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Revenues
 3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
Revenue by Product Line and Geographic Region

Revenues are attributable to countries based on the ultimate destination of the sale of products or performance of services. Our two product lines are as follows: (1) Completion and Production and (2) Drilling, Evaluation and Intervention. The unmanned equipment that we lease to customers as operating leases consists primarily of drilling rental tools (in the Drilling, Evaluation and Intervention product line) and artificial lift pumping equipment (in the Completion and Production product line). These equipment rental revenues are generally provided based on call-out work orders that include fixed per unit prices and are derived from short-term contracts.

The following tables disaggregate our product and service revenues by major product line and geographic region for the three months ended March 31, 2021 and 2020 and includes equipment revenues recognized under lease accounting standards of $28 million for the three months ended March 31, 2021, and $57 million for the three months ended March 31, 2020.
Three Months Ended March 31,
(Dollars in millions)20212020
Product Line Revenue for Western Hemisphere
  Completion and Production$225 $297 
  Drilling, Evaluation and Intervention165 291 
Total Western Hemisphere Revenue390 588 
Product Line Revenue for Eastern Hemisphere
  Completion and Production198 302 
  Drilling, Evaluation and Intervention244 325 
Total Eastern Hemisphere Revenue442 627 
Total Revenues$832 $1,215 

Three Months Ended March 31,
(Dollars in millions)20212020
Revenue by Geographic Areas:
  North America$214 $341 
  Latin America176 247 
 Western Hemisphere 390 588 
  Middle East & North Africa and Asia267 403 
  Europe/Sub-Sahara Africa/Russia175 224 
 Eastern Hemisphere 442 627 
Total Revenues$832 $1,215 
Contract Balances

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, contract assets (including unbilled receivables), and customer advances and deposits (contract liabilities classified as deferred revenues). Our receivables are primarily derived from contract sales of products and services, which are included in “Accounts Receivable, Net” on the Condensed Consolidated Balance Sheets, and was $758 million and $792 million at March 31, 2021 and December 31, 2021, respectively. Total accounts receivable, net was $793 million and $826 million at March 31, 2021 and December 31, 2020, respectively. Contract assets were immaterial in both periods ending March 31, 2021 and December 31, 2020.
Contract liabilities totaled $43 million and $37 million at March 31, 2021 and December 31, 2020. Revenue recognized for the three months ended March 31, 2021 that were included in the contract liabilities balance at the beginning of 2021 was $18 million.

Performance Obligations

In the following table, estimated revenue for contracts with original performance obligations greater than twelve months are expected to be recognized in the future related to performance obligations that are either unsatisfied or partially unsatisfied as of March 31, 2021.
(Dollars in millions)2021202220232024ThereafterTotal
Service Revenue$38 $41 $39 $40 $54 $212