Document and Entity Information
Document and Entity Information - USD ($) $ / shares in Units, $ in Billions | 12 Months Ended | |||
Dec. 31, 2022 | Jan. 31, 2023 | Jun. 30, 2022 | Dec. 31, 2021 | |
Document And Enity Information [Abstract] | ||||
Document Type | 10-K | |||
Document Annual Report | true | |||
Document Transition Report | false | |||
Document Period End Date | Dec. 31, 2022 | |||
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 Well-known Seasoned Issuer | Yes | |||
Entity Voluntary Filers | No | |||
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 Public Float | $ 25.2 | |||
Entity Common Stock, Shares Outstanding | 904,081,200 | |||
Entity Central Index Key | 0000045012 | |||
Current Fiscal Year End Date | --12-31 | |||
Document Fiscal Year Focus | 2022 | |||
Document Fiscal Period Focus | FY | |||
Amendment Flag | false | |||
Common Stock, Par or Stated Value Per Share | $ 2.50 | $ 2.50 | ||
ICFR Auditor Attestation Flag | true |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Auditor Name [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | Houston, TX |
Auditor Firm ID | 185 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Revenue: | ||||
Revenue | $ 20,297 | $ 15,295 | $ 14,445 | |
Operating costs and expenses: | ||||
Impairments and other charges | [1] | 366 | 12 | 3,799 |
General and administrative | 240 | 204 | 182 | |
Total operating costs and expenses | 17,590 | 13,495 | 16,881 | |
Total operating income (loss) | 2,707 | 1,800 | (2,436) | |
Interest expense, net of interest income | (375) | (469) | (505) | |
Investment Income, Interest | 117 | 60 | 38 | |
Gain (Loss) on Extinguishment of Debt | (42) | 0 | (168) | |
Other, net | (180) | (79) | (111) | |
Income (loss) before income taxes | 2,110 | 1,252 | (3,220) | |
Income tax benefit (provision) | (515) | 216 | 278 | |
Net income (loss) | 1,595 | 1,468 | (2,942) | |
Net (income) loss attributable to noncontrolling interest | (23) | (11) | (3) | |
Net income (loss) attributable to company | $ 1,572 | $ 1,457 | $ (2,945) | |
Income (Loss) from Continuing Operations, Per Basic Share | $ 1,740,000 | $ 1,630,000 | $ (3.34) | |
Amounts attributable to company shareholders: | ||||
Net income (loss) attributable to company | $ 1,572 | $ 1,457 | $ (2,945) | |
Basic and diluted income (loss) per share attributable to company shareholders: | ||||
Diluted weighted average common shares outstanding | 908 | 892 | 881 | |
Basic weighted average common shares outstanding | 904 | 892 | 881 | |
Income (loss) from continuing operations (in dollars per share) | $ 1,730,000 | $ 1,630,000 | $ (3.34) | |
Services [Member] | ||||
Revenue: | ||||
Revenue | $ 14,749 | $ 10,989 | $ 10,203 | |
Operating costs and expenses: | ||||
Cost of services and sales | 12,381 | 9,745 | 9,458 | |
Product sales [Member] | ||||
Revenue: | ||||
Revenue | 5,548 | 4,306 | 4,242 | |
Operating costs and expenses: | ||||
Cost of services and sales | $ 4,603 | $ 3,534 | $ 3,442 | |
[1] Impairments and other charges are as follows: -For the year ended December 31, 2022, amount includes approximately $136 million attributable to Completion and Production, $195 million attributable to Drilling and Evaluation, and a $35 million attributable to Corporate and other. -For the year ended December 31, 2021, amount includes approximately $42 million attributable to Completion and Production, $9 million attributable to Drilling and Evaluation, and a $39 million net gain attributable to Corporate and other. -For the year ended December 31, 2020, amount includes approximately $2.4 billion attributable to Completion and Production, $1.4 billion attributable to Drilling and Evaluation, and $62 million attributable to Corporate and other. |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investment Income, Interest | $ 117 | $ 60 | $ 38 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income (loss) | $ 1,595 | $ 1,468 | $ (2,942) |
Other comprehensive income (loss), net of income taxes: | |||
Defined benefit and other postretirement plans adjustments | (54) | 179 | (24) |
Other | 7 | 0 | 24 |
Other comprehensive income (loss), net of income taxes | (47) | 179 | 0 |
Comprehensive income (loss) | 1,548 | 1,647 | (2,942) |
Comprehensive income attributable to noncontrolling interest | (23) | (11) | (3) |
Comprehensive income (loss) attributable to company shareholders | $ 1,525 | $ 1,636 | $ (2,945) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets, Current [Abstract] | ||
Cash and equivalents | $ 2,346 | $ 3,044 |
Receivables (net of allowances for bad debts) | 4,627 | 3,666 |
Inventories | 2,923 | 2,361 |
Other current assets | 1,056 | 872 |
Total current assets | 10,952 | 9,943 |
Accounts Receivable, Allowance for Credit Loss, Current | 731 | 754 |
Accounts Receivable, Allowance for Credit Loss, Current | 731 | 754 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 11,660 | 11,442 |
Property, plant and equipment (net of accumulated depreciation) | 4,348 | 4,326 |
Goodwill | 2,829 | 2,843 |
Operating lease right-of-use assets | 913 | 934 |
Other assets | 1,577 | 1,580 |
Total assets | 23,255 | 22,321 |
Current liabilities: | ||
Accounts payable | 3,121 | 2,353 |
Accrued employee compensation and benefits | 634 | 493 |
Taxes other than income | 349 | 292 |
Accrued Income Taxes, Current | 294 | 261 |
Current portion of operating lease liabliities | 224 | 240 |
Other current liabilities | 723 | 667 |
Total current liabilities | 5,345 | 4,306 |
Long-term debt | 7,928 | 9,127 |
Operating lease liabilities | 791 | 845 |
Employee compensation and benefits | 408 | 492 |
Other liabilities | 806 | 823 |
Total liabilities | $ 15,278 | $ 15,593 |
Common Stock, Shares, Issued | 1,066 | 1,066 |
Common Stock, Shares Authorized | 2,000 | 2,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||
Common stock, par value $2.50 per share | $ 2,664 | $ 2,665 |
Paid-in capital in excess of par value | 50 | 32 |
Accumulated other comprehensive loss | (230) | (183) |
Retained earnings | 10,572 | 9,710 |
Treasury stock, at cost | (5,108) | (5,511) |
Company shareholders’ equity | 7,948 | 6,713 |
Noncontrolling interest in consolidated subsidiaries | 29 | 15 |
Total shareholders’ equity | 7,977 | 6,728 |
Total liabilities and shareholders’ equity | $ 23,255 | $ 22,321 |
Treasury Stock, Shares | 164 | 170 |
Deferred Income Tax Assets, Net | $ 2,636 | $ 2,695 |
Common Stock, Par or Stated Value Per Share | $ 2.50 | $ 2.50 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 1,595 | $ 1,468 | $ (2,942) |
Adjustments to reconcile net income (loss) to cash flows from operating activities: | |||
Impairments and other charges | 366 | 12 | 3,799 |
Cash impact of impairments and other charges - severance payments | 0 | (47) | (350) |
Depreciation, depletion and amortization | 940 | 904 | 1,058 |
Deferred income tax provision (benefit), continuing operations | 70 | (486) | (444) |
Changes in assets and liabilities: | |||
Receivables | (1,151) | (500) | 1,394 |
Accounts payable | 852 | 795 | (934) |
Inventories | (642) | (10) | 340 |
Other operating activities | 212 | (225) | (40) |
Total cash flows provided by operating activities | 2,242 | 1,911 | 1,881 |
Cash flows from investing activities: | |||
Capital expenditures | (1,011) | (799) | (728) |
Proceeds from sales of property, plant and equipment | 200 | 257 | 286 |
Other investing activities | (156) | (79) | (44) |
Total cash flows used in investing activities | (967) | (534) | (486) |
Cash flows from financing activities: | |||
Dividends to shareholders | (435) | (161) | (278) |
Proceeds from issuance of common stock | 229 | 79 | 87 |
Stock repurchase program | (250) | 0 | (100) |
Payments on long-term borrowings | (1,242) | (700) | (1,654) |
Other financing activities | (100) | (56) | (56) |
Total cash flows used in financing activities | (1,798) | (838) | (1,007) |
Cash and equivalents at beginning of year | 3,044 | 2,563 | 2,268 |
Cash and equivalents at end of year | 2,346 | 3,044 | 2,563 |
Cash payments (receipts) during the period for: | |||
Interest | 487 | 517 | 509 |
Income taxes | 354 | 214 | 300 |
Proceeds from Issuance of Long-term Debt | 0 | 0 | 994 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | (698) | 481 | 295 |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | (175) | (58) | (93) |
Structured Real Estate Transaction | |||
Cash flows from investing activities: | |||
Proceeds from Sale of Real Estate Held-for-investment | $ 0 | $ 87 | $ 0 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock | Paid-in Capital in Excess of Par Value | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest in Consolidated Subsidiaries |
Beginning balance at Dec. 31, 2019 | $ 8,025 | $ 2,669 | $ 143 | $ (6,427) | $ 11,989 | $ (362) | $ 13 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (2,942) | 0 | 0 | 0 | (2,945) | 0 | 3 |
Other comprehensive income (loss) | 0 | ||||||
Cash dividends | (278) | 0 | 0 | 0 | (278) | 0 | |
Cash dividends - Noncontrolling interest | 0 | ||||||
Stock plans | 285 | (3) | (143) | 506 | (75) | 0 | 0 |
Stock repurchase program | (100) | 0 | 0 | (100) | 0 | 0 | 0 |
Other | (7) | 0 | 0 | 0 | 0 | 0 | (7) |
Ending balance at Dec. 31, 2020 | $ 4,983 | 2,666 | 0 | (6,021) | 8,691 | (362) | 9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.315 | ||||||
Net income (loss) | $ 1,468 | 0 | 0 | 0 | 1,457 | 0 | 11 |
Other comprehensive income (loss) | 179 | 0 | 0 | 0 | 0 | 179 | 0 |
Cash dividends | (161) | 0 | 0 | 0 | (161) | 0 | |
Cash dividends - Noncontrolling interest | 0 | ||||||
Stock plans | 264 | (1) | 32 | 510 | (277) | 0 | 0 |
Other | (5) | 0 | 0 | 0 | 0 | 0 | (5) |
Ending balance at Dec. 31, 2021 | $ 6,728 | 2,665 | 32 | (5,511) | 9,710 | (183) | 15 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.18 | ||||||
Net income (loss) | $ 1,595 | 0 | 0 | 0 | 1,572 | 0 | 23 |
Other comprehensive income (loss) | (47) | 0 | 0 | 0 | 0 | (47) | 0 |
Cash dividends | (435) | 0 | 0 | 0 | (435) | 0 | |
Cash dividends - Noncontrolling interest | 0 | ||||||
Stock plans | 395 | (1) | 18 | 653 | (275) | 0 | 0 |
Stock repurchase program | (250) | 0 | 0 | (250) | 0 | 0 | 0 |
Other | (9) | 0 | 0 | 0 | 0 | 0 | (9) |
Ending balance at Dec. 31, 2022 | $ 7,977 | $ 2,664 | $ 50 | $ (5,108) | $ 10,572 | $ (230) | $ 29 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.48 |
Description of Company and Sign
Description of Company and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Company and Significant Accounting Policies | Description of Company and Significant Accounting Policies Description of Company Halliburton Company is one of the world's largest providers of products and services to the energy industry. Its predecessor was established in 1919 and incorporated under the laws of the State of Delaware in 1924. We help our customers maximize asset value throughout the lifecycle of the reservoir - from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. We serve major, national, and independent oil and natural gas companies throughout the world and 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. Use of estimates Our financial statements are prepared in conformity with United States generally accepted accounting principles, requiring us to make estimates and assumptions that affect: - the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements; and - the reported amounts of revenue and expenses during the reporting period. We believe the most significant estimates and assumptions are associated with the forecasting of our income tax (provision) benefit and the valuation of deferred taxes, legal reserves, long-lived asset valuations, and allowance for credit losses. Ultimate results could differ from our estimates. Basis of presentation The consolidated financial statements include the accounts of our company and all of our subsidiaries that we control or variable interest entities for which we have determined that we are the primary beneficiary. All material intercompany accounts and transactions are eliminated. Investments in companies in which we do not have a controlling interest, but over which we do exercise significant influence, are accounted for using the equity method of accounting, unless we elect the fair value option. If we do not have significant influence and the investment has no readily determinable fair value, we elect the measurement alternative. In addition, certain reclassifications of prior period balances have been made to conform to the current period presentation. Revenue recognition Our services and products are generally sold based upon purchase orders or contracts with our customers that include fixed or determinable prices but do not include right of return provisions or other significant post-delivery obligations. The vast majority of our service and product contracts are short-term in nature. We recognize revenue 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. 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. Rates for services are typically priced on a per day, per meter, per man-hour, or similar basis. See Note 4 for further information on revenue recognition. Research and development We maintain an active research and development program. The program improves products, processes, and engineering standards and practices that serve the changing needs of our customers. Research and development costs are expensed as incurred and were $345 million in 2022, $321 million in 2021, and $309 million in 2020. Cash equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Inventories Inventories are stated at the lower of cost or net realizable value. Cost represents invoice or production cost for new items and original cost. Production cost includes material, labor, and manufacturing overhead. Our inventory is recorded on the weighted average cost method. We regularly review inventory quantities on hand and record provisions for excess or obsolete inventory based primarily on historical usage, estimated product demand, and technological developments. Allowance for credit losses We establish an allowance for credit losses through a review of several factors, including historical collection experience, current aging status of the customer accounts, and current financial condition of our customers. Losses are charged against the allowance when the customer accounts are determined to be uncollectible. Property, plant, and equipment Other than those assets that have been written down to their fair values due to impairment, property, plant, and equipment are reported at cost less accumulated depreciation, which is generally provided on the straight-line method over the estimated useful lives of the assets. Accelerated depreciation methods are often used for tax purposes, when permitted. Upon sale or retirement of an asset, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is recognized. Planned major maintenance costs are generally expensed as incurred. Expenditures for additions, modifications, and conversions are capitalized when they increase the value or extend the useful life of the asset. Goodwill and other intangible assets We record as goodwill the excess purchase price over the fair value of the tangible and identifiable intangible assets acquired in a business acquisition. Changes in the carrying amount of goodwill are detailed below by reportable segment. Millions of dollars Completion and Production Drilling and Evaluation Total Balance at December 31, 2020: $ 1,973 $ 831 $ 2,804 Current year acquisitions 12 — 12 Other 27 — 27 Balance at December 31, 2021: $ 2,012 $ 831 $ 2,843 Current year acquisitions 8 — 8 Other — (22) (22) Balance at December 31, 2022: $ 2,020 $ 809 $ 2,829 The reported amounts of goodwill for each reporting unit are reviewed for impairment on an annual basis, during the third quarter, and more frequently when circumstances indicate an impairment may exist. As a result of our goodwill impairment assessments performed in the years ended December 31, 2022, 2021, and 2020, we determined that the fair value of each reporting unit exceeded its net book value and, therefore, no goodwill impairments were deemed necessary. We amortize other identifiable intangible assets with a finite life on a straight-line basis over the period which the asset is expected to contribute to our future cash flows, ranging from one year to twenty-eight years. The components of these other intangible assets generally consist of patents, license agreements, non-compete agreements, trademarks, and customer lists and contracts. Evaluating impairment of long-lived assets When events or changes in circumstances indicate that long-lived assets other than goodwill may be impaired, an evaluation is performed. For assets classified as held for use, we first group individual assets based on the lowest level for which identifiable cash flows are largely independent of the cash flows from other assets. We then compare estimated future undiscounted cash flows expected to result from the use and eventual disposition of the asset group to its carrying amount. If the asset group's undiscounted cash flows are less than its carrying amount, we then determine the asset group's fair value by using a discounted cash flow analysis and recognize any resulting impairment. When an asset is classified as held for sale, the asset’s book value is evaluated and adjusted to the lower of its carrying amount or fair value less cost to sell. In addition, depreciation and amortization is ceased while it is classified as held for sale. See Note 2 for further information on impairments and other charges. Income taxes We recognize the amount of taxes payable or refundable for the year. In addition, deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in the financial statements or tax returns. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will not be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that we will realize the benefits of these deductible differences, net of the existing valuation allowances. We recognize interest and penalties related to unrecognized tax benefits within the provision for income taxes on continuing operations in our consolidated statements of operations. Derivative instruments At times, we enter into derivative financial transactions to hedge existing or projected exposures to changing foreign currency exchange rates and interest rates. We do not enter into derivative transactions for speculative or trading purposes. We recognize all derivatives on the balance sheet at fair value. Derivatives that are not hedges are adjusted to fair value and reflected through the results of operations. If the derivative is designated as a hedge, depending on the nature of the hedge, changes in the fair value of derivatives are either offset against: - the change in fair value of the hedged assets, liabilities, or firm commitments through earnings; or - recognized in other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is recognized in earnings. Recognized gains or losses on derivatives entered into to manage foreign currency exchange risk are included in “Other, net” on the consolidated statements of operations. Gains or losses on interest rate derivatives are included in “Interest expense, net.” Foreign currency translation Foreign entities whose functional currency is the United States dollar translate monetary assets and liabilities at year-end exchange rates, and nonmonetary items are translated at historical rates. Revenue and expense transactions are translated at the average rates in effect during the year, except for those expenses associated with nonmonetary balance sheet accounts, which are translated at historical rates. Gains or losses from remeasurement of monetary assets and liabilities due to changes in exchange rates are recognized in our consolidated statements of operations in “Other, net” in the year of occurrence. Stock-based compensation Stock-based compensation cost is measured at the date of grant, based on the calculated fair value of the award and is recognized as expense over the employee’s service period, which is generally the vesting period of the equity grant. Additionally, compensation cost is recognized based on awards ultimately expected to vest, therefore, we have reduced the cost for estimated forfeitures based on historical forfeiture rates. Forfeitures are estimated at the time of grant and revised in subsequent periods to reflect actual forfeitures. See Note 13 for additional information related to stock-based compensation. |
