Halliburton (HAL) 10-K 17 Feb 10 2009 FY Annual report Financial data

Consolidated Statements of Oper

Consolidated Statements of Operations (USD $)
In Millions, except Per Share data	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Revenue
Services	$10,832	$13,391	$11,256
Product sales	3,843	4,888	4,008
Total revenue	14,675	18,279	15,264
Operating costs and expenses
Cost of services	9,224	10,079	8,167
Cost of sales	3,255	3,970	3,358
General and administrative	207	282	293
Gain on sale of assets, net	(5)	(62)	(52)
Total operating costs and expenses	12,681	14,269	11,766
Operating income	1,994	4,010	3,498
Interest expense	(297)	(167)	(168)
Interest income	12	39	124
Other, net	(27)	(33)	(7)
Income from continuing operations before income taxes	1,682	3,849	3,447
Provision for income taxes	(518)	(1,211)	(907)
Income from continuing operations	1,164	2,638	2,540
Income (loss) from discontinued operations, net of income tax (provision) benefit of $5, $3, and $(15)	(9)	(423)	996
Net income	1,155	2,215	3,536
Noncontrolling interest in net income of subsidiaries	(10)	9	(50)
Net income attributable to company	1,145	2,224	3,486
Amounts attributable to company shareholders
Income from continuing operations	1,154	2,647	2,511
Income (loss) from discontinued operations, net	(9)	(423)	975
Net income attributable to company	$1,145	$2,224	$3,486
Basic income per share attributable to company shareholders
Income from continuing operations	1.28	$3	2.73
Income (loss) from discontinued operations, net	-0.01	-0.48	1.06
Net income per share	1.27	2.52	3.79
Diluted income per share attributable to company shareholders
Income from continuing operations	1.28	2.91	2.63
Income (loss) from discontinued operations, net	-0.01	-0.46	1.02
Net income per share	1.27	2.45	3.65
Basic weighted average common shares outstanding	900	883	919
Diluted weighted average common shares outstanding	902	909	955

Parenthetical Data to the Conso

Parenthetical Data to the Consolidated Statements of Operations (USD $)
In Millions	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Income Statement [Abstract]
Income (loss) from discontinued operations, income tax (provision) benefit	$5	$3	($15)

Consolidated Balance Sheets

Consolidated Balance Sheets (USD $)
In Millions	Dec. 31, 2009	Dec. 31, 2008
Current assets
Cash and equivalents	$2,082	$1,124
Receivables (less allowance for bad debts of $90 and $60)	2,964	3,795
Inventories	1,598	1,828
Investments in marketable securities	1,312	0
Current deferred income taxes	210	246
Other current assets	472	418
Total current assets	8,638	7,411
Property, plant, and equipment (net of accumulated depreciation of $5,230 and $4,566)	5,759	4,782
Goodwill	1,100	1,072
Other assets	1,041	1,120
Total assets	16,538	14,385
Current liabilities
Accounts payable	787	898
Current maturities of long-term debt	750	26
Accrued employee compensation and benefits	514	643
Deferred revenue	215	231
Department of Justice and Securities and Exchange Commission settlement and indemnity, current	142	373
Other current liabilities	481	610
Total current liabilities	2,889	2,781
Long-term debt	3,824	2,586
Employee compensation and benefits	462	539
Other liabilities	606	735
Total liabilities	7,781	6,641
Shareholders' equity
Common shares, par value $2.50 per share - authorized 2,000 shares, issued 1,067	2,669	2,666
Paid-in capital in excess of par value	411	484
Accumulated other comprehensive loss	(213)	(215)
Retained earnings	10,863	10,041
Treasury stock, at cost - 165 and 172 shares	(5,002)	(5,251)
Company shareholders' equity	8,728	7,725
Noncontrolling interest in consolidated subsidiaries	29	19
Total shareholders' equity	8,757	7,744
Total liabilities and shareholders' equity	$16,538	$14,385

1_Parenthetical Data to the Con

Parenthetical Data to the Consolidated Balance Sheet (USD $)
In Millions, except Per Share data	Dec. 31, 2009	Dec. 31, 2008
Current assets
Allowance for bad debts	$90	$60
Accumulated depreciation	$5,230	$4,566
Shareholders' equity
Par value	2.5	2.5
Authorized shares	2,000	2,000
Issued shares	1,067	1,067
Treasury shares	165	172

