elims. |  |  | Total |
North America |  | $ | 1,121 |  |  | $ | 532 |  |  | $ | — |  |  | $ | 1,653 |  |  | $ | 1,071 |  |  | $ | 597 |  |  | $ | — |  |  | $ | 1,668 |
International |  |  | 848 |  |  |  | 1,790 |  |  |  | — |  |  |  | 2,638 |  |  |  | 949 |  |  |  | 1,754 |  |  |  | — |  |  |  | 2,703 |
Intersegment revenue |  |  | 48 |  |  |  | 31 |  |  |  | (79 | ) |  |  | — |  |  |  | 47 |  |  |  | 31 |  |  |  | (78 | ) |  |  | — |
|  | $ | 2,017 |  |  | $ | 2,353 |  |  | $ | (79 | ) |  | $ | 4,291 |  |  | $ | 2,067 |  |  | $ | 2,382 |  |  | $ | (78 | ) |  | $ | 4,371 |
Land |  | $ | 1,492 |  |  | $ | 819 |  |  | $ | — |  |  | $ | 2,311 |  |  | $ | 1,549 |  |  | $ | 887 |  |  | $ | — |  |  | $ | 2,436 |
Offshore |  |  | 477 |  |  |  | 1,503 |  |  |  | — |  |  |  | 1,980 |  |  |  | 471 |  |  |  | 1,464 |  |  |  | — |  |  |  | 1,935 |
Intersegment revenue |  |  | 48 |  |  |  | 31 |  |  |  | (79 | ) |  |  | — |  |  |  | 47 |  |  |  | 31 |  |  |  | (78 | ) |  |  | — |
|  | $ | 2,017 |  |  | $ | 2,353 |  |  | $ | (79 | ) |  | $ | 4,291 |  |  | $ | 2,067 |  |  | $ | 2,382 |  |  | $ | (78 | ) |  | $ | 4,371 |
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 |
|  | June 30, |
|  | 2025 |  |  | 2024 |
Energy Products and Services: |  |  |  |  |  |
Services & rental |  | $ | 501 |  |  | $ | 498 |
Capital equipment |  |  | 335 |  |  |  | 326 |
Product sales |  |  | 162 |  |  |  | 203 |
Intersegment revenue |  |  | 27 |  |  |  | 23 |
Total |  |  | 1,025 |  |  |  | 1,050 |
Energy Equipment: |  |  |  |  |  |
Capital equipment |  |  | 733 |  |  |  | 641 |
Aftermarket |  |  | 457 |  |  |  | 548 |
Intersegment revenue |  |  | 17 |  |  |  | 15 |
Total |  |  | 1,207 |  |  |  | 1,204 |
Eliminations |  |  | (44 | ) |  |  | (38 | )
Total consolidated |  | $ | 2,188 |  |  | $ | 2,216 |
|  | Six Months Ended |
|  | June 30, |
|  | 2025 |  |  | 2024 |
Energy Products and Services: |  |  |  |  |  |
Services & rental |  | $ | 1,008 |  |  | $ | 984 |
Capital equipment |  |  | 623 |  |  |  | 630 |
Product sales |  |  | 338 |  |  |  | 406 |
Intersegment revenue |  |  | 48 |  |  |  | 47 |
Total |  |  | 2,017 |  |  |  | 2,067 |
Energy Equipment: |  |  |  |  |  |
Capital equipment |  |  | 1,374 |  |  |  | 1,250 |
Aftermarket |  |  | 948 |  |  |  | 1,101 |
Intersegment revenue |  |  | 31 |  |  |  | 31 |
Total |  |  | 2,353 |  |  |  | 2,382 |
Eliminations |  |  | (79 | ) |  |  | (78 | )
Total consolidated |  | $ | 4,291 |  |  | $ | 4,371 |
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 |  |  | (820 | ) |  |  | 750 |
Revenue recognized |  |  | 869 |  |  |  | (745 | )
Currency translation adjustments and other |  |  | 29 |  |  |  | 16 |
Balance at June 30, 2025 |  | $ | 655 |  |  | $ | 513 |
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 |  |  | 33 |
Recoveries collected |  |  | (8 | )
Reclass for long-term receivables |  |  | (18 | )
Write-offs |  |  | (3 | )
Other |  |  | (3 | )
Balance at June 30, 2025 |  | $ | 68 |

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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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