Impairment and Other Charges (N
Impairment and Other Charges (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
Impairments and Other Charges [Abstract] | |
Impairments and Other Charges | Impairments and Other Charges The following table presents various pre-tax charges we recorded during the years ended December 31, 2022, 2021, and 2020 which are reflected within "Impairments and other charges" on our consolidated statements of operations. Year Ended December 31 Millions of dollars 2022 2021 2020 Receivables $ 202 $ — $ — Long-lived asset impairments 100 — 2,629 Inventory costs and write-downs 70 — 505 Catch-up depreciation — 36 — Severance costs — 15 384 Gain on real estate transaction — (74) — Other (6) 35 281 Total impairments and other charges $ 366 $ 12 $ 3,799 During the year ended December 31, 2022, due to Russia's invasion of Ukraine and resulting sanctions imposed on Russia, we made the decision to sell our Russian operations and completed the sale in the third quarter of 2022. We wrote down the disposal group to fair value less costs to sell, which resulted in a pre-tax charge of $344 million. Of this pre-tax charge, approximately $131 million was attributable to our Completion and Production segment, approximately $178 million was attributable to our Drilling and Evaluation segment, and $35 million was selling costs and was attributable to Corporate and other. We no longer conduct operations in Russia. Additionally, during the first quarter of 2022, we recorded a pre-tax charge of $22 million primarily related to the write down of all our assets in Ukraine. Included in this charge is a $16 million allowance for credit loss as we do not expect to collect our receivables in Ukraine. Long-lived asset impairments include impairments of property, plant, and equipment. For the year ended December 31, 2021, $12 million of impairments and other charges was recorded due to the decision to discontinue the proposed sale of our Pipeline and Process Services business and as a result we recorded a $36 million charge for accumulated unrecognized depreciation and amortization expense during the period the associated assets were classified as held for sale. Additionally, we finalized a structured transaction relating to most of our owned United States real estate. As a result of the transaction, we derecognized $358 million of assets previously held for sale included in Other current assets and recognized an investment in an unconsolidated subsidiary of $349 million included in Other Assets, which resulted in a gain of $74 million, due to specific assets with a carrying amount less than the fair value. For the year ended December 31, 2020, the $2.6 billion of long-lived asset impairments consisted of the following: $1.0 billion attributable to hydraulic fracturing equipment, the majority of which was located in North America; $297 million related to drilling-related services equipment; $191 million related to right-of-use assets, primarily operating leases; $131 million related to intangible assets; and $394 million associated with other fixed asset impairments. Also included in "Long-lived asset impairments" was $616 million for a fair value adjustment on real estate properties held for sale, primarily related to a contemplated structured transaction for our North America real estate assets due to specific assets with a fair value less than the carrying amount. Inventory costs and write-downs for 2020 in the table above primarily represent disposal of excess inventory, including drilling fluids and other chemicals, and write-downs in which some of our inventory cost exceeded its market value. |
Business Segment and Geographic
Business Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Business Segment and Geographic Information | Business Segment and Geographic InformationWe operate under two divisions, which form the basis for the two operating segments we report: the Completion and Production segment and the Drilling and Evaluation segment. 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. Operations by business segment The following tables present financial information on our business segments. Year Ended December 31 Millions of dollars 2022 2021 2020 Revenue: Completion and Production $ 11,582 $ 8,410 $ 7,839 Drilling and Evaluation 8,715 6,885 6,606 Total revenue $ 20,297 $ 15,295 $ 14,445 Operating income: Completion and Production $ 2,037 $ 1,238 $ 995 Drilling and Evaluation 1,292 801 569 Total operations 3,329 2,039 1,564 Corporate and other (a) (256) (227) (201) Impairments and other charges (b) (366) (12) (3,799) Total operating income (loss) $ 2,707 $ 1,800 $ (2,436) Interest expense, net of interest income $ (375) $ (469) $ (505) Loss on early extinguishment of debt (42) — (168) Other, net (180) (79) (111) Income (loss) before income taxes $ 2,110 $ 1,252 $ (3,220) Capital expenditures: Completion and Production $ 589 $ 402 $ 314 Drilling and Evaluation 420 392 410 Corporate and other 2 5 4 Total capital expenditures $ 1,011 $ 799 $ 728 Depreciation, depletion, and amortization: Completion and Production $ 520 $ 502 $ 615 Drilling and Evaluation 406 388 430 Corporate and other 14 14 13 Total depreciation, depletion, and amortization $ 940 $ 904 $ 1,058 (a) Includes certain expenses not attributable to a business segment, such as costs related to support functions, corporate executives, and operating lease assets, and also includes amortization expense associated with intangible assets recorded as a result of acquisitions. (b) Impairments and other charges are as follows: -For the year ended December 31, 2022, amount includes approximately $136 million attributable to Completion and Production, $195 million attributable to Drilling and Evaluation, and a $35 million attributable to Corporate and other. -For the year ended December 31, 2021, amount includes approximately $42 million attributable to Completion and Production, $9 million attributable to Drilling and Evaluation, and a $39 million net gain attributable to Corporate and other. -For the year ended December 31, 2020, amount includes approximately $2.4 billion attributable to Completion and Production, $1.4 billion attributable to Drilling and Evaluation, and $62 million attributable to Corporate and other. December 31 Millions of dollars 2022 2021 Total assets: Completion and Production (a) $ 9,311 $ 8,186 Drilling and Evaluation (a) 7,199 6,606 Corporate and other (b) 6,745 7,529 Total assets $ 23,255 $ 22,321 (a) Assets associated with specific segments primarily include receivables, inventories, property, plant, and equipment, operating lease right-of-use assets, equity in and advances to related companies, and goodwill. (b) Includes primarily cash and equivalents and deferred tax assets. Operations by geographic region The following tables present information by geographic area. In 2022, 2021, and 2020, based on the location of services provided and products sold, 45%, 40%, and 38%, respectively, of our consolidated revenue was from the United States. No other country accounted for more than 10% of our revenue or property, plant, and equipment during the periods presented. As of December 31, 2022 and December 31, 2021, 54% and 50%, respectively, of our property, plant, and equipment was located in the United States. Year Ended December 31 Millions of dollars 2022 2021 2020 Revenue: North America $ 9,597 $ 6,371 $ 5,731 Latin America 3,197 2,362 1,668 Europe/Africa/CIS 2,691 2,719 2,813 Middle East/Asia 4,812 3,843 4,233 Total revenue $ 20,297 $ 15,295 $ 14,445 December 31 Millions of dollars 2022 2021 Net property, plant, and equipment: North America $ 2,424 $ 2,238 Latin America 520 510 Europe/Africa/CIS 435 584 Middle East/Asia 969 994 Total net property, plant, and equipment $ 4,348 $ 4,326 |
Revenue (Notes)
Revenue (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
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. Most 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, 45%, 40%, and 38% of our consolidated revenue was from the United States for the years ended December 31, 2022, 2021, and 2020, respectively. No other country accounted for more than 10% of our revenue. The following table presents information on our disaggregated revenue. Year Ended December 31 Millions of dollars 2022 2021 2020 Revenue by segment: Completion and Production $ 11,582 $ 8,410 $ 7,839 Drilling and Evaluation 8,715 6,885 6,606 Total revenue $ 20,297 $ 15,295 $ 14,445 Revenue by geographic region: North America $ 9,597 $ 6,371 $ 5,731 Latin America 3,197 2,362 1,668 Europe/Africa/CIS 2,691 2,719 2,813 Middle East/Asia 4,812 3,843 4,233 Total revenue $ 20,297 $ 15,295 $ 14,445 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 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
Receivables | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Receivables | Receivables As of December 31, 2022, 38% of our net trade receivables were from customers in the United States and 11% were from customers in Mexico. As of December 31, 2021, 34% of our net trade receivables were from customers in the United States and 11% were from customers in Mexico. Receivables from our primary customer in Mexico accounted for approximately 9% and 10% of our total receivables as of December 31, 2022 and December 31, 2021, respectively. While we have experienced payment delays in Mexico, these amounts are not in dispute and we have not historically had, and we do not expect, any material write-offs due to collectability from this customer. No other country or single customer accounted for more than 10% of our receivables at those dates. Although the market environment has been improving, we continue to have risk of delayed customer payments and payment defaults associated with customer liquidity issues. 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 judgment and estimates, includes analysis of our customers’ historical time to pay, financial condition and various financial metrics, debt structure, credit ratings, and production profile, as well as political and economic factors in countries of operations and other customer-specific factors. The table below presents a rollforward of our allowance for credit losses for 2020, 2021 and 2022. Millions of dollars Balance at Beginning of Period Provision (a) Other (b) Balance at End of Period (c) Year ended December 31, 2020 $ 776 $ 58 $ (10) $ 824 Year ended December 31, 2021 824 (19) (51) 754 Year ended December 31, 2022 754 2 (25) 731 (a) Represents increases to allowance for credit losses charged to costs and expenses, net of recoveries. (b) Includes write-offs, balance sheet reclassifications, and other activity. (c) The allowance for credit losses in all years is primarily comprised of a full reserve against accounts receivable with our primary customer in Venezuela. |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases For operating leases, lease expense for lease payments is recognized on a straight-line basis over the lease term and accretion of the lease liability, 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 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 years ended December 31, 2022, 2021, and 2020, along with other supplemental information about our existing leases: Year Ended December 31 Millions of dollars 2022 2021 2020 Components of lease expense: Finance lease cost: Amortization of right-of-use assets $ 20 $ 20 $ 19 Interest on lease liabilities 38 38 32 Operating lease cost 301 274 296 Short-term lease cost 31 27 31 Sublease income (3) (4) (4) Total lease cost $ 387 $ 355 $ 374 As of December 31 Millions of dollars 2022 2021 Components of balance sheet: Operating leases: Operating lease right-of-use assets (non-current) $ 913 $ 934 Current portion of operating lease liabilities 224 240 Operating lease liabilities (non-current) 791 845 Finance leases: Other assets (non-current) $ 124 $ 85 Other current liabilities 26 26 Other liabilities (non-current) 115 85 During the year ended December 31, 2021, we completed a structured transaction relating to most of our owned United States real estate, which resulted in an increase of our operating right-of-use assets and operating lease liabilities of $276 million. See Note 2 to the consolidated financial statements for further discussion on the structured transaction. Year Ended December 31 Millions of dollars except years and percentages 2022 2021 2020 Other supplemental information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 332 $ 307 $ 299 Operating cash flows for finance leases 38 38 32 Financing cash flows for finance leases 26 24 21 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 249 $ 433 $ 447 Finance leases 62 6 39 Weighted-average remaining lease term: Operating leases 9.5 years 9.8 years 8.6 years Finance leases 5.9 years 6.3 years 6.4 years Weighted-average discount rate for operating leases 5.2 % 4.9 % 4.1 % The following table summarizes the maturity of our operating and finance leases as of December 31, 2022: Millions of dollars Operating Leases Finance Leases 2023 $ 270 $ 63 2024 185 60 2025 133 52 2026 99 50 2027 85 18 Thereafter 561 15 Total lease payments 1,333 258 Less imputed interest (318) (117) Total lease payments, net of imputed interest $ 1,015 $ 141 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following: December 31 Millions of dollars 2022 2021 Finished products and parts $ 1,859 $ 1,380 Raw materials and supplies 953 890 Work in process 111 91 Total inventories $ 2,923 $ 2,361 All amounts in the table above are reported net of obsolescence reserves of $104 million at December 31, 2022 and $114 million at December 31, 2021. During the year ended December 31, 2022, we recorded $70 million of impairment charges related to inventory. These charges were primarily attributable to our exit from Russia. See Note 2 to the consolidated financial statements for further discussion on impairments and other charges. |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | Property, Plant, and Equipment Property, plant, and equipment were composed of the following: December 31 Millions of dollars 2022 2021 Land $ 117 $ 120 Buildings and property improvements 1,671 1,608 Machinery, equipment, and other 14,220 14,040 Total 16,008 15,768 Less accumulated depreciation 11,660 11,442 Net property, plant, and equipment $ 4,348 $ 4,326 During the year ended December 31, 2022, we recorded $100 million of impairment charges on property, plant, and equipment primarily related to our exit from Russia. During the year ended December 31, 2021, no impairment charges were recorded on property, plant, and equipment. See Note 2 to the consolidated financial statements for further discussion on impairments and other charges. Classes of assets are depreciated over the following useful lives: Buildings and Property 2022 2021 1 - 10 years 16% 17% 11 - 20 years 40% 39% 21 - 30 years 26% 24% 31 - 40 years 18% 20% Machinery, Equipment, 2022 2021 1 - 5 years 49% 49% 6 - 10 years 41% 41% 11 - 20 years 10% 10% |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
