Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2013
Document And Entity Information [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2013
Trading Symbol	NOV
Entity Registrant Name	NATIONAL OILWELL VARCO INC
Entity Central Index Key	0001021860

CONSOLIDATED BALANCE SHEETS (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Current assets:
Cash and cash equivalents	$ 3,436	$ 3,319
Receivables, net	4,896	4,320
Inventories, net	5,603	5,891
Costs in excess of billings	1,539	1,225
Deferred income taxes	373	349
Prepaid and other current assets	576	574
Total current assets	16,423	15,678
Property, plant and equipment, net	3,408	2,945
Deferred income taxes	372	413
Goodwill	9,049	7,172
Intangibles, net	5,055	4,743
Investment in unconsolidated affiliates	390	393
Other assets	115	140
Total assets	34,812	31,484
Current liabilities:
Accounts payable	1,275	1,200
Accrued liabilities	2,763	2,571
Billings in excess of costs	1,771	1,189
Current portion of long-term debt and short-term borrowings	1	1
Accrued income taxes	556	355
Deferred income taxes	312	333
Total current liabilities	6,678	5,649
Long-term debt	3,149	3,148
Deferred income taxes	2,292	1,997
Other liabilities	363	334
Total liabilities	12,482	11,128
Commitments and contingencies
Stockholders' equity:
Common stock-par value $.01; 1 billion shares authorized; 428,433,703 and 426,928,322 shares issued and outstanding at December 31, 2013 and December 31, 2012	4	4
Additional paid-in capital	8,907	8,743
Accumulated other comprehensive income (loss)	(4)	107
Retained earnings	13,323	11,385
Total Company stockholders' equity	22,230	20,239
Noncontrolling interests	100	117
Total stockholders' equity	22,330	20,356
Total liabilities and stockholders' equity	$ 34,812	$ 31,484

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	428,433,703	426,928,322
Common stock, shares outstanding	428,433,703	426,928,322

CONSOLIDATED STATEMENTS OF INCOME (USD $) In Millions, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenue
Sales	$ 15,489	$ 13,794	$ 10,659
Services	3,732	3,400	2,816
Total	19,221	17,194	13,475
Cost of revenue
Cost of sales	11,107	9,335	7,055
Cost of services	3,010	2,816	2,124
Total	14,117	12,151	9,179
Gross profit	5,104	5,043	4,296
Selling, general and administrative	1,905	1,654	1,487
Operating profit	3,199	3,389	2,809
Interest and financial costs	(111)	(49)	(40)
Interest income	12	10	18
Equity income in unconsolidated affiliates	63	58	46
Other income (expense), net	(39)	(68)	(39)
Income from continuing operations before income taxes	3,124	3,340	2,794
Provision for income taxes	943	965	894
Income from continuing operations	2,181	2,375	1,900
Income from discontinued operations	147	108	85
Net income	2,328	2,483	1,985
Net income (loss) attributable to noncontrolling interests	1	(8)	(9)
Net income attributable to Company	$ 2,327	$ 2,491	$ 1,994
Basic:
Income from continuing operations	$ 5.11	$ 5.61	$ 4.52
Income from discontinued operations	$ 0.35	$ 0.25	$ 0.21
Net income attributable to Company	$ 5.46	$ 5.86	$ 4.73
Diluted:
Income from continuing operations	$ 5.09	$ 5.58	$ 4.50
Income from discontinued operations	$ 0.35	$ 0.25	$ 0.20
Net income attributable to Company	$ 5.44	$ 5.83	$ 4.70
Cash dividends per share	$ 0.91	$ 0.49	$ 0.45
Weighted average shares outstanding:
Basic	426	425	422
Diluted	428	427	424

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 2,328	$ 2,483	$ 1,985
Other comprehensive income (loss) (net of tax):
Currency translation adjustments	(115)	64	(65)
Derivative financial instruments	(37)	99	(63)
Change in defined benefit plans	41	(33)	14
Comprehensive income	2,217	2,613	1,871
Net income (loss) attributable to noncontrolling interests	1	(8)	(9)
Comprehensive income attributable to Company	$ 2,216	$ 2,621	$ 1,880

- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities:
Income from continuing operations	$ 2,181	$ 2,375	$ 1,900
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	738	616	549
Deferred income taxes	(336)	(90)	(341)
Stock-based compensation	92	80	73
Excess tax benefit from stock-based compensation	(20)	(25)	(22)
Equity income in unconsolidated affiliates	(63)	(58)	(46)
Dividend from unconsolidated affiliates	66	61	45
Other	72	77	65
Change in operating assets and liabilities, net of acquisitions:
Receivables	(516)	(492)	(630)
Inventories	238	(974)	(555)
Costs in excess of billings	(314)	(632)	222
Prepaid and other current assets	41	(221)	(42)
Accounts payable	18	40	183
Billings in excess of costs	582	324	354
Income taxes payable	217	(408)	283
Other assets/liabilities, net	84	(41)	108
Net cash provided by continuing operating activities	3,080	632	2,146
Discontinued operations	317	(12)	(3)
Net cash provided by operating activities	3,397	620	2,143
Cash flows from investing activities:
Purchases of property, plant and equipment	(614)	(569)	(479)
Business acquisitions, net of cash acquired	(2,397)	(1,767)	(1,008)
Dividend from unconsolidated affiliate			13
Other, net	101	35	50
Net cash used in continuing investing activities	(2,910)	(2,301)	(1,424)
Discontinued operations	(54)	(1,127)	(34)
Net cash used in investing activities	(2,964)	(3,428)	(1,458)
Cash flows from financing activities:
Borrowings against lines of credit and other debt	2,609	5,575
Payments against lines of credit and other debt	(2,609)	(2,937)	(390)
Cash dividends paid	(389)	(209)	(191)
Proceeds from stock options exercised	58	113	96
Excess tax benefit from stock-based compensation	20	25	22
Other	7	17
Net cash provided by (used in) continuing financing activities	(304)	2,584	(463)
Discontinued operations	(1)	(1)	(1)
Net cash provided by (used in) financing activities	(305)	2,583	(464)
Effect of exchange rates on cash	(11)	9	(19)
Increase (decrease) in cash and cash equivalents	117	(216)	202
Cash and cash equivalents, beginning of period	3,319	3,535	3,333
Cash and cash equivalents, end of period	3,436	3,319	3,535
Cash payments during the period for:
Interest	111	40	44
Income taxes	$ 1,099	$ 1,572	$ 945

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) In Millions	Total	Common Stock [Member]	Additional Paid in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Total Company Stockholders' Equity [Member]	Noncontrolling Interests [Member]
Beginning Balance at Dec. 31, 2010	$ 15,862	$ 4	$ 8,353	$ 91	$ 7,300	$ 15,748	$ 114
Beginning Balance, shares at Dec. 31, 2010		421
Net income attributable to Company	1,985				1,994	1,994	(9)
Other comprehensive income, net	(114)			(114)		(114)
Cash dividends, per common share	(191)				(191)	(191)
Dividends to noncontrolling interests	(17)						(17)
Noncontrolling interest contribution	21						21
Stock-based compensation	73		73			73
Common stock issued	96		96			96
Common stock issued, shares		3
Withholding taxes	(9)		(9)			(9)
Excess tax benefit from stock-based compensation	22		22			22
Ending Balance at Dec. 31, 2011	17,728	4	8,535	(23)	9,103	17,619	109
Ending Balance, shares at Dec. 31, 2011		424
Net income attributable to Company	2,483				2,491	2,491	(8)
Other comprehensive income, net	130			130		130
Cash dividends, per common share	(209)				(209)	(209)
Dividends to noncontrolling interests	(4)						(4)
Noncontrolling interest contribution	20						20
Stock-based compensation	80		80			80
Common stock issued	113		113			113
Common stock issued, shares		3
Withholding taxes	(10)		(10)			(10)
Excess tax benefit from stock-based compensation	25		25			25
Ending Balance at Dec. 31, 2012	20,356	4	8,743	107	11,385	20,239	117
Ending Balance, shares at Dec. 31, 2012		427
Net income attributable to Company	2,328				2,327	2,327	1
Other comprehensive income, net	(111)			(111)		(111)
Cash dividends, per common share	(389)				(389)	(389)
Dividends to noncontrolling interests	(3)						(3)
Noncontrolling interest contribution	10						10
Disposal of noncontrolling interest, net	(25)						(25)
Stock-based compensation	92		92			92
Common stock issued	58		58			58
Common stock issued, shares		1
Withholding taxes	(6)		(6)			(6)
Excess tax benefit from stock-based compensation	20		20			20
Ending Balance at Dec. 31, 2013	$ 22,330	$ 4	$ 8,907	$ (4)	$ 13,323	$ 22,230	$ 100
Ending Balance, shares at Dec. 31, 2013		428

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (Retained Earnings [Member], USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Retained Earnings [Member]
Cash dividends, per common share	$ 0.91	$ 0.49	$ 0.45

Organization and Basis of Presentation	12 Months Ended
Organization and Basis of Presentation	Dec. 31, 2013
Accounting Policies [Abstract]
Organization and Basis of Presentation	1. Organization and Basis of Presentation Nature of Business We design, construct, manufacture and sell comprehensive systems, components, and products used in oil and gas drilling and production, provide oilfield services and supplies, and distribute products and provide supply chain integration services to the upstream oil and gas industry. Our revenues and operating results are directly related to the level of worldwide oil and gas drilling and production activities and the profitability and cash flow of oil and gas companies, drilling contractors and oilfield service companies, which in turn are affected by current and anticipated prices of oil and gas. Oil and gas prices have been, and are likely to continue to be, volatile. Basis of Consolidation The accompanying Consolidated Financial Statements include the accounts of National Oilwell Varco, Inc. and its consolidated subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. Investments that are not wholly-owned, but where we exercise control, are fully consolidated with the equity held by minority owners and their portion of net income (loss) reflected as noncontrolling interests in the accompanying consolidated financial statements. Investments in unconsolidated affiliates, over which we exercise significant influence, but not control, are accounted for by the equity method. On May 30, 2014, the Company completed the spin-off of its distribution business into an independent public company named NOW Inc. In conjunction with the spin-off of NOW Inc. the Company reviewed its reporting and management structure, and effective April 1, 2014, reorganized the Rig Technology, Petroleum Services & Supplies and remaining operations of Distribution & Transmission reporting segments into four new reporting segments. The new reporting segments are Rig Systems, Rig Aftermarket, Wellbore Technologies and Completion & Production Solutions. As a result of these changes, the Consolidated Financial Statements have been revised to reflect the spin-off of NOW Inc. as discontinued operations. In addition, Note 1, Note 2, Note 4, Note 12 and Note 15 to the Consolidated Financial Statements have been revised to reflect the spin-off off of NOW Inc., as discontinued operations and to recast the financial information to reflect the new reporting segments. Note 14, Note 16 and Note 17 have been revised to reflect the spin-off of NOW Inc., only.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

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.

Derivative Financial Instruments

Accounting Standards Codification (“ASC”) Topic 815, “Derivatives and Hedging” (“ASC Topic 815”) requires companies to recognize all derivative instruments as either assets or liabilities in the Consolidated Balance Sheet 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 records all derivative financial instruments at their fair value in its Consolidated Balance Sheet. Except for certain non-designated hedges discussed below, all derivative financial instruments that the Company holds are designated as cash flow 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.

Inventories

Inventories consist of raw materials, work-in-process and oilfield and industrial finished products, manufactured equipment and spare parts. Inventories are stated at the lower of cost or market using the first-in, first-out or average cost methods. Allowances for excess and obsolete inventories are determined based on our historical usage of inventory on-hand as well as our future expectations related to our installed base and the development of new products. The allowance, which totaled $396 million and $338 million at December 31, 2013 and 2012, respectively, is the amount necessary to reduce the cost of the inventory to its net realizable value.

Property, Plant and Equipment

Property, plant and equipment are recorded at cost. Expenditures for major improvements that extend the lives of property and equipment are capitalized while minor replacements, maintenance and repairs are charged to operations as incurred. Disposals are removed at cost less accumulated depreciation with any resulting gain or loss reflected in operations. Depreciation is provided using the straight-line method over the estimated useful lives of individual items. Depreciation expense was $381 million, $315 million and $275 million for the years ended December 31, 2013, 2012 and 2011, respectively. The estimated useful lives of the major classes of property, plant and equipment are included in Note 6 to the consolidated financial statements.

Long-lived Assets

We record impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets are impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. The carrying value of assets used in operations that are not recoverable is reduced to fair value if lower than carrying value. In determining the fair market value of the assets, we consider market trends and recent transactions involving sales of similar assets, or when not available, discounted cash flow analysis. There have been no impairments of long-lived assets for the years ended December 31, 2013, 2012 and 2011.

Intangible Assets

The Company has approximately $9.0 billion of goodwill and $5.1 billion of identified intangible assets at December 31, 2013. Generally accepted accounting principles require the Company to test goodwill and other indefinite-lived intangible assets for impairment at least annually or more frequently whenever events or circumstances occur indicating that such assets might be impaired.

Goodwill is identified by segment as follows (in millions):


	Rig Systems		Rig Aftermarket		Wellbore Technologies			Completion & Production Solutions			Discontinued Operations			Total
Balance at December 31, 2011	$	943	$	556	$	3,683		$	917		$	52		$	6,151
Goodwill acquired during period		145		89		80			395			291			1,000
Currency translation adjustments and other		9		4		6			2			—			21

Balance at December 31, 2012	$	1,097	$	649	$	3,769		$	1,314		$	343		$	7,172
Goodwill acquired during the period		179		256		665			803			—			1,903
Currency translation adjustments and other		3		1		(9	)		(11	)		(10	)		(26	)

Balance at December 31, 2013	$	1,279	$	906	$	4,425		$	2,106		$	333		$	9,049

Identified intangible assets with determinable lives consist primarily of customer relationships, trademarks, trade names, patents, and technical drawings acquired in acquisitions, and are being amortized on a straight-line basis over the estimated useful lives of 2-30 years. Amortization expense of identified intangibles is expected to be approximately $360 million in each of the next five years. Included in intangible assets are approximately $643 million of indefinite-lived trade names.

