Halliburton (HAL) 10-Q 25 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 18, 2019
Document And Enity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2019
Entity File Number	001-03492
Entity Registrant Name	HALLIBURTON COMPANY
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-2677995
Entity Address, Address Line One	3000 North Sam Houston Parkway East
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77032
City Area Code	281
Local Phone Number	871-2699
Title of 12(b) Security	Common Stock, par value $2.50 per share
Trading Symbol	HAL
Security Exchange Name	NYSE
Entity Central Index Key	0000045012
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		877,804,397
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue:
Revenue		$ 5,550	$ 6,172	$ 17,217	$ 18,059
Operating costs and expenses:
Impairments and other charges	[1]	0	0	308	265
General and administrative		53	72	168	195
Total operating costs and expenses		5,014	5,456	16,013	16,200
Operating income		536	716	1,204	1,859
Interest expense, net of interest income		(141)	(140)	(428)	(417)
Other, net		(23)	(42)	(61)	(86)
Income (loss) from continuing operations before income taxes		372	534	715	1,356
Income tax (provision) benefit		(76)	(100)	(190)	(367)
Net income (loss)		296	434	525	989
Net (income) loss attributable to noncontrolling interest		(1)	1	(3)	3
Net income (loss) attributable to company		$ 295	$ 435	$ 522	$ 992
Basic and diluted net income per share		$ 0.34	$ 0.50	$ 0.60	$ 1.13
Basic weighted average common shares outstanding (in shares)		876	877	874	876
Diluted weighted average common shares outstanding (in shares)		876	878	875	879
Services [Member]
Revenue:
Revenue		$ 4,207	$ 4,800	$ 13,118	$ 13,996
Operating costs and expenses:
Cost of services and sales		3,860	4,280	12,220	12,508
Product sales [Member]
Revenue:
Revenue		1,343	1,372	4,099	4,063
Operating costs and expenses:
Cost of services and sales		$ 1,101	$ 1,104	$ 3,317	$ 3,232
[1]	For the nine months ended September 30, 2019, amount includes $127 million attributable to Completion and Production, $153 million attributable to Drilling and Evaluation, and $28 million attributable to Corporate and other. During the nine months ended September 30, 2018 , we recognized a pre-tax charge of $265 million related to a write-down of all of our remaining investment in Venezuela. See Note 2 for further discussion on these impairments and other charges. There were no such impairments and other charges recorded during the three months ended September 30, 2019 or 2018 .

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Interest income	$ 6	$ 10	$ 18	$ 33

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net income (loss)	$ 296	$ 434	$ 525	$ 989
Other comprehensive income (loss), net of income taxes	0	7	2	6
Comprehensive income (loss)	296	441	527	995
Comprehensive (income) loss attributable to noncontrolling interest	(1)	1	(3)	3
Comprehensive income (loss) attributable to company shareholders	$ 295	$ 442	$ 524	$ 998

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and equivalents		$ 2,008
Cash and equivalents	$ 1,571
Receivables net of allowances for bad debts	5,290	5,234
Inventories	3,380	3,028
Other current assets	979	881
Total current assets	11,220	11,151
Property, plant, and equipment, net of accumulated depreciation	8,721	8,873
Goodwill	2,832	2,825
Deferred income taxes	1,344	1,384
Operating lease right-of-use assets	985	0
Other assets	1,687	1,749
Total assets	26,789	25,982
Current liabilities:
Accounts payable	2,733	3,018
Accrued employee compensation and benefits	657	714
Current portion of operating lease liabilities	208	0
Other current liabilities	1,094	1,070
Total current liabilities	4,692	4,802
Long-term debt	10,313	10,312
Operating lease liabilities	762	0
Employee compensation and benefits	476	483
Other liabilities	784	841
Total liabilities	17,027	16,438
Shareholders' equity:
Common shares, par value $2.50 per share	2,670	2,671
Paid-in capital in excess of par value	108	211
Accumulated other comprehensive loss	(353)	(355)
Retained earnings	13,800	13,739
Treasury stock, at cost	(6,480)	(6,744)
Company shareholders' equity	9,745	9,522
Noncontrolling interest in consolidated subsidiaries	17	22
Total shareholders' equity	9,762	9,544
Total liabilities and shareholders' equity	$ 26,789	$ 25,982

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Allowance for bad debts	$ 762	$ 738
Accumulated depreciation	$ 13,841	$ 13,153
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)	1,068	1,069
Treasury shares (in shares)	192	198

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income (loss)	$ 525	$ 989
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation, depletion and amortization	1,253	1,184
Impairments and other charges	308	265
Changes in assets and liabilities:
Inventories	(380)	(542)
Accounts payable	(283)	601
Receivables	7	(431)
Other operating activities	(152)	239
Total cash flows provided by operating activities	1,278	2,305
Cash flows from investing activities:
Capital expenditures	(1,190)	(1,475)
Proceeds from sales of property, plant and equipment	143	158
Payments to acquire businesses	(31)	(166)
Other investing activities	(52)	44
Total cash flows used in investing activities	(1,130)	(1,439)
Cash flows from financing activities:
Dividends to shareholders	(472)	(473)
Stock repurchase program	(100)	(200)
Payments on long-term borrowings	(11)	(436)
Other financing activities	33	28
Total cash flows used in financing activities	(550)	(1,081)
Effect of exchange rate changes on cash	(35)	(65)
Decrease in cash and equivalents	(437)	(280)
Cash and equivalents at beginning of period	2,008	2,337
Cash and equivalents at end of period	1,571	2,057
Cash payments during the period for:
Interest	394	415
Income taxes	$ 288	$ 191

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2019
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 2018 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 September 30, 2019 and the results of our operations for the three and nine months ended September 30, 2019 and 2018 , and our cash flows for the nine months ended September 30, 2019 and 2018 . 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. In conjunction with our adoption of the new lease accounting standard, capital leases, which are now referred to as finance leases, have been reclassified on our balance sheet as of December 31, 2018. This consisted of $88 million reclassified from property, plant and equipment to other assets and $109 million reclassified from long-term debt to other liabilities. See Note 5 and Note 11 for further information on the new lease standard. The results of our operations for the three and nine months ended September 30, 2019 may not be indicative of results for the full year.

