Halliburton (HAL) 10-Q 28 Jul 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 21, 2017
Entity Information [Line Items]
Document Period End Date	Jun. 30, 2017
Entity Registrant Name	Halliburton Company
Entity Central Index Key	45,012
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 Common Stock, Shares Outstanding		871,595,410
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenue:
Services	$ 3,702	$ 2,640	$ 6,853	$ 5,625
Product sales	1,255	1,195	2,383	2,408
Total revenue	4,957	3,835	9,236	8,033
Operating costs and expenses:
Cost of services	3,453	2,777	6,556	5,733
Cost of sales	1,021	955	1,939	1,924
Impairments and other charges	262	423	262	3,189
General and administrative	75	41	130	89
Merger-related costs and termination fee	0	3,519	0	4,057
Total operating costs and expenses	4,811	7,715	8,887	14,992
Operating income (loss)	146	(3,880)	349	(6,959)
Interest expense, net of interest income	(121)	(196)	(363)	(361)
Other, net	(26)	(31)	(44)	(78)
Income (loss) from continuing operations before income taxes	(1)	(4,107)	(58)	(7,398)
Income tax benefit (provision)	29	902	54	1,777
Income (loss) from continuing operations	28	(3,205)	(4)	(5,621)
Income (loss) from discontinued operations, net	0	0	0	(2)
Net income (loss)	28	(3,205)	(4)	(5,623)
Net (income) loss attributable to noncontrolling interest	0	(3)	0	3
Net income (loss) attributable to company	28	(3,208)	(4)	(5,620)
Amounts attributable to company shareholders:
Income (loss) from continuing operations	28	(3,208)	(4)	(5,618)
Income (loss) from discontinued operations, net	0	0	0	(2)
Net income (loss) attributable to company	$ 28	$ (3,208)	$ (4)	$ (5,620)
Basic and diluted net income (loss) per share	$ 0.03	$ (3.73)	$ 0	$ (6.54)
Basic weighted average common shares outstanding (in shares)	869	860	868	859
Diluted weighted average common shares outstanding (in shares)	871	860	868	859
Cash dividends per share	$ 0.18	$ 0.18	$ 0.36	$ 0.36

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Interest income	$ 28	$ 10	$ 51	$ 20

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net income (loss)	$ 28	$ (3,205)	$ (4)	$ (5,623)
Other comprehensive income (loss), net of income taxes:
Other comprehensive income (loss), net of income taxes	2	3	4	2
Comprehensive income (loss)	30	(3,202)	0	(5,621)
Comprehensive (income) loss attributable to noncontrolling interest	0	(3)	0	3
Comprehensive income (loss) attributable to company shareholders	$ 30	$ (3,205)	$ 0	$ (5,618)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and equivalents	$ 2,139	$ 4,009
Receivables net of allowances for bad debts	4,385	3,922
Inventories	2,283	2,275
Prepaid income taxes	557	585
Other current assets	896	886
Total current assets	10,260	11,677
Property, plant, and equipment, net of accumulated depreciation	8,374	8,532
Goodwill	2,407	2,414
Deferred income taxes	2,232	1,960
Other assets	2,052	2,417
Total assets	25,325	27,000
Current liabilities:
Accounts payable	2,166	1,764
Accrued employee compensation and benefits	583	544
Short-term borrowings and current maturities of long-term debt	336	170
Other current liabilities	983	1,545
Total current liabilities	4,068	4,023
Long-term debt	10,816	12,214
Employee compensation and benefits	550	574
Other liabilities	938	741
Total liabilities	16,372	17,552
Shareholders' equity:
Common shares, par value $2.50 per share	2,673	2,674
Paid-in capital in excess of par value	131	201
Accumulated other comprehensive loss	(450)	(454)
Retained earnings	13,441	14,141
Treasury stock, at cost	(6,878)	(7,153)
Company shareholders' equity	8,917	9,409
Noncontrolling interest in consolidated subsidiaries	36	39
Total shareholders' equity	8,953	9,448
Total liabilities and shareholders' equity	$ 25,325	$ 27,000

Condensed Consolidated Balance6

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Allowance for bad debts	$ 156	$ 175
Accumulated depreciation	$ 11,708	$ 11,198
Shareholders' equity:
Common stock, par value (in dollars per share)	$ 2.50	$ 2.50
Common stock, shares authorized (in shares)	2,000	2,000
Common stock, shares issued (in shares)	1,069	1,070
Treasury shares (in shares)	199	204

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income (loss)	$ (4)	$ (5,623)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation, depletion, and amortization	769	742
Payment related to the Macondo well incident	(368)	(33)
Impairments and other charges	262	3,189
Deferred income tax expense (benefit), continuing operations	(216)	(1,516)
Changes in assets and liabilities:
Receivables	(615)	369
Accounts payable	398	(510)
Inventories	(5)	213
Other	130	(634)
Total cash flows provided by (used in) operating activities	351	(3,803)
Cash flows from investing activities:
Capital expenditures	(592)	(447)
Proceeds from sales of property, plant, and equipment	76	114
Other investing activities	(29)	(60)
Total cash flows used in investing activities	(545)	(393)
Cash flows from financing activities:
Payments on long-term borrowings	(1,623)	(2,525)
Dividends to shareholders	(312)	(309)
Borrowings on short-term debt, net	232	13
Other financing activities	62	89
Total cash flows used in financing activities	(1,641)	(2,732)
Effect of exchange rate changes on cash	(35)	(41)
Increase (decrease) in cash and equivalents	(1,870)	(6,969)
Cash and equivalents at beginning of period	4,009	10,077
Cash and equivalents at end of period	2,139	3,108
Cash payments (receipts) during the period for:
Interest	318	344
Income taxes	$ 176	$ 280

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared using generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, these financial statements do not include all information or notes required by generally accepted accounting principles for annual financial statements and should be read together with our 2016 Annual Report on Form 10-K. Our accounting policies are in accordance with United States generally accepted accounting principles. The preparation of financial statements in conformity with these accounting principles requires 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. Ultimate results could differ from our estimates. In our opinion, the condensed consolidated financial statements included herein contain all adjustments necessary to present fairly our financial position as of June 30, 2017 , the results of our operations for the three and six months ended June 30, 2017 and 2016 , and our cash flows for the six months ended June 30, 2017 and 2016 . Such adjustments are of a normal recurring nature. In addition, certain reclassifications of prior period balances have been made to conform to the current period presentation. The results of our operations for the three and six months ended June 30, 2017 may not be indicative of results for the full year.

