0000045012-20-000107 | 10-Q | XBRL Viewer

$ 2,975,000,000

$ 5,550,000,000

$ 11,208,000,000

$ 17,217,000,000

Operating costs and expenses:

General and administrative

133,000,000

^[1]

3,353,000,000

^[1]

308,000,000

^[1]

41,000,000

53,000,000

138,000,000

168,000,000

Total operating costs and expenses

2,833,000,000

5,014,000,000

13,548,000,000

16,013,000,000

Interest expense, net of interest income

142,000,000

536,000,000

(2,340,000,000)

1,204,000,000

(122,000,000)

(141,000,000)

(380,000,000)

(428,000,000)

Interest income

11,000,000

6,000,000

28,000,000

18,000,000

Income (loss) from continuing operations before income taxes

(168,000,000)

^[2]

Other, net

(21,000,000)

(23,000,000)

(92,000,000)

(61,000,000)

(1,000,000)

372,000,000

(2,980,000,000)

715,000,000

Income tax (provision) benefit

(18,000,000)

(76,000,000)

265,000,000

(190,000,000)

Net income (loss)

(19,000,000)

296,000,000

(2,715,000,000)

525,000,000

Net (income) loss attributable to noncontrolling interest

2,000,000

(1,000,000)

5,000,000

(3,000,000)

Net income (loss) attributable to company

$ (17,000,000)

$ 295,000,000

$ (2,710,000,000)

$ 522,000,000

Basic and diluted net income per share

$ (0.02)

$ 0.34

$ (3.08)

$ 0.60

Weighted Average Number of Shares Outstanding, Basic

882

876

879

874

Weighted Average Number of Shares Outstanding, Diluted

882

876

879

875

Services [Member]

Revenue:

Cost of services and sales

$ 2,068,000,000

$ 4,207,000,000

$ 7,940,000,000

$ 13,118,000,000

Operating costs and expenses:

1,904,000,000

3,860,000,000

7,394,000,000

12,220,000,000

Product sales [Member]

Revenue:

Cost of services and sales

907,000,000

1,343,000,000

3,268,000,000

4,099,000,000

Operating costs and expenses:

$ 755,000,000

$ 1,101,000,000

$ 2,663,000,000

$ 3,317,000,000

[1]

For the three months ended September 30, 2020, amount includes approximately $90 million attributable to Completion and Production, $40 million attributable to Drilling and Evaluation, and $3 million attributable to Corporate and other. For the nine months ended September 30, 2020, amount includes $2.1 billion attributable to Completion and Production, $1.2 billion attributable to Drilling and Evaluation, and $44 million attributable to Corporate and other. For the nine months ended September 30, 2019, amount includes $127 million attributable to Completion and Production, $153 million attributable to Drilling and Evaluation, and $28 million attributable to Corporate and other. See Note 2 for further discussion on these impairments and other charges. There were no impairments and other charges recorded during the three months ended September 30, 2019.

[2]

For the nine months ended September 30, 2020, amount includes a $168 million loss on extinguishment of debt related to the early repurchase of senior notes. See Note 6 for further discussion on this charge.

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net income (loss)	$ (19)	$ 296	$ (2,715)	$ 525
Other comprehensive income (loss), net of income taxes	2	0	22	2
Comprehensive income (loss)	(17)	296	(2,693)	527
Comprehensive (income) loss attributable to noncontrolling interest	1	(1)	4	(3)
Comprehensive income (loss) attributable to company shareholders	$ (16)	$ 295	$ (2,689)	$ 524

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Impairments and Other Charges [Abstract]

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and equivalents	$ 2,115	$ 2,268
Receivables net of allowances for bad debts	3,145	4,577
Allowance for bad debts	818	776
Inventories	2,580	3,139
Other current assets	1,183	1,228
Total current assets	9,023	11,212
Property, plant, and equipment, net of accumulated depreciation	5,033	7,310
Accumulated depreciation	11,240	12,630
Goodwill	2,804	2,812
Deferred income taxes	2,056	1,683
Operating lease right-of-use assets	761	931
Other assets	1,197	1,429
Total assets	20,874	25,377
Current liabilities:
Accounts payable	1,548	2,432
Accrued employee compensation and benefits	503	604
Current portion of operating lease liabilities	240	208
Current maturities of long-term debt	195	11
Other current liabilities	1,437	1,623
Total current liabilities	3,923	4,878
Long-term debt	9,632	10,316
Operating lease liabilities	754	825
Employee compensation and benefits	530	525
Other liabilities	832	808
Total liabilities	15,671	17,352
Shareholders' equity:
Common stock, par value $2.50 per share	$ 2,666	$ 2,669
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)	1,066	1,068
Paid-in capital in excess of par value	$ 23	$ 143
Accumulated other comprehensive loss	(340)	(362)
Retained earnings	8,987	11,989
Treasury stock, at cost	$ (6,136)	$ (6,427)
Treasury shares (in shares)	183	190
Company shareholders' equity	$ 5,200	$ 8,012
Noncontrolling interest in consolidated subsidiaries	3	13
Total shareholders' equity	5,203	8,025
Total liabilities and shareholders' equity	$ 20,874	$ 25,377

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income (loss)	$ (2,715)	$ 525
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Impairments and other charges	3,353	308
Depreciation, depletion and amortization	829	1,253
Deferred Income Tax Expense (Benefit)	(380)	(77)
Changes in assets and liabilities:
Receivables	1,294	7
Accounts payable	(933)	(283)
Inventories	115	(380)
Other operating activities	174	(2)
Total cash flows provided by operating activities	1,243	1,278
Cash flows from investing activities:
Capital expenditures	(510)	(1,190)
Proceeds from sales of property, plant and equipment	199	143
Other investing activities	(33)	(83)
Total cash flows used in investing activities	(344)	(1,130)
Cash flows from financing activities:
Payments on long-term borrowings	(1,653)	(11)
Proceeds from issuance of long-term debt, net	994	0
Dividends to shareholders	(238)	(472)
Stock repurchase program	(100)	(100)
Other financing activities	25	33
Total cash flows used in financing activities	(972)	(550)
Effect of exchange rate changes on cash	(80)	(35)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	(153)	(437)
Cash and equivalents at beginning of period	2,268	2,008
Cash and equivalents at end of period	2,115	1,571
Cash payments during the period for:
Interest	396	394
Income taxes	$ 256	288
Maximum Percentage Gross Trade Receivables From One Customer	10.00%
Increase (Decrease) in Employee Related Liabilities	$ (494)	$ (73)