The net book values of identified intangible assets are identified by segment as follows (in millions):


	Rig Systems			Rig Aftermarket			Wellbore Technologies			Completion & Production Solutions			Discontinued Operations			Total
Balance at December 31, 2011	$	56		$	92		$	3,134		$	771		$	20		$	4,073
Additions to intangible assets		18			—			8			897			58			981
Amortization		(14	)		(3	)		(203	)		(81	)		(4	)		(305	)
Currency translation adjustments and other		2			—			3			(11	)		—			(6	)

Balance at December 31, 2012	$	62		$	89		$	2,942		$	1,576		$	74		$	4,743
Additions to intangible assets		190			59			286			161			—			696
Amortization		(21	)		(6	)		(217	)		(113	)		(6	)		(363	)
Currency translation adjustments and other		1			—			(12	)		(10	)		—			(21	)

Balance at December 31, 2013	$	232		$	142		$	2,999		$	1,614		$	68		$	5,055

Identified intangible assets by major classification consist of the following (in millions):


	Gross		Accumulated Amortization			Net Book Value
December 31, 2012:
Customer relationships	$	3,522	$	(907	)	$	2,615
Trademarks		877		(152	)		725
Indefinite-lived trade names		643		—			643
Other		1,087		(327	)		760

Total identified intangibles	$	6,129	$	(1,386	)	$	4,743

December 31, 2013:
Customer relationships	$	4,093	$	(1,147	)	$	2,946
Trademarks		893		(195	)		698
Indefinite-lived trade names		643		—			643
Other		1,175		(407	)		768

Total identified intangibles	$	6,804	$	(1,749	)	$	5,055

The Company performed its annual impairment analysis for its goodwill and indefinite-lived intangible assets during the fourth quarter of 2013, 2012 and 2011 each resulting in no impairment. The valuation techniques used in the annual test were consistent with those used during previous testing. The inputs used in the annual test were updated for current market conditions and forecasts.

Foreign Currency

The functional currency for most of our foreign operations is the local currency. The cumulative effects of translating the balance sheet accounts from the functional currency into the U.S. dollar at current exchange rates are included in accumulated other comprehensive income (loss). Revenues and expenses are translated at average exchange rates in effect during the period. Certain other foreign operations, including our operations in Norway, use the U.S. dollar as the functional currency. Accordingly, financial statements of these foreign subsidiaries are remeasured to U.S. dollars for consolidation purposes using current rates of exchange for monetary assets and liabilities and historical rates of exchange for nonmonetary assets and related elements of expense. Revenue and expense elements are remeasured at rates that approximate the rates in effect on the transaction dates. For all operations, gains or losses from remeasuring foreign currency transactions into the functional currency are included in income. Net foreign currency transaction losses were $24 million, $18 million and $10 million for the years ending December 31, 2013, 2012 and 2011, respectively, and are included in other income (expense) in the accompanying statement of operations.

Historically, the Venezuelan government has devalued the country’s currency. During the first quarter of 2013, the Venezuelan government again officially devalued the Venezuelan bolivar against the U.S. dollar. As a result, the Company incurred approximately $12 million in devaluation charges in the first quarter of 2013. The Company’s net investment in Venezuela was $39 million at December 31, 2013.

Revenue Recognition

The Company’s products and services are sold based upon purchase orders or contracts with the customer that include fixed or determinable prices and that do not generally include right of return or other similar provisions or other significant post delivery obligations. Except for certain construction contracts and drill pipe sales described below, the Company records revenue at the time its manufacturing process is complete, the customer has been provided with all proper inspection and other required documentation, title and risk of loss has passed to the customer, collectability is reasonably assured and the product has been delivered. Customer advances or deposits are deferred and recognized as revenue when the Company has completed all of its performance obligations related to the sale. The Company also recognizes revenue as services are performed. The amounts billed for shipping and handling cost are included in revenue and related costs are included in cost of sales.

Revenue Recognition under Long-term Construction Contracts

The Company uses the percentage-of-completion method to account for certain long-term construction contracts in the Rig Systems and Completion & Production Solutions segments. These long-term construction contracts include the following characteristics:

•

the contracts include custom designs for customer specific applications;

•

the structural design is unique and requires significant engineering efforts; and

•

construction projects often have progress payments.

This method requires the Company to make estimates regarding the total costs of the project, progress against the project schedule and the estimated completion date, all of which impact the amount of revenue and gross margin the Company recognizes in each reporting period. The Company prepares detailed cost estimates at the beginning of each project. Significant projects and their related costs and profit margins are updated and reviewed at least quarterly by senior management. Factors that may affect future project costs and margins include shipyard access, weather, production efficiencies, availability and costs of labor, materials and subcomponents and other factors. These factors can impact the accuracy of the Company’s estimates and materially impact the Company’s current and future reported earnings.

The asset, “Costs in excess of billings,” represents revenues recognized in excess of amounts billed. The liability, “Billings in excess of costs,” represents billings in excess of revenues recognized.

Drill Pipe Sales

For drill pipe sales, if requested in writing by the customer, delivery may be satisfied through delivery to the Company’s customer storage location or to a third-party storage facility. For sales transactions where title and risk of loss have transferred to the customer but the supporting documentation does not meet the criteria for revenue recognition prior to the products being in the physical possession of the customer, the recognition of the revenues and related inventory costs from these transactions are deferred until the customer takes physical possession.

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 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 Company monitors the actual cost of performing these discretionary services and adjusts the accrual based on the most current information available.

The changes in the carrying amount of service and product warranties are as follows (in millions):


Balance at December 31, 2011	$	211

Net provisions for warranties issued during the year		51
Amounts incurred		(76	)
Currency translation adjustments and other		8

Balance at December 31, 2012	$	194

Net provisions for warranties issued during the year		101
Amounts incurred		(73	)
Currency translation adjustments and other		6

Balance at December 31, 2013	$	228

Income Taxes

The liability method is used to account for income taxes. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates that will be in effect when the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to amounts which are more likely than not to be realized.

Concentration of Credit Risk

We grant credit to our customers, which operate primarily in the oil and gas industry. Concentrations of credit risk are limited because we have a large number of geographically diverse customers, thus spreading trade credit risk. We control credit risk through credit evaluations, credit limits and monitoring procedures. We perform periodic credit evaluations of our customers’ financial condition and generally do not require collateral, but may require letters of credit for certain international sales. Credit losses are provided for in the financial statements. Allowances for doubtful accounts are determined based on a continuous process of assessing the Company’s portfolio on an individual customer basis taking into account current market conditions and trends. This process consists of a thorough review of historical collection experience, current aging status of the customer accounts, and financial condition of the Company’s customers. Based on a review of these factors, the Company will establish or adjust allowances for specific customers. Accounts receivable are net of allowances for doubtful accounts of approximately $132 million and $120 million at December 31, 2013 and 2012.

Stock-Based Compensation

Compensation expense for the Company’s stock-based compensation plans is measured using the fair value method required by ASC Topic 718 “Compensation – Stock Compensation” (“ASC Topic 718”). Under this guidance the fair value of stock option grants and restricted stock is amortized to expense using the straight-line method over the shorter of the vesting period or the remaining employee service period.

The Company provides compensation benefits to employees and non-employee directors under share-based payment arrangements, including various employee stock option plans.

Total compensation cost that has been charged against income for all share-based compensation arrangements was $86 million, $74 million and $68 million for 2013, 2012 and 2011, respectively. The total income tax benefit recognized in the income statement for all share-based compensation arrangements was $26 million, $22 million and $15 million for 2013, 2012 and 2011, respectively.

Environmental Liabilities

When environmental assessments or remediations are probable and the costs can be reasonably estimated, remediation liabilities are recorded on an undiscounted basis and are adjusted as further information develops or circumstances change.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted 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. Such estimates include but are not limited to, estimated losses on accounts receivable, estimated costs and related margins of projects accounted for under percentage-of-completion, estimated realizable value on excess and obsolete inventory, contingencies, estimated liabilities for litigation exposures and liquidated damages, estimated warranty costs, estimates related to pension accounting, estimates related to the fair value of reporting units for purposes of assessing goodwill and other indefinite-lived intangible assets for impairment and estimates related to deferred tax assets and liabilities, including valuation allowances on deferred tax assets. Actual results could differ from those estimates.

Contingencies

The Company accrues for costs relating to litigation claims and other contingent matters, including liquidated damage liabilities, when such liabilities become probable and reasonably estimable. In circumstances where the most likely outcome of a contingency can be reasonably estimated, we accrue a liability for that amount. Where the most likely outcome cannot be estimated, a range of potential losses is established and if no one amount in that range is more likely than others, the low end of the range is accrued. Such estimates may be based on advice from third parties or on management’s judgment, as appropriate. Revisions to contingent liabilities are reflected in income in the period in which different facts or information become known or circumstances change that affect the Company’s previous judgments with respect to the likelihood or amount of loss. Amounts paid upon the ultimate resolution of contingent liabilities may be materially different from previous estimates and could require adjustments to the estimated reserves to be recognized in the period such new information becomes known.

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):


	Years Ended December 31,
	2013		2012		2011
Numerator:
Income from continuing operations	$	2,180	$	2,383	$	1,909

Income from discontinued operations	$	147	$	108	$	85

Net income attributable to Company	$	2,327	$	2,491	$	1,994

Denominator:
Basic—weighted average common shares outstanding		426		425		422
Dilutive effect of employee stock options and other unvested stock awards		2		2		2

Diluted outstanding shares		428		427		424

Per share data:
Basic:
Income from continuing operations	$	5.11	$	5.61	$	4.52

Income from discontinued operations	$	0.35	$	0.25	$	0.21

Net income attributable to Company	$	5.46	$	5.86	$	4.73

Diluted:
Income from continuing operations	$	5.09	$	5.58	$	4.50

Income from discontinued operations	$	0.35	$	0.25	$	0.20

Net income attributable to Company	$	5.44	$	5.83	$	4.70

Cash dividends per share	$	0.91	$	0.49	$	0.45

ASC Topic 260, “Earnings Per Share” (“ASC Topic 260”) requires companies with unvested participating securities to utilize a two-class method for the computation of net income attributable to Company per share. The two-class method requires a portion of net income attributable to Company to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents, if declared. Net income attributable to Company allocated to these participating securities was immaterial for the years ended December 31, 2013, 2012 and 2011 and therefore not excluded from net income attributable to Company per share calculation.

The Company had stock options outstanding that were anti-dilutive totaling 7 million, 5 million, and 3 million at December 31, 2013, 2012 and 2011, respectively.

Recently Issued Accounting Standards

In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update No. 2013-02, “Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income” (ASU No. 2013-02), which is an update for Accounting Standards Codification Topic No. 220 “Comprehensive Income”. The update improves the reporting of reclassifications out of accumulated other comprehensive income. The guidance was effective for the Company’s interim and annual reporting periods beginning January 1, 2013, and applied prospectively. There was no significant impact to the Company’s Consolidated Financial Statements from the adopted provisions of ASU No. 2013-02.

In March 2013, the FASB issued Accounting Standards Update No. 2013-05, “Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (a consensus of the FASB Emerging Issues Task Force).” (ASU No. 2013-05), which amends Accounting Standards Codification Topic No. 830, “Foreign Currency Matters,” and Accounting Standards Codification Topic No. 810, “Consolidation,” to address diversity in practice related to the release of cumulative translation adjustments (“CTA”) into earnings upon the occurrence of certain derecognition events. ASU No. 2013-05 precludes the release of CTA for derecognition events that occur within a foreign entity, unless such events represent a complete or substantially complete liquidation of the foreign entity; however, derecognition events related to investments in a foreign entity result in the release of all CTA related to the derecognized foreign entity, even when a noncontrolling financial interest is retained. ASU No. 2013-05 also amends Accounting Standards Codification Topic No. 805, “Business Combinations,” for transactions that result in a company obtaining control of a business in a step acquisition by increasing an investment in a foreign entity from one accounted for under the equity method to one accounted for as a consolidated investment. ASU No. 2013-05 is effective for fiscal years beginning after December 15, 2013, and applied prospectively. Early adoption is permitted as of the beginning of the entity’s fiscal year. The Company is currently assessing the impact ASU No. 2013-05 will have on its financial statements, but does not expect a significant impact from adoption of the pronouncement.

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2013

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

3. Derivative Financial Instruments

The Company is exposed to certain risks relating to its ongoing business operations. The primary risk managed by using derivative instruments is foreign currency exchange rate risk. Forward contracts against various foreign currencies are entered into to manage the foreign currency exchange rate risk on forecasted revenues 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).

At December 31, 2013, the Company has determined that the fair value of its derivative financial instruments representing assets of $59 million and liabilities of $40 million (primarily currency related derivatives) are determined using level 2 inputs (inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability) in the fair value hierarchy as the fair value is based on publicly available foreign exchange and interest rates at each financial reporting date. At December 31, 2013, the net fair value of the Company’s foreign currency forward contracts totaled a net asset of $19 million.

At December 31, 2013, the Company’s financial instruments do not contain any credit-risk-related or other contingent features that could cause accelerated payments when the Company’s financial instruments are in net liability positions. We do not use derivative financial instruments for trading or speculative purposes.