Business Segment and Geographic

Business Segment and Geographic Information	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Business Segment and Geographic Information	Business Segment and Geographic Information We 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. Intersegment revenue was immaterial. Our equity in earnings and losses of unconsolidated affiliates that are accounted for using the equity method of accounting are included within cost of services on our statements of operations, which is part of operating income of the applicable segment. The following table presents information on our business segments. Three Months Ended Six Months Ended Millions of dollars 2017 2016 2017 2016 Revenue: Completion and Production $ 3,132 $ 2,114 $ 5,736 $ 4,438 Drilling and Evaluation 1,825 1,721 3,500 3,595 Total revenue $ 4,957 $ 3,835 $ 9,236 $ 8,033 Operating income (loss): Completion and Production $ 397 $ (32 ) $ 544 $ (2 ) Drilling and Evaluation 125 154 247 395 Total operations 522 122 791 393 Corporate and other (a) (114 ) (3,579 ) (180 ) (4,163 ) Impairments and other charges (262 ) (423 ) (262 ) (3,189 ) Total operating income (loss) $ 146 $ (3,880 ) $ 349 $ (6,959 ) Interest expense, net of interest income (121 ) (196 ) (363 ) (361 ) Other, net (26 ) (31 ) (44 ) (78 ) Loss from continuing operations before income taxes $ (1 ) $ (4,107 ) $ (58 ) $ (7,398 ) (a) Includes certain expenses not attributable to a particular business segment such as costs related to support functions and corporate executives, as well as merger-related costs and termination fee incurred during the three and six months ended June 30, 2016. Receivables As of June 30, 2017 , 41% of our gross trade receivables were from customers in the United States and 9% were from customers in Venezuela. As of December 31, 2016 , 28% of our gross trade receivables were from customers in the United States and 15% were from customers in Venezuela. Other than the United States and Venezuela, no other country or single customer accounted for more than 10% of our gross trade receivables at these dates. We routinely monitor the financial stability of our customers, and employ an extensive process to evaluate the collectability of outstanding receivables. This process, which involves a high degree of judgment utilizing significant assumptions, includes analysis of our customers’ historical time to pay, financial condition and various financial metrics, debt structure, credit agency ratings, and production profile, as well as political and economic factors in countries of operations and other customer-specific factors. Venezuela. Although we have continued to experience delays in collecting payments on our receivables from our primary customer in Venezuela, our outstanding receivables are not disputed, and we continue to believe that they are collectable. In assessing the collectability of these receivables, we considered our historical collection experience with this customer, including both payments received prior to this historical industry downturn and continued collections at reduced levels during the downturn, and the fact that we have not historically had material write-offs relating to this customer. We also took into account the continued importance to the Venezuelan economy of oil production, our strategic relationship with this customer, our current activity levels and our current intention to continue to provide services to this customer, and an evaluation of this customer’s financial solvency. We also incorporated assumptions regarding potential future events based on market pricing data points. We are actively managing our relationship with this customer, with ongoing dialogue between key executives of both companies, including discussions regarding this customer's intention to pay long-aged trade receivables. In the second quarter of 2016, we exchanged $200 million of accounts receivables with our primary customer in Venezuela for an interest-bearing promissory note with a par value of the same amount. We recognized a pre-tax loss on the exchange of $148 million , representing the difference between the par value and fair market value of the note. We are accreting the carrying amount of the note to its par value, this customer has made all scheduled interest payments, and the carrying amount of this note is $98 million as of June 30, 2017 . In addition, we currently expect to exchange an additional $375 million of outstanding accounts receivable with this customer for an interest-bearing promissory note with a par value of the same amount. As such, we recognized a pre-tax loss of $262 million in the second quarter of 2017 for a fair market value adjustment related to this expected exchange within "Impairments and other charges" on our condensed consolidated statements of operations. Although we recognized these fair value adjustments, we intend to hold both notes to maturity and collect the entire principal amounts. While we made a business decision during the second quarter of 2017 to convert certain accounts receivable to notes, we have the intent and ability to hold all remaining receivables in Venezuela until collection. We do not intend to accept further notes as payment if offered, and we will continue to monitor political and economic conditions in Venezuela. We continue to believe our Venezuela receivables are collectable, with appropriate classification between short-term and long-term on our condensed consolidated balance sheets. While we have continued to experience delays in collecting payments on outstanding receivables in Venezuela, we have collected approximately $600 million on receivables in Venezuela since this historic industry downturn began in late 2014. We believe our collectability assumptions to be reasonable according to the current facts and circumstances. However, differences in actual experience or changes in facts and circumstances may materially affect our financial position or results of operations. Our assumptions and related judgments are sensitive to the political and economic conditions in Venezuela. If conditions in Venezuela worsen or if low commodity prices persist for an extended period of time, we may be required to record adjustments to our receivables balance. Our financial results can be affected by adjustments to these receivables, including any allowance for bad debts, actual write-offs of uncollectable amounts that differ from estimated amounts, fair value adjustments on existing receivables, and potential defaults on the promissory notes we hold. Subsequent to the fair market value adjustment associated with the expected promissory note exchange, our total outstanding net trade receivables in Venezuela were $399 million as of June 30, 2017 , compared to $610 million as of December 31, 2016 . The majority of our Venezuela receivables are United States dollar-denominated receivables. Of the $399 million of receivables in Venezuela as of June 30, 2017 , $186 million have been classified as long-term and included within “Other assets” on our condensed consolidated balance sheets. See Note 7 for additional information about the promissory notes and Part II, Item 1(a), “Risk Factors,” for additional information on risks associated with our operations in Venezuela, including recent sanctions imposed on a current employee of our primary customer in Venezuela which could delay or prevent our ability to execute the expected promissory note exchange.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are stated at the lower of cost and net realizable value. 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 $153 million as of June 30, 2017 and $133 million as of December 31, 2016 . If the average cost method had been used, total inventories would have been $21 million higher than reported as of June 30, 2017 and $16 million higher as of December 31, 2016 . The cost of the remaining inventory was recorded using the average cost method. Inventories consisted of the following: Millions of dollars June 30, December 31, Finished products and parts $ 1,454 $ 1,388 Raw materials and supplies 695 778 Work in process 134 109 Total $ 2,283 $ 2,275 All amounts in the table above are reported net of obsolescence reserves of $262 million as of June 30, 2017 and $263 million as of December 31, 2016 .

