Halliburton (HAL) 10-Q 27 Apr 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 20, 2021
Document And Enity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
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		889,718,906
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021		Mar. 31, 2020
Revenue:
Revenue	$ 3,451		$ 5,037
Operating costs and expenses:
Impairments and other charges	0	[1]	1,073
General and administrative	48		54
Total operating costs and expenses	3,081		5,608
Operating income	370		(571)
Interest expense, net of interest income	(125)		(134)
Interest income	10		10
Loss on early extinguishment of debt	0		(168)	[2]
Other, net	(22)		(23)
Income (loss) from continuing operations before income taxes	223		(896)
Income tax (provision) benefit	(52)		(119)
Net income (loss)	171		(1,015)
Net (income) loss attributable to noncontrolling interest	(1)		(2)
Net income (loss) attributable to company	$ 170		$ (1,017)
Basic and diluted net income per share	$ 0.19		$ (1.16)
Weighted Average Number of Shares Outstanding, Basic	889		878
Weighted Average Number of Shares Outstanding, Diluted	889		878
Services [Member]
Revenue:
Revenue	$ 2,463		$ 3,684
Operating costs and expenses:
Cost of services and sales	2,251		3,393
Product sales [Member]
Revenue:
Revenue	988		1,353
Operating costs and expenses:
Cost of services and sales	$ 782		$ 1,088
[1]	For the three months ended March 31, 2020, amount includes approximately $780 million attributable to Completion and Production, $277 million attributable to Drilling and Evaluation, and $16 million attributable to Corporate and other.
[2]	For the three months ended March 31, 2020, amount includes a $168 million loss on extinguishment of debt related to the early repurchase of senior notes.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net income (loss)	$ 171	$ (1,015)
Other comprehensive income (loss), net of income taxes	0	11
Comprehensive income (loss)	171	(1,004)
Comprehensive (income) loss attributable to noncontrolling interest	(1)	(2)
Comprehensive income (loss) attributable to company shareholders	$ 170	$ (1,006)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and equivalents	$ 2,446	$ 2,563
Receivables net of allowances for bad debts	3,250	3,071
Allowance for bad debts	791	824
Inventories	2,349	2,349
Other current assets	1,475	1,492
Total current assets	9,520	9,475
Property, plant, and equipment, net of accumulated depreciation	4,231	4,325
Accumulated depreciation	10,999	11,039
Goodwill	2,804	2,804
Deferred income taxes	2,165	2,166
Operating lease right-of-use assets	760	786
Other assets	1,095	1,124
Total assets	20,575	20,680
Current liabilities:
Accounts payable	1,769	1,573
Accrued employee compensation and benefits	479	517
Current portion of operating lease liabilities	250	251
Current maturities of long-term debt	515	695
Other current liabilities	1,212	1,385
Total current liabilities	4,225	4,421
Long-term debt	9,127	9,132
Operating lease liabilities	718	758
Employee compensation and benefits	518	562
Other liabilities	808	824
Total liabilities	15,396	15,697
Shareholders' equity:
Common stock, par value $2.50 per share	$ 2,666	$ 2,666
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)	1,067	1,066
Paid-in capital in excess of par value	$ 34	$ 0
Accumulated other comprehensive loss	(362)	(362)
Retained earnings	8,709	8,691
Treasury stock, at cost	$ (5,877)	$ (6,021)
Treasury shares (in shares)	178	181
Company shareholders' equity	$ 5,170	$ 4,974
Noncontrolling interest in consolidated subsidiaries	9	9
Total shareholders' equity	5,179	4,983
Total liabilities and shareholders' equity	$ 20,575	$ 20,680

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ 171	$ (1,015)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Impairments and other charges	0	1,073
Depreciation, depletion and amortization	226	348
Changes in assets and liabilities:
Receivables	(145)	(371)
Accounts payable	205	250
Inventories	(1)	(79)
Other operating activities	(186)	132
Total cash flows provided by operating activities	203	225
Cash flows from investing activities:
Capital expenditures	(104)	(213)
Proceeds from sales of property, plant and equipment	58	69
Other investing activities	(16)	(21)
Total cash flows used in investing activities	(62)	(165)
Cash flows from financing activities:
Payments on long-term borrowings	(188)	(1,651)
Proceeds from issuance of long-term debt, net	0	994
Dividends to shareholders	(40)	(158)
Stock repurchase program	0	(100)
Other financing activities	5	12
Total cash flows used in financing activities	(223)	(903)
Effect of exchange rate changes on cash	(35)	(40)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	(117)	(883)
Cash and equivalents at beginning of period	2,563	2,268
Cash and equivalents at end of period	2,446	1,385
Cash payments during the period for:
Interest	138	144
Income taxes	$ 54	116
Maximum Percentage Gross Trade Receivables From One Customer	10.00%
Increase (Decrease) in Employee Related Liabilities	$ (67)	$ (113)