Cash Flow Hedging Strategy

To protect against the volatility of forecasted foreign currency cash flows resulting from forecasted revenues 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 revenues and expenses 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.

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, is recognized in the Consolidated Statements of Income during the current period.

At December 31, 2013 and 2012, the Company had the following outstanding foreign currency forward contracts that were entered into to hedge nonfunctional currency cash flows from forecasted revenues and expenses (in millions):


	Currency Denomination
Foreign Currency	December 31, 2013		December 31, 2012
Norwegian Krone	NOK	10,503	NOK	6,281
Euro	€	406	€	389
U.S. Dollar	$	357	$	357
Danish Krone	DKK	278	DKK	134
British Pound Sterling	£	23	£	6
Singapore Dollar	SGD	17	SGD	14
Canadian Dollar	CAD	16	CAD	—

Non-designated Hedging Strategy

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.

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) is recognized in other income (expense), net in current earnings.

The Company had the following outstanding foreign currency forward contracts that hedge the fair value of nonfunctional currency monetary accounts (in millions):


	Currency Denomination
Foreign Currency	December 31, 2013		December 31, 2012
Norwegian Krone	NOK	3,257	NOK	1,684
Russian Ruble	RUB	2,149	RUB	1,467
U.S. Dollar	$	715	$	967
Euro	€	310	€	225
Danish Krone	DKK	177	DKK	177
British Pound Sterling	£	14	£	9
Swedish Krone	SEK	4	SEK	5
Singapore Dollar	SGD	3	SGD	24
Canadian Dollar	CAD	3	CAD	2
Brazilian Real	BRL	—	BRL	135

The Company has the following fair values of its derivative instruments and their balance sheet classifications (in millions):


	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
	Balance Sheet	December 31,				Balance Sheet	December 31,
	Location	2013		2012		Location	2013		2012
Derivatives designated as hedging instruments under ASC Topic 815
Foreign exchange contracts	Prepaid and other current assets	$	35	$	57	Accrued liabilities	$	18	$	5
Foreign exchange contracts	Other Assets		5		24	Other Liabilities		9		1

Total derivatives designated as hedging instruments under ASC Topic 815		$	40	$	81		$	27	$	6

Derivatives not designated as hedging instruments under ASC Topic 815
Foreign exchange contracts	Prepaid and other current assets	$	19	$	24	Accrued liabilities	$	13	$	13

Total derivatives not designated as hedging instruments under ASC Topic 815		$	19	$	24		$	13	$	13

Total derivatives		$	59	$	105		$	40	$	19


The Effect of Derivative Instruments on the Consolidated Statements of Income
($ in millions)
Derivatives Designated as Hedging Instruments under ASC Topic 815	Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) (a)					Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)						Location of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)	Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (b)
	Years Ended December 31,						Years Ended December 31,							Years Ended December 31,
	2013			2012			2013			2012				2013		2012
						Revenue		16			(6	)
Foreign exchange contracts		(42	)		105	Cost of revenue		(6	)		(26	)	Other income (expense), net		12		8

Total		(42	)		105			10			(32	)			12		8


Derivatives Not Designated as	Location of Gain (Loss)	Amount of Gain (Loss)
Hedging Instruments under	Recognized in Income	Recognized in Income on
ASC Topic 815	on Derivatives	Derivatives
		Years Ended December 31,
		2013		2012
Foreign exchange contracts	Other income (expense), net		18		19

Total			18		19

(a)	The Company expects that $(16) million of the Accumulated Other Comprehensive Income (Loss) will be reclassified into earnings within the next twelve months with an offset by gains from the underlying transactions resulting in no impact to earnings or cash flow.

(b)

The amount of gain (loss) recognized in income represents nil related to the ineffective portion of the hedging relationships for the each of the years ended December 31, 2013 and 2012, and $12 million and $8 million related to the amount excluded from the assessment of the hedge effectiveness for the years ended December 31, 2013 and 2012, respectively.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Acquisitions and Investments

12 Months Ended

Dec. 31, 2013

Business Combinations [Abstract]

Acquisitions and Investments

4. Acquisitions and Investments

2013

On February 20, 2013, the Company completed its acquisition of all of the shares of Robbins & Myers, Inc. (“R&M”), a U.S.-based designer and manufacturer of products and systems for the oil and gas industry. Under the merger agreement for this transaction, R&M shareholders received $60.00 in cash for each common share for an aggregate purchase price of $2,378 million, net of cash acquired. In addition to R&M, the Company completed five acquisitions and other investments for an aggregate purchase price of $19 million, net of cash acquired.

The Company has included the financial results of R&M in its consolidated financial statements as of the date of acquisition with components of the R&M operations included in each of the Company’s segments. The Company believes the acquisition of R&M will advance its strategic goal of providing a broader selection of products and services to its customers.

The following table displays the total preliminary purchase price allocation for the R&M acquisition. The table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition (in millions):


Current assets, net of cash acquired	$	428
Property, plant and equipment		250
Intangible assets		894
Goodwill		1,590
Other assets		49

Total assets acquired		3,211

Current liabilities		186
Deferred taxes		524
Other liabilities		123

Total liabilities		833

Cash consideration, net of cash acquired	$	2,378

The Company has allocated $894 million to identifiable intangible assets (19 year weighted-average life). The intangible assets are amortizable and are comprised of: $635 million of customer relationships (18 year weighted-average life), $170 million of patents (20 year weighted-average life), $86 million of trademarks (20 year weighted-average life), and $3 million of other intangible assets (1 year weighted-average life). The amount allocated to goodwill represents the excess of the purchase price over the fair value of the net assets acquired. Goodwill specifically includes the expected synergies and other benefits that the Company believes will result from combining its operations with those of businesses acquired and other intangible assets that do not qualify for separate recognition, such as assembled workforce in place at the date of acquisition. Goodwill resulting from the R&M acquisition is not deductible for tax purposes. Pro forma information is not included because the results of the acquired operations would not have materially impacted the Company’s consolidated operating results.

2012

In the year ended December 31, 2012, the Company completed 17 acquisitions for an aggregate purchase price of $2,880 million, net of cash acquired. These acquisitions included:

•

All the shares of NKT Flexibles I/S (“NKT”), a Denmark-based designer and manufacturer of flexible pipe products and systems for the offshore oil and gas industry, acquired on April 4, 2012. The Company reported the NKT results within its Completion & Production Solutions segment from the date of acquisition.

•

All the shares of Enerflow Industries Inc. (U.S.) and certain assets of Enerflow Industries Inc. (Canada) (“Enerflow”), a Canada-based fabricator and manufacturer of pressure pumping, blending, and cementing equipment for use primarily in Canada and the U.S., acquired on May 16, 2012. The Company reported the Enerflow results within its Completion & Production Solutions segment from the date of acquisition.

•

All the shares of Wilson Distribution Holdings (“Wilson”), a U.S.-based distributor of pipe, valves and fittings as well as mill, tool and safety products and services, acquired on May 31, 2012. The Company reported the Wilson results within its discontinued operations from the date of acquisition.

•

All the shares of CE Franklin Ltd. (“CE Franklin”), a Canada-based distributor of pipe, valves, flanges, fittings, production equipment, tubular products and other general oilfield supplies to oil and gas producers in Canada as well as to the oil sands, refining, heavy oil, petrochemical, forestry and mining industries, acquired on July 19, 2012. The Company reported the CE Franklin results within its discontinued operations from the date of acquisition.

•

All the shares of Fiberspar Corporation (“Fiberspar”), a U.S.-based manufacturer of fiberglass-reinforced spoolable pipe for the oil and gas industry, acquired on October 10, 2012. The Company reported the Fiberspar results within its Wellbore Technologies segment from the date of acquisition.

The following table displays the total purchase price allocation for the 2012 acquisitions and summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition (in millions):


	Total
Current assets, net of cash acquired	$	1,441
Property, plant and equipment		248
Intangible assets		981
Goodwill		1,000
Other assets		2

Total assets acquired		3,672

Current liabilities		585
Long-term debt		1
Other liabilities		206

Total liabilities		792

Cash consideration, net of cash acquired	$	2,880

The Company allocated $981 million to intangible assets (18 year weighted-average life). The intangible assets are amortizable and are comprised of: $473 million of customer relationships (20 year weighted-average life), $159 million of trademarks (16 year weighted-average life), and $348 million of other intangible assets (17 year weighted-average life). Goodwill specifically includes the expected synergies and other benefits that the Company believes will result from combining its operations with those of businesses acquired and other intangible assets that do not qualify for separate recognition, such as assembled workforce in place at the date of each acquisition. The $1,000 million allocated to goodwill represents the excess of the purchase price over the fair value of the net assets acquired. Goodwill resulting from the NKT and CE Franklin acquisitions and a portion of the Enerflow acquisition is not deductible for tax purposes. Pro forma information is not included because the results of the acquired operations would not have materially impacted the Company’s consolidated operating results.

2011

The Company completed nine acquisitions for an aggregate purchase price of $1,038 million, net of cash acquired. These acquisitions included:

•

The shares of Ameron International Corporation (“Ameron”), a U.S.-based manufacturer of highly engineered products and materials for the chemical, industrial, energy, transportation and infrastructure markets.

•

The shares of Conner Steel Products Holding Company, a U.S.-based manufacturer of storage and handling equipment for the oilfield services industry.

The following table displays the total purchase price allocation for the 2011 acquisitions and summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition (in millions):


			All Other
	Ameron		Acquisitions		Total
Current assets, net of cash acquired	$	245	$	106	$	351
Property, plant and equipment		402		41		443
Intangible assets		142		131		273
Goodwill		199		178		377
Other assets		59		14		73

Total assets acquired		1,047		470		1,517

Current liabilities		154		80		234
Long-term debt		16		—		16
Other liabilities		173		56		229

Total liabilities		343		136		479

Cash consideration, net of cash acquired	$	704	$	334	$	1,038

The Company allocated $273 million to intangible assets (16 year weighted-average life), comprised of: $119 million of customer relationships (14 year weighted-average life), $39 million of trademarks (35 year weighted-average life), and $115 million of other intangible assets (12 year weighted-average life).

Each of the acquisitions was accounted for using the purchase method of accounting and, accordingly, the results of operations of each business are included in the consolidated results of operations from the date of acquisition. A summary of the acquisitions follows (in millions):


	Years Ended December 31,
	2013			2012			2011
Fair value of assets acquired, net of cash acquired	$	3,329		$	3,672		$	1,517
Cash paid, net of cash acquired		(2,397	)		(2,880	)		(1,038	)

Liabilities assumed, debt issued and noncontrolling interest	$	932		$	792		$	479

Excess purchase price over fair value of net assets acquired	$	1,903		$	1,000		$	377

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

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-URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4845-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1500-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 7

-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1524-128463

+ Details

Inventories, net

12 Months Ended

Dec. 31, 2013

Inventory Disclosure [Abstract]

Inventories, net

5. Inventories, net

Inventories consist of (in millions):


	December 31,
	2013		2012
Raw materials and supplies	$	1,175	$	1,268
Work in process		798		905
Finished goods and purchased products		3,630		3,718

Total	$	5,603	$	5,891

- Definition

The entire disclosure for 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.

+ References+ Details

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2013

Property Plant And Equipment [Abstract]

Property, Plant and Equipment

6. Property, Plant and Equipment

Property, plant and equipment consist of (in millions):


	Estimated		December 31,
	Useful Lives		2013			2012
Land and buildings		5-35 Years	$	1,494		$	1,348
Operating equipment		3-15 Years		2,960			2,463
Rental equipment		3-12 Years		758			712

				5,212			4,523
Less: Accumulated Depreciation				(1,804	)		(1,578	)

			$	3,408		$	2,945

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details

Accrued Liabilities

12 Months Ended

Dec. 31, 2013

Payables And Accruals [Abstract]

Accrued Liabilities

7. Accrued Liabilities

Accrued liabilities consist of (in millions):


	December 31,
	2013		2012
Customer prepayments and billings	$	673	$	699
Accrued vendor costs		531		444
Compensation		516		511
Warranty		228		194
Taxes (non income)		188		150
Insurance		131		108
Accrued commissions		97		77
Fair value of derivatives		31		18
Interest		11		14
Other		357		356

Total	$	2,763	$	2,571

Costs and Estimated Earnings on Uncompleted Contracts

12 Months Ended

Dec. 31, 2013

Text Block [Abstract]

Costs and Estimated Earnings on Uncompleted Contracts

8. Costs and Estimated Earnings on Uncompleted Contracts

Costs and estimated earnings on uncompleted contracts consist of (in millions):


	December 31,
	2013			2012
Costs incurred on uncompleted contracts	$	7,608		$	5,731
Estimated earnings		3,553			3,160

		11,161			8,891
Less: Billings to date		11,393			8,855

	$	(232	)	$	36

Costs and estimated earnings in excess of billings on uncompleted contracts	$	1,539		$	1,225
Billings in excess of costs and estimated earnings on uncompleted contracts		(1,771	)		(1,189	)

	$	(232	)	$	36

Debt

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Debt

9. Debt

Debt consists of (in millions):


	December 31,
	2013		2012
Senior Notes, interest at 6.125% payable semiannually, principal due on August 15, 2015		151		151
Senior Notes, interest at 1.35% payable semiannually, principal due on December 1, 2017		500		500
Senior Notes, interest at 2.6% payable semiannually, principal due on December 1, 2022		1,396		1,395
Senior Notes, interest at 3.95% payable semiannually, principal due on December 1, 2042		1,096		1,096
Other		7		7

Total debt		3,150		3,149
Less current portion		1		1

Long-term debt	$	3,149	$	3,148

Principal payments of debt for years subsequent to 2013 are as follows (in millions):


2014	$	1
2015		153
2016		—
2017		500
2018		—
Thereafter		2,496

	$	3,150

The Company has a $3.5 billion, five-year unsecured revolving credit facility which expires September 28, 2018, following a one year extension executed in September 2013. In August 2013, the Company initiated a commercial paper program. Borrowings under the commercial paper program are classified as long-term as the program is supported by the $3.5 billion, five-year revolving credit facility. At December 31, 2013, there were no commercial paper borrowings however, there were $947 million in outstanding letters of credit issued under the credit facility, resulting in $2,553 million of funds available under this revolving credit facility. Interest under this multicurrency facility is based upon LIBOR, NIBOR or EURIBOR plus 0.875% subject to a ratings-based grid, or the prime rate. The credit facility contains a financial covenant regarding maximum debt to capitalization and the Company was in compliance at December 31, 2013.