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, intellectual property, commercial, tax, and other 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 legal or governmental proceeding, 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 in place agreements with financial institutions under which approximately $2.1 billion of letters of credit, bank guarantees, or surety bonds were outstanding as of December 31, 2022. Some of the outstanding letters of credit have triggering events that would entitle a bank to require cash collateralization. None of these off balance sheet arrangements either has, or is likely to have, a material effect on our consolidated financial statements. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of the (provision) benefit for income taxes on continuing operations were: Year Ended December 31 Millions of dollars 2022 2021 2020 Current income taxes: Federal $ (17) $ 6 $ 1 Foreign (417) (270) (167) State (11) (6) — Total current (445) (270) (166) Deferred income taxes: Federal (159) 533 372 Foreign 103 (47) 2 State (14) — 70 Total deferred (70) 486 444 Income tax (provision) benefit $ (515) $ 216 $ 278 The United States and foreign components of income (loss) from continuing operations before income taxes were as follows: Year Ended December 31 Millions of dollars 2022 2021 2020 United States $ 992 $ 283 $ (3,031) Foreign 1,118 969 (189) Total income (loss) from continuing operations before income taxes $ 2,110 $ 1,252 $ (3,220) Reconciliations between the actual (provision) benefit for income taxes on continuing operations and that computed by applying the United States statutory rate to income (loss) from continuing operations before income taxes were as follows: Year Ended December 31 2022 2021 2020 United States statutory rate 21.0 % 21.0 % 21.0 % Valuation allowance against tax assets (2.9) (44.5) 0.9 Impact of foreign income taxed at different rates 3.0 2.5 (1.1) State income taxes 0.8 0.1 — Impact of impairments and other charges 0.7 — (12.3) Adjustments of prior year taxes 0.2 1.3 0.7 Other items, net 1.6 2.4 (0.6) Total effective tax rate on continuing operations 24.4 % (17.2) % 8.6 % During the year ended December 31, 2022, we recorded a total income tax provision of $515 million on pre-tax income of $2.1 billion, resulting in an effective tax rate of 24.4%. The effective tax rate for 2022 was primarily impacted by our geographic mix of earnings, tax adjustments related to the reassessment of prior year tax accruals, and changes of valuation allowance on some of our deferred tax assets. During the year ended December 31, 2021, we recorded a total income tax benefit of $216 million on pre-tax income of $1.3 billion, resulting in an effective tax rate of -17.2%. The effective tax rate for 2021 was primarily impacted by our geographic mix of earnings, tax adjustments related to the reassessment of prior year tax accruals, and valuation allowances on some of our deferred tax assets. The decrease in our valuation allowances results from increased future years’ forecasted taxable income before the expiration of foreign tax credits and net operating losses as a direct result of improved energy market conditions that led to the release of approximately $519 million valuation allowance on foreign tax credits. The primary components of our deferred tax assets and liabilities were as follows: December 31 Millions of dollars 2022 2021 Gross deferred tax assets: Foreign tax credit carryforwards $ 961 $ 1,041 Intangible assets 856 924 Net operating loss carryforwards 694 736 Accrued liabilities 259 292 Research and development tax credit carryforwards 219 203 Employee compensation and benefits 170 166 Other 515 457 Total gross deferred tax assets 3,674 3,819 Gross deferred tax liabilities: Operating lease right-of-use assets 153 160 Depreciation and amortization 61 131 Other 39 9 Total gross deferred tax liabilities 253 300 Valuation allowances 821 885 Net deferred income tax asset $ 2,600 $ 2,634 During the year ended December 31, 2022, we decreased our valuation allowance on deferred tax assets by $64 million attributable to a $221 million decrease associated with foreign deferred tax assets and a $157 million increase primarily associated with foreign tax credits. At December 31, 2022, we had $730 million of domestic and foreign tax-effected net operating loss carryforwards, with approximately $36 million estimated to be utilized against our unrecognized tax benefits. In addition, we had approximately $1 billion of foreign tax credits carryforwards, the majority of which will begin expiring in tax years after 2024. The ultimate realization of these deferred tax assets depends on our ability to generate sufficient taxable income in the appropriate taxing jurisdiction. Our deferred tax assets from net operating losses, foreign tax credits, and research and development credits will expire as follows: Millions of dollars U.S. Net Operating Loss Foreign Net Operating Loss Foreign Tax Credits Research and Development Credit Total 2023-2027 $ 2 $ 67 $ 524 $ — $ 593 2028-2032 8 66 488 — 562 2033-2042 33 93 — 219 345 Non-Expiring 20 441 — — 461 $ 63 $ 667 $ 1,012 $ 219 $ 1,961 We have not provided incremental United States income taxes or foreign withholding taxes on undistributed foreign subsidiaries' earnings after December 31, 2017. We generally do not provide for taxes related to undistributed earnings because such earnings either would not be taxable when remitted or they are considered to be indefinitely reinvested. The following table presents a rollforward of our unrecognized tax benefits and associated interest and penalties. Millions of dollars Unrecognized Tax Benefits Interest Balance at January 1, 2020 $ 425 $ 70 Change in prior year tax positions (66) 6 Change in current year tax positions 16 — Cash settlements with taxing authorities (3) — Lapse of statute of limitations (17) (5) Balance at December 31, 2020 $ 355 $ 71 Change in prior year tax positions 14 4 Change in current year tax positions 14 2 Cash settlements with taxing authorities (10) — Lapse of statute of limitations (21) (5) Balance at December 31, 2021 $ 352 (a) $ 72 Change in prior year tax positions (36) (5) Change in current year tax positions 13 2 Cash settlements with taxing authorities (6) (2) Lapse of statute of limitations (12) (3) Balance at December 31, 2022 $ 311 (a)(b) $ 64 (a) Includes $51 million as of December 31, 2022 and $20 million as of December 31, 2021 in foreign unrecognized tax benefits that would give rise to a United States tax credit. As of December 31, 2022 and December 31, 2021, a net $208 million and $272 million without a net operating loss carryforward offset, respectively, of unrecognized tax benefits would positively impact the effective tax rate and be recognized as additional tax benefits in our statement of operations if resolved in our favor. (b) Includes $27 million that could be resolved within the next 12 months. Our tax returns are subject to review by the taxing authorities in the jurisdictions where we file tax returns. In most cases we are no longer subject to examination by tax authorities for years before 2010. The only significant operating jurisdiction that has tax filings under review or subject to examination by the tax authorities is the United States. The United States federal income tax filings for tax years 2016 through 2021 are currently under review or remain open for review by the U.S. Internal Revenue Service. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Shares of common stock The following table summarizes total shares of common stock outstanding: December 31 Millions of shares 2022 2021 Issued 1,066 1,066 In treasury (164) (170) Total shares of common stock outstanding 902 896 Our Board of Directors has authorized a program to repurchase a specified dollar amount of our common stock from time to time. The program does not require a specific number of shares to be purchased and the program may be effected through solicited or unsolicited transactions in the market or in privately negotiated transactions. The program may be terminated or suspended at any time. We purchased 6.8 million shares of our common stock under the program during the year ended December 31, 2022. There were no repurchases made under the program during the year ended December 31, 2021. Approximately $4.9 billion remained authorized for repurchases as of December 31, 2022. From the inception of this program in February 2006 through December 31, 2022, we repurchased approximately 231 million shares of our common stock for a total cost of approximately $9.3 billion. Paid-in Capital in Excess of Par Value During 2022 and 2021, we issued common stock from treasury shares under our employee stock purchase plan awards and for restricted stock grants. As a result, additional paid in capital would have resulted in a balance below zero. Therefore, for the years ended December 31, 2022 and 2021, we reduced retained earnings by $275 million and $277 million, respectively. Additional issuances from treasury shares could similarly impact additional paid in capital and retained earnings. Preferred stock Our preferred stock consists of five million total authorized shares at December 31, 2022, of which none are issued. Accumulated other comprehensive loss Accumulated other comprehensive loss consisted of the following: December 31 Millions of dollars 2022 2021 Cumulative translation adjustment $ (84) $ (85) Defined benefit and other postretirement liability adjustments (a) (101) (47) Other (45) (51) Total accumulated other comprehensive loss $ (230) $ (183) (a) Included net actuarial losses for our international pension plans of $98 million at December 31, 2022 and $49 million at December 31, 2021. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Stock-based Compensation | Stock-based Compensation The following table summarizes stock-based compensation costs for the years ended December 31, 2022, 2021, and 2020. . Year Ended December 31 Millions of dollars 2022 2021 2020 Stock-based compensation cost $ 219 $ 214 $ 218 Tax benefit (33) (32) (35) Stock-based compensation cost, net of tax $ 186 $ 182 $ 183 Our Stock and Incentive Plan, as amended (Stock Plan), provides for the grant of any or all of the following types of stock-based awards: - stock options, including incentive stock options and nonqualified stock options; - restricted stock awards; - restricted stock unit awards; - stock appreciation rights; and - stock value equivalent awards. There are currently no stock appreciation rights, stock value equivalent awards, or incentive stock options outstanding. Under the terms of the Stock Plan, approximately 264 million shares of common stock have been reserved for issuance to employees and non-employee directors. At December 31, 2022, approximately 20 million shares were available for future grants under the Stock Plan. The stock to be offered pursuant to the grant of an award under the Stock Plan may be authorized but unissued common shares or treasury shares. In addition to the provisions of the Stock Plan, we also have stock-based compensation provisions under the Restricted Stock Plan for Non-Employee Directors and the Employee Stock Purchase Plan (ESPP). Each of the active stock-based compensation arrangements is discussed below. Stock options There were no stock options granted during 2022 and there are no plans to grant stock options in 2023. All stock options under the Stock Plan were granted at the fair market value of our common stock at the grant date. Employee stock options generally vest ratably over a period of three years and expire 10 years from the grant date. Compensation expense for stock options is generally recognized on a straight line basis over the entire vesting period. The following table represents our stock options activity during 2022. Number Weighted Weighted Aggregate Outstanding at January 1, 2022 24.2 $ 40.42 Exercised (5.3) 28.63 Forfeited/expired (0.7) 38.93 Outstanding at December 31, 2022 18.2 $ 43.88 3.5 $ 55.8 Exercisable at December 31, 2022 17.6 $ 44.59 3.4 $ 46.2 The total intrinsic value of options exercised was $43 million in 2022, $315,000 in 2021, and $7,000 in 2020. As of December 31, 2022, there was no unrecognized compensation cost, net of estimated forfeitures, related to nonvested stock options. Cash received from issuance of common stock was $229 million of which $148 million related to proceeds from exercises of stock options during 2022. Cash received from issuance of common stock was $79 million during 2021 and $87 million during 2020, of which $4 million related to proceeds from exercises of stock options in 2021. All other cash received from issuance of common stock during 2022, 2021 and 2020 relates to cash proceeds from the issuance of shares under our employee stock purchase plan. The fair value of options at the date of grant was estimated using the Black-Scholes option pricing model. The expected volatility of options granted was a blended rate based upon implied volatility calculated on actively traded options on our common stock and upon the historical volatility of our common stock. The expected term of options granted was based upon historical observation of actual time elapsed between date of grant and exercise of options for all employees. The assumptions and resulting fair values of options granted were as follows: Year Ended December 31 2022 2021 2020 Expected term (in years) 0.00 0.00 5.39 Expected volatility — — 33% Expected dividend yield — — 2.92 - 3.23% Risk-free interest rate — — 1.43 - 1.69% Weighted average grant-date fair value of option — — $5.41 There were no stock options granted for the years ended December 31, 2022 and 2021. Restricted stock Restricted shares issued under the Stock Plan are restricted as to sale or disposition. These restrictions generally lapse periodically over a period of five years. Restrictions may also lapse for early retirement and other conditions in accordance with our established policies. Upon termination of employment, shares on which restrictions have not lapsed must be returned to us, resulting in restricted stock forfeitures. The fair market value of the stock on the date of grant is amortized and charged to income on a straight-line basis over the requisite service period for the entire award. In 2022, we also granted performance based restricted stock units, with the actual number of shares earned to be determined at the end of a three year performance period based on our achievement of certain predefined targets. These targets are based upon our average return on capital employed as compared to certain competitors and a modifier based upon stock performance compared to the Oilfield Services Index (OSX). A Monte Carlo simulation that uses a probabilistic approach was performed by an actuary to measure grant date fair value. The fair value of these performance based restricted stock units is recognized on a straight-line basis over the three year performance cycle. The following table represents our restricted stock awards and restricted stock units granted, vested, and forfeited during 2022. . Number of Shares Weighted Average Nonvested shares at January 1, 2022 22.7 $ 23.16 Granted 7.6 31.40 Vested (7.3) 27.14 Forfeited (0.9) 23.89 Nonvested shares at December 31, 2022 22.1 $ 24.83 The weighted average grant-date fair value of shares granted was $31.40 during 2022, $20.94 during 2021, and $16.53 during 2020. The total fair value of shares vested was $248 million during 2022, $117 million during 2021, and $79 million during 2020. As of December 31, 2022, there was $351 million of unrecognized compensation cost, net of estimated forfeitures, related to nonvested restricted stock, which is expected to be recognized over a weighted average period of three years. Employee Stock Purchase Plan Under the ESPP, eligible employees may have up to 10% of their earnings withheld, subject to some limitations, to be used to purchase shares of our common stock. The ESPP contains four three-month offering periods commencing on January 1, April 1, July 1, and October 1 of each year. The price at which common stock may be purchased under the ESPP in 2020, 2021, and 2022 is equal to 90% of the lower of the fair market value of the common stock on the commencement date or last trading day of each offering period. Under the ESPP, 104 million shares of common stock have been reserved for issuance, of which 73 million shares have been sold through the ESPP since the inception of the plan through December 31, 2022 and 31 million shares are available for future issuance. The stock to be offered may be authorized but unissued common shares or treasury shares. The fair value of ESPP shares was estimated using the Black-Scholes option pricing model. The expected volatility was a one-year historical volatility of our common stock. The assumptions and resulting fair values were as follows: Year Ended December 31 2022 2021 2020 Expected volatility 46 % 69 % 68 % Expected dividend yield 1.67 % 0.84 % 4.89 % Risk-free interest rate 1.42 % 0.05 % 0.65 % Weighted average grant-date fair value per share $ 5.63 $ 5.01 $ 3.18 |
Income per Share
Income per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Income 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 was antidilutive. A reconciliation of the number of shares used for the basic and diluted income per share computations is as follows: Year Ended December 31 Millions of shares 2022 2021 2020 Basic weighted average common shares outstanding 904 892 881 Dilutive effect of awards granted under our stock incentive plans 4 — — Diluted weighted average common shares outstanding 908 892 881 Antidilutive shares: Options with exercise price greater than the average market price 15 22 27 Options which are antidilutive due to net loss position — — 1 Total antidilutive shares 15 22 28 |
Financial Instruments and Risk
