Halliburton (HAL) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Document And Enity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 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	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		878,501,985
Entity Emerging Growth Company	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Revenue		$ 5,697	$ 5,804	$ 17,334	$ 17,279
Operating costs and expenses:
SAP S4 Upgrade Expense		28	23	91	36
General and administrative		55	58	178	166
Total operating costs and expenses		4,826	4,767	14,444	14,254
Operating income		871	1,037	2,890	3,025
Interest expense, net of interest income		(85)	(94)	(269)	(297)
Other, net		(52)	(27)	(180)	(96)
Income (loss) from continuing operations before income taxes		734	916	2,441	2,528
Income tax (provision) benefit		(154)	(192)	(539)	(533)
Net income (loss)		580	724	1,902	1,995
Net (income) loss attributable to noncontrolling interest		(9)	(8)	(16)	(18)
Net income (loss) attributable to company		$ 571	$ 716	$ 1,886	$ 1,977
Earnings Per Share, Basic		$ 650,000	$ 800,000	$ 2,130,000	$ 2,190,000
Earnings Per Share, Diluted		$ 650,000	$ 790,000	$ 2,130,000	$ 2,190,000
Weighted Average Number of Shares Outstanding, Basic		881	898	885	901
Weighted Average Number of Shares Outstanding, Diluted		881	902	886	904
Impairments and other charges	[1]	$ 116	$ 0	$ 116	$ 0
Gain (loss) on Blue Chip Swap transactions		0	0	$ 0	104
MEXICO | Accounts Receivable [Member] | Customer Concentration Risk
Operating costs and expenses:
Concentration Risk, Percentage				10%
Noncontrolling Interest in Consolidated Subsidiaries
Operating costs and expenses:
Net income (loss)		9	8
Services [Member]
Revenue:
Revenue		4,093	4,131	$ 12,454	12,478
Operating costs and expenses:
Cost of services and sales		3,361	3,349	10,206	10,152
Product sales [Member]
Revenue:
Revenue		1,604	1,673	4,880	4,801
Operating costs and expenses:
Cost of services and sales		$ 1,266	$ 1,337	$ 3,853	$ 3,900
[1] For the three and nine months ended September 30, 2024, the amount includes a $45 million charge attributable to Completion and Production, a $34 million charge attributable to Drilling and Evaluation, and a $37 million charge attributable to Corporate and other. See Note 2 for further discussion on impairments and other charges.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest income	$ 28	$ 24	$ 72	$ 59

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income (loss)	$ 580	$ 724	$ 1,902	$ 1,995
Other comprehensive income (loss), net of income taxes	3	1	3	3
Comprehensive income (loss)	583	725	1,905	1,998
Comprehensive (income) loss attributable to noncontrolling interest	(9)	(8)	(17)	(18)
Comprehensive income (loss) attributable to company shareholders	$ 574	$ 717	$ 1,888	$ 1,980

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and equivalents	$ 2,178	$ 2,264
Receivables net of allowances for bad debts	5,339	4,860
Inventories	3,194	3,226
Other current assets	1,332	1,193
Total current assets	12,043	11,543
Property, Plant and Equipment, Net	4,945	4,900
Goodwill	2,838	2,850
Deferred income taxes	2,446	2,505
Operating lease right-of-use assets	1,001	1,088
Other assets	2,058	1,797
Total assets	25,331	24,683
Current liabilities:
Accounts payable	3,009	3,147
Accrued employee compensation and benefits	690	689
Accrual for Taxes Other than Income Taxes, Current	281	370
Current portion of operating lease liabilities	251	262
Other current liabilities	747	750
Total current liabilities	5,460	5,608
Long-term debt	7,639	7,636
Operating lease liabilities	805	911
Employee compensation and benefits	392	408
Other liabilities	683	687
Total liabilities	14,979	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	$ 38	$ 63
Accumulated other comprehensive loss	(329)	(331)
Retained earnings	13,865	12,536
Treasury stock, at cost	$ (5,940)	$ (5,540)
Treasury shares (in shares)	187	176
Company shareholders' equity	$ 10,296	$ 9,391
Noncontrolling interest in consolidated subsidiaries	56	42
Total shareholders' equity	10,352	9,433
Total liabilities and shareholders' equity	25,331	24,683
Accrued Income Taxes, Current	$ 482	$ 390
UNITED STATES | Revenue Benchmark [Member] | Geographic Concentration Risk [Member]
Shareholders' equity:
Concentration Risk, Percentage	41%