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared using generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, these financial statements do not include all information or notes required by generally accepted accounting principles for annual financial statements and should be read together with our 2019 Annual Report on Form 10-K. Our accounting policies are in accordance with United States generally accepted accounting principles. The preparation of financial statements in conformity with these accounting principles requires us to make estimates and assumptions that affect: •the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements; and •the reported amounts of revenue and expenses during the reporting period. Ultimate results could differ from our estimates. In our opinion, the condensed consolidated financial statements included herein contain all adjustments necessary to present fairly our financial position as of September 30, 2020 and the results of our operations for the three and nine months ended September 30, 2020 and 2019, and our cash flows for the nine months ended September 30, 2020 and 2019. 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, 2020 may not be indicative of results for the full year.

Impairments and Other Charges

9 Months Ended

Sep. 30, 2020

Impairments and Other Charges

The oil and gas industry has experienced unprecedented disruption during 2020 as a result of a combination of factors, including the substantial decline in global demand for oil caused by the COVID-19 pandemic and subsequent mitigation efforts. This disruption created a substantial surplus of oil and a decline in oil prices. West Texas Intermediate (WTI) oil spot prices decreased during the first quarter of 2020 from a high of $63 per barrel in early January of 2020 to approximately $21 per barrel by the end of the first quarter of 2020. Although oil prices have recovered modestly, WTI oil spot prices averaged approximately $41 per barrel during the third quarter of 2020, which is approximately 28% less than the average price per barrel during 2019. As a result, oil and gas activity has declined significantly during 2020, with the global rig count sinking to the lowest level since 1973. The U.S. average rig count continued to decline in the third quarter of 2020, dropping 35% compared to the second quarter of 2020, while the international rig count dropped 12% over the same period. In the first and second quarters of 2020, we determined these events constituted a triggering event that required us to review the recoverability of our long-lived assets and perform an interim goodwill impairment assessment as of March 31, 2020 and May 1, 2020. Our review resulted in the recording of impairments and other charges in the first half of 2020. As a result of our goodwill impairment assessments, we determined that the fair value of each reporting unit exceeded its net book value and, therefore, no goodwill impairments were deemed necessary.

The factors described above continued to impact our business in the third quarter of 2020 and affected our overall outlook globally. As a result, we recognized additional severance and other charges during the three months ended September 30, 2020, to further adjust our cost structure to reflect current market conditions; however, we determined there were no events that would indicate the carrying amount of long-lived assets may not be recoverable. The following table presents various pre-tax charges we recorded during the three months ended September 30, 2020 and nine months ended September 30, 2020 and 2019, which are reflected within "Impairments and other charges" on our condensed consolidated statements of operations. There were no impairments and other charges recorded during the three months ended September 30, 2019.


	Three Months Ended September 30		Nine Months Ended September 30
Millions of dollars	2020		2020		2019
Severance costs	$	83	$	356	$	77
Long-lived asset impairments	31		2,299		150
Inventory costs and write-downs	11		505		33
Other	8		193		48
Total impairments and other charges	$	133	$	3,353	$	308

Of the $133 million of severance and other charges recorded during the three months ended September 30, 2020, approximately $90 million was attributable to our Completion and Production segment and approximately $40 million was attributable to our Drilling and Evaluation segment.

Given the dynamic nature of the COVID-19 pandemic and related market conditions, we cannot reasonably estimate the period that these events will persist or the full extent of the impact they will have on our business. If market conditions continue to deteriorate, including crude oil prices further declining or remaining at low levels for a sustained period, we may record further asset impairments, which may include an impairment of the carrying value of our goodwill.

Business Segment and Geographic Information

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment Reporting Disclosure

Business Segment InformationWe operate under two divisions, which form the basis for the two operating segments we report: the Completion and Production segment and the Drilling and Evaluation segment. Our equity in earnings and losses of unconsolidated affiliates that are accounted for using the equity method of accounting are included within cost of services and cost of sales on our statements of operations, which is part of operating income of the applicable segment.

The following table presents information on our business segments.


	Three Months Ended September 30						Nine Months Ended September 30
Millions of dollars	2020		2019		2020		2019
Revenue:
Completion and Production	$	1,574	$	3,506	$	6,029	$	10,973
Drilling and Evaluation	1,401		2,044		5,179		6,244
Total revenue	$	2,975	$	5,550	$	11,208	$	17,217
Operating income (loss):
Completion and Production	$	212	$	446	$	713	$	1,284
Drilling and Evaluation	105		150		452		418
Total operations	317		596		1,165		1,702
Corporate and other (a)	(42)		(60)		(152)		(190)
Impairments and other charges (b)	(133)		—		(3,353)		(308)
Total operating income (loss)	$	142	$	536	$	(2,340)	$	1,204
Interest expense, net of interest income	(122)		(141)		(380)		(428)
Loss on early extinguishment of debt (c)	—		—		(168)		—
Other, net	(21)		(23)		(92)		(61)
Income (loss) before income taxes	$	(1)	$	372	$	(2,980)	$	715

(a) Includes certain expenses not attributable to a business segment, such as costs related to support functions and corporate executives, and includes amortization expense associated with intangible assets recorded as a result of acquisitions.

