0000045012-23-000046 | 10-Q | XBRL Viewer

For the three and six months ended June 30, 2022 respectively, the amounts include $131 million and $136 million charges attributable to Completions and Production, and $178 million and $195 million charges attributable to Drilling and Evaluation. Both periods include a $35 million charge attributable to Corporate and other.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Jul. 19, 2023
Document And Enity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
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	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		898,546,281
Entity Emerging Growth Company	false

Inventories

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


Millions of dollars	June 30, 2023		December 31, 2022
Finished products and parts	$	2,075	$	1,859
Raw materials and supplies	1,037		953
Work in process	129		111
Total inventories	$	3,241	$	2,923

Income (Loss) per Share

6 Months Ended

Jun. 30, 2023

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 June 30		Six Months Ended June 30
Millions of shares	2023	2022	2023	2022
Basic weighted average common shares outstanding	901	904	902	902
Dilutive effect of awards granted under our stock incentive plans	2	5	3	4
Diluted weighted average common shares outstanding	903	909	905	906

Antidilutive shares:
Options with exercise price greater than the average market price	13	14	14	15

Total antidilutive shares	13	14	14	15

Shareholders' Equity Repurchase Activity (Details) shares in Millions, $ in Billions	Jun. 30, 2023 USD ($) shares
Repurchase Activity [Abstract]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	$ 4.5
Treasury Stock Shares Acquired From Inception \| shares	242
Treasury Stock Value Acquired Cost Method From Inception	$ 9.6

Business Segment and Geographic Information

6 Months Ended

Jun. 30, 2023

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 June 30				Six Months Ended June 30
Millions of dollars		2023		2022		2023		2022
Revenue:
Completion and Production		$	3,476	$	2,911	$	6,885	$	5,264
Drilling and Evaluation		2,322		2,163		4,590		4,094
Total revenue		$	5,798	$	5,074	$	11,475	$	9,358
Operating income:
Completion and Production		$	707	$	499	$	1,373	$	795
Drilling and Evaluation		376		286		745		580
Total operations		1,083		785		2,118		1,375
Corporate and other (a)		(59)		(67)		(117)		(124)
SAP S4 upgrade expense		(13)		—		(13)		—
Impairments and other charges (b)		—		(344)		—		(366)
Total operating income		$	1,011	$	374	$	1,988	$	885
Interest expense, net of interest income		(92)		(101)		(171)		(208)
Loss on Blue Chip Swap transactions (c)		(104)		—		(104)		—
Loss on early extinguishment of debt		—		—		—		(42)
Other, net		(32)		(42)		(101)		(72)
Income before income taxes		$	783	$	231	$	1,612	$	563

(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 six months ended June 30, 2022 respectively, the amounts include $131 million and $136 million charges attributable to Completions and Production, and $178 million and $195 million charges attributable to Drilling and Evaluation. Both periods include a $35 million charge attributable to Corporate and other.
(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 second quarter of 2023.

- Definition

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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+ Details

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Inventory, Net [Abstract]
Finished products and parts	$ 2,075	$ 1,859
Raw materials and supplies	1,037	953
Work in process	129	111
Inventory, net	$ 3,241	$ 2,923

Income Taxes (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Tax Expense (Benefit)

$ 167

$ 114

$ 341

$ 182

Income (loss) from continuing operations before income taxes

783

231

1,612

563

Impairments and other charges

^[1]

344

366

Loss on early extinguishment of debt

$ 0

$ (42)

Effective tax rate

21.30%

49.30%

21.10%

32.20%

[1]

- Definition

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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+ Details

- Definition

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

+ References + Details

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2023
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 2022 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 June 30, 2023 and the results of our operations for the three and six months ended June 30, 2023 and 2022, and our cash flows for the six months ended June 30, 2023 and 2022. 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 six months ended June 30, 2023 may not be indicative of results for the full year.