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions		3 Months Ended		9 Months Ended		12 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net income (loss)		$ 609	$ 655	$ 1,902	$ 1,995
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation, depletion and amortization				804	742
Changes in assets and liabilities:
Receivables				(516)	(522)
Accounts payable				(145)	137
Inventories				16	(413)
Other operating activities				232	109
Total cash flows provided by operating activities				2,409	2,048
Cash flows from investing activities:
Capital expenditures				(1,016)	(980)
Payments to Acquire Marketable Securities				(320)	(301)
Proceeds from sales of property, plant and equipment				149	136
Other investing activities				(160)	(91)
Total cash flows used in investing activities				(1,210)	(1,124)
Cash flows from financing activities:
Dividends to shareholders				(452)	(433)
Repayments of Long-term Debt				0	(150)
Payments for Repurchase of Common Stock				696	546
Other financing activities				(37)	2
Total cash flows used in financing activities				(1,185)	(1,127)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations				(100)	(107)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total				(86)	(310)
Cash and equivalents at beginning of period		$ 2,264	$ 2,346	2,264	2,346	$ 2,346
Cash and equivalents at end of period						2,264
Cash and equivalents at end of period				2,178	2,036	$ 2,264
Cash payments during the period for:
Interest				336	355
Income taxes				$ 369	528
Maximum Percentage Gross Trade Receivables From One Customer				10%		10%
Proceeds from Sale and Maturity of Marketable Securities				$ 137	112
Impairments and other charges	[1]			$ 116	$ 0
UNITED STATES | Accounts Receivable [Member] | Geographic Concentration Risk [Member]
Cash payments during the period for:
Concentration Risk, Percentage				30%		33%
MEXICO | Accounts Receivable [Member] | Geographic Concentration Risk [Member]
Cash payments during the period for:
Concentration Risk, Percentage				12%		9%
[1] For the three and nine months ended September 30, 2024, the amount includes a $45 million charge attributable to Completion and Production, a $34 million charge attributable to Drilling and Evaluation, and a $37 million charge attributable to Corporate and other. See Note 2 for further discussion on impairments and other charges.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss, Current	$ 756	$ 742
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 12,431	$ 12,064

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 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 (U.S. 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 September 30, 2024, the results of our operations for the three and nine months ended September 30, 2024 and 2023, and our cash flows for the nine months ended September 30, 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 and nine months ended September 30, 2024 may not be indicative of results for the full year.

Impairments and Other Charges

Impairments and Other Charges	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Impairments and Other Charges	Impairments and Other Charges The following table presents various pre-tax charges we recorded during the three and nine months ended September 30, 2024, which are reflected within “Impairments and other charges” on our condensed consolidated statements of operations. Three Months Ended Nine Months Ended Millions of dollars 2024 2024 Severance $ 63 $ 63 Impairment of assets held for sale 49 49 Cybersecurity incident 35 35 Gain on equity investment (43) (43) Other 12 12 Total impairments and other charges $ 116 $ 116 Of the $116 million net charges recorded during the three and nine months ended September 30, 2024 , $45 million was attributable to our Completion and Production segment, $34 million was attributable to our Drilling and Evaluation segment, and $37 million was attributable to Corporate and other. During the three months ended September 30, 2024, we recorded $63 million in severance expense as we rationalized global headcount to reflect growth expectations. During the third quarter of 2024, we recorded a $49 million impairment associated with a strategic decision to market for sale a portion of our chemical business. As disclosed within our Form 8-Ks filed on August 23, 2024, and September 3, 2024, we became aware that an unauthorized third party gained access to certain of our systems. As a result, we incurred $35 million in expenses during the three months ended September 30, 2024 related to the engagement of external advisors to assess and remediate the effects of the activity, and restore our systems, as well as legal fees, payroll related costs, and other expenses . Additionally, we recognized a gain of $43 million related to a fair value adjustment on an equity investment during the three months ended September 30, 2024 . During the three and nine months ended September 30, 2023, there were no amounts recorded in impairments and other charges.