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (USD $)
In Millions	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Balance at January 1	$7,744	$6,966	$7,465
Dividends and other transactions with shareholders	(144)	(623)	(1,529)
Adoption of new accounting standards	0	(703)	(30)
Shares exchanged in KBR, Inc. exchange offer	0	0	(2,809)
Comprehensive income:
Net income	1,155	2,215	3,536
Net cumulative translation adjustments	(5)	1	(23)
Defined benefit and other postretirement plans adjustments	2	(106)	355
Net unrealized gains (losses) on investments	5	(6)	1
Total comprehensive income	1,157	2,104	3,869
Balance at December 31	$8,757	$7,744	$6,966

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (USD $)
In Millions	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Cash flows from operating activities
Net income	$1,155	$2,215	$3,536
Depreciation, depletion, and amortization	931	738	583
Payments of Department of Justice and Securities and Exchange Commission settlement and indemnity	(417)	0	0
Provision (benefit) for deferred income taxes, continuing operations	274	254	(140)
(Income) Loss from discontinued operations	9	423	(996)
Receivables	869	(670)	(326)
Inventories	232	(368)	(218)
Accounts payable	(118)	161	77
Other	(529)	(79)	210
Total cash flows from operating activities	2,406	2,674	2,726
Cash flows from investing activities
Capital expenditures	(1,864)	(1,824)	(1,583)
Purchases of investments in marketable securities	(1,620)	0	(1,360)
Sales of investments in marketable securities	300	388	1,028
Sales of property, plant, and equipment	203	191	203
Acquisitions of assets, net of cash acquired	(55)	(652)	(563)
Disposal of KBR, Inc. cash upon separation	0	0	(1,461)
Other investing activities	(49)	41	75
Total cash flows from investing activities	(3,085)	(1,856)	(3,661)
Cash flows from financing activities
Proceeds from long-term borrowings, net of offering costs	1,975	1,187	0
Payments of dividends to shareholders	(324)	(319)	(314)
Payments on long-term borrowings	(31)	(2,048)	(7)
Payments to reacquire common stock	(17)	(507)	(1,374)
Other financing activities	67	164	125
Total cash flows from financing activities	1,670	(1,523)	(1,570)
Effect of exchange rate changes on cash	(33)	(18)	(27)
Increase (decrease) in cash and equivalents	958	(723)	(2,532)
Cash and equivalents at beginning of period	1,124	1,847	4,379
Cash and equivalents at end of period	2,082	1,124	1,847
Supplemental disclosure of cash flow information
Cash payments during the period for interest from continuing operations	251	143	144
Cash payments during the period for income taxes from continuing operations	$485	$1,057	$941

Description of Company and Sign

Description of Company and Significant Accounting Policies
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 1. Description of Company and Significant Accounting Policies	Note 1. Description of Company and Significant Accounting Policies Description of CompanyHalliburton Company's predecessor was established in 1919 and incorporated under the laws of the State of Delaware in 1924. We are one of the world's largest oilfield services companies. Our two business segments are the Completion and Production segment and the Drilling and Evaluation segment. We provide a comprehensive range of services and products for the exploration, development, and production of oil and natural gas around the world.Use of estimatesOur financial statements are prepared in conformity with accounting principles generally accepted in the United States, requiring us to make estimates and assumptions that affect:-the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements; and-the reported amounts of revenue and expenses during the reporting period.We believe the most significant estimates and assumptions are associated with the forecasting of our effective income tax rate and the valuation of deferred taxes, legal and environmental reserves, indemnity valuations, long-lived asset valuations, purchase price allocations, pensions, allowance for bad debts, and percentage-of-completion accounting for long-term contracts. Ultimate results could differ from those estimates.Basis of presentationThe consolidated financial statements include the accounts of our company and all of our subsidiaries that we control or variable interest entities for which we have determined that we are the primary beneficiary. All material intercompany accounts and transactions are eliminated. Investments in companies in which we have significant influence are accounted for using the equity method. If we do not have significant influence, we use the cost method.We report two business segments. In the first quarter of 2009, we reclassified certain services between our operating segments to re-establish a new service offering. See Note 2 for further information. Additionally, KBR, Inc. (KBR), formerly a wholly owned subsidiary, is presented as discontinued operations in the consolidated financial statements. See Note 7 for additional information. In 2009, we adopted the provisions of new accounting standards. See Note 14 for further information. All periods presented reflect these changes.We have evaluated subsequent events through February 17, 2010, the date of issuance of the consolidated financial statements. Revenue recognitionOverall. Our services and products are generally sold based upon purchase orders or contracts with our customers that include fixed or determinable prices but do not include right of return provisions or other significant post-delivery obligations. Our products are produced in a standard manufacturing operation, even if produced to our customer's specifications. We recognize revenue from product sales when title passes to the customer, the customer assumes risks and rewards of ownership, collectability is reasonably assured, and delivery occurs as directed by our customer. Service revenue, including training and consulting services, is recognized when the services