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2021
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 2020 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 March 31, 2021 and the results of our operations and cash flows for the three months ended March 31, 2021 and 2020. 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 months ended March 31, 2021 may not be indicative of results for the full year.

Business Segment and Geographic

Business Segment and Geographic Information	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Reporting Disclosure	Business Segment InformationWe operate under two divisions, which form the basis for the two operating segments we report: the Completion and Production segment and the Drilling and Evaluation segment. 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 Millions of dollars 2021 2020 Revenue: Completion and Production $ 1,870 $ 2,962 Drilling and Evaluation 1,581 2,075 Total revenue $ 3,451 $ 5,037 Operating income (loss): Completion and Production $ 252 $ 345 Drilling and Evaluation 171 217 Total operations 423 562 Corporate and other (a) (53) (60) Impairments and other charges (b) — (1,073) Total operating income (loss) $ 370 $ (571) Interest expense, net of interest income (125) (134) Loss on early extinguishment of debt (c) — (168) Other, net (22) (23) Income (loss) before income taxes $ 223 $ (896) (a) Includes certain expenses not attributable to a business segment, such as costs related to support functions and corporate executives, and also includes amortization expense associated with intangible assets recorded as a result of acquisitions. (b) For the three months ended March 31, 2020, amount includes approximately $780 million attributable to Completion and Production, $277 million attributable to Drilling and Evaluation, and $16 million attributable to Corporate and other. (c) For the three months ended March 31, 2020, amount includes a $168 million loss on extinguishment of debt related to the early repurchase of senior notes.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2021
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 historical payment experience with, and the financial condition of our customers. 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, 39% and 47% of our consolidated revenue was from the United States for the three months ended March 31, 2021 and 2020, 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 Revenue by segment: 2021 2020 Completion and Production $ 1,870 $ 2,962 Drilling and Evaluation 1,581 2,075 Total revenue $ 3,451 $ 5,037 Revenue by geographic region: North America $ 1,404 $ 2,460 Latin America 535 516 Europe/Africa/CIS 634 831 Middle East/Asia 878 1,230 Total revenue $ 3,451 $ 5,037 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. Receivables As of March 31, 2021, 33% of our net trade receivables were from customers in the United States. As of December 31, 2020, 32% of our net trade receivables were from customers in the United States. No other country or single customer accounted for more than 10% of our trade receivables at those dates. Although the market environment is improving, we continue to have risk of delayed customer payments and payment defaults associated with customer liquidity issues and bankruptcies. 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.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: Millions of dollars March 31, December 31, Finished products and parts $ 1,337 $ 1,330 Raw materials and supplies 935 952 Work in process 77 67 Total $ 2,349 $ 2,349