(b) For the three months ended September 30, 2020, amount includes approximately $90 million attributable to Completion and Production, $40 million attributable to Drilling and Evaluation, and $3 million attributable to Corporate and other. For the nine months ended September 30, 2020, amount includes $2.1 billion attributable to Completion and Production, $1.2 billion attributable to Drilling and Evaluation, and $44 million attributable to Corporate and other. For the nine months ended September 30, 2019, amount includes $127 million attributable to Completion and Production, $153 million attributable to Drilling and Evaluation, and $28 million attributable to Corporate and other. See Note 2 for further discussion on these impairments and other charges. There were no impairments and other charges recorded during the three months ended September 30, 2019.

(c) For the nine months ended September 30, 2020, amount includes a $168 million loss on extinguishment of debt related to the early repurchase of senior notes. See Note 6 for further discussion on this charge.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Revenue

9 Months Ended

Sep. 30, 2020

Revenue [Abstract]

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 customers' historical payment experience and financial condition. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 20 to 60 days. Other judgments involved in recognizing revenue include an assessment of progress towards completion of performance obligations for certain long-term contracts, which involve estimating total costs to determine our progress towards contract completion and calculating the corresponding amount of revenue to recognize.

Disaggregation of revenue

We disaggregate revenue from contracts with customers into types of services or products, consistent with our two reportable segments, in addition to geographical area. Based on the location of services provided and products sold, 38% and 53% of our consolidated revenue was from the United States for the nine months ended September 30, 2020 and 2019, respectively. No other country accounted for more than 10% of our revenue.

The following table presents information on our disaggregated revenue.


Millions of dollars	Three Months Ended September 30						Nine Months Ended September 30
Revenue by segment:	2020		2019		2020		2019
Completion and Production	$	1,574	$	3,506	$	6,029	$	10,973
Drilling and Evaluation	1,401		2,044		5,179		6,244
Total revenue	$	2,975	$	5,550	$	11,208	$	17,217
Revenue by geographic region:
North America	$	984	$	2,949	$	4,493	$	9,551
Latin America	380		608		1,242		1,766
Europe/Africa/CIS	649		831		2,171		2,402
Middle East/Asia	962		1,162		3,302		3,498
Total revenue	$	2,975	$	5,550	$	11,208	$	17,217

Contract balances

We perform our obligations under contracts with our customers by transferring services and products in exchange for consideration. The timing of our performance often differs from the timing of our customer’s payment, which results in the recognition of receivables and deferred revenue. Deferred revenue represents advance consideration received from customers for contracts where revenue is recognized on future performance of service. Deferred revenue, as well as revenue recognized during the period relating to amounts included as deferred revenue at the beginning of the period, was not material to our condensed consolidated financial statements.

Transaction price allocated to remaining performance obligations

Remaining performance obligations represent firm contracts for which work has not been performed and future revenue recognition is expected. We have elected the practical expedient permitting the exclusion of disclosing remaining performance obligations for contracts that have an original expected duration of one year or less. We have some long-term contracts related to software and integrated project management services such as lump sum turnkey contracts. For software contracts, revenue is generally recognized over time throughout the license period when the software is considered to be a right to access our intellectual property. For lump sum turnkey projects, we recognize revenue over time using an input method, which requires us to exercise judgment. Revenue allocated to remaining performance obligations for these long-term contracts is not material.

Receivables

As of September 30, 2020, 26% of our net trade receivables were from customers in the United States. As of December 31, 2019, 36% of our net trade receivables were from customers in the United States. No other country or single customer accounted for more than 10% of our trade receivables at those dates. As a result of the current market environment, we have an increased risk of delayed customer payments and payment defaults associated with customer liquidity issues and bankruptcies. We routinely monitor the financial stability of our customers and employ an extensive process to evaluate the collectability of outstanding receivables. This process, which involves a high degree of judgment utilizing significant assumptions, includes analysis of our customers’ historical time to pay, financial condition and various financial metrics, debt structure, credit agency ratings, and production profile, as well as political and economic factors in countries of operations and other customer-specific factors.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Inventories

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


Millions of dollars	September 30, 2020		December 31, 2019
Finished products and parts	$	1,452	$	1,865
Raw materials and supplies	1,061		1,147
Work in process	67		127
Total	$	2,580	$	3,139

During the nine months ended September 30, 2020, we recorded $505 million of impairment charges related to inventory. These charges primarily consisted of the disposal of excess inventory, including drilling fluids and other chemicals, and write-downs in which some of our inventory cost exceeded its market value.

Debt	9 Months Ended
Debt	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt	DebtOn March 3, 2020, we issued $1.0 billion aggregate principal amount of 2.92% senior notes due March 2030. Subsequently, on March 5, 2020, we completed a tender offer to purchase $1.5 billion aggregate principal amount of senior notes using proceeds from the debt issuance and cash on hand. The tender offer consisted of $500 million of 3.50% senior notes due August 2023 and $1.0 billion of 3.80% senior notes due November 2025. This early debt repurchase resulted in a $168 million loss on extinguishment, which included a tender premium, unamortized discounts and costs on the retired notes, and other tender fees. These costs were included in "Loss on early extinguishment of debt" on our condensed consolidated statements of operations for the nine months ended September 30, 2020.The $1.0 billion senior notes issued in March rank equally with our existing and future senior unsecured indebtedness, have semiannual interest payments, and have no sinking fund requirements. We may redeem some or all notes at any time at the applicable redemption prices, plus accrued and unpaid interest.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three months ended September 30, 2020, we recorded a total income tax provision of $18 million on a pre-tax loss of $1.0 million, resulting in an unusually high negative effective tax rate for the quarter. Our effective tax rate during the three months ended September 30, 2020 was impacted by the geographic mix of our earnings in conjunction with the immaterial loss this quarter. During the three months ended September 30, 2019, we recorded a total income tax provision of $76 million on pre-tax income of $372 million, resulting in an effective tax rate of 20.4%. Our effective tax rate during the three months ended September 30, 2019 was impacted by certain discrete tax benefits and the geographic mix of our earnings. During the nine months ended September 30, 2020, we recorded a total income tax benefit of $265 million on a pre-tax loss of $3.0 billion, resulting in an effective tax rate of 8.9%. The effective tax rate for this period was primarily impacted by our first quarter of 2020 results, which included the impacts of the COVID-19 pandemic and OPEC+ disagreements which created an unprecedented disruption in the oil and gas industry. After evaluating the negative impact that these events were expected to have on our business outlook, we determined that it was more likely than not that certain foreign tax credits would not be realized. Accordingly, we recognized a valuation allowance on our deferred tax assets in the amount of $310 million during the first quarter of 2020. Additionally, we recorded $3.4 billion of impairments and other charges and a $168 million loss on extinguishment of debt during the nine months ended September 30, 2020, resulting in a $696 million tax benefit recognized during the period. Our effective tax rate during the nine months ended September 30, 2020 was also impacted by the geographic mix of our earnings. During the nine months ended September 30, 2019, we recorded a total income tax provision of $190 million on pre-tax income of $715 million, resulting in an effective tax rate of 26.6%. Our effective tax rate during this period was significantly impacted by the impairments and other charges recorded, as we did not recognize a corresponding financial statement tax benefit for the majority of these charges. Additionally, our effective tax rate was impacted by the geographic mix of our earnings. See Note 2 for further information on these adverse market conditions and impairments and other charges recognized during the three and nine months ended September 30, 2020.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Stockholders' Equity Note [Abstract]

