Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 17, 2024 | |
Document And Enity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2024 | |
Entity File Number | 001-03492 | |
Entity Registrant Name | HALLIBURTON COMPANY | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 75-2677995 | |
Entity Address, Address Line One | 3000 North Sam Houston Parkway East, | |
Entity Address, City or Town | Houston, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77032 | |
City Area Code | 281 | |
Local Phone Number | 871-2699 | |
Title of 12(b) Security | Common Stock, par value $2.50 per share | |
Trading Symbol | HAL | |
Security Exchange Name | NYSE | |
Entity Central Index Key | 0000045012 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Shell Company | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 885,301,252 | |
Entity Emerging Growth Company | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue: | ||
Revenue | $ 5,804 | $ 5,677 |
Operating costs and expenses: | ||
SAP S4 Upgrade Expense | 34 | 0 |
General and administrative | 61 | 54 |
Total operating costs and expenses | 4,817 | 4,700 |
Operating income | 987 | 977 |
Interest expense, net of interest income | (92) | (101) |
Other, net | (108) | (47) |
Income (loss) from continuing operations before income taxes | 787 | 829 |
Income tax (provision) benefit | (178) | (174) |
Net income (loss) | 609 | 655 |
Net (income) loss attributable to noncontrolling interest | (3) | (4) |
Net income (loss) attributable to company | $ 606 | $ 651 |
Earnings Per Share, Basic | $ 680,000 | $ 720,000 |
Earnings Per Share, Diluted | $ 680,000 | $ 720,000 |
Weighted Average Number of Shares Outstanding, Basic | 889 | 904 |
Weighted Average Number of Shares Outstanding, Diluted | 891 | 907 |
MEXICO | Accounts Receivable [Member] | Customer Concentration Risk | ||
Operating costs and expenses: | ||
Concentration Risk, Percentage | 8% | |
Noncontrolling Interest in Consolidated Subsidiaries | ||
Operating costs and expenses: | ||
Net income (loss) | $ 3 | $ 4 |
Services [Member] | ||
Revenue: | ||
Revenue | 4,146 | 4,166 |
Operating costs and expenses: | ||
Cost of services and sales | 3,428 | 3,399 |
Product sales [Member] | ||
Revenue: | ||
Revenue | 1,658 | 1,511 |
Operating costs and expenses: | ||
Cost of services and sales | $ 1,294 | $ 1,247 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income | $ 22 | $ 17 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income (loss) | $ 609 | $ 655 |
Other comprehensive income (loss), net of income taxes | 0 | 1 |
Comprehensive income (loss) | 609 | 656 |
Comprehensive (income) loss attributable to noncontrolling interest | (4) | (4) |
Comprehensive income (loss) attributable to company shareholders | $ 605 | $ 652 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Current assets: | ||
Cash and equivalents | $ 1,891 | $ 2,264 |
Receivables net of allowances for bad debts | 5,103 | 4,860 |
Inventories | 3,258 | 3,226 |
Other current assets | 1,171 | 1,193 |
Total current assets | 11,423 | 11,543 |
Property, Plant and Equipment, Net | 4,973 | 4,900 |
Goodwill | 2,850 | 2,850 |
Deferred income taxes | 2,472 | 2,505 |
Operating lease right-of-use assets | 1,082 | 1,088 |
Other assets | 1,854 | 1,797 |
Total assets | 24,654 | 24,683 |
Current liabilities: | ||
Accounts payable | 3,092 | 3,147 |
Accrued employee compensation and benefits | 542 | 689 |
Accrual for Taxes Other than Income Taxes, Current | 311 | 370 |
Current portion of operating lease liabilities | 267 | 262 |
Other current liabilities | 739 | 750 |
Total current liabilities | 5,379 | 5,608 |
Long-term debt | 7,637 | 7,636 |
Operating lease liabilities | 883 | 911 |
Employee compensation and benefits | 381 | 408 |
Other liabilities | 692 | 687 |
Total liabilities | 14,972 | 15,250 |
Shareholders' equity: | ||
Common stock, par value $2.50 per share | $ 2,662 | $ 2,663 |
Common stock, par value (in dollars per share) | $ 2.50 | $ 2.50 |
Common stock, shares authorized (in shares) | 2,000 | 2,000 |
Common stock, shares issued (in shares) | 1,065 | 1,065 |
Paid-in capital in excess of par value | $ 0 | $ 63 |
Accumulated other comprehensive loss | (332) | (331) |
Retained earnings | 12,988 | 12,536 |
Treasury stock, at cost | $ (5,682) | $ (5,540) |
Treasury shares (in shares) | 180 | 176 |
Company shareholders' equity | $ 9,636 | $ 9,391 |
Noncontrolling interest in consolidated subsidiaries | 46 | 42 |
Total shareholders' equity | 9,682 | 9,433 |
Total liabilities and shareholders' equity | 24,654 | 24,683 |
Accrued Income Taxes, Current | $ 428 | $ 390 |
UNITED STATES | Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | ||
Shareholders' equity: | ||
Concentration Risk, Percentage | 42% |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 609 | $ 655 | |
Adjustments to reconcile net income (loss) to net cash flows from operating activities: | |||
Depreciation, depletion and amortization | 263 | 241 | |
Changes in assets and liabilities: | |||
Receivables | (268) | (575) | |
Accounts payable | (41) | 57 | |
Inventories | (32) | (210) | |
Other operating activities | (44) | (46) | |