Business Segment and Geographic

Business Segment and Geographic Information	9 Months Ended
	Sep. 30, 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 Nine Months Ended Millions of dollars 2024 2023 2024 2023 Revenue: Completion and Production $ 3,299 $ 3,487 $ 10,073 $ 10,372 Drilling and Evaluation 2,398 2,317 7,261 6,907 Total revenue $ 5,697 $ 5,804 $ 17,334 $ 17,279 Operating income: Completion and Production $ 669 $ 746 $ 2,080 $ 2,119 Drilling and Evaluation 406 378 1,207 1,123 Total operations 1,075 1,124 3,287 3,242 Corporate and other (a) (60) (64) (190) (181) SAP S4 upgrade expense (28) (23) (91) (36) Impairments and other charges (b) (116) — (116) — Total operating income $ 871 $ 1,037 $ 2,890 $ 3,025 Interest expense, net of interest income (85) (94) (269) (297) Loss on Blue Chip Swap transactions (c) — — — (104) Other, net (d) (52) (27) (180) (96) Income before income taxes $ 734 $ 916 $ 2,441 $ 2,528 (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) For the three and nine months ended September 30, 2024, the amount includes a $45 million charge attributable to Completion and Production, a $34 million charge attributable to Drilling and Evaluation, and a $37 million charge attributable to Corporate and other. See Note 2 for further discussion on impairments and other charges. (c) The Central Bank of Argentina maintains currency controls that limit our ability to access U.S. dollars in Argentina and remit cash from our Argentine operations. Our execution of certain trades, known as Blue Chip Swaps, which effectively results in a parallel U.S. dollar exchange rate, resulted in a $104 million pre-tax loss during the nine months ended September 30, 2023. (d) During the nine months ended September 30, 2024, Halliburton incurred a charge of $82 million primarily due to the impairment of an investment in Argentina and currency devaluation in Egypt.

Revenue

Revenue	9 Months Ended
	Sep. 30, 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, 41% and 45% of our consolidated revenue was from the United States for the nine months ended September 30, 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 Nine Months Ended Millions of dollars 2024 2023 2024 2023 Revenue by segment: Completion and Production $ 3,299 $ 3,487 $ 10,073 $ 10,372 Drilling and Evaluation 2,398 2,317 7,261 6,907 Total revenue $ 5,697 $ 5,804 $ 17,334 $ 17,279 Revenue by geographic region: North America $ 2,386 $ 2,608 $ 7,413 $ 8,069 Latin America 1,053 1,048 3,258 2,957 Europe/Africa/CIS 722 734 2,208 2,094 Middle East/Asia 1,536 1,414 4,455 4,159 Total revenue $ 5,697 $ 5,804 $ 17,334 $ 17,279 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 customers’ 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 September 30, 2024, 30% of our net trade receivables was from customers in the United States and 12% was from customers in Mexico. As of December 31, 2023, 33% of our net trade receivables was from customers in the United States and 9% was from customers in Mexico. Receivables from our primary customer in Mexico accounted for approximately 10% and 6% of our total receivables as of September 30, 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 and Mexico 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	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: Millions of dollars September 30, December 31, Finished products and parts $ 1,987 $ 2,069 Raw materials and supplies 1,063 1,021 Work in process 144 136 Total inventories $ 3,194 $ 3,226