The Company also had $3,056 million of additional outstanding letters of credit at December 31, 2013, primarily in Norway, that are under various bilateral committed letter of credit facilities. Other letters of credit are issued as bid bonds, advanced payment bonds and performance bonds.

The fair value of the Company’s Senior Notes are estimated using Level 2 inputs in the fair value hierarchy and is based on quoted prices for those or similar instruments. At December 31, 2013 and 2012, the fair value of the Company’s unsecured Senior Notes approximated $2,896 million and $3,190 million, respectively. At December 31, 2013 and 2012, the carrying value of the Company’s unsecured Senior Notes was $3,143 million and $3,142 million, respectively.

- Definition

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

+ References+ Details

Employee Benefit Plans

12 Months Ended

Dec. 31, 2013

Compensation And Retirement Disclosure [Abstract]

Employee Benefit Plans

10. Employee Benefit Plans

We have benefit plans covering substantially all of our employees. Defined-contribution benefit plans cover most of the U.S. and Canadian employees, and benefits are based on years of service, a percentage of current earnings and matching of employee contributions. Employees in our Norwegian operations can elect to participate in a defined-contribution plan in lieu of a local defined benefit plan. For the years ended December 31, 2013, 2012 and 2011, expenses for defined-contribution plans were $96 million, $82 million, and $54 million, respectively, and all funding is current.

Certain retired or terminated employees of predecessor or acquired companies participate in a defined benefit plan in the United States. None of the participants in this plan are eligible to accrue benefits. In addition, 1,353 U.S. retirees and spouses participate in defined benefit health care plans of predecessor or acquired companies that provide postretirement medical and life insurance benefits. Active employees are ineligible to participate in any of these defined benefit plans. Our subsidiaries in the United Kingdom and Norway also have defined benefit pension plans covering virtually all of their employees.

As a result of the Robbins & Myers acquisition in February of 2013, the Company acquired four qualified, defined benefit, noncontributory pension plans for certain U.S. employees, an unfunded defined benefit pension plan for eligible employees in Germany, as well as two defined benefit, one contributory, pension plans in the U.K. The U.S. pension plans are closed to all new participants and there are no further benefit accruals under these plans. In addition, 230 U.S. employees covered by a collective bargaining agreement participate in a health care plan that provides postretirement medical benefits (which also covers approximately 400 retirees and dependents). The arrangements in Germany and the U.K. are all closed to new entrants, but benefits continue to accrue for current participants.

As a result of the Ameron acquisition in October of 2011, the Company acquired a qualified, defined benefit, noncontributory pension plan for certain U.S. employees as well as the obligation to provide defined retirement benefits to eligible employees in the Netherlands. The U.S. plan at December 31, 2011 was closed to new participants not covered by a collective bargaining agreement and ceased all benefit accruals under the plan with respect to employees that are not covered by a collective bargaining agreement. In addition, 232 U.S. employees covered by a collective bargaining agreement participate in defined benefit health care plans that provide postretirement medical benefits.

Net periodic benefit cost for our defined benefit plans aggregated $10 million, $10 million and $14 million for the years ended December 31, 2013, 2012 and 2011, respectively.

The change in benefit obligation, plan assets and the funded status of the defined benefit pension plans in the United States, United Kingdom, Norway, Germany and the Netherlands and defined postretirement plans in the United States, using a measurement date of December 31, 2013 and December 31, 2012, is as follows (in millions):


	Pension benefits						Postretirement benefits
At year end	2013			2012			2013			2012
Benefit obligation at beginning of year	$	655		$	556		$	30		$	35
Service cost		7			6			1			—
Interest cost		31			27			2			1
Actuarial loss (gain)		(10	)		76			(12	)		(2	)
Benefits paid		(38	)		(26	)		(4	)		(4	)
Participants contributions		—			1			—			—
Exchange rate loss (gain)		7			12			—			—
Acquisitions		194			11			28			—
Curtailments		—			(8	)		—			—

Benefit obligation at end of year	$	846		$	655		$	45		$	30

Fair value of plan assets at beginning of year	$	517		$	419		$	—		$	—
Actual return		72			49			—			—
Benefits paid		(38	)		(26	)		(4	)		(4	)
Company contributions		28			53			4			4
Participants contributions		—			1			—			—
Exchange rate gain (loss)		4			12			—			—
Acquisitions		123			9			—			—

Fair value of plan assets at end of year	$	706		$	517		$	—		$	—

Funded status	$	(140	)	$	(138	)	$	(45	)	$	(30	)

Accumulated benefit obligation at end of year	$	811		$	635

Liabilities associated with the funded status of the defined benefit pension plans are included in the balances of accrued liabilities and other liabilities in the Consolidated Balance Sheet.

Defined Benefit Pension Plans

Assumed long-term rates of return on plan assets, discount rates and rates of compensation increases vary for the different plans according to the local economic conditions. The assumption rates used for benefit obligations are as follows:


	Years Ended December 31,
	2013	2012
Discount rate:
United States plan	4.65%	3.78%
International plans	3.50% - 4.40%	3.30% - 4.40%
Salary increase:
United States plan	N/A	N/A
International plans	2.00% - 4.40%	2.00% - 3.87%

The assumption rates used for net periodic benefit costs are as follows:


	Years Ended December 31,
	2013	2012	2011
Discount rate:
United States plan	3.80%	4.58%	4.95%
International plans	3.46% - 4.40%	4.50% - 5.60%	5.25% - 5.65%
Salary increase:
United States plan	N/A	N/A	N/A
International plans	2.00% - 3.53%	2.00% - 4.00%	2.00% - 4.33%
Expected return on assets:
United States plan	6.30%	6.33%	5.50% - 6.50%
International plans	3.50% - 5.82%	4.50% - 6.51%	4.50% - 7.06%

In determining the overall expected long-term rate of return for plan assets, the Company takes into consideration the historical experience as well as future expectations of the asset mix involved. As different investments yield different returns, each asset category is reviewed individually and then weighted for significance in relation to the total portfolio.

The majority of our plans have projected benefit obligations in excess of plan assets.

The Company expects to pay future benefit amounts on its defined benefit plans of $47 million for each of the next five years and aggregate payments of $479 million.

Plan Assets

The Company and its investment advisers collaboratively reviewed market opportunities using historic and statistical data, as well as the actuarial valuation reports for the plans, to ensure that the levels of acceptable return and risk are well-defined and monitored. Currently, the Company’s management believes that there are no significant concentrations of risk associated with plan assets. Our pension investment strategy worldwide prohibits a direct investment in our own stock.

The following table sets forth by level, within the fair value hierarchy, the Plan’s assets carried at fair value (in millions):


	Fair Value Measurements
	Total		Level 1		Level 2		Level 3
December 31, 2012:
Equity securities	$	204	$	—	$	204	$	—
Bonds		139		—		139		—
Other (insurance contracts)		174		—		74		100

Total Fair Value Measurements	$	517	$	—	$	417	$	100

December 31, 2013:
Equity securities	$	296	$	—	$	296	$	—
Bonds		172		—		172		—
Other (insurance contracts)		238		—		131		107

Total Fair Value Measurements	$	706	$	—	$	599	$	107

Level 3 inputs are unobservable (i.e., supported by little or no market activity). Level 3 inputs include management’s own assumption about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). The following table sets forth a summary of changes in the fair value of the Plan’s Level 3 assets (in millions):


	Level 3 Plan Assets
Balance at December 31, 2011	$	77

Actual return on plan assets still held at reporting date		10
Purchases, sales and settlements		8
Currency translation adjustments		5

Balance at December 31, 2012	$	100

Actual return on plan assets still held at reporting date		5
Purchases, sales and settlements		5
Currency translation adjustments		(3	)

Balance at December 31, 2013	$	107

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References+ Details

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2013

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

11. Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) are as follows (in millions):


				Derivative			Defined
	Currency			Financial			Benefit
	Translation			Instruments,			Plans,
	Adjustments			Net of Tax			Net of Tax			Total
Balance at December 31, 2010	$	133		$	6		$	(48	)	$	91

Accumulated other comprehensive income (loss) before reclassifications		(65	)		(28	)		20			(73	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			(35	)		(6	)		(41	)

Balance at December 31, 2011	$	68		$	(57	)	$	(34	)	$	(23	)

Accumulated other comprehensive income (loss) before reclassifications		64			77			(29	)		112
Amounts reclassified from accumulated other comprehensive income (loss)		—			22			(4	)		18

Balance at December 31, 2012	$	132		$	42		$	(67	)	$	107

Accumulated other comprehensive income (loss) before reclassifications		(90	)		(29	)		48			(71	)
Amounts reclassified from accumulated other comprehensive income (loss)		(25	)		(8	)		(7	)		(40	)

Balance at December 31, 2013	$	17		$	5		$	(26	)	$	(4	)

The components of amounts reclassified from accumulated other comprehensive income (loss) are as follows (in millions):


	Years Ended December 31,
	2013												2012											2011
	Currency			Derivative			Defined						Currency		Derivative			Defined						Currency		Derivative			Defined
	Translation			Financial			Benefit						Translation		Financial			Benefit						Translation		Financial			Benefit
	Adjustments			Instruments			Plans			Total			Adjustments		Instruments			Plans			Total			Adjustments		Instruments			Plans			Total
Revenue	$	—		$	(16	)	$	—		$	(16	)	$	—	$	6		$	—		$	6		$	—	$	(11	)	$	—		$	(11	)
Cost of revenue		—			6			—			6			—		26			—			26			—		(38	)		—			(38	)
Selling, general, and administrative		—			—			(8	)		(8	)		—		—			(6	)		(6	)		—		—			(7	)		(7	)
Other income (expense), net		(25	)		—			—			(25	)		—		—			—			—			—		—			—			—
Tax effect		—			2			1			3			—		(10	)		2			(8	)		—		14			1			15

	$	(25	)	$	(8	)	$	(7	)	$	(40	)	$	—	$	22		$	(4	)	$	18		$	—	$	(35	)	$	(6	)	$	(41	)

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, currency translation adjustments resulting from the process of translating the entities’ financial statements into the reporting currency are reported in other comprehensive income or loss in accordance with ASC Topic 830 “Foreign Currency Matters” (“ASC Topic 830”). For the year ended December 31, 2013 a majority of these local currencies weakened against the U.S. dollar resulting in a net other comprehensive loss of $90 million upon the translation from local currencies to the U.S. dollar. Due to the sale of a foreign subsidiary during the second quarter of 2013, $25 million of currency translation gains were reclassified from accumulated other comprehensive income (loss) into other income (expense), net in the Consolidated Statements of Income. For the year ended December 31, 2012 a majority of these local currencies strengthened against the U.S. dollar resulting in a net other comprehensive income of $64 million upon the translation from local currencies to the U.S. dollar while for the year ended December 31, 201l a majority of these local currencies weakened against the U.S. dollar resulting in a net other comprehensive loss of $65 million.

The effect of changes in the fair values of derivatives designated as cash flow hedges are accumulated in other comprehensive income (loss), net of tax, until the underlying transactions to which they are designed to hedge are realized. The movement in other comprehensive income (loss) from period to period will be the result of the combination of changes in fair value for open derivatives and the outflow of other comprehensive income (loss) related to cumulative changes in the fair value of derivatives that have settled in the current or prior periods. The accumulated effect was other comprehensive loss of $37 million (net of tax of $18 million) for the year ended December 31, 2013, other comprehensive income of $99 million (net of tax of $39 million) for the year ended December 31, 2012 and other comprehensive loss of $63 million (net of tax of $25 million) for the year ended December 31, 2011.

- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 14

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e681-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e689-108580

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 1A

-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669619-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e640-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 17

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e716-108580

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 16

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e709-108580

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-Publisher FASB

-Name Accounting Standards Codification

-Glossary Reclassification Adjustments

-URI http://asc.fasb.org/extlink&oid=6522872

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2013

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

We have received federal grand jury subpoenas and subsequent inquiries from governmental agencies requesting records related to our compliance with export trade laws and regulations. We have cooperated fully with agents from the U.S. Department of Justice (“DOJ”), the Department of Commerce Bureau of Industry and Security (“BIS”), the United States Department of Treasury, Office of Foreign Assets Control (“OFAC”), and U.S. Immigration and Customs Enforcement in responding to the inquiries. We have also cooperated with an informal inquiry from the Securities and Exchange Commission in connection with the inquiries previously made by the aforementioned federal agencies. We have conducted our own internal review of this matter. At the conclusion of our internal review in the fourth quarter of 2009, we identified possible areas of concern and discussed these areas of concern with the relevant agencies. We are currently negotiating a potential resolution with the agencies involved related to these matters. We currently anticipate that any administrative fine or penalty agreed to as part of a resolution would be within established accruals, and would not have a material effect on our financial position or results of operations. To the extent a resolution is not negotiated, we cannot predict the timing or effect that any resulting government actions may have on our financial position or results of operations.