Total cash flows provided by operating activities | 487 | 122 | |
Cash flows from investing activities: | |||
Capital expenditures | (330) | (268) | |
Proceeds from sales of property, plant and equipment | 49 | 41 | |
Other investing activities | (100) | (68) | |
Total cash flows used in investing activities | (381) | (295) | |
Cash flows from financing activities: | |||
Dividends to shareholders | (151) | (145) | |
Payments for Repurchase of Common Stock | 250 | 100 | |
Other financing activities | (21) | (4) | |
Total cash flows used in financing activities | (422) | (249) | |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | (57) | (45) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | (373) | (467) | |
Cash and equivalents at beginning of period | 2,264 | 2,346 | $ 2,346 |
Cash and equivalents at end of period | 2,264 | ||
Cash and equivalents at end of period | 1,891 | 1,879 | $ 2,264 |
Cash payments during the period for: | |||
Interest | 118 | 127 | |
Income taxes | $ 95 | $ 148 | |
Maximum Percentage Gross Trade Receivables From One Customer | 10% | 10% | |
UNITED STATES | Accounts Receivable [Member] | Geographic Concentration Risk [Member] | |||
Cash payments during the period for: | |||
Concentration Risk, Percentage | 32% | 33% | |
MEXICO | Accounts Receivable [Member] | Geographic Concentration Risk [Member] | |||
Cash payments during the period for: | |||
Concentration Risk, Percentage | 10% | 9% |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 743 | $ 742 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 12,218 | $ 12,064 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared using United States generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, these financial statements do not include all information or notes required by U.S. GAAP for annual financial statements and should be read together with our 2023 Annual Report on Form 10-K. Our accounting policies are in accordance with U.S. GAAP. The preparation of financial statements in conformity with these accounting principles requires us to make estimates and assumptions that affect: • the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements; and • the reported amounts of revenue and expenses during the reporting period. Ultimate results could differ from our estimates. In our opinion, the condensed consolidated financial statements included herein contain all adjustments necessary to present fairly our financial position as of March 31, 2024 and the results of our operations for the three months ended March 31, 2024 and 2023, and our cash flows for the three months ended March 31, 2024 and 2023. Such adjustments are of a normal recurring nature. In addition, certain reclassifications of prior period balances have been made to conform to the current period presentation. The results of our operations for the three months ended March 31, 2024 may not be indicative of results for the full year. |
Business Segment and Geographic
Business Segment and Geographic Information | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure | Business Segment Information We operate under two divisions, which form the basis for the two operating segments we report: the Completion and Production segment and the Drilling and Evaluation segment. Our equity in earnings and losses of unconsolidated affiliates that are accounted for using the equity method of accounting are included within cost of services and cost of sales on our statements of operations, which is part of operating income of the applicable segment. The following table presents information on our business segments. Three Months Ended Millions of dollars 2024 2023 Revenue: Completion and Production $ 3,373 $ 3,409 Drilling and Evaluation 2,431 2,268 Total revenue $ 5,804 $ 5,677 Operating income: Completion and Production $ 688 $ 666 Drilling and Evaluation 398 369 Total operations 1,086 1,035 Corporate and other (a) (65) (58) SAP S4 upgrade expense (34) — Total operating income $ 987 $ 977 Interest expense, net of interest income (92) (101) Other, net (b) (108) (47) Income before income taxes $ 787 $ 829 (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) During the three months ended March 31, 2024, Halliburton incurred a charge of $82 million primarily due to impairment of an investment in Argentina and currency devaluation in Egypt. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2024 | |