Impairments and Other Charges

Impairments and Other Charges	9 Months Ended
	Sep. 30, 2019
Impairments and Other Charges [Abstract]
Restructuring, Impairment, and Other Activities Disclosure	Impairments and Other Charges During the nine months ended September 30, 2019 , we recognized certain impairments and other charges as we continue to adjust our cost structure and footprint to the current operating environment. The following table presents various pre-tax charges we recorded during the nine months ended September 30, 2019 and 2018 , which are reflected within "impairments and other charges" on our condensed consolidated statements of operations. There were no impairments and other charges recorded during the three months ended September 30, 2019 or 2018 . Nine Months Ended Millions of dollars September 30, 2019 September 30, 2018 Long-lived asset impairments $ 150 $ — Severance costs 77 — Inventory write-downs 33 — Venezuela investment write-down — 265 Other 48 — Total impairments and other charges $ 308 $ 265

Business Segment and Geographic

Business Segment and Geographic Information	9 Months Ended
	Sep. 30, 2019
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 and cost of sales 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 Nine Months Ended Millions of dollars 2019 2018 2019 2018 Revenue: Completion and Production $ 3,506 $ 4,170 $ 10,973 $ 12,141 Drilling and Evaluation 2,044 2,002 6,244 5,918 Total revenue $ 5,550 $ 6,172 $ 17,217 $ 18,059 Operating income: Completion and Production $ 446 $ 613 $ 1,284 $ 1,782 Drilling and Evaluation 150 181 418 560 Total operations 596 794 1,702 2,342 Corporate and other (a) (60 ) (78 ) (190 ) (218 ) Impairments and other charges (b) — — (308 ) (265 ) Total operating income $ 536 $ 716 $ 1,204 $ 1,859 Interest expense, net of interest income (141 ) (140 ) (428 ) (417 ) Other, net (23 ) (42 ) (61 ) (86 ) Income before income taxes $ 372 $ 534 $ 715 $ 1,356 (a) Corporate and other includes certain expenses not attributable to a particular business segment, such as costs related to support functions and corporate executives. (b) For the nine months ended September 30, 2019, amount includes $127 million attributable to Completion and Production, $153 million attributable to Drilling and Evaluation, and $28 million attributable to Corporate and other. During the nine months ended September 30, 2018 , we recognized a pre-tax charge of $265 million related to a write-down of all of our remaining investment in Venezuela. See Note 2 for further discussion on these impairments and other charges. There were no such impairments and other charges recorded during the three months ended September 30, 2019 or 2018 . Receivables As of September 30, 2019 , 39% of our net trade receivables were from customers in the United States. As of December 31, 2018 , 43%

Revenue

Revenue	9 Months Ended
	Sep. 30, 2019
Revenue [Abstract]
Revenue	Revenue Revenue is recognized based on the transfer of control or our customers' ability to benefit from our services and products in an amount that reflects the consideration we expect to receive in exchange for those services and products. The vast majority of our service and product contracts are short-term in nature. In recognizing revenue for our services and products, we determine the transaction price of purchase orders or contracts with our customers, which may consist of fixed and variable consideration. We also assess our customers' ability and intention to pay, which is based on a variety of factors, including our customers' historical payment experience and financial condition. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 20 to 60 days. Other judgments involved in recognizing revenue include an assessment of progress towards completion of performance obligations for certain long-term contracts, which involve estimating total costs to determine our progress towards contract completion and calculating the corresponding amount of revenue to recognize. Disaggregation of revenue We disaggregate revenue from contracts with customers into types of services or products, consistent with our two reportable segments, in addition to geographical area. Based on the location of services provided and products sold, 53% and 59% of our consolidated revenue was from the United States for the nine months ended September 30, 2019 and 2018, respectively. No other country accounted for more than 10% of our revenue. The following table presents information on our disaggregated revenue. Millions of dollars Three Months Ended Nine Months Ended Revenue by segment: 2019 2018 2019 2018 Completion and Production $ 3,506 $ 4,170 $ 10,973 $ 12,141 Drilling and Evaluation 2,044 2,002 6,244 5,918 Total revenue $ 5,550 $ 6,172 $ 17,217 $ 18,059 Revenue by geographic region: North America $ 2,949 $ 3,739 $ 9,551 $ 11,090 Latin America 608 522 1,766 1,458 Europe/Africa/CIS 831 757 2,402 2,199 Middle East/Asia 1,162 1,154 3,498 3,312 Total revenue $ 5,550 $ 6,172 $ 17,217 $ 18,059 Contract balances We perform our obligations under contracts with our customers by transferring services and products in exchange for consideration. The timing of our performance often differs from the timing of our customer’s payment, which results in the recognition of receivables and deferred revenue. Deferred revenue represents advance consideration received from customers for contracts where revenue is recognized on future performance of service. Deferred revenue, as well as revenue recognized during the period relating to amounts included as deferred revenue at the beginning of the period, was not material to our condensed consolidated financial statements. Transaction price allocated to remaining performance obligations Remaining performance obligations represent firm contracts for which work has not been performed and future revenue recognition is expected. We have elected the practical expedient permitting the exclusion of disclosing remaining performance obligations for contracts that have an original expected duration of one year or less. We have some long-term contracts related to software and integrated project management services such as lump sum turnkey contracts. For software contracts, revenue is generally recognized over time throughout the license period when the software is considered to be a right to access our intellectual property. For lump sum turnkey projects, we recognize revenue over time using an input method, which requires us to exercise judgment. Revenue allocated to remaining performance obligations for these long-term contracts is not material.