In 2011, the Company acquired Ameron International Corporation (“Ameron”). On or about November 21, 2008, OFAC sent a Requirement to Furnish Information to Ameron. Ameron retained counsel and conducted an internal investigation. In 2009, Ameron, through its counsel, responded to OFAC. On or about January 21, 2011, OFAC issued an administrative subpoena to Ameron. OFAC and Ameron entered into Tolling Agreements. All of the conduct under review occurred before acquisition of Ameron by the Company. During the third quarter of 2013, the Company settled such matter with OFAC by paying an administrative fine in an amount that was not material to the Company.

On February 20, 2013, the Company acquired Robbins & Myers, Inc. (“R&M”). R&M was subject to an ongoing investigation by the DOJ and the BIS regarding potential export controls violations arising from certain shipments by R&M’s Belgian subsidiary to one customer in Iran, Sudan and Syria in 2005 and 2006. R&M has cooperated with the investigation and is currently negotiating a joint settlement with the DOJ and BIS. We currently anticipate that any administrative fine or criminal penalty agreed to as part of a resolution would be within established accruals, and would not have a material effect on our financial position or results of operations. To the extent a resolution is not negotiated, we cannot predict the timing or effect that any resulting government actions may have on our financial position or results of operations.

A gain of $102 million was recognized in the third quarter of 2013 related to a legal settlement. The gain was included in revenue of the Company’s Wellbore Technologies segment.

In addition, we are involved in various other claims, regulatory agency audits and pending or threatened legal actions involving a variety of matters. As of December 31, 2013, the Company recorded an immaterial amount for contingent liabilities representing all contingencies believed to be probable. The Company has also assessed the potential for additional losses above the amounts accrued as well as potential losses for matters that are not probable but are reasonably possible. The total potential loss on these matters cannot be determined; however, in our opinion, any ultimate liability, to the extent not otherwise provided for and except for the specific cases referred to above, will not materially affect our financial position, cash flow or results of operations. As it relates to the specific cases referred to above we currently anticipate that any administrative fine or penalty agreed to as part of a resolution would be within established accruals, and would not have a material effect on our financial position or results of operations. To the extent a resolution is not negotiated as anticipated, we cannot predict the timing or effect that any resulting government actions may have on our financial position, cash flow or results of operations. These estimated liabilities are based on the Company’s assessment of the nature of these matters, their progress toward resolution, the advice of legal counsel and outside experts as well as management’s intention and experience.

Our business is affected both directly and indirectly by governmental laws and regulations relating to the oilfield service industry in general, as well as by environmental and safety regulations that specifically apply to our business. Although we have not incurred material costs in connection with our compliance with such laws, there can be no assurance that other developments, such as new environmental laws, regulations and enforcement policies hereunder may not result in additional, presently unquantifiable, costs or liabilities to us.

The Company leases certain facilities and equipment under operating leases that expire at various dates through 2066. These leases generally contain renewal options and require the lessee to pay maintenance, insurance, taxes and other operating expenses in addition to the minimum annual rentals. Rental expense related to operating leases approximated $336 million, $281 million, and $234 million in 2013, 2012 and 2011, respectively.

Future minimum lease commitments under noncancellable operating leases with initial or remaining terms of one year or more at December 31, 2013, are payable as follows (in millions):


2014	$	218
2015		169
2016		116
2017		87
2018		71
Thereafter		415

Total future lease commitments	$	1,076

- Definition

The entire disclosure for commitments and contingencies.

+ References+ Details

Common Stock

12 Months Ended

Dec. 31, 2013

Equity [Abstract]

Common Stock

13. Common Stock

National Oilwell Varco has authorized 1 billion shares of $.01 par value common stock. The Company also has authorized 10 million shares of $.01 par value preferred stock, none of which is issued or outstanding.

Cash dividends aggregated $389 million and $209 million for the years ended December 31, 2013 and 2012, respectively. 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 Company’s Board of Directors.

Stock Options

Under the terms of National Oilwell Varco’s Long-Term Incentive Plan, as amended during the second quarter of 2013, 39.5 million shares of common stock are authorized for the grant of options to officers, key employees, non-employee directors and other persons. Options granted under our stock option plan generally vest over a three-year period starting one year from the date of grant and expire ten years from the date of grant. The purchase price of options granted may not be less than the closing market price of National Oilwell Varco common stock on the date of grant. At December 31, 2013, approximately 14.5 million shares were available for future grants.

We also have inactive stock option plans that were acquired in connection with the acquisitions of Varco International, Inc. in 2005 and Grant Prideco in 2008. We converted the outstanding stock options under these plans to options to acquire our common stock and no further options are being issued under these plans. Stock option information summarized below includes amounts for the National Oilwell Varco Long-Term Incentive Plan and stock plans of acquired companies. Options outstanding at December 31, 2013 under the stock option plans have exercise prices between $9.14 and $84.58 per share, and expire at various dates from January 28, 2014 to February 10, 2023.

The following summarizes options activity:


	Years Ended December 31,
	2013					2012					2011
	Number			Average		Number			Average		Number			Average
	of			Exercise		of			Exercise		of			Exercise
	Shares			Price		Shares			Price		Shares			Price
Shares under option at beginning of year		9,473,482		$	58.69		10,481,750		$	47.20		11,039,544		$	38.01
Granted		2,832,587			69.37		2,239,088			84.58		2,277,946			79.68
Cancelled		(303,417	)		72.43		(228,137	)		60.28		(241,174	)		40.20
Exercised		(1,366,459	)		77.44		(3,019,219	)		82.26		(2,594,566	)		36.84

Shares under option at end of year		10,636,193		$	63.29		9,473,482		$	58.69		10,481,750		$	47.20

Exercisable at end of year		5,831,091		$	53.46		4,823,331		$	43.99		5,073,965		$	38.47

The following summarizes information about stock options outstanding at December 31, 2013:


	Weighted-Avg		Options Outstanding				Options Exercisable
	Remaining				Weighted				Weighted
Range of Exercise Price	Contractual		Shares		Exercise		Shares		Exercise
$9.14—$45.00		4.36		3,201,686	$	34.43		3,201,686	$	34.43
$45.01—$70.00		8.17		3,361,420		67.84		622,464		61.32
$70.01—$84.58		7.63		4,073,087		82.21		2,006,941		81.39

Total		6.82		10,636,193	$	63.29		5,831,091	$	53.46

The weighted-average fair value of options granted during 2013, 2012 and 2011, was approximately $24.11, $30.01 and $29.52 per share, respectively, as determined using the Black-Scholes option-pricing model. The total intrinsic value of options exercised during 2013 and 2012, was $64 million and $120 million, respectively.

The determination of fair value of share-based payment awards on the date of grant using an option-pricing model is affected by our stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise activity. The use of the Black Scholes model requires the use of extensive actual employee exercise activity data and the use of a number of complex assumptions including expected volatility, risk-free interest rate, expected dividends and expected term.


	Years Ended December 31,
	2013			2012			2011
Valuation Assumptions:
Expected volatility		50.1	%		51.7	%		53.2	%
Risk-free interest rate		0.9	%		0.9	%		2.1	%
Expected dividends	$	0.75		$	0.57		$	0.44
Expected term (in years)		3.4			3.2			3.1

The Company used the actual volatility for traded options for the past 10 years prior to option date as the expected volatility assumption required in the Black Scholes model.

The risk-free interest rate assumption is based upon observed interest rates appropriate for the term of our employee stock options. The dividend yield assumption is based on the history and expectation of dividend payouts. The estimated expected term is based on actual employee exercise activity for the past ten years.

As stock-based compensation expense recognized in the Consolidated Statement of Income in 2013 is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. ASC Topic 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures were estimated based on historical experience.

The following summary presents information regarding outstanding options at December 31, 2013 and changes during 2013 with regard to options under all stock option plans:


						Weighted
				Weighted- Average		Remaining Contractual		Average
	Shares			Exercise Price		Term (years)		Aggregate Intrinsic Value
Outstanding at December 31, 2012		9,473,482		$	58.69		6.86	$	150,667,018
Granted		2,832,587		$	69.37
Exercised		(303,417	)	$	72.43
Cancelled		(1,366,459	)	$	77.44

Outstanding at December 31, 2013		10,636,193		$	63.29		6.82	$	183,849,267

Vested or expected to vest		10,466,014		$	63.29		6.82	$	180,907,679

Exercisable at December 31, 2013		5,831,091		$	53.46		5.37	$	155,892,094

At December 31, 2013, total unrecognized compensation cost related to nonvested stock options was $74 million. This cost is expected to be recognized over a weighted-average period of two years. The total fair value of stock options vested in 2013, 2012 and 2011 was approximately $64 million, $55 million and $54 million, respectively. Cash received from option exercises for 2013, 2012 and 2011 was $58 million, $113 million and $96 million, respectively. The actual tax benefit realized for the tax deductions from option exercises totaled $39 million, $42 million and $43 million for 2013, 2012 and 2011, respectively. Cash used to settle equity instruments granted under all share-based payment arrangements for 2013, 2012 and 2011 was not material for any period.

Restricted Shares

The Company issues restricted stock awards and restricted stock units to officers and key employees in addition to stock options. During the year ended December 31, 2013, the Company granted 540,194 shares of restricted stock and restricted stock units with a fair value of $69.33 per share and 16,702 shares of restricted stock with a fair value of $69.17 per share. In addition, the Company granted performance share awards to senior management employees with potential payouts varying from zero to 368,860 shares. The restricted stock and restricted stock units were granted February 15, 2013 and vest on the third anniversary of the date of grant, except for a special grant of 16,352 restricted stock units which vest on the second anniversary of the date of grant (subject to the satisfaction of a performance condition). On May 22, 2013, the 16,702 restricted stock awards, with a fair value of $69.17 per share, 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 share awards were granted on March 22, 2013 and can be earned based on performance against established goals over a three-year performance period. The performance share awards are divided into two equal, independent parts that are subject to two separate performance metrics: 50% with a TSR (total shareholder return) goal (the “TSR Award”) and 50% with an internal ROC (return on capital) goal (the “ROC Award”). During the first quarter of 2013, the Company concluded that the performance conditions relating to the performance-based restricted stock awards granted on February 16, 2010 were not met. As a result, the Company reversed $8 million in previously recognized stock-based compensation expense related to performance-based restricted stock awards that did not vest.

The following summary presents information regarding outstanding restricted shares:


	Years Ended December 31,
	2013					2012					2011
				Weighted-					Weighted-					Weighted-
	Number			Average		Number			Average		Number			Average
	of			Grant Date		of			Grant Date		of			Grant Date
	Units			Fair Value		Units			Fair Value		Units			Fair Value
Nonvested at beginning of year		1,336,666		$	67.56		1,606,047		$	44.21		1,765,837		$	42.15
Granted		758,176			69.07		482,428			83.79		374,425			79.53
Vested		(340,218	)		69.29		(406,844	)		83.34		(496,642	)		64.22
Cancelled		(239,534	)		40.97		(344,965	)		30.39		(37,573	)		44.02

Nonvested at end of year		1,515,090		$	73.73		1,336,666		$	67.56		1,606,047		$	44.21

The weighted-average grant day fair value of restricted stock awards and restricted stock units granted during the years ended 2013, 2012 and 2011 was $69.07, $83.79 and $79.53 per share, respectively. There were 340,218; 406,844 and 496,642 restricted stock awards that vested during 2013, 2012 and 2011, respectively. At December 31, 2013, there was approximately $54 million of unrecognized compensation cost related to nonvested restricted stock awards and restricted stock units, which is expected to be recognized over a weighted-average period of two years.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

The domestic and foreign components of income before income taxes were as follows (in millions):


	Years Ended December 31,
	2013		2012		2011
Domestic	$	1,362	$	1,697	$	1,193
Foreign		1,762		1,643		1,601

	$	3,124	$	3,340	$	2,794

The components of the provision for income taxes consisted of (in millions):


	Years Ended December 31,
	2013			2012			2011
Current:
Federal	$	632		$	654		$	450
State		55			44			34
Foreign		592			357			751

Total current income tax provision		1,279			1,055			1,235

Deferred:
Federal		(157	)		(147	)		(23	)
State		(12	)		(1	)		(3	)
Foreign		(167	)		58			(315	)

Total deferred income tax provision		(336	)		(90	)		(341	)

Total income tax provision	$	943		$	965		$	894

The difference between the effective tax rate reflected in the provision for income taxes and the U.S. federal statutory rate was as follows (in millions):


	Years Ended December 31,
	2013			2012			2011
Federal income tax at U.S. statutory rate	$	1,093		$	1,169		$	978
Foreign income tax rate differential		(216	)		(149	)		(149	)
State income tax, net of federal benefit		27			29			20
Nondeductible expenses		26			29			41
Tax benefit of manufacturing deduction		(33	)		(29	)		(37	)
Foreign dividends, net of foreign tax credits		32			(116	)		11
Change in deferred tax valuation allowance		40			80			(18	)
Other		(26	)		(48	)		48

Total income tax provision	$	943		$	965		$	894

Significant components of our deferred tax assets and liabilities were as follows (in millions):


	December 31,
	2013			2012			2011
Deferred tax assets:
Allowances and operating liabilities	$	439		$	368		$	331
Net operating loss carryforwards		51			25			14
Postretirement benefits		49			54			14
Foreign tax credit carryforwards		300			259			106
Other		39			149			151

		878			855			616
Valuation allowance for deferred tax assets		(133	)		(93	)		(13	)

Total deferred tax assets		745			762			603

Deferred tax liabilities:
Tax over book depreciation		306			268			204
Intangible assets		1,757			1,448			1,398
Deferred income		285			314			226
Accrued U.S. tax on unremitted earnings		92			92			70
Other		164			208			168

Total deferred tax liabilities		2,604			2,330			2,066

Net deferred tax liability	$	1,859		$	1,568		$	1,463

The balance of unrecognized tax benefits at December 31, 2013 and 2012 was $127 million and $128 million, respectively. Included in the change in the balance of unrecognized tax benefits for the period ended December 31, 2013 is a $1 million reduction in the balance of unrecognized tax benefits resulted from the lapse of applicable statutes of limitations in foreign jurisdictions. Of the net decrease of $1 million in the balance of unrecognized tax benefits, the entire $1 million was recorded as a decrease of income tax expense in the current year and is reflected in the “other” category in the income tax rate schedule above. These unrecognized tax benefits are included in the balance of other liabilities in the Consolidated Balance Sheet at December 31, 2013. If the $127 million of unrecognized tax benefits accrued at December 31, 2013 are ultimately realized, $54 million would be recorded as a reduction of income tax expense.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):


	2013			2012			2011
Unrecognized tax benefit at beginning of year	$	128		$	131		$	118
Additions based on tax positions related to the current year		—			2			9
Additions for tax positions of prior years		—			—			13
Reductions for lapse of applicable statutes of limitations		(1	)		(5	)		(9	)

Unrecognized tax benefit at end of year	$	127		$	128		$	131

The Company does not anticipate that the total unrecognized tax benefits will significantly change due to the settlement of audits or the expiration of statutes of limitation within 12 months of this reporting date.