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	DebtWe repaid the $185 million principal balance of our 8.75% senior debentures when they matured in February 2021. Our 3.25% senior notes mature in November 2021. We expect to repay the $500 million principal amount due by the maturity date.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Shareholders’ Equity The following tables summarize our shareholders’ equity activity for the three months ended March 31, 2021 and March 31, 2020, respectively: Millions of dollars Common Stock 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, 2020 $ 2,666 $ — $ (6,021) $ 8,691 $ (362) $ 9 $ 4,983 Comprehensive income (loss): Net income — — — 170 — 1 171 Cash dividends ($0.045 per share) — — — (40) — — (40) Stock plans (a) — 34 144 (112) — — 66 Other — — — — — (1) (1) Balance at March 31, 2021 $ 2,666 $ 34 $ (5,877) $ 8,709 $ (362) $ 9 $ 5,179 (a) In January 2021, we issued common stock from treasury shares for the employee stock purchase plan and for restricted stock grants. As a result, additional paid in capital in January 2021 was reduced below zero, which resulted in a reduction of retained earnings by $112 million. Additional issuances from treasury shares will similarly impact additional paid in capital and retained earnings. Millions of dollars Common Stock 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, 2019 $ 2,669 $ 143 $ (6,427) $ 11,989 $ (362) $ 13 $ 8,025 Comprehensive income (loss): Net income (loss) — — — (1,017) — 2 (1,015) Other comprehensive income — — — — 11 — 11 Cash dividends ($0.18 per share) — — — (158) — — (158) Stock repurchase program — — (100) — — — (100) Stock plans — (33) 115 — — — 82 Other — — — — — (2) (2) Balance at March 31, 2020 $ 2,669 $ 110 $ (6,412) $ 10,814 $ (351) $ 13 $ 6,843 Our Board of Directors has authorized a program to repurchase our common stock from time to time. There were no repurchases made under the program during the three months ended March 31, 2021. Approximately $5.1 billion remained authorized for repurchases as of March 31, 2021. From the inception of this program in February 2006 through March 31, 2021, we repurchased approximately 224 million shares of our common stock for a total cost of approximately $9.0 billion. Accumulated other comprehensive loss consisted of the following: Millions of dollars March 31, December 31, Defined benefit and other postretirement liability adjustments $ (225) $ (226) Cumulative translation adjustments (85) (83) Other (52) (53) Total accumulated other comprehensive loss $ (362) $ (362)

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to various legal or governmental proceedings, claims or investigations, including personal injury, property damage, environmental, commercial, and tax-related matters, arising in the ordinary course of business, the resolution of which, in the opinion of management, will not have a material adverse effect on our consolidated results of operations or consolidated financial position. There is inherent risk in any litigation, claim or investigation, and no assurance can be given as to the outcome of these proceedings. Guarantee arrangements In the normal course of business, we have agreements with financial institutions under which approximately $1.9 billion of letters of credit, bank guarantees, or surety bonds were outstanding as of March 31, 2021. 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	3 Months Ended
	Mar. 31, 2021
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 securities represent potentially dilutive securities 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 Millions of shares 2021 2020 Basic weighted average common shares outstanding 889 878 Dilutive effect of awards granted under our stock incentive plans — — Diluted weighted average common shares outstanding 889 878 Antidilutive shares: Options with exercise price greater than the average market price 26 27 Options which are antidilutive due to net loss position — 3 Total antidilutive shares 26 30

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2021
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: March 31, 2021 December 31, 2020 Millions of dollars Level 1 Level 2 Total fair value Carrying value Level 1 Level 2 Total fair value Carrying value Total debt $ 9,381 $ 1,636 $ 11,017 $ 9,642 $ 10,856 $ 700 $ 11,556 $ 9,827 The fair value and carrying value of our debt decreased in the first quarter of 2021 due to rising yields and the repayment of senior debentures. See Note 5 for further information. 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.

Revenue (Policies)

Revenue (Policies)	3 Months Ended
	Mar. 31, 2021
Revenue [Abstract]
Revenue Recognition, Policy	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 historical payment experience with, and the financial condition of our customers. 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.

Business Segment and Geograph_2

Business Segment and Geographic Information (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Information on business segments	The following table presents information on our business segments. Three Months Ended Millions of dollars 2021 2020 Revenue: Completion and Production $ 1,870 $ 2,962 Drilling and Evaluation 1,581 2,075 Total revenue $ 3,451 $ 5,037 Operating income (loss): Completion and Production $ 252 $ 345 Drilling and Evaluation 171 217 Total operations 423 562 Corporate and other (a) (53) (60) Impairments and other charges (b) — (1,073) Total operating income (loss) $ 370 $ (571) Interest expense, net of interest income (125) (134) Loss on early extinguishment of debt (c) — (168) Other, net (22) (23) Income (loss) before income taxes $ 223 $ (896) (a) Includes certain expenses not attributable to a business segment, such as costs related to support functions and corporate executives, and also includes amortization expense associated with intangible assets recorded as a result of acquisitions. (b) For the three months ended March 31, 2020, amount includes approximately $780 million attributable to Completion and Production, $277 million attributable to Drilling and Evaluation, and $16 million attributable to Corporate and other. (c) For the three months ended March 31, 2020, amount includes a $168 million loss on extinguishment of debt related to the early repurchase of senior notes.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue [Abstract]
Disaggregation of Revenue	The following table presents information on our disaggregated revenue. Millions of dollars Three Months Ended Revenue by segment: 2021 2020 Completion and Production $ 1,870 $ 2,962 Drilling and Evaluation 1,581 2,075 Total revenue $ 3,451 $ 5,037 Revenue by geographic region: North America $ 1,404 $ 2,460 Latin America 535 516 Europe/Africa/CIS 634 831 Middle East/Asia 878 1,230 Total revenue $ 3,451 $ 5,037