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, 42% and 47% of our consolidated revenue was from the United States for the three months ended March 31, 2024 and 2023, respectively. No other country accounted for more than 10% of our revenue for those periods. The following table presents information on our disaggregated revenue. Three Months Ended Millions of dollars 2024 2023 Revenue by segment: Completion and Production $ 3,373 $ 3,409 Drilling and Evaluation 2,431 2,268 Total revenue $ 5,804 $ 5,677 Revenue by geographic region: North America $ 2,546 $ 2,765 Latin America 1,108 915 Europe/Africa/CIS 729 662 Middle East/Asia 1,421 1,335 Total revenue $ 5,804 $ 5,677 Contract balances We perform our obligations under contracts with our customers by transferring services and products in exchange for consideration. The timing of our performance often differs from the timing of our customer’s payment, which results in the recognition of receivables and deferred revenue. Deferred revenue represents advance consideration received from customers for contracts where revenue is recognized on future performance of service. Deferred revenue, as well as revenue recognized during the period relating to amounts included as deferred revenue at the beginning of the period, was not material to our condensed consolidated financial statements. Transaction price allocated to remaining performance obligations Remaining performance obligations represent firm contracts for which work has not been performed and future revenue recognition is expected. We have elected the practical expedient permitting the exclusion of disclosing remaining performance obligations for contracts that have an original expected duration of one year or less. We have some long-term contracts related to software and integrated project management services such as lump sum turnkey contracts. For software contracts, revenue is generally recognized over the duration of the contract period when the software is considered to be a right to access our intellectual property. For lump sum turnkey projects, we recognize revenue over time using an input method, which requires us to exercise judgment. Revenue allocated to remaining performance obligations for these long-term contracts is not material. Receivables As of March 31, 2024, 32% of our net trade receivables were from customers in the United States and 10% were from customers in Mexico. As of December 31, 2023, 33% of our net trade receivables were from customers in the United States and 9% were from customers in Mexico. Receivables from our primary customer in Mexico accounted for approximately 8% and 6% of our total receivables as of March 31, 2024 and December 31, 2023, respectively. While we have experienced payment delays from our primary customer in Mexico, the amounts are not in dispute and we have not historically had, and we do not expect, any material write-offs due to collectability of receivables from this customer. No country other than the United States or single customer accounted for more than 10% of our net trade receivables at those dates. We 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. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following: Millions of dollars March 31, December 31, Finished products and parts $ 2,098 $ 2,069 Raw materials and supplies 1,019 1,021 Work in process 141 136 Total inventories $ 3,258 $ 3,226 |
Payables and Accruals
Payables and Accruals | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure | Accounts Payable Effective January 1, 2023, we adopted new supplier finance program disclosure requirements contained in guidance issued by the Financial Accounting Standards Board (ASU 2022-04, “Disclosure of Supplier Finance Program Obligations”). The standards update also includes a prospective annual requirement to disclose a rollforward of the amount of the obligations during the annual reporting period. We will include the rollforward disclosure in our Annual Report on Form 10-K for the year ending December 31, 2024, as required. We have agreements with third parties that allow our participating suppliers to finance payment obligations from us with designated third-party financial institutions who act as our paying agent. We have generally extended our payment terms with suppliers to 90 days. A participating supplier may request a participating financial institution to finance one or more of our payment obligations to such supplier prior to the scheduled due date thereof at a discounted price. We are not required to provide collateral to the financial institutions. Our obligations to participating suppliers, including amounts due and scheduled payment dates, are not impacted by the suppliers’ decisions to finance amounts due under these financing arrangements. Our outstanding payment obligations under these agreements were $325 million as of March 31, 2024, and $322 million as of December 31, 2023, and are included in accounts payable on the condensed consolidated balance sheets. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes During the three months ended March 31, 2024, we recorded a total income tax provision of $178 million on a pre-tax income of $787 million, resulting in an effective tax rate of 22.6% for the quarter. During the three months ended March 31, 2023, we recorded a total income tax provision of $174 million on a pre-tax income of $829 million, resulting in an effective tax rate of 21.0% for the quarter. 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 2012. 