v3.25.2
Revenue
 6 Months Ended
Jun. 30, 2025
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 $32 million and $67 million in the three and six months ended June 30, 2025, respectively, and $39 million and $73 million for the three and six months ended June 30, 2024, respectively.

During the three and six months ended June 30, 2025, the U.S. accounted for 16% of total revenue in each period, and the Kingdom of Saudi Arabia accounted for 11% of total revenue in each period. During the three and six months ended June 30, 2024, the U.S. accounted for 14% of total revenue in each period, and the Kingdom of Saudi Arabia accounted for 11% and 10% of total revenue, respectively. In addition, during the three and six months ended June 30, 2024, Mexico accounted for 12% and 13% of total revenue, respectively, driven by our largest customer, which accounted for 10% and 11% of our total revenue, respectively, in the same periods. No other country accounted for more than 10% of our revenue in the periods presented.
Three Months Ended June 30,Six Months Ended June 30,
(Dollars in millions)2025202420252024
Revenue by Geographic Areas:
North America (a)
$241 $252 $491 $519 
International
963 1,153 1,906 2,244 
Middle East/North Africa/Asia524 542 1,027 1,039 
Latin America195 353 436 723 
Europe/Sub-Sahara Africa/Russia244 258 443 482 
Total Revenue
$1,204 $1,405 $2,397 $2,763 
(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 June 30, 2025 and December 31, 2024:
(Dollars in millions)June 30, 2025December 31, 2024
Receivables for Product and Services in Accounts Receivable, Net$1,148 $1,232 
Receivables for Equipment Rentals in Account Receivable, Net$29 $29 
Accounts Receivable, Net$1,177 $1,261 
Contract Assets in Other Current Assets$50 $61 
Contract Assets in Other Non-Current Assets$28 $34 
Contract Liabilities in Other Current Liabilities$45 $51 
Contract Liabilities in Other Non-Current Liabilities$2 $2