0000045012-24-000007 | 10-K | XBRL Viewer

Funded status at end of period

622

665

123

Defined Benefit Plan, Accumulated Benefit Obligation

672

601

Amounts recognized on the Consolidated Balance Sheets

Other Assets

151

Accrued employee compensation and benefits

Employee compensation and benefits

154

145

Pension plans in which projected benefit obligation exceeded plan assets

Projected benefit obligation

179

159

Fair value of plan assets

Pension plans in which accumulated benefit obligation exceeded plan assets

Accumulated benefit obligation

106

Fair value of plan assets

Defined Benefit Plan, Net Periodic Benefit Cost (Credit)

(32)

(14)

$ (25)

Foreign Plan [Member] | Cash and equivalents

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Foreign Plan [Member] | Bond funds

263

126

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Foreign Plan [Member] | Alternatives fund

^[1]

315

342

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Foreign Plan [Member] | Real estate funds

^[2]

145

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Foreign Plan [Member] | Other investments

^[3]

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Foreign Plan [Member] | Level 1

^[4]

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Foreign Plan [Member] | Level 1 | Cash and equivalents

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Foreign Plan [Member] | Level 1 | Bond funds

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Foreign Plan [Member] | Level 1 | Alternatives fund

^[1]

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Foreign Plan [Member] | Level 1 | Real estate funds

^[2]

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Foreign Plan [Member] | Level 1 | Other investments

^[3]

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Foreign Plan [Member] | Level 2

^[4]

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Foreign Plan [Member] | Level 2 | Cash and equivalents

404

360

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Foreign Plan [Member] | Level 2 | Bond funds

234

100

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Foreign Plan [Member] | Level 2 | Alternatives fund

^[1]

159

242

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Foreign Plan [Member] | Level 2 | Real estate funds

^[2]

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Foreign Plan [Member] | Level 2 | Other investments

^[3]

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Foreign Plan [Member] | Level 3

^[4]

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Foreign Plan [Member] | Level 3 | Cash and equivalents

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Foreign Plan [Member] | Level 3 | Bond funds

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Foreign Plan [Member] | Level 3 | Alternatives fund

^[1]

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Foreign Plan [Member] | Level 3 | Real estate funds

^[2]

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Foreign Plan [Member] | Level 3 | Other investments

^[3]

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Foreign Plan [Member] | Fair Value Measured at Net Asset Value Per Share [Member]

^[4]

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Foreign Plan [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Cash and equivalents

186

276

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Foreign Plan [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Bond funds

^[5]

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Foreign Plan [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Alternatives fund

^[1],[5]

156

100

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Foreign Plan [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Real estate funds

^[2],[5]

145

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

Foreign Plan [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Other investments

^[3],[5]

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

United Kingdom Pension Plan [Member]

^[4],[5]

$ 0

Pension plans in which accumulated benefit obligation exceeded plan assets

United Kingdom pension plan percentage of international pension plans' projected benefit obligations

75.00%

Expense for the defined contribution plans for continuing operations

$ 181

$ 160

$ 136

[1]	Strategy of bond funds is to invest in diversified funds of fixed income securities of varying geographies and credit quality.
[2]	Strategy of alternative funds is to invest in a fund of diversifying investments, including but not limited to reinsurance, commodities, and currencies.
[3]	Strategy of real estate funds is to invest in diversified funds of real estate investment trusts and private real estate.
[4]	Other investments primarily include investments in insurance contracts, balanced funds, and government bonds.
[5]	Represents investments measured at fair value using the Net Asset Value (NAV) per share practical expedient and thus has not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total value of our international pension plans assets.

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories


	December 31
Millions of dollars	2023		2022
Finished products and parts	$	2,069	$	1,859
Raw materials and supplies	1,021		953
Work in process	136		111
Total inventories	$	3,226	$	2,923

Property, Plant, and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant, and Equipment

Property, plant, and equipment were composed of the following:


	December 31
Millions of dollars	2023		2022
Land	$	119	$	117
Buildings and property improvements	1,724		1,671
Machinery, equipment, and other	15,121		14,220
Total property, plant, and equipment	16,964		16,008
Accumulated depreciation	(12,064)		(11,660)
Net property, plant, and equipment	$	4,900	$	4,348

During the year ended December 31, 2023, no impairment charges were recorded on property, plant, and equipment. During the year ended December 31, 2022, we recorded $100 million of impairment charges on property, plant, and equipment primarily related to our exit from Russia. See Note 2 to the consolidated financial statements for further discussion on impairments and other charges.

Classes of assets are depreciated over the following useful lives:


	Buildings and Property Improvements
	2023	2022
1 - 10 years	16%	16%
11 - 20 years	40%	40%
21 - 30 years	26%	26%
31 - 40 years	18%	18%


	Machinery, Equipment, and Other
	2023	2022
1 - 5 years	47%	49%
6 - 10 years	43%	41%
11 - 20 years	10%	10%

Leases Maturity (Details) $ in Millions	Dec. 31, 2023 USD ($)
Leases [Abstract]
2020 - Operating Leases	$ 323
2020 - Financing Leases	68
2021 - Operating Leases	254
2021 - Financing Leases	65
2022 - Operating Leases	176
2022 - Financing Leases	63
2023 - Operating Leases	115
2023 - Financing Leases	29
2024 - Operating Leases	88
2024 - Financing Leases	10
Thereafter - Operating Leases	536
Thereafter - Financing Leases	18
Total lease payments - Operating Leases	1,492
Total lease payments - Financing Leases	253
Imputed interest - Operating Leases	(319)
Imputed interest - Financing Leases	(89)
Total - Operating Leases	1,173
Total - Financing Leases	$ 164

Financial Instruments and Risk Management (Credit Risk) (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
United States \| Geographic Concentration Risk \| Accounts Receivable
Concentration Risk [Line Items]
Concentration Risk, Percentage	33.00%	38.00%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of the (provision)/benefit for income taxes on continuing operations

The components of the (provision) benefit for income taxes on continuing operations were as follows:


	Year Ended December 31
Millions of dollars	2023		2022		2021
Current income taxes:
Federal	$	(21)	$	(17)	$	6
Foreign	(472)		(417)		(270)
State	(12)		(11)		(6)
Total current income taxes	(505)		(445)		(270)
Deferred income taxes:
Federal	(123)		(159)		533
Foreign	(59)		103		(47)
State	(14)		(14)		—
Total deferred income taxes	(196)		(70)		486
Income tax (provision) benefit	$	(701)	$	(515)	$	216

United States and foreign components of income from continuing operations before income taxes

The United States and foreign components of income from continuing operations before income taxes were as follows:


	Year Ended December 31
Millions of dollars	2023		2022		2021
United States	$	1,666	$	992	$	283
Foreign	1,697		1,118		969
Total income from continuing operations before income taxes	$	3,363	$	2,110	$	1,252

Reconciliations between the actual provision for income taxes on continuing operations and that computed by applying the US statutory rate to income from continuing operations before income taxes

Reconciliations between the actual (provision) benefit for income taxes on continuing operations and that computed by applying the United States statutory rate to income from continuing operations before income taxes were as follows:


	Year Ended December 31
	2023		2022		2021
United States statutory rate	21.0	%	21.0	%	21.0	%
Valuation allowance against tax assets	0.8		(2.9)		(44.5)
Impact of foreign income taxed at different rates	0.2		3.0		2.5
State income taxes	0.7		0.8		0.1
Impact of impairments and other charges	0.6		0.7		—
Adjustments of prior year taxes	(1.3)		0.2		1.3




Other items, net	(1.2)		1.6		2.4
Total effective tax rate on continuing operations	20.8	%	24.4	%	(17.2)	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The primary components of our deferred tax assets and liabilities were as follows:


	December 31
Millions of dollars	2023		2022
Gross deferred tax assets:
Foreign tax credit carryforwards	$	902	$	961
Intangible assets	789		856
Net operating loss carryforwards	663		694
Accrued liabilities	293		259
Research and development tax credit carryforwards	173		219
Employee compensation and benefits	193		170
Other	579		515
Total gross deferred tax assets	3,592		3,674
Gross deferred tax liabilities:
Operating lease right-of-use assets	189		153
Depreciation and amortization	115		61

Other	51		39
Total gross deferred tax liabilities	355		253
Valuation allowances	761		821
Net deferred income tax asset	$	2,476	$	2,600

Rollforward of unrecognized tax benefits and associated interest and penalties

The following table presents a rollforward of our unrecognized tax benefits and associated interest and penalties.


Millions of dollars		Unrecognized Tax Benefits			Interest and Penalties
Balance at January 1, 2021		$	355		$	71
Change in prior year tax positions		14			4
Change in current year tax positions		14			2
Cash settlements with taxing authorities		(10)			—
Lapse of statute of limitations		(21)			(5)
Balance at December 31, 2021		$	352	(a)	$	72
Change in prior year tax positions		(36)			(5)
Change in current year tax positions		13			2
Cash settlements with taxing authorities		(6)			(2)
Lapse of statute of limitations		(12)			(3)
Balance at December 31, 2022		$	311	(a)	$	64
Change in prior year tax positions		(38)			(10)
Change in current year tax positions		8			1
Cash settlements with taxing authorities		(4)			(3)
Lapse of statute of limitations		(9)			(3)
Balance at December 31, 2023		$	268	(a)(b)	$	49

(a)	Includes $43 million as of December 31, 2023, $51 million as of December 31, 2022, and $20 million as of December 31, 2021 in foreign unrecognized tax benefits that would give rise to a United States tax credit. As of December 31, 2023, December 31, 2022, and December 31, 2021 a net $192 million, $208 million and $272 million after a net operating loss carryforward offset, respectively, of unrecognized tax benefits would positively impact the effective tax rate and be recognized as additional tax benefits in our statement of operations if resolved in our favor.
(b)	Includes $85 million as of December 31, 2023 that we believe could be resolved within the next 12 months.

Summary of Tax Credit Carryforwards

Our deferred tax assets from net operating losses, foreign tax credits, and research and development credits will expire as follows:


Millions of dollars	U.S. Net Operating Loss		Foreign Net Operating Loss		Foreign Tax Credits		Research and Development Credit		Total Deferred Tax Assets
2024-2028	$	3	$	129	$	450	$	—	$	582
2029-2033	8		13		474		—		495
2034-2043	25		88		—		173		286
Non-Expiring	17		403		—		—		420
	$	53	$	633	$	924	$	173	$	1,783

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

Our long-term total debt consisted of the following:


	December 31
Millions of dollars	2023		2022
5.0% senior notes due November 2045	$	1,911	$	2,000
4.85% senior notes due November 2035	1,000		1,000
2.92% senior notes due March 2030	1,000		1,000
7.45% senior notes due September 2039	946		1,000
4.75% senior notes due August 2043	879		900
6.7% senior notes due September 2038	763		800
4.5% senior notes due November 2041	500		500
3.8% senior notes due November 2025	382		400
7.6% senior debentures due August 2096	228		294
6.75% notes due February 2027	90		104
Other	5		6
Unamortized debt issuance costs and discounts	(68)		(76)
Total long-term debt	$	7,636	$	7,928

During the year ended December 31, 2023 and December 31, 2022, there were no short-term borrowings or current maturities of long-term debt.

Senior debt

We may redeem all of our senior notes from time to time or all of the notes of each series at any time at the applicable redemption prices, plus accrued and unpaid interest. Our 6.75% notes due February 2027 and 7.6% senior debentures due August 2096 may not be redeemed prior to maturity.

Repurchases of senior debt

In August of 2023, we repurchased $150 million aggregate principal amount of various maturities of our outstanding debt, including: $15 million of our 3.8% senior notes due November 2025, $14 million of our 6.75% notes due February 2027, $21 million of our 6.7% senior notes due September 2038, $32 million of our 7.45% senior notes due September 2039, $60 million of our 5.0% senior notes due November 2045, and $8 million of our 7.6% senior debentures due August 2096.

In November of 2023, we repurchased $150 million aggregate principal amount of various maturities of our outstanding debt, including: $3 million of our 3.8% senior notes due November 2025, $16 million of our 6.7% senior notes due September 2038, $22 million of our 7.45% senior notes due September 2039, $21 million of our 4.75% senior notes due August 2043, $29 million of our 5.0% senior notes due November 2045, and $58 million of our 7.6% senior notes due August 2096.

We used cash on hand to fund these repurchases, which included the principal amount, a net premium, and accrued interest. The remaining principal balance of $5.2 billion in the aggregate of these debt instruments remains outstanding.

Redemption of 3.8% senior notes due November 2025 redemption

In February of 2022, we redeemed $600 million aggregate principal amount of our 3.8% senior notes due in November 2025. The early redemption of the notes resulted in a loss of $42 million, consisting of premiums and unamortized expenses. The loss is included in "Loss on early extinguishment of debt" in our consolidated statements of operations for the year ended December 31, 2022. We used cash on hand to fund the aggregate redemption price of the notes in the amount of $641 million, which included the principal amount, the make-whole premium, and accrued interest. The remaining $382 million aggregate principal amount of our 3.8% senior notes remains outstanding.

Revolving credit facilities

We have a revolving credit facility with a capacity of $3.5 billion, which expires in April 2027. The facility is for general working capital purposes. The full amount of the revolving credit facility was available as of December 31, 2023.

Debt maturities

Our long-term debt matures as follows: no amounts in 2024, $382 million in 2025, no amounts in 2026, $90 million in 2027, no amounts in 2028, and the remainder thereafter.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Retirement Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Retirement Plans

Our company and subsidiaries have various plans that cover a significant number of our employees. These plans include defined contribution plans, defined benefit plans, and other postretirement plans:

- our defined contribution plans provide retirement benefits in return for services rendered. These plans provide an individual account for each participant and have terms that specify how contributions to the participant’s account are to be determined rather than the amount of pension benefits the participant is to receive. Contributions to these plans are based on a percentage of pre-tax income, after-tax income, or discretionary amounts determined on an annual basis. Our expense for the defined contribution plans totaled $181 million in 2023, $160 million in 2022, and $136 million in 2021. The increase in expense from 2022 to 2023 was due to headcount and salary increase for the year ended December 31, 2023.

- our defined benefit plans, which include both overfunded and underfunded pension plans, define an amount of pension benefit to be provided, usually as a function of age, years of service and/or compensation. The underfunded obligations and net periodic benefit cost of our United States defined benefit plans were not material for the periods presented; and

- our postretirement plans other than pensions are offered to specific eligible employees. The accumulated benefit obligations and net periodic benefit cost for these plans were not material for the periods presented.

Funded status

For our international pension plans, at December 31, 2023, the projected benefit obligation was $745 million and the fair value of plan assets was $622 million, which resulted in an underfunded obligation of $123 million. At December 31, 2022, the projected benefit obligation was $669 million and the fair value of plan assets was $665 million, which resulted in an underfunded obligation of $4 million. The accumulated benefit obligation for our international plans was $672 million at December 31, 2023 and $601 million at December 31, 2022. The increase in projected benefit obligation and accumulated benefit obligation from 2022 to 2023 was due to assumption changes, mainly a decrease in discount rate.