Shareholders' Equity

9 Months Ended

Sep. 30, 2020

Stockholders' Equity

Shareholders’ Equity

The following tables summarize our shareholders’ equity activity for the three and nine months ended September 30, 2020 and September 30, 2019, 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, 2019	$	2,669	$	143	$	(6,427)	$	11,989	$	(362)	$	13	$	8,025
Comprehensive income (loss):
Net income (loss)	—		—		—		(1,017)		—		2		(1,015)
Other comprehensive income	—		—		—		—		11		—		11
Cash dividends ($0.18 per share)	—		—		—		(158)		—		—		(158)
Stock repurchase program	—		—		(100)		—		—		—		(100)
Stock plans	—		(33)		115		—		—		—		82
Other	—		—		—		—		—		(2)		(2)
Balance at March 31, 2020	$	2,669	$	110	$	(6,412)	$	10,814	$	(351)	$	13	$	6,843
Comprehensive income (loss):
Net loss	—		—		—		(1,676)		—		(5)		(1,681)
Other comprehensive income	—		—		—		—		9		—		9
Cash dividends ($0.045 per share)	—		—		—		(40)		—		—		(40)
Stock plans	(3)		15		54		—		—		—		66
Other	—		—		—		—		—		(1)		(1)
Balance at June 30, 2020	$	2,666	$	125	$	(6,358)	$	9,098	$	(342)	$	7	$	5,196
Comprehensive income (loss):
Net loss	—		—		—		(17)		—		(2)		(19)
Other comprehensive income	—		—		—		—		2		—		2
Cash dividends ($0.045 per share)	—		—		—		(40)		—		—		(40)

Stock plans	—		(102)		222		—		—		—		120
Other	—		—		—		(54)		—		(2)		(56)
Balance at September 30, 2020	$	2,666	$	23	$	(6,136)	$	8,987	$	(340)	$	3	$	5,203


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, 2018	$	2,671	$	211	$	(6,744)	$	13,739	$	(355)	$	22	$	9,544
Comprehensive income (loss):
Net income	—		—		—		152		—		—		152
Other comprehensive income	—		—		—		—		1		—		1
Cash dividends ($0.18 per share)	—		—		—		(157)		—		—		(157)
Stock plans	—		13		74		—		—		—		87
Other	—		—		—		—		—		(2)		(2)
Balance at March 31, 2019	$	2,671	$	224	$	(6,670)	$	13,734	$	(354)	$	20	$	9,625
Comprehensive income (loss):
Net income	—		—		—		75		—		2		77
Other comprehensive income	—		—		—		—		1		—		1
Cash dividends ($0.18 per share)	—		—		—		(157)		—		—		(157)
Stock repurchase program	—		—		(100)		—		—		—		(100)
Stock plans	(1)		(166)		250		—		—		—		83
Other	—		—		—		—		1		(6)		(5)
Balance at June 30, 2019	$	2,670	$	58	$	(6,520)	$	13,652	$	(352)	$	16	$	9,524
Comprehensive income (loss):
Net income	—		—		—		295		—		1		296
Other comprehensive income	—		—		—		—		—		—		—
Cash dividends ($0.18 per share)	—		—		—		(158)		—		—		(158)

Stock plans	—		50		40		—		—		—		90
Other	—		—		—		11		(1)		—		10
Balance at September 30, 2019	$	2,670	$	108	$	(6,480)	$	13,800	$	(353)	$	17	$	9,762

Our Board of Directors has authorized a program to repurchase our common stock from time to time. During the nine months ended September 30, 2020, under that program we repurchased approximately 7.4 million shares of our common stock for a total cost of $100 million, all of which were purchased in the first quarter of 2020. Approximately $5.1 billion remained authorized for repurchases as of September 30, 2020. From the inception of this program in February 2006 through September 30, 2020, we repurchased approximately 224 million shares of our common stock for a total cost of approximately $9.0 billion.

In the month of July 2020, we issued common stock from treasury shares under our employee stock purchase plan awards and for restricted stock grants. As a result, additional paid in capital was reduced below zero, which resulted in a reduction of retained earnings by $54 million. Additional issuances from treasury shares will similarly impact additional paid in capital and retained earnings.

