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Document and Entity Information (USD $)
In Billions, except Share data, unless otherwise specified |
6 Months Ended | ||
|---|---|---|---|
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Jun. 30, 2010
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Aug. 02, 2010
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Jun. 30, 2009
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| Document and Entity Information [Abstract] | |||
| Entity Registrant Name | NATIONAL OILWELL VARCO INC | ||
| Entity Central Index Key | 0001021860 | ||
| Document Type | 10-Q | ||
| Document Period End Date | Jun. 30, 2010 | ||
| Amendment Flag | false | ||
| Document Fiscal Year Focus | 2010 | ||
| Document Fiscal Period Focus | Q2 | ||
| Current Fiscal Year End Date | --12-31 | ||
| Entity Well-known Seasoned Issuer | Yes | ||
| Entity Voluntary Filers | No | ||
| Entity Current Reporting Status | Yes | ||
| Entity Filer Category | Large Accelerated Filer | ||
| Entity Public Float | $ 13.7 | ||
| Entity Common Stock, Shares Outstanding | 419,081,502 |
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- Definition
If the value is true, then the document as an amendment to previously-filed/accepted document. No definition available.
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements this will be the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type should be limited to the same value as the supporting SEC submission type. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, NCSR, N-Q, and Other. No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument No definition available.
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K. No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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- Details
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- Definition
Prepaid and other current assets. No definition available.
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- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at fiscal year-end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, and unrealized gains and losses on certain investments in debt and equity securities as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Liabilities due to billings on long term contracts that exceed the income recorded under the percentage of completion contract accounting method, or that exceed the accumulated costs under the completed contract accounting method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. This caption alerts the reader that one or more notes to the financial statements disclose pertinent information about the entity's commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Dollar value of issued common stock whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount included in cost of uncompleted contracts in excess of related billings, or unbilled accounts receivable, which is expected to be collected within a year within one year (or one operating cycle, if longer) from the date of the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of the sum of short-term debt and current maturities of long-term debt and capital lease obligations, which are due within one year (or one business cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The current portion of the aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. An unrecognized tax benefit that is directly related to a position taken in a tax year that results in a net operating loss carryforward should be presented as a reduction of the related deferred tax asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The noncurrent portion as of the balance sheet date of the aggregate carrying amount of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after the valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A noncurrent taxable temporary difference is a difference between the tax basis and the carrying amount of a noncurrent asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise shall separate deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment losses recognized. No definition available.
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- Definition
Carrying amount as of the balance sheet date, which is the cumulative amount paid, adjusted for any amortization recognized prior to adoption of FAS 142 and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts (original costs for current and prior period additions adjusted for impairment, if any) as of the balance sheet date of intangible assets, excluding goodwill, having a projected indefinite period of benefit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). No definition available.
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. No definition available.
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- Definition
Total of all Liabilities and Stockholders' Equity items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year (current maturities) or the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet due to materiality considerations. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet due to materiality considerations. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, and production equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The total amount due to the entity within one year of the balance sheet date (or one operating cycle, if longer) from outside sources, including trade accounts receivable, notes and loans receivable, as well as any other types of receivables, net of allowances established for the purpose of reducing such receivables to an amount that approximates their net realizable value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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Consolidated Balance Sheets (Parenthetical) (USD $)
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Jun. 30, 2010
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Dec. 31, 2009
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|---|---|---|
| Stockholders' equity: | ||
| Common stock, par value | $ 0.01 | $ 0.01 |
| Common stock, shares issued | 419,054,572 | 418,451,731 |
| Common stock, shares outstanding | 419,054,572 | 418,451,731 |
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- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Excludes common shares repurchased by the entity and held as Treasury shares. Shares outstanding equals shares issued minus shares held in treasury. Does not include common shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Consolidated Statements of Income (Unaudited) (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
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Jun. 30, 2010
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Jun. 30, 2009
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Jun. 30, 2010
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Jun. 30, 2009
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| Consolidated Statements of Income [Abstract] | ||||
| Revenue | $ 2,941 | $ 3,010 | $ 5,973 | $ 6,491 |
| Cost of revenue | 2,013 | 2,135 | 4,083 | 4,577 |
| Gross profit | 928 | 875 | 1,890 | 1,914 |
| Selling, general and administrative | 338 | 334 | 663 | 653 |
| Intangible asset impairment | 147 | 147 | ||
| Transaction and restructuring costs | 8 | 8 | ||
| Operating profit | 590 | 386 | 1,227 | 1,106 |
| Interest and financial costs | (13) | (13) | (26) | (26) |
| Interest income | 3 | 2 | 5 | 4 |
| Equity income in unconsolidated affiliate | 8 | 16 | 14 | 44 |
| Other income (expense), net | (3) | (38) | (19) | (74) |
| Income before income taxes | 585 | 353 | 1,201 | 1,054 |
| Provision for income taxes | 186 | 131 | 383 | 359 |
| Net income | 399 | 222 | 818 | 695 |
| Net income (loss) attributable to noncontrolling interests | (2) | 2 | (5) | 5 |
| Net income attributable to Company | $ 401 | $ 220 | $ 823 | $ 690 |
| Net income attributable to Company per share: | ||||
| Basic | $ 0.96 | $ 0.53 | $ 1.97 | $ 1.66 |
| Diluted | $ 0.96 | $ 0.53 | $ 1.96 | $ 1.65 |
| Cash dividends per share | $ 0.1 | $ 0.2 | ||
| Weighted average shares outstanding: | ||||
| Basic | 417 | 416 | 417 | 416 |
| Diluted | 419 | 418 | 419 | 417 |
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- Definition
Income before income taxes. No definition available.
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- Definition
Aggregate dividends paid during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income or loss for the period per each share of common stock outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income or loss for the period per each share of common stock and dilutive common stock equivalents outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. No definition available.
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- Definition
The amount of impairment loss recognized in the period resulting from the write-down of the carrying amount of an indefinite-lived intangible asset, other than goodwill, to fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. Such amount typically reflects adjustments similar to those made in preparing consolidated statements, including adjustments to eliminate intercompany gains and losses, and to amortize, if appropriate, any difference between cost and underlying equity in net assets of the investee at the date of investment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of net income (loss) attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition
The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net amount of other nonoperating income and expense, which does not qualify for separate disclosure on the income statement under materiality guidelines. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The average number of shares issued and outstanding that are used in calculating diluted EPS, determined based on the timing of issuance of shares in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Number of [basic] shares, after adjustment for contingently issuable shares and other shares not deemed outstanding, determined by relating the portion of time within a reporting period that common shares have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Billings in excess of costs. No definition available.
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- Details
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| X | ||||||||||
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- Definition
Costs in excess of billings. No definition available.
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- Definition
This item represents disclosure of the amount of dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporation; these investments are accounted for under the equity method of accounting. This element represents distributions that constitute a return of investment, which are classified as investing activities. No definition available.
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- Definition
Transactions that do not result in cash inflows or outflows in the period in which they occur, but affect net income and thus are removed when calculating net cash flow from operating activities using the indirect cash flow method. This element is used when there is not a more specific and appropriate element. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
|
| X | ||||||||||
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The net change between the beginning and ending balance of cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The effect of exchange rate changes on cash balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents disclosure of the amount of dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporation; these investments are accounted for under the equity method of accounting. This element excludes distributions that constitute a return of investment, which are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
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- Definition
The amount of impairment loss recognized in the period resulting from the write-down of the carrying amount of an indefinite-lived intangible asset, other than goodwill, to fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
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- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. Such amount typically reflects adjustments similar to those made in preparing consolidated statements, including adjustments to eliminate intercompany gains and losses, and to amortize, if appropriate, any difference between cost and underlying equity in net assets of the investee at the date of investment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in the aggregate amount of obligations due within one year (or one business cycle). This may include trade payables, amounts due to related parties, royalties payable, and other obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
For entities with classified balance sheets, the net change during the reporting period in the value of other assets or liabilities used in operating activities, that are not otherwise defined in the taxonomy. For entities with unclassified balance sheets, the net change during the reporting period in the value of all other assets or liabilities used in operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in the value of this group of assets within the working capital section. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid during the current period for interest owed on money borrowed, net of interest capitalized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow (outflow) from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
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- Definition
The net cash inflow (outflow) from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
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- Details
|
| X | ||||||||||
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- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
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- Details
|
| X | ||||||||||
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- Definition
The net cash outflow (inflow) from other investing activities. This element is used when there is not a more specific and appropriate element in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow from the distribution of an entity's earnings in the form of dividends to common shareholders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
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- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow (outflow) from other financing activities. This element is used when there is not a more specific and appropriate element in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
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- Definition
The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Basis of Presentation
|
6 Months Ended |
|---|---|
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Jun. 30, 2010
|
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| Basis of Presentation [Abstract] | |
| Basis of Presentation |
1. Basis of Presentation
The preparation of financial statements in conformity with generally accepted accounting principles
(“GAAP”) in the United States requires management to make estimates and assumptions that affect
reported and contingent amounts of assets and liabilities as of the date of the financial
statements and reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
The accompanying unaudited consolidated financial statements of National Oilwell Varco, Inc. (the
“Company”) present information in accordance with GAAP in the United States for interim financial
information and the instructions to Form 10-Q and applicable rules of Regulation S-X. They do not
include all information or footnotes required by GAAP in the United States for complete
consolidated financial statements and should be read in conjunction with our 2009 Annual Report on
Form 10-K.
