Revenue

9 Months Ended

Sep. 30, 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 revenues were $38 million and $111 million in the three and nine months ended September 30, 2024, respectively, and $37 million and $109 million for the three and nine months ended September 30, 2023, respectively.

During the three and nine months ended September 30, 2024, the U.S. accounted for 15% and the Kingdom of Saudi Arabia accounted for 10% of revenue in each period, respectively. In addition, for the three and nine months ended September 30, 2024, Mexico accounted for 12% and 13% of total revenue, respectively, driven by a customer which accounted for 10% and 11% of total revenue, respectively. During the three and nine months ended September 30, 2023, the U.S. accounted for 16% and 17%, respectively and Mexico accounted for 14% and 13%, respectively. No other country accounted for more than 10% of our revenue in the periods presented.

	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in millions)	2024		2023		2024		2023
Revenue by Geographic Areas:
North America (a)	$	266	$	269	$	785	$	820
International	1,143		1,044		3,387		2,953
Middle East/North Africa/Asia	542		471		1,581		1,268
Latin America	358		357		1,081		1,045
Europe/Sub-Sahara Africa/Russia	243		216		725		640
Total Revenue	$	1,409	$	1,313	$	4,172	$	3,773

(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 September 30, 2024 and December 31, 2023:

(Dollars in millions)	September 30, 2024		December 31, 2023
Receivables for Product and Services in Accounts Receivable, Net	$	1,200	$	1,182
Receivables for Equipment Rentals in Account Receivable, Net	$	31	$	34
Accounts Receivable, Net	$	1,231	$	1,216
Contract Assets in Other Current Assets	$	68	$	61
Contract Assets in Other Non-Current Assets	$	32	$	24
Contract Liabilities in Other Current Liabilities	$	32	$	58
Contract Liabilities in Other Non-Current Liabilities	$	3	$	5