Accumulated other comprehensive loss consisted of the following:


Millions of dollars	September 30, 2020		December 31, 2019
Defined benefit and other postretirement liability adjustments	$	(203)	$	(214)
Cumulative translation adjustments	(84)		(82)

Other	(53)		(66)
Total accumulated other comprehensive loss	$	(340)	$	(362)

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2020
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 and tax-related matters, arising in the ordinary course of business, the resolution of which, in the opinion of management, will not have a material adverse effect on our consolidated results of operations or consolidated financial position. There is inherent risk in any litigation, claim or investigation, and no assurance can be given as to the outcome of these proceedings. Guarantee arrangements In the normal course of business, we have agreements with financial institutions under which approximately $1.9 billion of letters of credit, bank guarantees or surety bonds were outstanding as of September 30, 2020. Some of the outstanding letters of credit have triggering events that would entitle a bank to require cash collateralization. None of these off balance sheet arrangements either has, or is likely to have, a material effect on our condensed consolidated financial statements.

Income (Loss) per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Income (Loss) per Share

Income per Share

Basic income per share is based on the weighted average number of common shares outstanding during the period. Diluted income per share includes additional common shares that would have been outstanding if potential common shares with a dilutive effect had been issued. Antidilutive shares represent potential common shares which are excluded from the computation of diluted income per share as their impact would be antidilutive.

A reconciliation of the number of shares used for the basic and diluted income per share computations is as follows:


	Three Months Ended September 30			Nine Months Ended September 30
Millions of shares	2020	2019	2020	2019
Basic weighted average common shares outstanding	882	876	879	874
Dilutive effect of awards granted under our stock incentive plans	—	—	—	1
Diluted weighted average common shares outstanding	882	876	879	875

Antidilutive shares:
Options with exercise price greater than the average market price	26	26	27	23
Shares which are antidilutive due to net loss position	1	—	1	—
Total antidilutive shares	27	26	28	23

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The carrying amount of cash and equivalents, receivables and accounts payable, as reflected in the condensed consolidated balance sheets, approximates fair value due to the short maturities of these instruments.

The carrying amount and fair value of our total debt, including short-term borrowings and current maturities of long-term debt, is as follows:


	September 30, 2020														December 31, 2019
Millions of dollars	Level 1		Level 2		Total fair value		Carrying value		Level 1		Level 2		Total fair value		Carrying value
Total debt	$	9,786	$	666	$	10,452	$	9,827	$	11,093	$	868	$	11,961	$	10,327

The total fair value of our debt decreased during the first nine months of 2020, primarily due to the substantial decline in global demand for oil caused by the COVID-19 pandemic and subsequent mitigation efforts as described in Note 2. These events have collectively increased the credit spreads for all our publicly traded bonds, thus reducing the associated fair value. Additionally, the fair value and carrying value of our debt decreased in the first nine months of 2020 due to an early repurchase of senior notes. See Note 6 for further information.

Our debt categorized within level 1 on the fair value hierarchy is calculated using quoted prices in active markets for identical liabilities with transactions occurring on the last two days of period-end. Our debt categorized within level 2 on the fair value hierarchy is calculated using significant observable inputs for similar liabilities where estimated values are

determined from observable data points on our other bonds and on other similarly rated corporate debt or from observable data points of transactions occurring prior to two days from period-end and adjusting for changes in market conditions. Differences between the periods presented in our level 1 and level 2 classification of our long-term debt relate to the timing of when third party market transactions on our debt are executed. We have no debt categorized within level 3 on the fair value hierarchy.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Impairments and Other Charges [Abstract]

Revenue (Policies)	9 Months Ended
Revenue (Policies)	Sep. 30, 2020
Revenue [Abstract]
Revenue Recognition, Policy	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 customers' historical payment experience and financial condition. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 20 to 60 days. Other judgments involved in recognizing revenue include an assessment of progress towards completion of performance obligations for certain long-term contracts, which involve estimating total costs to determine our progress towards contract completion and calculating the corresponding amount of revenue to recognize.

Impairments and Other Charges (Tables)

9 Months Ended

Sep. 30, 2020

Impairments and Other Charges

The following table presents various pre-tax charges we recorded during the three months ended September 30, 2020 and nine months ended September 30, 2020 and 2019, which are reflected within "Impairments and other charges" on our condensed consolidated statements of operations. There were no impairments and other charges recorded during the three months ended September 30, 2019.


	Three Months Ended September 30		Nine Months Ended September 30
Millions of dollars	2020		2020		2019
Severance costs	$	83	$	356	$	77
Long-lived asset impairments	31		2,299		150
Inventory costs and write-downs	11		505		33
Other	8		193		48
Total impairments and other charges	$	133	$	3,353	$	308

Business Segment and Geographic Information (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Information on business segments

The following table presents information on our business segments.


	Three Months Ended September 30						Nine Months Ended September 30
Millions of dollars	2020		2019		2020		2019
Revenue:
Completion and Production	$	1,574	$	3,506	$	6,029	$	10,973
Drilling and Evaluation	1,401		2,044		5,179		6,244
Total revenue	$	2,975	$	5,550	$	11,208	$	17,217
Operating income (loss):
Completion and Production	$	212	$	446	$	713	$	1,284
Drilling and Evaluation	105		150		452		418
Total operations	317		596		1,165		1,702
Corporate and other (a)	(42)		(60)		(152)		(190)
Impairments and other charges (b)	(133)		—		(3,353)		(308)
Total operating income (loss)	$	142	$	536	$	(2,340)	$	1,204
Interest expense, net of interest income	(122)		(141)		(380)		(428)
Loss on early extinguishment of debt (c)	—		—		(168)		—
Other, net	(21)		(23)		(92)		(61)
Income (loss) before income taxes	$	(1)	$	372	$	(2,980)	$	715

Revenue (Tables)

9 Months Ended

Sep. 30, 2020

Revenue [Abstract]

Disaggregation of Revenue

The following table presents information on our disaggregated revenue.