In our opinion, the consolidated financial statements include all adjustments, all of which are of
a normal, recurring nature, necessary for a fair presentation of the results for the interim
periods. The results of operations for the three and six months ended June 30, 2010 are not
necessarily indicative of the results to be expected for the full year.
Fair Value of Financial Instruments
The carrying amounts of financial instruments including cash and cash equivalents, receivables, and
payables approximated fair value because of the relatively short maturity of these instruments.
Cash equivalents include only those investments having a maturity date of three months or less at
the time of purchase. The carrying values of other financial instruments approximate their
respective fair values.
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| X | ||||||||||
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- Details
|
| X | ||||||||||
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- Definition
Description containing the entire organization, consolidation and basis of presentation of financial statements disclosure. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Inventories, net
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2010
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| Inventories net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories, net |
2. Inventories, net
Inventories consist of (in millions):
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| X | ||||||||||
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- Definition
This element represents the complete disclosure related to inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
|
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Accrued Liabilities
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2010
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| Accrued Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accrued Liabilities |
3. Accrued Liabilities
Accrued liabilities consist of (in millions):
Service and Product Warranties
The Company provides service and warranty policies on certain of its products. The Company accrues
liabilities under service and warranty policies based upon specific claims and a review of
historical warranty and service claim experience in accordance with Accounting Standards
Codification (“ASC”) Topic 450 “Contingencies” (“ASC Topic 450”). Adjustments are made to accruals
as claim data and historical experience change. In addition, the Company incurs discretionary costs
to service its products in connection with product performance issues and accrues for them when
they are encountered.
The changes in the carrying amount of service and product warranties are as follows (in millions):
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| X | ||||||||||
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- Definition
Description and amounts of accounts payable and accrued disclosure at the end of the reporting period. This element may be used for the entire disclosure as a single block of text. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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Costs and Estimated Earnings on Uncompleted Contracts
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2010
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| Costs and Estimated Earnings on Uncompleted Contracts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Costs and Estimated Earnings on Uncompleted Contracts |
4. Costs and Estimated Earnings on Uncompleted Contracts
Costs and estimated earnings on uncompleted contracts consist of (in millions):
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- Details
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| X | ||||||||||
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- Definition
Costs and Estimated Earnings on Uncompleted Contracts. No definition available.
|
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Comprehensive Income
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2010
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| Comprehensive Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comprehensive Income |
5. Comprehensive Income
The components of comprehensive income are as follows (in millions):
The Company’s reporting currency is the U.S. dollar. A majority of the Company’s international
entities in which there is a substantial investment have the local currency as their functional
currency. As a result, translation adjustments resulting from the process of translating the
entities’ financial statements into the reporting currency are reported in Other Comprehensive
Income in accordance with ASC Topic 830 “Foreign Currency Matters” (“ASC Topic 830”). For the
three months ended June 30, 2010, a majority of these local currencies weakened against the U.S.
dollar resulting in a net decrease to Other Comprehensive Income of $62 million upon the translation of their financial statements from their local currency to the U.S.
dollar.
During the first quarter of 2010, the Venezuelan government officially devalued the Venezuelan bolivar
against the U.S. dollar. As a result the Company converted its Venezuela ledgers to U.S. dollar
functional currency, devalued monetary assets resulting in a $27 million charge, and wrote-down
certain accounts receivable in view of deteriorating business conditions in Venezuela, resulting in
an additional $11 million charge.
The Company’s net investment in Venezuela was $38 million at
June 30, 2010.
The effect of changes in the fair values of derivatives designated as cash flow hedges are
accumulated in Other Comprehensive Income, net of tax, until the underlying transactions to which
they are designed to hedge are realized. The movement in Other Comprehensive Income from period to
period will be the result of the combination of changes in fair value for open derivatives and the
outflow of accumulated Other Comprehensive Income related to the fair value of derivatives that
have settled in the current or prior periods. The accumulated effect is a decrease in Other
Comprehensive Income of $55 million (net of tax of $21 million) for the three months ended June 30,
2010.
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
This label may include the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains and losses on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains and losses on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains and losses on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain or loss and net prior service cost or credit for pension plans and other postretirement benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Business Segments
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
Jun. 30, 2010
|
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| Business Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Segments |
6. Business Segments
Operating results by segment are as follows (in millions):
The Company had revenues of 17% and 19% of total revenue from one of its customers for the three
and six months ended June 30, 2010, respectively, and revenues of 20% and 16% of total revenue from
one of its customers for the three and six months ended June 30, 2009, respectively. This customer
is a shipyard acting as a general contractor for its customers, who are drillship owners and
drilling contractors. This shipyard’s customers have specified that the Company’s drilling
equipment be installed on their drillships and have required the shipyard to issue contracts to the
Company.
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This element may be used to capture the complete disclosure of 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% 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Debt
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Jun. 30, 2010
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| Debt |
7. Debt
Debt consists of (in millions):
Revolving Credit Facilities
On April 21, 2008, the Company replaced its existing $500 million unsecured revolving credit
facility with an aggregate of $3 billion of unsecured credit facilities and borrowed $2 billion to
finance the cash portion of the Grant Prideco acquisition. These facilities consisted of a $2
billion, five-year revolving credit facility and a $1 billion, 364-day revolving credit facility
which was terminated early in February 2009. At June 30, 2010, there were no borrowings against
the remaining credit facility, and there were $556 million in outstanding letters of credit issued
under this facility, resulting in $1,444 million of funds available under this revolving credit
facility. Interest under this multicurrency facility is based upon LIBOR, NIBOR or EURIBOR plus
0.26% subject to a ratings-based grid, or the prime rate.
The Company also had $1,604 million of additional outstanding letters of credit at June 30, 2010,
primarily in Norway, that are essentially under various bilateral committed letter of credit
facilities. Other letters of credit are issued as bid bonds and performance bonds. The Senior
Notes contain reporting covenants and the credit facility contains a financial covenant regarding
maximum debt to capitalization. The Company was in compliance with all covenants at June 30, 2010.
Other
Other debt includes approximately $3 million in promissory notes due to former owners of businesses
acquired who remain employed by the Company.
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- Definition
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, 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/presentationRef
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Tax
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Jun. 30, 2010
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| Tax |
8. Tax
The effective tax rate for the three and six months ended June 30, 2010 was 31.8% and 31.9%,
respectively, compared to 37.1% and 34.1% for the same period in 2009. The effective tax rate was
positively impacted by earnings taxed at lower rates in foreign jurisdictions, and the reversal of
reserves associated with uncertain tax positions in prior years for which the statute of
limitations expired during the period.
The difference between the effective tax rate reflected in the provision for income taxes and the
U.S. federal statutory rate of 35% was as follows (in millions):
The Company accounts for uncertainty in income taxes in accordance with ASC Topic 740, “Income
Taxes” (“ASC Topic 740”). ASC Topic 740 clarifies the accounting for uncertainty in income taxes
recognized in an entity’s financial statements and prescribes a recognition threshold and
measurement attributes for financial statement disclosure of tax positions taken or expected to be
taken on a return. Under ASC Topic 740, the impact of an uncertain income tax position, in
management’s opinion, on the income tax return must be recognized at the largest amount that is
more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain
income tax position will not be recognized if it has a less than 50% likelihood of being sustained.
The balance of unrecognized tax benefits at June 30, 2010 was $117 million. Included in the
change in the balance of unrecognized tax benefits was an increase of $73 million associated with a
foreign tax position previously evaluated as more-likely-than-not to be sustained upon audit.
Based on new information obtained in the first quarter of 2010, we now believe it is more-likely-than-not this
foreign tax position may not be sustained. Tax payments for this liability can be claimed as a U.S.
foreign tax credit due to sufficient excess limitation in prior years to cover the potential
exposure. Accordingly, the company has recorded a corresponding deferred tax asset of $73 million,
resulting in no impact to earnings.
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in
millions):
The Company is subject to taxation in the U.S., various states and foreign jurisdictions. The
Company has significant operations in the U.S., Canada, the U.K., the Netherlands and Norway. Tax
years that remain subject to examination by major
tax jurisdiction vary by legal entity, but are generally open in the U.S. for the tax years after
2005 and outside the U.S. for tax years ending after 2002.