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2017
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Shareholders’ Equity The following tables summarize our shareholders’ equity activity: Millions of dollars Total shareholders' equity Company shareholders' equity Noncontrolling interest in consolidated subsidiaries Balance at December 31, 2016 $ 9,448 $ 9,409 $ 39 Retained earnings adjustment for new accounting standard (a) (384 ) (384 ) — Payments of dividends to shareholders (312 ) (312 ) — Stock plans 239 239 — Other (38 ) (35 ) (3 ) Balance at June 30, 2017 $ 8,953 $ 8,917 $ 36 (a) Represents a cumulative-effect adjustment to retained earnings upon our adoption of a new accounting standards update on the income tax consequences of intra-entity transfers of assets other than inventory which was effective January 1, 2017. See Note 8 for further information. Millions of dollars Total shareholders' equity Company shareholders' equity Noncontrolling interest in consolidated subsidiaries Balance at December 31, 2015 $ 15,495 $ 15,462 $ 33 Payments of dividends to shareholders (309 ) (309 ) — Stock plans 244 244 — Other (32 ) (45 ) 13 Comprehensive loss (5,621 ) (5,618 ) (3 ) Balance at June 30, 2016 $ 9,777 $ 9,734 $ 43 Our Board of Directors has authorized a program to repurchase our common stock from time to time. Approximately $5.7 billion remains authorized for repurchases as of June 30, 2017 . From the inception of this program in February 2006 through June 30, 2017 , we repurchased approximately 201 million shares of our common stock for a total cost of approximately $8.4 billion . There were no repurchases made under the program during the six months ended June 30, 2017 . Accumulated other comprehensive loss consisted of the following: Millions of dollars June 30, December 31, Defined benefit and other postretirement liability adjustments $ (313 ) $ (313 ) Cumulative translation adjustments (79 ) (80 ) Other (58 ) (61 ) Total accumulated other comprehensive loss $ (450 ) $ (454 )