KBR Separation

KBR Separation
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 7. KBR Separation	Note 7. KBR SeparationIn 2007, we completed the separation of KBR from us by exchanging the shares of KBR common stock owned by us on that date for shares of our common stock. In the second quarter of 2007, we recorded a gain on the disposition of KBR of approximately $933 million, net of tax and the estimated fair value of the indemnities and guarantees provided to KBR as described below, which is included in income from discontinued operations on the consolidated statement of operations. During 2008, adjustments of $420 million, net of tax, to our liability for indemnities and guarantees were reflected as a loss in "Income (loss) from discontinued operations, net of income tax." The following table presents the 2007 financial results of KBR, which are reflected as discontinued operations in our consolidated statements of operations. For accounting purposes, we ceased including KBR's operations in our results effective March 31, 2007. Year Ended December 31 Millions of dollars2007 Revenue$2,250Operating income$62Net income$23 (a)(a)Net income for 2007 represents our 81% share of KBR's results fromJanuary 1, 2007 through March 31, 2007. We entered into various agreements relating to the separation of KBR, including, among others, a master separation agreement and a tax sharing agreement. The master separation agreement provides for, among other things, KBR's responsibility for liabilities related to its business and our responsibility for liabilities unrelated to KBR's business. We provide indemnification in favor of KBR under the master separation agreement for certain contingent liabilities, including our indemnification of KBR and any of its greater than 50%-owned subsidiaries as of November 20, 2006, the date of the master separation agreement, for:-fines or other monetary penalties or direct monetary damages, including disgorgement, as a result of a claim made or assessed by a governmental authority in the United States, the United Kingdom, France, Nigeria, Switzerland, and/or Algeria, or a settlement thereof, related to alleged or actual violations occurring prior to November 20, 2006 of the United States Foreign Corrupt Practices Act (FCPA) or particular, analogous applicable foreign statutes, laws, rules, and regulations in connection with investigations pending as of that date, including with respect to the construction and subsequent expansion by a consortium of engineering firms comprised of Technip SA of France, Snamprogetti Netherlands B.V., JGC Corporation of Japan, and Kellogg Brown & Root LLC (TSKJ) of a natural gas liquefaction complex and related facilities at Bonny Island in Rivers State, Nigeria; and-all out-of-pocket cash costs and expenses, or cash settlements or cash arbitration awards in lieu thereof, KBR may incur after the effective date of the master separation agreement as a result of the replacement of the subsea flowline bolts installed in connection with the Barracuda-Caratinga project.Additionally, we provide indemnities, performance guarantees, surety bond guarantees, and letter of credit guarantees that are currently in place in favor of KBR's customers or lenders under project contracts, credit agreements, l

Business Segment and Geographic

Business Segment and Geographic Information
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 2. Business Segment and Geographic Information	Note 2. Business Segment and Geographic InformationWe operate under two divisions, which form the basis for the two operating segments we report: the Completion and Production segment and the Drilling and Evaluation segment. In the first quarter of 2009, we moved a portion of our completion tools and services from the Completion and Production segment to the Drilling and Evaluation segment to re-establish our testing and subsea services offering, which resulted in a change to our operating segments. All periods presented reflect reclassifications related to the change in operating segments. Following is a discussion of our operating segments.Completion and Production delivers cementing, stimulation, intervention, and completion services. This segment consists of production enhancement services, completion tools and services, and cementing services. Production enhancement services include stimulation services, pipeline process services, sand control services, and well intervention services. Stimulation services optimize oil and natural gas reservoir production through a variety of pressure pumping services, nitrogen services, and chemical processes, commonly known as hydraulic fracturing and acidizing. Pipeline process services include pipeline and facility testing, commissioning, and cleaning via pressure pumping, chemical systems, specialty equipment, and nitrogen, which are provided to the midstream and downstream sectors of the energy business. Sand control services include fluid and chemical systems and pumping services for the prevention of formation sand production. Well intervention services enable live well intervention and continuous pipe deployment capabilities through the use of hydraulic workover systems and coiled tubing tools and services.Completion tools and services include subsurface safety valves and flow control equipment, surface safety systems, packers and specialty completion equipment, intelligent completion systems, expandable liner hanger systems, sand control systems, well servicing tools, and reservoir performance services. Reservoir performance services include testing tools, real-time reservoir analysis, and data acquisition services.Cementing services involve bonding the well and well casing while isolating fluid zones and maximizing wellbore stability. Our cementing service line also provides casing equipment.Drilling and Evaluation provides field and reservoir modeling, drilling, evaluation, and well construction solutions that enable customers to model, measure, and optimize their well placement, stability, and reservoir evaluation activities. This segment consists of fluid services, drilling services, drill bits, wireline and perforating services, testing and subsea services, software and asset solutions, and project management services.Fluid services provides drilling fluid systems, performance additives, completion fluids, solids control, specialized testing equipment, and waste management services for oil and natural gas drilling, completion, and workover operations.Drilling services provides drilling systems and services. These services include directional and horizontal drilling, measurement-while-drilli