To the extent penalties and interest would be assessed on any underpayment of income tax, such
accrued amounts have been classified as a component of income tax expense in the financial
statements.
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- Definition
Description containing the entire income tax disclosure. Examples 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. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Stock-Based Compensation
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6 Months Ended |
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Jun. 30, 2010
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| Stock Based Compensation [Abstract] | |
| Stock-Based Compensation |
9. Stock-Based Compensation
The Company has a stock-based compensation plan known as the National Oilwell Varco, Inc. Long-Term
Incentive Plan (the “Plan”). The Plan provides for the granting of stock options,
performance-based share awards, restricted stock, phantom shares, stock payments and stock
appreciation rights. The number of shares authorized under the Plan is 25.5 million. As of June
30, 2010, 8,046,586 shares remain available for future grants under the Plan, all of which are
available for grants of stock options, performance-based share awards, restricted stock awards,
phantom shares, stock payments and stock appreciation rights. Total stock-based compensation for
all share-based compensation arrangements under the Plan was $16 million and $33 million for the
three and six months ended June 30, 2010, respectively, and $15 million and $31 million for the
three and six months ended June 30, 2009, respectively. The total income tax benefit recognized in
the Consolidated Statements of Income for all stock-based compensation arrangements under the Plan
was $5 million and $10 million for the three and six months ended June 30, 2010, respectively, and
$7 million and $12 million for the three and six months ended June 30, 2009, respectively.
During the six months ended June 30, 2010, the Company granted 3,485,283 stock options and 558,531
restricted stock awards, which includes 171,400 performance-based restricted stock awards. Out of
the total number of stock options granted, 3,443,107 were granted on February 16, 2010 with an
exercise price of $44.07, 10,844 were granted on May 12, 2010
with an exercise price of $41.09 and
the remaining 31,332 options were granted May 12, 2010 to the non-employee members of the Board of
Directors at an exercise price of $41.09. These options generally vest over a three-year period
from the grant date. Out of the total number of restricted stock awards granted, 543,035 were
granted on February 16, 2010 and 1,440 were granted on May 12, 2010 and vest on the third
anniversary of the date of grant. In addition, on May 12, 2010, 14,056 restricted stock awards were
granted to the non-employee members of the Board of Directors. These restricted stock awards vest
in equal thirds over three years on the anniversary of the grant date. The performance-based
restricted stock awards of 171,400 were granted on February 16, 2010. The performance-based
restricted stock awards granted will be 100% vested 36 months from the date of grant, subject to
the performance condition of the Company’s average operating income growth, measured on a
percentage basis, from January 1, 2010 through December 31, 2012 exceeding the median operating
income level growth of a designated peer group over the same period.
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- Definition
Disclosure of compensation-related costs for share-based compensation which may include disclosure of policies, compensation plan details, allocation of stock compensation, incentive distributions, share-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Derivative Financial Instruments
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Jun. 30, 2010
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| Derivative Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Financial Instruments |
10. Derivative Financial Instruments
ASC Topic 815, “Derivatives and Hedging” (“ASC Topic 815”) requires companies to recognize all of
its derivative instruments as either assets or liabilities in the statement of financial position
at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a
derivative instrument depends on whether it has been designated and qualifies as part of a hedging
relationship and further, on the type of hedging relationship. For those derivative instruments
that are designated and qualify as hedging instruments, a company must designate the hedging
instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a
hedge of a net investment in a foreign operation.
The Company is exposed to certain risks relating to its ongoing business operations. The primary
risks managed by using derivative instruments are foreign currency exchange rate risk, and interest
rate risk. Forward contracts against various foreign currencies are entered into to manage the
foreign currency exchange rate risk on forecasted revenue and expenses denominated in currencies
other than the functional currency of the operating unit (cash flow hedge). Other forward exchange
contracts against various foreign currencies are entered into to manage the foreign currency
exchange rate risk associated with certain firm commitments denominated in currencies other than
the functional currency of the operating unit (fair value hedge). In addition the Company will
enter into non-designated forward contracts against various foreign currencies to manage the
foreign currency exchange rate risk on recognized nonfunctional currency monetary accounts
(non-designated hedge). Interest rate swaps are entered into to manage interest rate risk
associated with the Company’s fixed and floating-rate borrowings.
The Company records all derivative financial instruments at their fair value in our consolidated
balance sheet. Except for certain non-designated hedges discussed below, all derivative financial
instruments we hold are designated as either cash flow or fair value hedges and are highly
effective in offsetting movements in the underlying risks. Such arrangements typically have terms
between two and 24 months, but may have longer terms depending on the underlying cash flows being
hedged, typically
related to the projects in our backlog. We may also use interest rate contracts to mitigate our
exposure to changes in interest rates on anticipated long-term debt issuances.
At June 30, 2010, the Company has determined that its financial assets of $59 million and
liabilities of $120 million (primarily currency related derivatives) are level 2 in the fair value
hierarchy. At June 30, 2010, the net fair value of the Company’s foreign currency forward
contracts totaled a liability of $61 million.
As of June 30, 2010, the Company did not have any interest rate swaps and our financial instruments
do not contain any credit-risk-related or other contingent features that could cause accelerated
payments when our financial instruments are in net liability positions. We do not use derivative
financial instruments for trading or speculative purposes.
Cash Flow Hedging Strategy
For derivative instruments that are designated and qualify as a cash flow hedge (i.e., hedging the
exposure to variability in expected future cash flows that is subject to a particular currency
risk), the effective portion of the gain or loss on the derivative instrument is reported as a
component of Other Comprehensive Income and reclassified into earnings in the same line item
associated with the forecasted transaction and in the same period or periods during which the
hedged transaction affects earnings (e.g., in “revenues” when the hedged transactions are cash
flows associated with forecasted revenues). The remaining gain or loss on the derivative
instrument in excess of the cumulative change in the present value of future cash flows of the
hedged item, if any (i.e., the ineffective portion) or hedge components excluded from the
assessment of effectiveness, are recognized in the Consolidated Statements of Income during the
current period.
To protect against the volatility of forecasted foreign currency cash flows resulting from
forecasted sales and expenses, the Company has instituted a cash flow hedging program. The Company
hedges portions of its forecasted revenues and expenses denominated in nonfunctional currencies
with forward contracts. When the U.S. dollar strengthens against the foreign currencies, the
decrease in present value of future foreign currency revenue and costs is offset by gains in the
fair value of the forward contracts designated as hedges. Conversely, when the U.S. dollar
weakens, the increase in the present value of future foreign currency cash flows is offset by
losses in the fair value of the forward contracts.
As of June 30, 2010, the Company had the following outstanding foreign currency forward contracts
that were entered into to hedge nonfunctional currency cash flows from forecasted revenues and
costs:
Fair Value Hedging Strategy
For derivative instruments that are designated and qualify as a fair value hedge (i.e., hedging the
exposure to changes in the fair value of an asset or a liability or an identified portion thereof
that is subject to a particular risk), the gain or loss on the derivative instrument as well as the
offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in the
same line item associated with the hedged item in current earnings (e.g., in “revenue” when the
hedged item is a contracted sale).
The Company enters into forward exchange contracts to hedge certain firm commitments of revenue and
costs that are denominated in currencies other than the functional currency of the operating unit.
The purpose of the Company’s foreign currency hedging activities is to protect the Company from
risk that the eventual U.S. dollar-equivalent cash flows from the sale of products to customers
will be adversely affected by changes in the exchange rates.
As of June 30, 2010, the Company had the following outstanding foreign currency forward contracts
that were entered into to hedge nonfunctional currency fair values of firm commitments of revenues
and costs:
Non-designated Hedging Strategy
For derivative instruments that are non-designated, the gain or loss on the derivative instrument
subject to the hedged risk (i.e. nonfunctional currency monetary accounts) are recognized in the
same line item associated with the hedged item in current earnings.
The Company enters into forward exchange contracts to hedge certain nonfunctional currency monetary
accounts. The purpose of the Company’s foreign currency hedging activities is to protect the
Company from risk that the eventual U.S. dollar-equivalent cash flows from the nonfunctional
currency monetary accounts will be adversely affected by changes in the exchange rates.