Payables and Accruals

Payables and Accruals	9 Months Ended
	Sep. 30, 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 supplier finance program 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 $321 million as of September 30, 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	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three months ended September 30, 2024, we recorded a total income tax provision of $154 million, which included a partial release of a valuation allowance on our deferred tax assets in the amount of $41 million, on a pre-tax income of $734 million, resulting in an effective tax rate of 21.0% for the quarter. During the three months ended September 30, 2023, we recorded a total income tax provision of $192 million on a pre-tax income of $916 million, resulting in an effective tax rate of 21.0% for the quarter. During the nine months ended September 30, 2024, we recorded a total income tax provision of $539 million, which included a partial release of a valuation allowance on our deferred tax assets in the amount of $41 million, on a pre-tax income of $2.4 billion, resulting in an effective tax rate of 22.1% for the period. During the nine months ended September 30, 2023, we recorded a total income tax provision of $533 million on a pre-tax income of $2.5 billion, resulting in an effective tax rate of 21.1% for the period. 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 Internal Revenue Service (the IRS). As of September 30, 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 twelve 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	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Shareholders’ Equity The following tables summarize our shareholders’ equity activity for the three and nine months ended September 30, 2024 and September 30, 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 Comprehensive income (loss): Net income — — — 709 — 4 713 Other comprehensive income (loss) — — — — — — — Cash dividends ($0.17 per share) — — — (151) — — (151) Stock repurchase program — — (250) — — — (250) Stock plans (a) 1 — 151 (96) — — 56 Other — — — — — (4) (4) Balance at June 30, 2024 $ 2,663 $ — $ (5,781) $ 13,450 $ (332) $ 46 $ 10,046 Comprehensive income (loss): Net income — — — 571 — 9 580 Other comprehensive income — — — — 3 — 3 Cash dividends ($0.17 per share) — — — (150) — — (150) Stock repurchase program — — (196) — — — (196) Stock plans (a) (1) 38 37 (6) — — 68 Other — — — — — 1 1 Balance at September 30, 2024 $ 2,662 $ 38 $ (5,940) $ 13,865 $ (329) $ 56 $ 10,352 (a) In the first, second, and third 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, $96 million, and $6 million, respectively. 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 Comprehensive income (loss): Net income — — — 610 — 6 616 Other comprehensive income — — — — 1 — 1 Cash dividends ($0.16 per share) — — — (144) — — (144) Stock repurchase program — — (250) — — — (250) Stock plans (a) (1) — 144 (82) — — 61 Other — — — — — (2) (2) Balance at June 30, 2023 $ 2,663 $ — $ (5,201) $ 11,459 $ (228) $ 34 $ 8,727 Comprehensive income (loss): Net income — — — 716 — 8 724 Other comprehensive income — — — — 1 — 1 Cash dividends ($0.16 per share) — — — (144) — — (144) Stock repurchase program — — (200) — — — (200) Stock plans (a) — 26 71 (13) — — 84 Other — — — — — (3) (3) Balance at September 30, 2023 $ 2,663 $ 26 $ (5,330) $ 12,018 $ (227) $ 39 $ 9,189 (a) In the first, second, and third quarters 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, $82 million, and $13 million, respectively. 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 6.2 million shares of our common stock under the program during the three months ended September 30, 2024 for $196 million. Approximately $3.4 billion remained authorized for repurchases under the program as of September 30, 2024. From the inception of this program in February of 2006 through September 30, 2024, we repurchased 273 million shares of our common stock for a total cost of approximately $10.8 billion. We repurchased 5.1 million shares of our common stock under the program during the three months ended September 30, 2023 for approximately $200 million. Accumulated other comprehensive loss consisted of the following: Millions of dollars September 30, December 31, Cumulative translation adjustments $ (82) $ (84) Defined benefit and other postretirement liability adjustments (209) (207) Other (38) (40) Total accumulated other comprehensive loss $ (329) $ (331)

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 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	9 Months Ended
	Sep. 30, 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 Nine Months Ended Millions of shares 2024 2023 2024 2023 Basic weighted average common shares outstanding 881 898 885 901 Dilutive effect of awards granted under our stock incentive plans — 4 1 3 Diluted weighted average common shares outstanding 881 902 886 904 Antidilutive shares: Options with exercise price greater than the average market price 9 11 10 13 Total antidilutive shares 9 11 10 13

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 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: September 30, 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 $ 7,711 $ 101 $ 7,812 $ 7,639 $ 7,419 $ 378 $ 7,797 $ 7,636 In the first nine months of 2024, the fair value of our total debt increased as a result of lower 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.

Revenue (Policies)

Revenue (Policies)	9 Months Ended
	Sep. 30, 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.

Impairments and Other Charges (

Impairments and Other Charges (Tables)	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Impairments and Other Charges	The following table presents various pre-tax charges we recorded during the three and nine months ended September 30, 2024, which are reflected within “Impairments and other charges” on our condensed consolidated statements of operations. Three Months Ended Nine Months Ended Millions of dollars 2024 2024 Severance $ 63 $ 63 Impairment of assets held for sale 49 49 Cybersecurity incident 35 35 Gain on equity investment (43) (43) Other 12 12 Total impairments and other charges $ 116 $ 116

