Halliburton 2013 Annual Report Download - page 68

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52
Revenue by country is determined based on the location of services provided and products sold.
Operations by geographic area
Year Ended December 31
Millions of dollars
2013
2012
2011
Revenue:
United States
$
14,311
$
15,057
$
13,548
Other countries
15,091
13,446
11,281
Total
$
29,402
$
28,503
$
24,829
December 31
Millions of dollars
2013
2012
Net property, plant, and equipment:
United States
$
5,368
$
5,096
Other countries
5,954
5,161
Total
$
11,322
$
10,257
Note 3. Receivables
Our trade receivables are generally not collateralized. At December 31, 2013 and December 31, 2012, 34% and 36%
of our gross trade receivables were from customers in the United States. No other country or single customer accounted for
more than 10% of our gross trade receivables at these dates.
We continue to experience delays in collecting payment on our receivables from our primary customer in
Venezuela. These receivables are not disputed, and we have not historically had material write-offs relating to this customer.
Our total outstanding trade receivables in Venezuela were $486 million, or approximately 8% of our gross trade receivables, as
of December 31, 2013, compared to $491 million, or approximately 9% of our gross trade receivables, as of December 31,
2012. Of the $486 million receivables in Venezuela as of December 31, 2013, $183 million has been classified as long-term and
included within “Other assets” on our consolidated balance sheets. Of the $491 million receivables in Venezuela as of
December 31, 2012, $143 million has been classified as long-term and included within “Other assets” on our consolidated
balance sheets.
The following table presents a rollforward of our allowance for bad debts for 2011, 2012, and 2013.
Millions of dollars
Balance at
Beginning of
Period
Charged to
Costs and
Expenses
Write-Offs
Balance at
End of Period
Year ended December 31, 2011
$
91
$
53
$
(7
)
$
137
Year ended December 31, 2012
137
(40)
(5
)
92
Year ended December 31, 2013
92
39
(14
)
117
Note 4. Inventories
Inventories are stated at the lower of cost or market. In the United States, we manufacture certain finished products
and parts inventories for drill bits, completion products, bulk materials, and other tools that are recorded using the last-in, first-
out method and totaled $157 million at December 31, 2013 and $139 million at December 31, 2012. If the average cost method
had been used, total inventories would have been $35 million higher than reported at December 31, 2013 and $41 million
higher than reported at December 31, 2012. The cost of the remaining inventory was recorded on the average cost method.
Inventories consisted of the following:
December 31
Millions of dollars
2013
2012
Finished products and parts
$
2,445
$
2,264
Raw materials and supplies
720
793
Work in process
140
129
Total
$
3,305
$
3,186
Finished products and parts are reported net of obsolescence reserves of $130 million at December 31, 2013 and $114
million at December 31, 2012.