As of June 30, 2010, the Company had the following outstanding foreign currency forward contracts
that hedge the fair value of nonfunctional currency monetary accounts:
As of June 30, 2010, the Company has the following fair values of its derivative instruments and
their balance sheet classifications (in millions):
The Effect of Derivative Instruments on the Consolidated Statement of Income
($ in millions)
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- Details
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| X | ||||||||||
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- Definition
This element can be used to disclose the entity's entire derivative instruments and hedging activities disclosure as a single block of text. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising there from, and the amounts of and methodologies and assumptions used in determining the amounts of such items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Net Income Attributable to Company Per Share
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2010
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| Net Income Attributable to Company Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income Attributable to Company Per Share |
11. Net Income Attributable to Company Per Share
The following table sets forth the computation of weighted average basic and diluted shares
outstanding (in millions, except per share data):
In addition, the Company had stock options outstanding that were anti-dilutive totaling 6 million
and 5 million shares for the three and six months ended June 30, 2010, respectively, and 4 million
and 10 million for the three and six months ending June 30, 2009, respectively.
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- Details
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| X | ||||||||||
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- Definition
This element may be used to capture the complete disclosure pertaining to an entity's earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Cash Dividends
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6 Months Ended |
|---|---|
|
Jun. 30, 2010
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| Cash Dividends [Abstract] | |
| Cash Dividends |
12. Cash Dividends
On May 12, 2010, the Company’s Board of Directors approved a cash dividend of $0.10 per share. The
cash dividend was paid on June 25, 2010 to each stockholder of record on June 11, 2010. Cash
dividends aggregated $42 million and $84 million for the three and six months ended June 30, 2010,
respectively, and nil for both the three and six months ended June 30, 2009. The declaration and
payment of future dividends is at the discretion of the Company’s Board of Directors and will be
dependent upon the Company’s results of operations, financial condition, capital requirements and
other factors deemed relevant by the Board of Directors.
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| X | ||||||||||
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- Definition
Cash Dividends Text Block No definition available.
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| X | ||||||||||
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- Details
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|
Recently Issued Accounting Standards
|
6 Months Ended |
|---|---|
|
Jun. 30, 2010
|
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| Recently Issued Accounting Standards [Abstract] | |
| Recently Issued Accounting Standards |
13. Recently Issued Accounting Standards
In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards
Update (“ASU”) No. 2010-06 “Improving Disclosures about Fair Value Measurements” (“ASU No.
2010-06”) as an update to Accounting Standards Codification Topic 820, “Fair Value Measurements and
Disclosures” (“ASC Topic 820”). ASU No. 2010-06 requires additional disclosures about transfers
between Levels 1 and 2 of the fair value hierarchy and disclosures about purchases, sales,
issuances and settlements in the roll forward of activity in Level 3 fair value measurements. ASU
No. 2010-06 is effective for interim and annual reporting periods beginning after December 15,
2009, except for the disclosures about purchases, sales, issuances, and settlements in the
rollforward of activity in Level 3 fair value measurements. Those disclosures are effective for
fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years.
The Company adopted the required provisions of ASU No. 2010-06 in the first quarter of 2010. There
was no significant impact to the Company’s Consolidated Financial Statements from the adopted
provisions of ASU No. 2010-06.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Represents disclosure of any changes in an accounting principle, including a change from one generally accepted accounting principle to another generally accepted accounting principle when there are two or more generally accepted accounting principles that apply or when the accounting principle formerly used is no longer generally accepted. Also disclose any change in the method of applying an accounting principle, or any change in an accounting principle required by a new pronouncement in the unusual instance that a new pronouncement does not include specific transition provisions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Accrued Liabilities (Policies)
|
6 Months Ended |
|---|---|
|
Jun. 30, 2010
|
|
| Accrued Liabilities (Policies) [Abstract] | |
| Adoption of ASC Topic 450 and its impact |
The Company provides service and warranty policies on certain of its products. The Company accrues
liabilities under service and warranty policies based upon specific claims and a review of
historical warranty and service claim experience in accordance with Accounting Standards
Codification (“ASC”) Topic 450 “Contingencies” (“ASC Topic 450”). Adjustments are made to accruals
as claim data and historical experience change. In addition, the Company incurs discretionary costs
to service its products in connection with product performance issues and accrues for them when
they are encountered.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Describes an entity's accounting policy for commitments and contingencies, which may include policies for recognizing and measuring loss and gain contingencies. No definition available.
|
|
Comprehensive Income (Policies)
|
6 Months Ended |
|---|---|
|
Jun. 30, 2010
|
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| Comprehensive Income (Policies) [Abstract] | |
| Adoption of ASC Topic 830 and its impact |
The Company’s reporting currency is the U.S. dollar. A majority of the Company’s international
entities in which there is a substantial investment have the local currency as their functional
currency. As a result, translation adjustments resulting from the process of translating the
entities’ financial statements into the reporting currency are reported in Other Comprehensive
Income in accordance with ASC Topic 830 “Foreign Currency Matters” (“ASC Topic 830”). For the
three months ended June 30, 2010, a majority of these local currencies weakened against the U.S.
dollar resulting in a net decrease to Other Comprehensive Income of $62 million upon the translation of their financial statements from their local currency to the U.S.
dollar.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Describes an entity's accounting policy for its capital stock transactions, including dividends and accumulated other comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Tax (Policies)
|
6 Months Ended |
|---|---|
|
Jun. 30, 2010
|
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| Tax (Policies) [Abstract] | |
| Accounting for Uncertainty in Income Taxes |
The Company accounts for uncertainty in income taxes in accordance with ASC Topic 740, “Income
Taxes” (“ASC Topic 740”). ASC Topic 740 clarifies the accounting for uncertainty in income taxes
recognized in an entity’s financial statements and prescribes a recognition threshold and
measurement attributes for financial statement disclosure of tax positions taken or expected to be
taken on a return. Under ASC Topic 740, the impact of an uncertain income tax position, in
management’s opinion, on the income tax return must be recognized at the largest amount that is
more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain
income tax position will not be recognized if it has a less than 50% likelihood of being sustained.
The balance of unrecognized tax benefits at June 30, 2010 was $117 million. Included in the
change in the balance of unrecognized tax benefits was an increase of $73 million associated with a
foreign tax position previously evaluated as more-likely-than-not to be sustained upon audit.
Based on new information obtained in the first quarter of 2010, we now believe it is more-likely-than-not this
foreign tax position may not be sustained. Tax payments for this liability can be claimed as a U.S.
foreign tax credit due to sufficient excess limitation in prior years to cover the potential
exposure. Accordingly, the company has recorded a corresponding deferred tax asset of $73 million,
resulting in no impact to earnings.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Describes an entity's accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Derivative Financial Instruments (Policies)
|
6 Months Ended |
|---|---|
|
Jun. 30, 2010
|
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| Derivative Financial Instruments (Policies) [Abstract] | |
| Adoption of ASC Topic 815 Policy and its impact |
ASC Topic 815, “Derivatives and Hedging” (“ASC Topic 815”) requires companies to recognize all of
its derivative instruments as either assets or liabilities in the statement of financial position
at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a
derivative instrument depends on whether it has been designated and qualifies as part of a hedging
relationship and further, on the type of hedging relationship. For those derivative instruments
that are designated and qualify as hedging instruments, a company must designate the hedging
instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a
hedge of a net investment in a foreign operation.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Describes an entity's accounting policies for its derivative instruments and hedging activities. Disclosure may include: (1) Each method used to account for derivative financial instruments and derivative commodity instruments ("derivatives"); (2) the types of derivatives accounted for under each method; (3) the criteria required to be met for each accounting method used, including a discussion of the criteria required to be met for hedge or deferral accounting and accrual or settlement accounting (for example: whether and how risk reduction, correlation, designation, and effectiveness tests are applied); (4) the accounting method used if the criteria specified for hedge accounting are not met; (5) the method used to account for termination of derivatives designated as hedges or derivatives used to affect directly or indirectly the terms, fair values, or cash flows of a designated item; (6) the method used to account for derivatives when the designated item matures, is sold, is extinguished, or is terminated. In addition, the method used to account for derivatives designated to an anticipated transaction, when the anticipated transaction is no longer likely to occur; and (7) where and when derivatives, and their related gains (losses) are reported in the statement of financial position, cash flows, and results of operations and (8) an accounting policy decision to offset fair value amounts with counterparties. An entity should also consider describing its embedded derivatives, and the method(s) used to determine the fair values of derivatives and any significant assumptions used in such valuations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Recently Issued Accounting Standards (Policies)
|
6 Months Ended |
|---|---|
|
Jun. 30, 2010
|
|
| Recently Issued Accounting Standards (Policies) [Abstract] | |
| Adoption of policy related to Fair Value Measurements Disclosures |
In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards
Update (“ASU”) No. 2010-06 “Improving Disclosures about Fair Value Measurements” (“ASU No.