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Macondo well incident The semisubmersible drilling rig, Deepwater Horizon, sank on April 22, 2010 after an explosion and fire onboard the rig that began on April 20, 2010. The Deepwater Horizon was owned by an affiliate of Transocean Ltd. and had been drilling the Macondo exploration well in the Gulf of Mexico for the lease operator, BP Exploration & Production, Inc. (BP). We performed a variety of services on that well for BP. Numerous lawsuits relating to the Macondo well incident and alleging damages arising from the blowout were filed against various parties, including BP, Transocean and us, in federal and state courts throughout the United States, most of which were consolidated in a Multi District Litigation proceeding (MDL) in the United States Eastern District of Louisiana. The defendants in the MDL proceeding filed a variety of cross claims against each other. The trial for the first phase of the MDL proceeding occurred in February 2013 through April 2013 and covered issues arising out of the conduct and degree of culpability of various parties. In September 2014, the MDL court ruled (Phase One Ruling) that, among other things, (1) in relation to the Macondo well incident, BP’s conduct was reckless, Transocean’s conduct was negligent, and our conduct was negligent, (2) fault for the Macondo well incident was apportioned 67% to BP, 30% to Transocean and 3% to us, and (3) the indemnity and release clauses in our contract with BP are valid and enforceable against BP. The MDL court did not find that our conduct was grossly negligent, thereby eliminating our exposure in the MDL for punitive damages. In September 2014, prior to the Phase One Ruling, we reached an agreement, subject to court approval, to settle a substantial portion of the plaintiffs’ claims asserted against us relating to the Macondo well incident (our MDL Settlement) for an aggregate of $1.1 billion . Certain conditions had to be satisfied before our MDL Settlement became effective. These conditions included, among others, the issuance of a final order of the MDL court approving our MDL Settlement and the resolution of any appeals therefrom. The Court has issued that final approval of our MDL Settlement and the period for appeal has expired. On May 20, 2015, we and BP entered into an agreement to resolve all remaining claims against each other, and pursuant to which BP will defend and indemnify us in future trials for compensatory damages. We have also entered into an agreement with Transocean to dismiss all claims made against each other. During the first quarter of 2017, we made our third and final installment payment of $335 million , and during the second quarter of 2017, we made our third and final legal fees payment of $33 million . All of our payments with respect to our MDL Settlement have now been made. We believe that there is no additional material financial exposure to us in relation to the Macondo well incident. Securities and related litigation In June 2002, a class action lawsuit was commenced against us in federal court alleging violations of the federal securities laws in connection with our change in accounting for revenue on long-term construction projects and related disclosures. In the weeks that followed, approximately twenty similar class actions were filed against us. Several of those lawsuits also named as defendants several of our present or former officers and directors. The class action cases were later consolidated, and the amended consolidated class action complaint, styled Richard Moore, et al. v. Halliburton Company, et al. , was filed and served upon us in April 2003. As a result of a substitution of lead plaintiffs, the case was styled Archdiocese of Milwaukee Supporting Fund (AMSF) v. Halliburton Company, et al . AMSF has changed its name to Erica P. John Fund, Inc. (the Fund). In June 2003, the plaintiffs filed a second amended consolidated complaint that included claims arising out of our 1998 acquisition of Dresser Industries, Inc. and our disclosures and reserves relating to our asbestos liability exposure. In December 2016, we reached an agreement in principle to settle this lawsuit, without any admission of liability and subject to approval by the district court. On March 31, 2017, the district court issued an order preliminarily approving the settlement. The settlement remains subject to final approval of the district court following notice to class members. During the second quarter of 2017, we paid approximately $54 million of the $100 million settlement fund, and our insurer paid the balance. Plaintiff’s counsel fees and costs will be awarded from the settlement fund. The settlement resolves all pending cases other than Magruder v. Halliburton Co., et. al. (the Magruder case). The allegations arise out of the same general events described above, but for a later class period, December 8, 2001 to May 28, 2002. There has been limited activity in the Magruder case. In March 2009, our motion to dismiss was granted, with leave to re-plead; in March 2012, plaintiffs filed an amended complaint and in May 2012, we filed another motion to dismiss, which remains pending. We cannot predict the outcome or consequences of this case, which we intend to vigorously defend. Investigations In December 2010, we received an anonymous e-mail alleging that certain current and former employees violated our Code of Business Conduct (COBC) and the Foreign Corrupt Practices Act (FCPA), principally through the use of an Angolan vendor to satisfy local content requirements. We notified the Department of Justice (DOJ) and initiated an internal investigation. The investigation was later expanded to include unrelated matters concerning a third-party customs agent in Angola and third-party customs and visa agents in Iraq. The DOJ and the Securities and Exchange Commission (SEC) also conducted investigations into these matters and we cooperated in those investigations. In June 2017, we reached a preliminary understanding with the SEC staff to resolve the SEC's investigation. On July 27, 2017, the Commissioners of the SEC formally approved this settlement. To settle the investigation, we, without admitting or denying any of the factual findings, have consented to the entry of an administrative order stating that in connection with the use of a local content provider in Angola, we violated the books and records and internal controls provisions of the FCPA. We agreed to make a total payment of approximately $29 million for disgorgement, prejudgment interest, and a civil penalty and to engage an independent consultant to review aspects of our compliance program in Africa. Accordingly, we have recorded in the second quarter of 2017 a loss contingency of $29 million . Separately, the DOJ has advised us that it has completed its investigation and will not be taking any action regarding these matters. Environmental We are subject to numerous environmental, legal, and regulatory requirements related to our operations worldwide. In the United States, these laws and regulations include, among others: - the Comprehensive Environmental Response, Compensation, and Liability Act; - the Resource Conservation and Recovery Act; - the Clean Air Act; - the Federal Water Pollution Control Act; - the Toxic Substances Control Act; and - the Oil Pollution Act. In addition to the federal laws and regulations, states and other countries where we do business often have numerous environmental, legal, and regulatory requirements by which we must abide. We evaluate and address the environmental impact of our operations by assessing and remediating contaminated properties in order to avoid future liabilities and comply with environmental, legal and regulatory requirements. Our Health, Safety and Environment group has several programs in place to maintain environmental leadership and to help prevent the occurrence of environmental contamination. On occasion we are involved in environmental litigation and claims, including the remediation of properties we own or have operated, as well as efforts to meet or correct compliance-related matters. We do not expect costs related to those claims and remediation requirements to have a material adverse effect on our liquidity, consolidated results of operations, or consolidated financial position. Our accrued liabilities for environmental matters were $46 million as of June 30, 2017 and $50 million as of December 31, 2016 . Because our estimated liability is typically within a range and our accrued liability may be the amount on the low end of that range, our actual liability could eventually be well in excess of the amount accrued. Our total liability related to environmental matters covers numerous properties. Additionally, we have subsidiaries that have been named as potentially responsible parties along with other third parties for eight federal and state Superfund sites for which we have established reserves. As of June 30, 2017 , those eight sites accounted for approximately $4 million of our $46 million total environmental reserve. Despite attempts to resolve these Superfund matters, the relevant regulatory agency may at any time bring suit against us for amounts in excess of the amount accrued. With respect to some Superfund sites, we have been named a potentially responsible party by a regulatory agency; however, in each of those cases, we do not believe we have any material liability. We also could be subject to third-party claims with respect to environmental matters for which we have been named as a potentially responsible party. Guarantee arrangements In the normal course of business, we have agreements with financial institutions under which approximately $2.0 billion of letters of credit, bank guarantees or surety bonds were outstanding as of June 30, 2017 . Some of the outstanding letters of credit have triggering events that would entitle a bank to require cash collateralization. None of these off balance sheet arrangements either has, or is likely to have, a material effect on our consolidated financial statements.