The following table presents additional information about our international pension plans.


	December 31
Millions of dollars	2023		2022
Amounts recognized on the Consolidated Balance Sheets
Other assets	$	39	$	151
Accrued employee compensation and benefits	10		7
Employee compensation and benefits	154		145
Pension plans in which projected benefit obligation exceeded plan assets
Projected benefit obligation	$	179	$	159
Fair value of plan assets	15		7
Pension plans in which accumulated benefit obligation exceeded plan assets
Accumulated benefit obligation	$	106	$	91
Fair value of plan assets	15		7

Fair value measurements of plan assets

The fair value of our plan assets categorized within level 1 on the fair value hierarchy is based on quoted prices in active markets for identical assets. The fair value of our plan assets categorized within level 2 on the fair value hierarchy is based on significant observable inputs for similar assets. The fair value of our plan assets categorized within level 3 on the fair value hierarchy is based on significant unobservable inputs.

The following table sets forth the fair values of assets held by our international pension plans by level within the fair value hierarchy.


Millions of dollars		Level 1		Level 2		Level 3		Net Asset Value (a)		Total
Cash and equivalents		$	29	$	234	$	—	$	—	$	263

Bond funds (b)		—		159		—		156		315

Real estate funds (d)		—		—		—		30		30
Other investments (e)		1		11		2		—		14
Fair value of plan assets at December 31, 2023		$	30	$	404	$	2	$	186	$	622
Cash and equivalents		$	26	$	100	$	—	$	—	$	126

Bond funds (b)		—		242		—		100		342
Alternatives funds (c)		—		—		—		145		145
Real estate funds (d)		—		—		—		31		31
Other investments (e)		1		18		2		—		21
Fair value of plan assets at December 31, 2022		$	27	$	360	$	2	$	276	$	665

(a)	Represents investments measured at fair value using the Net Asset Value (NAV) per share practical expedient and thus has not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total value of our international pension plans assets.

(b)	Strategy of bond funds is to invest in diversified funds of fixed income securities of varying geographies and credit quality.
(c)	Strategy of alternative funds is to invest in a fund of diversifying investments, including but not limited to reinsurance, commodities, and currencies.
(d)	Strategy of real estate funds is to invest in diversified funds of real estate investment trusts and private real estate.
(e)	Other investments primarily include investments in insurance contracts, balanced funds, and government bonds.

Risk management practices for these plans include diversification by issuer, industry, and geography, as well as the use of multiple asset classes and investment managers within each asset class. Our investment strategy for our United Kingdom pension plan, which constituted 75% of our international pension plans’ projected benefit obligation at December 31, 2023 and is no longer accruing service benefits, aims to achieve full funding of the benefit obligation, with the plan's assets increasingly composed of investments whose cash flows match the projected liabilities of the plan.

Net periodic benefit cost

Net periodic benefit cost for our international pension plans was $32 million in 2023, $14 million in 2022, and $25 million in 2021.

Actuarial assumptions

Certain weighted-average actuarial assumptions used to determine benefit obligations of our international pension plans at December 31 were as follows:


	2023	2022
Discount rate	5.1%	5.7%
Rate of compensation increase	5.6%	5.5%

Certain weighted-average actuarial assumptions used to determine net periodic benefit cost of our international pension plans for the years ended December 31 were as follows:


	2023	2022	2021
Discount rate	5.6%	2.3%	1.8%
Expected long-term return on plan assets	3.8%	3.0%	2.7%
Rate of compensation increase	5.4%	5.3%	5.9%

Assumed long-term rates of return on plan assets, discount rates for estimating benefit obligations, and rates of compensation increases vary by plan according to local economic conditions. Where possible, discount rates were determined based on the prevailing market rates of a portfolio of high-quality debt instruments with maturities matching the expected timing of the payment of the benefit obligations. Expected long-term rates of return on plan assets were determined based upon an evaluation of our plan assets and historical trends and experience, taking into account current and expected market conditions.

Other information

Contributions. Funding requirements for each plan are determined based on the local laws of the country where such plan resides. In certain countries the funding requirements are mandatory, while in other countries they are discretionary. We currently expect to contribute $2 million to our international pension plans in 2024.

Benefit payments. Expected benefit payments over the next 10 years for our international pension plans are as follows: $38 million in 2024, $35 million in 2025, $37 million in 2026, $39 million in 2027, $42 million in 2028, and an aggregate $247 million in years 2029 through 2033.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Name Accounting Standards Codification
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-Paragraph 17
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

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

3 Months Ended

12 Months Ended

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Long-lived asset impairments

$ 0

$ 100

$ 0

Inventory costs and write-downs

Severance

(6)

(35)

Restructuring and Related Cost, Accelerated Depreciation

$ 344

$ 22

^[1]

366

^[1]

Right-of-Use Assets Obtained in Exchange for Operating Lease Liability

487

^[2]

249

433

Income before income taxes

3,363

2,110

1,252

Structured Real Estate Transaction

$ 0

366

Sale and Leaseback Transaction, Gain (Loss), Net

(74)

Disposal Group, Including Discontinued Operation, Assets, Current

358

Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures

349

Completion and Production

131

136

Drilling and Evaluation

Corporate and Other [Member]

$ 178

195

UNITED STATES | Revenue Benchmark [Member] | Geographic Concentration Risk

$ 35

$ (39)

UNITED STATES | Accounts Receivable | Geographic Concentration Risk

44.00%

45.00%

40.00%

33.00%

38.00%

Russia/Ukraine

Write-down of A/R in Russia & Ukraine

$ 202

$ 0

UKRAINE

Write-down of A/R in Ukraine

$ 16

MEXICO | Accounts Receivable | Geographic Concentration Risk

MEXICO | Accounts Receivable | Customer Concentration Risk

9.00%

11.00%

Weighted average shares outstanding and antidilutive shares [Line Items]

6.00%

9.00%

[1]

Impairments and other charges are as follows:

-For the year ended December 31, 2022, amount includes approximately $136 million attributable to Completion and Production, $195 million attributable to Drilling and Evaluation, and $35 million attributable to Corporate and other.

-For the year ended December 31, 2021, amount includes approximately $42 million attributable to Completion and Production, $9 million attributable to Drilling and Evaluation, and a $39 million net gain attributable to Corporate and other.

[2]

Income per Share Income per Share (Tables)

12 Months Ended

Dec. 31, 2023

Weighted average shares outstanding and antidilutive shares

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


	Year Ended December 31
Millions of shares	2023	2022	2021
Basic weighted average common shares outstanding	899	904	892
Dilutive effect of awards granted under our stock incentive plans	3	4	—
Diluted weighted average common shares outstanding	902	908	892
Antidilutive shares:
Options with exercise price greater than the average market price	12	15	22

Total antidilutive shares	12	15	22

Retirement Plans (Retirement Plans, Net Periodic Benefit Cost, Assumptions, and Expected Cash Flows) (Details) - Foreign Plan [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year	$ 2
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ 32	$ 14	$ 25
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	5.10%	5.70%
Rate of compensation increase	5.60%	5.50%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	5.60%	2.30%	1.80%
Expected long-term return on plan assets	3.80%	3.00%	2.70%
Rate of compensation increase	5.40%	5.30%	5.90%

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

3 Months Ended

12 Months Ended

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Revenue:

$ 23,018

$ 20,297

$ 15,295

4,083

2,707

1,800

Interest expense, net of interest income

$ (344)

$ (22)

^[1]

(366)

^[1]

(12)

^[1]

(395)

(463)

(520)

Other, net

(84)

(62)

(34)

Income before income taxes

3,363

2,110

1,252

1,379

1,011

799

998

940

904

24,683

23,255

Gain (Loss) on Extinguishment of Debt

4,900

4,348

(42)

SAP S4 Upgrade Expense

(51)

Argentina Currency Devaluation

131

(6)

Total operations

Completion and Production

4,378

3,329

2,039

Revenue:

13,689

11,582

8,410

2,835

2,037

1,238

(131)

(136)

(42)

765

589

402

553

520

502

^[2]

11,606

9,311

Drilling and Evaluation

Revenue:

9,329

8,715

6,885

1,543

1,292

801

$ (178)

(195)

(9)

613

420

392

430

406

388

Corporate and Other [Member]

^[2]

7,532

7,199

^[3]

(244)

(256)

(227)

(35)

^[4]

5,545

6,745

North America [Member]

Revenue:

10,492

9,597

6,371

2,961

2,424

Latin America [Member]

Revenue:

3,987

3,197

2,362

Europe/Africa/CIS [Member]

527

520

Revenue:

2,861

2,691

2,719

Middle East/Asia [Member]

444

435

Revenue:

5,678

4,812

$ 3,843

$ 968

$ 969

[1]	Impairments and other charges are as follows: -For the year ended December 31, 2022, amount includes approximately $136 million attributable to Completion and Production, $195 million attributable to Drilling and Evaluation, and $35 million attributable to Corporate and other. -For the year ended December 31, 2021, amount includes approximately $42 million attributable to Completion and Production, $9 million attributable to Drilling and Evaluation, and a $39 million net gain attributable to Corporate and other.
[2]	Assets associated with specific segments primarily include receivables, inventories, property, plant, and equipment, operating lease right-of-use assets, equity in and advances to related companies, and goodwill.
[3]	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.
[4]	Includes primarily cash and equivalents and deferred tax assets.

Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets, Current [Abstract]
Cash and equivalents	$ 2,264	$ 2,346
Receivables (net of allowances for bad debts)	4,860	4,627
Inventories	3,226	2,923
Other current assets	1,193	1,056
Total current assets	11,543	10,952
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	12,064	11,660
Property, plant and equipment (net of accumulated depreciation)	4,900	4,348
Goodwill	2,850	2,829
Operating lease right-of-use assets	1,088	913
Other Assets	1,797	1,577
Total assets	24,683	23,255
Current liabilities:
Accounts payable	3,147	3,121
Accrued employee compensation and benefits	689	634
Accrued Income Taxes, Current	390	294
Accrual for Taxes Other than Income Taxes	370	349
Current portion of operating lease liabliities	262	224
Other current liabilities	750	723
Total current liabilities	5,608	5,345
Long-term debt	7,636	7,928
Operating lease liabilities	911	791
Employee compensation and benefits	408	408
Other liabilities	687	806
Total liabilities	$ 15,250	$ 15,278
Common Stock, Shares, Issued	1,065	1,066
Common Stock, Shares Authorized	2,000	2,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]
Common stock, par value $2.50 per share	$ 2,663	$ 2,664
Paid-in capital in excess of par value	63	50
Accumulated other comprehensive loss	(331)	(230)
Retained earnings	12,536	10,572
Treasury stock, at cost	(5,540)	(5,108)
Company shareholders’ equity	9,391	7,948
Noncontrolling interest in consolidated subsidiaries	42	29
Total shareholders’ equity	9,433	7,977
Total liabilities and shareholders’ equity	$ 24,683	$ 23,255
Treasury Stock, Shares	176	164
Deferred Income Tax Assets, Net	$ 2,505	$ 2,636
Common Stock, Par or Stated Value Per Share	$ 2.50	$ 2.50

Description of Company and Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) Division	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of business segments \| Division	2
Goodwill [Line Items]
Goodwill, Impairment Loss	$ 0	$ 0	$ 0
Research and Development [Abstract]
Research and development costs	$ 408,000,000	345,000,000	321,000,000
Cash and Cash Equivalents [Abstract]
Cash equivalents, maximum maturity (in months)	3 months
Goodwill [Roll Forward]
Goodwill	$ 2,829,000,000	2,843,000,000
Current year acquisitions	21,000,000	8,000,000
Other	0	(22,000,000)
Goodwill	$ 2,850,000,000	2,829,000,000	2,843,000,000
Minimum
Finite-lived intangible assets [Abstract]
Useful life of finite-lived intangible assets (in years)	1 year
Maximum
Finite-lived intangible assets [Abstract]
Useful life of finite-lived intangible assets (in years)	28 years
Completion and Production
Goodwill [Roll Forward]
Goodwill	$ 2,020,000,000	2,012,000,000
Current year acquisitions	0	8,000,000
Other	12,000,000	0
Goodwill	2,032,000,000	2,020,000,000	2,012,000,000
Drilling and Evaluation
Goodwill [Roll Forward]
Goodwill	809,000,000	831,000,000
Current year acquisitions	21,000,000	0
Other	(12,000,000)	(22,000,000)
Goodwill	$ 818,000,000	$ 809,000,000	$ 831,000,000

Leases (Notes)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Lessee, Finance Leases

Leases

For operating leases, lease expense for lease payments is recognized on a straight-line basis over the lease term and accretion of the lease liability, while finance leases include both an operating expense and an interest expense component. For all leases with a term of 12 months or less, we recognize lease expense for these short-term leases on a straight-line basis over the lease term.

We are a lessee for numerous operating leases, primarily related to real estate, transportation, and equipment. The vast majority of our operating leases have remaining lease terms of 10 years or less, some of which include options to extend the leases, and some of which include options to terminate the leases. We generally do not include renewal or termination options in our assessment of the leases unless extension or termination for certain assets is deemed to be reasonably certain. The accounting for some of our leases may require judgment, which includes determining whether a contract contains a lease, determining the incremental borrowing rates to utilize in our net present value calculation of lease payments for lease agreements which do not provide an implicit rate, and assessing the likelihood of renewal or termination options. We also have some lease agreements with lease and non-lease components, which are generally accounted for as a single lease component. For certain equipment leases, such as offshore vessels and drilling rigs, we account for the lease and non-lease components separately.