Shareholders' Equity

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Shareholders’ Equity

The following tables summarize our shareholders’ equity activity for the three and six months ended June 30, 2023 and June 30, 2022, 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, 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









(a)	In the first quarter and second quarter of 2023, we issued common stock from treasury shares for stock options exercised, restricted stock grants, and purchases under our employee stock purchase plan. As a result, additional paid in capital was reduced to zero as of the end of each period, which resulted in a reduction of retained earnings by $3 million and $82 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, 2021		$	2,665	$	32	$	(5,511)	$	9,710	$	(183)	$	15	$	6,728
Comprehensive income (loss):
Net income		—		—		—		263		—		1		264
Other comprehensive income		—		—		—		—		5		—		5
Cash dividends ($0.12 per share)		—		—		—		(108)		—		—		(108)

Stock plans (a)		—		(32)		261		(85)		—		—		144

Balance at March 31, 2022		$	2,665	$	—	$	(5,250)	$	9,780	$	(178)	$	16	$	7,033
Comprehensive income (loss):
Net income		—		—		—		109		—		8		117
Other comprehensive loss		—		—		—		—		(1)		—		(1)
Cash dividends ($0.12 per share)		—		—		—		(109)		—		—		(109)
Stock plans (a)		—		—		277		(163)		—		—		114
Other		—		—		—		—		—		(6)		(6)
Balance at June 30, 2022		$	2,665	$	—	$	(4,973)	$	9,617	$	(179)	$	18	$	7,148









(a)	In the first and second quarter of 2022, we issued common stock from treasury shares for stock options exercised, restricted stock grants and purchases under our employee stock purchase plan. As a result, additional paid in capital was reduced to zero as of the end of each period, which resulted in a reduction of retained earnings by $85 million and $163 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 purchased 8.1 million shares of our common stock under the program during the three months ended June 30, 2023 for approximately $250 million. Approximately $4.5 billion remained authorized for repurchases as of June 30, 2023. From the inception of this program in February of 2006 through June 30, 2023, we repurchased approximately 242 million shares of our common stock for a total cost of approximately $9.6 billion.

Accumulated other comprehensive loss consisted of the following:


Millions of dollars	June 30, 2023		December 31, 2022
Cumulative translation adjustments	$	(82)	$	(84)
Defined benefit and other postretirement liability adjustments	(102)		(101)

Other	(44)		(45)
Total accumulated other comprehensive loss	$	(228)	$	(230)

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Revenue (Details) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
Revenue (Details) $ in Millions	Jun. 30, 2023 USD ($) Division Customers	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Division Customers	Jun. 30, 2022 USD ($)	Dec. 31, 2022 Customers
Disaggregation of Revenue [Line Items]
Number of business segments \| Division	2		2
Revenue	$ 5,798	$ 5,074	$ 11,475	$ 9,358
Revenue, Performance Obligation, Description of Timing			one year
NumberOfCustomersExceedReceivablesThreshold \| Customers	0		0		0
North America [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 2,696	2,426	$ 5,461	4,351
Latin America [Member]
Disaggregation of Revenue [Line Items]
Revenue	994	758	1,909	1,411
Europe/Africa/CIS [Member]
Disaggregation of Revenue [Line Items]
Revenue	698	718	1,360	1,395
Middle East/Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,410	1,172	2,745	2,201
Completion And Production [Member]
Disaggregation of Revenue [Line Items]
Revenue	3,476	2,911	6,885	5,264
Drilling And Evaluation [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 2,322	$ 2,163	$ 4,590	$ 4,094
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			46.00%	44.00%
Accounts Receivable [Member] \| UNITED STATES \| Geographic Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage			35.00%		38.00%
Accounts Receivable [Member] \| MEXICO \| Geographic Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage			11.00%		11.00%
Accounts Receivable [Member] \| MEXICO \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage			9.00%		9.00%

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2023

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:


	June 30, 2023								December 31, 2022
Millions of dollars	Level 1		Level 2		Total fair value		Carrying value		Level 1		Level 2		Total fair value		Carrying value
Total debt	$	7,221	$	422	$	7,643	$	7,931	$	6,539	$	917	$	7,456	$	7,928

In the first half of 2023, the fair value of our debt increased as a result of lower debt 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.

- Definition

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.