Income (Loss) per Share

Income (Loss) per Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Income (Loss) per Share	Income per Share Basic income or loss 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. Antidilutive shares represent potential common shares which are excluded from the computation of diluted income or loss per share as their impact would be antidilutive. A reconciliation of the number of shares used for the basic and diluted income per share computations is as follows: Three Months Ended Six Months Ended Millions of shares 2017 2016 2017 2016 Basic weighted average common shares outstanding 869 860 868 859 Dilutive effect of awards granted under our stock incentive plans 2 — — — Diluted weighted average common shares outstanding 871 860 868 859 Antidilutive shares: Options with exercise price greater than the average market price 8 11 5 14 Options which are antidilutive due to net loss position — 2 3 1 Total antidilutive shares 8 13 8 15

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments At June 30, 2017 , we held $102 million of investments in fixed income securities with maturities ranging from less than one year to July 2020 , of which $65 million are classified as “Other current assets” and $37 million are classified as “Other assets” on our condensed consolidated balance sheets. At December 31, 2016 , we also held $92 million of investments in fixed income securities. These securities consist primarily of corporate bonds and other debt instruments, are accounted for as available-for-sale and are recorded at fair value on quoted prices for identical assets in less active markets, which are categorized within level 2 on the fair value hierarchy. At June 30, 2017 and December 31, 2016 , we held an interest-bearing promissory note with our primary customer in Venezuela with a par value of $200 million . The carrying amount of this promissory note was $98 million as of June 30, 2017 , consisting of a current portion of $67 million and non-current portion of $31 million , which are classified as “Receivables” and “Other assets,” respectively, on our condensed consolidated balance sheets. The carrying amount as of December 31, 2016 was $70 million . The carrying amounts for both periods approximate fair value. Initial fair value of the promissory note was based on pricing data points for similar assets in an illiquid market and is categorized within level 3 on the fair value hierarchy. We are using an effective interest method to accrete the carrying amount to its par value as it matures. This accretion income is being recorded through “Interest expense, net of interest income” on our condensed consolidated statements of operations. During the second quarter of 2017, we recognized a pre-tax loss of $262 million for a fair market value adjustment related to an expected exchange of $375 million of our accounts receivable with our primary customer in Venezuela for an additional interest-bearing promissory note with a par value of the same amount. We determined fair value based on pricing data points for similar notes in an illiquid market which is categorized within level 3 on the fair value hierarchy. See Note 2 for further discussion. We maintain an interest rate management strategy that is intended to mitigate the exposure to changes in interest rates in the aggregate for our debt portfolio. We use interest rate swaps to effectively convert a portion of our fixed rate debt to floating LIBOR-based rates. Our interest rate swaps, which expire when the underlying debt matures, are designated as fair value hedges of the underlying debt and are determined to be highly effective. These derivative instruments are marked to market with gains and losses recognized currently in interest expense to offset the respective gains and losses recognized on changes in the fair value of the hedged debt. During the first quarter of 2017, we terminated a series of our interest rate swaps with a notional amount of $1.4 billion in conjunction with our early redemption of senior notes. We included the gain from the swap termination in our calculation of early debt extinguishment costs. As of June 30, 2017 , we had one remaining interest rate swap relating to one of our debt instruments with a total notional amount of $100 million . The fair value of our interest rate swaps as of June 30, 2017 and December 31, 2016 are included in “Other assets” in our condensed consolidated balance sheets and were immaterial. The fair value of our interest rate swaps are categorized within level 2 on the fair value hierarchy and were determined using an income approach model with inputs, such as the notional amount, LIBOR rate spread and settlement terms that are observable in the market or can be derived from or corroborated by observable data. The carrying amount of cash and equivalents, receivables, and accounts payable, as reflected in the condensed consolidated balance sheets, approximates fair value due to the short maturities of these instruments. The carrying amount and fair value of our total debt, including short-term borrowings and current maturities of long-term debt, is as follows: June 30, 2017 December 31, 2016 Millions of dollars Level 1 Level 2 Total fair value Carrying value Level 1 Level 2 Total fair value Carrying value Total debt $ 572 $ 11,738 $ 12,310 $ 11,152 $ 753 $ 12,812 $ 13,565 $ 12,384 Our debt categorized within level 1 on the fair value hierarchy is calculated using quoted prices in active markets for identical liabilities with transactions occurring on the last two days of period-end. Our debt categorized within level 2 on the fair value hierarchy is calculated using significant observable inputs for similar liabilities where estimated values are determined from observable data points on our other bonds and on other similarly rated corporate debt or from observable data points of transactions occurring prior to two days from period-end and adjusting for changes in market conditions. Our total fair value and carrying value of debt decreased during the six months ended June 30, 2017 primarily due to the early extinguishment of $1.4 billion of senior notes. Additionally, differences between the periods presented in our level 1 and level 2 classification of our long-term debt relate to the timing of when transactions are executed. We have no debt categorized within level 3 on the fair value hierarchy based on unobservable inputs.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles	New Accounting Pronouncements Standards adopted in 2017 Stock-Based Compensation On January 1, 2017, we adopted an accounting standards update issued by the Financial Accounting Standards Board (FASB) which simplifies several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and the classification on the statement of cash flows. In addition, the update allows an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. The element of the update that will have the most impact on our financial statements will be income tax consequences. Excess tax benefits and tax deficiencies on stock-based compensation awards are now included in our tax provision within our condensed consolidated statement of operations as discrete items in the reporting period in which they occur, rather than previous accounting of recording in additional paid-in capital on our condensed consolidated balance sheets. We have also elected to continue our current policy of estimating forfeitures of stock-based compensation awards at the time of grant and revising in subsequent periods to reflect actual forfeitures. We applied the update prospectively beginning January 1, 2017, and the adoption did not have a material impact on our condensed consolidated financial statements. Intra-Entity Transfers of Assets On January 1, 2017, we adopted an accounting standards update issued by the FASB to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. The update requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs, rather than the previous requirement to defer recognition of current and deferred income taxes for an intra-entity asset transfer until the asset had been sold to an outside party. Two common examples of assets included in the scope of this update are intellectual property and property, plant and equipment. The update was applied on a modified retrospective basis resulting in a cumulative-effect adjustment of $384 million recorded directly to retained earnings as of January 1, 2017. Inventory On January 1, 2017, we adopted an accounting standards update issued by the FASB which simplifies the measurement of inventory. The update now requires inventory measured using the first in, first out or average cost methods to be subsequently measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal and transportation. The update eliminated the requirement to subsequently measure inventory at the lower of cost or market, which could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. The adoption of this update did not impact our condensed consolidated financial statements. Standards not yet adopted Revenue Recognition In May 2014, the FASB issued a comprehensive new revenue recognition standard that will supersede existing revenue recognition guidance under U.S. GAAP. The core principle of the new guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The standard creates a five step model that requires companies to exercise judgment when considering the terms of a contract and all relevant facts and circumstances. The standard allows for several transition methods: (a) a full retrospective adoption in which the standard is applied to all of the periods presented, or (b) a modified retrospective adoption in which the standard is applied only to the most current period presented in the financial statements with a cumulative-effect adjustment reflected in retained earnings. The standard also requires significantly expanded disclosures regarding the qualitative and quantitative information of an entity's nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This new revenue recognition standard will be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. We are currently determining the impacts of the new standard on our contract portfolio. Our approach includes performing a detailed review of key contracts representative of our different businesses and comparing historical accounting policies and practices to the new standard. Because the standard will impact our business processes, systems and controls, we are also developing a comprehensive change management project plan to guide the implementation. Our services are primarily short-term in nature, and our assessment at this stage is that we do not expect the new revenue recognition standard will have a material impact on our financial statements upon adoption. We are still evaluating software contracts within our Landmark Software and Services product service line and long-term contracts requiring integrated project management services within our Consulting and Project Management product service line for potential impact from the new accounting guidance. We currently intend on adopting the new standard utilizing the modified retrospective method that will result in a cumulative effect adjustment as of January 1, 2018. Leases In February 2016, the FASB issued an accounting standards update related to accounting for leases, which requires the assets and liabilities that arise from leases to be recognized on the balance sheet. Currently only capital leases are recorded on the balance sheet. This update will require the lessee to recognize a lease liability equal to the present value of the lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term for all leases longer than 12 months. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and liabilities and recognize the lease expense for such leases generally on a straight-line basis over the lease term. This update will be effective for fiscal periods beginning after December 15, 2018, including interim periods within that reporting period. Early adoption is permitted. We are currently evaluating the impact that this update will have on our condensed consolidated financial statements.