Business Segment and Geograph_2

Business Segment and Geographic Information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Information on business segments	The following table presents information on our business segments. Three Months Ended Nine Months Ended Millions of dollars 2024 2023 2024 2023 Revenue: Completion and Production $ 3,299 $ 3,487 $ 10,073 $ 10,372 Drilling and Evaluation 2,398 2,317 7,261 6,907 Total revenue $ 5,697 $ 5,804 $ 17,334 $ 17,279 Operating income: Completion and Production $ 669 $ 746 $ 2,080 $ 2,119 Drilling and Evaluation 406 378 1,207 1,123 Total operations 1,075 1,124 3,287 3,242 Corporate and other (a) (60) (64) (190) (181) SAP S4 upgrade expense (28) (23) (91) (36) Impairments and other charges (b) (116) — (116) — Total operating income $ 871 $ 1,037 $ 2,890 $ 3,025 Interest expense, net of interest income (85) (94) (269) (297) Loss on Blue Chip Swap transactions (c) — — — (104) Other, net (d) (52) (27) (180) (96) Income before income taxes $ 734 $ 916 $ 2,441 $ 2,528 (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) For the three and nine months ended September 30, 2024, the amount includes a $45 million charge attributable to Completion and Production, a $34 million charge attributable to Drilling and Evaluation, and a $37 million charge attributable to Corporate and other. See Note 2 for further discussion on impairments and other charges. (c) The Central Bank of Argentina maintains currency controls that limit our ability to access U.S. dollars in Argentina and remit cash from our Argentine operations. Our execution of certain trades, known as Blue Chip Swaps, which effectively results in a parallel U.S. dollar exchange rate, resulted in a $104 million pre-tax loss during the nine months ended September 30, 2023. (d) During the nine months ended September 30, 2024, Halliburton incurred a charge of $82 million primarily due to the impairment of an investment in Argentina and currency devaluation in Egypt.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue [Abstract]
Disaggregation of Revenue	The following table presents information on our disaggregated revenue. Three Months Ended Nine Months Ended Millions of dollars 2024 2023 2024 2023 Revenue by segment: Completion and Production $ 3,299 $ 3,487 $ 10,073 $ 10,372 Drilling and Evaluation 2,398 2,317 7,261 6,907 Total revenue $ 5,697 $ 5,804 $ 17,334 $ 17,279 Revenue by geographic region: North America $ 2,386 $ 2,608 $ 7,413 $ 8,069 Latin America 1,053 1,048 3,258 2,957 Europe/Africa/CIS 722 734 2,208 2,094 Middle East/Asia 1,536 1,414 4,455 4,159 Total revenue $ 5,697 $ 5,804 $ 17,334 $ 17,279

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following: Millions of dollars September 30, December 31, Finished products and parts $ 1,987 $ 2,069 Raw materials and supplies 1,063 1,021 Work in process 144 136 Total inventories $ 3,194 $ 3,226

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Summary of shareholders' equity activity		The following tables summarize our shareholders’ equity activity for the three and nine months ended September 30, 2024 and September 30, 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 Comprehensive income (loss): Net income — — — 709 — 4 713 Other comprehensive income (loss) — — — — — — — Cash dividends ($0.17 per share) — — — (151) — — (151) Stock repurchase program — — (250) — — — (250) Stock plans (a) 1 — 151 (96) — — 56 Other — — — — — (4) (4) Balance at June 30, 2024 $ 2,663 $ — $ (5,781) $ 13,450 $ (332) $ 46 $ 10,046 Comprehensive income (loss): Net income — — — 571 — 9 580 Other comprehensive income — — — — 3 — 3 Cash dividends ($0.17 per share) — — — (150) — — (150) Stock repurchase program — — (196) — — — (196) Stock plans (a) (1) 38 37 (6) — — 68 Other — — — — — 1 1 Balance at September 30, 2024 $ 2,662 $ 38 $ (5,940) $ 13,865 $ (329) $ 56 $ 10,352 (a) In the first, second, and third 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, $96 million, and $6 million, respectively. 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 Comprehensive income (loss): Net income — — — 610 — 6 616 Other comprehensive income — — — — 1 — 1 Cash dividends ($0.16 per share) — — — (144) — — (144) Stock repurchase program — — (250) — — — (250) Stock plans (a) (1) — 144 (82) — — 61 Other — — — — — (2) (2) Balance at June 30, 2023 $ 2,663 $ — $ (5,201) $ 11,459 $ (228) $ 34 $ 8,727 Comprehensive income (loss): Net income — — — 716 — 8 724 Other comprehensive income — — — — 1 — 1 Cash dividends ($0.16 per share) — — — (144) — — (144) Stock repurchase program — — (200) — — — (200) Stock plans (a) — 26 71 (13) — — 84 Other — — — — — (3) (3) Balance at September 30, 2023 $ 2,663 $ 26 $ (5,330) $ 12,018 $ (227) $ 39 $ 9,189 (a) In the first, second, and third quarters 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, $82 million, and $13 million, respectively. 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 September 30, December 31, Cumulative translation adjustments $ (82) $ (84) Defined benefit and other postretirement liability adjustments (209) (207) Other (38) (40) Total accumulated other comprehensive loss $ (329) $ (331)