The following tables illustrate the financial impact of our leases as of and for the years ended December 31, 2023, 2022, and 2021, along with other supplemental information about our existing leases:


	Year Ended December 31
Millions of dollars	2023		2022		2021
Components of lease expense:
Finance lease cost:
Amortization of right-of-use assets	$	30	$	20	$	20
Interest on lease liabilities	41		38		38
Operating lease cost	337		301		274
Short-term lease cost	35		31		27
Sublease income	(2)		(3)		(4)
Total lease cost	$	441	$	387	$	355


	As of December 31
Millions of dollars	2023		2022
Components of balance sheet:
Operating leases:
Operating lease right-of-use assets (non-current)	$	1,088	$	913
Current portion of operating lease liabilities	262		224
Operating lease liabilities (non-current)	911		791
Finance leases:
Other assets (non-current)	$	120	$	124
Other current liabilities	32		26
Other liabilities (non-current)	132		115


	Year Ended December 31
Millions of dollars except years and percentages	2023			2022			2021
Other supplemental information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	354		$	332		$	307
Operating cash flows for finance leases	41			38			38
Financing cash flows for finance leases	37			26			24
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	487		$	249		$	433
Finance leases	64			62			6
Weighted-average remaining lease term:
Operating leases	8.2 years			9.5 years			9.8 years
Finance leases	5.3 years			5.9 years			6.3 years
Weighted-average discount rate for operating leases	5.3		%	5.2		%	4.9		%

The following table summarizes the maturity of our operating and finance leases as of December 31, 2023:


Millions of dollars	Operating Leases		Finance Leases
2024	$	323	$	68
2025	254		65
2026	176		63
2027	115		29
2028	88		10
Thereafter	536		18
Total lease payments	1,492		253
Imputed interest	(319)		(89)
Total lease payments, net of imputed interest	$	1,173	$	164

Lessee, Operating Leases

Leases


	Year Ended December 31
Millions of dollars	2023		2022		2021
Components of lease expense:
Finance lease cost:
Amortization of right-of-use assets	$	30	$	20	$	20
Interest on lease liabilities	41		38		38
Operating lease cost	337		301		274
Short-term lease cost	35		31		27
Sublease income	(2)		(3)		(4)
Total lease cost	$	441	$	387	$	355


	As of December 31
Millions of dollars	2023		2022
Components of balance sheet:
Operating leases:
Operating lease right-of-use assets (non-current)	$	1,088	$	913
Current portion of operating lease liabilities	262		224
Operating lease liabilities (non-current)	911		791
Finance leases:
Other assets (non-current)	$	120	$	124
Other current liabilities	32		26
Other liabilities (non-current)	132		115


	Year Ended December 31
Millions of dollars except years and percentages	2023			2022			2021
Other supplemental information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	354		$	332		$	307
Operating cash flows for finance leases	41			38			38
Financing cash flows for finance leases	37			26			24
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	487		$	249		$	433
Finance leases	64			62			6
Weighted-average remaining lease term:
Operating leases	8.2 years			9.5 years			9.8 years
Finance leases	5.3 years			5.9 years			6.3 years
Weighted-average discount rate for operating leases	5.3		%	5.2		%	4.9		%

The following table summarizes the maturity of our operating and finance leases as of December 31, 2023:


Millions of dollars	Operating Leases		Finance Leases
2024	$	323	$	68
2025	254		65
2026	176		63
2027	115		29
2028	88		10
Thereafter	536		18
Total lease payments	1,492		253
Imputed interest	(319)		(89)
Total lease payments, net of imputed interest	$	1,173	$	164

Financial Instruments and Risk Management (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The carrying amount and fair value of our total debt is as follows:


	December 31, 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	$	7,419	$	378	$	7,797	$	7,636	$	6,539	$	917	$	7,456	$	7,928

Financial Instruments and Risk Management

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments and Risk Management

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

The carrying amount and fair value of our total debt is as follows:


	December 31, 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	$	7,419	$	378	$	7,797	$	7,636	$	6,539	$	917	$	7,456	$	7,928

The total fair value of our debt increased during 2023 as a result of lower treasury yields which was partially offset by $300 million in debt repurchases, as discussed in Note 10.

Our debt categorized within level 1 on the fair value hierarchy is calculated using quoted prices in active markets for identical liabilities with transactions occurring on the last two days of period-end. Our debt categorized within level 2 on the fair value hierarchy is calculated using significant observable inputs for similar liabilities where estimated values are determined from observable data points on our other bonds and on other similarly rated corporate debt or from observable data points of transactions occurring prior to two days from period-end and adjusting for changes in market conditions. Differences between the periods presented in our level 1 and level 2 classification of our long-term debt relate to the timing of when third party market transactions on our debt are executed. We have no debt categorized within level 3 on the fair value hierarchy.

We are exposed to market risk from changes in foreign currency exchange rates and interest rates. We selectively manage these exposures through the use of derivative instruments, including forward foreign exchange contracts, foreign exchange options and interest rate swaps. The objective of our risk management strategy is to minimize the volatility from fluctuations in foreign currency and interest rates. We do not use derivative instruments for trading purposes. The fair value of our forward contracts, options, and interest rate swaps was not material as of December 31, 2023 or December 31, 2022. The counterparties to our derivatives are primarily global commercial and investment banks.

Foreign currency exchange risk

We have operations in many international locations and are involved in transactions denominated in currencies other than the United States dollar, our functional currency, which exposes us to foreign currency exchange rate risk. Techniques in managing foreign currency exchange risk include, but are not limited to, foreign currency borrowing and investing, and the use of currency exchange instruments. We attempt to selectively manage significant exposures to potential foreign currency exchange losses based on current market conditions, future operating activities, and the associated cost in relation to the perceived risk of loss. The purpose of our foreign currency risk management activities is to minimize the risk that our cash flows from the purchase and sale of products and services in foreign currencies will be adversely affected by changes in exchange rates.

We use forward contracts and options to manage our exposure to fluctuations in the currencies of certain countries in which we do business internationally. These instruments are not treated as hedges for accounting purposes, generally have an expiration date of one year or less, and are not exchange traded. While these instruments are subject to fluctuations in value, the fluctuations are generally offset by the value of the underlying exposures being managed. The use of some of these instruments may limit our ability to benefit from favorable fluctuations in foreign currency exchange rates.

Derivatives are not utilized to manage exposures in some currencies due primarily to the lack of available markets, cost considerations, or immaterial exposures (non-hedged currencies). We attempt to minimize foreign currency exposure in non-hedged currencies and recognize that pricing for the services and products offered in these countries should account for the cost of exchange rate devaluations.

The notional amounts of open foreign exchange derivatives were $715 million at December 31, 2023 and $650 million at December 31, 2022. The notional amounts of these instruments do not generally represent amounts exchanged by the parties, and thus are not a measure of our exposure or of the cash requirements related to these contracts. The fair value of our foreign exchange derivatives as of December 31, 2023 and December 31, 2022 is included in both "Other current assets" and in "Other current liabilities" in our consolidated balance sheets and was immaterial. The fair value of these instruments is categorized within level 2 on the fair value hierarchy and was determined using a market approach with certain inputs, such as notional amounts hedged, exchange rates, and other terms of the contracts that are observable in the market or can be derived from or corroborated by observable data.

Interest rate risk

We are subject to interest rate risk on our debt and investment portfolios. We had fixed rate long-term debt totaling $7.6 billion at December 31, 2023 and $7.9 billion at December 31, 2022. We maintain an interest rate management strategy that is intended to mitigate the exposure to changes in interest rates.

Credit risk

Financial instruments that potentially subject us to concentrations of credit risk are primarily cash equivalents and net trade receivables. It is our practice to place our cash equivalents in high quality investments with various institutions. Our net trade receivables are from a broad and diverse group of customers and are generally not collateralized. As of December 31, 2023, 33% of our net trade receivables were from customers in the United States and 9% 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. We maintain an allowance for credit losses based upon several factors, including historical collection experience, current aging status of the customer accounts and financial condition of our customers. See Note 5 for further information.

During the fourth quarter of 2023, we entered into a credit default swap ("CDS") with a third-party financial institution. The notional amount of the CDS, which was $300 million at the end of January 2024, will reduce on a monthly basis over its 26-month term. The CDS relates to a borrowing provided by the financial institution to one of our primary customers in Mexico, a portion of the proceeds of which was utilized by this customer to pay certain of our outstanding receivables. The fair value of this derivative liability was not material at December 31, 2023.

We do not have any significant concentrations of credit risk with any individual counterparty to our derivative contracts. We select counterparties to those contracts based on our belief that each counterparty’s profitability, balance sheet, and capacity for timely payment of financial commitments is unlikely to be materially adversely affected by foreseeable events.

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

Business Segment and Geographic Information (Narrative) (Details) - Division	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Number of business segments	2
Property, Plant and Equipment [Member] \| Geographic Concentration Risk \| UNITED STATES
Segment Reporting Information [Line Items]
Concentration Risk, Percentage	59.00%	54.00%
Revenue Benchmark [Member] \| Geographic Concentration Risk \| UNITED STATES
Segment Reporting Information [Line Items]
Concentration Risk, Percentage	44.00%	45.00%	40.00%

Revenue (Notes)

12 Months Ended

Dec. 31, 2023

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 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, 44%, 45%, and 40% of our consolidated revenue was from the United States for the years ended December 31, 2023, 2022, and 2021, respectively. No other country accounted for more than 10% of our revenue.

The following table presents information on our disaggregated revenue.


	Year Ended December 31
Millions of dollars	2023		2022		2021
Revenue by segment:
Completion and Production	$	13,689	$	11,582	$	8,410
Drilling and Evaluation	9,329		8,715		6,885
Total revenue	$	23,018	$	20,297	$	15,295
Revenue by geographic region:
North America	$	10,492	$	9,597	$	6,371
Latin America	3,987		3,197		2,362
Europe/Africa/CIS	2,861		2,691		2,719
Middle East/Asia	5,678		4,812		3,843
Total revenue	$	23,018	$	20,297	$	15,295

Contract balances

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

Transaction price allocated to remaining performance obligations

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

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Stockholders' Equity Note [Abstract]

Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


	December 31
Millions of dollars	2023		2022
Finished products and parts	$	2,069	$	1,859
Raw materials and supplies	1,021		953
Work in process	136		111
Total inventories	$	3,226	$	2,923

All amounts in the table above are reported net of obsolescence reserves of $81 million at December 31, 2023 and $104 million at December 31, 2022.

During the year ended December 31, 2023, there were no impairments charges related to inventory. During the year ended December 31, 2022, we recorded $70 million of impairment charges related to inventory. These charges were primarily attributable to our exit from Russia. See Note 2 to the consolidated financial statements for further discussion on impairments and other charges.

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of shares of common stock

The following table summarizes total shares of common stock outstanding:


	December 31
Millions of shares	2023	2022
Issued	1,065	1,066
In treasury	(176)	(164)
Total shares of common stock outstanding	889	902

Schedule of accumulated other comprehensive income (loss)

Accumulated other comprehensive loss consisted of the following:


		December 31
Millions of dollars		2023		2022
Cumulative translation adjustment		$	(84)	$	(84)
Defined benefit and other postretirement liability adjustments (a)		(207)		(101)

Other		(40)		(45)
Total accumulated other comprehensive loss		$	(331)	$	(230)

(a)	Included net actuarial losses for our international pension plans of $209 million at December 31, 2023 and $98 million at December 31, 2022.

Receivables (Tables)

12 Months Ended

Dec. 31, 2023

Financing Receivable, Allowance for Credit Loss [Line Items]

Rollforward of Allowance for Bad Debts

The table below presents a rollforward of our allowance for credit losses for 2021, 2022 and 2023.


Millions of dollars		Balance at Beginning of Period		Provision (a)		Other (b)		Balance at End of Period (c)
Year ended December 31, 2021		$	824	$	(19)	$	(51)	$	754
Year ended December 31, 2022		754		2		(25)		731
Year ended December 31, 2023		731		22		(11)		742

(a)	Represents increases to allowance for credit losses charged to costs and expenses, net of recoveries.
(b)	Includes write-offs, balance sheet reclassifications, and other activity.
(c)	The allowance for credit losses in all years is primarily comprised of a full reserve against accounts receivable with our primary customer in Venezuela.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 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 $2.6 billion of letters of credit, bank guarantees, or surety bonds were outstanding as of December 31, 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 consolidated financial statements.

Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	Total	Common Stock	Paid-in Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest in Consolidated Subsidiaries	Treasury Stock, Common
Beginning balance at Dec. 31, 2020	$ 4,983	$ 2,666	$ 0	$ 8,691	$ (362)	$ 9	$ (6,021)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,468	0	0	1,457	0	11	0
Other comprehensive income (loss)	179	0	0	0	179	0	0
Cash dividends	(161)	0	0	(161)	0		0
Cash dividends - Noncontrolling interest						0
Stock plans	(264)	(1)	(32)	(277)	0	0	(510)
Other	(5)	0	0	0	0	(5)	0
Ending balance at Dec. 31, 2021	$ 6,728	2,665	32	9,710	(183)	15	(5,511)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Dividends, Per Share, Declared	$ 0.18
Net income (loss)	$ 1,595	0	0	1,572	0	23	0
Other comprehensive income (loss)	(47)	0	0	0	(47)	0	0
Cash dividends	(435)	0	0	(435)	0		0
Cash dividends - Noncontrolling interest						0
Stock plans	(395)	(1)	(18)	(275)	0	0	(653)
Stock repurchase program	(250)	0	0	0	0	0	(250)
Other	(9)	0	0	0	0	(9)	0
Ending balance at Dec. 31, 2022	$ 7,977	2,664	50	10,572	(230)	29	(5,108)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Dividends, Per Share, Declared	$ 0.48
Net income (loss)	$ 2,662	0	0	2,638	0	24	0
Other comprehensive income (loss)	(101)	0	0	0	(101)	0	0
Cash dividends	(576)	0	0	(576)	0		0
Cash dividends - Noncontrolling interest						0
Stock plans	(282)	(1)	(13)	(98)	0	0	(368)
Stock repurchase program	(800)	0	0	0	0	0	(800)
Other	(11)	0	0	0	0	(11)	0
Ending balance at Dec. 31, 2023	$ 9,433	$ 2,663	$ 63	$ 12,536	$ (331)	$ 42	$ (5,540)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Dividends, Per Share, Declared	$ 0.64

Payables and Accruals (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Outstanding Supplier Finance Payment Obligation	$ 322	$ 273

Financial Instruments and Risk Management (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of days from period end	2 days
Foreign Currency Derivatives [Abstract]
Maximum term of currency derivative instruments (in years)	1 year
Long-term Debt, Percentage Bearing Fixed Interest, Amount	$ 7,600	$ 7,900
Interest Rate Derivatives [Abstract]
Cash and equivalents	2,264	2,346
Senior & Medium Term Notes due with Various Maturity Dates
Interest Rate Derivatives [Abstract]
Debt Instrument, Repurchase Amount	150
Senior Notes due with Various Maturity Dates
Interest Rate Derivatives [Abstract]
Debt Instrument, Repurchase Amount	300
Estimate of Fair Value, Fair Value Disclosure
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	7,797	7,456
Estimate of Fair Value, Fair Value Disclosure \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	7,419	6,539
Estimate of Fair Value, Fair Value Disclosure \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	378	917
Estimate of Fair Value, Fair Value Disclosure \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
Carrying (Reported) Amount, Fair Value Disclosure
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, Long-term and Short-term, Combined Amount	7,636	7,928
Foreign Exchange Contract [Member] \| Other current assets \| Level 2
Interest Rate Derivatives [Abstract]
Derivative, Notional Amount	$ 715	$ 650

Income per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Income per Share

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

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


	Year Ended December 31
Millions of shares	2023	2022	2021
Basic weighted average common shares outstanding	899	904	892
Dilutive effect of awards granted under our stock incentive plans	3	4	—
Diluted weighted average common shares outstanding	902	908	892
Antidilutive shares:
Options with exercise price greater than the average market price	12	15	22

Total antidilutive shares	12	15	22

Description of Company and Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Company and Significant Accounting Policies

Description of Company

Halliburton Company is one of the world's largest providers of products and services to the energy industry. Its predecessor was established in 1919 and incorporated under the laws of the State of Delaware in 1924. We help our customers maximize asset value throughout the lifecycle of the reservoir - from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. We serve major, national, and independent oil and natural gas companies throughout the world and operate under two divisions, which form the basis for the two operating segments we report, the Completion and Production segment and the Drilling and Evaluation segment.