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 2023 are currently under review or remain open for review by the IRS. As of March 31, 2024, the primary unresolved issue for the IRS audit for 2016 relates to the classification of the $3.5 billion ordinary deduction that we claimed for the termination fee we paid to Baker Hughes in the second quarter of 2016 for which we received a Notice of Proposed Adjustment (NOPA) from the IRS on September 28, 2023. We regularly assess the likelihood of adverse outcomes resulting from tax examinations to determine the adequacy of our tax reserves, and we believe our income tax reserves are appropriately provided for all open tax years. We do not expect a final resolution of this issue in the next 12 months. Based on the information currently available, we do not anticipate a significant increase or decrease to our tax contingencies within the next twelve months. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Shareholders’ Equity The following tables summarize our shareholders’ equity activity for the three months ended March 31, 2024 and March 31, 2023, respectively: Millions of dollars Common Stock Paid-in Capital in Excess of Par Value Treasury Stock Retained Earnings Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Consolidated Subsidiaries Total Balance at December 31, 2023 $ 2,663 $ 63 $ (5,540) $ 12,536 $ (331) $ 42 $ 9,433 Comprehensive income (loss): Net income — — — 606 — 3 609 Other comprehensive income (loss) — — — — (1) 1 — Cash dividends ($0.17 per share) — — — (151) — — (151) Stock repurchase program — — (250) — — — (250) Stock plans (a) (1) (63) 108 (3) — — 41 Other — — — — — — — Balance at March 31, 2024 $ 2,662 $ — $ (5,682) $ 12,988 $ (332) $ 46 $ 9,682 (a) In the first quarter of 2024, we issued common stock from treasury shares for stock options exercised, restricted stock grants, performance shares under our performance unit program, and purchases under our employee stock purchase plan. As a result, additional paid in capital was reduced to zero, which resulted in a reduction of retained earnings by $3 million. Future issuances from treasury shares could similarly impact additional paid in capital and retained earnings. Millions of dollars Common Stock Paid-in Capital in Excess of Par Value Treasury Stock Retained Earnings Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Consolidated Subsidiaries Total Balance at December 31, 2022 $ 2,664 $ 50 $ (5,108) $ 10,572 $ (230) $ 29 $ 7,977 Comprehensive income (loss): Net income — — — 651 — 4 655 Other comprehensive income — — — — 1 — 1 Cash dividends ($0.16 per share) — — — (145) — — (145) Stock repurchase program — — (100) — — — (100) Stock plans (a) — (50) 113 (3) — — 60 Other — — — — — (3) (3) Balance at March 31, 2023 $ 2,664 $ — $ (5,095) $ 11,075 $ (229) $ 30 $ 8,445 (a) In the first quarter of 2023, we issued common stock from treasury shares for stock options exercised, restricted stock grants, performance shares under our performance unit program, and purchases under our employee stock purchase plan. As a result, additional paid in capital was reduced to zero, which resulted in a reduction of retained earnings by $3 million. Future issuances from treasury shares could similarly impact additional paid in capital and retained earnings. Our Board of Directors has authorized a program to repurchase our common stock from time to time. We repurchased 7.0 million shares of our common stock under the program during the three months ended March 31, 2024 for approximately $250 million. Approximately $3.8 billion remained authorized for repurchases as of March 31, 2024. From the inception of this program in February of 2006 through March 31, 2024, we repurchased approximately 260 million shares of our common stock for a total cost of approximately $10.3 billion. We repurchased 2.9 million shares of our common stock under the program during the three months ended March 31, 2023 for approximately $100 million. Accumulated other comprehensive loss consisted of the following: Millions of dollars March 31, December 31, Cumulative translation adjustments $ (83) $ (84) Defined benefit and other postretirement liability adjustments (210) (207) Other (39) (40) Total accumulated other comprehensive loss $ (332) $ (331) |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
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 agreements with financial institutions under which approximately $2.6 billion of letters of credit, bank guarantees, or surety bonds were outstanding as of March 31, 2024. Some of the outstanding letters of credit have triggering events that would entitle a bank to require cash collateralization; however, none of these triggering events have occurred. As of March 31, 2024, we had no material off-balance sheet liabilities and were not required to make any material cash distributions to our unconsolidated subsidiaries. |
Income (Loss) per Share