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 consistent with the Company’s policy. During the year ended December 31, 2013, the Company recorded as an increase of income tax expense a $0.4 million net increase of accrued interest and penalties related to uncertain tax positions. At December 31, 2013, the Company has accrued approximately $8 million of interest and penalties relating to unrecognized tax benefits. These interest and penalties are included in the balance of other liabilities in the Consolidated Balance Sheet at December 31, 2013.

The Company is subject to taxation in the United States, various states and foreign jurisdictions. The Company has significant operations in the United States, Norway, Canada, the United Kingdom, the Netherlands, France and Denmark. Tax years that remain subject to examination by major tax jurisdictions vary by legal entity, but are generally open in the U.S. for the tax years ending after 2007 and outside the U.S. for the tax years ending after 2006.

In the United States, the Company has $20 million of net operating loss carryforwards as of December 31, 2013, of which $4 million will expire in 2025, $13 million will expire in 2026, $1 million will expire in 2027, $1 million will expire in 2029 and $1 million will expire in 2030. The potential benefit of $7 million has been reduced by a $7 million valuation allowance. Future income tax payments will be reduced in the event the Company ultimately realizes the benefit of these net operating losses. If the Company ultimately realizes the benefit of these net operating loss carryforwards, the valuation allowance of $7 million would reduce future income tax expense.

Outside the United States, the Company has $170 million of net operating loss carryforwards as of December 31, 2013, of which $1 million will expire in 2014, $9 million will expire in 2015, $7 million will expire in 2016, $4 million will expire in 2017, $14 million will expire in 2018, $12 million will expire in 2020, $21 million will expire in 2021, $20 million will expire in 2022, $1 million will expire in 2023 and $81 million will carry forward indefinitely. The potential benefit of $44 million has been reduced by a $22 million valuation allowance. Future income tax payments will be reduced in the event the Company ultimately realizes the benefit of these net operating losses. If the Company ultimately realizes the benefit of these net operating loss carryforwards, the valuation allowance of $22 million would reduce future income tax expense.

Also in the United States, the Company has $300 million of excess foreign tax credits as of December 31, 2013, of which $73 million will expire in 2018, $71 million will expire in 2020, $142 million will expire in 2022, and $14 million will expire in 2023. These credits have been allotted a valuation allowance of $101 million and would be realized as a reduction of future income tax payments. In addition, there is a reserve for uncertain tax positions of $73 million against a portion of these credits.

During 2013, the Company recorded $371 million in net deferred tax liabilities with a corresponding increase in goodwill related to the 2013 acquisition of Robbins & Myers Inc.

Undistributed earnings of certain of the Company’s foreign subsidiaries amounted to $6,045 million and $4,620 million at December 31, 2013 and 2012, respectively. Those earnings are considered to be permanently reinvested and no provision for U.S. federal and state income taxes has been made. Distribution of these earnings in the form of dividends or otherwise could result in U.S. federal taxes (subject to an adjustment for foreign tax credits) and withholding taxes payable in various foreign countries. Determination of the amount of unrecognized deferred U.S. income tax liability is not practical; however, unrecognized foreign tax credit carryforwards would be available to reduce some portion of the U.S. liability.

Because of the number of tax jurisdictions in which the Company operates, its effective tax rate can fluctuate as operations and the local country tax rates fluctuate. The Company is also subject to audits by federal, state and foreign jurisdictions which may result in proposed assessments. The Company’s future tax provision will reflect any favorable or unfavorable adjustments to its estimated tax liabilities when resolved. The Company is unable to predict the outcome of these matters. However, the Company believes that none of these matters will have a material adverse effect on the results of operations or financial condition of the Company.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References+ Details

Business Segments and Geographic Areas

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Business Segments and Geographic Areas

15. Business Segments and Geographic Areas

Effective April 1, 2014, the Company’s operations were reorganized into four reportable segments: Rig Systems, Rig Aftermarket, Wellbore Technologies and Completion & Production Solutions. Within the four reporting segments, the Company has aggregated two business units under Rig Systems, one business unit under Rig Aftermarket, six business units under Wellbore Technologies and six business units under Completion & Production Solutions for a total of 15 business units. The Company has aggregated each of its business units in one of the four reporting segments based on the guidelines of ASC Topic 280, “Segment Reporting” (“ASC Topic 280”).

Rig Systems

The Company’s Rig Systems segment makes and supports the capital equipment and integrated systems needed to drill oil and gas wells on land and offshore. The segment designs, manufactures, and sells land rigs, offshore drilling equipment packages, including installation and commissioning services, and drilling rig components that mechanize and automate the rig process and functionality.

Equipment and technologies in Rig Systems include: substructures, derricks, and masts; cranes; pipe lifting, racking, rotating, and assembly systems; fluid transfer technologies, such as mud pumps; pressure control equipment, including blowout preventers; power transmission systems, including drives and generators; and rig instrumentation and control systems.

The Rig Systems segment primarily supports land and offshore drillers. Demand for Rig Systems products primarily depends on drilling contractors’ and oil and gas companies’ capital spending plans, specifically capital expenditures on rig construction and refurbishment.

Rig Aftermarket

The Company’s Rig Aftermarket segment provides comprehensive aftermarket products and services to support land rigs and offshore rigs, and drilling rig components manufactured by the Rig Systems segment.

The segment provides spare parts, repair, and rentals as well as technical support, field service and first well support, field engineering, and customer training through a network of aftermarket service and repair facilities strategically located in major areas of drilling operations.

The Rig Aftermarket segment primarily supports land and offshore drillers. Demand for Rig Aftermarket products and services primarily depends on overall levels of oilfield drilling activity, which drives demand for spare parts, service, and repair for Rig System’s large installed base of equipment; and secondarily on drilling contractors’ and oil and gas companies’ capital spending plans, specifically capital expenditures on rig refurbishment and re-certification.

Wellbore Technologies

The Company’s Wellbore Technologies segment designs, manufactures, rents, and sells a variety of equipment and technologies used to perform drilling operations, and offers services that optimize their performance, including: solids control and waste management equipment and services, drilling fluids, premium drill pipe, wired pipe, tubular inspection and coating services, instrumentation, downhole tools, and drill bits.

The Wellbore Technologies segment focuses on oil and gas companies and supports drilling contractors, oilfield service companies, and oilfield rental companies. Demand for Wellbore Technologies products and services primarily depends on the level of oilfield drilling activity by oil and gas companies, drilling contractors, and oilfield service companies.

Completion & Production Solutions

The Company’s Completion & Production Solutions segment integrates technologies for well completions and oil and gas production. The segment designs, manufactures, and sells equipment and technologies needed for hydraulic fracture stimulation, including pressure pumping trucks and pumps, blenders, sanders, hydration units, injection units, flowline, manifolds and wellheads; well intervention, including coiled tubing units, coiled tubing, and wireline units and tools; onshore production, including composite pipe, surface transfer and progressive cavity pumps, and artificial lift systems; and offshore production, including floating production systems and subsea production technologies.

The Completion & Production Solutions segment primarily supports service companies and oil and gas companies. Demand for Completion & Production Solutions products depends on the level of oilfield completions and workover activity by oilfield service companies and drilling contractors and capital spending plans by oil and gas companies and oilfield service companies.

The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies of the Company. The Company evaluates performance of each reportable segment based upon its operating income, excluding non-recurring items.

The Company had revenues of 11%, 11% and 13% of total revenue from one of its customers for the years ended December 31, 2013, 2012, and 2011, respectively. This customer, Samsung Heavy Industries, 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.

Geographic Areas:

The following table presents consolidated revenues by country based on sales destination of the use of the products or services (in millions):


	Years Ended December 31,
	2013		2012		2011
United States	$	5,140	$	6,040	$	4,532
South Korea		3,219		3,121		2,257
Singapore		1,850		1,118		721
Norway		1,102		736		689
China		1,007		533		430
Brazil		811		503		397
United Kingdom		705		523		465
Canada		625		728		608
Other Countries		4,762		3,892		3,376

Total	$	19,221	$	17,194	$	13,475

The following table presents long-lived assets by country based on the location (in millions):


	December 31,
	2013		2012
United States	$	1,830	$	1,606
Brazil		270		162
United Kingdom		200		173
Denmark		166		174
Canada		123		131
South Korea		115		112
Mexico		101		87
Singapore		94		93
Other Countries		509		407

Total	$	3,408	$	2,945

Business Segments:


	Rig Systems		Rig Aftermarket		Wellbore Technologies		Completion & Production Solutions		Eliminations(1)			Discontinued Operations		Total
December 31, 2013:
Revenues	$	8,450	$	2,692	$	5,211	$	4,309	$	(1,441	)	$	—	$	19,221
Operating profit		1,594		729		915		613		(652	)		—		3,199
Capital expenditures		61		24		226		212		91			—		614
Depreciation and amortization		82		26		420		210		—			—		738
Goodwill		1,279		906		4,425		2,106		—			333		9,049
Total assets		7,654		2,475		11,862		7,287		3,351			2,183		34,812
December 31, 2012:
Revenues	$	7,077	$	2,138	$	5,184	$	3,994	$	(1,199	)	$	—	$	17,194
Operating profit		1,685		594		983		684		(557	)		—		3,389
Capital expenditures		81		13		247		169		59			—		569
Depreciation and amortization		64		18		389		145		—			—		616
Goodwill		1,097		649		3,769		1,314		—			343		7,172
Total assets		6,563		1,930		11,032		6,192		3,394			2,373		31,484
December 31, 2011:
Revenues	$	5,686	$	1,876	$	4,455	$	2,483	$	(1,025	)	$	—	$	13,475
Operating profit		1,562		528		726		456		(463	)		—		2,809
Capital expenditures		70		10		245		103		51			—		479
Depreciation and amortization		61		14		381		93		—			—		549
Goodwill		943		556		3,683		917		—			52		6,151
Total assets		4,743		1,569		10,799		4,020		3,555			829		25,515

(1)

Sales from one segment to another generally are priced at estimated equivalent commercial selling prices; however, segments originating an external sale are credited with the full profit to the company. Eliminations include intercompany transactions conducted between the four reporting segments that are eliminated in consolidation. Intercompany transactions within each reporting segment are eliminated within each reporting segment. Also included in the eliminations column are capital expenditures and total assets related to corporate. Corporate assets consist primarily of cash and fixed assets.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

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+ Details

Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)

16. Quarterly Financial Data (Unaudited)

Summarized quarterly results, were as follows (in millions, except per share data):


	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
Year ended December 31, 2013
Revenue	$	4,376	$	4,680	$	4,863	$	5,302
Gross profit		1,167		1,173		1,360		1,404
Income from continuing operations		461		494		598		627
Income from discontinued operations		41		37		38		31
Net income attributable to Company		502		531		636		658
Per share data:
Basic:
Income from continuing operations		1.08		1.16		1.40		1.47
Income from discontinued operations		0.10		0.09		0.09		0.07
Net income attributable to Company		1.18		1.25		1.49		1.54
Diluted:
Income from continuing operations		1.07		1.15		1.40		1.47
Income from discontinued operations		0.10		0.09		0.09		0.07
Net income attributable to Company		1.17		1.24		1.49		1.53
Cash dividends per share		0.13		0.26		0.26		0.26
Year ended December 31, 2012
Revenue	$	3,968	$	4,206	$	4,307	$	4,713
Gross profit		1,214		1,228		1,247		1,354
Income from continuing operations		583		579		584		637
Income from discontinued operations		23		26		28		31
Net income attributable to Company		606		605		612		668
Per share data:
Basic:
Income from continuing operations		1.37		1.37		1.38		1.50
Income from discontinued operations		0.06		0.05		0.06		0.07
Net income attributable to Company		1.43		1.42		1.44		1.57
Diluted:
Income from continuing operations		1.36		1.35		1.36		1.49
Income from discontinued operations		0.06		0.06		0.06		0.07
Net income attributable to Company		1.42		1.42		1.43		1.56
Cash dividends per share		0.12		0.12		0.12		0.13

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References+ Details

Spin-off of distribution business

12 Months Ended

Dec. 31, 2013

Discontinued Operations And Disposal Groups [Abstract]

Spin-off of distribution business

17. Spin-off of distribution business

On May 30, 2014, the Company completed the previously announced spin-off (the “spin-off”) of its distribution business into an independent public company named NOW Inc., which trades on the New York Stock Exchange under the symbol “DNOW”. After the close of the New York Stock Exchange on May 30, 2014, the stockholders of record as of May 22, 2014 (the “Record Date”) received one share of NOW Inc. common stock for every four shares of NOV common stock held on the Record Date. No fractional shares of NOW Inc. common stock were distributed. Instead, the transfer agent aggregated any fractional shares into whole shares, sold those whole shares in the open market at prevailing rates and distributed the net cash proceeds, after deducting any taxes required to be withheld and any amount equal to all brokerage charges and commissions, pro rata to each holder who would otherwise have been entitled to receive fractional shares in the distribution.