2010-06”) as an update to Accounting Standards Codification Topic 820, “Fair Value Measurements and
Disclosures” (“ASC Topic 820”). ASU No. 2010-06 requires additional disclosures about transfers
between Levels 1 and 2 of the fair value hierarchy and disclosures about purchases, sales,
issuances and settlements in the roll forward of activity in Level 3 fair value measurements. ASU
No. 2010-06 is effective for interim and annual reporting periods beginning after December 15,
2009, except for the disclosures about purchases, sales, issuances, and settlements in the
rollforward of activity in Level 3 fair value measurements. Those disclosures are effective for
fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years.
The Company adopted the required provisions of ASU No. 2010-06 in the first quarter of 2010. There
was no significant impact to the Company’s Consolidated Financial Statements from the adopted
provisions of ASU No. 2010-06.
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| X | ||||||||||
|
- Definition
Adoption of policy related to Fair Value Measurements Disclosures. No definition available.
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| X | ||||||||||
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- Details
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Inventories, net (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2010
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| Inventories, net (Tables) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories |
Inventories consist of (in millions):
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| X | ||||||||||
|
- Details
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| X | ||||||||||
|
- Definition
Inventories. No definition available.
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|
Accrued Liabilities (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2010
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| Accrued Liabilities (Tables) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accrued Liabilities |
Accrued liabilities consist of (in millions):
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| Changes in the carrying amount of service and product warranties |
The changes in the carrying amount of service and product warranties are as follows (in millions):
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Accrued Liabilities. No definition available.
|
| X | ||||||||||
|
- Definition
Disclosure for standard and extended product warranties and other product guarantee contracts, including a tabular reconciliation of the changes in the guarantor's aggregate product warranty liability for the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Costs and Estimated Earnings on Uncompleted Contracts (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2010
|
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| Costs and Estimated Earnings on Uncompleted Contracts (Tables) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Costs and estimated earnings on uncompleted contracts consist |
Costs and estimated earnings on uncompleted contracts consist of (in millions):
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| X | ||||||||||
|
- Definition
Costs And Estimated Earnings On Uncompleted Contracts Consist. No definition available.
|
| X | ||||||||||
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- Details
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Comprehensive Income (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2010
|
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| Comprehensive Income (Tables) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comprehensive Income |
The components of comprehensive income are as follows (in millions):
|
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Comprehensive Income. No definition available.
|
|
Business Segments (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2010
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| Business Segments (Tables) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Segments |
Operating results by segment are as follows (in millions):
|
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
This element may be used to capture the complete disclosure about the profit or loss and total assets for each reportable segment, as a single block of text. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Debt (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2010
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| Debt (Tables) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt |
Debt consists of (in millions):
|
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
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- Definition
This element may be used as a single block of text to encapsulate the entire disclosure for long-term borrowings including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Tax (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2010
|
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| Tax (Tables) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Difference between the effective tax rate |
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| Reconciliation of the beginning and ending amount of unrecognized tax benefits |
|
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| X | ||||||||||
|
- Definition
Difference between the effective tax rate. No definition available.
|
| X | ||||||||||
|
- Definition
Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Derivative Financial Instruments (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
Jun. 30, 2010
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| Derivative Financial Instruments (Tables) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Outstanding Foreign Currency Forward Contracts |
As of June 30, 2010, the Company had the following outstanding foreign currency forward contracts
that were entered into to hedge nonfunctional currency cash flows from forecasted revenues and
costs:
Fair Value Hedging Strategy
For derivative instruments that are designated and qualify as a fair value hedge (i.e., hedging the
exposure to changes in the fair value of an asset or a liability or an identified portion thereof
that is subject to a particular risk), the gain or loss on the derivative instrument as well as the
offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in the
same line item associated with the hedged item in current earnings (e.g., in “revenue” when the
hedged item is a contracted sale).
The Company enters into forward exchange contracts to hedge certain firm commitments of revenue and
costs that are denominated in currencies other than the functional currency of the operating unit.
The purpose of the Company’s foreign currency hedging activities is to protect the Company from
risk that the eventual U.S. dollar-equivalent cash flows from the sale of products to customers
will be adversely affected by changes in the exchange rates.
As of June 30, 2010, the Company had the following outstanding foreign currency forward contracts
that were entered into to hedge nonfunctional currency fair values of firm commitments of revenues
and costs:
Non-designated Hedging Strategy
For derivative instruments that are non-designated, the gain or loss on the derivative instrument
subject to the hedged risk (i.e. nonfunctional currency monetary accounts) are recognized in the
same line item associated with the hedged item in current earnings.
The Company enters into forward exchange contracts to hedge certain nonfunctional currency monetary
accounts. The purpose of the Company’s foreign currency hedging activities is to protect the
Company from risk that the eventual U.S. dollar-equivalent cash flows from the nonfunctional
currency monetary accounts will be adversely affected by changes in the exchange rates.
As of June 30, 2010, the Company had the following outstanding foreign currency forward contracts
that hedge the fair value of nonfunctional currency monetary accounts:
|
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| Derivative Instruments and Their Balance Sheet Classifications |
|
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| Effect of Derivative-Instruments on the Consolidated Statement of Income |
|
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Outstanding Foreign Currency Forward Contracts. No definition available.
|
| X | ||||||||||
|
- Definition
This item represents certain of the disclosures concerning the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Alternative disclosures for gains and losses on derivative instruments included in an entity's trading activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Net Income Attributable to Company Per Share (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2010
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| Net Income Attributable to Company Per Share (Tables) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Computation of weighted average basic and diluted shares outstanding |
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- Definition
computation of weighted average basic and diluted shares outstanding Text Block. No definition available.
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| X | ||||||||||
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- Details
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Inventories, net (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2010
|
Dec. 31, 2009
|
|---|---|---|
| Inventories | ||
| Raw materials and supplies | $ 703 | $ 704 |
| Work in process | 1,109 | 1,307 |
| Finished goods and purchased products | 1,631 | 1,479 |
| Total | $ 3,443 | $ 3,490 |
| X | ||||||||||
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- Definition
Carrying amount, net of valuation reserves and adjustments, as of the balance sheet date of merchandise or goods held by the company that are readily available for sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Aggregated amount of unprocessed materials to be used in manufacturing or production process and supplies that will be consumed. This amount is net of valuation reserves and adjustments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount, net of reserves and adjustments, as of the balance sheet date of merchandise or goods which are partially completed. This inventory is generally comprised of raw materials, labor and factory overhead costs, which require further materials, labor and overhead to be converted into finished goods, and which generally require the use of estimates to determine percentage complete and pricing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Accrued Liabilities (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2010
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Dec. 31, 2009
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|
| Accrued Liabilities | ||
| Compensation | $ 250 | $ 272 |
| Customer prepayments and billings | 409 | 500 |
| Warranty | 214 | |
| Interest | 11 | 11 |
| Taxes (non income) | 73 | 95 |
| Insurance | 56 | 58 |
| Accrued purchase orders | 947 | 853 |
| Fair value of derivatives | 96 | 61 |
| Other | 244 | 200 |
| Total | 2,300 | 2,267 |
| Changes in the carrying amount of service and product warranties | ||
| Balance at December 31, 2009 | 217 | |
| Net provisions for warranties issued during the year | 32 | |
| Amounts incurred | (22) | |
| Foreign currency translation and other | (13) | |
| Balance at June 30, 2010 | $ 214 |
| X | ||||||||||
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- Definition
Accrued purchase orders. No definition available.
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| X | ||||||||||
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- Definition
Carrying value as of the balance sheet date of obligations incurred and payable for real and property taxes. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying value as of the balance sheet date of obligations incurred through that date and payable to insurance entities to mitigate potential loss from various risks or to satisfy a promise to provide certain coverage's to employees. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The current portion, due within one year or the normal operating cycle, if longer, of prepayments received from customers for goods or services to be provided in the future. No definition available.
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| X | ||||||||||
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- Definition
Sum as of the balance sheet date of the (a) fair values of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments, and (b) the carrying amounts of the liabilities arising from financial instruments or contracts used to mitigate a specified risk (hedge), and which are expected to be extinguished or otherwise disposed of within a year or the normal operating cycle, if longer, net of the effects of master netting arrangements. No definition available.
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| X | ||||||||||
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- Definition
Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Carrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Increase (decrease) in standard product warranty liability due to currency translation. Does not include any increase (decrease) in an extended product warranty liability due to currency translation Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount as of the balance sheet date of the aggregate standard product warranty liability that is expected to be paid within one year or the normal operating cycle, if longer. Does not include the balance for the extended product warranty liability. No definition available.