Use of estimates

Our financial statements are prepared in conformity with United States generally accepted accounting principles, requiring us to make estimates and assumptions that affect:

- the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements; and

- the reported amounts of revenue and expenses during the reporting period.

We believe the most significant estimates and assumptions are associated with the forecasting of our income tax (provision) benefit and the valuation of deferred taxes, legal reserves, long-lived asset valuations, and allowance for credit losses. Ultimate results could differ from our estimates.

Basis of presentation

The consolidated financial statements include the accounts of our company and all of our subsidiaries that we control or variable interest entities for which we have determined that we are the primary beneficiary. All material intercompany accounts and transactions are eliminated. Investments in companies in which we do not have a controlling interest, but over which we do exercise significant influence, are accounted for using the equity method of accounting, unless we elect the fair value option. If we do not have significant influence and the investment has no readily determinable fair value, we elect the measurement alternative. In addition, certain reclassifications of prior period balances have been made to conform to the current period presentation.

Revenue recognition

Research and development

We maintain an active research and development program. The program improves products, processes, and engineering standards and practices that serve the changing needs of our customers. Research and development costs are expensed as incurred and were $408 million in 2023, $345 million in 2022, and $321 million in 2021.

Cash equivalents

We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents.

Inventories

Inventories are stated at the lower of cost or net realizable value. Cost represents invoice or production cost for new items and original cost. Production cost includes material, labor, and manufacturing overhead. Our inventory is recorded on the weighted average cost method. We regularly review inventory quantities on hand and record provisions for excess or obsolete inventory based primarily on historical usage, estimated product demand, and technological developments.

Allowance for credit losses

We establish an allowance for credit losses through a review of several factors, including historical collection experience, current aging status of the customer accounts, and current financial condition of our customers. Losses are charged against the allowance when the customer accounts are determined to be uncollectible.

Property, plant, and equipment

Other than those assets that have been written down to their fair values due to impairment, property, plant, and equipment are reported at cost less accumulated depreciation, which is generally provided on the straight-line method over the estimated useful lives of the assets. Accelerated depreciation methods are often used for tax purposes, when permitted. Upon sale or retirement of an asset, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is recognized. Planned major maintenance costs are generally expensed as incurred. Expenditures for additions, modifications, and conversions are capitalized when they increase the value or extend the useful life of the asset.

Goodwill and other intangible assets

We record as goodwill the excess purchase price over the fair value of the tangible and identifiable intangible assets acquired in a business acquisition. Changes in the carrying amount of goodwill are detailed below by reportable segment.


Millions of dollars	Completion and Production		Drilling and Evaluation		Total
Balance at December 31, 2021:	$	2,012	$	831	$	2,843
Current year acquisitions	8		—		8

Other	—		(22)		(22)
Balance at December 31, 2022:	$	2,020	$	809	$	2,829
Current year acquisitions	—		21		21

Other	12		(12)		—
Balance at December 31, 2023:	$	2,032	$	818	$	2,850

The reported amounts of goodwill for each reporting unit are reviewed for impairment on an annual basis, during the third quarter, and more frequently when circumstances indicate an impairment may exist. As a result of our goodwill impairment assessments performed in the years ended December 31, 2023, 2022, and 2021, we determined that the fair value of each reporting unit exceeded its net book value and, therefore, no goodwill impairments were deemed necessary.

We amortize other identifiable intangible assets with a finite life on a straight-line basis over the period which the asset is expected to contribute to our future cash flows, ranging from one year to twenty-eight years. The components of these other intangible assets generally consist of patents, license agreements, non-compete agreements, trademarks, and customer lists and contracts.

Evaluating impairment of long-lived assets

When events or changes in circumstances indicate that long-lived assets other than goodwill may be impaired, an evaluation is performed. For assets classified as held for use, we first group individual assets based on the lowest level for which identifiable cash flows are largely independent of the cash flows from other assets. We then compare estimated future undiscounted cash flows expected to result from the use and eventual disposition of the asset group to its carrying amount. If the asset group's undiscounted cash flows are less than its carrying amount, we then determine the asset group's fair value by using a discounted cash flow analysis and recognize any resulting impairment. When an asset is classified as held for sale, the asset’s book value is evaluated and adjusted to the lower of its carrying amount or fair value less cost to sell. In addition, depreciation and amortization is ceased while it is classified as held for sale. See Note 2 for further information on impairments and other charges.

Income taxes

We recognize the amount of taxes payable or refundable for the year. In addition, deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in the financial statements or tax returns. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will not be realized.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that we will realize the benefits of these deductible differences, net of the existing valuation allowances.

We recognize interest and penalties related to unrecognized tax benefits within the provision for income taxes on continuing operations in our consolidated statements of operations.

Derivative instruments

At times, we enter into derivative financial transactions to hedge existing or projected exposures to changing foreign currency exchange rates and interest rates. We do not enter into derivative transactions for speculative or trading purposes. We recognize all derivatives on the balance sheet at fair value. Derivatives that are not hedges are adjusted to fair value which are reflected within "Other, net" on our consolidated statements of operations. If the derivative is designated as a hedge, depending on the nature of the hedge, changes in the fair value of derivatives are either offset against:

- the change in fair value of the hedged assets, liabilities, or firm commitments through earnings; or

- recognized in other comprehensive income until the hedged item is recognized in earnings.

The ineffective portion of a derivative’s change in fair value is recognized in earnings. Recognized gains or losses on derivatives entered into to manage foreign currency exchange risk are included in “Other, net” on the consolidated statements of operations. Gains or losses on interest rate derivatives are included in “Interest expense, net.”

Foreign currency translation

Foreign entities whose functional currency is the United States dollar translate monetary assets and liabilities at year-end exchange rates, and nonmonetary items are translated at historical rates. Revenue and expense transactions are translated at the average rates in effect during the year, except for those expenses associated with nonmonetary balance sheet accounts, which are translated at historical rates. Gains or losses from remeasurement of monetary assets and liabilities due to changes in exchange rates are recognized in our consolidated statements of operations in “Other, net” in the year of occurrence.

Stock-based compensation

Stock-based compensation cost is measured at the date of grant, based on the calculated fair value of the award and is recognized as expense over the employee’s service period, which is generally the vesting period of the equity grant. Additionally, compensation cost is recognized based on awards ultimately expected to vest, therefore, we have reduced the cost for estimated forfeitures based on historical forfeiture rates. Forfeitures are estimated at the time of grant and revised in subsequent periods to reflect actual forfeitures. See Note 14 for additional information related to stock-based compensation.

Stock-based Compensation

12 Months Ended

Dec. 31, 2023

Share-based Compensation Arrangement by Share-based Payment Award

Stock-based Compensation

The following table summarizes stock-based compensation costs for the years ended December 31, 2023, 2022, and 2021.


	Year Ended December 31
Millions of dollars	2023		2022		2021
Stock-based compensation cost	$	219	$	219	$	214
Tax benefit	(36)		(33)		(32)
Stock-based compensation cost, net of tax	$	183	$	186	$	182

Our Stock and Incentive Plan, as amended (Stock Plan), provides for the grant of any or all of the following types of stock-based awards:

- stock options, including incentive stock options and nonqualified stock options;

- restricted stock awards;

- restricted stock unit awards;

- stock appreciation rights; and

- stock value equivalent awards.

There are currently no stock appreciation rights, stock value equivalent awards, or incentive stock options outstanding. Under the terms of the Stock Plan, approximately 264 million shares of common stock have been reserved for issuance to employees and non-employee directors. At December 31, 2023, approximately 11 million shares were available for future grants under the Stock Plan. The stock to be offered pursuant to the grant of an award under the Stock Plan may be authorized but unissued common shares or treasury shares.

In addition to the provisions of the Stock Plan, we also have stock-based compensation provisions under the Restricted Stock Plan for Non-Employee Directors and the Employee Stock Purchase Plan (ESPP).

Each of the active stock-based compensation arrangements is discussed below.

Stock options

There were no stock options granted during 2023 and there are no plans to grant stock options in 2024. All stock options under the Stock Plan were granted at the fair market value of our common stock at the grant date. Employee stock options generally vest ratably over a period of three years and expire 10 years from the grant date. Compensation expense for stock options is generally recognized on a straight line basis over the entire vesting period.

The following table represents our stock options activity during 2023.


	Number of Shares (in millions)	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2023	18.2	$	43.88

Exercised	(1.6)	28.14
Forfeited/expired	(2.3)	45.07
Outstanding at December 31, 2023	14.3	$	45.47	2.7	$	27.2
Exercisable at December 31, 2023	14.3	$	45.47	2.7	$	27.2

The total intrinsic value of options exercised was $20 million in 2023, $43 million in 2022, and $315,000 in 2021. As of December 31, 2023, there was no unrecognized compensation cost, net of estimated forfeitures, related to nonvested stock options.

Cash received from issuance of common stock for 2023, 2022, and 2021 was $136 million, $229 million, and $79 million, respectively, of which $48 million, $148 million, and $4 million, respectively, are related to proceeds from exercises of stock options. All other cash received from issuance of common stock during 2023, 2022 and 2021 relates to cash proceeds from the issuance of shares under our employee stock purchase plan.

The fair value of options at the date of grant was estimated using the Black-Scholes option pricing model. The expected volatility of options granted was a blended rate based upon implied volatility calculated on actively traded options on our common stock and upon the historical volatility of our common stock. The expected term of options granted was based upon historical observation of actual time elapsed between date of grant and exercise of options for all employees. There were no stock options granted for the years ended December 31, 2023, 2022 and 2021.

Restricted stock

Restricted shares issued under the Stock Plan are restricted as to sale or disposition. These restrictions generally lapse periodically over a period of five years. Restrictions may also lapse for early retirement and other conditions in accordance with our established policies. Upon termination of employment, shares on which restrictions have not lapsed must be returned to us, resulting in restricted stock forfeitures. The fair market value of the stock on the date of grant is amortized and charged to income on a straight-line basis over the requisite service period for the entire award.

In 2023, we also granted performance based restricted stock units, with the actual number of shares earned to be determined at the end of a three year performance period based on our achievement of certain predefined targets. These targets are based upon our average return on capital employed as compared to certain competitors and a modifier based upon stock performance compared to the Oilfield Services Index (OSX). A Monte Carlo simulation that uses a probabilistic approach was performed by an actuary to measure grant date fair value. The fair value of these performance based restricted stock units is recognized on a straight-line basis over the three year performance cycle.

The following table represents our restricted stock awards and restricted stock units granted, vested, and forfeited during 2023.


	Number of Shares (in millions)	Weighted Average Grant-Date Fair Value per Share
Nonvested shares at January 1, 2023	22.1	$	24.83
Granted	7.6	31.73
Vested	(8.0)	24.47
Forfeited	(0.8)	26.35
Nonvested shares at December 31, 2023	20.9	$	27.42

The weighted average grant-date fair value of shares granted was $31.73 during 2023, $31.40 during 2022, and $20.94 during 2021. The total fair value of shares vested was $283 million during 2023, $248 million during 2022, and $117 million during 2021. As of December 31, 2023, there was $377 million of unrecognized compensation cost, net of estimated forfeitures, related to nonvested restricted stock, which is expected to be recognized over a weighted average period of three years.

Employee Stock Purchase Plan

Under the ESPP, eligible employees may have up to 10% of their earnings withheld, subject to some limitations, to be used to purchase shares of our common stock. The ESPP contains four three-month offering periods commencing on January 1, April 1, July 1, and October 1 of each year. The price at which common stock may be purchased under the ESPP in 2021, 2022, and 2023 is equal to 90% of the lower of the fair market value of the common stock on the commencement date or last trading day of each offering period. Under the ESPP, 104 million shares of common stock have been reserved for issuance, of which 76 million shares have been sold through the ESPP since the inception of the plan through December 31, 2023 and 28 million shares are available for future issuance. The stock to be offered may be authorized but unissued common shares or treasury shares.

The fair value of ESPP shares was estimated using the Black-Scholes option pricing model. The expected volatility was a one-year historical volatility of our common stock. The assumptions and resulting fair values were as follows:


	Year Ended December 31
	2023			2022			2021
Expected volatility	48		%	46		%	69		%
Expected dividend yield	1.44		%	1.67		%	0.84		%
Risk-free interest rate	5.11		%	1.42		%	0.05		%
Weighted average grant-date fair value per share	$	7.16		$	5.63		$	5.01

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Impairments and Other Charges [Abstract]

Impairment and Other Charges (Tables)

12 Months Ended

Dec. 31, 2023

Lessee, Operating and Finance Leases, Liability Maturity Table

The following table summarizes the maturity of our operating and finance leases as of December 31, 2023:


Millions of dollars	Operating Leases		Finance Leases
2024	$	323	$	68
2025	254		65
2026	176		63
2027	115		29
2028	88		10
Thereafter	536		18
Total lease payments	1,492		253
Imputed interest	(319)		(89)
Total lease payments, net of imputed interest	$	1,173	$	164

Restructuring and Related Costs

The following table presents various pre-tax charges we recorded during the years ended December 31, 2022 and 2021 which are reflected within "Impairments and other charges" on our consolidated statements of operations.


	Year Ended December 31
Millions of dollars	2022		2021
Receivables	$	202	$	—
Long-lived asset impairments	100		—
Inventory costs and write-downs	70		—
Catch-up depreciation	—		36
Severance costs	—		15


Gain on real estate transaction	—		(74)
Other	(6)		35
Total impairments and other charges	$	366	$	12

Comprehensive Text Block List	12 Months Ended
Comprehensive Text Block List	Dec. 31, 2023
Text Block [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In November 2023, the Financial Accounting Standard Board (FASB) issued ASU 2023-07, “Segment reporting (Topic 280)”, which is intended to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. The amendments require disclosure of significant segment expenses regularly provided to the chief operating decision maker (CODM) as well as other segment items, extend certain annual disclosures to interim periods, clarify the applicability to single reportable segment entities, permit more than one measure of profit or loss to be reported under certain conditions, and require disclosure of the title and position of the CODM. We expect to adopt the new disclosures as required for the year ended December 31, 2024. We are currently evaluating the impact on the related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires the annual financial statements to include consistent categories and greater disaggregation of information in the rate reconciliation, and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for the Company’s annual reporting periods beginning after December 15, 2024, with early adoption permitted, and should be applied on a prospective basis, with a retrospective option. We are currently evaluating the effect that adoption of ASU 2023-09 will have on our disclosures.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Payables and Accruals	12 Months Ended
Payables and Accruals	Dec. 31, 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 in 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 $322 million as of December 31, 2023, and $273 million as of December 31, 2022, and are included in accounts payable on the condensed consolidated balance sheets.