+ References + Details

Fair value by balance sheet grouping table (Tables)

6 Months Ended

Jun. 30, 2023

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:


	June 30, 2023								December 31, 2022
Millions of dollars	Level 1		Level 2		Total fair value		Carrying value		Level 1		Level 2		Total fair value		Carrying value
Total debt	$	7,221	$	422	$	7,643	$	7,931	$	6,539	$	917	$	7,456	$	7,928

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) shares in Millions, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and equivalents	$ 2,105	$ 2,346
Receivables net of allowances for bad debts	4,946	4,627
Allowance for bad debts	723	731
Inventories	3,241	2,923
Other current assets	1,151	1,056
Total current assets	11,443	10,952
Property, Plant and Equipment, Net	4,483	4,348
Accumulated depreciation	11,768	11,660
Goodwill	2,840	2,829
Deferred income taxes	2,570	2,636
Operating lease right-of-use assets	1,054	913
Other assets	1,683	1,577
Total assets	24,073	23,255
Current liabilities:
Accounts payable	3,188	3,121
Accrued employee compensation and benefits	567	634
Accrual for Taxes Other than Income Taxes, Current	350	349
Current portion of operating lease liabilities	253	224
Other current liabilities	721	723
Total current liabilities	5,346	5,345
Long-term debt	7,931	7,928
Operating lease liabilities	892	791
Employee compensation and benefits	385	408
Other liabilities	792	806
Total liabilities	15,346	15,278
Shareholders' equity:
Common stock, par value $2.50 per share	$ 2,663	$ 2,664
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	1,066
Paid-in capital in excess of par value	$ 0	$ 50
Accumulated other comprehensive loss	(228)	(230)
Retained earnings	11,459	10,572
Treasury stock, at cost	$ (5,201)	$ (5,108)
Treasury shares (in shares)	167	164
Company shareholders' equity	$ 8,693	$ 7,948
Noncontrolling interest in consolidated subsidiaries	34	29
Total shareholders' equity	8,727	7,977
Total liabilities and shareholders' equity	24,073	23,255
Accrued Income Taxes, Current	$ 267	$ 294
UNITED STATES \| Revenue Benchmark [Member] \| Geographic Concentration Risk [Member]
Shareholders' equity:
Concentration Risk, Percentage	46.00%
UNITED STATES \| Accounts Receivable [Member] \| Geographic Concentration Risk [Member]
Shareholders' equity:
Concentration Risk, Percentage	35.00%	38.00%

Revenue

6 Months Ended

Jun. 30, 2023

Revenue [Abstract]

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, 46% and 44% of our consolidated revenue was from the United States for the six months ended June 30, 2023 and 2022, respectively. No other country accounted for more than 10% of our revenue.

The following table presents information on our disaggregated revenue.


	Three Months Ended June 30				Six Months Ended June 30
Millions of dollars	2023		2022		2023		2022
Revenue by segment:
Completion and Production	$	3,476	$	2,911	$	6,885	$	5,264
Drilling and Evaluation	2,322		2,163		4,590		4,094
Total revenue	$	5,798	$	5,074	$	11,475	$	9,358
Revenue by geographic region:
North America	$	2,696	$	2,426	$	5,461	$	4,351
Latin America	994		758		1,909		1,411
Europe/Africa/CIS	698		718		1,360		1,395
Middle East/Asia	1,410		1,172		2,745		2,201
Total revenue	$	5,798	$	5,074	$	11,475	$	9,358

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 June 30, 2023, 35% of our net trade receivables were from customers in the United States and 11% were from customers in Mexico. As of December 31, 2022, 38% of our net trade receivables were from customers in the United States and 11% were from customers in Mexico. Receivables from our primary customer in Mexico accounted for approximately 9% of our total receivables as of June 30, 2023 and December 31, 2022. 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 other country 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 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 ratings, and production profile, as well as political and economic factors in countries of operations and other customer-specific factors.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Income (Loss) per Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted average common shares outstanding (in shares)	901	904	902	902
Dilutive effect of awards granted under our stock incentive plans	2	5	3	4
Diluted weighted average common shares outstanding (in shares)	903	909	905	906
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options with exercise price greater than the average market price	13	14	14	15
Total antidilutive shares	13	14	14	15

Payables and Accruals	6 Months Ended
Payables and Accruals	Jun. 30, 2023
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"), other than the roll-forward disclosure, which we will adopt at the beginning of 2024. 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 $324 million as of June 30, 2023, and $273 million as of December 31, 2022, and are included in accounts payable on the condensed consolidated balance sheets.