Receivables

Receivables
	12 Months Ended Dec. 31, 2009 USD / shares
Receivables
Note 3. Receivables	Note 3. ReceivablesOur trade receivables are generally not collateralized. At December 31, 2009, 26% of our gross trade receivables were from customers in the United States. At December 31, 2008, 34% of our gross trade receivables were from customers in the United States. No other country or single customer accounted for more than 10% of our gross trade receivables at these dates. The following table presents a rollforward of our allowance for bad debts for 2007, 2008, and 2009. Balance atCharged to Millions of dollars Beginning of Costs and Balance atAllowance for bad debtsPeriodExpensesWrite-OffsEnd of Period Year ended December 31, 2007:$40$10$(1)$49Year ended December 31, 2008:4914(3)60Year ended December 31, 2009:6037(7)90

Inventories

Inventories
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 4. Inventories	Note 4. InventoriesInventories are stated at the lower of cost or market. In the United States we manufacture certain finished products and parts inventories for drill bits, completion products, bulk materials, and other tools that are recorded using the last-in, first-out method, which totaled $68 million at December 31, 2009 and $92 million at December 31, 2008. If the average cost method had been used, total inventories would have been $33 million higher than reported at December 31, 2009 and $31 million higher than reported at December 31, 2008. The cost of the remaining inventory was recorded on the average cost method. Inventories consisted of the following: December 31 Millions of dollars20092008 Finished products and parts$1,090$1,312Raw materials and supplies480446Work in process2870Total$1,598$1,828 Finished products and parts are reported net of obsolescence reserves of $94 million at December 31, 2009 and $81 million at December 31, 2008.

Property, Plant, and Equipment

Property, Plant, and Equipment
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 5. Property, Plant, and Equipment	Note 5. Property, Plant, and EquipmentProperty, plant, and equipment were composed of the following: December 31Millions of dollars20092008Land$86$58Buildings and property improvements1,3061,082Machinery, equipment, and other9,5978,208Total10,9899,348Less accumulated depreciation5,2304,566Net property, plant, and equipment$5,759$4,782 The percentages of total buildings and property improvements and total machinery, equipment, and other, excluding oil and natural gas investments, are depreciated over the following useful lives: Buildings and Property Improvements 20092008 1-10 years13%17%11-20 years47%46%21-30 years11%12%31-40 years29%25% Machinery, Equipment, and Other 20092008 1-5 years19%19% 6-10 years75%74% 11-20 years6%7%

Debt

Debt
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 6. Debt	Note 6. Debt Long-term debt consisted of the following: December 31 Millions of dollars20092008 6.15% senior notes due September 2019$997$-7.45% senior notes due September 2039995-6.7% senior notes due September 20388008005.5% senior notes due October 20107507495.9% senior notes due September 20184004007.6% senior debentures due August 20962942948.75% senior debentures due February 2021185185Other153184Total long-term debt4,5742,612Less current maturities of long-term debt75026Noncurrent portion of long-term debt (due 2017 and thereafter)$3,824$2,586 Senior debt In the first quarter of 2009, we issued new senior notes totaling $2 billion at a discount. All of our senior notes and debentures rank equally with our existing and future senior unsecured indebtedness, have semiannual interest payments, and no sinking fund requirements. We may redeem all of our senior notes, except for our 5.5% senior notes, from time to time or all of the notes of each series at any time at the redemption prices, plus accrued and unpaid interest. Our 5.5% senior notes are redeemable by us, in whole or in part, at any time, subject to a redemption price equal to the greater of 100% of the principal amount of the notes or the sum of the present values of the remaining scheduled payments of principal and interest due on the notes discounted to the redemption date at the treasury rate plus 25 basis points. Our 7.6% and 8.75% senior debentures may not be redeemed prior to maturity.Revolving credit facilities We have an unsecured, $1.2 billion credit facility expiring 2012 whose purpose is to provide commercial paper support, general working capital, and credit for other corporate purposes. There were no cash drawings under the revolving credit facilities as of December 31, 2009 or 2008.In March 2009, we terminated the $400 million unsecured, six-month revolving credit facility established in October 2008 to provide additional liquidity and for other general corporate purposes.