Income (Loss) per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Income (Loss) per Share | Income per Share Basic income or loss per share is based on the weighted average number of common shares outstanding during the period. Diluted income per share includes additional common shares that would have been outstanding if potential common shares with a dilutive effect had been issued. Antidilutive securities represent potentially dilutive securities which are excluded from the computation of diluted income or loss per share as their impact was antidilutive. A reconciliation of the number of shares used for the basic and diluted income per share computations is as follows: Three Months Ended Millions of shares 2024 2023 Basic weighted average common shares outstanding 889 904 Dilutive effect of awards granted under our stock incentive plans 2 3 Diluted weighted average common shares outstanding 891 907 Antidilutive shares: Options with exercise price greater than the average market price 11 14 Total antidilutive shares 11 14 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amount of cash and equivalents, receivables, and accounts payable, as reflected in the condensed consolidated balance sheets, approximates fair value due to the short maturities of these instruments. The carrying amount and fair value of our total debt is as follows: March 31, 2024 December 31, 2023 Millions of dollars Level 1 Level 2 Total fair value Carrying value Level 1 Level 2 Total fair value Carrying value Total debt $ 7,294 $ 361 $ 7,655 $ 7,637 $ 7,419 $ 378 $ 7,797 $ 7,636 In the first three months of 2024, the fair value of our total debt decreased as a result of higher bond yields. 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. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) Attributable to Parent | $ 606 | $ 651 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | Reporting Officer Title Reporting Action Plan Start Date Plan End Date Aggregated Shares Covered Intended to Satisfy Rule 10b5-1? Van H. Beckwith Executive Vice President, Secretary and Chief Legal Officer Plan Adoption 2/7/2024 2/6/2025 221,141 Yes Eric J. Carre Executive Vice President and Chief Financial Officer Plan Adoption 2/7/2024 2/6/2025 309,428 Yes Charles E. Geer, Jr Senior Vice President and Chief Accounting Officer Plan Adoption 2/7/2024 2/6/2025 33,800 Yes Myrtle L. Jones Senior Vice President, Tax Plan Adoption 2/7/2024 2/6/2025 21,012 Yes Timothy M. McKeon Senior Vice President and Treasurer Plan Adoption 2/7/2024 2/6/2025 48,521 Yes Lawrence J. Pope Executive Vice President of Administration and Chief Human Resources Officer Plan Adoption 2/7/2024 2/6/2025 107,400 Yes Mark J. Richard President, Western Hemisphere Plan Adoption 2/7/2024 2/6/2025 114,807 Yes Jill D. Sharp Senior Vice President, Internal Assurance Services Plan Adoption 2/7/2024 2/6/2025 60,069 Yes Shannon Slocum President, Eastern Hemisphere Plan Adoption 2/7/2024 2/6/2025 64,125 Yes |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | 2/7/2024 |
Termination Date | 2/6/2025 |
VHB [Member] | |
Trading Arrangements, by Individual | |
Name | Van H. Beckwith |
Aggregate Available | 221,141 |
Executive Vice President, Secretary and Chief Legal [Member] | |
Trading Arrangements, by Individual | |
Title | Executive Vice President, Secretary and Chief Legal Officer |
EJC [Member] | |
Trading Arrangements, by Individual | |
Name | Eric J. Carre |
Aggregate Available | 309,428 |
Executive Vice President and Chief Financial Officer [Member] | |
Trading Arrangements, by Individual | |
Title | Executive Vice President and Chief Financial Officer |
CEG [Member] | |
Trading Arrangements, by Individual | |
Name | Charles E. Geer, Jr |
Aggregate Available | 33,800 |
Senior Vice President and Chief Accounting Officer [Member] | |
Trading Arrangements, by Individual | |
Title | Senior Vice President and Chief Accounting Officer |
MLJ [Member] | |
Trading Arrangements, by Individual | |
Name | Myrtle L. Jones |
Aggregate Available | 21,012 |
Senior Vice President, Tax [Member] | |
Trading Arrangements, by Individual | |
Title | Senior Vice President, Tax |
TMM [Member] | |
Trading Arrangements, by Individual | |
Name | Timothy M. McKeon |
Aggregate Available | 48,521 |
Senior Vice President and Treasurer [Member] | |
Trading Arrangements, by Individual | |
Title | Senior Vice President and Treasurer |
LJP [Member] | |
Trading Arrangements, by Individual | |
Name | Lawrence J. Pope |
Aggregate Available | 107,400 |
Executive Vice President of Administration and Chief Human Resources Officer [Member] | |
Trading Arrangements, by Individual | |
Title | Executive Vice President of Administration and Chief Human Resources Officer |
MJR [Member] | |
Trading Arrangements, by Individual | |
Name | Mark J. Richard |
Aggregate Available | 114,807 |
President, Western Hemisphere [Member] | |
Trading Arrangements, by Individual | |
Title | President, Western Hemisphere |
JDS [Member] | |
Trading Arrangements, by Individual | |
Name | Jill D. Sharp |
Aggregate Available | 60,069 |
Senior Vice President, Internal Assurance Services [Member] | |
Trading Arrangements, by Individual | |
Title | Senior Vice President, Internal Assurance Services |
SS [Member] | |
Trading Arrangements, by Individual | |
Name | Shannon Slocum |
Aggregate Available | 64,125 |
President, Eastern Hemisphere [Member] | |
Trading Arrangements, by Individual | |
Title | President, Eastern Hemisphere |
Revenue (Policies)
Revenue (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue [Abstract] | |