Millions of dollars	Three Months Ended September 30						Nine Months Ended September 30
Revenue by segment:	2020		2019		2020		2019
Completion and Production	$	1,574	$	3,506	$	6,029	$	10,973
Drilling and Evaluation	1,401		2,044		5,179		6,244
Total revenue	$	2,975	$	5,550	$	11,208	$	17,217
Revenue by geographic region:
North America	$	984	$	2,949	$	4,493	$	9,551
Latin America	380		608		1,242		1,766
Europe/Africa/CIS	649		831		2,171		2,402
Middle East/Asia	962		1,162		3,302		3,498
Total revenue	$	2,975	$	5,550	$	11,208	$	17,217

Inventories (Tables)

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


Millions of dollars	September 30, 2020		December 31, 2019
Finished products and parts	$	1,452	$	1,865
Raw materials and supplies	1,061		1,147
Work in process	67		127
Total	$	2,580	$	3,139

Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020 and September 30, 2019, 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, 2019	$	2,669	$	143	$	(6,427)	$	11,989	$	(362)	$	13	$	8,025
Comprehensive income (loss):
Net income (loss)	—		—		—		(1,017)		—		2		(1,015)
Other comprehensive income	—		—		—		—		11		—		11
Cash dividends ($0.18 per share)	—		—		—		(158)		—		—		(158)
Stock repurchase program	—		—		(100)		—		—		—		(100)
Stock plans	—		(33)		115		—		—		—		82
Other	—		—		—		—		—		(2)		(2)
Balance at March 31, 2020	$	2,669	$	110	$	(6,412)	$	10,814	$	(351)	$	13	$	6,843
Comprehensive income (loss):
Net loss	—		—		—		(1,676)		—		(5)		(1,681)
Other comprehensive income	—		—		—		—		9		—		9
Cash dividends ($0.045 per share)	—		—		—		(40)		—		—		(40)
Stock plans	(3)		15		54		—		—		—		66
Other	—		—		—		—		—		(1)		(1)
Balance at June 30, 2020	$	2,666	$	125	$	(6,358)	$	9,098	$	(342)	$	7	$	5,196
Comprehensive income (loss):
Net loss	—		—		—		(17)		—		(2)		(19)
Other comprehensive income	—		—		—		—		2		—		2
Cash dividends ($0.045 per share)	—		—		—		(40)		—		—		(40)

Stock plans	—		(102)		222		—		—		—		120
Other	—		—		—		(54)		—		(2)		(56)
Balance at September 30, 2020	$	2,666	$	23	$	(6,136)	$	8,987	$	(340)	$	3	$	5,203


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, 2018	$	2,671	$	211	$	(6,744)	$	13,739	$	(355)	$	22	$	9,544
Comprehensive income (loss):
Net income	—		—		—		152		—		—		152
Other comprehensive income	—		—		—		—		1		—		1
Cash dividends ($0.18 per share)	—		—		—		(157)		—		—		(157)
Stock plans	—		13		74		—		—		—		87
Other	—		—		—		—		—		(2)		(2)
Balance at March 31, 2019	$	2,671	$	224	$	(6,670)	$	13,734	$	(354)	$	20	$	9,625
Comprehensive income (loss):
Net income	—		—		—		75		—		2		77
Other comprehensive income	—		—		—		—		1		—		1
Cash dividends ($0.18 per share)	—		—		—		(157)		—		—		(157)
Stock repurchase program	—		—		(100)		—		—		—		(100)
Stock plans	(1)		(166)		250		—		—		—		83
Other	—		—		—		—		1		(6)		(5)
Balance at June 30, 2019	$	2,670	$	58	$	(6,520)	$	13,652	$	(352)	$	16	$	9,524
Comprehensive income (loss):
Net income	—		—		—		295		—		1		296
Other comprehensive income	—		—		—		—		—		—		—
Cash dividends ($0.18 per share)	—		—		—		(158)		—		—		(158)

Stock plans	—		50		40		—		—		—		90
Other	—		—		—		11		(1)		—		10
Balance at September 30, 2019	$	2,670	$	108	$	(6,480)	$	13,800	$	(353)	$	17	$	9,762

Schedule of comprehensive income (loss)

Accumulated other comprehensive loss consisted of the following:


Millions of dollars	September 30, 2020		December 31, 2019
Defined benefit and other postretirement liability adjustments	$	(203)	$	(214)
Cumulative translation adjustments	(84)		(82)

Other	(53)		(66)
Total accumulated other comprehensive loss	$	(340)	$	(362)

Income (Loss) per Share (Tables)

9 Months Ended

Sep. 30, 2020

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 September 30			Nine Months Ended September 30
Millions of shares	2020	2019	2020	2019
Basic weighted average common shares outstanding	882	876	879	874
Dilutive effect of awards granted under our stock incentive plans	—	—	—	1
Diluted weighted average common shares outstanding	882	876	879	875

Antidilutive shares:
Options with exercise price greater than the average market price	26	26	27	23
Shares which are antidilutive due to net loss position	1	—	1	—
Total antidilutive shares	27	26	28	23

Fair value by balance sheet grouping table (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The carrying amount and fair value of our total debt, including short-term borrowings and current maturities of long-term debt, is as follows:


	September 30, 2020														December 31, 2019
Millions of dollars	Level 1		Level 2		Total fair value		Carrying value		Level 1		Level 2		Total fair value		Carrying value
Total debt	$	9,786	$	666	$	10,452	$	9,827	$	11,093	$	868	$	11,961	$	10,327

Basis of Presentation (Details) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2020

Sep. 30, 2019

Sep. 30, 2020

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

$ 133,000,000

^[1]

$ 0

$ 3,353,000,000

^[1]

$ 308,000,000

^[1]

[1]

Impairments and Other Charges (Details) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Sep. 30, 2019

Sep. 30, 2020

Sep. 30, 2019

Decline in WTI oil spot price [Member]

28.00%

Decline in US land rig count

35.00%

Decline in International average rig count

12.00%

Long-lived asset impairments

$ 31,000,000

$ 2,299,000,000

$ 150,000,000

Severance costs

83,000,000

356,000,000

77,000,000

Other

8,000,000

193,000,000

48,000,000

Goodwill, Impairment Loss

133,000,000

^[1]

$ 0

3,353,000,000

^[1]

308,000,000

^[1]

Inventory write-downs

11,000,000

505,000,000

33,000,000

$ 0

Maximum [Member]