Shareholders' Equity and Stock

Shareholders' Equity and Stock Incentive Plans
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 10. Shareholders' Equity and Stock Incentive Plans	Note 10. Shareholders' Equity and Stock Incentive PlansThe following tables summarize our common stock and other shareholders' equity activity: Company Shareholders' Equity Paid-in Capital inAccumulatedNoncontrolling ExcessOtherInterest inCommonof ParTreasuryRetainedComprehensiveConsolidated Millions of dollarsSharesValueStockEarningsIncome (Loss)SubsidiariesTotalBalance at December 31, 2006$2,650$1,689$(1,577)$5,051$(437)$69$7,445Adoption of new accounting standard-63-(43)--20Adjusted Balance at December 31, 2006$2,650$1,752$ (1,577)$5,008$(437)$69$7,465Cash dividends paid---(314)--(314)Stock plans723130---160Common shares purchased--(1,374)---(1,374) Tax benefit from exercise of optionsand restricted stock-29----29Distributions to noncontrolling interest holders-----(5)(5)Other transactions with shareholders---(4)-(21)(25)Total dividends and other transactionswith shareholders752(1,244)(318)-(26)(1,529) Shares exchanged in KBR, Inc. exchange offer--(2,809)---(2,809)Adoption of new accounting standard---(30)--(30)Comprehensive income (loss):Net income---3,486-503,536Other comprehensive income (loss):Cumulative translation adjustment----1-1Realization of translation gains includedin net income----(24)-(24)Defined benefit and other postretirementplans adjustments:Prior service cost:Plan amendment----(2)-(2)Settlements/curtailments----5-5Actuarial gain (loss):Net gain----105-105Amortization of net loss----14-14Settlements/curtailments----7-7Tax effect on defined benefitand postretirement plans----(45)-(45) KBR, Inc. separation----271-271Defined benefit and otherpostretirement plans, net----355-355 Net unrealized gains on investments, netof tax provision of $0----1-1Total comprehensive income---3,486333503,869 Balance at December 31, 2007$2,657$1,804$(5,630)$8,146$(104)$93$6,966 Company Shareholders' Equity Paid-in Capital inAccumulatedNoncontrollingExcessOtherInterest inCommonof ParTreasuryRetainedComprehensiveConsolidated Millions of dollarsSharesValueStockEarningsIncome (Loss)SubsidiariesTotalBalance at December 31, 2007$2,657$1,804$(5,630)$8,146$(104)$93$6,966Cash dividends paid---(319)--(319)Stock plans941173---223Common shares purchased--(507)---(507)Tax benefit from exercise of options andrestricted stock-45----45Distributions to noncontrolling interest holders-----(2)(2)Other transactions with shareholders-----(63)(63)Total dividends and other transactions withshareholders986(334)(319)-(65)(623)Adoption of new accounting standards-(693)-(10)--(703)Portion of the convertible debt premium settled instock, at cost-(713)713----Comprehensive income (loss):Net income---2,224-(9)2,215Other comprehensive income (loss):Cumulative translation adjustment----1-1Defined benefit and other postretirementplans adjustments:Actuarial net loss----(170)-(170)Other----18-18Tax effect on defined benefit and postretirement plans----46-46Defined benefit and other postretirementplans, net----(106)-(106)Net unrealized losses on investments, net oftax benefit of $4----(6)-(6)Total comprehensive income---2,224(111)(9)2,104Balance at December 31, 2008$2,666$484$(5,251)$10,041$(215)$19$7,744Cash dividends paid---(324)--(324)Stock plans3(51)266---218Common shares purc