Income (Loss) per Share (Tables

Income (Loss) per Share (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended Millions of shares 2024 2023 2024 2023 Basic weighted average common shares outstanding 881 898 885 901 Dilutive effect of awards granted under our stock incentive plans — 4 1 3 Diluted weighted average common shares outstanding 881 902 886 904 Antidilutive shares: Options with exercise price greater than the average market price 9 11 10 13 Total antidilutive shares 9 11 10 13

Fair value by balance sheet gro

Fair value by balance sheet grouping table (Tables)	9 Months Ended
	Sep. 30, 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: September 30, 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 $ 7,711 $ 101 $ 7,812 $ 7,639 $ 7,419 $ 378 $ 7,797 $ 7,636

Impairments and Other Charges_2

Impairments and Other Charges (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Operating lease right-of-use assets		$ 1,001		$ 1,001		$ 1,088
Current portion of operating lease liabilities		251		251		$ 262
Gain (Loss) on Investments		(43)		(43)
Other		12		12
Impairments and other charges	[1]	116	$ 0	116	$ 0
Severance costs		63		63
Impairment Charge on Reclassified Assets		49		49
Self Insurance Reserve, Current		35		35
Completion And Production [Member]
Restructuring Cost and Reserve [Line Items]
Impairments and other charges		45		45
Drilling And Evaluation [Member]
Restructuring Cost and Reserve [Line Items]
Impairments and other charges		34		34
Corporate Segment and Other Operating Segment [Member]
Restructuring Cost and Reserve [Line Items]
Impairments and other charges		$ 37		$ 37
[1] For the three and nine months ended September 30, 2024, the amount includes a $45 million charge attributable to Completion and Production, a $34 million charge attributable to Drilling and Evaluation, and a $37 million charge attributable to Corporate and other. See Note 2 for further discussion on impairments and other charges.

Business Segment and Geograph_3

Business Segment and Geographic Information (Narrative) (Details)	Sep. 30, 2024 Customers Division	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		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Revenue		$ 5,697	$ 5,804	$ 17,334	$ 17,279
Operating income (loss):
Operating income		871	1,037	2,890	3,025
Interest expense, net of interest income		(85)	(94)	(269)	(297)
Other, net		(52)	(27)	(180)	(96)
Income (loss) from continuing operations before income taxes		734	916	2,441	2,528
SAP S4 Upgrade Expense		(28)	(23)	(91)	(36)
Argentina investment impairment and Egypt Devaluation				(82)
Impairments and other charges	[1]	116	0	116	0
Total operations
Operating income (loss):
Gross Profit		1,075	1,124	3,287	3,242
Completion and Production
Revenue:
Revenue		3,299	3,487	10,073	10,372
Operating income (loss):
Impairments and other charges		45		45
Completion and Production | Total operations
Operating income (loss):
Gross Profit		669	746	2,080	2,119
Drilling and Evaluation
Revenue:
Revenue		2,398	2,317	7,261	6,907
Operating income (loss):
Impairments and other charges		34		34
Drilling and Evaluation | Total operations
Operating income (loss):
Gross Profit		406	378	1,207	1,123
Corporate Segment and Other Operating Segment [Member]
Operating income (loss):
Other General Expense		(60)	$ (64)	(190)	$ (181)
Impairments and other charges		$ 37		$ 37
[1] For the three and nine months ended September 30, 2024, the amount includes a $45 million charge attributable to Completion and Production, a $34 million charge attributable to Drilling and Evaluation, and a $37 million charge attributable to Corporate and other. See Note 2 for further discussion on impairments and other charges.