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following: Millions of dollars March 31, December 31, Finished products and parts $ 1,337 $ 1,330 Raw materials and supplies 935 952 Work in process 77 67 Total $ 2,349 $ 2,349

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Summary of shareholders' equity activity	The following tables summarize our shareholders’ equity activity for the three months ended March 31, 2021 and March 31, 2020, respectively: Millions of dollars Common Stock 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, 2020 $ 2,666 $ — $ (6,021) $ 8,691 $ (362) $ 9 $ 4,983 Comprehensive income (loss): Net income — — — 170 — 1 171 Cash dividends ($0.045 per share) — — — (40) — — (40) Stock plans (a) — 34 144 (112) — — 66 Other — — — — — (1) (1) Balance at March 31, 2021 $ 2,666 $ 34 $ (5,877) $ 8,709 $ (362) $ 9 $ 5,179 (a) In January 2021, we issued common stock from treasury shares for the employee stock purchase plan and for restricted stock grants. As a result, additional paid in capital in January 2021 was reduced below zero, which resulted in a reduction of retained earnings by $112 million. Additional issuances from treasury shares will similarly impact additional paid in capital and retained earnings. Millions of dollars Common Stock 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, 2019 $ 2,669 $ 143 $ (6,427) $ 11,989 $ (362) $ 13 $ 8,025 Comprehensive income (loss): Net income (loss) — — — (1,017) — 2 (1,015) Other comprehensive income — — — — 11 — 11 Cash dividends ($0.18 per share) — — — (158) — — (158) Stock repurchase program — — (100) — — — (100) Stock plans — (33) 115 — — — 82 Other — — — — — (2) (2) Balance at March 31, 2020 $ 2,669 $ 110 $ (6,412) $ 10,814 $ (351) $ 13 $ 6,843
Schedule of comprehensive income (loss)	Accumulated other comprehensive loss consisted of the following: Millions of dollars March 31, December 31, Defined benefit and other postretirement liability adjustments $ (225) $ (226) Cumulative translation adjustments (85) (83) Other (52) (53) Total accumulated other comprehensive loss $ (362) $ (362)

Income (Loss) per Share (Tables

Income (Loss) per Share (Tables)	3 Months Ended
	Mar. 31, 2021
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 Millions of shares 2021 2020 Basic weighted average common shares outstanding 889 878 Dilutive effect of awards granted under our stock incentive plans — — Diluted weighted average common shares outstanding 889 878 Antidilutive shares: Options with exercise price greater than the average market price 26 27 Options which are antidilutive due to net loss position — 3 Total antidilutive shares 26 30

Fair value by balance sheet gro

Fair value by balance sheet grouping table (Tables)	3 Months Ended
	Mar. 31, 2021
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: March 31, 2021 December 31, 2020 Millions of dollars Level 1 Level 2 Total fair value Carrying value Level 1 Level 2 Total fair value Carrying value Total debt $ 9,381 $ 1,636 $ 11,017 $ 9,642 $ 10,856 $ 700 $ 11,556 $ 9,827

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021		Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Impairments and other charges	$ 0	[1]	$ 1,073
[1]	For the three months ended March 31, 2020, amount includes approximately $780 million attributable to Completion and Production, $277 million attributable to Drilling and Evaluation, and $16 million attributable to Corporate and other.

Impairments and Other Charges (

Impairments and Other Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	[1]	Mar. 31, 2020
Restructuring Cost and Reserve [Line Items]
Impairments and other charges	$ 0		$ 1,073
Drilling And Evaluation [Member]
Restructuring Cost and Reserve [Line Items]
Impairments and other charges			277
Completion And Production [Member]
Restructuring Cost and Reserve [Line Items]
Impairments and other charges			$ 780,000
[1]	For the three months ended March 31, 2020, amount includes approximately $780 million attributable to Completion and Production, $277 million attributable to Drilling and Evaluation, and $16 million attributable to Corporate and other.