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases of Lessee Disclosure	Leases We adopted a comprehensive new lease accounting standard effective January 1, 2019. The details of the significant changes to our accounting policies resulting from the adoption of the new standard are set out below. We adopted the standard using the optional modified retrospective transition method; accordingly, the comparative information as of December 31, 2018 and for the three and nine months ending September 30, 2018 has not been adjusted and continues to be reported under the previous lease standard. Under the new lease standard, assets and liabilities that arise from all leases are required to be recognized on the balance sheet for lessees. Previously, only capital leases, which are now referred to as finance leases, were recorded on the balance sheet. The adoption of this standard resulted in the recognition of approximately $1.1 billion of operating lease right-of-use assets and operating lease liabilities on our condensed consolidated balance sheet as of January 1, 2019. The adoption of this standard did not materially impact our condensed consolidated results of operations for the three and nine months ended September 30, 2019 . See Note 11 for additional information about the new accounting standard. Beginning January 1, 2019, for all leases with a term in excess of 12 months, we recognized a lease liability equal to the present value of the lease payments and a right-of-use asset representing our right to use the underlying asset for the lease term. For operating leases, lease expense for lease payments is recognized on a straight-line basis over the lease term, while finance leases include both an operating expense and an interest expense component. For all leases with a term of 12 months or less, we elected the practical expedient to not recognize lease assets and liabilities. We recognize lease expense for these short-term leases on a straight-line basis over the lease term. We are a lessee for numerous operating leases, primarily related to real estate, transportation and equipment. The vast majority of our operating leases have remaining lease terms of 10 years or less, some of which include options to extend the leases, and some of which include options to terminate the leases. We generally do not include renewal or termination options in our assessment of the leases unless extension or termination for certain assets is deemed to be reasonably certain. The accounting for some of our leases may require judgment, which includes determining whether a contract contains a lease, determining the incremental borrowing rates to utilize in our net present value calculation of lease payments for lease agreements which do not provide an implicit rate, and assessing the likelihood of renewal or termination options. We also have some lease agreements with lease and non-lease components, which are generally accounted for as a single lease component. For certain equipment leases, such as offshore vessels and drilling rigs, we account for the lease and non-lease components separately. The following tables illustrate the financial impact of our leases as of and for the three and nine months ended September 30, 2019 , along with other supplemental information about our existing leases: Millions of dollars Three Months Ended Nine Months Ended Components of lease expense: Finance lease cost: Amortization of right-of-use assets $ 5 $ 14 Interest on lease liabilities 12 40 Operating lease cost 80 266 Short-term lease cost 8 23 Sublease income (1 ) (4 ) Total lease cost $ 104 $ 339 Millions of dollars As of September 30, 2019 Components of balance sheet: Operating leases: Operating lease right-of-use assets (non-current) $ 985 Current portion of operating lease liabilities 208 Operating lease liabilities (non-current) 762 Finance leases: Other assets (non-current) $ 136 Other current liabilities 18 Other liabilities (non-current) 128 Millions of dollars except years and percentages Nine Months Ended Other supplemental information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 236 Operating cash flows from finance leases 40 Financing cash flows from finance leases 19 Right-of-use assets obtained in exchange for lease obligations: Operating leases (a) $ 1,220 Finance leases 69 Weighted-average remaining lease term: Operating leases 9.4 years Finance leases 5.7 years Weighted-average discount rate for operating leases 4.5 % (a) Primarily consists of operating lease right-of-use assets exchanged for lease obligations upon implementation of the new lease accounting standard on January 1, 2019. The following table summarizes the maturity of our operating and finance leases as of September 30, 2019 : Millions of dollars Operating Leases Finance Leases 2019 $ 75 $ 15 2020 218 62 2021 172 63 2022 143 63 2023 107 62 Thereafter 524 137 Total lease payments 1,239 402 Less imputed interest (269 ) (256 ) Total $ 970 $ 146 As of December 31, 2018, future total rentals on our noncancellable operating leases were $975 million in the aggregate, which consisted of the following: $275 million in 2019 ; $146 million in 2020 ; $122 million in 2021 ; $100 million in 2022 ; $78 million in 2023 ; and $254 million

Inventories

Inventories	9 Months Ended
	Sep. 30, 2019
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 $177 million as of September 30, 2019 and $186 million as of December 31, 2018 . If the average cost method had been used, total inventories would have been $12 million higher than reported as of September 30, 2019 and $24 million higher as of December 31, 2018 . The cost of the remaining inventory was recorded using the average cost method. We had $3.4 billion of inventory as of September 30, 2019 , a 12% increase from December 31, 2018 , primarily associated with a build-up of our artificial lift, completion tools and directional drilling inventory. Inventories consisted of the following: Millions of dollars September 30, December 31, Finished products and parts $ 2,122 $ 1,947 Raw materials and supplies 1,114 934 Work in process 144 147 Total $ 3,380 $ 3,028 All amounts in the table above are reported net of obsolescence reserves of $179 million as of September 30, 2019 and $219 million as of December 31, 2018 .