In order to effect the spin-off and govern its relationship with NOW after the spin-off, the Company entered into a Separation and Distribution Agreement, a Tax Matters Agreement, an Employee Matters Agreement, a Transition Services Agreement, a Master Distributor Agreement, and a Master Services Agreement. The Separation and Distribution Agreement governs the terms of the separation of the distribution business from NOV’s other businesses. Generally, the Separation and Distribution Agreement includes agreements between NOW and NOV relating to the restructuring steps needed to be taken to complete the separation, including the assets, equity interests and rights to be transferred, liabilities to be assumed, contracts to be assigned and related matters. The Separation and Distribution Agreement also governs the treatment of aspects relating to indemnification, insurance, litigation responsibility, confidentiality, management, intellectual property (including trademarks) and cooperation.

The Tax Matters Agreement governs respective rights, responsibilities and obligations of NOV and NOW with respect to deficiencies and refunds, if any, of federal, state, local, and foreign taxes for periods before and after the distribution, as well as taxes attributable to the separation and distribution, and related matters such as the filing of tax returns and the conduct of IRS and other audits. In addition, the Tax Matters Agreement imposes certain restrictions on NOW and its subsidiaries (including restrictions on share issuances, business combinations, sales of assets and similar transactions) that are designed to preserve the generally tax-free status of the separation and distribution.

The Employee Matters Agreement governs the compensation and employee benefit obligations with respect to the current and former employees of NOV and NOW and generally allocates liabilities and responsibilities relating to employee compensation and benefit plans and programs. The Employee Matters Agreement provides for the treatment of outstanding NOV equity awards. The Employee Matters Agreement also sets forth the general principles relating to employee matters, including with respect to the assignment of employees and the transfer of employees from us to NOW, the assumption and retention of liabilities and related assets, expense reimbursements, workers’ compensation, leaves of absence, the provision of comparable benefits, employee service credits, the sharing of employee information and the duplication or acceleration of benefits.

The Transition Services Agreement sets forth the terms on which NOV will provide to NOW, and NOW will provide to NOV, on a temporary basis, certain services or functions that the companies historically have shared. Transition services may include administrative, payroll, human resources, data processing, environmental health and safety, financial audit support, financial transaction support, legal support services, IT and network infrastructure systems and various other support and corporate services. The Transition Services Agreement provides for the provision of specified transition services generally for a period of up to 18 months.

The Master Distributor Agreement provides that NOW will act as a distributor of certain of NOV’s products. Under the Master Supply Agreement, NOW will supply products and provide solutions, including supply chain management solutions, to NOV.

The following table presents the carrying value of assets and liabilities of NOW (in millions):


	December 31,
	2013		2012
Current assets:
Cash and cash equivalents	$	101	$	138
Receivables, net		661		692
Inventories, net		850		1,015
Deferred income taxes		21		18
Prepaid and other current assets		29		19

Total current assets of discontinued operations		1,662		1,882
Property, plant and equipment, net		102		61
Deferred income taxes		15		11
Goodwill		333		343
Intangibles, net		68		74
Other assets		3		2

Total assets of discontinued operations	$	2,183	$	2,373

Current liabilities:
Accounts payable	$	264	$	272
Accrued liabilities		99		113
Accrued income taxes		—		6

Total current liabilities of discontinued operations		363		391
Deferred income taxes		16		9
Other liabilities		2		2

Total liabilities of discontinued operations	$	381	$	402

The following table presents selected financial information regarding the results of operations of our distribution business, which is reported as discontinued operations (in millions):


	Years Ended December 31,
	2013		2012		2011
Revenue from discontinued operations	$	4,296	$	3,414	$	1,641

Income from discontinued operations before income taxes		222		165		128

Income tax expense		75		57		43

Income from discontinued operations	$	147	$	108	$	85

Prior to the spin-off, sales to NOW were $499 million, $450 million and $382 million for the years ended December 31, 2013, 2012 and 2011, respectively. Prior to the spin-off, purchases from NOW $149 million, $117 million and $76 million for the years ended December 31, 2013, 2012 and 2011, respectively. Prior to May 30, 2014, the spin-off date, revenue and related cost of revenue were eliminated in consolidation between NOV and NOW. Beginning May 31, 2014, this revenue and cost of revenue represent third-party transactions with NOW.

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

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-Publisher FASB

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+ Details

SCHEDULE II NATIONAL OILWELL VARCO, INC. VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2013

Valuation And Qualifying Accounts [Abstract]

SCHEDULE II NATIONAL OILWELL VARCO, INC. VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II

NATIONAL OILWELL VARCO, INC.

VALUATION AND QUALIFYING ACCOUNTS

Years Ended December 31, 2013, 2012 and 2011

(in millions)


	Balance beginning of year		Additions (Deductions) charged to costs and expenses		Charge off’s and other			Balance end of year
Allowance for doubtful accounts:
2013	$	120	$	32	$	(20	)	$	132
2012		107		6		7			120
2011		107		9		(9	)		107
Allowance for excess and obsolete inventories:
2013	$	338	$	89	$	(31	)	$	396
2012		281		99		(42	)		338
2011		270		70		(59	)		281
Valuation allowance for deferred tax assets:
2013	$	93	$	40	$	—		$	133
2012		13		80		—			93
2011		9		4		—			13
Warranty reserve:
2013	$	194	$	101	$	(67	)	$	228
2012		211		51		(68	)		194
2011		215		40		(44	)		211

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Derivative Financial Instruments

Derivative Financial Instruments

Inventories

Inventories

Property, Plant and Equipment

Property, Plant and Equipment

Long-lived Assets

Long-lived Assets

Intangible Assets

Intangible Assets

Goodwill is identified by segment as follows (in millions):


	Rig Systems		Rig Aftermarket		Wellbore Technologies			Completion & Production Solutions			Discontinued Operations			Total
Balance at December 31, 2011	$	943	$	556	$	3,683		$	917		$	52		$	6,151
Goodwill acquired during period		145		89		80			395			291			1,000
Currency translation adjustments and other		9		4		6			2			—			21

Balance at December 31, 2012	$	1,097	$	649	$	3,769		$	1,314		$	343		$	7,172
Goodwill acquired during the period		179		256		665			803			—			1,903
Currency translation adjustments and other		3		1		(9	)		(11	)		(10	)		(26	)

Balance at December 31, 2013	$	1,279	$	906	$	4,425		$	2,106		$	333		$	9,049

The net book values of identified intangible assets are identified by segment as follows (in millions):


	Rig Systems			Rig Aftermarket			Wellbore Technologies			Completion & Production Solutions			Discontinued Operations			Total
Balance at December 31, 2011	$	56		$	92		$	3,134		$	771		$	20		$	4,073
Additions to intangible assets		18			—			8			897			58			981
Amortization		(14	)		(3	)		(203	)		(81	)		(4	)		(305	)
Currency translation adjustments and other		2			—			3			(11	)		—			(6	)

Balance at December 31, 2012	$	62		$	89		$	2,942		$	1,576		$	74		$	4,743
Additions to intangible assets		190			59			286			161			—			696
Amortization		(21	)		(6	)		(217	)		(113	)		(6	)		(363	)
Currency translation adjustments and other		1			—			(12	)		(10	)		—			(21	)

Balance at December 31, 2013	$	232		$	142		$	2,999		$	1,614		$	68		$	5,055

Identified intangible assets by major classification consist of the following (in millions):


	Gross		Accumulated Amortization			Net Book Value
December 31, 2012:
Customer relationships	$	3,522	$	(907	)	$	2,615
Trademarks		877		(152	)		725
Indefinite-lived trade names		643		—			643
Other		1,087		(327	)		760

Total identified intangibles	$	6,129	$	(1,386	)	$	4,743

December 31, 2013:
Customer relationships	$	4,093	$	(1,147	)	$	2,946
Trademarks		893		(195	)		698
Indefinite-lived trade names		643		—			643
Other		1,175		(407	)		768

Total identified intangibles	$	6,804	$	(1,749	)	$	5,055

Foreign Currency

Foreign Currency

Revenue Recognition

Revenue Recognition

Revenue Recognition under Long-term Construction Contracts

•

the contracts include custom designs for customer specific applications;

•

the structural design is unique and requires significant engineering efforts; and

•

construction projects often have progress payments.

Drill Pipe Sales

Drill Pipe Sales

Service and Product Warranties

Service and Product Warranties

The changes in the carrying amount of service and product warranties are as follows (in millions):


Balance at December 31, 2011	$	211

Net provisions for warranties issued during the year		51
Amounts incurred		(76	)
Currency translation adjustments and other		8

Balance at December 31, 2012	$	194

Net provisions for warranties issued during the year		101
Amounts incurred		(73	)
Currency translation adjustments and other		6

Balance at December 31, 2013	$	228

Income Taxes

Income Taxes

Concentration of Credit Risk

Concentration of Credit Risk

Stock-Based Compensation

Stock-Based Compensation

The Company provides compensation benefits to employees and non-employee directors under share-based payment arrangements, including various employee stock option plans.

Environmental Liabilities

Environmental Liabilities

Use of Estimates

Use of Estimates

Contingencies

Contingencies

Net Income Attributable to Company Per Share

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):


	Years Ended December 31,
	2013		2012		2011
Numerator:
Income from continuing operations	$	2,181	$	2,375	$	1,900

Income from discontinued operations	$	147	$	108	$	85

Net income attributable to Company	$	2,327	$	2,491	$	1,994

Denominator:
Basic—weighted average common shares outstanding		426		425		422
Dilutive effect of employee stock options and other unvested stock awards		2		2		2

Diluted outstanding shares		428		427		424

Per share data:
Basic:
Income from continuing operations	$	5.11	$	5.61	$	4.52

Income from discontinued operations	$	0.35	$	0.25	$	0.21

Net income attributable to Company	$	5.46	$	5.86	$	4.73

Diluted:
Income from continuing operations	$	5.09	$	5.58	$	4.50

Income from discontinued operations	$	0.35	$	0.25	$	0.20

Net income attributable to Company	$	5.44	$	5.83	$	4.70

Cash dividends per share	$	0.91	$	0.49	$	0.45

The Company had stock options outstanding that were anti-dilutive totaling 7 million, 5 million, and 3 million at December 31, 2013, 2012 and 2011, respectively.

Recently Issued Accounting Standards

Recently Issued Accounting Standards

Derivatives and Hedging

Cash Flow Hedging Strategy

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Goodwill is Identified by Segment

Goodwill is identified by segment as follows (in millions):


	Rig Systems		Rig Aftermarket		Wellbore Technologies			Completion & Production Solutions			Discontinued Operations			Total
Balance at December 31, 2011	$	943	$	556	$	3,683		$	917		$	52		$	6,151
Goodwill acquired during period		145		89		80			395			291			1,000
Currency translation adjustments and other		9		4		6			2			—			21

Balance at December 31, 2012	$	1,097	$	649	$	3,769		$	1,314		$	343		$	7,172
Goodwill acquired during the period		179		256		665			803			—			1,903
Currency translation adjustments and other		3		1		(9	)		(11	)		(10	)		(26	)

Balance at December 31, 2013	$	1,279	$	906	$	4,425		$	2,106		$	333		$	9,049

Identified Intangible Assets Identified by Segment

The net book values of identified intangible assets are identified by segment as follows (in millions):


	Rig Systems			Rig Aftermarket			Wellbore Technologies			Completion & Production Solutions			Discontinued Operations			Total
Balance at December 31, 2011	$	56		$	92		$	3,134		$	771		$	20		$	4,073
Additions to intangible assets		18			—			8			897			58			981
Amortization		(14	)		(3	)		(203	)		(81	)		(4	)		(305	)
Currency translation adjustments and other		2			—			3			(11	)		—			(6	)

Balance at December 31, 2012	$	62		$	89		$	2,942		$	1,576		$	74		$	4,743
Additions to intangible assets		190			59			286			161			—			696
Amortization		(21	)		(6	)		(217	)		(113	)		(6	)		(363	)
Currency translation adjustments and other		1			—			(12	)		(10	)		—			(21	)

Balance at December 31, 2013	$	232		$	142		$	2,999		$	1,614		$	68		$	5,055

Identified Intangible Assets by Major Classification

Identified intangible assets by major classification consist of the following (in millions):


	Gross		Accumulated Amortization			Net Book Value
December 31, 2012:
Customer relationships	$	3,522	$	(907	)	$	2,615
Trademarks		877		(152	)		725
Indefinite-lived trade names		643		—			643
Other		1,087		(327	)		760

Total identified intangibles	$	6,129	$	(1,386	)	$	4,743

December 31, 2013:
Customer relationships	$	4,093	$	(1,147	)	$	2,946
Trademarks		893		(195	)		698
Indefinite-lived trade names		643		—			643
Other		1,175		(407	)		768

