Halliburton 2015 Annual Report Download - page 45

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28
During the first quarter of 2015, we began utilizing the SIMADI mechanism to remeasure our net monetary assets
denominated in Bolívares, which resulted in us recording a foreign currency loss of $199 million during the first quarter of
2015. As of December 31, 2015, our total net investment in Venezuela was approximately $767 million, with only $8 million of
net monetary assets denominated in Bolívares. Also, at December 31, 2015 we had $31 million of surety bond guarantees
outstanding relating to our Venezuelan operations. The United States dollar value of our net monetary assets and surety bond
guarantees have significantly declined from December 31, 2014, primarily as a result of the currency devaluation in Venezuela.
Our total outstanding trade receivables in Venezuela were $704 million, which is more than 10% of our gross trade
receivables, as of December 31, 2015, compared to $670 million, or approximately 9% of our gross trade receivables, as of
December 31, 2014. We have experienced delays in collecting payment on our receivables from our primary customer in
Venezuela, which contributed to the increase in receivables during the period. This was partially offset by a decline due to the
currency devaluation. These receivables are not disputed, and we have not historically had material write-offs relating to this
customer. Additionally, we routinely monitor the financial stability of our customers. Of the $704 million receivables in
Venezuela as of December 31, 2015, the majority of which are United States dollar-denominated receivables, $175 million has
been classified as long-term and included within “Other assets” on our consolidated balance sheets.
For additional information, see Part I, Item 1(a), “Risk Factors.”