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In July 2017, we acquired three businesses, Summit ESP, Ingrain Inc., and Optimization Petroleum Technology. Summit is a leading provider of electric submersible pumps, and related technology and services. Ingrain specializes in the analysis of complex rock types and has developed and brought to market unique capabilities in rock physics. Optimization Petroleum Technology is a software and consulting company focused on production engineering and operations. The additions of these three businesses strengthen our artificial lift, wireline, and Landmark portfolios for our global customers.

Inventories (Policies)

Inventories (Policies)	6 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
Inventory, Policy	Inventories are stated at the lower of cost and net realizable value.

Business Segment and Geograph18

Business Segment and Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Information on business segments	The following table presents information on our business segments. Three Months Ended Six Months Ended Millions of dollars 2017 2016 2017 2016 Revenue: Completion and Production $ 3,132 $ 2,114 $ 5,736 $ 4,438 Drilling and Evaluation 1,825 1,721 3,500 3,595 Total revenue $ 4,957 $ 3,835 $ 9,236 $ 8,033 Operating income (loss): Completion and Production $ 397 $ (32 ) $ 544 $ (2 ) Drilling and Evaluation 125 154 247 395 Total operations 522 122 791 393 Corporate and other (a) (114 ) (3,579 ) (180 ) (4,163 ) Impairments and other charges (262 ) (423 ) (262 ) (3,189 ) Total operating income (loss) $ 146 $ (3,880 ) $ 349 $ (6,959 ) Interest expense, net of interest income (121 ) (196 ) (363 ) (361 ) Other, net (26 ) (31 ) (44 ) (78 ) Loss from continuing operations before income taxes $ (1 ) $ (4,107 ) $ (58 ) $ (7,398 ) (a) Includes certain expenses not attributable to a particular business segment such as costs related to support functions and corporate executives, as well as merger-related costs and termination fee incurred during the three and six months ended June 30, 2016.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following: Millions of dollars June 30, December 31, Finished products and parts $ 1,454 $ 1,388 Raw materials and supplies 695 778 Work in process 134 109 Total $ 2,283 $ 2,275

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2017
Stockholders' Equity Note [Abstract]
Summary of shareholders' equity activity	The following tables summarize our shareholders’ equity activity: Millions of dollars Total shareholders' equity Company shareholders' equity Noncontrolling interest in consolidated subsidiaries Balance at December 31, 2016 $ 9,448 $ 9,409 $ 39 Retained earnings adjustment for new accounting standard (a) (384 ) (384 ) — Payments of dividends to shareholders (312 ) (312 ) — Stock plans 239 239 — Other (38 ) (35 ) (3 ) Balance at June 30, 2017 $ 8,953 $ 8,917 $ 36 (a) Represents a cumulative-effect adjustment to retained earnings upon our adoption of a new accounting standards update on the income tax consequences of intra-entity transfers of assets other than inventory which was effective January 1, 2017. See Note 8 for further information. Millions of dollars Total shareholders' equity Company shareholders' equity Noncontrolling interest in consolidated subsidiaries Balance at December 31, 2015 $ 15,495 $ 15,462 $ 33 Payments of dividends to shareholders (309 ) (309 ) — Stock plans 244 244 — Other (32 ) (45 ) 13 Comprehensive loss (5,621 ) (5,618 ) (3 ) Balance at June 30, 2016 $ 9,777 $ 9,734 $ 43
Schedule of comprehensive income (loss)	Accumulated other comprehensive loss consisted of the following: Millions of dollars June 30, December 31, Defined benefit and other postretirement liability adjustments $ (313 ) $ (313 ) Cumulative translation adjustments (79 ) (80 ) Other (58 ) (61 ) Total accumulated other comprehensive loss $ (450 ) $ (454 )