Financial Instruments and Risk Management | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments and Risk Management | Financial Instruments and Risk Management The carrying amount of cash and equivalents, receivables, and accounts payable, as reflected in the 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: December 31, 2022 December 31, 2021 Millions of dollars Level 1 Level 2 Total fair value Carrying value Level 1 Level 2 Total fair value Carrying value Total debt $ 6,539 $ 917 $ 7,456 $ 7,928 $ 10,518 $ 527 $ 11,045 $ 9,138 The total fair value of our debt decreased during 2022 as a result of the early redemption of senior notes and higher debt yields. The carrying value of our debt decreased as a result of the early redemption of senior notes. See Note 9 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. We are exposed to market risk from changes in foreign currency exchange rates and interest rates. We selectively manage these exposures through the use of derivative instruments, including forward foreign exchange contracts, foreign exchange options and interest rate swaps. The objective of our risk management strategy is to minimize the volatility from fluctuations in foreign currency and interest rates. We do not use derivative instruments for trading purposes. The fair value of our forward contracts, options, and interest rate swaps was not material as of December 31, 2022 or December 31, 2021. The counterparties to our derivatives are primarily global commercial and investment banks. Foreign currency exchange risk We have operations in many international locations and are involved in transactions denominated in currencies other than the United States dollar, our functional currency, which exposes us to foreign currency exchange rate risk. Techniques in managing foreign currency exchange risk include, but are not limited to, foreign currency borrowing and investing, and the use of currency exchange instruments. We attempt to selectively manage significant exposures to potential foreign currency exchange losses based on current market conditions, future operating activities, and the associated cost in relation to the perceived risk of loss. The purpose of our foreign currency risk management activities is to minimize the risk that our cash flows from the purchase and sale of products and services in foreign currencies will be adversely affected by changes in exchange rates. We use forward contracts and options to manage our exposure to fluctuations in the currencies of certain countries in which we do business internationally. These instruments are not treated as hedges for accounting purposes, generally have an expiration date of one year or less, and are not exchange traded. While these instruments are subject to fluctuations in value, the fluctuations are generally offset by the value of the underlying exposures being managed. The use of some of these instruments may limit our ability to benefit from favorable fluctuations in foreign currency exchange rates. Derivatives are not utilized to manage exposures in some currencies due primarily to the lack of available markets, cost considerations, or immaterial exposures (non-hedged currencies). We attempt to minimize foreign currency exposure in non-hedged currencies and recognize that pricing for the services and products offered in these countries should account for the cost of exchange rate devaluations. The notional amounts of open foreign exchange derivatives were $650 million at December 31, 2022 and $637 million at December 31, 2021. The notional amounts of these instruments do not generally represent amounts exchanged by the parties, and thus are not a measure of our exposure or of the cash requirements related to these contracts. The fair value of our foreign exchange derivatives as of December 31, 2022 and December 31, 2021 is included in both “Other current assets” and in "Other current liabilities" in our consolidated balance sheets and was immaterial. The fair value of these instruments is categorized within level 2 on the fair value hierarchy and was determined using a market approach with certain inputs, such as notional amounts hedged, exchange rates, and other terms of the contracts that are observable in the market or can be derived from or corroborated by observable data. Interest rate risk We are subject to interest rate risk on our debt and investment portfolios. We had fixed rate long-term debt totaling $7.9 billion at December 31, 2022 and $9.1 billion at December 31, 2021. We maintain an interest rate management strategy that is intended to mitigate the exposure to changes in interest rates. Credit risk Financial instruments that potentially subject us to concentrations of credit risk are primarily cash equivalents and net trade receivables. It is our practice to place our cash equivalents in high quality investments with various institutions. Our net trade receivables are from a broad and diverse group of customers and are generally not collateralized. As of December 31, 2022, 38% of our net trade receivables were from customers in the United States and 11% were from customers in Mexico. As of December 31, 2021, 34% of our net trade receivables were from customers in the United States and 11% were from customers in Mexico. We maintain an allowance for credit losses based upon several factors, including historical collection experience, current aging status of the customer accounts and financial condition of our customers. See Note 5 for further information. We do not have any significant concentrations of credit risk with any individual counterparty to our derivative contracts. We select counterparties to those contracts based on our belief that each counterparty’s profitability, balance sheet, and capacity for timely payment of financial commitments is unlikely to be materially adversely affected by foreseeable events. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Retirement Plans Our company and subsidiaries have various plans that cover a significant number of our employees. These plans include defined contribution plans, defined benefit plans, and other postretirement plans: - our defined contribution plans provide retirement benefits in return for services rendered. These plans provide an individual account for each participant and have terms that specify how contributions to the participant’s account are to be determined rather than the amount of pension benefits the participant is to receive. Contributions to these plans are based on a percentage of pre-tax income, after-tax income, or discretionary amounts determined on an annual basis. Our expense for the defined contribution plans totaled $160 million in 2022, $136 million in 2021, and $100 million in 2020. The increase in expense from 2021 to 2022 was due to headcount increase for the year ended December 31, 2022. - our defined benefit plans, which include both overfunded and underfunded pension plans, define an amount of pension benefit to be provided, usually as a function of age, years of service and/or compensation. The underfunded obligations and net periodic benefit cost of our United States defined benefit plans were not material for the periods presented; and - our postretirement plans other than pensions are offered to specific eligible employees. The accumulated benefit obligations and net periodic benefit cost for these plans were not material for the periods presented. Funded status For our international pension plans, at December 31, 2022, the projected benefit obligation was $669 million and the fair value of plan assets was $665 million, which resulted in an underfunded obligation of $4 million. At December 31, 2021, the projected benefit obligation was $1.1 billion and the fair value of plan assets was $1.2 billion, which resulted in an overfunded obligation of $80 million. The accumulated benefit obligation for our international plans was $601 million at December 31, 2022 and $1.0 billion at December 31, 2021. The decrease in projected benefit obligation and accumulated benefit obligation from 2021 to 2022 was due to assumptions change, mainly an increase in discount rate. The following table presents additional information about our international pension plans. December 31 Millions of dollars 2022 2021 Amounts recognized on the Consolidated Balance Sheets Other Assets $ 151 $ 265 Accrued employee compensation and benefits 7 7 Employee compensation and benefits 145 178 Pension plans in which projected benefit obligation exceeded plan assets Projected benefit obligation $ 159 $ 199 Fair value of plan assets 7 14 Pension plans in which accumulated benefit obligation exceeded plan assets Accumulated benefit obligation $ 91 $ 114 Fair value of plan assets 7 9 Fair value measurements of plan assets The fair value of our plan assets categorized within level 1 on the fair value hierarchy is based on quoted prices in active markets for identical assets. The fair value of our plan assets categorized within level 2 on the fair value hierarchy is based on significant observable inputs for similar assets. The fair value of our plan assets categorized within level 3 on the fair value hierarchy is based on significant unobservable inputs. The following table sets forth the fair values of assets held by our international pension plans by level within the fair value hierarchy. Millions of dollars Level 1 Level 2 Level 3 Net Asset Value (a) Total Cash and equivalents $ 26 $ 100 $ — $ — $ 126 Bond funds (c) — 242 — 100 342 Alternatives funds (d) — — — 145 145 Real estate funds (e) — — — 31 31 Other investments (f) 1 18 2 — 21 Fair value of plan assets at December 31, 2022 $ 27 $ 360 $ 2 $ 276 $ 665 Cash and equivalents $ — $ 251 $ — $ — $ 251 Equity funds (b) — 120 — — 120 Bond funds (c) — 405 — 143 548 Alternatives funds (d) — — — 176 176 Real estate funds (e) — 23 — 23 46 Other investments (f) 3 21 3 — 27 Fair value of plan assets at December 31, 2021 $ 3 $ 820 $ 3 $ 342 $ 1,168 (a) Represents investments measured at fair value using the Net Asset Value (NAV) per share practical expedient and thus has not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total value of our international pension plans assets. (b) Strategy of equity funds is to invest in diversified funds of global common stocks. (c) Strategy of bond funds is to invest in diversified funds of fixed income securities of varying geographies and credit quality. (d) Strategy of alternative funds is to invest in a fund of diversifying investments, including but not limited to reinsurance, commodities, and currencies. (e) Strategy of real estate funds is to invest in diversified funds of real estate investment trusts and private real estate. (f) Other investments primarily include investments in insurance contracts, balanced funds, and government bonds. Risk management practices for these plans include diversification by issuer, industry, and geography, as well as the use of multiple asset classes and investment managers within each asset class. Our investment strategy for our United Kingdom pension plan, which constituted 74% of our international pension plans’ projected benefit obligation at December 31, 2022 and is no longer accruing service benefits, aims to achieve full funding of the benefit obligation, with the plan's assets increasingly composed of investments whose cash flows match the projected liabilities of the plan. Net periodic benefit cost Net periodic benefit cost for our international pension plans was $14 million in 2022, $25 million in 2021, and $30 million in 2020. Actuarial assumptions Certain weighted-average actuarial assumptions used to determine benefit obligations of our international pension plans at December 31 were as follows: 2022 2021 Discount rate 5.7% 2.3% Rate of compensation increase 5.5% 5.3% Certain weighted-average actuarial assumptions used to determine net periodic benefit cost of our international pension plans for the years ended December 31 were as follows: 2022 2021 2020 Discount rate 2.3% 1.8% 2.5% Expected long-term return on plan assets 3.0% 2.7% 3.5% Rate of compensation increase 5.3% 5.9% 6.0% Assumed long-term rates of return on plan assets, discount rates for estimating benefit obligations, and rates of compensation increases vary by plan according to local economic conditions. Where possible, discount rates were determined based on the prevailing market rates of a portfolio of high-quality debt instruments with maturities matching the expected timing of the payment of the benefit obligations. Expected long-term rates of return on plan assets were determined based upon an evaluation of our plan assets and historical trends and experience, taking into account current and expected market conditions. Other information Contributions. Funding requirements for each plan are determined based on the local laws of the country where such plan resides. In certain countries the funding requirements are mandatory, while in other countries they are discretionary. We currently expect to contribute $18 million to our international pension plans in 2023. Benefit payments. Expected benefit payments over the next 10 years for our international pension plans are as follows: $43 million in 2023, $41 million in 2024, $44 million in 2025, $46 million in 2026, $49 million in 2027, and an aggregate $275 million in years 2028 through 2032. |
New Accounting Pronouncements (
New Accounting Pronouncements (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements |
Description of Company and Si_2
Description of Company and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of estimates | Use of estimates Our financial statements are prepared in conformity with United States generally accepted accounting principles, requiring us to make estimates and assumptions that affect: - the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements; and - the reported amounts of revenue and expenses during the reporting period. We believe the most significant estimates and assumptions are associated with the forecasting of our income tax (provision) benefit and the valuation of deferred taxes, legal reserves, long-lived asset valuations, and allowance for credit losses. Ultimate results could differ from our estimates. |
Basis of presentation | Basis of presentation The consolidated financial statements include the accounts of our company and all of our subsidiaries that we control or variable interest entities for which we have determined that we are the primary beneficiary. All material intercompany accounts and transactions are eliminated. Investments in companies in which we do not have a controlling interest, but over which we do exercise significant influence, are accounted for using the equity method of accounting, unless we elect the fair value option. If we do not have significant influence and the investment has no readily determinable fair value, we elect the measurement alternative. In addition, certain reclassifications of prior period balances have been made to conform to the current period presentation. |
Revenue recognition | Revenue recognitionOur services and products are generally sold based upon purchase orders or contracts with our customers that include fixed or determinable prices but do not include right of return provisions or other significant post-delivery obligations. The vast majority of our service and product contracts are short-term in nature. We recognize revenue 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. 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. Rates for services are typically priced on a per day, per meter, per man-hour, or similar basis.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. Most 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. |
Research and development | Research and development We maintain an active research and development program. The program improves products, processes, and engineering standards and practices that serve the changing needs of our customers. Research and development costs are expensed as incurred and were $345 million in 2022, $321 million in 2021, and $309 million in 2020. |
Cash equivalents | Cash equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Cost represents invoice or production cost for new items and original cost. Production cost includes material, labor, and manufacturing overhead. Our inventory is recorded on the weighted average cost method. We regularly review inventory quantities on hand and record provisions for excess or obsolete inventory based primarily on historical usage, estimated product demand, and technological developments. |
Allowance for bad debts | Allowance for credit losses We establish an allowance for credit losses through a review of several factors, including historical collection experience, current aging status of the customer accounts, and current financial condition of our customers. Losses are charged against the allowance when the customer accounts are determined to be uncollectible. |
Property, plant and equipment | Property, plant, and equipment Other than those assets that have been written down to their fair values due to impairment, property, plant, and equipment are reported at cost less accumulated depreciation, which is generally provided on the straight-line method over the estimated useful lives of the assets. Accelerated depreciation methods are often used for tax purposes, when permitted. Upon sale or retirement of an asset, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is recognized. Planned major maintenance costs are generally expensed as incurred. Expenditures for additions, modifications, and conversions are capitalized when they increase the value or extend the useful life of the asset. |
Goodwill and other intangible assets | Goodwill and other intangible assets We record as goodwill the excess purchase price over the fair value of the tangible and identifiable intangible assets acquired in a business acquisition. Changes in the carrying amount of goodwill are detailed below by reportable segment. Millions of dollars Completion and Production Drilling and Evaluation Total Balance at December 31, 2020: $ 1,973 $ 831 $ 2,804 Current year acquisitions 12 — 12 Other 27 — 27 Balance at December 31, 2021: $ 2,012 $ 831 $ 2,843 Current year acquisitions 8 — 8 Other — (22) (22) Balance at December 31, 2022: $ 2,020 $ 809 $ 2,829 The reported amounts of goodwill for each reporting unit are reviewed for impairment on an annual basis, during the third quarter, and more frequently when circumstances indicate an impairment may exist. As a result of our goodwill impairment assessments performed in the years ended December 31, 2022, 2021, and 2020, we determined that the fair value of each reporting unit exceeded its net book value and, therefore, no goodwill impairments were deemed necessary. |
Finite-lived intangible assets | We amortize other identifiable intangible assets with a finite life on a straight-line basis over the period which the asset is expected to contribute to our future cash flows, ranging from one year to twenty-eight years. The components of these other intangible assets generally consist of patents, license agreements, non-compete agreements, trademarks, and customer lists and contracts. |
Impairment of long-lived assets | Evaluating impairment of long-lived assetsWhen events or changes in circumstances indicate that long-lived assets other than goodwill may be impaired, an evaluation is performed. For assets classified as held for use, we first group individual assets based on the lowest level for which identifiable cash flows are largely independent of the cash flows from other assets. We then compare estimated future undiscounted cash flows expected to result from the use and eventual disposition of the asset group to its carrying amount. If the asset group's undiscounted cash flows are less than its carrying amount, we then determine the asset group's fair value by using a discounted cash flow analysis and recognize any resulting impairment. When an asset is classified as held for sale, the asset’s book value is evaluated and adjusted to the lower of its carrying amount or fair value less cost to sell. In addition, depreciation and amortization is ceased while it is classified as held for sale. |
Income taxes | Income taxes We recognize the amount of taxes payable or refundable for the year. In addition, deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in the financial statements or tax returns. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will not be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that we will realize the benefits of these deductible differences, net of the existing valuation allowances. We recognize interest and penalties related to unrecognized tax benefits within the provision for income taxes on continuing operations in our consolidated statements of operations. |
