Revenue

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

3 – Revenue

Disaggregated Revenue

The following table disaggregates our revenue from contracts with customers by geographic area and includes equipment rental revenue. Equipment rental revenue was $34 million in the three months ended March 31, 2024 and $33 million for the three months ended March 31, 2023.

During the three months ended March 31, 2024, the U.S. and the Kingdom of Saudi Arabia accounted for 15% and 10%, respectively, of total revenue. In addition, Mexico accounted for 14% of total revenue, driven by our largest customer, which accounted for 12% of our total revenue. During the three months ended March 31, 2023, the U.S. and Mexico accounted for 18% and 12%, respectively, of total revenue. No other country accounted for more than 10% of our revenue in the periods presented.

	Three Months Ended March 31,
(Dollars in millions)	2024		2023
Revenue by Geographic Areas:
North America (a)	$	267	$	286
International	1,091		900
Middle East/North Africa/Asia	497		376
Latin America	370		317
Europe/Sub-Sahara Africa/Russia	224		207
Total Revenue	$	1,358	$	1,186

(a) North America consists of the U.S. and Canada.

Contract Balances

The timing of our revenue recognition, billings, and cash collections results in the recording of accounts receivable, contract assets, and contract liabilities. The following table summarizes these balances as of March 31, 2024 and December 31, 2023:

(Dollars in millions)	March 31, 2024		December 31, 2023
Receivables for Product and Services in Accounts Receivable, Net	$	1,221	$	1,182
Receivables for Equipment Rentals in Account Receivable, Net	$	30	$	34
Accounts Receivable, Net	$	1,251	$	1,216
Contract Assets in Other Current Assets	$	52	$	61
Contract Assets in Other Non-Current Assets	$	26	$	24
Contract Liabilities in Other Current Liabilities	$	66	$	58
Contract Liabilities in Other Non-Current Liabilities	$	4	$	5