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

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Revenue:

Revenue

$ 5,798

$ 5,074

$ 11,475

$ 9,358

Operating income (loss):

Impairments and other charges

^[1]

(344)

(366)

Operating income

1,011

374

1,988

885

Interest expense, net of interest income

(92)

(101)

(171)

(208)

Other, net

(32)

(42)

(101)

(72)

Income (loss) from continuing operations before income taxes

783

231

1,612

563

Loss on early extinguishment of debt

SAP S4 Upgrade Expense

(13)

Total operations

Operating income (loss):

Operating income

1,083

785

2,118

1,375

Completion and Production

Revenue:

Revenue

3,476

2,911

6,885

5,264

Operating income (loss):

Impairments and other charges

(131)

(136)

Completion and Production | Total operations

Operating income (loss):

Operating income

707

499

1,373

795

Drilling and Evaluation

Revenue:

Revenue

2,322

2,163

4,590

4,094

Operating income (loss):

Impairments and other charges

(178)

(195)

Drilling and Evaluation | Total operations

Operating income (loss):

Operating income

376

286

745

580

Corporate and Other [Member]

Operating income (loss):

Impairments and other charges

(35)

Operating income

$ (59)

$ (67)

$ (117)

$ (124)

[1]

Business Segment and Geographic Information (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Information on business segments

The following table presents information on our business segments.


		Three Months Ended June 30				Six Months Ended June 30
Millions of dollars		2023		2022		2023		2022
Revenue:
Completion and Production		$	3,476	$	2,911	$	6,885	$	5,264
Drilling and Evaluation		2,322		2,163		4,590		4,094
Total revenue		$	5,798	$	5,074	$	11,475	$	9,358
Operating income:
Completion and Production		$	707	$	499	$	1,373	$	795
Drilling and Evaluation		376		286		745		580
Total operations		1,083		785		2,118		1,375
Corporate and other (a)		(59)		(67)		(117)		(124)
SAP S4 upgrade expense		(13)		—		(13)		—
Impairments and other charges (b)		—		(344)		—		(366)
Total operating income		$	1,011	$	374	$	1,988	$	885
Interest expense, net of interest income		(92)		(101)		(171)		(208)
Loss on Blue Chip Swap transactions (c)		(104)		—		(104)		—
Loss on early extinguishment of debt		—		—		—		(42)
Other, net		(32)		(42)		(101)		(72)
Income before income taxes		$	783	$	231	$	1,612	$	563

(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 six months ended June 30, 2022 respectively, the amounts include $131 million and $136 million charges attributable to Completions and Production, and $178 million and $195 million charges attributable to Drilling and Evaluation. Both periods include a $35 million charge attributable to Corporate and other.
(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 second quarter of 2023.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to various legal or governmental proceedings, claims or investigations, including personal injury, property damage, environmental, intellectual property, commercial, tax, and other matters arising in the ordinary course of business, the resolution of which, in the opinion of management, will not have a material adverse effect on our consolidated results of operations or consolidated financial position. There is inherent risk in any legal or governmental proceeding, claim or investigation, and no assurance can be given as to the outcome of these proceedings. Guarantee arrangements In the normal course of business, we have in place agreements with financial institutions under which approximately $2.2 billion of letters of credit, bank guarantees, or surety bonds were outstanding as of June 30, 2023. 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.

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net income (loss)	$ 616	$ 117	$ 1,271	$ 381
Other comprehensive income (loss), net of income taxes	1	(1)	2	4
Comprehensive income (loss)	617	116	1,273	385
Comprehensive (income) loss attributable to noncontrolling interest	(6)	(8)	(10)	(9)
Comprehensive income (loss) attributable to company shareholders	$ 611	$ 108	$ 1,263	$ 376

- Definition

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.

+ References + Details

- Definition

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.