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2019
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Shareholders’ Equity The following tables summarize our shareholders’ equity activity for the three and nine months ended September 30, 2019 and September 30, 2018 , respectively: Millions of dollars Common Shares Paid-in Capital in Excess of Par Value Treasury Stock Retained Earnings Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Consolidated Subsidiaries Total Balance at December 31, 2018 $ 2,671 $ 211 $ (6,744 ) $ 13,739 $ (355 ) $ 22 $ 9,544 Comprehensive income (loss): Net income — — — 152 — — 152 Other comprehensive income — — — — 1 — 1 Cash dividends ($0.18 per share) — — — (157 ) — — (157 ) Stock plans — 13 74 — — — 87 Other — — — — — (2 ) (2 ) Balance at March 31, 2019 $ 2,671 $ 224 $ (6,670 ) $ 13,734 $ (354 ) $ 20 $ 9,625 Comprehensive income (loss): Net income — — — 75 — 2 77 Other comprehensive income — — — — 1 — 1 Cash dividends ($0.18 per share) — — — (157 ) — — (157 ) Stock repurchase program — — (100 ) — — — (100 ) Stock plans (1 ) (166 ) 250 — — — 83 Other — — — — 1 (6 ) (5 ) Balance at June 30, 2019 $ 2,670 $ 58 $ (6,520 ) $ 13,652 $ (352 ) $ 16 $ 9,524 Comprehensive income (loss): Net income — — — 295 — 1 296 Other comprehensive income — — — — — — — Cash dividends ($0.18 per share) — — — (158 ) — — (158 ) Stock plans — 50 40 — — — 90 Other — — — 11 (1 ) — 10 Balance at September 30, 2019 $ 2,670 $ 108 $ (6,480 ) $ 13,800 $ (353 ) $ 17 $ 9,762 Millions of dollars Common Shares Paid-in Capital in Excess of Par Value Treasury Stock Retained Earnings Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Consolidated Subsidiaries Total Balance at December 31, 2017 $ 2,673 $ 207 $ (6,757 ) $ 12,668 $ (469 ) $ 27 $ 8,349 Comprehensive income (loss): Net Income — — — 46 — 1 47 Other comprehensive income — — — — (2 ) — (2 ) Cash dividends ($0.18 per share) — — — (158 ) — — (158 ) Stock plans (1 ) 15 113 — — — 127 Other — — — 30 — (2 ) 28 Balance at March 31, 2018 $ 2,672 $ 222 $ (6,644 ) $ 12,586 $ (471 ) $ 26 $ 8,391 Comprehensive income (loss): Net Income — — — 511 — (3 ) 508 Other comprehensive income — — — — 1 — 1 Cash dividends ($0.18 per share) — — — (158 ) — — (158 ) Stock plans — (97 ) 201 — — — 104 Other — — — — — (3 ) (3 ) Balance at June 30, 2018 $ 2,672 $ 125 $ (6,443 ) $ 12,939 $ (470 ) $ 20 $ 8,843 Comprehensive income (loss): Net Income — — — 435 — (1 ) 434 Other comprehensive income — — — — 7 — 7 Cash dividends ($0.18 per share) — — — (157 ) — — (157 ) Stock repurchase program — — (200 ) — — — (200 ) Stock plans — 45 46 — — — 91 Other — — — (1 ) — — (1 ) Balance at September 30, 2018 $ 2,672 $ 170 $ (6,597 ) $ 13,216 $ (463 ) $ 19 $ 9,017 Our Board of Directors has authorized a program to repurchase our common stock from time to time. During the nine months ended September 30, 2019 , under that program we repurchased approximately 4.5 million shares of our common stock for a total cost of $100 million . Approximately $5.2 billion remained authorized for repurchases as of September 30, 2019 . From the inception of this program in February 2006 through September 30, 2019 , we repurchased approximately 217 million shares of our common stock for a total cost of approximately $8.9 billion . Accumulated other comprehensive loss consisted of the following: Millions of dollars September 30, December 31, Defined benefit and other postretirement liability adjustments $ (203 ) $ (203 ) Cumulative translation adjustments (83 ) (82 ) Other (67 ) (70 ) Total accumulated other comprehensive loss $ (353 ) $ (355 )

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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 $64 million as of September 30, 2019 and $42 million as of December 31, 2018 . 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 six federal and state Superfund sites for which we have established reserves. As of September 30, 2019 , those six sites accounted for approximately $14 million of our $64 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 $2.1 billion of letters of credit, bank guarantees or surety bonds were outstanding as of September 30, 2019 . 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 condensed consolidated financial statements.

Income (Loss) per Share

Income (Loss) per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Income (Loss) per Share	Income per Share Basic 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. Antidilutive shares represent potential common shares which are excluded from the computation of diluted income 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 Nine Months Ended Millions of shares 2019 2018 2019 2018 Basic weighted average common shares outstanding 876 877 874 876 Dilutive effect of awards granted under our stock incentive plans — 1 1 3 Diluted weighted average common shares outstanding 876 878 875 879 Antidilutive shares: Options with exercise price greater than the average market price 26 15 23 7 Total antidilutive shares 26 15 23 7

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments 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: September 30, 2019 December 31, 2018 Millions of dollars Level 1 Level 2 Total fair value Carrying value Level 1 Level 2 Total fair value Carrying value Total debt $ 11,012 $ 782 $ 11,794 $ 10,327 $ 6,726 $ 4,041 $ 10,767 $ 10,348 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. Differences between the periods presented in our level 1 and level 2 classification of our long-term debt relate to the timing of when third party market transactions on our debt are executed. We have no debt categorized within level 3 on the fair value hierarchy.

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2019
New Accounting Pronouncements [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles	New Accounting Pronouncements Leases Effective January 1, 2019, we adopted an accounting standard update issued by the Financial Accounting Standards Board (FASB) related to accounting for leases, which requires lessees to record assets and liabilities that arise for all leases on their balance sheet and expanded financial statement disclosures for both lessees and lessors. Previously, only capital leases were recorded on the balance sheet. This update requires lessees to recognize a lease liability equal to the present value of its 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 instead recognize lease expense for such leases generally on a straight-line basis over the lease term. Leases with a term of longer than 12 months will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. We adopted this standard using the optional modified retrospective transition method. As such, the comparative financial information has not been restated and continues to be reported under the lease standard in effect during those periods. We also elected other practical expedients provided by the new standard, including the package of practical expedients, the short-term lease recognition practical expedient in which leases with a term of 12 months or less are not recognized on the balance sheet, and the practical expedient to not separate lease and non-lease components for the majority of our leases. The adoption of this standard resulted in the recognition of approximately $1.1 billion of operating lease right-of-use assets and operating lease liabilities on our balance sheet as of January 1, 2019. Additionally, capital leases have been reclassified on our condensed consolidated balance sheet as of December 31, 2018 to conform to current period presentation. This consisted of $88 million reclassified from property, plant and equipment to other assets and $109 million reclassified from long-term debt to other liabilities. The adoption of this standard did not materially impact our condensed consolidated statements of operations for the three and nine months ended September 30, 2019. See Note 5 for our expanded lease disclosures required by the new standard.

Revenue (Policies)

Revenue (Policies)	9 Months Ended
	Sep. 30, 2019
Revenue [Abstract]
Revenue Recognition, Policy	The vast majority of our service and product contracts are short-term in nature. In recognizing revenue for our services and products, we determine the transaction price of purchase orders or contracts with our customers, which may consist of fixed and variable consideration. We also assess our customers' ability and intention to pay, which is based on a variety of factors, including our customers' historical payment experience and financial condition. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 20 to 60 days. Other judgments involved in recognizing revenue include an assessment of progress towards completion of performance obligations for certain long-term contracts, which involve estimating total costs to determine our progress towards contract completion and calculating the corresponding amount of revenue to recognize.