Revenue Recognition, Policy | Revenue is recognized based on the transfer of control or our customers' ability to benefit from our services and products in an amount that reflects the consideration we expect to receive in exchange for those services and products. 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. |
Business Segment and Geograph_2
Business Segment and Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Information on business segments | The following table presents information on our business segments. Three Months Ended Millions of dollars 2024 2023 Revenue: Completion and Production $ 3,373 $ 3,409 Drilling and Evaluation 2,431 2,268 Total revenue $ 5,804 $ 5,677 Operating income: Completion and Production $ 688 $ 666 Drilling and Evaluation 398 369 Total operations 1,086 1,035 Corporate and other (a) (65) (58) SAP S4 upgrade expense (34) — Total operating income $ 987 $ 977 Interest expense, net of interest income (92) (101) Other, net (b) (108) (47) Income before income taxes $ 787 $ 829 (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) During the three months ended March 31, 2024, Halliburton incurred a charge of $82 million primarily due to impairment of an investment in Argentina and currency devaluation in Egypt. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue [Abstract] | |
Disaggregation of Revenue | The following table presents information on our disaggregated revenue. Three Months Ended Millions of dollars 2024 2023 Revenue by segment: Completion and Production $ 3,373 $ 3,409 Drilling and Evaluation 2,431 2,268 Total revenue $ 5,804 $ 5,677 Revenue by geographic region: North America $ 2,546 $ 2,765 Latin America 1,108 915 Europe/Africa/CIS 729 662 Middle East/Asia 1,421 1,335 Total revenue $ 5,804 $ 5,677 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consisted of the following: Millions of dollars March 31, December 31, Finished products and parts $ 2,098 $ 2,069 Raw materials and supplies 1,019 1,021 Work in process 141 136 Total inventories $ 3,258 $ 3,226 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | ||
Summary of shareholders' equity activity | The following tables summarize our shareholders’ equity activity for the three months ended March 31, 2024 and March 31, 2023, respectively: Millions of dollars Common Stock Paid-in Capital in Excess of Par Value Treasury Stock Retained Earnings Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Consolidated Subsidiaries Total Balance at December 31, 2023 $ 2,663 $ 63 $ (5,540) $ 12,536 $ (331) $ 42 $ 9,433 Comprehensive income (loss): Net income — — — 606 — 3 609 Other comprehensive income (loss) — — — — (1) 1 — Cash dividends ($0.17 per share) — — — (151) — — (151) Stock repurchase program — — (250) — — — (250) Stock plans (a) (1) (63) 108 (3) — — 41 Other — — — — — — — Balance at March 31, 2024 $ 2,662 $ — $ (5,682) $ 12,988 $ (332) $ 46 $ 9,682 (a) In the first quarter of 2024, we issued common stock from treasury shares for stock options exercised, restricted stock grants, performance shares under our performance unit program, and purchases under our employee stock purchase plan. As a result, additional paid in capital was reduced to zero, which resulted in a reduction of retained earnings by $3 million. Future issuances from treasury shares could similarly impact additional paid in capital and retained earnings. Millions of dollars Common Stock Paid-in Capital in Excess of Par Value Treasury Stock Retained Earnings Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Consolidated Subsidiaries Total Balance at December 31, 2022 $ 2,664 $ 50 $ (5,108) $ 10,572 $ (230) $ 29 $ 7,977 Comprehensive income (loss): Net income — — — 651 — 4 655 Other comprehensive income — — — — 1 — 1 Cash dividends ($0.16 per share) — — — (145) — — (145) Stock repurchase program — — (100) — — — (100) Stock plans (a) — (50) 113 (3) — — 60 Other — — — — — (3) (3) Balance at March 31, 2023 $ 2,664 $ — $ (5,095) $ 11,075 $ (229) $ 30 $ 8,445 (a) In the first quarter of 2023, we issued common stock from treasury shares for stock options exercised, restricted stock grants, performance shares under our performance unit program, and purchases under our employee stock purchase plan. As a result, additional paid in capital was reduced to zero, which resulted in a reduction of retained earnings by $3 million. Future issuances from treasury shares could similarly impact additional paid in capital and retained earnings. | |
Schedule of comprehensive income (loss) | Accumulated other comprehensive loss consisted of the following: Millions of dollars March 31, December 31, Cumulative translation adjustments $ (83) $ (84) Defined benefit and other postretirement liability adjustments (210) (207) Other (39) (40) Total accumulated other comprehensive loss $ (332) $ (331) |
Income (Loss) per Share (Tables
Income (Loss) per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Weighted average shares outstanding and antidilutive shares | A reconciliation of the number of shares used for the basic and diluted income per share computations is as follows: Three Months Ended Millions of shares 2024 2023 Basic weighted average common shares outstanding 889 904 Dilutive effect of awards granted under our stock incentive plans 2 3 Diluted weighted average common shares outstanding 891 907 Antidilutive shares: Options with exercise price greater than the average market price 11 14 Total antidilutive shares 11 14 |