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124442407-227067

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-Topic 505
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21463-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

- Definition

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

+ References

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+ Details

Basis of Presentation (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Impairments and other charges

^[1]

$ 0

$ 344

$ 0

$ 366

[1]

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three months ended June 30, 2023, we recorded a total income tax provision of $167 million on a pre-tax income of $783 million, resulting in an effective tax rate of 21.3% for the quarter. During the three months ended June 30, 2022, we recorded a total income tax provision of $114 million on a pre-tax income of $231 million, resulting in an effective tax rate of 49.3% for the quarter. The effective tax rate for the three months ended June 30, 2023 was lower than the three months ended June 30, 2022 primarily due to the impact on our effective tax rate for the second quarter of 2022 of the decision to sell our Russian operations and a corresponding increase in the valuation allowance on foreign tax credits. During the six months ended June 30, 2023, we recorded a total income tax provision of $341 million on a pre-tax income of $1.6 billion, resulting in an effective tax rate of 21.1% for the period. During the six months ended June 30, 2022, we recorded a total income tax provision of $182 million on a pre-tax income of $563 million, resulting in an effective tax rate of 32.2% for the period. The effective tax rate for the six months ended June 30, 2023 was lower than the six months ended June 30, 2022 primarily due to the impact on our effective tax rate for the first six months of 2022 of the decision to sell our Russian operations and a corresponding increase in the valuation allowance on foreign tax credits.

- Definition

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.

+ References

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+ Details

Inventories (Tables)

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


Millions of dollars	June 30, 2023		December 31, 2022
Finished products and parts	$	2,075	$	1,859
Raw materials and supplies	1,037		953
Work in process	129		111
Total inventories	$	3,241	$	2,923

Business Segment and Geographic Information (Narrative) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2023 Division Customers	Dec. 31, 2022 Customers
Concentration Risk [Line Items]
Number of business segments \| Division	2
Maximum Percentage Gross Trade Receivables From One Customer	10.00%	10.00%
NumberOfCustomersExceedReceivablesThreshold \| Customers	0	0
Geographic Concentration Risk [Member] \| Accounts Receivable [Member] \| UNITED STATES
Concentration Risk [Line Items]
Concentration Risk, Percentage	35.00%	38.00%

Income (Loss) per Share (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30		Six Months Ended June 30
Millions of shares	2023	2022	2023	2022
Basic weighted average common shares outstanding	901	904	902	902
Dilutive effect of awards granted under our stock incentive plans	2	5	3	4
Diluted weighted average common shares outstanding	903	909	905	906

Antidilutive shares:
Options with exercise price greater than the average market price	13	14	14	15

Total antidilutive shares	13	14	14	15

Shareholders' Equity (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2022

Mar. 31, 2022

Jun. 30, 2023

Jun. 30, 2022

Shareholders' equity activity [Roll Forward]

Beginning Balance

$ 8,445

$ 7,977

$ 7,033

$ 6,728

$ 7,977

$ 6,728

Net income (loss)

616

655

117

264

1,271

381

Other comprehensive income (loss)

(1)

Cash dividends

(144)

(145)

(109)

(108)

Stock Repurchased During Period, Value

(250)

(100)

Stock plans

114

144

Other

Ending Balance

$ 8,727

$ 8,445

$ 7,148

$ 7,033

$ 8,727

7,148

Common Stock, Dividends, Per Share, Declared

$ 0.16

$ 0.12

Stock Repurchased During Period, Shares

8.1

Common Shares

Shareholders' equity activity [Roll Forward]

Beginning Balance

$ 2,664

$ 2,665

$ 2,664

2,665

Net income (loss)

Other comprehensive income (loss)

Cash dividends

Stock Repurchased During Period, Value

Stock plans

Other

Ending Balance

2,663

2,664

2,665

2,663

2,665

Paid-in Capital in Excess of Par Value

Shareholders' equity activity [Roll Forward]

Beginning Balance

Net income (loss)

Other comprehensive income (loss)

Cash dividends

Stock Repurchased During Period, Value

Shareholders' equity activity [Roll Forward]

Beginning Balance

(5,095)