Derivative instruments | Derivative instruments At times, we enter into derivative financial transactions to hedge existing or projected exposures to changing foreign currency exchange rates and interest rates. We do not enter into derivative transactions for speculative or trading purposes. We recognize all derivatives on the balance sheet at fair value. Derivatives that are not hedges are adjusted to fair value and reflected through the results of operations. If the derivative is designated as a hedge, depending on the nature of the hedge, changes in the fair value of derivatives are either offset against: - the change in fair value of the hedged assets, liabilities, or firm commitments through earnings; or - recognized in other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is recognized in earnings. Recognized gains or losses on derivatives entered into to manage foreign currency exchange risk are included in “Other, net” on the consolidated statements of operations. Gains or losses on interest rate derivatives are included in “Interest expense, net.” |
Foreign currency translations | Foreign currency translation Foreign entities whose functional currency is the United States dollar translate monetary assets and liabilities at year-end exchange rates, and nonmonetary items are translated at historical rates. Revenue and expense transactions are translated at the average rates in effect during the year, except for those expenses associated with nonmonetary balance sheet accounts, which are translated at historical rates. Gains or losses from remeasurement of monetary assets and liabilities due to changes in exchange rates are recognized in our consolidated statements of operations in “Other, net” in the year of occurrence. |
Stock-based compensation | Stock-based compensationStock-based compensation cost is measured at the date of grant, based on the calculated fair value of the award and is recognized as expense over the employee’s service period, which is generally the vesting period of the equity grant. Additionally, compensation cost is recognized based on awards ultimately expected to vest, therefore, we have reduced the cost for estimated forfeitures based on historical forfeiture rates. Forfeitures are estimated at the time of grant and revised in subsequent periods to reflect actual forfeitures. |
Revenue (Policies)
Revenue (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue [Abstract] | |
Revenue recognition | Revenue recognitionOur services and products are generally sold based upon purchase orders or contracts with our customers that include fixed or determinable prices but do not include right of return provisions or other significant post-delivery obligations. The vast majority of our service and product contracts are short-term in nature. We recognize revenue 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. 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. Rates for services are typically priced on a per day, per meter, per man-hour, or similar basis.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. Most 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. |
Description of Company and Si_3
Description of Company and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill are detailed below by reportable segment. Millions of dollars Completion and Production Drilling and Evaluation Total Balance at December 31, 2020: $ 1,973 $ 831 $ 2,804 Current year acquisitions 12 — 12 Other 27 — 27 Balance at December 31, 2021: $ 2,012 $ 831 $ 2,843 Current year acquisitions 8 — 8 Other — (22) (22) Balance at December 31, 2022: $ 2,020 $ 809 $ 2,829 |
Impairment and Other Charges (T
Impairment and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Impairments and Other Charges [Abstract] | |
Lessee, Operating and Finance Leases, Liability Maturity Table | The following table summarizes the maturity of our operating and finance leases as of December 31, 2022: Millions of dollars Operating Leases Finance Leases 2023 $ 270 $ 63 2024 185 60 2025 133 52 2026 99 50 2027 85 18 Thereafter 561 15 Total lease payments 1,333 258 Less imputed interest (318) (117) Total lease payments, net of imputed interest $ 1,015 $ 141 |
Restructuring and Related Costs | The following table presents various pre-tax charges we recorded during the years ended December 31, 2022, 2021, and 2020 which are reflected within "Impairments and other charges" on our consolidated statements of operations. Year Ended December 31 Millions of dollars 2022 2021 2020 Receivables $ 202 $ — $ — Long-lived asset impairments 100 — 2,629 Inventory costs and write-downs 70 — 505 Catch-up depreciation — 36 — Severance costs — 15 384 Gain on real estate transaction — (74) — Other (6) 35 281 Total impairments and other charges $ 366 $ 12 $ 3,799 |
Business Segment and Geograph_2
Business Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Reconciliation of assets from segment to consolidated | December 31 Millions of dollars 2022 2021 Total assets: Completion and Production (a) $ 9,311 $ 8,186 Drilling and Evaluation (a) 7,199 6,606 Corporate and other (b) 6,745 7,529 Total assets $ 23,255 $ 22,321 (a) Assets associated with specific segments primarily include receivables, inventories, property, plant, and equipment, operating lease right-of-use assets, equity in and advances to related companies, and goodwill. (b) Includes primarily cash and equivalents and deferred tax assets. |
Schedule of revenue from external customers and long-lived assets, by geographical areas | Year Ended December 31 Millions of dollars 2022 2021 2020 Revenue: North America $ 9,597 $ 6,371 $ 5,731 Latin America 3,197 2,362 1,668 Europe/Africa/CIS 2,691 2,719 2,813 Middle East/Asia 4,812 3,843 4,233 Total revenue $ 20,297 $ 15,295 $ 14,445 December 31 Millions of dollars 2022 2021 Net property, plant, and equipment: North America $ 2,424 $ 2,238 Latin America 520 510 Europe/Africa/CIS 435 584 Middle East/Asia 969 994 Total net property, plant, and equipment $ 4,348 $ 4,326 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue [Abstract] | |
Disaggregation of Revenue | The following table presents information on our disaggregated revenue. Year Ended December 31 Millions of dollars 2022 2021 2020 Revenue by segment: Completion and Production $ 11,582 $ 8,410 $ 7,839 Drilling and Evaluation 8,715 6,885 6,606 Total revenue $ 20,297 $ 15,295 $ 14,445 Revenue by geographic region: North America $ 9,597 $ 6,371 $ 5,731 Latin America 3,197 2,362 1,668 Europe/Africa/CIS 2,691 2,719 2,813 Middle East/Asia 4,812 3,843 4,233 Total revenue $ 20,297 $ 15,295 $ 14,445 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Rollforward of Allowance for Bad Debts | The table below presents a rollforward of our allowance for credit losses for 2020, 2021 and 2022. Millions of dollars Balance at Beginning of Period Provision (a) Other (b) Balance at End of Period (c) Year ended December 31, 2020 $ 776 $ 58 $ (10) $ 824 Year ended December 31, 2021 824 (19) (51) 754 Year ended December 31, 2022 754 2 (25) 731 (a) Represents increases to allowance for credit losses charged to costs and expenses, net of recoveries. (b) Includes write-offs, balance sheet reclassifications, and other activity. (c) The allowance for credit losses in all years is primarily comprised of a full reserve against accounts receivable with our primary customer in Venezuela. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lease, Cost | The following tables illustrate the financial impact of our leases as of and for the years ended December 31, 2022, 2021, and 2020, along with other supplemental information about our existing leases: Year Ended December 31 Millions of dollars 2022 2021 2020 Components of lease expense: Finance lease cost: Amortization of right-of-use assets $ 20 $ 20 $ 19 Interest on lease liabilities 38 38 32 Operating lease cost 301 274 296 Short-term lease cost 31 27 31 Sublease income (3) (4) (4) Total lease cost $ 387 $ 355 $ 374 |
Lease supplemental disclosure | As of December 31 Millions of dollars 2022 2021 Components of balance sheet: Operating leases: Operating lease right-of-use assets (non-current) $ 913 $ 934 Current portion of operating lease liabilities 224 240 Operating lease liabilities (non-current) 791 845 Finance leases: Other assets (non-current) $ 124 $ 85 Other current liabilities 26 26 Other liabilities (non-current) 115 85 During the year ended December 31, 2021, we completed a structured transaction relating to most of our owned United States real estate, which resulted in an increase of our operating right-of-use assets and operating lease liabilities of $276 million. See Note 2 to the consolidated financial statements for further discussion on the structured transaction. Year Ended December 31 Millions of dollars except years and percentages 2022 2021 2020 Other supplemental information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 332 $ 307 $ 299 Operating cash flows for finance leases 38 38 32 Financing cash flows for finance leases 26 24 21 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 249 $ 433 $ 447 Finance leases 62 6 39 Weighted-average remaining lease term: Operating leases 9.5 years 9.8 years 8.6 years Finance leases 5.9 years 6.3 years 6.4 years Weighted-average discount rate for operating leases 5.2 % 4.9 % 4.1 % |
Lessee, Operating and Finance Leases, Liability Maturity Table | The following table summarizes the maturity of our operating and finance leases as of December 31, 2022: Millions of dollars Operating Leases Finance Leases 2023 $ 270 $ 63 2024 185 60 2025 133 52 2026 99 50 2027 85 18 Thereafter 561 15 Total lease payments 1,333 258 Less imputed interest (318) (117) Total lease payments, net of imputed interest $ 1,015 $ 141 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | December 31 Millions of dollars 2022 2021 Finished products and parts $ 1,859 $ 1,380 Raw materials and supplies 953 890 Work in process 111 91 Total inventories $ 2,923 $ 2,361 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, plant, and equipment | Property, plant, and equipment were composed of the following: December 31 Millions of dollars 2022 2021 Land $ 117 $ 120 Buildings and property improvements 1,671 1,608 Machinery, equipment, and other 14,220 14,040 Total 16,008 15,768 Less accumulated depreciation 11,660 11,442 Net property, plant, and equipment $ 4,348 $ 4,326 |
Percentages of building and property improvements, and total machinery, and equipment and other, excluding oil and natural gas investments, depreciated over useful lives | Classes of assets are depreciated over the following useful lives: Buildings and Property 2022 2021 1 - 10 years 16% 17% 11 - 20 years 40% 39% 21 - 30 years 26% 24% 31 - 40 years 18% 20% Machinery, Equipment, 2022 2021 1 - 5 years 49% 49% 6 - 10 years 41% 41% 11 - 20 years 10% 10% |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of debt | Our total debt, including short-term borrowings and current maturities of long-term debt, consisted of the following: December 31 Millions of dollars 2022 2021 5.0% senior notes due November 2045 $ 2,000 $ 2,000 4.85% senior notes due November 2035 1,000 1,000 7.45% senior notes due September 2039 1,000 1,000 2.92% senior notes due March 2030 1,000 1,000 4.75% senior notes due August 2043 900 900 6.7% senior notes due September 2038 800 800 3.5% senior notes due August 2023 — 600 4.5% senior notes due November 2041 500 500 3.8% senior notes due November 2025 400 1,000 7.6% senior debentures due August 2096 294 300 6.75% notes due February 2027 104 104 Other 6 11 Unamortized debt issuance costs and discounts (76) (77) Total 7,928 9,138 Short-term borrowings and current maturities of long-term debt — (11) Total long-term debt $ 7,928 $ 9,127 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Components of the (provision)/benefit for income taxes on continuing operations | The components of the (provision) benefit for income taxes on continuing operations were: Year Ended December 31 Millions of dollars 2022 2021 2020 Current income taxes: Federal $ (17) $ 6 $ 1 Foreign (417) (270) (167) State (11) (6) — Total current (445) (270) (166) Deferred income taxes: Federal (159) 533 372 Foreign 103 (47) 2 State (14) — 70 Total deferred (70) 486 444 Income tax (provision) benefit $ (515) $ 216 $ 278 |
United States and foreign components of income from continuing operations before income taxes | The United States and foreign components of income (loss) from continuing operations before income taxes were as follows: Year Ended December 31 Millions of dollars 2022 2021 2020 United States $ 992 $ 283 $ (3,031) Foreign 1,118 969 (189) Total income (loss) from continuing operations before income taxes $ 2,110 $ 1,252 $ (3,220) |
Reconciliations between the actual provision for income taxes on continuing operations and that computed by applying the US statutory rate to income from continuing operations before income taxes | Reconciliations between the actual (provision) benefit for income taxes on continuing operations and that computed by applying the United States statutory rate to income (loss) from continuing operations before income taxes were as follows: Year Ended December 31 2022 2021 2020 United States statutory rate 21.0 % 21.0 % 21.0 % Valuation allowance against tax assets (2.9) (44.5) 0.9 Impact of foreign income taxed at different rates 3.0 2.5 (1.1) State income taxes 0.8 0.1 — Impact of impairments and other charges 0.7 — (12.3) Adjustments of prior year taxes 0.2 1.3 0.7 Other items, net 1.6 2.4 (0.6) Total effective tax rate on continuing operations 24.4 % (17.2) % 8.6 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The primary components of our deferred tax assets and liabilities were as follows: December 31 Millions of dollars 2022 2021 Gross deferred tax assets: Foreign tax credit carryforwards $ 961 $ 1,041 Intangible assets 856 924 Net operating loss carryforwards 694 736 Accrued liabilities 259 292 Research and development tax credit carryforwards 219 203 Employee compensation and benefits 170 166 Other 515 457 Total gross deferred tax assets 3,674 3,819 Gross deferred tax liabilities: Operating lease right-of-use assets 153 160 Depreciation and amortization 61 131 Other 39 9 Total gross deferred tax liabilities 253 300 Valuation allowances 821 885 Net deferred income tax asset $ 2,600 $ 2,634 |
Rollforward of unrecognized tax benefits and associated interest and penalties | The following table presents a rollforward of our unrecognized tax benefits and associated interest and penalties. Millions of dollars Unrecognized Tax Benefits Interest Balance at January 1, 2020 $ 425 $ 70 Change in prior year tax positions (66) 6 Change in current year tax positions 16 — Cash settlements with taxing authorities (3) — Lapse of statute of limitations (17) (5) Balance at December 31, 2020 $ 355 $ 71 Change in prior year tax positions 14 4 Change in current year tax positions 14 2 Cash settlements with taxing authorities (10) — Lapse of statute of limitations (21) (5) Balance at December 31, 2021 $ 352 (a) $ 72 Change in prior year tax positions (36) (5) Change in current year tax positions 13 2 Cash settlements with taxing authorities (6) (2) Lapse of statute of limitations (12) (3) Balance at December 31, 2022 $ 311 (a)(b) $ 64 (a) Includes $51 million as of December 31, 2022 and $20 million as of December 31, 2021 in foreign unrecognized tax benefits that would give rise to a United States tax credit. As of December 31, 2022 and December 31, 2021, a net $208 million and $272 million without a net operating loss carryforward offset, respectively, of unrecognized tax benefits would positively impact the effective tax rate and be recognized as additional tax benefits in our statement of operations if resolved in our favor. (b) Includes $27 million that could be resolved within the next 12 months. |
Summary of Tax Credit Carryforwards | Our deferred tax assets from net operating losses, foreign tax credits, and research and development credits will expire as follows: Millions of dollars U.S. Net Operating Loss Foreign Net Operating Loss Foreign Tax Credits Research and Development Credit Total 2023-2027 $ 2 $ 67 $ 524 $ — $ 593 2028-2032 8 66 488 — 562 2033-2042 33 93 — 219 345 Non-Expiring 20 441 — — 461 $ 63 $ 667 $ 1,012 $ 219 $ 1,961 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of shares of common stock | The following table summarizes total shares of common stock outstanding: December 31 Millions of shares 2022 2021 Issued 1,066 1,066 In treasury (164) (170) Total shares of common stock outstanding 902 896 |
Schedule of accumulated other comprehensive income (loss) | Accumulated other comprehensive loss consisted of the following: December 31 Millions of dollars 2022 2021 Cumulative translation adjustment $ (84) $ (85) Defined benefit and other postretirement liability adjustments (a) (101) (47) Other (45) (51) Total accumulated other comprehensive loss $ (230) $ (183) (a) Included net actuarial losses for our international pension plans of $98 million at December 31, 2022 and $49 million at December 31, 2021. |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Share-based Payment Arrangement, Cost by Plan | The following table summarizes stock-based compensation costs for the years ended December 31, 2022, 2021, and 2020. . Year Ended December 31 Millions of dollars 2022 2021 2020 Stock-based compensation cost $ 219 $ 214 $ 218 Tax benefit (33) (32) (35) Stock-based compensation cost, net of tax $ 186 $ 182 $ 183 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Share-based Payment Arrangement, Option, Activity | The following table represents our stock options activity during 2022. Number Weighted Weighted Aggregate Outstanding at January 1, 2022 24.2 $ 40.42 Exercised (5.3) 28.63 Forfeited/expired (0.7) 38.93 Outstanding at December 31, 2022 18.2 $ 43.88 3.5 $ 55.8 Exercisable at December 31, 2022 17.6 $ 44.59 3.4 $ 46.2 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The assumptions and resulting fair values of options granted were as follows: Year Ended December 31 2022 2021 2020 Expected term (in years) 0.00 0.00 5.39 Expected volatility — — 33% Expected dividend yield — — 2.92 - 3.23% Risk-free interest rate — — 1.43 - 1.69% Weighted average grant-date fair value of option — — $5.41 There were no stock options granted for the years ended December 31, 2022 and 2021. |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table represents our restricted stock awards and restricted stock units granted, vested, and forfeited during 2022. . Number of Shares Weighted Average Nonvested shares at January 1, 2022 22.7 $ 23.16 Granted 7.6 31.40 Vested (7.3) 27.14 Forfeited (0.9) 23.89 Nonvested shares at December 31, 2022 22.1 $ 24.83 |