WTI oil spot price

Minimum [Member]

Arithmetic Average [Member]

WTI oil spot price

$ 21

Drilling And Evaluation [Member]

WTI oil spot price

Completion And Production [Member]

40,000,000

1,200,000,000

153,000,000

$ 90,000,000,000

$ 2,100,000,000

$ 127,000,000

[1]

Business Segment and Geographic Information (Narrative) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2020 Division Countries Customers	Dec. 31, 2019 Countries Customers
Concentration Risk [Line Items]
Number of business segments \| Division	2
Maximum Percentage Gross Trade Receivables From One Geographic Segment	10.00%	10.00%
Maximum Percentage Gross Trade Receivables From One Customer	10.00%	10.00%
Number of Countries Exceed Receivables Threshold \| Countries	1	1
Number of Customers Exceed Receivables Threshold \| Customers	0	0
Geographic Concentration Risk [Member] \| Accounts Receivable [Member] \| UNITED STATES
Concentration Risk [Line Items]
Concentration Risk, Percentage	26.00%	36.00%

Business Segment and Geographic Information (Details) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2020

Sep. 30, 2019

Sep. 30, 2020

Sep. 30, 2019

Revenue:

$ 2,975,000,000

$ 5,550,000,000

$ 11,208,000,000

$ 17,217,000,000

(133,000,000)

^[1]

(3,353,000,000)

^[1]

(308,000,000)

^[1]

Interest expense, net of interest income

142,000,000

536,000,000

(2,340,000,000)

1,204,000,000

(122,000,000)

(141,000,000)

(380,000,000)

(428,000,000)

Other, net

(21,000,000)

(23,000,000)

(92,000,000)

(61,000,000)

Income (loss) from continuing operations before income taxes

(1,000,000)

372,000,000

(2,980,000,000)

715,000,000

(168,000,000)

^[2]

Completion and Production

1,500,000,000

Revenue:

1,574,000,000

3,506,000,000

6,029,000,000

10,973,000,000

(90,000,000,000)

(2,100,000,000)

(127,000,000)

212,000,000

446,000,000

713,000,000

1,284,000,000

Drilling and Evaluation

Revenue:

1,401,000,000

2,044,000,000

5,179,000,000

6,244,000,000

(40,000,000)

(1,200,000,000)

(153,000,000)

105,000,000

150,000,000

452,000,000

418,000,000

Total operations

Revenue:

2,975,000,000

5,550,000,000

11,208,000,000

17,217,000,000

317,000,000

596,000,000

1,165,000,000

1,702,000,000

Corporate and other

Corporate and Other [Member]

^[3]

(42,000,000)

$ (60,000,000)

(152,000,000)

(190,000,000)

$ (3,000,000)

$ (44,000,000)

$ (28,000,000)

[1]	For the three months ended September 30, 2020, amount includes approximately $90 million attributable to Completion and Production, $40 million attributable to Drilling and Evaluation, and $3 million attributable to Corporate and other. For the nine months ended September 30, 2020, amount includes $2.1 billion attributable to Completion and Production, $1.2 billion attributable to Drilling and Evaluation, and $44 million attributable to Corporate and other. For the nine months ended September 30, 2019, amount includes $127 million attributable to Completion and Production, $153 million attributable to Drilling and Evaluation, and $28 million attributable to Corporate and other. See Note 2 for further discussion on these impairments and other charges. There were no impairments and other charges recorded during the three months ended September 30, 2019.
[2]	For the nine months ended September 30, 2020, amount includes a $168 million loss on extinguishment of debt related to the early repurchase of senior notes. See Note 6 for further discussion on this charge.
[3]	Includes certain expenses not attributable to a business segment, such as costs related to support functions and corporate executives, and includes amortization expense associated with intangible assets recorded as a result of acquisitions.

Business Segment and Geographic Information (Details) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2020

Sep. 30, 2019

Sep. 30, 2020

Sep. 30, 2019

Segment Reporting [Abstract]

$ 133,000,000

^[1]

$ 0

$ 3,353,000,000

^[1]

$ 308,000,000

^[1]

[1]

Revenue (Details) $ in Millions	3 Months Ended		9 Months Ended
Revenue (Details) $ in Millions	Sep. 30, 2020 USD ($) Division	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) Division Countries	Sep. 30, 2019 USD ($) Countries
Disaggregation of Revenue [Line Items]
Number of business segments \| Division	2		2
Maximum Percentage Revenue from One Geographic Segment			10.00%	10.00%
Number of Countries Exceed Revenue Threshold \| Countries			1	1
Revenue	$ 2,975	$ 5,550	$ 11,208	$ 17,217
Revenue, Performance Obligation, Description of Timing			one year
North America [Member]
Disaggregation of Revenue [Line Items]
Revenue	984	2,949	$ 4,493	9,551
Latin America [Member]
Disaggregation of Revenue [Line Items]
Revenue	380	608	1,242	1,766
Europe/Africa/CIS [Member]
Disaggregation of Revenue [Line Items]
Revenue	649	831	2,171	2,402
Middle East/Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue	962	1,162	3,302	3,498
Completion And Production [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,574	3,506	6,029	10,973
Drilling And Evaluation [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 1,401	$ 2,044	$ 5,179	$ 6,244
Minimum [Member]
Disaggregation of Revenue [Line Items]
Revenue, Performance Obligation, Description of Payment Terms			20
Maximum [Member]
Disaggregation of Revenue [Line Items]
Revenue, Performance Obligation, Description of Payment Terms			60
Revenue Benchmark [Member] \| UNITED STATES
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage			38.00%	53.00%

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Inventory, Net [Abstract]
Finished products and parts	$ 1,452	$ 1,865
Raw materials and supplies	1,061	1,147
Work in process	67	127
Inventory, net	$ 2,580	$ 3,139

Debt (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2020

Sep. 30, 2019

Sep. 30, 2020

Sep. 30, 2019

$ 0

$ (168)

^[1]

$ 0

1,500

Senior Notes due March 2030 [Member]

1,500

$ 1,000

Debt Instrument, Interest Rate, Stated Percentage

2.92%

Senior notes due August 2023 [Member]

$ 1,000

$ 500

Debt Instrument, Interest Rate, Stated Percentage

3.50%

Senior Notes due November 2025 [Member]

$ 500

$ 1,000

Debt Instrument, Interest Rate, Stated Percentage

3.80%

Income Tax Expense (Benefit)

$ 1,000

[1]	For the nine months ended September 30, 2020, amount includes a $168 million loss on extinguishment of debt related to the early repurchase of senior notes. See Note 6 for further discussion on this charge.