Inventories (Policies)

Inventories (Policies)	9 Months Ended
	Sep. 30, 2019
Inventory Disclosure [Abstract]
Inventory, Policy

Impairments and Other Charges I

Impairments and Other Charges Impairments and Other Charges (Tables)	9 Months Ended
	Sep. 30, 2019
Impairments and Other Charges [Abstract]
Restructuring and Related Costs [Table Text Block]	The following table presents various pre-tax charges we recorded during the nine months ended September 30, 2019 and 2018 , which are reflected within "impairments and other charges" on our condensed consolidated statements of operations. There were no impairments and other charges recorded during the three months ended September 30, 2019 or 2018 . Nine Months Ended Millions of dollars September 30, 2019 September 30, 2018 Long-lived asset impairments $ 150 $ — Severance costs 77 — Inventory write-downs 33 — Venezuela investment write-down — 265 Other 48 — Total impairments and other charges $ 308 $ 265

Business Segment and Geograph_2

Business Segment and Geographic Information (Tables)	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Information on business segments	The following table presents information on our business segments. Three Months Ended Nine Months Ended Millions of dollars 2019 2018 2019 2018 Revenue: Completion and Production $ 3,506 $ 4,170 $ 10,973 $ 12,141 Drilling and Evaluation 2,044 2,002 6,244 5,918 Total revenue $ 5,550 $ 6,172 $ 17,217 $ 18,059 Operating income: Completion and Production $ 446 $ 613 $ 1,284 $ 1,782 Drilling and Evaluation 150 181 418 560 Total operations 596 794 1,702 2,342 Corporate and other (a) (60 ) (78 ) (190 ) (218 ) Impairments and other charges (b) — — (308 ) (265 ) Total operating income $ 536 $ 716 $ 1,204 $ 1,859 Interest expense, net of interest income (141 ) (140 ) (428 ) (417 ) Other, net (23 ) (42 ) (61 ) (86 ) Income before income taxes $ 372 $ 534 $ 715 $ 1,356 (a) Corporate and other includes certain expenses not attributable to a particular business segment, such as costs related to support functions and corporate executives. (b) For the nine months ended September 30, 2019, amount includes $127 million attributable to Completion and Production, $153 million attributable to Drilling and Evaluation, and $28 million attributable to Corporate and other. During the nine months ended September 30, 2018 , we recognized a pre-tax charge of $265 million related to a write-down of all of our remaining investment in Venezuela. See Note 2 for further discussion on these impairments and other charges. There were no such impairments and other charges recorded during the three months ended September 30, 2019 or 2018 .

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2019
Revenue [Abstract]
Disaggregation of Revenue	The following table presents information on our disaggregated revenue. Millions of dollars Three Months Ended Nine Months Ended Revenue by segment: 2019 2018 2019 2018 Completion and Production $ 3,506 $ 4,170 $ 10,973 $ 12,141 Drilling and Evaluation 2,044 2,002 6,244 5,918 Total revenue $ 5,550 $ 6,172 $ 17,217 $ 18,059 Revenue by geographic region: North America $ 2,949 $ 3,739 $ 9,551 $ 11,090 Latin America 608 522 1,766 1,458 Europe/Africa/CIS 831 757 2,402 2,199 Middle East/Asia 1,162 1,154 3,498 3,312 Total revenue $ 5,550 $ 6,172 $ 17,217 $ 18,059

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Lease, Cost	The following tables illustrate the financial impact of our leases as of and for the three and nine months ended September 30, 2019 , along with other supplemental information about our existing leases: Millions of dollars Three Months Ended Nine Months Ended Components of lease expense: Finance lease cost: Amortization of right-of-use assets $ 5 $ 14 Interest on lease liabilities 12 40 Operating lease cost 80 266 Short-term lease cost 8 23 Sublease income (1 ) (4 ) Total lease cost $ 104 $ 339
Lease supplemental disclosure	Millions of dollars As of September 30, 2019 Components of balance sheet: Operating leases: Operating lease right-of-use assets (non-current) $ 985 Current portion of operating lease liabilities 208 Operating lease liabilities (non-current) 762 Finance leases: Other assets (non-current) $ 136 Other current liabilities 18 Other liabilities (non-current) 128 Millions of dollars except years and percentages Nine Months Ended Other supplemental information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 236 Operating cash flows from finance leases 40 Financing cash flows from finance leases 19 Right-of-use assets obtained in exchange for lease obligations: Operating leases (a) $ 1,220 Finance leases 69 Weighted-average remaining lease term: Operating leases 9.4 years Finance leases 5.7 years Weighted-average discount rate for operating leases 4.5 % (a) Primarily consists of operating lease right-of-use assets exchanged for lease obligations upon implementation of the
Lessee, Operating and Finance Leases, Liability Maturity Table	The following table summarizes the maturity of our operating and finance leases as of September 30, 2019 : Millions of dollars Operating Leases Finance Leases 2019 $ 75 $ 15 2020 218 62 2021 172 63 2022 143 63 2023 107 62 Thereafter 524 137 Total lease payments 1,239 402 Less imputed interest (269 ) (256 ) Total $ 970 $ 146

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2019
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following: Millions of dollars September 30, December 31, Finished products and parts $ 2,122 $ 1,947 Raw materials and supplies 1,114 934 Work in process 144 147 Total $ 3,380 $ 3,028