Leases Components of balance sheet (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Operating lease right-of-use assets (non-current)	$ 1,088	$ 913
Current portion of operating lease liabliities	262	224
Operating lease liabilities (non-current)	$ 911	$ 791

Receivables (Details)
$ in Millions

12 Months Ended

Dec. 31, 2023

USD ($)

Customers

Dec. 31, 2022

USD ($)

Customers

Dec. 31, 2021

USD ($)

Maximum Percentage Gross Trade Receivables From One Customer

10.00%

NumberOfCustomersExceedReceivablesThreshold | Customers

Accounts Receivable, Allowance for Credit Loss [Roll Forward]

Balance at Beginning of Period

$ 731

^[1]

$ 754

^[1]

$ 824

Provision (a)

^[2]

(22)

(2)

(19)

Other (b)

^[3]

(11)

(25)

(51)

Balance at End of Period (c)

^[1]

$ 742

$ 731

$ 754

UNITED STATES | Geographic Concentration Risk | Accounts Receivable

MEXICO | Geographic Concentration Risk | Accounts Receivable

33.00%

38.00%

MEXICO | Customer Concentration Risk | Accounts Receivable

9.00%

11.00%

Impairments and Other Charges [Abstract]

6.00%

9.00%

[1]	The allowance for credit losses in all years is primarily comprised of a full reserve against accounts receivable with our primary customer in Venezuela.
[2]	Represents increases to allowance for credit losses charged to costs and expenses, net of recoveries.
[3]	Includes write-offs, balance sheet reclassifications, and other activity.

Impairment and Other Charges (Notes)

12 Months Ended

Dec. 31, 2023

Impairments and Other Charges


	Year Ended December 31
Millions of dollars	2022		2021
Receivables	$	202	$	—
Long-lived asset impairments	100		—
Inventory costs and write-downs	70		—
Catch-up depreciation	—		36
Severance costs	—		15


Gain on real estate transaction	—		(74)
Other	(6)		35
Total impairments and other charges	$	366	$	12

During the year ended December 31, 2023, there were no amounts recorded in impairment and other charges.

During the year ended December 31, 2022, due to Russia's invasion of Ukraine and resulting sanctions imposed on Russia, we made the decision to sell our Russian operations and completed the sale in the third quarter of 2022. We wrote down the disposal group to fair value less costs to sell, which resulted in a pre-tax charge of $344 million. Of this pre-tax charge, approximately $131 million was attributable to our Completion and Production segment, approximately $178 million was attributable to our Drilling and Evaluation segment, and $35 million was selling costs and was attributable to Corporate and other. We no longer conduct operations in Russia. Additionally, during the first quarter of 2022, we recorded a pre-tax charge of $22 million primarily related to the write down of all our assets in Ukraine. Included in this charge is a $16 million allowance for credit loss as we do not expect to collect our receivables in Ukraine. Long-lived asset impairments include impairments of property, plant, and equipment.

For the year ended December 31, 2021, $12 million of impairments and other charges was recorded due to the decision to discontinue the proposed sale of our Pipeline and Process Services business and as a result we recorded a $36 million charge for accumulated unrecognized depreciation and amortization expense during the period the associated assets were classified as held for sale. Additionally, we finalized a structured transaction relating to most of our owned United States real estate. As a result of the transaction, we derecognized $358 million of assets previously held for sale included in Other current assets and recognized an investment in an unconsolidated subsidiary of $349 million included in Other assets, which resulted in a gain of $74 million, due to specific assets with a carrying amount less than the fair value.

Document and Entity Information - USD ($) $ / shares in Units, $ in Billions	12 Months Ended
	Dec. 31, 2023	Jan. 30, 2024	Jun. 30, 2023	Dec. 31, 2022
Document And Enity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 22.5
Entity Common Stock, Shares Outstanding		890,101,601
Entity Central Index Key	0000045012
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock, Par or Stated Value Per Share	$ 2.50			$ 2.50
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false

Commitments and Contingencies (Guarantee Arrangements) (Details) $ in Billions	Dec. 31, 2023 USD ($)
Financial agreements
Guarantee arrangements [Abstract]
Guarantee arrangements outstanding	$ 2.6

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss, Current	$ 742	$ 731
Accounts Receivable, Allowance for Credit Loss, Current	$ 742	$ 731

Business Segment and Geographic Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Business Segment and Geographic Information

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

Operations by business segment

The following tables present financial information on our business segments.



		Year Ended December 31
Millions of dollars		2023		2022		2021
Revenue:
Completion and Production		$	13,689	$	11,582	$	8,410
Drilling and Evaluation		9,329		8,715		6,885
Total revenue		$	23,018	$	20,297	$	15,295
Operating income:
Completion and Production		$	2,835	$	2,037	$	1,238
Drilling and Evaluation		1,543		1,292		801
Total operations		4,378		3,329		2,039
Corporate and other (a)		(244)		(256)		(227)
SAP S4 upgrade expense		(51)		—		—
Impairments and other charges (b)		—		(366)		(12)
Total operating income		$	4,083	$	2,707	$	1,800
Interest expense, net of interest income		$	(395)	$	(463)	$	(520)
Loss on Blue Chip Swap transactions (c)		(110)		—		—
Argentina currency impact (d)		(131)		(30)		6
Loss on early extinguishment of debt		—		(42)		—
Other, net		(84)		(62)		(34)
Income before income taxes		$	3,363	$	2,110	$	1,252
Capital expenditures:
Completion and Production		$	765	$	589	$	402
Drilling and Evaluation		613		420		392
Corporate and other		1		2		5
Total capital expenditures		$	1,379	$	1,011	$	799
Depreciation, depletion, and amortization:
Completion and Production		$	553	$	520	$	502
Drilling and Evaluation		430		406		388
Corporate and other		15		14		14
Total depreciation, depletion, and amortization		$	998	$	940	$	904

(a)	Includes certain expenses not attributable to a business segment, such as costs related to support functions, corporate executives, and operating lease assets, and also includes amortization expense associated with intangible assets recorded as a result of acquisitions.
(b)	Impairments and other charges are as follows: -For the year ended December 31, 2022, amount includes approximately $136 million attributable to Completion and Production, $195 million attributable to Drilling and Evaluation, and $35 million attributable to Corporate and other. -For the year ended December 31, 2021, amount includes approximately $42 million attributable to Completion and Production, $9 million attributable to Drilling and Evaluation, and a $39 million net gain attributable to Corporate and other.
(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 $110 million pre-tax loss for the year ended December 31, 2023.
(d)	For the year ended December 31, 2023, we incurred a loss of $131 million due to the devaluation of the currency in Argentina.


		December 31
Millions of dollars		2023		2022
Total assets:
Completion and Production (a)		$	11,606	$	9,311
Drilling and Evaluation (a)		7,532		7,199
Corporate and other (b)		5,545		6,745
Total assets		$	24,683	$	23,255

(a)	Assets associated with specific segments primarily include receivables, inventories, property, plant, and equipment, operating lease right-of-use assets, equity in and advances to related companies, and goodwill.
(b)	Includes primarily cash and equivalents and deferred tax assets.

Operations by geographic region

The following tables present information by geographic area. In 2023, 2022, and 2021, based on the location of services provided and products sold, 44%, 45%, and 40%, respectively, of our consolidated revenue was from the United States. No other country accounted for more than 10% of our revenue or property, plant, and equipment during the periods presented. As of December 31, 2023 and December 31, 2022, 59% and 54%, respectively, of our property, plant, and equipment was located in the United States.



	Year Ended December 31
Millions of dollars	2023		2022		2021
Revenue:
North America	$	10,492	$	9,597	$	6,371
Latin America	3,987		3,197		2,362
Europe/Africa/CIS	2,861		2,691		2,719
Middle East/Asia	5,678		4,812		3,843
Total revenue	$	23,018	$	20,297	$	15,295


	December 31
Millions of dollars	2023		2022
Net property, plant, and equipment:
North America	$	2,961	$	2,424
Latin America	527		520
Europe/Africa/CIS	444		435
Middle East/Asia	968		969
Total net property, plant, and equipment	$	4,900	$	4,348

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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Total shares of common stock outstanding

Income per Share (Details) - shares shares in Millions	12 Months Ended
Income per Share (Details) - shares shares in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive shares:
Basic weighted average common shares outstanding	899	904	892
Dilutive effect of awards granted under our stock incentive plans	3	4	0
Diluted weighted average common shares outstanding	902	908	892
Stock Options
Antidilutive shares:
Options with exercise price greater than the average market price	12	15	22
Total antidilutive shares	12	15	22

Shareholders' Equity (Shareholders' Equity, Accumulated Other Comprehensive Loss, Common Stock, and Preferred Stock) (Details) - USD ($)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Class of Stock [Line Items]

Issued

1,065,000,000

1,066,000,000

Treasury Stock, Shares

176,000,000

164,000,000

889,000,000

902,000,000

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax

^[1]

$ (207,000,000)

$ (101,000,000)

Accumulated other comprehensive loss

(40,000,000)

(45,000,000)

$ (331,000,000)

$ (230,000,000)

Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]

Stock Repurchased During Period, Shares

22,700,000

6,800,000

Stock authorized to repurchase

$ 4,100,000,000

Number of shares of common stock repurchased from inception (in shares)

253,000,000

Approximate value of shares of common stock repurchased from inception

$ 10,100,000,000

Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]

Number of shares of preferred stock that are authorized for issuance (in shares)

5,000,000

Number of shares preferred stock that are issued at period end (in shares)

Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax

$ (84,000,000)

Stock plans

282,000,000

395,000,000

$ 264,000,000

Retained Earnings

Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]

Stock plans

98,000,000

275,000,000

$ 277,000,000

Foreign Plan [Member]

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Net actuarial losses

$ 209,000,000

$ 98,000,000

[1]	Included net actuarial losses for our international pension plans of $209 million at December 31, 2023 and $98 million at December 31, 2022.

Stock-based Compensation (Details) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Offering_Period $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Proceeds from issuance of common stock \| $	$ 136,000	$ 229,000	$ 79,000
Employee Stock Purchase Plan [Abstract]
Granted	0	0	0
Stock Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation cost \| $	$ 219,000	$ 219,000	$ 214,000
Tax benefit \| $	(36,000)	(33,000)	(32,000)
Stock-based compensation cost, net of tax \| $	$ 183,000	$ 186,000	182,000
Number of shares reserved for issuance to recipient (in shares)	264,000
Number of shares available for future grant (in shares)	11,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Expiration from date of award (in years)	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period	18,200
Exercised	(1,600)
Forfeited/expired	(2,300)
Outstanding at end of period	14,300	18,200
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Outstanding- weighted average exercise price at beginning of period (in dollars per share) \| $ / shares	$ 43.88
Exercised \| $ / shares	28.14
Forfeited/expired \| $ / shares	45.07
Outstanding- weighted average price per share end of period (in dollars per share) \| $ / shares	$ 45.47	$ 43.88
Weighted Average Remaining Contractual Term (years)	2 years 8 months 12 days
Aggregate Intrinsic Value \| $	$ 27,200
Number of shares exercisable at the end of the period	14,300
Weighted Average Exercise Price per Share, Exercisable at the end of the period \| $ / shares	$ 45.47
Weighted Average Remaining Contractual Term (years), Exercisable at the end of the period	2 years 8 months 12 days
Aggregate Intrinsic Value, Exercisable at the end of the Period \| $	$ 27,200
Intrinsic value of stock options exercised during the period \| $	20,000	$ 43,000	315
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Unrecognized compensation cost, non vested awards at period end \| $	0
Proceeds from issuance of common stock \| $	$ 136,000	229,000	79,000
Stock Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period	3 years
Exercise of stock options [Member]
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Proceeds from issuance of common stock \| $	$ 48,000	$ 148,000	$ 4,000
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares reserved for issuance to recipient (in shares)	104,000
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected volatility	48.00%	46.00%	69.00%
Expected dividend yield	1.44%	1.67%	0.84%
Risk-free interest rate	5.11%	1.42%	0.05%
Weighted average grant-date fair value of option \| $ / shares	$ 7.16	$ 5.63	$ 5.01
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Shares available for future issuance through the plan	28,000
Employee Stock Purchase Plan [Abstract]
Percentage of earnings eligible employees may have withheld under the employee stock purchase plan	10.00%
Number of offering periods \| Offering_Period	4
Percentage of the lower of fair market value of the unit on the commencement date or the fair market value of unit on the last trading day of the offering period	90.00%
Number of shares sold through the plan (in shares)	76,000
Restricted Stock And Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested shares at the beginning of the period	22,100
Granted	7,600
Vested	(8,000)
Forfeited	(800)
Non vested shares at the end of the period	20,900	22,100
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted Average Grant-Date Fair Value per Share, Non vested shares at the beginning of the period \| $ / shares	$ 24.83
Granted \| $ / shares	31.73	$ 31.40	$ 20.94
Vested \| $ / shares	24.47
Forfeited \| $ / shares	26.35
Weighted Average Grant-Date Fair Value Per Share, Nonvested shares at the end of the period \| $ / shares	$ 27.42	$ 24.83
Total fair value of shares vested during the period \| $	$ 283,000	$ 248,000	$ 117,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Expiration from date of award (in years)	5 years
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Unrecognized compensation cost, non vested awards at period end \| $	$ 377,000
Weighted average period unrecognized compensation costs to be recognized (in years)	3 years

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investment Income, Interest	$ 81	$ 29	$ 9