Commitments and Contingencies

Commitments and Contingencies
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 8. Commitments and Contingencies	Note 8. Commitments and ContingenciesForeign Corrupt Practices Act investigationsBackground. As a result of an ongoing FCPA investigation at the time of the KBR separation, we provided indemnification in favor of KBR under the master separation agreement for certain contingent liabilities, including our indemnification of KBR and any of its greater than 50%-owned subsidiaries as of November 20, 2006, the date of the master separation agreement, for fines or other monetary penalties or direct monetary damages, including disgorgement, as a result of a claim made or assessed by a governmental authority in the United States, the United Kingdom, France, Nigeria, Switzerland, and/or Algeria, or a settlement thereof, related to alleged or actual violations occurring prior to November 20, 2006 of the FCPA or particular, analogous applicable foreign statutes, laws, rules, and regulations in connection with investigations pending as of that date, including with respect to the construction and subsequent expansion by TSKJ of a multibillion dollar natural gas liquefaction complex and related facilities at Bonny Island in Rivers State, Nigeria.TSKJ is a private limited liability company registered in Madeira, Portugal whose members are Technip SA of France, Snamprogetti Netherlands B.V. (a subsidiary of Saipem SpA of Italy), JGC Corporation of Japan, and Kellogg Brown & Root LLC (a subsidiary of KBR), each of which had an approximate 25% beneficial interest in the venture. Part of KBR's ownership in TSKJ was held through M.W. Kellogg Limited (MWKL), a United Kingdom joint venture and subcontractor on the Bonny Island project, in which KBR beneficially owns a 55% interest. TSKJ and other similarly owned entities entered into various contracts to build and expand the liquefied natural gas project for Nigeria LNG Limited, which is owned by the Nigerian National Petroleum Corporation, Shell Gas B.V., Cleag Limited (an affiliate of Total), and Agip International B.V. (an affiliate of ENI SpA of Italy).DOJ and SEC investigations resolved. In February 2009, the FCPA investigations by the DOJ and the SEC were resolved with respect to KBR and us. The DOJ and SEC investigations resulted from allegations of improper payments to government officials in Nigeria in connection with the construction and subsequent expansion by TSKJ of the Bonny Island project.The DOJ investigation was resolved with respect to us with a non-prosecution agreement in which the DOJ agreed not to bring FCPA or bid coordination-related charges against us with respect to the matters under investigation, and in which we agreed to continue to cooperate with the DOJ's ongoing investigation and to refrain from and self-report certain FCPA violations. The DOJ agreement did not provide a monitor for us. As part of the resolution of the SEC investigation, we retained an independent consultant to conduct a 60-day review and evaluation of our internal controls and record-keeping policies as they relate to the FCPA, and we agreed to adopt any necessary anti-bribery and foreign agent internal controls and record-keeping procedures recommended by the independent consultant. The review and evaluation were c

Income per Share

Income per Share
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 11. Income per Share	Note 11. Income per ShareBasic income per share is based on the weighted average number of common shares outstanding during the period. Diluted income per share includes additional common shares that would have been outstanding if potential common shares with a dilutive effect had been issued. Effective April 5, 2007, common shares outstanding were reduced by the 85.3 million shares of our common stock that we accepted in exchange for the shares of KBR common stock we owned. A reconciliation of the number of shares used for the basic and diluted income per share calculations is as follows: Millions of shares200920082007 Basic weighted average common shares outstanding900883919Dilutive effect of:Convertible senior notes premium (a)-2229Stock options247Diluted weighted average common shares outstanding902909955 (a) 3.125% convertible senior notes due 2023, which were settled during the third quarter of 2008. Excluded from the computation of diluted income per share are options to purchase seven million shares of common stock that were outstanding in 2009, four million shares of common stock that were outstanding in 2008, and three million shares of common stock that were outstanding in 2007. These options were outstanding during these years but were excluded because they were antidilutive, as the option exercise price was greater than the average market price of the common shares.

Retirement Plans

Retirement Plans
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 13. Retirement Plans	Note 13. Retirement PlansOur company and subsidiaries have various plans that cover a significant number of our employees. These plans include defined contribution plans, defined benefit plans, and other postretirement plans:-our defined contribution plans provide retirement benefits in return for services rendered. These plans provide an individual account for each participant and have terms that specify how contributions to the participant's account are to be determined rather than the amount of pension benefits the participant is to receive. Contributions to these plans are based on pretax income and/or discretionary amounts determined on an annual basis. Our expense for the defined contribution plans for continuing operations totaled $186 million in 2009, $178 million in 2008, and $162 million in 2007;-our defined benefit plans include both funded and unfunded pension plans, which define an amount of pension benefit to be provided, usually as a function of age, years of service, and/or compensation; and-our postretirement medical plans are offered to specific eligible employees. These plans are contributory. For some plans, our liability is limited to a fixed contribution amount for each participant or dependent. Plan participants share the total cost for all benefits provided above our fixed contributions. Participants' contributions are adjusted as required to cover benefit payments. We have made no commitment to adjust the amount of our contributions; therefore, the computed accumulated postretirement benefit obligation amount for these plans is not affected by the expected future health care cost inflation rate. The liability at the balance sheet dates presented and the annual cost for these plans are not material.Effective for our fiscal year ended December 31, 2009, we adopted an update to existing accounting standards that amends the requirements for employers' disclosures about plan assets for defined benefit pension and other postretirement plans. The objectives of this update are to provide users of financial statements with an understanding of how investment allocation decisions are made, the major categories of assets held by the plans, the inputs and valuation techniques used to measure the fair value of plan assets, significant concentration of risk within the company's plan assets, and, for fair value measurements determined using significant unobservable inputs, a reconciliation of changes between the beginning and ending balances.Effective for our fiscal year ended December 31, 2008, we adopted the requirements of a new accounting standard to measure plan assets and benefit obligations as of the date of the employer's fiscal year-end. The discontinued operations of KBR have been excluded from all of the following tables and disclosures. Funded statusThe following table presents a reconciliation of the beginning and ending balances of benefit obligations and fair value of plan assets and the funded status of our pension plans. 20092008 Millions of dollarsUnited StatesInternationalUnited StatesInternationalBenefit obligationBenefit obligation at beginning of period$108$690$110$874Service cost-21-29Interest cost544650Plan pa