Revenue (Details)

Revenue (Details) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) Customers Division	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Customers Division	Sep. 30, 2023 USD ($)	Dec. 31, 2023 Customers
Disaggregation of Revenue [Line Items]
Number of business segments | Division	2		2
Revenue	$ 5,697	$ 5,804	$ 17,334	$ 17,279
Revenue, Performance Obligation, Description of Timing			one year
NumberOfCustomersExceedReceivablesThreshold | Customers	0		0		0
North America [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 2,386	2,608	$ 7,413	8,069
Latin America [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,053	1,048	3,258	2,957
Europe/Africa/CIS [Member]
Disaggregation of Revenue [Line Items]
Revenue	722	734	2,208	2,094
Middle East/Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,536	1,414	4,455	4,159
Completion And Production [Member]
Disaggregation of Revenue [Line Items]
Revenue	3,299	3,487	10,073	10,372
Drilling And Evaluation [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 2,398	$ 2,317	$ 7,261	$ 6,907
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			41%	45%
Accounts Receivable [Member] | UNITED STATES | Geographic Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage			30%		33%
Accounts Receivable [Member] | MEXICO | Geographic Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage			12%		9%
Accounts Receivable [Member] | MEXICO | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage			10%		6%

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory, Net [Abstract]
Finished products and parts	$ 1,987	$ 2,069
Raw materials and supplies	1,063	1,021
Work in process	144	136
Inventory, net	$ 3,194	$ 3,226

Payables and Accruals (Details)

Payables and Accruals (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Outstanding Supplier Finance Payment Obligation	$ 321	$ 322
Supplier Finance Program [Line Items]
Supplier Finance Program, Payment Timing, Period	90 days

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$ 154	$ 192	$ 539	$ 533
Income (loss) from continuing operations before income taxes	$ 734	$ 916	$ 2,441	$ 2,528
Effective tax rate	21%	21%	22.10%	21.10%
2016 Baker Hughes Merger Termination Fee	$ 3,500		$ 3,500
Valuation Allowance [Line Items]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 41		$ 41

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended										9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024		Mar. 31, 2024		Sep. 30, 2023	Jun. 30, 2023		Mar. 31, 2023		Sep. 30, 2024	Sep. 30, 2023
Shareholders' equity activity [Roll Forward]
Beginning Balance	$ 10,046	$ 9,682		$ 9,433		$ 8,727	$ 8,445		$ 7,977		$ 9,433	$ 7,977
Net income (loss)	580	713		609		724	616		655		1,902	1,995
Other comprehensive income (loss)	3	0		0		1	1		1		3	3
Cash dividends	(150)	(151)		(151)		(144)	(144)		(145)
Stock Repurchased During Period, Value	(196)	(250)		(250)		(200)	(250)		(100)
Stock plans	(68)	(56)		(41)		(84)	(61)		(60)
Other	(1)	4		0		3	2		3
Ending Balance	$ 10,352	$ 10,046		$ 9,682		$ 9,189	$ 8,727		$ 8,445		10,352	9,189
Common Stock, Dividends, Per Share, Declared	$ 0.17	$ 0.17		$ 0.17		$ 0.16	$ 0.16		$ 0.16
Stock Repurchased During Period, Shares	6.2					5.1
Common Shares
Shareholders' equity activity [Roll Forward]
Beginning Balance	$ 2,663	$ 2,662		$ 2,663		$ 2,663	$ 2,664		$ 2,664		2,663	2,664
Net income (loss)	0	0		0		0	0		0
Other comprehensive income (loss)	0	0		0		0	0		0
Cash dividends	0	0		0		0	0		0
Stock Repurchased During Period, Value	0	0		0		0	0		0
Stock plans	(1)	(1)		(1)		0	(1)		0
Other	0	0		0		0	0		0
Ending Balance	2,662	2,663		2,662		2,663	2,663		2,664		2,662	2,663
Paid-in Capital in Excess of Par Value
Shareholders' equity activity [Roll Forward]
Beginning Balance	0	0		63		0	0		50		63	50
Net income (loss)	0	0		0		0	0		0
Other comprehensive income (loss)	0	0		0		0	0		0
Cash dividends	0	0		0		0	0		0
Stock Repurchased During Period, Value	0	0		0		0	0		0
Stock plans	(38)	0		(63)		(26)	0		(50)
Other	0	0		0		0	0		0
Ending Balance	38	0		0		26	0		0		38	26
Retained Earnings
Shareholders' equity activity [Roll Forward]
Beginning Balance	13,450	12,988		12,536		11,459	11,075		10,572		12,536	10,572
Net income (loss)	571	709		606		716	610		651
Other comprehensive income (loss)	0	0		0		0	0		0
Cash dividends	(150)	(151)		(151)		(144)	(144)		(145)
Stock Repurchased During Period, Value	0	0		0		0	0		0
Stock plans	(6)	(96)	[1]	(3)	[1]	(13)	(82)	[2]	(3)	[2]
Other	0	0		0		0	0		0
Ending Balance	13,865	13,450		12,988		12,018	11,459		11,075		13,865	12,018
Accumulated Other Comprehensive Income (Loss)
Shareholders' equity activity [Roll Forward]
Beginning Balance	(332)	(332)		(331)		(228)	(229)		(230)		(331)	(230)
Net income (loss)	0	0		0		0	0		0
Other comprehensive income (loss)	3	0		(1)		1	1		1
Cash dividends	0	0		0		0	0		0
Stock Repurchased During Period, Value	0	0		0		0	0		0
Stock plans	0	0		0		0	0		0
Other	0	0		0		0	0		0
Ending Balance	(329)	(332)		(332)		(227)	(228)		(229)		(329)	(227)
Noncontrolling Interest in Consolidated Subsidiaries
Shareholders' equity activity [Roll Forward]
Beginning Balance	46	46		42		34	30		29		42	29
Net income (loss)	9	4		3		8	6		4
Other comprehensive income (loss)	0	0		1		0	0		0
Cash dividends	0	0		0		0	0		0
Stock Repurchased During Period, Value	0	0		0		0	0		0
Stock plans	0	0		0		0	0		0
Other	(1)	4		0		3	2		3
Ending Balance	56	46		46		39	34		30		56	39
Treasury Stock, Common
Shareholders' equity activity [Roll Forward]
Beginning Balance	(5,781)	(5,682)		(5,540)		(5,201)	(5,095)		(5,108)		(5,540)	(5,108)
Net income (loss)	0	0		0		0	0		0
Other comprehensive income (loss)	0	0		0		0	0		0
Cash dividends	0	0		0		0	0		0
Stock Repurchased During Period, Value	196	250		250		200	250		100
Stock plans	(37)	(151)		(108)		(71)	(144)		(113)
Other	0	0		0		0	0		0
Ending Balance	$ (5,940)	$ (5,781)		$ (5,682)		$ (5,330)	$ (5,201)		$ (5,095)		$ (5,940)	$ (5,330)
[1] In the first, second, and third 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, $96 million, and $6 million, respectively. Future issuances from treasury shares could similarly impact additional paid in capital and retained earnings. In the first, second, and third quarters 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, $82 million, and $13 million, respectively. 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	Sep. 30, 2024	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Defined benefit and other postretirement liability adjustments	$ (209)	$ (207)
Cumulative translation adjustments	(82)	(84)
Other	(38)	(40)
Total accumulated other comprehensive loss	$ (329)	$ (331)