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| X | ||||||||||
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- Definition
Represents the aggregate decrease in the liability for payments made (in cash or in kind) to satisfy claims under the terms of the standard product warranty. Does not include any increase (decrease) in the liability for payments related to extended product warranties Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Represents the aggregate increase in the liability for accruals related to standard product warranties issued during the reporting period. Does not include any increase in the liability for accruals related to extended product warranties Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Costs and Estimated Earnings on Uncompleted Contracts (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2010
|
Dec. 31, 2009
|
|---|---|---|
| Costs and Estimated Earnings on Uncompleted Contracts [Abstract] | ||
| Costs incurred on uncompleted contracts | $ 6,968 | $ 6,276 |
| Estimated earnings | 4,486 | 3,735 |
| Costs and estimated earnings on uncompleted contracts, Gross | 11,454 | 10,011 |
| Less: Billings to date | 11,106 | 10,361 |
| Total net estimate billing on uncompleted contracts | 348 | (350) |
| Costs and estimated earnings in excess of billings on uncompleted contracts | 802 | 740 |
| Billings in excess of costs and estimated earnings on uncompleted contracts | (454) | (1,090) |
| Total net estimate billing on uncompleted contracts | $ 348 | $ (350) |
| X | ||||||||||
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- Definition
Billings to date. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Costs and estimated earnings on uncompleted contracts Gross. No definition available.
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| X | ||||||||||
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- Definition
Estimated earnings. No definition available.
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| X | ||||||||||
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- Definition
Total net estimate billing on uncompleted contracts. No definition available.
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| X | ||||||||||
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- Definition
Liabilities due to billings on long term contracts that exceed the income recorded under the percentage of completion contract accounting method, or that exceed the accumulated costs under the completed contract accounting method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of costs that are recoverable under the terms of contracts or programs that are unbilled as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount included in cost of uncompleted contracts in excess of related billings, or unbilled accounts receivable, which is expected to be collected within a year within one year (or one operating cycle, if longer) from the date of the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Comprehensive Income (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2010
|
Jun. 30, 2009
|
Jun. 30, 2010
|
Jun. 30, 2009
|
|
| Comprehensive Income | ||||
| Net income | $ 399 | $ 222 | $ 818 | $ 695 |
| Currency translation adjustments, net of tax | (62) | 112 | (76) | 57 |
| Changes in derivative financial instruments, net of tax | (55) | 83 | (81) | 105 |
| Changes in defined benefit plans, net of tax | (1) | (1) | ||
| Comprehensive income | 282 | 416 | 661 | 856 |
| Comprehensive income (loss) attributable to noncontrolling interest | (2) | 2 | (5) | 5 |
| Comprehensive income attributable to Company | 284 | 414 | 666 | 851 |
| Comprehensive Income (Textuals) [Abstract] | ||||
| Net increase to Other Comprehensive Income upon the translation | (62) | 112 | (76) | 57 |
| Changes in derivative financial instruments, net of tax | (55) | 83 | (81) | 105 |
| Changes in derivative financial instruments, tax | 21 | |||
| Devalued Charges on monetary assets | 27 | |||
| Additional Devalued Charges on accounts receivable | 11 | |||
| Investment in subsidiary | $ 38 | $ 38 | ||
| X | ||||||||||
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- Definition
Additional Devalued Charges on accounts receivable. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Devalued Charges on monetary assets. No definition available.
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| X | ||||||||||
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- Definition
Investment in subsidiary. No definition available.
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| X | ||||||||||
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- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to noncontrolling interests, if any. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Net changes to accumulated comprehensive income during the period related to benefit plans, after tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Net of tax effect change in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges after taxes. A cash flow hedge is a hedge of the exposure to variability in the cash flows of a recognized asset or liability or a forecasted transaction that is attributable to a particular risk. The change includes an entity's share of an equity investee's increase (decrease) in deferred hedging gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total tax effect of the change in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges after taxes. The change includes an entity's share of an equity investee's increase (decrease) in deferred hedging gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Change in the balance sheet adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity for the period being reported, net of tax. If an entity's functional currency is a foreign currency, translation adjustments result from the process of translating that entity's financial statements into the reporting currency. Includes gain (loss) on foreign currency forward exchange contracts. Includes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements. Includes the gain or loss on a derivative instrument or nonderivative financial instrument that may give rise to a foreign currency transaction gain or loss under FAS 52 and that have been designated and have qualified as hedging instruments for hedges of the foreign currency exposure of a net investment in a foreign operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Business Segments (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2010
|
Jun. 30, 2009
|
Jun. 30, 2010
|
Jun. 30, 2009
|
|
| Business Segments | ||||
| Total Revenue | $ 2,941 | $ 3,010 | $ 5,973 | $ 6,491 |
| Transaction costs | (8) | (8) | ||
| Total Operating Profit | 590 | 386 | 1,227 | 1,106 |
| Percentage as of operating profit to revenue | 20.10% | 12.80% | 20.50% | 17.00% |
| Business Segments (Textuals) [Abstract] | ||||
| Revenue from shipyard customer | 17.00% | 20.00% | 19.00% | 16.00% |
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Rig Technology [Member]
|
||||
| Business Segments | ||||
| Total Revenue | 1,672 | 1,917 | 3,558 | 4,116 |
| Total Operating Profit | 505 | 534 | 1,086 | 1,140 |
| Percentage as of operating profit to revenue | 30.20% | 27.90% | 30.50% | 27.70% |
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Petroleum Services And Supplies [Member]
|
||||
| Business Segments | ||||
| Total Revenue | 1,033 | 913 | 1,956 | 1,927 |
| Total Operating Profit | 138 | (51) | 251 | 113 |
| Percentage as of operating profit to revenue | 13.40% | (5.60%) | 12.80% | 5.90% |
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Distribution Services [Member]
|
||||
| Business Segments | ||||
| Total Revenue | 365 | 305 | 699 | 713 |
| Total Operating Profit | 13 | 10 | 24 | 35 |
| Percentage as of operating profit to revenue | 3.60% | 3.30% | 3.40% | 4.90% |
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Business Intersegment, Eliminations [Member]
|
||||
| Business Segments | ||||
| Total Revenue | (129) | (125) | (240) | (265) |
| Total Operating Profit | $ (66) | $ (99) | $ (134) | $ (174) |
| X | ||||||||||
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- Details
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| X | ||||||||||
|
- Definition
Percentage As of Operating Profit to Revenue. No definition available.
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| X | ||||||||||
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- Definition
Revenue from shipyard customer. No definition available.
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| X | ||||||||||
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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| X | ||||||||||
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- Definition
The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
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|
Debt (Details) (USD $)
|
6 Months Ended | ||
|---|---|---|---|
|
Jun. 30, 2010
|
Dec. 31, 2009
|
Apr. 21, 2008
|
|
| Debt [Abstract] | |||
| Other | $ 17,000,000 | $ 26,000,000 | |
| Total debt | 871,000,000 | 883,000,000 | |
| Less current portion | 352,000,000 | 7,000,000 | |
| Long-term debt | 519,000,000 | 876,000,000 | |
| Debt (Textuals) [Abstract] | |||
| Funds borrowed to finance the cash portion of the Grant Prideco acquisition | 2,000,000,000 | ||
| Outstanding letters of credit | 556,000,000 | ||
| Funds available under revolving credit facility | 1,444,000,000 | ||
| Outstanding letters of credit under various bilateral committed letter of credit facilities | 1,604,000,000 | ||
| Promissory notes included in other debt | 17,000,000 | 26,000,000 | |
| Interest rate under multicurrency facility | LIBOR, NIBOR or EURIBOR + 0.26% | ||
|
6.5% interest payable semiannually on Senior Notes due on March 15, 2011 [Member]
|
|||
| Debt [Abstract] | |||
| Senior Notes | 150,000,000 | 150,000,000 | |
|
7.25% interest payable semiannually on Senior Notes due on May 1, 2011 [Member]
|
|||
| Debt [Abstract] | |||
| Senior Notes | 202,000,000 | 205,000,000 | |
|
5.65% interest payable semiannually on Senior Notes due on November 15, 2012 [Member]
|
|||
| Debt [Abstract] | |||
| Senior Notes | 200,000,000 | 200,000,000 | |
|
5.5% interest payable semiannually on Senior Notes due on November 19, 2012 [Member]
|
|||
| Debt [Abstract] | |||
| Senior Notes | 151,000,000 | 151,000,000 | |
|
6.125% interest payable semiannually on Senior Notes due on August 15, 2015 [Member]
|
|||
| Debt [Abstract] | |||
| Senior Notes | 151,000,000 | 151,000,000 | |
|
Existing Unsecured revolving credit facility [Member]
|
|||
| Debt (Textuals) [Abstract] | |||
| Unsecured revolving credit facility | 500,000,000 | ||
|
New Unsecured revolving credit facility [Member]
|
|||
| Debt (Textuals) [Abstract] | |||
| Unsecured revolving credit facility | 3,000,000,000 | ||
|
Five year revolving credit facility [Member]
|
|||
| Debt (Textuals) [Abstract] | |||
| Unsecured revolving credit facility | 2,000,000,000 | ||
|
364-day revolving credit facility [Member]
|
|||
| Debt (Textuals) [Abstract] | |||
| Unsecured revolving credit facility | 1,000,000,000 | ||
|
Notes Payable, Other Payables [Member]
|
|||
| Debt [Abstract] | |||
| Other | 3,000,000 | ||
| Debt (Textuals) [Abstract] | |||
| Promissory notes included in other debt | $ 3,000,000 |
| X | ||||||||||
|
- Details
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| X | ||||||||||
|
- Definition
Interest rate under multicurrency facility. No definition available.
|
| X | ||||||||||
|
- Definition
Outstanding letters of credit under various bilateral committed letter of credit facilities. No definition available.