New Accounting Standards

New Accounting Standards
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 14. Accounting Standards Recently Adopted	Note 14. Accounting Standards Recently AdoptedFor the 2009 annual reporting period, we adopted an update to existing accounting standards related to an employer's disclosures about postretirement benefit plan assets. This update amends the disclosure requirements for employer's disclosure of plan assets for defined benefit pensions and other postretirement plans. The objective of this update is to provide users of financial statements with an understanding of how investment allocation decisions are made, the major categories of plan assets held by the plans, the inputs and valuation techniques used to measure the fair value of plan assets, significant concentration of risk within the company's plan assets, and for fair value measurements determined using significant unobservable inputs a reconciliation of changes between the beginning and ending balances. On January 1, 2009, we adopted the provisions of a new accounting standard, which establishes new accounting, reporting, and disclosure standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. This standard requires the recognition of a noncontrolling interest as equity in the consolidated financial statements and separate from the parent's equity. Noncontrolling interest has been presented as a separate component of shareholders' equity for the current reporting period and prior comparative period in our consolidated financial statements. On January 1, 2009, we adopted an update to existing accounting standards for business combinations with acquisition dates on or after that date. The update changes the accounting for business combinations in a number of areas. Acquisition costs are no longer considered part of the fair value of an acquisition and will generally be expensed as incurred, noncontrolling interests are valued at fair value at the acquisition date, in-process research and development is recorded at fair value as an indefinite-lived intangible asset at the acquisition date, restructuring costs associated with a business combination are generally expensed subsequent to the acquisition date, and changes in deferred tax asset valuation allowances and income tax uncertainties after the acquisition date generally will affect income tax expense. On April 1, 2009, we adopted an additional update relating to accounting for assets acquired and liabilities assumed in a business combination that arise from contingencies. On January 1, 2009, we adopted an update to accounting standards related to convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement). The update clarifies that convertible debt instruments that may be settled in cash upon conversion, including partial cash settlement, should separately account for the liability and equity components in a manner that will reflect the entity's nonconvertible debt borrowing rate when interest cost is recognized in subsequent periods. Upon adopting the update, we retroactively applied its provisions and restated our consolidated financial statements for prior periods.In applying this update, $63 million of the carrying value of our 3.125% converti