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2019
Stockholders' Equity Note [Abstract]
Summary of shareholders' equity activity	The following tables summarize our shareholders’ equity activity for the three and nine months ended September 30, 2019 and September 30, 2018 , respectively: Millions of dollars Common Shares Paid-in Capital in Excess of Par Value Treasury Stock Retained Earnings Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Consolidated Subsidiaries Total Balance at December 31, 2018 $ 2,671 $ 211 $ (6,744 ) $ 13,739 $ (355 ) $ 22 $ 9,544 Comprehensive income (loss): Net income — — — 152 — — 152 Other comprehensive income — — — — 1 — 1 Cash dividends ($0.18 per share) — — — (157 ) — — (157 ) Stock plans — 13 74 — — — 87 Other — — — — — (2 ) (2 ) Balance at March 31, 2019 $ 2,671 $ 224 $ (6,670 ) $ 13,734 $ (354 ) $ 20 $ 9,625 Comprehensive income (loss): Net income — — — 75 — 2 77 Other comprehensive income — — — — 1 — 1 Cash dividends ($0.18 per share) — — — (157 ) — — (157 ) Stock repurchase program — — (100 ) — — — (100 ) Stock plans (1 ) (166 ) 250 — — — 83 Other — — — — 1 (6 ) (5 ) Balance at June 30, 2019 $ 2,670 $ 58 $ (6,520 ) $ 13,652 $ (352 ) $ 16 $ 9,524 Comprehensive income (loss): Net income — — — 295 — 1 296 Other comprehensive income — — — — — — — Cash dividends ($0.18 per share) — — — (158 ) — — (158 ) Stock plans — 50 40 — — — 90 Other — — — 11 (1 ) — 10 Balance at September 30, 2019 $ 2,670 $ 108 $ (6,480 ) $ 13,800 $ (353 ) $ 17 $ 9,762 Millions of dollars Common Shares Paid-in Capital in Excess of Par Value Treasury Stock Retained Earnings Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Consolidated Subsidiaries Total Balance at December 31, 2017 $ 2,673 $ 207 $ (6,757 ) $ 12,668 $ (469 ) $ 27 $ 8,349 Comprehensive income (loss): Net Income — — — 46 — 1 47 Other comprehensive income — — — — (2 ) — (2 ) Cash dividends ($0.18 per share) — — — (158 ) — — (158 ) Stock plans (1 ) 15 113 — — — 127 Other — — — 30 — (2 ) 28 Balance at March 31, 2018 $ 2,672 $ 222 $ (6,644 ) $ 12,586 $ (471 ) $ 26 $ 8,391 Comprehensive income (loss): Net Income — — — 511 — (3 ) 508 Other comprehensive income — — — — 1 — 1 Cash dividends ($0.18 per share) — — — (158 ) — — (158 ) Stock plans — (97 ) 201 — — — 104 Other — — — — — (3 ) (3 ) Balance at June 30, 2018 $ 2,672 $ 125 $ (6,443 ) $ 12,939 $ (470 ) $ 20 $ 8,843 Comprehensive income (loss): Net Income — — — 435 — (1 ) 434 Other comprehensive income — — — — 7 — 7 Cash dividends ($0.18 per share) — — — (157 ) — — (157 ) Stock repurchase program — — (200 ) — — — (200 ) Stock plans — 45 46 — — — 91 Other — — — (1 ) — — (1 ) Balance at September 30, 2018 $ 2,672 $ 170 $ (6,597 ) $ 13,216 $ (463 ) $ 19 $ 9,017
Schedule of comprehensive income (loss)	Accumulated other comprehensive loss consisted of the following: Millions of dollars September 30, December 31, Defined benefit and other postretirement liability adjustments $ (203 ) $ (203 ) Cumulative translation adjustments (83 ) (82 ) Other (67 ) (70 ) Total accumulated other comprehensive loss $ (353 ) $ (355 )

Income (Loss) per Share (Tables

Income (Loss) per Share (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
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 Nine Months Ended Millions of shares 2019 2018 2019 2018 Basic weighted average common shares outstanding 876 877 874 876 Dilutive effect of awards granted under our stock incentive plans — 1 1 3 Diluted weighted average common shares outstanding 876 878 875 879 Antidilutive shares: Options with exercise price greater than the average market price 26 15 23 7 Total antidilutive shares 26 15 23 7

Fair value by balance sheet gro

Fair value by balance sheet grouping table (Tables)	9 Months Ended
	Sep. 30, 2019
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: September 30, 2019 December 31, 2018 Millions of dollars Level 1 Level 2 Total fair value Carrying value Level 1 Level 2 Total fair value Carrying value Total debt $ 11,012 $ 782 $ 11,794 $ 10,327 $ 6,726 $ 4,041 $ 10,767 $ 10,348

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Millions	Dec. 31, 2018USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reclassification of Capital Leases to Other Assets	$ 88
Reclassification of Capital Leases to Other Liabilities	$ 109

Impairments and Other Charges (

Impairments and Other Charges (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Restructuring Cost and Reserve [Line Items]
Long-lived asset impairments				$ 150	$ 0
Severance costs				77	0
Inventory write-downs				33	0
Other				48	0
Impairments and other charges	[1]	$ 0	$ 0	308	265
VENEZUELA
Restructuring Cost and Reserve [Line Items]
Impairments and other charges				$ 0	$ 265
[1]	For the nine months ended September 30, 2019, amount includes $127 million attributable to Completion and Production, $153 million attributable to Drilling and Evaluation, and $28 million attributable to Corporate and other. During the nine months ended September 30, 2018 , we recognized a pre-tax charge of $265 million related to a write-down of all of our remaining investment in Venezuela. See Note 2 for further discussion on these impairments and other charges. There were no such impairments and other charges recorded during the three months ended September 30, 2019 or 2018 .

Business Segment and Geograph_3

Business Segment and Geographic Information (Narrative) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2019DivisionCountriesCustomers	Dec. 31, 2018CountriesCustomers
Concentration Risk [Line Items]
Number of business segments | Division	2
Maximum Percentage Gross Trade Receivables From One Geographic Segment	10.00%	10.00%
Maximum Percentage Gross Trade Receivables From One Customer	10.00%	10.00%
Number of Countries Exceed Receivables Threshold | Countries	1	1
Number of Customers Exceed Receivables Threshold | Customers	0	0
Geographic Concentration Risk [Member] | Accounts Receivable [Member] | UNITED STATES
Concentration Risk [Line Items]
Concentration Risk, Percentage	39.00%	43.00%