Debt (Details) - USD ($)	12 Months Ended
Debt (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Apr. 27, 2022
Debt Disclosure [Abstract]
Gain (Loss) on Extinguishment of Debt	$ 0	$ (42,000,000)	$ 0
Debt Instrument [Line Items]
Long-term Debt and Lease Obligation, Including Current Maturities	7,636,000,000	7,928,000,000
Debt Instrument, Unamortized Discount	$ (68,000,000)	(76,000,000)
Debt instrument call feature description	We may redeem all of our senior notes from time to time or all of the notes of each series at any time at the applicable redemption prices, plus accrued and unpaid interest.
Long-term Line of Credit				$ 3,500,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Two	$ 382,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Three	0
Long-term Debt, Maturities, Repayments of Principal in Year Four	90,000,000
Long-term Debt, Maturities Repayments of Principal in Year Five	0
Gain (Loss) on Extinguishment of Debt	0	(42,000,000)	$ 0
Long-Term Debt, Maturity, Year One	0
Short-term borrowings and current maturities of long-term debt	0	0
Senior notes due November 2045
Debt Disclosure [Abstract]
Long-term debt	$ 1,911,000,000	2,000,000,000
Debt Instrument [Line Items]
Interest rate (in hundredths)	5.00%
Long-term debt	$ 1,911,000,000	2,000,000,000
Debt Instrument, Repurchase Amount	29,000,000
Senior Notes due November 2025
Debt Disclosure [Abstract]
Long-term debt	$ 382,000,000	$ 400,000,000
Debt Instrument [Line Items]
Interest rate (in hundredths)	3.80%	3.80%
Long-term debt	$ 382,000,000	$ 400,000,000
Early Repayment of Senior Debt		600,000,000
Debt Instrument, Repurchase Amount	3,000,000
Repayments of Senior Debt		641,000,000
Senior Notes due November 2035
Debt Disclosure [Abstract]
Long-term debt	1,000,000,000	1,000,000,000
Debt Instrument [Line Items]
Long-term debt	1,000,000,000	1,000,000,000
Senior notes due September 2039
Debt Disclosure [Abstract]
Long-term debt	$ 946,000,000	1,000,000,000
Debt Instrument [Line Items]
Interest rate (in hundredths)	7.45%
Long-term debt	$ 946,000,000	1,000,000,000
Debt Instrument, Repurchase Amount	22,000,000
Senior notes due August 2043
Debt Disclosure [Abstract]
Long-term debt	$ 879,000,000	900,000,000
Debt Instrument [Line Items]
Interest rate (in hundredths)	4.75%
Long-term debt	$ 879,000,000	900,000,000
Debt Instrument, Repurchase Amount	21,000,000
Senior notes due September 2038
Debt Disclosure [Abstract]
Long-term debt	$ 763,000,000	800,000,000
Debt Instrument [Line Items]
Interest rate (in hundredths)	670.00%
Long-term debt	$ 763,000,000	800,000,000
Debt Instrument, Repurchase Amount	21,000,000
Senior notes due November 2041
Debt Disclosure [Abstract]
Long-term debt	500,000,000	500,000,000
Debt Instrument [Line Items]
Long-term debt	500,000,000	500,000,000
Senior debentures due August 2096
Debt Disclosure [Abstract]
Long-term debt	$ 228,000,000	294,000,000
Debt Instrument [Line Items]
Interest rate (in hundredths)	7.60%
Debt instruments non-call feature description	may not be redeemed prior to maturity
Long-term debt	$ 228,000,000	294,000,000
Debt Instrument, Repurchase Amount	58,000,000
Senior notes due February 2027
Debt Disclosure [Abstract]
Long-term debt	90,000,000	104,000,000
Debt Instrument [Line Items]
Long-term debt	90,000,000	104,000,000
Other Debt Obligations
Debt Disclosure [Abstract]
Long-term debt	5,000,000	6,000,000
Debt Instrument [Line Items]
Long-term debt	5,000,000	6,000,000
Senior notes due March 2030
Debt Disclosure [Abstract]
Long-term debt	1,000,000,000	1,000,000,000
Debt Instrument [Line Items]
Long-term debt	$ 1,000,000,000	$ 1,000,000,000
Senior Notes due 2039
Debt Instrument [Line Items]
Interest rate (in hundredths)	745.00%
Debt Instrument, Repurchase Amount	$ 32,000,000
Senior Notes due 2027
Debt Instrument [Line Items]
Interest rate (in hundredths)	6.75%
Senior & Medium Term Notes due with Various Maturity Dates
Debt Instrument [Line Items]
Debt Instrument, Repurchase Amount	$ 150,000,000
Senior Notes due 2096
Debt Instrument [Line Items]
Interest rate (in hundredths)	7.60%
Debt Instrument, Repurchase Amount	$ 8,000,000
Senior Notes due 2025
Debt Instrument [Line Items]
Interest rate (in hundredths)	3.80%
Debt Instrument, Repurchase Amount	$ 15,000,000
Medium term notes due 2027
Debt Instrument [Line Items]
Interest rate (in hundredths)	6.75%
Debt Instrument, Repurchase Amount	$ 14,000,000
Senior Notes due 2045
Debt Instrument [Line Items]
Interest rate (in hundredths)	5.00%
Debt Instrument, Repurchase Amount	$ 60,000,000
Senior Notes due September 2038
Debt Instrument [Line Items]
Interest rate (in hundredths)	6.70%
Debt Instrument, Repurchase Amount	$ 16,000,000
Outstanding balance of Senior Notes due Various Dates
Debt Disclosure [Abstract]
Long-term debt	5,200,000,000
Debt Instrument [Line Items]
Long-term debt	5,200,000,000
Outstanding balance of Senior Notes due November 2025
Debt Disclosure [Abstract]
Long-term debt	382,000,000
Debt Instrument [Line Items]
Long-term debt	$ 382,000,000

Shareholders' Equity

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

Shares of common stock

The following table summarizes total shares of common stock outstanding:


	December 31
Millions of shares	2023	2022
Issued	1,065	1,066
In treasury	(176)	(164)
Total shares of common stock outstanding	889	902

Our Board of Directors has authorized a program to repurchase a specified dollar amount of our common stock from time to time. The program does not require a specific number of shares to be purchased and the program may be effected through solicited or unsolicited transactions in the market or in privately negotiated transactions. The program may be terminated or suspended at any time. We purchased 22.7 million shares of our common stock under the program during the year ended December 31, 2023. During the year ended December 31, 2022 we purchased 6.8 million shares of our common stock under the program. Approximately $4.1 billion remained authorized for repurchases as of December 31, 2023. From the inception of this program in February 2006 through December 31, 2023, we repurchased approximately 253 million shares of our common stock for a total cost of approximately $10.1 billion.

Paid-in Capital in Excess of Par Value

During 2023, 2022 and 2021, we issued common stock from treasury shares under our employee stock purchase plan awards and for restricted stock grants. As a result, additional paid in capital would have resulted in a balance below zero. Therefore, for the years ended December 31, 2023, 2022 and 2021, we reduced retained earnings by $98 million, $275 million, and $277 million, respectively. Additional issuances from treasury shares could similarly impact additional paid in capital and retained earnings.

Preferred stock

Our preferred stock consists of five million total authorized shares at December 31, 2023, of which none are issued.

Accumulated other comprehensive loss

Accumulated other comprehensive loss consisted of the following:


		December 31
Millions of dollars		2023		2022
Cumulative translation adjustment		$	(84)	$	(84)
Defined benefit and other postretirement liability adjustments (a)		(207)		(101)

Other		(40)		(45)
Total accumulated other comprehensive loss		$	(331)	$	(230)

(a)	Included net actuarial losses for our international pension plans of $209 million at December 31, 2023 and $98 million at December 31, 2022.

The entire disclosure for equity.

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Property, Plant, and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, plant, and equipment

Property, plant, and equipment were composed of the following:


	December 31
Millions of dollars	2023		2022
Land	$	119	$	117
Buildings and property improvements	1,724		1,671
Machinery, equipment, and other	15,121		14,220
Total property, plant, and equipment	16,964		16,008
Accumulated depreciation	(12,064)		(11,660)
Net property, plant, and equipment	$	4,900	$	4,348

Percentages of building and property improvements, and total machinery, and equipment and other, excluding oil and natural gas investments, depreciated over useful lives

Classes of assets are depreciated over the following useful lives:


	Buildings and Property Improvements
	2023	2022
1 - 10 years	16%	16%
11 - 20 years	40%	40%
21 - 30 years	26%	26%
31 - 40 years	18%	18%


	Machinery, Equipment, and Other
	2023	2022
1 - 5 years	47%	49%
6 - 10 years	43%	41%
11 - 20 years	10%	10%

Revenue (Policies)	12 Months Ended
Revenue (Policies)	Dec. 31, 2023
Revenue [Abstract]
Revenue recognition	Revenue recognition Our services and products are generally sold based upon purchase orders or contracts with our customers that include fixed or determinable prices but do not include right of return provisions or other significant post-delivery obligations. The vast majority of our service and product contracts are short-term in nature. We recognize revenue based on the transfer of control or our customers' ability to benefit from our services and products in an amount that reflects the consideration we expect to receive in exchange for those services and products. We also assess our customers' ability and intention to pay, which is based on a variety of factors, including our historical payment experience with, and the financial condition of our customers. Rates for services are typically priced on a per day, per meter, per man-hour, or similar basis.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.

Revenue (Details) $ in Millions	12 Months Ended
Revenue (Details) $ in Millions	Dec. 31, 2023 USD ($) Division	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disaggregation of Revenue [Line Items]
Number of business segments \| Division	2
Revenue, Performance Obligation, Description of Timing	one year
Revenue	$ 23,018	$ 20,297	$ 15,295
North America [Member]
Disaggregation of Revenue [Line Items]
Revenue	10,492	9,597	6,371
Latin America [Member]
Disaggregation of Revenue [Line Items]
Revenue	3,987	3,197	2,362
Europe/Africa/CIS [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,861	2,691	2,719
Middle East/Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 5,678	4,812	3,843
Minimum
Disaggregation of Revenue [Line Items]
Revenue, Performance Obligation, Description of Payment Terms	20
Maximum
Disaggregation of Revenue [Line Items]
Revenue, Performance Obligation, Description of Payment Terms	60
Completion and Production
Disaggregation of Revenue [Line Items]
Revenue	$ 13,689	11,582	8,410
Drilling and Evaluation
Disaggregation of Revenue [Line Items]
Revenue	$ 9,329	$ 8,715	$ 6,885

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Current income taxes:

Federal

$ (21)

$ (17)

$ 6

Foreign

(472)

(417)

(270)

State

(12)

(11)

(6)

Total current

(505)

(445)

(270)

Deferred income taxes:

Federal

(123)

(159)

533

Foreign

(59)

103

(47)

State

(14)

Total deferred

(196)

(70)

486

Income Tax Expense (Benefit)

(701)

(515)

216

The United States and foreign components of income from continuing operations before income taxes [Abstract]

United States

1,666

992

283

Foreign

1,697

1,118

969

Income (loss) before income taxes

$ 3,363

$ 2,110

$ 1,252

Reconciliations between the actual provision for income taxes on continuing operations [Abstract]

United States statutory rate

21.00%

Impact of impairments and other charges

0.60%

0.70%

0.00%

Adjustments of prior year taxes

(1.30%)

0.20%

1.30%

Valuation allowance against tax assets

0.80%

(2.90%)

(44.50%)

State income taxes

0.70%

0.80%

0.10%

Impact of foreign income taxed at different rates

0.20%

3.00%

2.50%

Other items, net

(1.20%)

1.60%

2.40%

Total effective tax rate on continuing operations

20.80%

24.40%

(17.20%)

Net operating loss carryforwards

$ 663

$ 694

Deferred Tax Assets, Goodwill and Intangible Assets

902

961

789

856

Employee compensation and benefits

173

219

193

170

Accrued Liabilities

293

259

Total gross deferred tax assets

579

515

3,592

3,674

Gross deferred tax liabilities:

Depreciation and amortization

115

Operating lease right-of-use assets

189

153

Total gross deferred tax liabilities

355

253

Valuation allowances

761

821

Net deferred income tax asset

2,476

2,600

Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration

686

Unrecognized Tax Benefits, Period Increase (Decrease)

Unrecognized Tax Benefits

Beginning Balance

311

^[1]

352

$ 355

Change in prior year tax positions

(36)

Change in current year tax positions

Cash settlements with taxing authorities

(4)

(6)

(10)

Lapse of statute of limitations

(9)

(12)

(21)

Ending balance

268

^[1]

311

^[1]

352

Change in prior year tax positions

Beginning balance

(10)

(5)

(4)

Change in current year tax positions

Cash settlements with taxing authorities

(3)

(2)

Lapse of statute of limitations

(3)

(5)

Ending balance

Remaining balance if resolved in our favor would positively impact the effective tax rate

192

208

272

Portion of unrecognized tax benefits that could be resolved within the next 12 months

Net operating loss carryforwards

663

694

902

961

Deferred Tax Assets, Operating Loss Carryforwards, Domestic, Not Subject to Expiration

173

219

Deferred Tax Assets, Operating Loss Carryforwards, Foreign, Not Subject to Expiration

403

Deferred Tax Assets, Tax Credit Carryforwards, Foreign, Not Subject to Expiration

Deferred Tax Assets, Tax Credit Carryforwards, Research, Not Subject to Expiration

Deferred Tax Assets, Operating Loss Carryforwards and Tax Credit Carryforwards, Not Subject to Expiration

420

Deferred Tax Assets, Estimated Tax Credit Carryforwards, Research

173

Deferred Tax Assets, Estimated Tax Credit Carryforwards, Foreign

924

Deferred Tax Assets, Estimated Operating Loss Carryforwards, Foreign

633

Deferred Tax Assets, Estimated Operating Loss Carryforwards, Domestic

Deferred Tax Assets, Operating Loss Carryforwards and Tax Credit Carryforwards

1,783

2016 Baker Hughes Merger Termination Fee

3,500

Foreign branch deferred activity and UnrecognizedTaxBenefits

2024-2028

450

Foreign Net Operating Loss

U.S. Net Operating Loss

129

450

Deferred Tax Assets, Gross

582

2029-2033

474

Foreign Net Operating Loss

U.S. Net Operating Loss

474

Deferred Tax Assets, Gross

495

2034-2043

173

Foreign Net Operating Loss

U.S. Net Operating Loss

Deferred Tax Assets, Gross

173

286

All Other Countries [Domain]

Remaining balance if resolved in our favor would positively impact the effective tax rate

$ 43

$ 51

$ 20

[1]

Includes $43 million as of December 31, 2023, $51 million as of December 31, 2022, and $20 million as of December 31, 2021 in foreign unrecognized tax benefits that would give rise to a United States tax credit. As of December 31, 2023, December 31, 2022, and December 31, 2021 a net $192 million, $208 million and $272 million after a net operating loss carryforward offset, respectively, of unrecognized tax benefits would positively impact the effective tax rate and be recognized as additional tax benefits in our statement of operations if resolved in our favor.