Income (Loss) per Share Income

Income (Loss) per Share Income (Loss) per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Weighted average shares outstanding and antidilutive shares [Line Items]
Weighted average shares outstanding and antidilutive shares	A reconciliation of the number of shares used for the basic and diluted income per share computations is as follows: Three Months Ended Six Months Ended Millions of shares 2017 2016 2017 2016 Basic weighted average common shares outstanding 869 860 868 859 Dilutive effect of awards granted under our stock incentive plans 2 — — — Diluted weighted average common shares outstanding 871 860 868 859 Antidilutive shares: Options with exercise price greater than the average market price 8 11 5 14 Options which are antidilutive due to net loss position — 2 3 1 Total antidilutive shares 8 13 8 15

Fair Value of Financial Instr22

Fair Value of Financial Instruments Fair value by balance sheet grouping table (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The carrying amount and fair value of our total debt, including short-term borrowings and current maturities of long-term debt, is as follows: June 30, 2017 December 31, 2016 Millions of dollars Level 1 Level 2 Total fair value Carrying value Level 1 Level 2 Total fair value Carrying value Total debt $ 572 $ 11,738 $ 12,310 $ 11,152 $ 753 $ 12,812 $ 13,565 $ 12,384

Business Segment and Geograph23

Business Segment and Geographic Information (Narrative) (Details) $ in Millions	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)DivisionCountriesCustomers	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)DivisionCountriesCustomers	Dec. 31, 2016USD ($)CountriesCustomers
Concentration Risk [Line Items]
Number of business segments | Division	2		2
Maximum Percentage Gross Trade Receivables From One Geographic Segment	10.00%		10.00%	10.00%
Maximum Percentage Gross Trade Receivables From One Customer	10.00%		10.00%	10.00%
Number of Countries Exceed Receivables Threshold | Countries	1		1	2
Number of Customers Exceed Receivables Threshold | Customers	0		0	0
Venezuela trade receivables exchanged for promissory note	$ 375	$ 200	$ 375
Pre-tax loss on promissory note	262	$ 148
Promissory note fair value	98		98	$ 70
VENEZUELA
Concentration Risk [Line Items]
Collections on receivables	600		600
Accounts Receivable, Gross	399		399	$ 610
Accounts Receivable, Gross, Noncurrent	$ 186		$ 186
Accounts Receivable [Member] | VENEZUELA
Concentration Risk [Line Items]
Concentration Risk, Percentage			9.00%	15.00%
Geographic Concentration Risk [Member] | UNITED STATES | Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage			41.00%	28.00%

Business Segment and Geograph24

Business Segment and Geographic Information (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenue:
Revenue		$ 4,957	$ 3,835	$ 9,236	$ 8,033
Operating income (loss):
Operating income (loss)		146	(3,880)	349	(6,959)
Impairments and other charges		(262)	(423)	(262)	(3,189)
Interest expense, net of interest income		(121)	(196)	(363)	(361)
Other, net		(26)	(31)	(44)	(78)
Income (loss) from continuing operations before income taxes		(1)	(4,107)	(58)	(7,398)
Completion and Production
Revenue:
Revenue		3,132	2,114	5,736	4,438
Operating income (loss):
Operating income (loss)		397	(32)	544	(2)
Drilling and Evaluation
Revenue:
Revenue		1,825	1,721	3,500	3,595
Operating income (loss):
Operating income (loss)		125	154	247	395
Total operations
Revenue:
Revenue		4,957	3,835	9,236	8,033
Operating income (loss):
Operating income (loss)		522	122	791	393
Corporate and other
Operating income (loss):
Operating income (loss)	[1]	$ (114)	$ (3,579)	$ (180)	$ (4,163)
[1]	Includes certain expenses not attributable to a particular business segment such as costs related to support functions and corporate executives, as well as merger-related costs and termination fee incurred during the three and six months ended June 30, 2016.

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
LIFO Method Related Items [Abstract]
LIFO Inventory Amount	$ 153	$ 133
Average Cost Method, Difference	21	16
Inventory, Net [Abstract]
Finished products and parts	1,454	1,388
Raw materials and supplies	695	778
Work in process	134	109
Inventory, net	2,283	2,275
Obsolescence reserves	$ 262	$ 263

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ in Millions		3 Months Ended			6 Months Ended
		Jun. 30, 2017		Jun. 30, 2016	Jun. 30, 2017		Jun. 30, 2016	Jan. 01, 2017
Shareholders' equity activity [Roll Forward]
Balance at beginning of period					$ 9,448		$ 15,495
Effect of early adoption of income tax consequences of intra-entity transfer of assets other than inventory		$ (384)	[1]		(384)	[1]		$ (384)
Stock plans					239		244
Payments of dividends to shareholders					(312)		(309)
Other					(38)		(32)
Comprehensive income (loss)		30		$ (3,202)	0		(5,621)
Balance at end of period		8,953		9,777	8,953		9,777
Company shareholders' equity
Shareholders' equity activity [Roll Forward]
Balance at beginning of period					9,409		15,462
Effect of early adoption of income tax consequences of intra-entity transfer of assets other than inventory	[1]	(384)			(384)
Stock plans					239		244
Payments of dividends to shareholders					(312)		(309)
Other					(35)		(45)
Comprehensive income (loss)							(5,618)
Balance at end of period		8,917		9,734	8,917		9,734
Noncontrolling interest in consolidated subsidiaries
Shareholders' equity activity [Roll Forward]
Balance at beginning of period					39		33
Effect of early adoption of income tax consequences of intra-entity transfer of assets other than inventory	[1]	0			0
Stock plans					0		0
Payments of dividends to shareholders					0		0
Other					(3)		13
Comprehensive income (loss)							(3)
Balance at end of period		$ 36		$ 43	$ 36		$ 43
[1]	Represents a cumulative-effect adjustment to retained earnings upon our adoption of a new accounting standards update on the income tax consequences of intra-entity transfers of assets other than inventory which was effective January 1, 2017. See Note 8 for further information.