Employee Stock Purchase Plan | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The assumptions and resulting fair values were as follows: Year Ended December 31 2022 2021 2020 Expected volatility 46 % 69 % 68 % Expected dividend yield 1.67 % 0.84 % 4.89 % Risk-free interest rate 1.42 % 0.05 % 0.65 % Weighted average grant-date fair value per share $ 5.63 $ 5.01 $ 3.18 |
Income per Share Income per Sha
Income per Share Income per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Weighted average shares outstanding and antidilutive shares [Line Items] | |
Weighted average shares outstanding and antidilutive shares | A reconciliation of the number of shares used for the basic and diluted income per share computations is as follows: Year Ended December 31 Millions of shares 2022 2021 2020 Basic weighted average common shares outstanding 904 892 881 Dilutive effect of awards granted under our stock incentive plans 4 — — Diluted weighted average common shares outstanding 908 892 881 Antidilutive shares: Options with exercise price greater than the average market price 15 22 27 Options which are antidilutive due to net loss position — — 1 Total antidilutive shares 15 22 28 |
Financial Instruments and Ris_2
Financial Instruments and Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [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: December 31, 2022 December 31, 2021 Millions of dollars Level 1 Level 2 Total fair value Carrying value Level 1 Level 2 Total fair value Carrying value Total debt $ 6,539 $ 917 $ 7,456 $ 7,928 $ 10,518 $ 527 $ 11,045 $ 9,138 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | The following table presents additional information about our international pension plans. December 31 Millions of dollars 2022 2021 Amounts recognized on the Consolidated Balance Sheets Other Assets $ 151 $ 265 Accrued employee compensation and benefits 7 7 Employee compensation and benefits 145 178 Pension plans in which projected benefit obligation exceeded plan assets Projected benefit obligation $ 159 $ 199 Fair value of plan assets 7 14 Pension plans in which accumulated benefit obligation exceeded plan assets Accumulated benefit obligation $ 91 $ 114 Fair value of plan assets 7 9 |
Schedule of Allocation of Plan Assets | The following table sets forth the fair values of assets held by our international pension plans by level within the fair value hierarchy. Millions of dollars Level 1 Level 2 Level 3 Net Asset Value (a) Total Cash and equivalents $ 26 $ 100 $ — $ — $ 126 Bond funds (c) — 242 — 100 342 Alternatives funds (d) — — — 145 145 Real estate funds (e) — — — 31 31 Other investments (f) 1 18 2 — 21 Fair value of plan assets at December 31, 2022 $ 27 $ 360 $ 2 $ 276 $ 665 Cash and equivalents $ — $ 251 $ — $ — $ 251 Equity funds (b) — 120 — — 120 Bond funds (c) — 405 — 143 548 Alternatives funds (d) — — — 176 176 Real estate funds (e) — 23 — 23 46 Other investments (f) 3 21 3 — 27 Fair value of plan assets at December 31, 2021 $ 3 $ 820 $ 3 $ 342 $ 1,168 (a) Represents investments measured at fair value using the Net Asset Value (NAV) per share practical expedient and thus has not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total value of our international pension plans assets. (b) Strategy of equity funds is to invest in diversified funds of global common stocks. (c) Strategy of bond funds is to invest in diversified funds of fixed income securities of varying geographies and credit quality. (d) Strategy of alternative funds is to invest in a fund of diversifying investments, including but not limited to reinsurance, commodities, and currencies. (e) Strategy of real estate funds is to invest in diversified funds of real estate investment trusts and private real estate. (f) Other investments primarily include investments in insurance contracts, balanced funds, and government bonds. |
Defined Benefit Plan, Assumptions | Certain weighted-average actuarial assumptions used to determine benefit obligations of our international pension plans at December 31 were as follows: 2022 2021 Discount rate 5.7% 2.3% Rate of compensation increase 5.5% 5.3% Certain weighted-average actuarial assumptions used to determine net periodic benefit cost of our international pension plans for the years ended December 31 were as follows: 2022 2021 2020 Discount rate 2.3% 1.8% 2.5% Expected long-term return on plan assets 3.0% 2.7% 3.5% Rate of compensation increase 5.3% 5.9% 6.0% |
Description of Company and Si_4
Description of Company and Significant Accounting Policies (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Division | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Number of business segments | Division | 2 | ||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 |
Research and Development [Abstract] | |||
Research and development costs | $ 345,000,000 | 321,000,000 | 309,000,000 |
Cash and Cash Equivalents [Abstract] | |||
Cash equivalents, maximum maturity (in months) | 3 months | ||
Goodwill [Roll Forward] | |||
Goodwill | $ 2,843,000,000 | 2,804,000,000 | |
Current year acquisitions | 8,000,000 | 12,000,000 | |
Other | (22,000,000) | 27,000,000 | |
Goodwill | $ 2,829,000,000 | 2,843,000,000 | 2,804,000,000 |
Minimum | |||
Finite-lived intangible assets [Abstract] | |||
Useful life of finite-lived intangible assets (in years) | 1 year | ||
Maximum | |||
Finite-lived intangible assets [Abstract] | |||
Useful life of finite-lived intangible assets (in years) | 28 years | ||
Completion and Production | |||
Goodwill [Roll Forward] | |||
Goodwill | $ 2,012,000,000 | 1,973,000,000 | |
Current year acquisitions | 8,000,000 | 12,000,000 | |
Other | 0 | 27,000,000 | |
Goodwill | 2,020,000,000 | 2,012,000,000 | 1,973,000,000 |
Drilling and Evaluation | |||
Goodwill [Roll Forward] | |||
Goodwill | 831,000,000 | 831,000,000 | |
Current year acquisitions | 0 | 0 | |
Other | (22,000,000) | 0 | |
Goodwill | $ 809,000,000 | $ 831,000,000 | $ 831,000,000 |
Impairment and Other Charges (D
Impairment and Other Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Long-lived asset impairments | $ 100 | $ 0 | $ 2,629 | |||||
Inventory costs and write-downs | 70 | 0 | 505 | |||||
Severance | 0 | 15 | 384 | |||||
Other | (6) | 35 | 281 | |||||
Total impairments and other charges | $ 344 | $ 22 | 366 | [1] | 12 | [1] | 3,799 | [1] |
Impairment of real estate properties | 616 | |||||||
Impairment of drilling-services equipment | 297 | |||||||
Impairment of hydraulic fracturing equipment | 1,000 | |||||||
Impairment of intangible assets | 131 | |||||||
Impairment of right-of-use assets associated with operating leases | 191 | |||||||
Impairment of other fixed assets | 394 | |||||||
Restructuring and Related Cost, Accelerated Depreciation | 0 | 36 | 0 | |||||
Right-of-Use Assets Obtained in Exchange for Operating Lease Liability | 249 | [2] | 433 | 447 | ||||
Income (loss) before income taxes | 2,110 | 1,252 | (3,220) | |||||
Impairments and other charges | 366 | 12 | 3,799 | |||||
Impairment of hydraulic fracturing equipment | 1,000 | |||||||
Impairment of right-of-use assets associated with operating leases | 191 | |||||||
Impairment of intangible assets | 131 | |||||||
Impairment of other fixed assets | 394 | |||||||
Structured Real Estate Transaction | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Sale and Leaseback Transaction, Gain (Loss), Net | 0 | (74) | 0 | |||||
Disposal Group, Including Discontinued Operation, Assets, Current | 358 | |||||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 349 | |||||||
Right-of-Use Assets Obtained in Exchange for Operating Lease Liability | 276 | |||||||
Increase (Decrease) in Operating Lease Liability | 276 | |||||||
Proceeds from Sale of Real Estate Held-for-investment | 0 | 87 | 0 | |||||
Completion and Production | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Total impairments and other charges | 131 | 136 | 42 | 2,400 | ||||
Drilling and Evaluation | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Total impairments and other charges | $ 178 | 195 | 9 | 1,400 | ||||
Corporate and Other [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Total impairments and other charges | $ 35 | $ (39) | $ 62 | |||||
UNITED STATES | Revenue Benchmark [Member] | Geographic Concentration Risk | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Concentration Risk, Percentage | 45% | 40% | 38% | |||||
UNITED STATES | Accounts Receivable | Geographic Concentration Risk | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Concentration Risk, Percentage | 38% | 34% | ||||||
Russia/Ukraine | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Write-down of A/R in Russia & Ukraine | $ 202 | $ 0 | $ 0 | |||||
UKRAINE | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Write-down of A/R in Ukraine | $ 16 | |||||||
MEXICO | Accounts Receivable | Geographic Concentration Risk | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Concentration Risk, Percentage | 11% | 11% | ||||||
MEXICO | Accounts Receivable | Customer Concentration Risk | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Concentration Risk, Percentage | 9% | 10% | ||||||
[1] Impairments and other charges are as follows: -For the year ended December 31, 2022, amount includes approximately $136 million attributable to Completion and Production, $195 million attributable to Drilling and Evaluation, and a $35 million attributable to Corporate and other. -For the year ended December 31, 2021, amount includes approximately $42 million attributable to Completion and Production, $9 million attributable to Drilling and Evaluation, and a $39 million net gain attributable to Corporate and other. -For the year ended December 31, 2020, amount includes approximately $2.4 billion attributable to Completion and Production, $1.4 billion attributable to Drilling and Evaluation, and $62 million attributable to Corporate and other. |
Business Segment and Geograph_3
Business Segment and Geographic Information (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2022 Countries Division | Dec. 31, 2021 Countries | Dec. 31, 2020 Countries | |
Segment Reporting Information [Line Items] | |||
Number of business segments | Division | 2 | ||
Maximum Percentage Revenue from One Geographic Segment | 10% | 10% | 10% |
Maximum Percentage Property Plant and Equipment from One Geographic Segment | 10% | 10% | |
Number of Countries Exceed Revenue Threshold | 1 | 1 | 1 |
Number of Countries Exceed Property Plant and Equipment Threshold | 1 | 1 | |
Property, Plant and Equipment [Member] | Geographic Concentration Risk | UNITED STATES | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 54% | 50% | |
Revenue Benchmark [Member] | Geographic Concentration Risk | UNITED STATES | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 45% | 40% | 38% |
Business Segment and Geograph_4
Business Segment and Geographic Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||||
Revenue: | |||||||||
Revenue | $ 20,297 | $ 15,295 | $ 14,445 | ||||||
Operating income: | |||||||||
Total operating income (loss) | 2,707 | 1,800 | (2,436) | ||||||
Impairments and other charges | $ (344) | $ (22) | (366) | [1] | (12) | [1] | (3,799) | [1] | |
Interest expense, net of interest income | (375) | (469) | (505) | ||||||
Other, net | (180) | (79) | (111) | ||||||
Income (loss) before income taxes | 2,110 | 1,252 | (3,220) | ||||||
Capital expenditures: | |||||||||
Total capital expenditures | 1,011 | 799 | 728 | ||||||
Depreciation, depletion, and amortization: | |||||||||
Total depreciation, depletion and amortization | 940 | 904 | 1,058 | ||||||
Total assets: | |||||||||
Total assets | 23,255 | 22,321 | |||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment, Net | 4,348 | 4,326 | |||||||
Gain (Loss) on Extinguishment of Debt | (42) | 0 | (168) | ||||||
Total operations | |||||||||
Operating income: | |||||||||
Total operating income (loss) | 3,329 | 2,039 | 1,564 | ||||||
Corporate and shared assets | |||||||||
Total assets: | |||||||||
Total assets | [2] | 6,745 | 7,529 | ||||||
Corporate and other | |||||||||
Operating income: | |||||||||
Total operating income (loss) | [3] | (256) | (227) | (201) | |||||
Capital expenditures: | |||||||||
Total capital expenditures | 2 | 5 | 4 | ||||||
Depreciation, depletion, and amortization: | |||||||||
Total depreciation, depletion and amortization | 14 | 14 | 13 | ||||||
Completion and Production | |||||||||
Revenue: | |||||||||
Revenue | 11,582 | 8,410 | 7,839 | ||||||
Operating income: | |||||||||
Total operating income (loss) | 2,037 | 1,238 | 995 | ||||||
Impairments and other charges | (131) | (136) | (42) | (2,400) | |||||
Capital expenditures: | |||||||||
Total capital expenditures | 589 | 402 | 314 | ||||||
Depreciation, depletion, and amortization: | |||||||||
Total depreciation, depletion and amortization | 520 | 502 | 615 | ||||||
Total assets: | |||||||||
Total assets | [4] | 9,311 | 8,186 | ||||||
Drilling and Evaluation | |||||||||
Revenue: | |||||||||
Revenue | 8,715 | 6,885 | 6,606 | ||||||
Operating income: | |||||||||
Total operating income (loss) | 1,292 | 801 | 569 | ||||||
Impairments and other charges | $ (178) | (195) | (9) | (1,400) | |||||
Capital expenditures: | |||||||||
Total capital expenditures | 420 | 392 | 410 | ||||||
Depreciation, depletion, and amortization: | |||||||||
Total depreciation, depletion and amortization | 406 | 388 | 430 | ||||||
Total assets: | |||||||||
Total assets | [4] | 7,199 | 6,606 | ||||||
Corporate and Other [Member] | |||||||||
Operating income: | |||||||||
Impairments and other charges | (35) | 39 | (62) | ||||||
North America [Member] | |||||||||
Revenue: | |||||||||
Revenue | 9,597 | 6,371 | 5,731 | ||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment, Net | 2,424 | 2,238 | |||||||
Latin America [Member] | |||||||||
Revenue: | |||||||||
Revenue | 3,197 | 2,362 | 1,668 | ||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment, Net | 520 | 510 | |||||||
Europe/Africa/CIS [Member] | |||||||||
Revenue: | |||||||||
Revenue | 2,691 | 2,719 | 2,813 | ||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment, Net | 435 | 584 | |||||||
Middle East/Asia [Member] | |||||||||
Revenue: | |||||||||
Revenue | 4,812 | 3,843 | $ 4,233 | ||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment, Net | $ 969 | $ 994 | |||||||
[1] Impairments and other charges are as follows: -For the year ended December 31, 2022, amount includes approximately $136 million attributable to Completion and Production, $195 million attributable to Drilling and Evaluation, and a $35 million attributable to Corporate and other. -For the year ended December 31, 2021, amount includes approximately $42 million attributable to Completion and Production, $9 million attributable to Drilling and Evaluation, and a $39 million net gain attributable to Corporate and other. -For the year ended December 31, 2020, amount includes approximately $2.4 billion attributable to Completion and Production, $1.4 billion attributable to Drilling and Evaluation, and $62 million attributable to Corporate and other. |
Revenue (Details)
Revenue (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Countries Division | Dec. 31, 2021 USD ($) Countries | Dec. 31, 2020 USD ($) Countries | |
Disaggregation of Revenue [Line Items] | |||
Number of business segments | Division | 2 | ||
Maximum Percentage Revenue from One Geographic Segment | 10% | 10% | 10% |
Number of Countries Exceed Revenue Threshold | Countries | 1 | 1 | 1 |
Revenue, Performance Obligation, Description of Timing | one year | ||
Revenue | $ 20,297 | $ 15,295 | $ 14,445 |
North America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 9,597 | 6,371 | 5,731 |
Latin America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 3,197 | 2,362 | 1,668 |
Europe/Africa/CIS [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,691 | 2,719 | 2,813 |
Middle East/Asia [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 4,812 | 3,843 | 4,233 |
Minimum | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, Performance Obligation, Description of Payment Terms | 20 | ||
Maximum | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, Performance Obligation, Description of Payment Terms | 60 | ||
Completion and Production | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 11,582 | 8,410 | 7,839 |
Drilling and Evaluation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 8,715 | $ 6,885 | $ 6,606 |
Receivables (Details)
Receivables (Details) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 USD ($) Customers Countries | Dec. 31, 2021 USD ($) Customers Countries | Dec. 31, 2020 USD ($) | ||||
Concentration Risk [Line Items] | ||||||
Maximum Percentage Gross Trade Receivables From One Geographic Segment | 10% | 10% | ||||
Maximum Percentage Gross Trade Receivables From One Customer | 10% | 10% | ||||
NumberOfCountriesExceedReceivablesThreshold | Countries | 1 | 1 | ||||
NumberOfCustomersExceedReceivablesThreshold | Customers | 0 | 0 | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at Beginning of Period | $ 754 | [1] | $ 824 | [1] | $ 776 | |
Provision (a) | [2] | 2 | (19) | 58 | ||
Other (b) | [3] | (25) | (51) | (10) | ||
Balance at End of Period (c) | [1] | $ 731 | $ 754 | $ 824 | ||
UNITED STATES | Geographic Concentration Risk | Accounts Receivable | ||||||
Concentration Risk [Line Items] | ||||||
Concentration Risk, Percentage | 38% | 34% | ||||
MEXICO | Geographic Concentration Risk | Accounts Receivable | ||||||
Concentration Risk [Line Items] | ||||||
Concentration Risk, Percentage | 11% | 11% | ||||
MEXICO | Customer Concentration Risk | Accounts Receivable | ||||||
Concentration Risk [Line Items] | ||||||
Concentration Risk, Percentage | 9% | 10% | ||||
[1]The allowance for credit losses in all years is primarily comprised of a full reserve against accounts receivable with our primary customer in Venezuela.[2]Represents increases to allowance for credit losses charged to costs and expenses, net of recoveries.[3]Includes write-offs, balance sheet reclassifications, and other activity. |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Leases [Abstract] | ||||
Lessee, Operating Lease, Term of Contract | 10 years | |||
Impairment of right-of-use assets associated with operating leases | $ 191 | |||