Income Taxes (Details) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2020

Sep. 30, 2019

Sep. 30, 2020

Sep. 30, 2019

Income Tax Disclosure [Abstract]

$ 18,000,000

$ 76,000,000

$ (265,000,000)

$ 190,000,000

Income (loss) from continuing operations before income taxes

(1,000,000)

$ 372,000,000

$ (2,980,000,000)

$ 715,000,000

Effective tax rate

20.40%

8.90%

26.60%

Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount

133,000,000

^[1]

$ 0

$ 3,353,000,000

^[1]

$ 308,000,000

^[1]

696,000,000

Deferred Tax Assets, Valuation Allowance

310,000,000

$ 0

$ (168,000,000)

^[2]

$ 0

[1]

[2]

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Shareholders' equity activity [Roll Forward]
Beginning Balance	$ 5,196	$ 6,843	$ 8,025	$ 9,524	$ 9,625	$ 9,544	$ 8,025	$ 9,544
Net income (loss)	(19)	(1,681)	(1,015)	296	77	152	(2,715)	525
Other comprehensive income (loss)	2	9	11	0	1	1	22	2
Cash dividends	(40)	(40)	(158)	(158)	(157)	(157)
Stock repurchase program			(100)		(100)		(100)
Stock plans	120	66	82	90	83	87
Other	56	1	2	(10)	5	2
Ending Balance	$ 5,203	$ 5,196	$ 6,843	$ 9,762	$ 9,524	$ 9,625	5,203	9,762
Common Stock, Dividends, Per Share, Declared	$ 0.045	$ 0.045	$ 0.18	$ 0.18	$ 0.18	$ 0.18
Common Shares
Shareholders' equity activity [Roll Forward]
Beginning Balance	$ 2,666	$ 2,669	$ 2,669	$ 2,670	$ 2,671	$ 2,671	2,669	2,671
Net income (loss)	0	0	0	0	0	0
Other comprehensive income (loss)	0	0	0	0	0	0
Cash dividends	0	0	0	0	0	0
Stock repurchase program			0		0
Stock plans	0	3	0	0	1	0
Other	0	0	0	0	0	0
Ending Balance	2,666	2,666	2,669	2,670	2,670	2,671	2,666	2,670
Paid-in Capital in Excess of Par Value
Shareholders' equity activity [Roll Forward]
Beginning Balance	125	110	143	58	224	211	143	211
Net income (loss)	0	0	0	0	0	0
Other comprehensive income (loss)	0	0	0	0	0	0
Cash dividends	0	0	0	0	0	0
Stock repurchase program			0		0
Stock plans	102	15	33	50	166	13
Other	0	0	0	0	0	0
Ending Balance	23	125	110	108	58	224	23	108
Treasury Stock
Shareholders' equity activity [Roll Forward]
Beginning Balance	(6,358)	(6,412)	(6,427)	(6,520)	(6,670)	(6,744)	(6,427)	(6,744)
Net income (loss)	0	0	0	0	0	0
Other comprehensive income (loss)	0	0	0	0	0	0
Cash dividends	0	0	0	0	0	0
Stock repurchase program			100		100
Stock plans	222	54	115	40	250	74
Other	0	0	0	0	0	0
Ending Balance	(6,136)	(6,358)	(6,412)	(6,480)	(6,520)	(6,670)	(6,136)	(6,480)
Retained Earnings
Shareholders' equity activity [Roll Forward]
Beginning Balance	9,098	10,814	11,989	13,652	13,734	13,739	11,989	13,739
Net income (loss)	(17)	(1,676)	(1,017)	295	75	152
Other comprehensive income (loss)	0	0	0	0	0	0
Cash dividends	(40)	(40)	(158)	(158)	(157)	(157)
Stock repurchase program			0		0
Stock plans	0	0	0	0	0	0
Other	54	0	0	(11)	0	0
Ending Balance	8,987	9,098	10,814	13,800	13,652	13,734	8,987	13,800
Accumulated Other Comprehensive Income (Loss)
Shareholders' equity activity [Roll Forward]
Beginning Balance	(342)	(351)	(362)	(352)	(354)	(355)	(362)	(355)
Net income (loss)	0	0	0	0	0	0
Other comprehensive income (loss)	2	9	11	0	1	1
Cash dividends	0	0	0	0	0	0
Stock repurchase program			0		0
Stock plans	0	0	0	0	0	0
Other	0	0	0	1	(1)	0
Ending Balance	(340)	(342)	(351)	(353)	(352)	(354)	(340)	(353)
Noncontrolling Interest in Consolidated Subsidiaries
Shareholders' equity activity [Roll Forward]
Beginning Balance	7	13	13	16	20	22	13	22
Net income (loss)	(2)	(5)	2	1	2	0
Other comprehensive income (loss)	0	0	0	0	0	0
Cash dividends				0
Cash dividends	0	0	0		0	0
Stock repurchase program			0		0
Stock plans	0	0	0	0	0	0
Other	2	1	2	0	6	2
Ending Balance	$ 3	$ 7	$ 13	$ 17	$ 16	$ 20	$ 3	$ 17

Shareholders' Equity (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
Defined benefit and other postretirement liability adjustments	$ (203)	$ (214)
Cumulative translation adjustments	(84)	(82)
Other	(53)	(66)
Total accumulated other comprehensive loss	$ (340)	$ (362)

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.