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income (loss)	$ 2,662	$ 1,595	$ 1,468
Other comprehensive income (loss), net of income taxes:
Defined benefit and other postretirement plans adjustments	(106)	(54)	179
Other	5	7	0
Other comprehensive income (loss), net of income taxes	(101)	(47)	179
Comprehensive income (loss)	2,561	1,548	1,647
Comprehensive income attributable to noncontrolling interest	(24)	(23)	(11)
Comprehensive income (loss) attributable to company shareholders	$ 2,537	$ 1,525	$ 1,636

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

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

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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Leases Components of lease expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Short-term lease cost	$ 35	$ 31	$ 27
Sublease income	(2)	(3)	(4)
Total lease cost	441	387	355
Finance lease cost - Amortization of right-of-use assets	30	20	20
Finance lease cost - Interest on lease liabilities	41	38	38
Operating Lease, Cost	$ 337	$ 301	$ 274

Leases Other supplemental information (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Operating cash flows from operating leases

$ 354

$ 332

$ 307

Operating cash flows from finance leases

Financing cash flows from finance leases

Right-of-Use Assets Obtained in Exchange for Operating Lease Liability

487

^[1]

249

433

Right-of-Use Asset Obtained in Exchange for Finance Lease Liability

$ 64

$ 62

$ 6

Operating Lease, Weighted Average Remaining Lease Term

8 years 2 months 12 days

9 years 6 months

9 years 9 months 18 days

Operating Lease, Weighted Average Discount Rate, Percent

5.30%

5.20%

4.90%

Finance Lease, Weighted Average Remaining Lease Term

5 years 3 months 18 days

5 years 10 months 24 days

6 years 3 months 18 days

[1]

Description of Company and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Use of estimates

Our financial statements are prepared in conformity with United States generally accepted accounting principles, requiring us to make estimates and assumptions that affect:

- the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements; and

- the reported amounts of revenue and expenses during the reporting period.

Basis of presentation

Revenue recognition

Our services and products are generally sold based upon purchase orders or contracts with our customers that include fixed or determinable prices but do not include right of return provisions or other significant post-delivery obligations. The vast majority of our service and product contracts are short-term in nature. We recognize revenue based on the transfer of control or our customers' ability to benefit from our services and products in an amount that reflects the consideration we expect to receive in exchange for those services and products. We also assess our customers' ability and intention to pay, which is based on a variety of factors, including our historical payment experience with, and the financial condition of our customers. Rates for services are typically priced on a per day, per meter, per man-hour, or similar basis.Revenue is recognized based on the transfer of control or our customers' ability to benefit from our services and products in an amount that reflects the consideration we expect to receive in exchange for those services and products. Most of our service and product contracts are short-term in nature. In recognizing revenue for our services and products, we determine the transaction price of purchase orders or contracts with our customers, which may consist of fixed and variable consideration. We also assess our customers' ability and intention to pay, which is based on a variety of factors, including our historical payment experience with, and the financial condition of our customers. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 20 to 60 days. Other judgments involved in recognizing revenue include an assessment of progress towards completion of performance obligations for certain long-term contracts, which involve estimating total costs to determine our progress towards contract completion, and calculating the corresponding amount of revenue to recognize.

Research and development

Cash equivalents

We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents.

Inventories

Allowance for bad debts

Allowance for credit losses

Property, plant and equipment

Property, plant, and equipment

Goodwill and other intangible assets


Millions of dollars	Completion and Production		Drilling and Evaluation		Total
Balance at December 31, 2021:	$	2,012	$	831	$	2,843
Current year acquisitions	8		—		8

Other	—		(22)		(22)
Balance at December 31, 2022:	$	2,020	$	809	$	2,829
Current year acquisitions	—		21		21

Other	12		(12)		—
Balance at December 31, 2023:	$	2,032	$	818	$	2,850

Finite-lived intangible assets

Impairment of long-lived assets

Evaluating impairment of long-lived assets

Income taxes

We recognize interest and penalties related to unrecognized tax benefits within the provision for income taxes on continuing operations in our consolidated statements of operations.

Derivative instruments

- the change in fair value of the hedged assets, liabilities, or firm commitments through earnings; or

- recognized in other comprehensive income until the hedged item is recognized in earnings.

Foreign currency translations

Foreign currency translation

Stock-based compensation

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 2,563,000,000

Property, Plant, and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	$ 16,964	$ 16,008
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(12,064)	(11,660)
Net property, plant, and equipment	4,900	4,348
Property Plant Equipment Useful Lives Total Depreciated Percentages [Abstract]
Long-lived asset impairments	0	100	$ 0
Land
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	119	117
Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	$ 1,724	$ 1,671
Building and Building Improvements [Member] \| 1 - 10 years
Property Plant Equipment Useful Lives Total Depreciated Percentages [Abstract]
Ratio of depreciation by useful asset life over total depreciation of asset (in hundredths)	16.00%	16.00%
Building and Building Improvements [Member] \| 11 - 20 years
Property Plant Equipment Useful Lives Total Depreciated Percentages [Abstract]
Ratio of depreciation by useful asset life over total depreciation of asset (in hundredths)	40.00%	40.00%
Building and Building Improvements [Member] \| 21 - 30 years
Property Plant Equipment Useful Lives Total Depreciated Percentages [Abstract]
Ratio of depreciation by useful asset life over total depreciation of asset (in hundredths)	26.00%	26.00%
Building and Building Improvements [Member] \| 31 - 40 years
Property Plant Equipment Useful Lives Total Depreciated Percentages [Abstract]
Ratio of depreciation by useful asset life over total depreciation of asset (in hundredths)	18.00%	18.00%
Machinery, equipment, and other
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	$ 15,121	$ 14,220
Machinery, equipment, and other \| 1 - 5 years
Property Plant Equipment Useful Lives Total Depreciated Percentages [Abstract]
Ratio of depreciation by useful asset life over total depreciation of asset (in hundredths)	47.00%	49.00%
Machinery, equipment, and other \| 6 - 10 years
Property Plant Equipment Useful Lives Total Depreciated Percentages [Abstract]
Ratio of depreciation by useful asset life over total depreciation of asset (in hundredths)	43.00%	41.00%
Machinery, equipment, and other \| 11 - 20 years
Property Plant Equipment Useful Lives Total Depreciated Percentages [Abstract]
Ratio of depreciation by useful asset life over total depreciation of asset (in hundredths)	10.00%	10.00%

Description of Company and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill are detailed below by reportable segment.


Millions of dollars	Completion and Production		Drilling and Evaluation		Total
Balance at December 31, 2021:	$	2,012	$	831	$	2,843
Current year acquisitions	8		—		8

Other	—		(22)		(22)
Balance at December 31, 2022:	$	2,020	$	809	$	2,829
Current year acquisitions	—		21		21

Other	12		(12)		—
Balance at December 31, 2023:	$	2,032	$	818	$	2,850

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Leases (Tables)

12 Months Ended

Dec. 31, 2023

Lease supplemental disclosure

Lease, Cost


	Year Ended December 31
Millions of dollars	2023		2022		2021
Components of lease expense:
Finance lease cost:
Amortization of right-of-use assets	$	30	$	20	$	20
Interest on lease liabilities	41		38		38
Operating lease cost	337		301		274
Short-term lease cost	35		31		27
Sublease income	(2)		(3)		(4)
Total lease cost	$	441	$	387	$	355


	As of December 31
Millions of dollars	2023		2022
Components of balance sheet:
Operating leases:
Operating lease right-of-use assets (non-current)	$	1,088	$	913
Current portion of operating lease liabilities	262		224
Operating lease liabilities (non-current)	911		791
Finance leases:
Other assets (non-current)	$	120	$	124
Other current liabilities	32		26
Other liabilities (non-current)	132		115


	Year Ended December 31
Millions of dollars except years and percentages	2023			2022			2021
Other supplemental information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	354		$	332		$	307
Operating cash flows for finance leases	41			38			38
Financing cash flows for finance leases	37			26			24
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	487		$	249		$	433
Finance leases	64			62			6
Weighted-average remaining lease term:
Operating leases	8.2 years			9.5 years			9.8 years
Finance leases	5.3 years			5.9 years			6.3 years
Weighted-average discount rate for operating leases	5.3		%	5.2		%	4.9		%

Lessee, Operating and Finance Leases, Liability Maturity Table

The following table summarizes the maturity of our operating and finance leases as of December 31, 2023:


Millions of dollars	Operating Leases		Finance Leases
2024	$	323	$	68
2025	254		65
2026	176		63
2027	115		29
2028	88		10
Thereafter	536		18
Total lease payments	1,492		253
Imputed interest	(319)		(89)
Total lease payments, net of imputed interest	$	1,173	$	164

Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Revenue [Abstract]

Disaggregation of Revenue

The following table presents information on our disaggregated revenue.


	Year Ended December 31
Millions of dollars	2023		2022		2021
Revenue by segment:
Completion and Production	$	13,689	$	11,582	$	8,410
Drilling and Evaluation	9,329		8,715		6,885
Total revenue	$	23,018	$	20,297	$	15,295
Revenue by geographic region:
North America	$	10,492	$	9,597	$	6,371
Latin America	3,987		3,197		2,362
Europe/Africa/CIS	2,861		2,691		2,719
Middle East/Asia	5,678		4,812		3,843
Total revenue	$	23,018	$	20,297	$	15,295

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-based Compensation Arrangement by Share-based Payment Award

Share-based Payment Arrangement, Cost by Plan

The following table summarizes stock-based compensation costs for the years ended December 31, 2023, 2022, and 2021.


	Year Ended December 31
Millions of dollars	2023		2022		2021
Stock-based compensation cost	$	219	$	219	$	214
Tax benefit	(36)		(33)		(32)
Stock-based compensation cost, net of tax	$	183	$	186	$	182

Stock Options

Share-based Compensation Arrangement by Share-based Payment Award

Share-based Payment Arrangement, Option, Activity

The following table represents our stock options activity during 2023.


	Number of Shares (in millions)	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2023	18.2	$	43.88

Exercised	(1.6)	28.14
Forfeited/expired	(2.3)	45.07
Outstanding at December 31, 2023	14.3	$	45.47	2.7	$	27.2
Exercisable at December 31, 2023	14.3	$	45.47	2.7	$	27.2

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following table represents our restricted stock awards and restricted stock units granted, vested, and forfeited during 2023.


	Number of Shares (in millions)	Weighted Average Grant-Date Fair Value per Share
Nonvested shares at January 1, 2023	22.1	$	24.83
Granted	7.6	31.73
Vested	(8.0)	24.47
Forfeited	(0.8)	26.35
Nonvested shares at December 31, 2023	20.9	$	27.42

Employee Stock Purchase Plan

Share-based Compensation Arrangement by Share-based Payment Award

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The assumptions and resulting fair values were as follows:


	Year Ended December 31
	2023			2022			2021
Expected volatility	48		%	46		%	69		%
Expected dividend yield	1.44		%	1.67		%	0.84		%
Risk-free interest rate	5.11		%	1.42		%	0.05		%
Weighted average grant-date fair value per share	$	7.16		$	5.63		$	5.01

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The components of the (provision) benefit for income taxes on continuing operations were as follows:


	Year Ended December 31
Millions of dollars	2023		2022		2021
Current income taxes:
Federal	$	(21)	$	(17)	$	6
Foreign	(472)		(417)		(270)
State	(12)		(11)		(6)
Total current income taxes	(505)		(445)		(270)
Deferred income taxes:
Federal	(123)		(159)		533
Foreign	(59)		103		(47)
State	(14)		(14)		—
Total deferred income taxes	(196)		(70)		486
Income tax (provision) benefit	$	(701)	$	(515)	$	216

The United States and foreign components of income from continuing operations before income taxes were as follows:


	Year Ended December 31
Millions of dollars	2023		2022		2021
United States	$	1,666	$	992	$	283
Foreign	1,697		1,118		969
Total income from continuing operations before income taxes	$	3,363	$	2,110	$	1,252


	Year Ended December 31
	2023		2022		2021
United States statutory rate	21.0	%	21.0	%	21.0	%
Valuation allowance against tax assets	0.8		(2.9)		(44.5)
Impact of foreign income taxed at different rates	0.2		3.0		2.5
State income taxes	0.7		0.8		0.1
Impact of impairments and other charges	0.6		0.7		—
Adjustments of prior year taxes	(1.3)		0.2		1.3




Other items, net	(1.2)		1.6		2.4
Total effective tax rate on continuing operations	20.8	%	24.4	%	(17.2)	%

During the year ended December 31, 2023, we recorded a total income tax provision of $701 million on pre-tax income of $3.4 billion, resulting in an effective tax rate of 20.8%. The effective tax rate for 2023 was primarily impacted by our geographic mix of earnings, tax adjustments related to the reassessment of prior year tax accruals, and changes of valuation allowance on some of our deferred tax assets.

During the year ended December 31, 2022, we recorded a total income tax provision of $515 million on pre-tax income of $2.1 billion, resulting in an effective tax rate of 24.4%. The effective tax rate for 2022 was primarily impacted by our geographic mix of earnings, tax adjustments related to the reassessment of prior year tax accruals, and valuation allowances on some of our deferred tax assets.

During the year ended December 31, 2021, we recorded a total income tax benefit of $216 million on pre-tax income of $1.3 billion, resulting in an effective tax rate of -17.2%. The effective tax rate for 2021 was primarily impacted by our geographic mix of earnings, tax adjustments related to the reassessment of prior year tax accruals, and valuation allowances on some of our deferred tax assets.

The primary components of our deferred tax assets and liabilities were as follows:


	December 31
Millions of dollars	2023		2022
Gross deferred tax assets:
Foreign tax credit carryforwards	$	902	$	961
Intangible assets	789		856
Net operating loss carryforwards	663		694
Accrued liabilities	293		259
Research and development tax credit carryforwards	173		219
Employee compensation and benefits	193		170
Other	579		515
Total gross deferred tax assets	3,592		3,674
Gross deferred tax liabilities:
Operating lease right-of-use assets	189		153
Depreciation and amortization	115		61

Other	51		39
Total gross deferred tax liabilities	355		253
Valuation allowances	761		821
Net deferred income tax asset	$	2,476	$	2,600

At December 31, 2023, we had $686 million of domestic and foreign tax-effected net operating loss carryforwards, with approximately $23 million estimated to be utilized against our unrecognized tax benefits. In addition, we had approximately $924 million of foreign tax credit carryforwards which are offset by $22 million of foreign branch deferred activity and unrecognized tax benefits reflected in the table above. The ultimate realization of these deferred tax assets depends on our ability to generate sufficient taxable income in the appropriate taxing jurisdiction.

Our deferred tax assets from net operating losses, foreign tax credits, and research and development credits will expire as follows:


Millions of dollars	U.S. Net Operating Loss		Foreign Net Operating Loss		Foreign Tax Credits		Research and Development Credit		Total Deferred Tax Assets
2024-2028	$	3	$	129	$	450	$	—	$	582
2029-2033	8		13		474		—		495
2034-2043	25		88		—		173		286
Non-Expiring	17		403		—		—		420
	$	53	$	633	$	924	$	173	$	1,783

We have not provided incremental United States income taxes or foreign withholding taxes on undistributed foreign subsidiaries' earnings after December 31, 2017. We generally do not provide for taxes related to undistributed earnings because such earnings either would not be taxable when remitted or they are considered to be indefinitely reinvested.