Right-of-Use Assets Obtained in Exchange for Operating Lease Liability | $ 249 | [1] | $ 433 | $ 447 |
Structured Real Estate Transaction | ||||
Increase (Decrease) in Operating Lease Liability | 276 | |||
Right-of-Use Assets Obtained in Exchange for Operating Lease Liability | $ 276 | |||
[1] |
Leases Components of lease expe
Leases Components of lease expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Short-term lease cost | $ 31 | $ 27 | $ 31 |
Sublease income | (3) | (4) | (4) |
Total lease cost | 387 | 355 | 374 |
Finance lease cost - Amortization of right-of-use assets | 20 | 20 | 19 |
Finance lease cost - Interest on lease liabilities | 38 | 38 | 32 |
Operating Lease, Cost | $ 301 | $ 274 | $ 296 |
Leases Components of balance sh
Leases Components of balance sheet (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Impairment of right-of-use assets associated with operating leases | $ 191 | ||
Operating lease right-of-use assets (non-current) | $ 913 | $ 934 | |
Current portion of operating lease liabliities | 224 | 240 | |
Operating lease liabilities (non-current) | 791 | 845 | |
Other assets | |||
Finance leases - Other assets (non-current) | 124 | 85 | |
Other current liabilities | |||
Finance leases - Other current liabilities | 26 | 26 | |
Other liabilities | |||
Finance leases - Other liabilities (non-current) | $ 115 | $ 85 |
Leases Other supplemental infor
Leases Other supplemental information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Leases [Abstract] | ||||
Operating cash flows from operating leases | $ 332 | $ 307 | $ 299 | |
Operating cash flows from finance leases | 38 | 38 | 32 | |
Financing cash flows from finance leases | 26 | 24 | 21 | |
Right-of-Use Assets Obtained in Exchange for Operating Lease Liability | 249 | [1] | 433 | 447 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 62 | $ 6 | $ 39 | |
Operating Lease, Weighted Average Remaining Lease Term | 9 years 6 months | 9 years 9 months 18 days | 8 years 7 months 6 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 5.20% | 4.90% | 4.10% | |
Finance Lease, Weighted Average Remaining Lease Term | 5 years 10 months 24 days | 6 years 3 months 18 days | 6 years 4 months 24 days | |
[1] |
Leases Maturity (Details)
Leases Maturity (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Leases [Abstract] | |
2020 - Operating Leases | $ 270 |
2020 - Financing Leases | 63 |
2021 - Operating Leases | 185 |
2021 - Financing Leases | 60 |
2022 - Operating Leases | 133 |
2022 - Financing Leases | 52 |
2023 - Operating Leases | 99 |
2023 - Financing Leases | 50 |
2024 - Operating Leases | 85 |
2024 - Financing Leases | 18 |
Thereafter - Operating Leases | 561 |
Thereafter - Financing Leases | 15 |
Total lease payments - Operating Leases | 1,333 |
Total lease payments - Financing Leases | 258 |
Imputed interest - Operating Leases | (318) |
Imputed interest - Financing Leases | (117) |
Total - Operating Leases | 1,015 |
Total - Financing Leases | $ 141 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory, net [Abstract] | ||
Finished products and parts | $ 1,859 | $ 1,380 |
Raw materials and supplies | 953 | 890 |
Work in process | 111 | 91 |
Total inventories | 2,923 | 2,361 |
Obsolescence reserves | $ 104 | $ 114 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $ 16,008 | $ 15,768 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 11,660 | 11,442 |
Net property, plant, and equipment | 4,348 | 4,326 |
Impairment of Long-Lived Assets Held-for-use | 0 | |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 117 | 120 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $ 1,671 | $ 1,608 |
Building and Building Improvements [Member] | 1 - 10 years | ||
Property Plant Equipment Useful Lives Total Depreciated Percentages [Abstract] | ||
Ratio of depreciation by useful asset life over total depreciation of asset (in hundredths) | 16% | 17% |
Building and Building Improvements [Member] | 11 - 20 years | ||
Property Plant Equipment Useful Lives Total Depreciated Percentages [Abstract] | ||
Ratio of depreciation by useful asset life over total depreciation of asset (in hundredths) | 40% | 39% |
Building and Building Improvements [Member] | 21 - 30 years | ||
Property Plant Equipment Useful Lives Total Depreciated Percentages [Abstract] | ||
Ratio of depreciation by useful asset life over total depreciation of asset (in hundredths) | 26% | 24% |
Building and Building Improvements [Member] | 31 - 40 years | ||
Property Plant Equipment Useful Lives Total Depreciated Percentages [Abstract] | ||
Ratio of depreciation by useful asset life over total depreciation of asset (in hundredths) | 18% | 20% |
Machinery, equipment, and other | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $ 14,220 | $ 14,040 |
Machinery, equipment, and other | 1 - 5 years | ||
Property Plant Equipment Useful Lives Total Depreciated Percentages [Abstract] | ||
Ratio of depreciation by useful asset life over total depreciation of asset (in hundredths) | 49% | 49% |
Machinery, equipment, and other | 6 - 10 years | ||
Property Plant Equipment Useful Lives Total Depreciated Percentages [Abstract] | ||
Ratio of depreciation by useful asset life over total depreciation of asset (in hundredths) | 41% | 41% |
Machinery, equipment, and other | 11 - 20 years | ||
Property Plant Equipment Useful Lives Total Depreciated Percentages [Abstract] | ||
Ratio of depreciation by useful asset life over total depreciation of asset (in hundredths) | 10% | 10% |
Minimum | Building and Building Improvements [Member] | 1 - 10 years | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment useful lives | 1 year | |
Minimum | Building and Building Improvements [Member] | 11 - 20 years | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment useful lives | 11 years | |
Minimum | Building and Building Improvements [Member] | 21 - 30 years | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment useful lives | 21 years | |
Minimum | Building and Building Improvements [Member] | 31 - 40 years | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment useful lives | 31 years | |
Minimum | Machinery, equipment, and other | 1 - 5 years | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment useful lives | 1 year | |
Minimum | Machinery, equipment, and other | 6 - 10 years | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment useful lives | 6 years | |
Minimum | Machinery, equipment, and other | 11 - 20 years | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment useful lives | 11 years | |
Maximum | Building and Building Improvements [Member] | 1 - 10 years | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment useful lives | 10 years | |
Maximum | Building and Building Improvements [Member] | 11 - 20 years | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment useful lives | 20 years | |
Maximum | Building and Building Improvements [Member] | 21 - 30 years | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment useful lives | 30 years | |
Maximum | Building and Building Improvements [Member] | 31 - 40 years | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment useful lives | 40 years | |
Maximum | Machinery, equipment, and other | 1 - 5 years | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment useful lives | 5 years | |
Maximum | Machinery, equipment, and other | 6 - 10 years | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment useful lives | 10 years | |
Maximum | Machinery, equipment, and other | 11 - 20 years | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment useful lives | 20 years |
Debt (Details)
Debt (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 27, 2022 | Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |||||
Gain (Loss) on Extinguishment of Debt | $ (42,000,000) | $ 0 | $ (168,000,000) | ||
Long-term debt | 7,928,000,000 | 9,127,000,000 | |||
Debt Instrument [Line Items] | |||||
Long-term Debt and Lease Obligation, Including Current Maturities | 7,928,000,000 | 9,138,000,000 | |||
Short-term borrowings and current maturities of long-term debt | 0 | 11,000,000 | |||
Debt Instrument, Unamortized Discount | $ (76,000,000) | (77,000,000) | |||
Debt instrument call feature description | We may redeem all of our senior notes from time to time or all of the notes of each series at any time at the applicable redemption prices, plus accrued and unpaid interest. | ||||
Long-term Line of Credit | $ 3,500,000,000 | $ 3,500,000,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 3,500,000,000 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 400,000,000 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | ||||
Long-term Debt, Maturities Repayments of Principal in Year Five | 104,000,000 | ||||
Long-term debt | 7,928,000,000 | 9,127,000,000 | |||
Gain (Loss) on Extinguishment of Debt | (42,000,000) | 0 | $ (168,000,000) | ||
Long-Term Debt, Maturity, Year One | 0 | ||||
Senior notes due November 2045 | |||||
Debt Disclosure [Abstract] | |||||
Long-term debt | $ 2,000,000,000 | $ 2,000,000,000 | |||
Debt Instrument [Line Items] | |||||
Interest rate (in hundredths) | 5% | 5% | |||
Maturity date | November 2045 | November 2045 | |||
Long-term debt | $ 2,000,000,000 | $ 2,000,000,000 | |||
Senior Notes due November 2025 | |||||
Debt Disclosure [Abstract] | |||||
Long-term debt | $ 400,000,000 | $ 1,000,000,000 | |||
Debt Instrument [Line Items] | |||||
Interest rate (in hundredths) | 3.80% | 3.80% | |||
Maturity date | November 2025 | November 2025 | |||
Long-term debt | $ 400,000,000 | $ 1,000,000,000 | |||
Early Repayment of Senior Debt | 600,000,000 | ||||
Repayments of Senior Debt | 641,000,000 | ||||
Senior notes due August 2023 | |||||
Debt Disclosure [Abstract] | |||||
Long-term debt | $ 0 | $ 600,000,000 | |||
Debt Instrument [Line Items] | |||||
Interest rate (in hundredths) | 3.50% | 3.50% | |||
Maturity date | August 2023 | August 2023 | |||
Long-term debt | $ 0 | $ 600,000,000 | |||
Senior Notes due November 2035 | |||||
Debt Disclosure [Abstract] | |||||
Long-term debt | $ 1,000,000,000 | $ 1,000,000,000 | |||
Debt Instrument [Line Items] | |||||
Interest rate (in hundredths) | 4.85% | 4.85% | |||
Maturity date | November 2035 | November 2035 | |||
Long-term debt | $ 1,000,000,000 | $ 1,000,000,000 | |||
Senior notes due September 2039 | |||||
Debt Disclosure [Abstract] | |||||
Long-term debt | $ 1,000,000,000 | $ 1,000,000,000 | |||
Debt Instrument [Line Items] | |||||
Interest rate (in hundredths) | 7.45% | 7.45% | |||
Maturity date | September 2039 | September 2039 | |||
Long-term debt | $ 1,000,000,000 | $ 1,000,000,000 | |||
Senior notes due August 2043 | |||||
Debt Disclosure [Abstract] | |||||
Long-term debt | $ 900,000,000 | $ 900,000,000 | |||
Debt Instrument [Line Items] | |||||
Interest rate (in hundredths) | 4.75% | 4.75% | |||
Maturity date | August 2043 | August 2043 | |||
Long-term debt | $ 900,000,000 | $ 900,000,000 | |||
Senior notes due September 2038 | |||||
Debt Disclosure [Abstract] | |||||
Long-term debt | $ 800,000,000 | $ 800,000,000 | |||
Debt Instrument [Line Items] | |||||
Interest rate (in hundredths) | 6.70% | 6.70% | |||
Maturity date | September 2038 | September 2038 | |||
Long-term debt | $ 800,000,000 | $ 800,000,000 | |||
Senior notes due November 2041 | |||||
Debt Disclosure [Abstract] | |||||
Long-term debt | $ 500,000,000 | $ 500,000,000 | |||
Debt Instrument [Line Items] | |||||
Interest rate (in hundredths) | 4.50% | 4.50% | |||
Maturity date | November 2041 | November 2041 | |||
Long-term debt | $ 500,000,000 | $ 500,000,000 | |||
Senior debentures due August 2096 | |||||
Debt Disclosure [Abstract] | |||||
Long-term debt | $ 294,000,000 | $ 300,000,000 | |||
Debt Instrument [Line Items] | |||||
Interest rate (in hundredths) | 7.60% | 7.60% | |||
Debt instruments non-call feature description | may not be redeemed prior to maturity | ||||
Maturity date | August 2096 | August 2096 | |||
Long-term debt | $ 294,000,000 | $ 300,000,000 | |||
Senior debentures due February 2021 | |||||
Debt Instrument [Line Items] | |||||
Debt instruments non-call feature description | may not be redeemed prior to maturity | ||||
Senior notes due February 2027 | |||||
Debt Disclosure [Abstract] | |||||
Long-term debt | $ 104,000,000 | $ 104,000,000 | |||
Debt Instrument [Line Items] | |||||
Interest rate (in hundredths) | 6.75% | 6.75% | |||
Debt instruments non-call feature description | may not be redeemed prior to maturity | ||||
Maturity date | February 2027 | February 2027 | |||
Long-term debt | $ 104,000,000 | $ 104,000,000 | |||
Other Debt Obligations | |||||
Debt Disclosure [Abstract] | |||||
Long-term debt | 6,000,000 | 11,000,000 | |||
Debt Instrument [Line Items] | |||||
Long-term debt | 6,000,000 | 11,000,000 | |||
Senior notes due March 2030 | |||||
Debt Disclosure [Abstract] | |||||
Long-term debt | 1,000,000,000 | 1,000,000,000 | |||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 1,000,000,000 | $ 1,000,000,000 | |||
Outstanding balance of Senior Notes due August 2023 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (in hundredths) | 3.50% | ||||
Senior Notes due August 2023 | |||||
Debt Instrument [Line Items] | |||||
Early Repayment of Senior Debt | $ 600,000,000 | ||||
Repayments of Senior Debt | 603,000,000 | ||||
Outstanding balance of Senior Notes due November 2025 | |||||
Debt Disclosure [Abstract] | |||||
Long-term debt | 400,000,000 | ||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 400,000,000 | ||||
Senior Notes due February 2027 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (in hundredths) | 6.75% | ||||
Senior Debentures due August 2096 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (in hundredths) | 7.60% |
Commitments and Contingencies (
Commitments and Contingencies (Guarantee Arrangements) (Details) $ in Billions | Dec. 31, 2022 USD ($) |
Financial agreements | |
Guarantee arrangements [Abstract] | |
Guarantee arrangements outstanding | $ 2.1 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Current income taxes: | |||||
Federal | $ (17) | $ 6 | $ 1 | ||
Foreign | (417) | (270) | (167) | ||
State | (11) | (6) | 0 | ||
Total current | (445) | (270) | (166) | ||
Deferred income taxes: | |||||
Federal | (159) | 533 | 372 | ||
Foreign | 103 | (47) | 2 | ||
State | (14) | 0 | 70 | ||
Total deferred | (70) | 486 | 444 | ||
Income tax (provision) benefit | (515) | 216 | 278 | ||
The United States and foreign components of income from continuing operations before income taxes [Abstract] | |||||
United States | 992 | 283 | (3,031) | ||
Foreign | 1,118 | 969 | (189) | ||
Income (loss) before income taxes | $ 2,110 | $ 1,252 | $ (3,220) | ||
Reconciliations between the actual provision for income taxes on continuing operations [Abstract] | |||||
United States statutory rate | 21% | 21% | 21% | ||
Impact of impairments and other charges | 0.70% | 0% | (12.30%) | ||
Adjustments of prior year taxes | 0.20% | 1.30% | 0.70% | ||
Valuation allowance against tax assets | (2.90%) | (44.50%) | 0.90% | ||
State income taxes | 0.80% | 0.10% | 0% | ||
Impact of foreign income taxed at different rates | 3% | 2.50% | (1.10%) | ||
Other items, net | 1.60% | 2.40% | (0.60%) | ||
Total effective tax rate on continuing operations | 24.40% | (17.20%) | 8.60% | ||
Gross deferred tax assets: | |||||
Net operating loss carryforwards | $ 694 | $ 736 | |||
Foreign tax credit carryforwards | 961 | 1,041 | |||
Deferred Tax Assets, Goodwill and Intangible Assets | 856 | 924 | |||
Research and development tax credit carryforwards | 219 | 203 | |||
Employee compensation and benefits | 170 | 166 | |||
Accrued Liabilities | 259 | 292 | |||
Other | 515 | 457 | |||
Total gross deferred tax assets | 3,674 | 3,819 | |||
Gross deferred tax liabilities: | |||||
Depreciation and amortization | 61 | 131 | |||
Operating lease right-of-use assets | 153 | 160 | |||
Other | 39 | 9 | |||
Total gross deferred tax liabilities | 253 | 300 | |||
Valuation allowances | 821 | 885 | |||
Net deferred income tax asset | 2,600 | 2,634 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 730 | ||||
Unrecognized Tax Benefits, Period Increase (Decrease) | 36 | ||||
Unrecognized Tax Benefits | |||||
Beginning Balance | 352 | [1] | 355 | $ 425 | |
Change in prior year tax positions | (36) | (66) | |||
Change in prior year tax positions | 14 | ||||
Change in current year tax positions | 13 | 14 | 16 | ||
Cash settlements with taxing authorities | (6) | (10) | (3) | ||
Lapse of statute of limitations | (12) | (21) | (17) | ||
Ending balance | 311 | [1] | 352 | [1] | 355 |
Interest and Penalties | |||||
Beginning balance | 72 | 71 | 70 | ||
Change in prior year tax positions | (5) | 4 | (6) | ||
Change in current year tax positions | 2 | 2 | 0 | ||
Cash settlements with taxing authorities | (2) | 0 | 0 | ||
Lapse of statute of limitations | (3) | (5) | (5) | ||
Ending balance | 64 | 72 | $ 71 | ||
Remaining balance if resolved in our favor would positively impact the effective tax rate | 208 | 272 | |||
Portion of unrecognized tax benefits that could be resolved within the next 12 months | 27 | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (64) | ||||
Net operating loss carryforwards | 694 | 736 | |||
Foreign tax credit carryforwards | 961 | 1,041 | |||
Research and development tax credit carryforwards | 219 | 203 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic, Not Subject to Expiration | 20 | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign, Not Subject to Expiration | 441 | ||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign, Not Subject to Expiration | 0 | ||||
Deferred Tax Assets, Tax Credit Carryforwards, Research, Not Subject to Expiration | 0 | ||||
Deferred Tax Assets, Operating Loss Carryforwards and Tax Credit Carryforwards, Not Subject to Expiration | 461 | ||||
Deferred Tax Assets, Estimated Tax Credit Carryforwards, Research | 219 | ||||
Deferred Tax Assets, Estimated Tax Credit Carryforwards, Foreign | 1,012 | ||||
Deferred Tax Assets, Estimated Operating Loss Carryforwards, Foreign | 667 | ||||
Deferred Tax Assets, Estimated Operating Loss Carryforwards, Domestic | 63 | ||||
Deferred Tax Assets, Operating Loss Carryforwards and Tax Credit Carryforwards | 1,961 | ||||
2023-2027 | |||||
Gross deferred tax assets: | |||||
Foreign tax credit carryforwards | 524 | ||||
Research and development tax credit carryforwards | 0 | ||||
Interest and Penalties | |||||
U.S. Net Operating Loss | 2 | ||||
Foreign Net Operating Loss | 67 | ||||
Foreign tax credit carryforwards | 524 | ||||
Research and development tax credit carryforwards | 0 | ||||
Deferred Tax Assets, Gross | 593 | ||||