(5,108)

(5,250)

(5,511)

(5,108)

(5,511)

Net income (loss)

Other comprehensive income (loss)

Cash dividends

Stock Repurchased During Period, Value

250

100

Stock plans

144

113

277

261

Other

Ending Balance

(5,201)

(5,095)

(4,973)

(5,250)

(5,201)

(4,973)

Retained Earnings

Shareholders' equity activity [Roll Forward]

Beginning Balance

11,075

10,572

9,780

9,710

10,572

9,710

Net income (loss)

610

651

109

263

Other comprehensive income (loss)

Cash dividends

(144)

(145)

(109)

(108)

Stock Repurchased During Period, Value

Stock plans

^[1]

163

Other

Ending Balance

11,459

11,075

9,617

9,780

11,459

9,617

Accumulated Other Comprehensive Income (Loss)

Shareholders' equity activity [Roll Forward]

Beginning Balance

(229)

(230)

(178)

(183)

(230)

(183)

Net income (loss)

Other comprehensive income (loss)

(1)

Cash dividends

Stock Repurchased During Period, Value

Stock plans

Other

Ending Balance

(228)

(229)

(179)

(178)

(228)

(179)

Noncontrolling Interest in Consolidated Subsidiaries

Shareholders' equity activity [Roll Forward]

Beginning Balance

Net income (loss)

Other comprehensive income (loss)

Cash dividends

Stock Repurchased During Period, Value

Stock plans

Other

Ending Balance

$ 34

$ 30

$ 18

$ 16

$ 34

$ 18

[1]

In the first quarter and second quarter of 2023, we issued common stock from treasury shares for stock options exercised, restricted stock grants, and purchases under our employee stock purchase plan. As a result, additional paid in capital was reduced to zero as of the end of each period, which resulted in a reduction of retained earnings by $3 million and $82 million, respectively. Future issuances from treasury shares could similarly impact additional paid in capital and retained earnings.

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of days from period end	2 days
Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 7,643	$ 7,456
Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, Long-term and Short-term, Combined Amount	7,931	7,928
Level 1 \| Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	7,221	6,539
Level 2 \| Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	422	917
Level 3 \| Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 0	$ 0

Revenue (Tables)

6 Months Ended

Jun. 30, 2023

Revenue [Abstract]

Disaggregation of Revenue

The following table presents information on our disaggregated revenue.


	Three Months Ended June 30				Six Months Ended June 30
Millions of dollars	2023		2022		2023		2022
Revenue by segment:
Completion and Production	$	3,476	$	2,911	$	6,885	$	5,264
Drilling and Evaluation	2,322		2,163		4,590		4,094
Total revenue	$	5,798	$	5,074	$	11,475	$	9,358
Revenue by geographic region:
North America	$	2,696	$	2,426	$	5,461	$	4,351
Latin America	994		758		1,909		1,411
Europe/Africa/CIS	698		718		1,360		1,395
Middle East/Asia	1,410		1,172		2,745		2,201
Total revenue	$	5,798	$	5,074	$	11,475	$	9,358

Shareholders' Equity (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Defined benefit and other postretirement liability adjustments	$ (102)	$ (101)
Cumulative translation adjustments	(82)	(84)
Other	(44)	(45)
Total accumulated other comprehensive loss	$ (228)	$ (230)

- Definition

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.

+ References + Details

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

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2022

Restructuring Cost and Reserve [Line Items]

Impairments and other charges

^[1]

$ 0

$ 344

$ 0

$ 366

Operating lease right-of-use assets

1,054

$ 913

Current portion of operating lease liabilities

$ 253

$ 224

Completion And Production [Member]

Restructuring Cost and Reserve [Line Items]

Impairments and other charges

131

136

Drilling And Evaluation [Member]

Restructuring Cost and Reserve [Line Items]

Impairments and other charges

178

195

Corporate and Other [Member]

Restructuring Cost and Reserve [Line Items]

Impairments and other charges

$ 35

[1]