Fair value by balance sheet gro
Fair value by balance sheet grouping table (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The carrying amount and fair value of our total debt is as follows: March 31, 2024 December 31, 2023 Millions of dollars Level 1 Level 2 Total fair value Carrying value Level 1 Level 2 Total fair value Carrying value Total debt $ 7,294 $ 361 $ 7,655 $ 7,637 $ 7,419 $ 378 $ 7,797 $ 7,636 |
Impairments and Other Charges (
Impairments and Other Charges (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Restructuring Cost and Reserve [Line Items] | ||
Operating lease right-of-use assets | $ 1,082 | $ 1,088 |
Current portion of operating lease liabilities | $ 267 | $ 262 |
Business Segment and Geograph_3
Business Segment and Geographic Information (Narrative) (Details) | Mar. 31, 2024 Division Customers | Dec. 31, 2023 Customers |
Concentration Risk [Line Items] | ||
Number of business segments | Division | 2 | |
Maximum Percentage Gross Trade Receivables From One Customer | 10% | 10% |
NumberOfCustomersExceedReceivablesThreshold | Customers | 0 | 0 |
Business Segment and Geograph_4
Business Segment and Geographic Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue: | ||
Revenue | $ 5,804 | $ 5,677 |
Operating income (loss): | ||
Operating income | 987 | 977 |
Interest expense, net of interest income | (92) | (101) |
Other, net | (108) | (47) |
Income (loss) from continuing operations before income taxes | 787 | 829 |
SAP S4 Upgrade Expense | (34) | 0 |
Argentina investment impairment and Egypt Devaluation | (82) | |
Total operations | ||
Operating income (loss): | ||
Operating income | 1,086 | 1,035 |
Completion and Production | ||
Revenue: | ||
Revenue | 3,373 | 3,409 |
Completion and Production | Total operations | ||
Operating income (loss): | ||
Operating income | 688 | 666 |
Drilling and Evaluation | ||
Revenue: | ||
Revenue | 2,431 | 2,268 |
Drilling and Evaluation | Total operations | ||
Operating income (loss): | ||
Operating income | 398 | 369 |
Corporate and Other [Member] | ||
Operating income (loss): | ||
Operating income | $ (65) | $ (58) |
Revenue (Details)
Revenue (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 USD ($) Division Customers | Mar. 31, 2023 USD ($) | Dec. 31, 2023 Customers | |
Disaggregation of Revenue [Line Items] | |||
Number of business segments | Division | 2 | ||
Revenue | $ 5,804 | $ 5,677 | |
Revenue, Performance Obligation, Description of Timing | one year | ||
NumberOfCustomersExceedReceivablesThreshold | Customers | 0 | 0 | |
North America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 2,546 | 2,765 | |
Latin America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,108 | 915 | |
Europe/Africa/CIS [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 729 | 662 | |
Middle East/Asia [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,421 | 1,335 | |
Completion And Production [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 3,373 | 3,409 | |
Drilling And Evaluation [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 2,431 | $ 2,268 | |
Minimum [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, Performance Obligation, Description of Payment Terms | 20 | ||
Maximum [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, Performance Obligation, Description of Payment Terms | 60 | ||
Revenue Benchmark [Member] | UNITED STATES | Geographic Concentration Risk [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Concentration Risk, Percentage | 42% | 47% | |
Accounts Receivable [Member] | UNITED STATES | Geographic Concentration Risk [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Concentration Risk, Percentage | 32% | 33% | |
Accounts Receivable [Member] | MEXICO | Geographic Concentration Risk [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Concentration Risk, Percentage | 10% | 9% | |
Accounts Receivable [Member] | MEXICO | Customer Concentration Risk | |||
Disaggregation of Revenue [Line Items] | |||
Concentration Risk, Percentage | 8% | 6% |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory, Net [Abstract] | ||
Finished products and parts | $ 2,098 | $ 2,069 |
Raw materials and supplies | 1,019 | 1,021 |
Work in process | 141 | 136 |
Inventory, net | $ 3,258 | $ 3,226 |
Payables and Accruals (Details)
Payables and Accruals (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Payables and Accruals [Abstract] | ||
Outstanding Supplier Finance Payment Obligation | $ 325 | $ 322 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Income Tax Expense (Benefit) | $ 178 | $ 174 |
Income (loss) from continuing operations before income taxes | $ 787 | $ 829 |
Effective tax rate | 22.60% | 21% |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Shareholders' equity activity [Roll Forward] | |||
Beginning Balance | $ 9,433 | $ 7,977 | |
Net income (loss) | 609 | 655 | |
Other comprehensive income (loss) | 0 | 1 | |
Cash dividends | (151) | (145) | |
Stock Repurchased During Period, Value | (250) | (100) | |