Shareholders' Equity Repurchase

Shareholders' Equity Repurchase Activity (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Repurchase Activity [Abstract]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	$ 3,400
Treasury Stock Shares Acquired From Inception	273
Treasury Stock Value Acquired Cost Method From Inception	$ 10,800
Shareholders' Equity Activity Summarization [Line Items]
Stock Repurchased During Period, Shares	6.2			5.1
Stock Repurchased During Period, Value	$ (196)	$ (250)	$ (250)	$ (200)	$ (250)	$ (100)
Treasury Stock, Common
Shareholders' Equity Activity Summarization [Line Items]
Stock Repurchased During Period, Value	$ 196	$ 250	$ 250	$ 200	$ 250	$ 100

Commitments and Contingencies (

Commitments and Contingencies (Guarantee Arrangements) (Details) $ in Billions	Sep. 30, 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted average common shares outstanding (in shares)	881	898	885	901
Dilutive effect of awards granted under our stock incentive plans	0	4	1	3
Diluted weighted average common shares outstanding (in shares)	881	902	886	904
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options with exercise price greater than the average market price	9	11	10	13
Total antidilutive shares	9	11	10	13

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Aug. 05, 2024	Dec. 31, 2023	Dec. 26, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of days from period end	2 days
CDS Contract A
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit Derivative, Term	17 months
Derivative, Notional Amount	$ 217			$ 300
CDS Contract B
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit Derivative, Term	21 months
Derivative, Notional Amount	$ 235	$ 256
Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	7,812		$ 7,797
Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, Long-term and Short-term, Combined Amount	7,639		7,636
Level 1 | Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	7,711		7,419
Level 2 | Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	101		378
Level 3 | Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 0		$ 0