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REVENUE
 9 Months Ended
Sep. 30, 2021
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
The majority of our revenue is from long-term contracts associated with designing and manufacturing products and systems and providing services to customers involved in exploration and production of crude oil and natural gas.
Disaggregation of Revenue
Revenues are disaggregated by geographic location and contract types.
The following tables present total revenue by geography for each reportable segment for the three and nine months ended September 30, 2021 and 2020:

Reportable Segments
Three Months Ended
September 30, 2021September 30, 2020
(In millions)SubseaSurface TechnologiesSubseaSurface Technologies
Europe, Russia, Central Asia$423.2 $46.3 $476.5 $43.0 
North America174.7 99.3 240.5 63.5 
Latin America211.5 22.7 239.3 15.1 
Asia Pacific244.9 20.9 230.4 28.0 
Africa257.8 8.5 263.3 11.0 
Middle East— 69.6 51.8 65.1 
Total revenue$1,312.1 $267.3 $1,501.8 $225.7 
Nine Months Ended
September 30, 2021September 30, 2020
(In millions)SubseaSurface TechnologiesSubseaSurface Technologies
Europe, Russia, Central Asia$1,102.9 $145.2 $1,329.8 $145.4 
North America594.4 266.6 660.3 292.4 
Latin America809.7 57.8 785.1 54.9 
Asia Pacific736.8 72.2 556.8 93.1 
Africa822.6 31.2 646.9 39.6 
Middle East26.5 214.3 154.5 171.5 
Total revenue$4,092.9 $787.3 $4,133.4 $796.9 
The following tables present total revenue by contract type for each reportable segment for the three and nine months ended September 30, 2021 and 2020:
Reportable Segments
Three Months Ended
September 30, 2021September 30, 2020
(In millions)SubseaSurface TechnologiesSubseaSurface Technologies
Services$861.7 $39.3 $865.2 $26.9 
Products441.6 198.4 623.6 182.0 
Lease8.8 29.6 13.0 16.8 
Total revenue$1,312.1 $267.3 $1,501.8 $225.7 
Nine Months Ended
September 30, 2021September 30, 2020
(In millions)SubseaSurface TechnologiesSubseaSurface Technologies
Services$2,530.2 $110.4 $2,346.9 $112.7 
Products1,526.5 595.3 1,743.7 621.3 
Lease36.2 81.6 42.8 62.9 
Total revenue$4,092.9 $787.3 $4,133.4 $796.9 

Contract Balances
The timing of revenue recognition, billings and cash collections results in billed accounts receivable, costs and estimated earnings in excess of billings on uncompleted contracts (contract assets), and billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) on the condensed consolidated balance sheets.
Contract Assets - Contract assets include unbilled amounts typically resulting from sales under long-term contracts when revenue is recognized over time and revenue recognized exceeds the amount billed to the customer, and right to payment is not just subject to the passage of time. Amounts may not exceed their net realizable value. Costs and estimated earnings in excess of billings on uncompleted contracts are generally classified as current.
Contract Liabilities - We sometimes receive advances or deposits from our customers, before revenue is recognized, resulting in contract liabilities.
The following table provides information about net contract assets (liabilities) as of September 30, 2021 and December 31, 2020:
(In millions)September 30,
2021		December 31,
2020		$ change% change
Contract assets$1,027.0 $886.8 $140.2 15.8 
Contract (liabilities)(914.6)(1,046.8)132.2 12.6 
Net contract assets (liabilities)$112.4 $(160.0)$272.4 170.3 
The increase in our contract assets from December 31, 2020 to September 30, 2021 was primarily due to the timing of project milestones.
The decrease in our contract liabilities was primarily due to completion of performance obligations for contracts, for which consideration was received in advance of the work performed during the period.
In order to determine revenue recognized in the period from contract liabilities, we first allocate revenue to the individual contract liability balance outstanding at the beginning of the period until the revenue exceeds that balance. Any subsequent revenue we recognize increases contract asset balance. Revenue recognized for the three months ended September 30, 2021 and 2020 that was included in the contract liabilities balance at December 31, 2020 and 2019 was $53.4 million and $69.7 million, respectively, and $250.5 million and $424.1 million for the nine months ended September 30, 2021 and 2020, respectively.
For the three months ended September 30, 2021 and 2020, we recognized $4.3 million and $(2.3) million, respectively, and for the nine months ended September 30, 2021 and 2020, we recognized $6.9 million and $(17.2) million, respectively, related to the favorable (unfavorable) changes in estimates of contract revenue.
Transaction Price Allocated to the Remaining Unsatisfied Performance Obligations
Remaining unsatisfied performance obligations (“RUPO” or “order backlog”) represent the transaction price for products and services for which we have a material right but work has not been performed. The transaction price of the order backlog includes the base transaction price, variable consideration and changes in transaction price. The order backlog table does not include contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. The transaction price of order backlog related to unfilled, confirmed customer orders is estimated at each reporting date. As of September 30, 2021, the aggregate amount of the transaction price allocated to order backlog was $7,002.4 million. We expect to recognize revenue on approximately 15.4% of the order backlog through 2021 and 84.6% thereafter.
The following table details the order backlog for each business segment as of September 30, 2021:
(In millions)20212022Thereafter
Subsea$930.8 $3,241.8 $2,488.8 
Surface Technologies150.5 177.4 13.1 
Total order backlog$1,081.3 $3,419.2 $2,501.9