Business Segment and Geograph_4

Business Segment and Geographic Information (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue:
Revenue		$ 5,550	$ 6,172	$ 17,217	$ 18,059
Operating income (loss):
Impairments and other charges	[1]	0	0	(308)	(265)
Operating income		536	716	1,204	1,859
Interest expense, net of interest income		(141)	(140)	(428)	(417)
Other, net		(23)	(42)	(61)	(86)
Income (loss) from continuing operations before income taxes		372	534	715	1,356
Completion and Production
Revenue:
Revenue		3,506	4,170	10,973	12,141
Operating income (loss):
Impairments and other charges	[1]			(127)
Operating income		446	613	1,284	1,782
Drilling and Evaluation
Revenue:
Revenue		2,044	2,002	6,244	5,918
Operating income (loss):
Impairments and other charges	[1]			(153)
Operating income		150	181	418	560
Total operations
Revenue:
Revenue		5,550	6,172	17,217	18,059
Operating income (loss):
Operating income		596	794	1,702	2,342
Corporate and other
Operating income (loss):
Operating income	[2]	$ (60)	$ (78)	(190)	$ (218)
Corporate and other
Operating income (loss):
Impairments and other charges	[1]			$ (28)
[1]	For the nine months ended September 30, 2019, amount includes $127 million attributable to Completion and Production, $153 million attributable to Drilling and Evaluation, and $28 million attributable to Corporate and other. During the nine months ended September 30, 2018 , we recognized a pre-tax charge of $265 million related to a write-down of all of our remaining investment in Venezuela. See Note 2 for further discussion on these impairments and other charges. There were no such impairments and other charges recorded during the three months ended September 30, 2019 or 2018 .
[2]	Corporate and other includes certain expenses not attributable to a particular business segment, such as costs related to support functions and corporate executives.

Revenue (Details)

Revenue (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)Division	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)DivisionCountries	Sep. 30, 2018USD ($)Countries
Disaggregation of Revenue [Line Items]
Number of business segments | Division	2		2
Maximum Percentage Revenue from One Geographic Segment			10.00%	10.00%
Number of Countries Exceed Revenue Threshold | Countries			1	1
Revenue	$ 5,550	$ 6,172	$ 17,217	$ 18,059
Revenue, Performance Obligation, Description of Timing			one year
North America [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,949	3,739	$ 9,551	11,090
Latin America [Member]
Disaggregation of Revenue [Line Items]
Revenue	608	522	1,766	1,458
Europe/Africa/CIS [Member]
Disaggregation of Revenue [Line Items]
Revenue	831	757	2,402	2,199
Middle East/Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,162	1,154	3,498	3,312
Completion And Production [Member]
Disaggregation of Revenue [Line Items]
Revenue	3,506	4,170	10,973	12,141
Drilling And Evaluation [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 2,044	$ 2,002	$ 6,244	$ 5,918
Minimum [Member]
Disaggregation of Revenue [Line Items]
Revenue, Performance Obligation, Description of Payment Terms			20
Maximum [Member]
Disaggregation of Revenue [Line Items]
Revenue, Performance Obligation, Description of Payment Terms			60
Revenue Benchmark [Member] | UNITED STATES
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage			53.00%	59.00%

Leases (Details)

Leases (Details) - USD ($) $ in Billions	Sep. 30, 2019	Jan. 01, 2019
Leases [Abstract]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		$ 1.1
Lessee, Operating Lease, Term of Contract	10 years

Components of lease expense (De

Components of lease expense (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Finance lease cost - Amortization of right-of-use assets	$ 5	$ 14
Finance lease cost - Interest on lease liabilities	12	40
Operating lease cost	80	266
Short-term lease cost	8	23
Sublease income	(1)	(4)
Total lease cost	$ 104	$ 339

Leases - Components of balance

Leases - Components of balance sheet (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Operating lease right-of-use assets	$ 985	$ 0
Current portion of operating lease liabilities	208	0
Operating lease liabilities	762	$ 0
Other Assets [Member]
Finance Lease, Right-of-Use Asset	136
Other Current Liabilities [Member]
Finance Lease, Liability, Current	18
Other Liabilities [Member]
Finance Lease, Liability, Noncurrent	$ 128

Leases - Other supplemental inf

Leases - Other supplemental information (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)
Leases [Abstract]
Operating cash flows from operating leases		$ 236
Operating cash flows from finance leases	$ 12	40
Financing cash flows from finance leases		19
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability		1,220	[1]
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability		$ 69
Operating Lease, Weighted Average Remaining Lease Term	9 years 4 months 24 days	9 years 4 months 24 days
Finance Lease, Weighted Average Remaining Lease Term	5 years 8 months 12 days	5 years 8 months 12 days
Operating Lease, Weighted Average Discount Rate, Percent	4.50%	4.50%
[1]	Primarily consists of operating lease right-of-use assets exchanged for lease obligations upon implementation of the new lease accounting standard on January 1, 2019.

Lease maturity (Details)

Lease maturity (Details) $ in Millions	Sep. 30, 2019USD ($)
Leases [Abstract]
2019 - Operating Leases	$ 75
2019 - Financing Leases	15
2020 - Operating Leases	218
2020 - Financing Leases	62
2021 - Operating Leases	172
2021 - Financing Leases	63
2022 - Operating Leases	143
2022 - Financing Leases	63
2023 - Operating Leases	107
2023 - Financing Leases	62
Thereafter - Operating Leases	524
Thereafter - Financing Leases	137
Total lease payments - Operating Leases	1,239
Total lease payments - Financing Leases	402
Imputed interest - Operating Leases	(269)
Imputed interest - Financing Leases	(256)
Total - Operating Leases	970
Total - Financing Leases	$ 146

Leases - Future minimum payment

Leases - Future minimum payments on noncancellable operating leases (Details) $ in Millions	Dec. 31, 2018USD ($)
Leases [Abstract]
Operating Leases, Future Minimum Payments Due	$ 975
2019	275
2020	146
2021	122
2022	100
2023	78
Thereafter	$ 254

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
LIFO Method Related Items [Abstract]
LIFO Inventory Amount	$ 177	$ 186
Average Cost Method, Difference	12	24
Inventory, Net [Abstract]
Finished products and parts	2,122	1,947
Raw materials and supplies	1,114	934
Work in process	144	147
Inventory, net	$ 3,380	3,028
Increase (Decrease) in Inventory, Percentage	12.00%
Obsolescence reserves	$ 179	$ 219