2028-2032 | |||||
Gross deferred tax assets: | |||||
Foreign tax credit carryforwards | 488 | ||||
Research and development tax credit carryforwards | 0 | ||||
Interest and Penalties | |||||
U.S. Net Operating Loss | 8 | ||||
Foreign Net Operating Loss | 66 | ||||
Foreign tax credit carryforwards | 488 | ||||
Research and development tax credit carryforwards | 0 | ||||
Deferred Tax Assets, Gross | 562 | ||||
2033-2042 | |||||
Gross deferred tax assets: | |||||
Foreign tax credit carryforwards | 0 | ||||
Research and development tax credit carryforwards | 219 | ||||
Interest and Penalties | |||||
U.S. Net Operating Loss | 33 | ||||
Foreign Net Operating Loss | 93 | ||||
Foreign tax credit carryforwards | 0 | ||||
Research and development tax credit carryforwards | 219 | ||||
Deferred Tax Assets, Gross | 345 | ||||
All Other Countries [Domain] | |||||
Interest and Penalties | |||||
Remaining balance if resolved in our favor would positively impact the effective tax rate | 51 | 20 | |||
Tax credits [Member] | Foreign | |||||
Interest and Penalties | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 157 | $ 519 | |||
Deferred tax assets | Foreign | |||||
Interest and Penalties | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (221) | ||||
[1]Includes $51 million as of December 31, 2022 and $20 million as of December 31, 2021 in foreign unrecognized tax benefits that would give rise to a United States tax credit. As of December 31, 2022 and December 31, 2021, a net $208 million and $272 million without a net operating loss carryforward offset, respectively, of unrecognized tax benefits would positively impact the effective tax rate and be recognized as additional tax benefits in our statement of operations if resolved in our favor. |
Shareholders' Equity (Sharehold
Shareholders' Equity (Shareholders' Equity, Accumulated Other Comprehensive Loss, Common Stock, and Preferred Stock) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Class of Stock [Line Items] | ||||
Issued | 1,066,000,000 | 1,066,000,000 | ||
In treasury | (164,000,000) | (170,000,000) | ||
Total shares of common stock outstanding | 902,000,000 | 896,000,000 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | [1] | $ (101,000,000) | $ (47,000,000) | |
Other | (45,000,000) | (51,000,000) | ||
Accumulated other comprehensive loss | $ (230,000,000) | $ (183,000,000) | ||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||
Stock Repurchased During Period, Shares | 6,800,000 | 0 | ||
Stock authorized to repurchase | $ 4,900,000,000 | |||
Number of shares of common stock repurchased from inception (in shares) | 231,000,000 | |||
Approximate value of shares of common stock repurchased from inception | $ 9,300,000,000 | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||
Number of shares of preferred stock that are authorized for issuance (in shares) | 5,000,000 | |||
Number of shares preferred stock that are issued at period end (in shares) | 0 | |||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (84,000,000) | $ (85,000,000) | ||
Stock plans | 395,000,000 | 264,000,000 | $ 285,000,000 | |
Retained Earnings | ||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||
Stock plans | (275,000,000) | (277,000,000) | $ (75,000,000) | |
Foreign Plan [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Net actuarial losses | $ 98,000,000 | $ 49,000,000 | ||
[1]Included net actuarial losses for our international pension plans of $98 million at December 31, 2022 and $49 million at December 31, 2021. |
Stock-based Compensation (Detai
Stock-based Compensation (Details) $ / shares in Units, $ in Thousands, shares in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Offering_Period $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares | |
Share-based Payment Arrangement, Additional Disclosure [Abstract] | |||
Proceeds from issuance of common stock | $ | $ 229,000 | $ 79,000 | $ 87,000 |
Stock Incentive Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation cost | $ | 219,000 | 214,000 | 218,000 |
Tax benefit | $ | (33,000) | (32,000) | (35,000) |
Stock-based compensation cost, net of tax | $ | $ 186,000 | $ 182,000 | 183,000 |
Number of shares reserved for issuance to recipient (in shares) | 264 | ||
Number of shares available for future grant (in shares) | 20 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Expiration from date of award (in years) | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at beginning of period | 24.2 | ||
Exercised | (5.3) | ||
Forfeited/expired | (0.7) | ||
Outstanding at end of period | 18.2 | 24.2 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Outstanding- weighted average exercise price at beginning of period (in dollars per share) | $ / shares | $ 40.42 | ||
Exercised | $ / shares | 28.63 | ||
Forfeited/expired | $ / shares | 38.93 | ||
Outstanding- weighted average price per share end of period (in dollars per share) | $ / shares | $ 43.88 | $ 40.42 | |
Weighted Average Remaining Contractual Term (years) | 3 years 6 months | ||
Aggregate Intrinsic Value | $ | $ 55,800 | ||
Number of shares exercisable at the end of the period | 17.6 | ||
Weighted Average Exercise Price per Share, Exercisable at the end of the period | $ / shares | $ 44.59 | ||
Weighted Average Remaining Contractual Term (years), Exercisable at the end of the period | 3 years 4 months 24 days | ||
Aggregate Intrinsic Value, Exercisable at the end of the Period | $ | $ 46,200 | ||
Intrinsic value of stock options exercised during the period | $ | 43,000 | $ 315 | 7 |
Share-based Payment Arrangement, Additional Disclosure [Abstract] | |||
Unrecognized compensation cost, non vested awards at period end | $ | 0 | ||
Proceeds from issuance of common stock | $ | $ 229,000 | $ 79,000 | $ 87,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Expected term | 0 years | 0 years | 5 years 4 months 20 days |
Expected volatility | 0% | 0% | 33% |
Weighted average grant-date fair value of option | $ / shares | $ 0 | $ 0 | $ 5.41 |
Stock Options | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Vesting period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Expected dividend yield | 2.25% | 1.37% | 1.28% |
Risk-free interest rate | 1.35% | 2.27% | 1.79% |
Stock Options | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Expected dividend yield | 3.88% | 2.29% | 1.72% |
Risk-free interest rate | 2.51% | 2.84% | 2.14% |
Exercise of stock options [Member] | |||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | |||
Proceeds from issuance of common stock | $ | $ 148,000 | $ 4,000 | |
Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Number of shares reserved for issuance to recipient (in shares) | 104 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Expected volatility | 46% | 69% | 68% |
Expected dividend yield | 1.67% | 0.84% | 4.89% |
Risk-free interest rate | 1.42% | 0.05% | 0.65% |
Weighted average grant-date fair value of option | $ / shares | $ 5.63 | $ 5.01 | $ 3.18 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Shares available for future issuance through the plan | 31 | ||
Employee Stock Purchase Plan [Abstract] | |||
Percentage of earnings eligible employees may have withheld under the employee stock purchase plan | 10% | ||
Number of offering periods | Offering_Period | 4 | ||
Number of months each offering period lasts beginning January 1 and July 1 each year (in months) | 3 months | ||
Percentage of the lower of fair market value of the unit on the commencement date or the fair market value of unit on the last trading day of the offering period | 90% | ||
Number of shares sold through the plan (in shares) | 73 | ||
Restricted Stock And Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested shares at the beginning of the period | 22.7 | ||
Granted | 7.6 | ||
Vested | (7.3) | ||
Forfeited | (0.9) | ||
Non vested shares at the end of the period | 22.1 | 22.7 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Weighted Average Grant-Date Fair Value per Share, Non vested shares at the beginning of the period | $ / shares | $ 23.16 | ||
Granted | $ / shares | 31.40 | $ 20.94 | $ 16.53 |
Vested | $ / shares | 27.14 | ||
Forfeited | $ / shares | 23.89 | ||
Weighted Average Grant-Date Fair Value Per Share, Nonvested shares at the end of the period | $ / shares | $ 24.83 | $ 23.16 | |
Total fair value of shares vested during the period | $ | $ 248,000 | $ 117,000 | $ 79,000 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Expiration from date of award (in years) | 5 years | ||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | |||
Unrecognized compensation cost, non vested awards at period end | $ | $ 351,000 | ||
Weighted average period unrecognized compensation costs to be recognized (in years) | 3 years |
Income per Share (Details)
Income per Share (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Antidilutive shares: | |||
Basic weighted average common shares outstanding | 904 | 892 | 881 |
Dilutive effect of awards granted under our stock incentive plans | 4 | 0 | 0 |
Diluted weighted average common shares outstanding | 908 | 892 | 881 |
Stock Options | |||
Antidilutive shares: | |||
Options with exercise price greater than the average market price | 15 | 22 | 27 |
Options which are antidilutive due to net loss position | 0 | 0 | 1 |
Total antidilutive shares | 15 | 22 | 28 |
Financial Instruments and Ris_3
Financial Instruments and Risk Management (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Number of days from period end | 2 days | |||
Foreign Currency Derivatives [Abstract] | ||||
Maximum term of currency derivative instruments (in years) | 1 year | |||
Long-term Debt, Percentage Bearing Fixed Interest, Amount | $ 7,900 | $ 9,100 | ||
Interest Rate Derivatives [Abstract] | ||||
Cash and equivalents | 2,346 | 3,044 | $ 2,563 | $ 2,268 |
Estimate of Fair Value, Fair Value Disclosure | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total debt | 7,456 | 11,045 | ||
Estimate of Fair Value, Fair Value Disclosure | Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total debt | 6,539 | 10,518 | ||
Estimate of Fair Value, Fair Value Disclosure | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total debt | 917 | 527 | ||
Estimate of Fair Value, Fair Value Disclosure | Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total debt | 0 | 0 | ||
Carrying (Reported) Amount, Fair Value Disclosure | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | 7,928 | 9,138 | ||
Foreign Exchange Contract [Member] | Other current assets | Level 2 | ||||
Interest Rate Derivatives [Abstract] | ||||
Derivative, Notional Amount | $ 650 | 637 | ||
Foreign Exchange Contract [Member] | Other assets | Level 2 | ||||
Interest Rate Derivatives [Abstract] | ||||
Derivative, Notional Amount | $ 100 |
Financial Instruments and Ris_4
Financial Instruments and Risk Management (Credit Risk) (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
United States | Geographic Concentration Risk | Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 38% | 34% |
Retirement Plans (Retirement Pl
Retirement Plans (Retirement Plans, Funded Status) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expense for the defined contribution plans for continuing operations | $ 160 | $ 136 | $ 100 | |
Foreign Plan [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at end of period | 669 | 1,100 | ||
Fair value of plan assets at end of period | 665 | 1,168 | ||
Funded status at end of period | 4 | 80 | ||
Defined Benefit Plan, Accumulated Benefit Obligation | 601 | 1,000 | ||
Amounts recognized on the Consolidated Balance Sheets | ||||
Other Assets | 151 | 265 | ||
Accrued employee compensation and benefits | 7 | 7 | ||
Employee compensation and benefits | 145 | 178 | ||
Pension plans in which projected benefit obligation exceeded plan assets | ||||
Projected benefit obligation | 159 | 199 | ||
Fair value of plan assets | 7 | 14 | ||
Pension plans in which accumulated benefit obligation exceeded plan assets | ||||
Accumulated benefit obligation | 91 | 114 | ||
Fair value of plan assets | 7 | 9 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (14) | (25) | $ (30) | |
Foreign Plan [Member] | Cash and equivalents | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | 126 | 251 | ||
Foreign Plan [Member] | Equity funds | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | [1] | 120 | ||
Foreign Plan [Member] | Bond funds | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | [2] | 342 | 548 | |
Foreign Plan [Member] | Alternatives fund | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | [3] | 145 | 176 | |
Foreign Plan [Member] | Real estate funds | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | [4] | 31 | 46 | |
Foreign Plan [Member] | Other investments | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | [5] | 21 | 27 | |
Foreign Plan [Member] | Level 1 | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | 27 | 3 | ||
Foreign Plan [Member] | Level 1 | Cash and equivalents | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | 26 | 0 | ||
Foreign Plan [Member] | Level 1 | Equity funds | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | [1] | 0 | ||
Foreign Plan [Member] | Level 1 | Bond funds | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | [2] | 0 | 0 | |
Foreign Plan [Member] | Level 1 | Alternatives fund | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | [3] | 0 | 0 | |
Foreign Plan [Member] | Level 1 | Real estate funds | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | [4] | 0 | 0 | |
Foreign Plan [Member] | Level 1 | Other investments | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | [5] | 1 | 3 | |
Foreign Plan [Member] | Level 2 | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | 360 | 820 | ||
Foreign Plan [Member] | Level 2 | Cash and equivalents | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | 100 | 251 | ||
Foreign Plan [Member] | Level 2 | Equity funds | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | [1] | 120 | ||
Foreign Plan [Member] | Level 2 | Bond funds | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | [2] | 242 | 405 | |
Foreign Plan [Member] | Level 2 | Alternatives fund | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | [3] | 0 | 0 | |
Foreign Plan [Member] | Level 2 | Real estate funds | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | [4] | 0 | 23 | |
Foreign Plan [Member] | Level 2 | Other investments | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | [5] | 18 | 21 | |
Foreign Plan [Member] | Level 3 | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | 2 | 3 | ||
Foreign Plan [Member] | Level 3 | Cash and equivalents | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | 0 | 0 | ||
Foreign Plan [Member] | Level 3 | Equity funds | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | [1] | 0 | ||
Foreign Plan [Member] | Level 3 | Bond funds | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | [2] | 0 | 0 | |
Foreign Plan [Member] | Level 3 | Alternatives fund | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | [3] | 0 | 0 | |
Foreign Plan [Member] | Level 3 | Real estate funds | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | [4] | 0 | 0 | |
Foreign Plan [Member] | Level 3 | Other investments | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | [5] | 2 | 3 | |
Foreign Plan [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | 276 | 342 | ||
Foreign Plan [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Cash and equivalents | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | [6] | 0 | 0 | |
Foreign Plan [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Equity funds | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | [1],[6] | 0 | ||
Foreign Plan [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Bond funds | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | [2],[6] | 100 | 143 | |
Foreign Plan [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Alternatives fund | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | [3],[6] | 145 | 176 | |
Foreign Plan [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Real estate funds | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | [4],[6] | 31 | 23 | |
Foreign Plan [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Other investments | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of period | [5],[6] | $ 0 | $ 0 | |
United Kingdom Pension Plan [Member] | ||||
Pension plans in which accumulated benefit obligation exceeded plan assets | ||||
United Kingdom pension plan percentage of international pension plans' projected benefit obligations | 74% | |||
[1]Strategy of equity funds is to invest in diversified funds of global common stocks.[2]Strategy of bond funds is to invest in diversified funds of fixed income securities of varying geographies and credit quality.[3]Strategy of alternative funds is to invest in a fund of diversifying investments, including but not limited to reinsurance, commodities, and currencies.[4]Strategy of real estate funds is to invest in diversified funds of real estate investment trusts and private real estate.[5]Other investments primarily include investments in insurance contracts, balanced funds, and government bonds.[6]Represents investments measured at fair value using the Net Asset Value (NAV) per share practical expedient and thus has not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total value of our international pension plans assets. |
Retirement Plans (Retirement _2
Retirement Plans (Retirement Plans, Net Periodic Benefit Cost, Assumptions, and Expected Cash Flows) (Details) - Foreign Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ 18 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 14 | $ 25 | $ 30 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 5.70% | 2.30% | |
Rate of compensation increase | 5.50% | 5.30% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 2.30% | 1.80% | 2.50% |
Expected long-term return on plan assets | 3% | 2.70% | 3.50% |
Rate of compensation increase | 5.30% | 5.90% | 6% |
Retirement Plans International
Retirement Plans International Pension Plan, Expected Benefit Payments (Details) - Foreign Plan [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Number of years annual benefit payments | 10 years |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 43 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 41 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 44 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 46 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 49 |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 275 |