Shareholders' Equity (Schedule

Shareholders' Equity (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Defined benefit and other postretirement liability adjustments	$ (313)	$ (313)
Cumulative translation adjustments	(79)	(80)
Other	(58)	(61)
Total accumulated other comprehensive income (loss)	$ (450)	$ (454)

Shareholders' Equity Repurchase

Shareholders' Equity Repurchase Activity (Details) $ in Billions	6 Months Ended
	Jun. 30, 2017USD ($)shares
Class of Stock [Line Items]
Treasury Stock, Shares, Acquired | shares	0
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $	$ 5.7
Treasury Stock Shares Acquired From Inception | shares	201,000,000
Treasury Stock Value Acquired Cost Method From Inception | $	$ 8.4

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Sep. 30, 2014USD ($)	Jun. 30, 2017USD ($)Class_Actions	Mar. 31, 2017USD ($)	Jun. 30, 2017USD ($)Class_Actions	Dec. 31, 2016
Loss Contingencies [Line Items]
Loss Contingency, payment for SEC investigation		$ 29
Macondo well incident
Loss Contingencies [Line Items]
BP Fault Apportionment in Macondo Ruling					67.00%
Transocean Fault Apportionment In Macondo Ruling					30.00%
Halliburton Fault Apportionment In Macondo Ruling					3.00%
Loss Contingency, Settlement Agreement, Terms	$ 1,100		$ 335
Legal Fees		$ 33
Securities and related litigation
Loss Contingencies [Line Items]
Number Of Similar Class Action Lawsuits That Were Consolidated Into One Suit | Class_Actions		20		20
Payments for Legal Settlements		$ 54
Litigation Settlement, Amount				$ 100

Commitments and Contingencies30

Commitments and Contingencies (Environmental) (Details) $ in Millions	Jun. 30, 2017USD ($)Superfund_Sites	Dec. 31, 2016USD ($)
Accrual for Environmental Loss Contingencies Disclosure [Abstract]
Accrual for Environmental Loss Contingencies	$ 46	$ 50
Superfund Sites [Member]
Accrual for Environmental Loss Contingencies Disclosure [Abstract]
Number of superfund sites | Superfund_Sites	8
Accrual for site contingency	$ 4

Commitments and Contingencies31

Commitments and Contingencies (Guarantee Arrangements) (Details) $ in Billions	Jun. 30, 2017USD ($)
Financial agreements
Guarantee arrangements [Abstract]
Guarantee arrangements outstanding	$ 2

Income (Loss) per Share (Detail

Income (Loss) per Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted average common shares outstanding (in shares)	869	860	868	859
Dilutive effect of awards granted under our stock incentive plans	2	0	0	0
Diluted weighted average common shares outstanding (in shares)	871	860	868	859
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options with exercise price greater than the average market price	8	11	5	14
Options which are antidilutive due to net loss position	0	2	3	1
Total antidilutive shares	8	13	8	15

Fair Value of Financial Instr33

Fair Value of Financial Instruments (Details) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2017USD ($)Debt_Instruments	Mar. 31, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)Debt_Instruments	Dec. 31, 2016USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Early Repayment of Senior Debt		$ 1,400
Number Of Debt Instruments With Related Interest Rate Swaps | Debt_Instruments	1			1
Derivative, Notional Amount	$ 100			$ 100
Assets
Fair value of investments and fixed income securities	$ 102			$ 102	$ 92
Investment maturity range (current)	1 year
Available-for-sale Securities, Debt Maturities, Date				Jul. 1, 2020
Venezuela trade receivables exchanged for promissory note	$ 375		$ 200	$ 375
Promissory note fair value	98			98	70
Pre-tax loss on promissory note	262		$ 148
Promissory note fair value, current	67			67
Promissory note fair value, noncurrent	31			31
Other Current Assets
Assets
Available-for-sale Securities, Current	65			65	56
Other Assets
Assets
Available-for-sale Securities, Noncurrent	37			37	36
Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	12,310			12,310	13,565
Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	11,152			11,152	12,384
Level 1
Assets
Fair value of investments and fixed income securities	0			0	0
Level 1 | Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	572			572	753
Level 2 | Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	11,738			11,738	12,812
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	0			0	0
Assets
Fair value of investments and fixed income securities	$ 575			$ 575	$ 200

New Accounting Pronouncements N

New Accounting Pronouncements New Accounting Pronouncements (Details) - USD ($) $ in Millions	Jun. 30, 2017		Jan. 01, 2017
New Accounting Pronouncements [Abstract]
Effect of early adoption of income tax consequences of intra-entity transfer of assets other than inventory	$ 384	[1]	$ 384
[1]	Represents a cumulative-effect adjustment to retained earnings upon our adoption of a new accounting standards update on the income tax consequences of intra-entity transfers of assets other than inventory which was effective January 1, 2017. See Note 8 for further information.

Subsequent Events Subsequent 35

Subsequent Events Subsequent Events (Details)	3 Months Ended
	Sep. 30, 2017
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of Businesses Acquired	3