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Shareholders' equity activity [Roll Forward]
Beginning Balance	$ 9,524	$ 9,625	$ 9,544	$ 8,843	$ 8,391	$ 8,349	$ 9,544	$ 8,349
Net income (loss)	296	77	152	434	508	47	525	989
Other comprehensive income (loss)	0	1	1	7	1	(2)	2	6
Cash dividends	(158)	(157)	(157)	(157)	(158)	(158)
Stock repurchase program		(100)		(200)			(100)
Stock plans	90	83	87	91	104	127
Other	10	(5)	(2)	(1)	(3)	28
Ending Balance	$ 9,762	$ 9,524	$ 9,625	$ 9,017	$ 8,843	$ 8,391	9,762	9,017
Common Stock, Dividends, Per Share, Declared	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18
Common Shares
Shareholders' equity activity [Roll Forward]
Beginning Balance	$ 2,670	$ 2,671	$ 2,671	$ 2,672	$ 2,672	$ 2,673	2,671	2,673
Net income (loss)	0	0	0	0	0	0
Other comprehensive income (loss)	0	0	0	0	0	0
Cash dividends	0	0	0	0	0	0
Stock repurchase program		0		0
Stock plans	0	(1)	0	0	0	(1)
Other	0	0	0	0	0	0
Ending Balance	2,670	2,670	2,671	2,672	2,672	2,672	2,670	2,672
Paid-in Capital in Excess of Par Value
Shareholders' equity activity [Roll Forward]
Beginning Balance	58	224	211	125	222	207	211	207
Net income (loss)	0	0	0	0	0	0
Other comprehensive income (loss)	0	0	0	0	0	0
Cash dividends	0	0	0	0	0	0
Stock repurchase program		0		0
Stock plans	50	(166)	13	45	(97)	15
Other	0	0	0	0	0	0
Ending Balance	108	58	224	170	125	222	108	170
Treasury Stock
Shareholders' equity activity [Roll Forward]
Beginning Balance	(6,520)	(6,670)	(6,744)	(6,443)	(6,644)	(6,757)	(6,744)	(6,757)
Net income (loss)	0	0	0	0	0	0
Other comprehensive income (loss)	0	0	0	0	0	0
Cash dividends	0	0	0	0	0	0
Stock repurchase program		100		200
Stock plans	40	250	74	46	201	113
Other	0	0	0	0	0	0
Ending Balance	(6,480)	(6,520)	(6,670)	(6,597)	(6,443)	(6,644)	(6,480)	(6,597)
Retained Earnings
Shareholders' equity activity [Roll Forward]
Beginning Balance	13,652	13,734	13,739	12,939	12,586	12,668	13,739	12,668
Net income (loss)	295	75	152	435	511	46
Other comprehensive income (loss)	0	0	0	0	0	0
Cash dividends	(158)	(157)	(157)	(157)	(158)	(158)
Stock repurchase program		0		0
Stock plans	0	0	0	0	0	0
Other	11	0	0	(1)	0	30
Ending Balance	13,800	13,652	13,734	13,216	12,939	12,586	13,800	13,216
Accumulated Other Comprehensive Income (Loss)
Shareholders' equity activity [Roll Forward]
Beginning Balance	(352)	(354)	(355)	(470)	(471)	(469)	(355)	(469)
Net income (loss)	0	0	0	0	0	0
Other comprehensive income (loss)	0	1	1	7	1	(2)
Cash dividends	0	0	0	0	0	0
Stock repurchase program		0		0
Stock plans	0	0	0	0	0	0
Other	(1)	1	0	0	0	0
Ending Balance	(353)	(352)	(354)	(463)	(470)	(471)	(353)	(463)
Noncontrolling Interest in Consolidated Subsidiaries
Shareholders' equity activity [Roll Forward]
Beginning Balance	16	20	22	20	26	27	22	27
Net income (loss)	1	2	0	(1)	(3)	1
Other comprehensive income (loss)	0	0	0	0	0	0
Cash dividends	0	0	0	0	0	0
Stock repurchase program		0		0
Stock plans	0	0	0	0	0	0
Other	0	(6)	(2)	0	(3)	(2)
Ending Balance	$ 17	$ 16	$ 20	$ 19	$ 20	$ 26	$ 17	$ 19

Shareholders' Equity (Schedule

Shareholders' Equity (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Stockholders' Equity Note [Abstract]
Defined benefit and other postretirement liability adjustments	$ (203)	$ (203)
Cumulative translation adjustments	(83)	(82)
Other	(67)	(70)
Total accumulated other comprehensive loss	$ (353)	$ (355)

Shareholders' Equity Repurchase

Shareholders' Equity Repurchase Activity (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2019	Sep. 30, 2018	Sep. 30, 2019
Repurchase Activity [Abstract]
Stock Repurchased During Period, Shares			4.5
Stock Repurchased During Period, Value	$ 100	$ 200	$ 100
Stock Repurchase Program, Number of Shares Authorized to be Repurchased			$ 5,200
Treasury Stock Shares Acquired From Inception			217
Treasury Stock Value Acquired Cost Method From Inception			$ 8,900

Commitments and Contingencies (

Commitments and Contingencies (Environmental) (Details) $ in Millions	Sep. 30, 2019USD ($)Superfund_Sites	Dec. 31, 2018USD ($)
Accrual for Environmental Loss Contingencies Disclosure [Abstract]
Accrual for Environmental Loss Contingencies	$ 64	$ 42
Superfund Sites [Member]
Accrual for Environmental Loss Contingencies Disclosure [Abstract]
Number Of Superfund Sites | Superfund_Sites	6
Accrual for Environmental Loss Contingencies, Gross	$ 14

Commitments and Contingencies_2

Commitments and Contingencies (Guarantee Arrangements) (Details) $ in Billions	Sep. 30, 2019USD ($)
Financial agreements
Guarantee arrangements [Abstract]
Guarantee arrangements outstanding	$ 2.1

Income (Loss) per Share (Detail

Income (Loss) per Share (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted average common shares outstanding (in shares)	876	877	874	876
Dilutive effect of awards granted under our stock incentive plans	0	1	1	3
Diluted weighted average common shares outstanding (in shares)	876	878	875	879
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options with exercise price greater than the average market price	26	15	23	7
Total antidilutive shares	26	15	23	7

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of days from period end	2 days
Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 11,794	$ 10,767
Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, Long-term and Short-term, Combined Amount	10,327	10,348
Level 1 | Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	11,012	6,726
Level 2 | Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	782	4,041
Level 3 | Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 0	$ 0

New Accounting Pronouncements (

New Accounting Pronouncements (Details) - USD ($) $ in Millions	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements [Abstract]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	$ 1,100
Reclassification of Capital Leases to Other Assets		$ 88
Reclassification of Capital Leases to Other Liabilities		$ 109