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of the sum of short-term debt and current maturities of long-term debt and capital lease obligations, which are due within one year (or one business cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Amount borrowed under the credit facility as of the balance-sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Amount of current borrowing capacity under the credit facility considering any current restrictions on the amount that could be borrowed (for example, borrowings may be limited by the amount of current assets), but without considering any amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Including current and noncurrent portions, aggregate carrying amount of long-term borrowings as of the balance sheet date. May include notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, which had initial maturities beyond one year or beyond the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year (current maturities) or the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Including both current and noncurrent portions, carrying amount as of the balance-sheet date of other forms of debt not elsewhere specified in the taxonomy with initial maturities beyond one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Including the current and noncurrent portions, carrying value as of the balance sheet date of Notes with the highest claim on the assets of the issuer in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle if longer). Senior note holders are paid off in full before any payments are made to junior note holders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Deferred tax assets. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Likelihood Of An Uncertain Income Tax Position Being Sustained (Lower Limit ). No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Unrecognized tax benefit associated with Foreign tax. No definition available.
|
| X | ||||||||||
|
- Definition
A ratio calculated by dividing the reported amount of income tax expense attributable to continuing operations for the period by GAAP-basis pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The domestic federal statutory tax rate applicable under enacted tax laws to the Company's pretax income from continuing operations for the period. The "statutory" tax rate shall be the regular tax rate if there are alternative tax systems. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The sum of domestic current and deferred income tax expense (benefit) attributable to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The sum of foreign current income tax expense (benefit) and foreign deferred income tax expense (benefit) pertaining to income (loss) from continuing foreign operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of the difference between total income tax expense (benefit) as reported in the Income Statement for the period and the expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income from continuing operations attributable to the deduction for dividends paid or received under enacted tax laws. No definition available.
|
| X | ||||||||||
|
- Definition
The portion of the difference between total income tax expense (benefit) as reported in the Income Statement for the period and the expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income from continuing operations attributable to the deduction for qualified production activities received under enacted tax laws. No definition available.
|
| X | ||||||||||
|
- Definition
The sum of the differences between total income tax expense (benefit) as reported in the Income Statement for the period and the expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income from continuing operations attributable to nondeductible expenses under enacted tax laws, or differences in the methodologies used to determine expense amounts for financial statements prepared in accordance with generally accepted accounting principles and enacted tax laws. No definition available.
|
| X | ||||||||||
|
- Definition
The portion of the difference between total income tax expense (benefit) as reported in the Income Statement for the current period and the expected income tax expense (benefit) computed attributable to revisions of previously reported income tax expense. No definition available.
|
| X | ||||||||||
|
- Definition
The component of income tax expense representing amounts paid or payable (or refundable) which are classified as "income taxes" as determined by applying the provisions of enacted tax law to other than the taxable income (loss) from continuing operations for the period. Items affecting income taxes and required to be disclosed, but not included elsewhere, would also be designated as "Other". Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The sum of state and local current and deferred income tax expense (benefit) attributable to continuing operations. No definition available.
|
| X | ||||||||||
|
- Definition
The gross amount of unrecognized tax benefits (tax reductions recognized in financial reports but excluded from tax returns) pertaining to uncertain tax positions taken in tax returns as of the beginning balance sheet date, excluding amounts pertaining to examined tax returns. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The gross amount of increases in unrecognized tax benefits resulting from tax positions taken in prior period tax returns, excluding amounts pertaining to examined tax returns. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The gross amount of decreases in unrecognized tax benefits resulting from lapses of the applicable statutes of limitations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Earlier Authorized Shares Under Stock Based Compensation. No definition available.
|
| X | ||||||||||
|
- Definition
The performance based restricted stock awards granted, in percent No definition available.
|
| X | ||||||||||
|
- Definition
The performance based restricted stock awards vested, number of months. No definition available.
|
| X | ||||||||||
|
- Definition
Remaining shares available for future grants under the Plan. No definition available.
|
| X | ||||||||||
|
- Definition
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Granted. No definition available.
|
| X | ||||||||||
|
- Definition
Share Based Compensation Arrangement By Share Based Payment Award Options Granted. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Represents the expense recognized during the period arising from share-based compensation arrangements (for example, shares of stock, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total recognized tax benefit related to compensation cost for share-based payment arrangements recognized in income during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Description of award terms as to how many shares or portion of an award are no longer contingent on satisfaction of either a service condition, market condition or a performance condition, thereby giving the employee the legal right to convert the award to shares, to sell the shares, and be entitled to the cash proceeds of such sale. For example, vesting may be expressed as being 25 percent of the shares under option on each anniversary of the grant date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of shares issuable under a share-based award plan pertaining to grants made during the period on other than stock option plans (for example, phantom stock plan, stock appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The quantity of shares issuable on stock options awarded under the plan during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on stock options awarded under the plan during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Derivative Financial Instruments (Details)
In Millions, unless otherwise specified |
6 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2010
USD ($)
|
Jun. 30, 2009
USD ($)
|
Dec. 31, 2009
USD ($)
|
Jun. 30, 2010
Cash Flow Hedging [Member]
USD ($)
|
Jun. 30, 2009
Cash Flow Hedging [Member]
USD ($)
|
Jun. 30, 2010
Other income (expense), net [Member]
Cash Flow Hedging [Member]
USD ($)
|
Jun. 30, 2009
Other income (expense), net [Member]
Cash Flow Hedging [Member]
USD ($)
|
Jun. 30, 2009
Cost of revenue [Member]
Firm commitments [Member]
USD ($)
|
Jun. 30, 2010
Cost of revenue [Member]
Cash Flow Hedging [Member]
USD ($)
|
Jun. 30, 2009
Cost of revenue [Member]
Cash Flow Hedging [Member]
USD ($)
|
Jun. 30, 2010
Revenue [Member]
Firm commitments [Member]
USD ($)
|
Jun. 30, 2009
Revenue [Member]
Firm commitments [Member]
USD ($)
|
Jun. 30, 2010
Revenue [Member]
Cash Flow Hedging [Member]
USD ($)
|
Jun. 30, 2009
Revenue [Member]
Cash Flow Hedging [Member]
USD ($)
|
Jun. 30, 2010
Foreign exchange contracts [Member]
Cash Flow Hedging [Member]
USD ($)
|
Jun. 30, 2009
Foreign exchange contracts [Member]
Cash Flow Hedging [Member]
USD ($)
|
Jun. 30, 2010
Foreign exchange contracts [Member]
Other income (expense), net [Member]
USD ($)
|
Jun. 30, 2009
Foreign exchange contracts [Member]
Other income (expense), net [Member]
USD ($)
|
Jun. 30, 2009
Foreign exchange contracts [Member]
Cost of revenue [Member]
USD ($)
|
Jun. 30, 2010
Foreign exchange contracts [Member]
Revenue [Member]
USD ($)
|
Jun. 30, 2009
Foreign exchange contracts [Member]
Revenue [Member]
USD ($)
|
Jun. 30, 2010
Fair Value, Inputs, Level 2 [Member]
USD ($)
|
Jun. 30, 2010
Foreign exchange contracts [Member]
Prepaid and other current assets [Member]
USD ($)
|
Dec. 31, 2009
Foreign exchange contracts [Member]
Prepaid and other current assets [Member]
USD ($)
|
Jun. 30, 2010
Foreign exchange contracts [Member]
Other Assets [Member]
USD ($)
|
Dec. 31, 2009
Foreign exchange contracts [Member]
Other Assets [Member]
USD ($)
|
Jun. 30, 2010
Foreign exchange contracts [Member]
Accrued liabilities [Member]
USD ($)
|
Dec. 31, 2009
Foreign exchange contracts [Member]
Accrued liabilities [Member]
USD ($)
|
Jun. 30, 2010
Foreign exchange contracts [Member]
Other Liabilities [Member]
USD ($)
|
Dec. 31, 2009
Foreign exchange contracts [Member]
Other Liabilities [Member]
USD ($)
|
Jun. 30, 2010
Forward Contracts [Member]
USD ($)
|
Jun. 30, 2010
Forward Contracts [Member]
DKK
|
Jun. 30, 2010
Forward Contracts [Member]
EUR (€)
|
Jun. 30, 2010
Forward Contracts [Member]
GBP (£)
|
Jun. 30, 2010
Forward Contracts [Member]
KRW
|
Jun. 30, 2010
Forward Contracts [Member]
NOK
|
|||||||||||
| Outstanding Foreign Currency Forward Contracts | ||||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency, Cash flow hedging | $ 326 | 74 | € 137 | £ 15 | 5,556 | |||||||||||||||||||||||||||||||||||||||||