The following table presents a rollforward of our unrecognized tax benefits and associated interest and penalties.


Millions of dollars		Unrecognized Tax Benefits			Interest and Penalties
Balance at January 1, 2021		$	355		$	71
Change in prior year tax positions		14			4
Change in current year tax positions		14			2
Cash settlements with taxing authorities		(10)			—
Lapse of statute of limitations		(21)			(5)
Balance at December 31, 2021		$	352	(a)	$	72
Change in prior year tax positions		(36)			(5)
Change in current year tax positions		13			2
Cash settlements with taxing authorities		(6)			(2)
Lapse of statute of limitations		(12)			(3)
Balance at December 31, 2022		$	311	(a)	$	64
Change in prior year tax positions		(38)			(10)
Change in current year tax positions		8			1
Cash settlements with taxing authorities		(4)			(3)
Lapse of statute of limitations		(9)			(3)
Balance at December 31, 2023		$	268	(a)(b)	$	49

(a)	Includes $43 million as of December 31, 2023, $51 million as of December 31, 2022, and $20 million as of December 31, 2021 in foreign unrecognized tax benefits that would give rise to a United States tax credit. As of December 31, 2023, December 31, 2022, and December 31, 2021 a net $192 million, $208 million and $272 million after a net operating loss carryforward offset, respectively, of unrecognized tax benefits would positively impact the effective tax rate and be recognized as additional tax benefits in our statement of operations if resolved in our favor.
(b)	Includes $85 million as of December 31, 2023 that we believe could be resolved within the next 12 months.

Our tax returns are subject to review by the taxing authorities in the jurisdictions where we file tax returns. In most cases we are no longer subject to examination by tax authorities for years before 2012. The only significant operating jurisdiction that has tax filings under review or subject to examination by the tax authorities is the United States. The United States federal income tax filings for tax years 2016 through 2022 are currently under review or remain open for review by the IRS.

As of December 31, 2023, the primary unresolved issue for the IRS audit for 2016 relates to the classification of the $3.5 billion ordinary deduction that we claimed for the termination fee we paid to Baker Hughes in the second quarter of 2016 for which we received a NOPA from the IRS on September 28, 2023. We regularly assess the likelihood of adverse outcomes resulting from tax examinations to determine the adequacy of our tax reserves, and we believe our income tax reserves are appropriately provided for all open tax years. We do not expect a final resolution of this issue in the next 12 months.

Based on the information currently available, we do not anticipate a significant increase or decrease to our tax contingencies within the next 12 months.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Revenue:

$ 23,018

$ 20,297

$ 15,295

Operating costs and expenses:

General and administrative

^[1]

366

SAP S4 Upgrade Expense

226

240

204

Total operating costs and expenses

18,935

17,590

13,495

Total operating income (loss)

4,083

2,707

1,800

Interest expense, net of interest income

(395)

(463)

(520)

Gain (Loss) on Blue Chip Swap Transaction

(110)

Argentina Currency Devaluation

(131)

(30)

Gain (Loss) on Extinguishment of Debt

(42)

Other, net

(84)

(62)

(34)

Income (loss) before income taxes

3,363

2,110

1,252

Income tax benefit (provision)

(701)

(515)

216

Net income (loss)

2,662

1,595

1,468

Net (income) loss attributable to noncontrolling interest

(24)

(23)

(11)

Net income (loss) attributable to company

$ 2,638

$ 1,572

$ 1,457

Income (Loss) from Continuing Operations, Per Basic Share

$ 2,930,000

$ 1,740,000

$ 1.63

Amounts attributable to company shareholders:

Net income (loss) attributable to company

$ 2,638

$ 1,572

$ 1,457

Basic and diluted income (loss) per share attributable to company shareholders:

Diluted weighted average common shares outstanding

902

908

892

Basic weighted average common shares outstanding

899

904

892

Income (loss) from continuing operations (in dollars per share)

$ 2,920,000

$ 1,730,000

$ 1.63

Services [Member]

Revenue:

Cost of services and sales

$ 16,483

$ 14,749

$ 10,989

Operating costs and expenses:

13,402

12,381

9,745

Product sales [Member]

Revenue:

Cost of services and sales

6,535

5,548

4,306

Operating costs and expenses:

$ 5,256

$ 4,603

$ 3,534

[1]

Impairments and other charges are as follows:

Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs

The following table presents additional information about our international pension plans.


	December 31
Millions of dollars	2023		2022
Amounts recognized on the Consolidated Balance Sheets
Other assets	$	39	$	151
Accrued employee compensation and benefits	10		7
Employee compensation and benefits	154		145
Pension plans in which projected benefit obligation exceeded plan assets
Projected benefit obligation	$	179	$	159
Fair value of plan assets	15		7
Pension plans in which accumulated benefit obligation exceeded plan assets
Accumulated benefit obligation	$	106	$	91
Fair value of plan assets	15		7

Schedule of Allocation of Plan Assets

The following table sets forth the fair values of assets held by our international pension plans by level within the fair value hierarchy.


Millions of dollars		Level 1		Level 2		Level 3		Net Asset Value (a)		Total
Cash and equivalents		$	29	$	234	$	—	$	—	$	263

Bond funds (b)		—		159		—		156		315

Real estate funds (d)		—		—		—		30		30
Other investments (e)		1		11		2		—		14
Fair value of plan assets at December 31, 2023		$	30	$	404	$	2	$	186	$	622
Cash and equivalents		$	26	$	100	$	—	$	—	$	126

Bond funds (b)		—		242		—		100		342
Alternatives funds (c)		—		—		—		145		145
Real estate funds (d)		—		—		—		31		31
Other investments (e)		1		18		2		—		21
Fair value of plan assets at December 31, 2022		$	27	$	360	$	2	$	276	$	665

(a)	Represents investments measured at fair value using the Net Asset Value (NAV) per share practical expedient and thus has not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total value of our international pension plans assets.

(b)	Strategy of bond funds is to invest in diversified funds of fixed income securities of varying geographies and credit quality.
(c)	Strategy of alternative funds is to invest in a fund of diversifying investments, including but not limited to reinsurance, commodities, and currencies.
(d)	Strategy of real estate funds is to invest in diversified funds of real estate investment trusts and private real estate.
(e)	Other investments primarily include investments in insurance contracts, balanced funds, and government bonds.

Defined Benefit Plan, Assumptions

Certain weighted-average actuarial assumptions used to determine benefit obligations of our international pension plans at December 31 were as follows:


	2023	2022
Discount rate	5.1%	5.7%
Rate of compensation increase	5.6%	5.5%

Certain weighted-average actuarial assumptions used to determine net periodic benefit cost of our international pension plans for the years ended December 31 were as follows:


	2023	2022	2021
Discount rate	5.6%	2.3%	1.8%
Expected long-term return on plan assets	3.8%	3.0%	2.7%
Rate of compensation increase	5.4%	5.3%	5.9%

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 2,662	$ 1,595	$ 1,468
Adjustments to reconcile net income (loss) to cash flows from operating activities:
Impairments and other charges	0	366	12
Depreciation, depletion and amortization	998	940	904
Deferred Income Taxes and Tax Credits	196	70	(486)
Changes in assets and liabilities:
Receivables	(257)	(1,151)	(500)
Accounts payable	49	852	795
Inventories	(303)	(642)	(10)
Other operating activities	113	212	(272)
Total cash flows provided by operating activities	3,458	2,242	1,911
Cash flows from investing activities:
Capital expenditures	(1,379)	(1,011)	(799)
Proceeds from sales of property, plant and equipment	195	200	257
Other investing activities	(114)	(81)	(74)
Total cash flows used in investing activities	(1,659)	(967)	(534)
Cash flows from financing activities:
Dividends to shareholders	(576)	(435)	(161)
Proceeds from issuance of common stock	136	229	79
Stock repurchase program	(800)	(250)	0
Payments on long-term borrowings	(305)	(1,242)	(700)
Other financing activities	(126)	(100)	(56)
Total cash flows used in financing activities	(1,671)	(1,798)	(838)
Cash and equivalents at beginning of year	2,346
Cash and equivalents at end of year	2,264	2,346
Cash payments (receipts) during the period for:
Interest	460	487	517
Income taxes	616	354	214
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	(82)	(698)	481
Cash and equivalents	2,264	2,346	3,044
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	(210)	(175)	(58)
Payments to Acquire Marketable Securities	(492)	(75)	(5)
Proceeds from Sale and Maturity of Marketable Securities	131	0	0
Structured Real Estate Transaction
Cash flows from investing activities:
Proceeds from Sale of Real Estate Held-for-investment	$ 0	$ 0	$ 87

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of debt

Our long-term total debt consisted of the following:


	December 31
Millions of dollars	2023		2022
5.0% senior notes due November 2045	$	1,911	$	2,000
4.85% senior notes due November 2035	1,000		1,000
2.92% senior notes due March 2030	1,000		1,000
7.45% senior notes due September 2039	946		1,000
4.75% senior notes due August 2043	879		900
6.7% senior notes due September 2038	763		800
4.5% senior notes due November 2041	500		500
3.8% senior notes due November 2025	382		400
7.6% senior debentures due August 2096	228		294
6.75% notes due February 2027	90		104
Other	5		6
Unamortized debt issuance costs and discounts	(68)		(76)
Total long-term debt	$	7,636	$	7,928

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Auditor Name [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Houston, TX
Auditor Firm ID	185

Business Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Reconciliation of assets from segment to consolidated


		December 31
Millions of dollars		2023		2022
Total assets:
Completion and Production (a)		$	11,606	$	9,311
Drilling and Evaluation (a)		7,532		7,199
Corporate and other (b)		5,545		6,745
Total assets		$	24,683	$	23,255

(a)	Assets associated with specific segments primarily include receivables, inventories, property, plant, and equipment, operating lease right-of-use assets, equity in and advances to related companies, and goodwill.
(b)	Includes primarily cash and equivalents and deferred tax assets.

Schedule of revenue from external customers and long-lived assets, by geographical areas



	Year Ended December 31
Millions of dollars	2023		2022		2021
Revenue:
North America	$	10,492	$	9,597	$	6,371
Latin America	3,987		3,197		2,362
Europe/Africa/CIS	2,861		2,691		2,719
Middle East/Asia	5,678		4,812		3,843
Total revenue	$	23,018	$	20,297	$	15,295


	December 31
Millions of dollars	2023		2022
Net property, plant, and equipment:
North America	$	2,961	$	2,424
Latin America	527		520
Europe/Africa/CIS	444		435
Middle East/Asia	968		969
Total net property, plant, and equipment	$	4,900	$	4,348

Information on business segments

The following tables present financial information on our business segments.



		Year Ended December 31
Millions of dollars		2023		2022		2021
Revenue:
Completion and Production		$	13,689	$	11,582	$	8,410
Drilling and Evaluation		9,329		8,715		6,885
Total revenue		$	23,018	$	20,297	$	15,295
Operating income:
Completion and Production		$	2,835	$	2,037	$	1,238
Drilling and Evaluation		1,543		1,292		801
Total operations		4,378		3,329		2,039
Corporate and other (a)		(244)		(256)		(227)
SAP S4 upgrade expense		(51)		—		—
Impairments and other charges (b)		—		(366)		(12)
Total operating income		$	4,083	$	2,707	$	1,800
Interest expense, net of interest income		$	(395)	$	(463)	$	(520)
Loss on Blue Chip Swap transactions (c)		(110)		—		—
Argentina currency impact (d)		(131)		(30)		6
Loss on early extinguishment of debt		—		(42)		—
Other, net		(84)		(62)		(34)
Income before income taxes		$	3,363	$	2,110	$	1,252
Capital expenditures:
Completion and Production		$	765	$	589	$	402
Drilling and Evaluation		613		420		392
Corporate and other		1		2		5
Total capital expenditures		$	1,379	$	1,011	$	799
Depreciation, depletion, and amortization:
Completion and Production		$	553	$	520	$	502
Drilling and Evaluation		430		406		388
Corporate and other		15		14		14
Total depreciation, depletion, and amortization		$	998	$	940	$	904

(a)	Includes certain expenses not attributable to a business segment, such as costs related to support functions, corporate executives, and operating lease assets, and also includes amortization expense associated with intangible assets recorded as a result of acquisitions.
(b)	Impairments and other charges are as follows: -For the year ended December 31, 2022, amount includes approximately $136 million attributable to Completion and Production, $195 million attributable to Drilling and Evaluation, and $35 million attributable to Corporate and other. -For the year ended December 31, 2021, amount includes approximately $42 million attributable to Completion and Production, $9 million attributable to Drilling and Evaluation, and a $39 million net gain attributable to Corporate and other.
(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 $110 million pre-tax loss for the year ended December 31, 2023.
(d)	For the year ended December 31, 2023, we incurred a loss of $131 million due to the devaluation of the currency in Argentina.

Receivables

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Receivables

As of December 31, 2023, 33% of our net trade receivables were from customers in the United States and 9% were from customers in Mexico. 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 6% and 9% of our total receivables as of December 31, 2023 and December 31, 2022, respectively. While we have experienced payment delays in Mexico, these amounts are not in dispute and we have not historically had, and we do not expect, any material write-offs due to collectability from this customer. No other country or single customer accounted for more than 10% of our receivables at those dates.

Although the market environment has been improving, we continue to have risk of delayed customer payments and payment defaults associated with customer liquidity issues. We routinely monitor the financial stability of our customers and employ an extensive process to evaluate the collectability of outstanding receivables. This process, which involves judgment and estimates, includes analysis of our customers’ historical time to pay, financial condition and various financial metrics, debt structure, credit ratings, and production profile, as well as political and economic factors in countries of operations and other customer-specific factors.

The table below presents a rollforward of our allowance for credit losses for 2021, 2022 and 2023.


Millions of dollars		Balance at Beginning of Period		Provision (a)		Other (b)		Balance at End of Period (c)
Year ended December 31, 2021		$	824	$	(19)	$	(51)	$	754
Year ended December 31, 2022		754		2		(25)		731
Year ended December 31, 2023		731		22		(11)		742

(a)	Represents increases to allowance for credit losses charged to costs and expenses, net of recoveries.
(b)	Includes write-offs, balance sheet reclassifications, and other activity.
(c)	The allowance for credit losses in all years is primarily comprised of a full reserve against accounts receivable with our primary customer in Venezuela.

Retirement Plans International Pension Plan, Expected Benefit Payments (Details) - Foreign Plan [Member] $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of years annual benefit payments	10 years
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months	$ 38
Defined Benefit Plan, Expected Future Benefit Payment, Year Two	35
Defined Benefit Plan, Expected Future Benefit Payment, Year Three	37
Defined Benefit Plan, Expected Future Benefit Payment, Year Four	39
Defined Benefit Plan, Expected Future Benefit Payment, Year Five	42
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter	$ 247

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021