Stock plans | 41 | 60 | |
Other | 0 | 3 | |
Ending Balance | $ 9,682 | $ 8,445 | |
Common Stock, Dividends, Per Share, Declared | $ 0.17 | $ 0.16 | |
Stock Repurchased During Period, Shares | 7 | 2.9 | |
Common Shares | |||
Shareholders' equity activity [Roll Forward] | |||
Beginning Balance | $ 2,663 | $ 2,664 | |
Net income (loss) | 0 | 0 | |
Other comprehensive income (loss) | 0 | 0 | |
Cash dividends | 0 | 0 | |
Stock Repurchased During Period, Value | 0 | 0 | |
Stock plans | 1 | 0 | |
Other | 0 | 0 | |
Ending Balance | 2,662 | 2,664 | |
Paid-in Capital in Excess of Par Value | |||
Shareholders' equity activity [Roll Forward] | |||
Beginning Balance | 63 | 50 | |
Net income (loss) | 0 | 0 | |
Other comprehensive income (loss) | 0 | 0 | |
Cash dividends | 0 | 0 | |
Stock Repurchased During Period, Value | 0 | 0 | |
Stock plans | 63 | 50 | |
Other | 0 | 0 | |
Ending Balance | 0 | 0 | |
Retained Earnings | |||
Shareholders' equity activity [Roll Forward] | |||
Beginning Balance | 12,536 | 10,572 | |
Net income (loss) | 606 | 651 | |
Other comprehensive income (loss) | 0 | 0 | |
Cash dividends | (151) | (145) | |
Stock Repurchased During Period, Value | 0 | 0 | |
Stock plans | 3 | [1] | 3 |
Other | 0 | 0 | |
Ending Balance | 12,988 | 11,075 | |
Accumulated Other Comprehensive Income (Loss) | |||
Shareholders' equity activity [Roll Forward] | |||
Beginning Balance | (331) | (230) | |
Net income (loss) | 0 | 0 | |
Other comprehensive income (loss) | (1) | 1 | |
Cash dividends | 0 | 0 | |
Stock Repurchased During Period, Value | 0 | 0 | |
Stock plans | 0 | 0 | |
Other | 0 | 0 | |
Ending Balance | (332) | (229) | |
Noncontrolling Interest in Consolidated Subsidiaries | |||
Shareholders' equity activity [Roll Forward] | |||
Beginning Balance | 42 | 29 | |
Net income (loss) | 3 | 4 | |
Other comprehensive income (loss) | 1 | 0 | |
Cash dividends | 0 | 0 | |
Stock Repurchased During Period, Value | 0 | 0 | |
Stock plans | 0 | 0 | |
Other | 0 | 3 | |
Ending Balance | 46 | 30 | |
Treasury Stock, Common | |||
Shareholders' equity activity [Roll Forward] | |||
Beginning Balance | (5,540) | (5,108) | |
Net income (loss) | 0 | 0 | |
Other comprehensive income (loss) | 0 | 0 | |
Cash dividends | 0 | 0 | |
Stock Repurchased During Period, Value | 250 | 100 | |
Stock plans | 108 | 113 | |
Other | 0 | 0 | |
Ending Balance | $ (5,682) | $ (5,095) | |
[1] In the first quarter of 2024, we issued common stock from treasury shares for stock options exercised, restricted stock grants, performance shares under our performance unit program, and purchases under our employee stock purchase plan. As a result, additional paid in capital was reduced to zero, which resulted in a reduction of retained earnings by $3 million. Future issuances from treasury shares could similarly impact additional paid in capital and retained earnings. |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Stockholders' Equity Note [Abstract] | ||
Defined benefit and other postretirement liability adjustments | $ (210) | $ (207) |
Cumulative translation adjustments | (83) | (84) |
Other | (39) | (40) |
Total accumulated other comprehensive loss | $ (332) | $ (331) |
Shareholders' Equity Repurchase
Shareholders' Equity Repurchase Activity (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Repurchase Activity [Abstract] | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | $ 3,800 | |
Treasury Stock Shares Acquired From Inception | 260 | |
Treasury Stock Value Acquired Cost Method From Inception | $ 10,300 | |
Shareholders' Equity Activity Summarization [Line Items] | ||
Stock Repurchased During Period, Shares | 7 | 2.9 |
Stock Repurchased During Period, Value | $ (250) | $ (100) |
Treasury Stock, Common | ||
Shareholders' Equity Activity Summarization [Line Items] | ||
Stock Repurchased During Period, Value | $ 250 | $ 100 |
Commitments and Contingencies (
Commitments and Contingencies (Guarantee Arrangements) (Details) $ in Billions | Mar. 31, 2024 USD ($) |
Financial agreements | |
Guarantee arrangements [Abstract] | |
Guarantee arrangements outstanding | $ 2.6 |
Income (Loss) per Share (Detail
Income (Loss) per Share (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Basic weighted average common shares outstanding (in shares) | 889 | 904 |
Dilutive effect of awards granted under our stock incentive plans | 2 | 3 |
Diluted weighted average common shares outstanding (in shares) | 891 | 907 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Options with exercise price greater than the average market price | 11 | 14 |
Total antidilutive shares | 11 | 14 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Number of days from period end | 2 days | |
Long-term debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | $ 7,655 | $ 7,797 |
Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, Long-term and Short-term, Combined Amount | 7,637 | 7,636 |
Level 1 | Long-term debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 7,294 | 7,419 |
Level 2 | Long-term debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 361 | 378 |
Level 3 | Long-term debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | $ 0 | $ 0 |