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Impairments and Other Charges | 9 Months Ended
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Sep. 30, 2024
Restructuring and Related Activities [Abstract] |
Impairments and Other Charges | Impairments and Other Charges The following table presents various pre-tax charges we recorded during the three and nine months ended September 30, 2024, which are reflected within “Impairments and other charges” on our condensed consolidated statements of operations.
| Three Months Ended September 30, | Nine Months Ended September 30,
Millions of dollars | 2024 |  | 2024 |
Severance | $ | 63 |  |  | $ | 63 |  |
Impairment of assets held for sale | 49 |  |  | 49 |  |
Cybersecurity incident | 35 |  |  | 35 |  |
Gain on equity investment | (43) |  |  | (43) |  |
Other | 12 |  |  | 12 |  |
Total impairments and other charges | $ | 116 |  |  | $ | 116 |  |
Of the $116 million net charges recorded during the three and nine months ended September 30, 2024, $45 million was attributable to our Completion and Production segment, $34 million was attributable to our Drilling and Evaluation segment, and $37 million was attributable to Corporate and other. During the three months ended September 30, 2024, we recorded $63 million in severance expense as we rationalized global headcount to reflect growth expectations. During the third quarter of 2024, we recorded a $49 million impairment associated with a strategic decision to market for sale a portion of our chemical business. As disclosed within our Form 8-Ks filed on August 23, 2024, and September 3, 2024, we became aware that an unauthorized third party gained access to certain of our systems. As a result, we incurred $35 million in expenses during the three months ended September 30, 2024 related to the engagement of external advisors to assess and remediate the effects of the activity, and restore our systems, as well as legal fees, payroll related costs, and other expenses. Additionally, we recognized a gain of $43 million related to a fair value adjustment on an equity investment during the three months ended September 30, 2024. During the three and nine months ended September 30, 2023, there were no amounts recorded in impairments and other charges.

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- Definition The entire disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References No definition available. + Details
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