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Revenues
 3 Months Ended
Jun. 30, 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 and six months ended June 30, 2021 and 2020 and includes equipment revenues recognized under lease accounting standards of $35 million and $63 million in the three and six months ended June 30, 2021, respectively, and $32 million and $89 million for the three and six months ended June 30, 2020, respectively.
Three Months Ended June 30,Six Months Ended June 30,
(Dollars in millions)2021202020212020
Product Line Revenue for Western Hemisphere
  Completion and Production$231 $165 $456 $462 
  Drilling, Evaluation and Intervention194 145 359 436 
Total Western Hemisphere Revenue425 310 $815 $898 
Product Line Revenue for Eastern Hemisphere
  Completion and Production214 240 $412 $542 
  Drilling, Evaluation and Intervention264 271 508 596 
Total Eastern Hemisphere Revenue478 511 $920 $1,138 
Total Revenues$903 $821 $1,735 $2,036 

Three Months Ended June 30,Six Months Ended June 30,
(Dollars in millions)2021202020212020
Revenue by Geographic Areas:
  North America$220 $172 $434 $513 
  Latin America205 138 381 385 
 Western Hemisphere 425 310 $815 $898 
  Middle East & North Africa and Asia289 341 $556 $744 
  Europe/Sub-Sahara Africa/Russia189 170 364 394 
 Eastern Hemisphere 478 511 $920 $1,138 
Total Revenues$903 $821 $1,735 $2,036 

Contract Balances

The timing of our revenue recognition, billings and cash collections results in the recording of billed accounts receivable, contract assets (including unbilled receivables), 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. Contract assets were immaterial as of June 30, 2021 and December 31, 2020. Revenue recognized during the six months ended June 30, 2021 that was included in the contract liabilities balance at the beginning of 2021 was $25 million. The following table summarizes these balances as of June 30, 2021 and December 31, 2020:
(Dollars in millions)
6/30/2021
12/31/2020
Receivables for Product and Services in Accounts Receivable, Net$744 $792 
Total Accounts Receivables$782 $826 
Contract Liabilities$36 $37 
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 June 30, 2021.
(Dollars in millions)2021202220232024ThereafterTotal
Service Revenue$27 $42 $39 $40 $54 $202