Business Segment and Geograph_3

Business Segment and Geographic Information (Narrative) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2021DivisionCustomers	Dec. 31, 2020Customers
Concentration Risk [Line Items]
Number of business segments | Division	2
Maximum Percentage Gross Trade Receivables From One Customer	10.00%	10.00%
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	33.00%	32.00%

Business Segment and Geograph_4

Business Segment and Geographic Information (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021		Mar. 31, 2020
Revenue:
Revenue		$ 3,451		$ 5,037
Operating income (loss):
Impairments and other charges		0	[1]	(1,073)
Operating income		370		(571)
Interest expense, net of interest income		(125)		(134)
Other, net		(22)		(23)
Income (loss) from continuing operations before income taxes		223		(896)
Loss on early extinguishment of debt		0		168	[2]
Total operations
Operating income (loss):
Operating income		423		562
Completion and Production
Revenue:
Revenue		1,870		2,962
Operating income (loss):
Impairments and other charges				(780,000)
Completion and Production | Total operations
Operating income (loss):
Operating income		252		345
Drilling and Evaluation
Revenue:
Revenue		1,581		2,075
Operating income (loss):
Impairments and other charges				(277)
Drilling and Evaluation | Total operations
Operating income (loss):
Operating income		171		217
Corporate and Other [Member]
Operating income (loss):
Impairments and other charges				(16)
Operating income	[3]	$ (53)		$ (60)
[1]	For the three months ended March 31, 2020, amount includes approximately $780 million attributable to Completion and Production, $277 million attributable to Drilling and Evaluation, and $16 million attributable to Corporate and other.
[2]	For the three months ended March 31, 2020, amount includes a $168 million loss on extinguishment of debt related to the early repurchase of senior notes.
[3]	Includes certain expenses not attributable to a business segment, such as costs related to support functions and corporate executives, and also includes amortization expense associated with intangible assets recorded as a result of acquisitions.

Business Segment and Geograph_5

Business Segment and Geographic Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021		Mar. 31, 2020
Segment Reporting [Abstract]
Impairments and other charges	$ 0	[1]	$ 1,073
[1]	For the three months ended March 31, 2020, amount includes approximately $780 million attributable to Completion and Production, $277 million attributable to Drilling and Evaluation, and $16 million attributable to Corporate and other.

Revenue (Details)

Revenue (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)Division	Mar. 31, 2020USD ($)
Disaggregation of Revenue [Line Items]
Number of business segments | Division	2
Revenue	$ 3,451	$ 5,037
Revenue, Performance Obligation, Description of Timing	one year
North America [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 1,404	2,460
Latin America [Member]
Disaggregation of Revenue [Line Items]
Revenue	535	516
Europe/Africa/CIS [Member]
Disaggregation of Revenue [Line Items]
Revenue	634	831
Middle East/Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue	878	1,230
Completion And Production [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,870	2,962
Drilling And Evaluation [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 1,581	$ 2,075
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	39.00%	47.00%

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventory, Net [Abstract]
Finished products and parts	$ 1,337	$ 1,330
Raw materials and supplies	935	952
Work in process	77	67
Inventory, net	$ 2,349	$ 2,349

Debt (Details)

Debt (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Disclosure [Abstract]
Loss on early extinguishment of debt	$ 0	$ (168)	[1]
[1]	For the three months ended March 31, 2020, amount includes a $168 million loss on extinguishment of debt related to the early repurchase of senior notes.

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021		Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$ 52		$ 119
Income (loss) from continuing operations before income taxes	223		(896)
Impairments and other charges	0	[1]	1,073
Loss on early extinguishment of debt	$ 0		$ (168)	[2]
[1]	For the three months ended March 31, 2020, amount includes approximately $780 million attributable to Completion and Production, $277 million attributable to Drilling and Evaluation, and $16 million attributable to Corporate and other.
[2]	For the three months ended March 31, 2020, amount includes a $168 million loss on extinguishment of debt related to the early repurchase of senior notes.