Income Tax Disclosure

Income Tax Disclosure
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 9. Income Taxes	Note 9. Income Taxes The components of the (provision)/benefit for income taxes on continuing operations were: Year Ended December 31 Millions of dollars200920082007 Current income taxes:Federal$30$(561)$(560)Foreign(250)(346)(449)State(24)(50)(38)Total current(244)(957)(1,047)Deferred income taxes:Federal(237)(303)129Foreign(31)647State(6)(15)4Total deferred(274)(254)140Provision for income taxes$(518)$(1,211)$(907) The United States and foreign components of income from continuing operations before income taxes were as follows: Year Ended December 31 Millions of dollars200920082007 United States$ 589$2,674$2,206Foreign 1,0931,1751,241Total$ 1,682$3,849$3,447 Reconciliations between the actual provision for income taxes on continuing operations and that computed by applying the United States statutory rate to income from continuing operations before income taxes were as follows: Year Ended December 31 200920082007 United States statutory rate35.0%35.0%35.0%Impact of foreign income taxed at different rates(3.3)(1.1)(2.3)Adjustments of prior year taxes(2.1)(1.9)(0.3)Other impact of foreign operations(0.4)(1.1)(3.9)Valuation allowance -0.1(2.0) Other items, net1.60.5(0.2)Total effective tax rate on continuing operations30.8%31.5%26.3% The major component of the difference between the 2009 statutory rate compared to the effective rate was the decline in our United States operating results, which are generally subject to higher income tax rates than most of our foreign jurisdictions. This decline resulted in a higher mix of foreign income taxed at lower rates. The major component of the difference between the 2007 statutory rate compared to the effective rate was the favorable impact of the ability to recognize United States foreign tax credits of approximately $205 million. This amount consisted of approximately $68 million of a change in valuation allowance for credits previously recognized and approximately $137 million reflected in other impact of foreign operations for changes to United States tax filings to claim foreign tax credits rather than deducting foreign taxes. The primary components of our deferred tax assets and liabilities were as follows: December 31 Millions of dollars20092008 Gross deferred tax assets:Employee compensation and benefits$ 266$324Accrued liabilities 7581Net operating loss carryforwards 6450Capitalized research and experimentation 5674Insurance accruals 4847Software revenue recognition 3531Inventory 2926Other 80114Total gross deferred tax assets 653747Gross deferred tax liabilities:Depreciation and amortization 447303Joint ventures, partnerships, and unconsolidated affiliates 3325Other 5538Total gross deferred tax liabilities 535366Net deferred income tax asset$ 118$381 At December 31, 2009, we had a total of $218 million of foreign net operating loss carryforwards, of which $73 million will expire from 2010 through 2020 and $145 million that will not expire due to indefinite expiration dates. The following table presents a rollforward of our unrecognized tax benefits and associated interest and penalties. UnrecognizedInterest Millions of dollarsTax Benefitsand PenaltiesBalance at January 1, 2007$242$34Change in p

Fair Value of Financial Instrum

Fair Value of Financial Instruments and Risk Management
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 12. Financial Instruments and Risk Management	Note 12. Financial Instruments and Risk Management Foreign exchange riskTechniques in managing foreign exchange risk include, but are not limited to, foreign currency borrowing and investing and the use of currency derivative instruments. We selectively manage significant exposures to potential foreign exchange losses considering current market conditions, future operating activities, and the associated cost in relation to the perceived risk of loss. The purpose of our foreign currency risk management activities is to protect us from the risk that the eventual dollar cash flows resulting from the sale and purchase of services and products in foreign currencies will be adversely affected by changes in exchange rates.We manage our currency exposure through the use of currency derivative instruments as it relates to the major currencies, which are generally the currencies of the countries in which we do the majority of our international business. These instruments are not treated as hedges for accounting purposes and generally have an expiration date of two years or less. Forward exchange contracts, which are commitments to buy or sell a specified amount of a foreign currency at a specified price and time, are generally used to manage identifiable foreign currency commitments. Forward exchange contracts and foreign exchange option contracts, which convey the right, but not the obligation, to sell or buy a specified amount of foreign currency at a specified price, are generally used to manage exposures related to assets and liabilities denominated in a foreign currency. None of the forward or option contracts are exchange traded. While derivative instruments are subject to fluctuations in value, the fluctuations are generally offset by the value of the underlying exposures being managed. The use of some contracts may limit our ability to benefit from favorable fluctuations in foreign exchange rates.Foreign currency contracts are not utilized to manage exposures in some currencies due primarily to the lack of available markets or cost considerations (non-traded currencies). We attempt to manage our working capital position to minimize foreign currency commitments in non-traded currencies and recognize that pricing for the services and products offered in these countries should cover the cost of exchange rate devaluations. We have historically incurred transaction losses in non-traded currencies. Notional amounts and fair market values. The notional amounts of open foreign exchange forward contracts and option contracts were $318 million at December 31, 2009 and $324 million at December 31, 2008. The notional amounts of our foreign exchange contracts do not generally represent amounts exchanged by the parties and, thus, are not a measure of our exposure or of the cash requirements related to these contracts. The amounts exchanged are calculated by reference to the notional amounts and by other terms of the derivatives, such as exchange rates. The estimated fair market value of our foreign exchange contracts was not material at either December 31, 2009 or December 31, 2008.Credit riskFinancial instruments that potentially subject us to concentration

Document Information

Document Information
	12 Months Ended Dec. 31, 2009 USD / shares
Document Information [Text Block]
Document Type	10-K
Amendment Flag	false
Document Period End Date	2009-12-31

Entity Information

Entity Information (USD $)
	12 Months Ended Dec. 31, 2009	Feb. 12, 2010	Jun. 30, 2009
Entity [Text Block]
Entity Registrant Name	Halliburton Company
Entity Central Index Key	0000045012
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$18,573,000,000
Entity Common Stock, Shares Outstanding		905,090,232