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 655	$ 264	$ 1,271	$ 381
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Impairments and other charges			0	366
Depreciation, depletion and amortization			486	470
Changes in assets and liabilities:
Receivables			(337)	(930)
Accounts payable			66	491
Inventories			(318)	(371)
Other operating activities			6	(81)
Total cash flows provided by operating activities			1,174	326
Cash flows from investing activities:
Capital expenditures			(571)	(410)
Payments to Acquire Marketable Securities			(270)	(10)
Proceeds from Sale and Maturity of Marketable Securities			103	0
Proceeds from sales of property, plant and equipment			90	116
Other investing activities			(48)	(44)
Total cash flows used in investing activities			(696)	(348)
Cash flows from financing activities:
Payments on long-term borrowings			0	(642)
Dividends to shareholders			(289)	(217)
Payments for Repurchase of Common Stock			348	0
Other financing activities			(7)	116
Total cash flows used in financing activities			(644)	(743)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations			(75)	(53)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total			(241)	(818)
Cash and equivalents at beginning of period	$ 2,346	$ 3,044	2,346	3,044	$ 3,044
Cash and equivalents at end of period					2,346
Cash and equivalents at end of period			2,105	2,226	$ 2,346
Cash payments during the period for:
Interest			228	244
Income taxes			$ 388	$ 190
Maximum Percentage Gross Trade Receivables From One Customer			10.00%		10.00%
UNITED STATES \| Accounts Receivable [Member] \| Geographic Concentration Risk [Member]
Cash payments during the period for:
Concentration Risk, Percentage			35.00%		38.00%
MEXICO \| Accounts Receivable [Member] \| Geographic Concentration Risk [Member]
Cash payments during the period for:
Concentration Risk, Percentage			11.00%		11.00%

Revenue (Policies)	6 Months Ended
Revenue (Policies)	Jun. 30, 2023
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.

Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Stockholders' Equity Note [Abstract]

Summary of shareholders' equity activity

The following tables summarize our shareholders’ equity activity for the three and six months ended June 30, 2023 and June 30, 2022, 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, 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









(a)	In the first quarter and second quarter of 2023, we issued common stock from treasury shares for stock options exercised, restricted stock grants, and purchases under our employee stock purchase plan. As a result, additional paid in capital was reduced to zero as of the end of each period, which resulted in a reduction of retained earnings by $3 million and $82 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, 2021		$	2,665	$	32	$	(5,511)	$	9,710	$	(183)	$	15	$	6,728
Comprehensive income (loss):
Net income		—		—		—		263		—		1		264
Other comprehensive income		—		—		—		—		5		—		5
Cash dividends ($0.12 per share)		—		—		—		(108)		—		—		(108)

Stock plans (a)		—		(32)		261		(85)		—		—		144

Balance at March 31, 2022		$	2,665	$	—	$	(5,250)	$	9,780	$	(178)	$	16	$	7,033
Comprehensive income (loss):
Net income		—		—		—		109		—		8		117
Other comprehensive loss		—		—		—		—		(1)		—		(1)
Cash dividends ($0.12 per share)		—		—		—		(109)		—		—		(109)
Stock plans (a)		—		—		277		(163)		—		—		114
Other		—		—		—		—		—		(6)		(6)
Balance at June 30, 2022		$	2,665	$	—	$	(4,973)	$	9,617	$	(179)	$	18	$	7,148









(a)	In the first and second quarter of 2022, we issued common stock from treasury shares for stock options exercised, restricted stock grants and purchases under our employee stock purchase plan. As a result, additional paid in capital was reduced to zero as of the end of each period, which resulted in a reduction of retained earnings by $85 million and $163 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	June 30, 2023		December 31, 2022
Cumulative translation adjustments	$	(82)	$	(84)
Defined benefit and other postretirement liability adjustments	(102)		(101)

Other	(44)		(45)
Total accumulated other comprehensive loss	$	(228)	$	(230)

Commitments and Contingencies (Guarantee Arrangements) (Details) $ in Billions	Jun. 30, 2023 USD ($)
Financial agreements
Guarantee arrangements [Abstract]
Guarantee arrangements outstanding	$ 2.2

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

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Segment Reporting [Abstract]

Impairments and other charges

^[1]

$ 0

$ 344

$ 0

$ 366

[1]