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021		Mar. 31, 2020
Shareholders' equity activity [Roll Forward]
Beginning Balance	$ 4,983		$ 8,025
Net income (loss)	171		(1,015)
Other comprehensive income (loss)	0		11
Cash dividends	(40)		(158)
Stock repurchase program			(100)
Stock plans	(66)		(82)
Other	1		2
Ending Balance	$ 5,179		$ 6,843
Common Stock, Dividends, Per Share, Declared	$ 0.045		$ 0.18
Common Shares
Shareholders' equity activity [Roll Forward]
Beginning Balance	$ 2,666		$ 2,669
Net income (loss)	0		0
Other comprehensive income (loss)			0
Cash dividends	0		0
Stock repurchase program			0
Stock plans	0		0
Other	0		0
Ending Balance	2,666		2,669
Paid-in Capital in Excess of Par Value
Shareholders' equity activity [Roll Forward]
Beginning Balance	0		143
Net income (loss)	0		0
Other comprehensive income (loss)			0
Cash dividends	0		0
Stock repurchase program			0
Stock plans	34		33
Other	0		0
Ending Balance	34		110
Treasury Stock
Shareholders' equity activity [Roll Forward]
Beginning Balance	(6,021)		(6,427)
Net income (loss)	0		0
Other comprehensive income (loss)			0
Cash dividends	0		0
Stock repurchase program			100
Stock plans	(144)		(115)
Other	0		0
Ending Balance	(5,877)		(6,412)
Retained Earnings
Shareholders' equity activity [Roll Forward]
Beginning Balance	8,691		11,989
Net income (loss)	170		(1,017)
Other comprehensive income (loss)			0
Cash dividends	(40)		(158)
Stock repurchase program			0
Stock plans	(112)	[1]	0
Other	0		0
Ending Balance	8,709		10,814
Accumulated Other Comprehensive Income (Loss)
Shareholders' equity activity [Roll Forward]
Beginning Balance	(362)		(362)
Net income (loss)	0		0
Other comprehensive income (loss)			11
Cash dividends	0		0
Stock repurchase program			0
Stock plans	0		0
Other	0		0
Ending Balance	(362)		(351)
Noncontrolling Interest in Consolidated Subsidiaries
Shareholders' equity activity [Roll Forward]
Beginning Balance	9		13
Net income (loss)	1		2
Other comprehensive income (loss)			0
Cash dividends	0		0
Stock repurchase program			0
Stock plans	0		0
Other	1		2
Ending Balance	$ 9		$ 13
[1]	In January 2021, we issued common stock from treasury shares for the employee stock purchase plan and for restricted stock grants. As a result, additional paid in capital in January 2021 was reduced below zero, which resulted in a reduction of retained earnings by $112 million. Additional issuances from treasury shares will similarly impact additional paid in capital and retained earnings.

Shareholders' Equity (Schedule

Shareholders' Equity (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Defined benefit and other postretirement liability adjustments	$ (225)	$ (226)
Cumulative translation adjustments	(85)	(83)
Other	(52)	(53)
Total accumulated other comprehensive loss	$ (362)	$ (362)

Shareholders' Equity Repurchase

Shareholders' Equity Repurchase Activity (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2021
Repurchase Activity [Abstract]
Stock Repurchased During Period, Value	$ 100
Stock Repurchase Program, Number of Shares Authorized to be Repurchased		$ 5,100
Treasury Stock Shares Acquired From Inception		224
Treasury Stock Value Acquired Cost Method From Inception		$ 9,000

Commitments and Contingencies (

Commitments and Contingencies (Guarantee Arrangements) (Details) $ in Billions	Mar. 31, 2021USD ($)
Financial agreements
Guarantee arrangements [Abstract]
Guarantee arrangements outstanding	$ 1.9

Income (Loss) per Share (Detail

Income (Loss) per Share (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted average common shares outstanding (in shares)	889	878
Dilutive effect of awards granted under our stock incentive plans	0	0
Diluted weighted average common shares outstanding (in shares)	889	878
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	27
Shares which are antidilutive due to net loss position	0	3
Total antidilutive shares	26	30

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
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	$ 11,017	$ 11,556
Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, Long-term and Short-term, Combined Amount	9,642	9,827
Level 1 | Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	9,381	10,856
Level 2 | Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	1,636	700
Level 3 | Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 0	$ 0