| Foreign currency, Fair value hedging | 17 | 5,479 | ||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency, Non-designated hedging | 472 | 112 | 156 | 11 | 3,488 | |||||||||||||||||||||||||||||||||||||||||
| Derivatives designated as hedging instruments under ASC Topic 815 | ||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Designated as Hedging Instrument, Asset | 19 | 73 | 17 | 56 | 2 | 17 | ||||||||||||||||||||||||||||||||||||||||
| Derivative Designated as Hedging Instrument, Liability | 83 | 46 | 55 | 39 | 28 | 7 | ||||||||||||||||||||||||||||||||||||||||
| Total derivatives | 59 | 104 | 59 | |||||||||||||||||||||||||||||||||||||||||||
| Derivatives not designated as hedging instruments under ASC Topic 815 | ||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Not Designated as Hedging Instrument, Asset | 40 | 31 | 40 | 30 | 0 | 1 | ||||||||||||||||||||||||||||||||||||||||
| Derivative Not Designated as Hedging Instrument, Liability | 37 | 9 | 37 | 8 | 0 | 1 | ||||||||||||||||||||||||||||||||||||||||
| Total derivatives | 120 | 55 | 120 | |||||||||||||||||||||||||||||||||||||||||||
| Effect of Derivative Instruments on the Consolidated Statement of Income | ||||||||||||||||||||||||||||||||||||||||||||||
| Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) (a) | (116) | [1] | 74 | [1] | (116) | [1] | 74 | [1] | ||||||||||||||||||||||||||||||||||||||
| Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (10) | (34) | (16) | (44) | 6 | 10 | ||||||||||||||||||||||||||||||||||||||||
| Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) (b) | 9 | 3 | 8 | [2] | (24) | [2] | 8 | [2] | (24) | [2] | ||||||||||||||||||||||||||||||||||||
| Amount of Gain (Loss) Recognized in Income on Derivative | (2) | (3) | 1 | 2 | 2 | (1) | (2) | (2) | ||||||||||||||||||||||||||||||||||||||
| Recognized in Income on Related Hedged Items | 2 | 3 | (1) | (2) | (2) | 1 | 2 | 2 | ||||||||||||||||||||||||||||||||||||||
| Amount of Gain (Loss) Recognized in Income on Derivative (a) | 22 | (26) | 22 | (26) | ||||||||||||||||||||||||||||||||||||||||||
| Derivative Financial Instruments (Textuals) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Foreign Currency Forward Contracts | 61 | |||||||||||||||||||||||||||||||||||||||||||||
| Minimum Derivative Financial Instrument's Term (Months) | 2 | |||||||||||||||||||||||||||||||||||||||||||||
| Maximum Derivative financial Instrument's Term (Months) | 24 | |||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss), Reclassified | 22 | |||||||||||||||||||||||||||||||||||||||||||||
| Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | 8 | (27) | ||||||||||||||||||||||||||||||||||||||||||||
| Amount of Gain (Loss) Recognized in Income on Derivative (Amount Excluded from hedge Effectiveness) | $ 9 | $ 3 | $ 8 | [2] | $ (24) | [2] | $ 8 | [2] | $ (24) | [2] | ||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Maximum Derivative financial Instrument's Term. No definition available.
|
| X | ||||||||||
|
- Definition
Minimum Derivative Financial Instrument's Term. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Fair value of a derivative asset (or nonderivative instrument) that is designated and qualifies as a hedging instrument, presented on a gross basis even when the derivative instrument is subject to master netting arrangements and qualifies for net presentation in the statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value of a derivative asset that is not designated or qualifying as a hedging instrument, presented on a gross basis even when the derivative instrument is subject to master netting arrangements and qualifies for net presentation in the statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value of derivative asset, presented on a gross basis even when the derivative instrument is subject to master netting arrangements and qualifies for net presentation in the statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value of derivative liability, presented on a gross basis even when the derivative instrument is subject to master netting arrangements and qualifies for net presentation in the statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The income statement location of the effective portion of net gain or loss reclassified from accumulated other comprehensive income into income on derivative instruments designated and qualifying as hedging instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of gains and losses (net) on derivative instruments designated and qualifying as hedging instruments representing (a) the amount of the hedge ineffectiveness and (b) the amount, if any, excluded from the assessment of hedge effectiveness. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The effective portion of gains and losses (net) on derivative instruments designated and qualifying as hedging instruments that was recognized in other comprehensive income during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Net gain (loss) included in earnings for the period from the net change in fair value of derivative instrument not designated as hedging instrument. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value of a derivative liability (or nonderivative instrument) that is designated and qualifies as a hedging instrument, presented on a gross basis even when the derivative instrument is subject to master netting arrangements and qualifies for net presentation in the statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value of a derivative liability that is not designated or qualifying as a hedging instrument, presented on a gross basis even when the derivative instrument is subject to master netting arrangements and qualifies for net presentation in the statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value as of the balance sheet date of all foreign currency derivatives designated as cash flow hedging instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value as of the balance sheet date of foreign currency derivative assets, net of foreign currency derivative liabilities, which includes all such derivative instruments in hedging and nonhedging relationships that are recognized on the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value as of the balance sheet date of all derivatives designated as foreign currency fair value hedging instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net gain (loss) recognized in earnings during the reporting period representing the amount of the fair value of the hedges' ineffectiveness. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total amount of gain (loss) derived from fair value hedges recognized in earnings in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net of tax effect of the reclassification adjustment for accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges included in accumulated comprehensive income that was realized in net income during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net fair value of all derivative instruments not designated as a hedging instrument. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Net Income Attributable to Company Per Share (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2010
|
Jun. 30, 2009
|
Jun. 30, 2010
|
Jun. 30, 2009
|
|
| Numerator: | ||||
| Net income attributable to Company | $ 401 | $ 220 | $ 823 | $ 690 |
| Denominator: | ||||
| Basic-weighted average common shares outstanding | 417 | 416 | 417 | 416 |
| Dilutive effect of employee stock options and other unvested stock awards | 2 | 2 | 2 | 1 |
| Diluted | 419 | 418 | 419 | 417 |
| Net income attributable to Company per share: | ||||
| Basic | $ 0.96 | $ 0.53 | $ 1.97 | $ 1.66 |
| Diluted | $ 0.96 | $ 0.53 | $ 1.96 | $ 1.65 |
| Cash dividends per share | $ 0.1 | $ 0.2 | ||
| Net Income Attributable to Company Per Share (Textuals) [Abstract] | ||||
| Stock options outstanding anti-dilutive totaling | 6 | 4 | 5 | 10 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate dividends paid during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of net income or loss for the period per each share of common stock outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of net income or loss for the period per each share of common stock and dilutive common stock equivalents outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate awards of share options and nonvested shares to be issued to an employee under a share-based compensation arrangement are considered options for purposes of computing diluted earnings per share. Such share-based awards shall be considered to be outstanding as of the grant date for purposes of computing diluted earnings per share even though their exercise may be contingent upon vesting. Those share-based awards are included in the diluted Earnings Per Share (EPS) computation even if the employee may not receive (or be able to sell) the stock until some future date. Accordingly, all shares to be issued shall be included in computing diluted EPS if the effect is dilutive. The dilutive effect of share-based compensation arrangements shall be computed using the treasury stock method. If the equity share options or other equity instruments are outstanding for only part of a period, the shares issuable shall be weighted to reflect the portion of the period during which the equity instruments were outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The average number of shares issued and outstanding that are used in calculating diluted EPS, determined based on the timing of issuance of shares in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Number of [basic] shares, after adjustment for contingently issuable shares and other shares not deemed outstanding, determined by relating the portion of time within a reporting period that common shares have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Cash Dividends (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
|
Jun. 30, 2010
|
Jun. 30, 2009
|
Jun. 30, 2010
|
Jun. 30, 2009
|
May 12, 2010
|
|
| Cash Dividends (Details) [Abstract] | |||||
| Aggregated Cash Dividends paid | $ 42 | $ 0 | $ 84 | $ 0 | |
| Dividends Payable, Amount Per Share | $ 0.1 | ||||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Common stock cash dividend declared by an entity during the period. This element includes paid and unpaid dividends declared during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The per share amount of a dividend declared, but not paid, as of the financial reporting date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|