Total identified intangibles	$	6,804	$	(1,749	)	$	5,055

Changes in Carrying Amount of Service and Product Warranties

The changes in the carrying amount of service and product warranties are as follows (in millions):


Balance at December 31, 2011	$	211

Net provisions for warranties issued during the year		51
Amounts incurred		(76	)
Currency translation adjustments and other		8

Balance at December 31, 2012	$	194

Net provisions for warranties issued during the year		101
Amounts incurred		(73	)
Currency translation adjustments and other		6

Balance at December 31, 2013	$	228

Computation of Weighted Average Basic and Diluted Shares Outstanding

The following table sets forth the computation of weighted average basic and diluted shares outstanding (in millions, except per share data):


	Years Ended December 31,
	2013		2012		2011
Numerator:
Income from continuing operations	$	2,180	$	2,383	$	1,909

Income from discontinued operations	$	147	$	108	$	85

Net income attributable to Company	$	2,327	$	2,491	$	1,994

Denominator:
Basic—weighted average common shares outstanding		426		425		422
Dilutive effect of employee stock options and other unvested stock awards		2		2		2

Diluted outstanding shares		428		427		424

Per share data:
Basic:
Income from continuing operations	$	5.11	$	5.61	$	4.52

Income from discontinued operations	$	0.35	$	0.25	$	0.21

Net income attributable to Company	$	5.46	$	5.86	$	4.73

Diluted:
Income from continuing operations	$	5.09	$	5.58	$	4.50

Income from discontinued operations	$	0.35	$	0.25	$	0.20

Net income attributable to Company	$	5.44	$	5.83	$	4.70

Cash dividends per share	$	0.91	$	0.49	$	0.45

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2013

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Outstanding Foreign Currency Forward Contracts


	Currency Denomination
Foreign Currency	December 31, 2013		December 31, 2012
Norwegian Krone	NOK	10,503	NOK	6,281
Euro	€	406	€	389
U.S. Dollar	$	357	$	357
Danish Krone	DKK	278	DKK	134
British Pound Sterling	£	23	£	6
Singapore Dollar	SGD	17	SGD	14
Canadian Dollar	CAD	16	CAD	—

The Company had the following outstanding foreign currency forward contracts that hedge the fair value of nonfunctional currency monetary accounts (in millions):


	Currency Denomination
Foreign Currency	December 31, 2013		December 31, 2012
Norwegian Krone	NOK	3,257	NOK	1,684
Russian Ruble	RUB	2,149	RUB	1,467
U.S. Dollar	$	715	$	967
Euro	€	310	€	225
Danish Krone	DKK	177	DKK	177
British Pound Sterling	£	14	£	9
Swedish Krone	SEK	4	SEK	5
Singapore Dollar	SGD	3	SGD	24
Canadian Dollar	CAD	3	CAD	2
Brazilian Real	BRL	—	BRL	135

Derivative Instruments and their Balance Sheet Classifications

The Company has the following fair values of its derivative instruments and their balance sheet classifications (in millions):


	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
	Balance Sheet	December 31,				Balance Sheet	December 31,
	Location	2013		2012		Location	2013		2012
Derivatives designated as hedging instruments under ASC Topic 815
Foreign exchange contracts	Prepaid and other current assets	$	35	$	57	Accrued liabilities	$	18	$	5
Foreign exchange contracts	Other Assets		5		24	Other Liabilities		9		1

Total derivatives designated as hedging instruments under ASC Topic 815		$	40	$	81		$	27	$	6

Derivatives not designated as hedging instruments under ASC Topic 815
Foreign exchange contracts	Prepaid and other current assets	$	19	$	24	Accrued liabilities	$	13	$	13

Total derivatives not designated as hedging instruments under ASC Topic 815		$	19	$	24		$	13	$	13

Total derivatives		$	59	$	105		$	40	$	19

Effect of Derivative Instruments on Consolidated Statements of Income


The Effect of Derivative Instruments on the Consolidated Statements of Income
($ in millions)
Derivatives Designated as Hedging Instruments under ASC Topic 815	Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) (a)					Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)						Location of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)	Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (b)
	Years Ended December 31,						Years Ended December 31,							Years Ended December 31,
	2013			2012			2013			2012				2013		2012
						Revenue		16			(6	)
Foreign exchange contracts		(42	)		105	Cost of revenue		(6	)		(26	)	Other income (expense), net		12		8

Total		(42	)		105			10			(32	)			12		8


Derivatives Not Designated as	Location of Gain (Loss)	Amount of Gain (Loss)
Hedging Instruments under	Recognized in Income	Recognized in Income on
ASC Topic 815	on Derivatives	Derivatives
		Years Ended December 31,
		2013		2012
Foreign exchange contracts	Other income (expense), net		18		19

Total			18		19

(a)	The Company expects that $(16) million of the Accumulated Other Comprehensive Income (Loss) will be reclassified into earnings within the next twelve months with an offset by gains from the underlying transactions resulting in no impact to earnings or cash flow.

(b)

Acquisitions and Investments (Tables)

12 Months Ended

Dec. 31, 2013

Business Combinations [Abstract]

Estimated Fair Values of Assets Acquired and Liabilities Assumed

The table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition (in millions):


Current assets, net of cash acquired	$	428
Property, plant and equipment		250
Intangible assets		894
Goodwill		1,590
Other assets		49

Total assets acquired		3,211

Current liabilities		186
Deferred taxes		524
Other liabilities		123

Total liabilities		833

Cash consideration, net of cash acquired	$	2,378

Estimated Fair Values of Assets Acquired and Liabilities


	Total
Current assets, net of cash acquired	$	1,441
Property, plant and equipment		248
Intangible assets		981
Goodwill		1,000
Other assets		2

Total assets acquired		3,672

Current liabilities		585
Long-term debt		1
Other liabilities		206

Total liabilities		792

Cash consideration, net of cash acquired	$	2,880

Fair Values of Assets Acquired and Liabilities


			All Other
	Ameron		Acquisitions		Total
Current assets, net of cash acquired	$	245	$	106	$	351
Property, plant and equipment		402		41		443
Intangible assets		142		131		273
Goodwill		199		178		377
Other assets		59		14		73

Total assets acquired		1,047		470		1,517

Current liabilities		154		80		234
Long-term debt		16		—		16
Other liabilities		173		56		229

Total liabilities		343		136		479

Cash consideration, net of cash acquired	$	704	$	334	$	1,038

Summary of Acquisitions

A summary of the acquisitions follows (in millions):


	Years Ended December 31,
	2013			2012			2011
Fair value of assets acquired, net of cash acquired	$	3,329		$	3,672		$	1,517
Cash paid, net of cash acquired		(2,397	)		(2,880	)		(1,038	)

Liabilities assumed, debt issued and noncontrolling interest	$	932		$	792		$	479

Excess purchase price over fair value of net assets acquired	$	1,903		$	1,000		$	377

Inventories, net (Tables)

12 Months Ended

Dec. 31, 2013

Inventory Disclosure [Abstract]

Inventories

Inventories consist of (in millions):


	December 31,
	2013		2012
Raw materials and supplies	$	1,175	$	1,268
Work in process		798		905
Finished goods and purchased products		3,630		3,718

Total	$	5,603	$	5,891

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2013

Property Plant And Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consist of (in millions):


	Estimated		December 31,
	Useful Lives		2013			2012
Land and buildings		5-35 Years	$	1,494		$	1,348
Operating equipment		3-15 Years		2,960			2,463
Rental equipment		3-12 Years		758			712

				5,212			4,523
Less: Accumulated Depreciation				(1,804	)		(1,578	)

			$	3,408		$	2,945

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2013

Payables And Accruals [Abstract]

Accrued Liabilities

Accrued liabilities consist of (in millions):


	December 31,
	2013		2012
Customer prepayments and billings	$	673	$	699
Accrued vendor costs		531		444
Compensation		516		511
Warranty		228		194
Taxes (non income)		188		150
Insurance		131		108
Accrued commissions		97		77
Fair value of derivatives		31		18
Interest		11		14
Other		357		356

Total	$	2,763	$	2,571

Costs and Estimated Earnings on Uncompleted Contracts (Tables)

12 Months Ended

Dec. 31, 2013

Text Block [Abstract]

Costs and Estimated Earnings on Uncompleted Contracts

Costs and estimated earnings on uncompleted contracts consist of (in millions):


	December 31,
	2013			2012
Costs incurred on uncompleted contracts	$	7,608		$	5,731
Estimated earnings		3,553			3,160

		11,161			8,891
Less: Billings to date		11,393			8,855

	$	(232	)	$	36

Costs and estimated earnings in excess of billings on uncompleted contracts	$	1,539		$	1,225
Billings in excess of costs and estimated earnings on uncompleted contracts		(1,771	)		(1,189	)

	$	(232	)	$	36

Debt (Tables)

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Debt

Debt consists of (in millions):


	December 31,
	2013		2012
Senior Notes, interest at 6.125% payable semiannually, principal due on August 15, 2015		151		151
Senior Notes, interest at 1.35% payable semiannually, principal due on December 1, 2017		500		500
Senior Notes, interest at 2.6% payable semiannually, principal due on December 1, 2022		1,396		1,395
Senior Notes, interest at 3.95% payable semiannually, principal due on December 1, 2042		1,096		1,096
Other		7		7

Total debt		3,150		3,149
Less current portion		1		1

Long-term debt	$	3,149	$	3,148

Principal Payments of Debt

Principal payments of debt for years subsequent to 2013 are as follows (in millions):


2014	$	1
2015		153
2016		—
2017		500
2018		—
Thereafter		2,496

	$	3,150

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(e),(f))

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-Name Accounting Standards Codification

-Topic 835

-SubTopic 30

-Section 55

-Paragraph 8

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

-Topic 835

-SubTopic 30

-Section 45

-Paragraph 2

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-Name Accounting Standards Codification

-Topic 835

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-Paragraph 1A

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-Topic 505

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 22

-Article 5

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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-Name Accounting Standards Codification

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 470

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

+ Details

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2013

Compensation And Retirement Disclosure [Abstract]

Change in Benefit Obligation, Plan Assets and Funded Status of Defined Benefit Pension Plans


	Pension benefits						Postretirement benefits
At year end	2013			2012			2013			2012
Benefit obligation at beginning of year	$	655		$	556		$	30		$	35
Service cost		7			6			1			—
Interest cost		31			27			2			1
Actuarial loss (gain)		(10	)		76			(12	)		(2	)
Benefits paid		(38	)		(26	)		(4	)		(4	)
Participants contributions		—			1			—			—
Exchange rate loss (gain)		7			12			—			—
Acquisitions		194			11			28			—
Curtailments		—			(8	)		—			—

Benefit obligation at end of year	$	846		$	655		$	45		$	30

Fair value of plan assets at beginning of year	$	517		$	419		$	—		$	—
Actual return		72			49			—			—
Benefits paid		(38	)		(26	)		(4	)		(4	)
Company contributions		28			53			4			4
Participants contributions		—			1			—			—
Exchange rate gain (loss)		4			12			—			—
Acquisitions		123			9			—			—

Fair value of plan assets at end of year	$	706		$	517		$	—		$	—

Funded status	$	(140	)	$	(138	)	$	(45	)	$	(30	)

Accumulated benefit obligation at end of year	$	811		$	635

Assumption Rates Used for Benefit Obligations

Defined Benefit Pension Plans


	Years Ended December 31,
	2013	2012
Discount rate:
United States plan	4.65%	3.78%
International plans	3.50% - 4.40%	3.30% - 4.40%
Salary increase:
United States plan	N/A	N/A
International plans	2.00% - 4.40%	2.00% - 3.87%

Assumption Rates Used for Net Periodic Benefit Costs

The assumption rates used for net periodic benefit costs are as follows:


	Years Ended December 31,
	2013	2012	2011
Discount rate:
United States plan	3.80%	4.58%	4.95%
International plans	3.46% - 4.40%	4.50% - 5.60%	5.25% - 5.65%
Salary increase:
United States plan	N/A	N/A	N/A
International plans	2.00% - 3.53%	2.00% - 4.00%	2.00% - 4.33%
Expected return on assets:
United States plan	6.30%	6.33%	5.50% - 6.50%
International plans	3.50% - 5.82%	4.50% - 6.51%	4.50% - 7.06%

Plan's Assets Carried at Fair Value

The following table sets forth by level, within the fair value hierarchy, the Plan’s assets carried at fair value (in millions):


	Fair Value Measurements
	Total		Level 1		Level 2		Level 3
December 31, 2012:
Equity securities	$	204	$	—	$	204	$	—
Bonds		139		—		139		—
Other (insurance contracts)		174		—		74		100

Total Fair Value Measurements	$	517	$	—	$	417	$	100

December 31, 2013:
Equity securities	$	296	$	—	$	296	$	—
Bonds		172		—		172		—
Other (insurance contracts)		238		—		131		107

Total Fair Value Measurements	$	706	$	—	$	599	$	107

Summary of Changes in Fair Value of Plan's Level Three Assets

The following table sets forth a summary of changes in the fair value of the Plan’s Level 3 assets (in millions):


	Level 3 Plan Assets
Balance at December 31, 2011	$	77

Actual return on plan assets still held at reporting date		10
Purchases, sales and settlements		8
Currency translation adjustments		5

Balance at December 31, 2012	$	100

Actual return on plan assets still held at reporting date		5
Purchases, sales and settlements		5
Currency translation adjustments		(3	)

Balance at December 31, 2013	$	107

- Definition

Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans.

+ References+ Details

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2013

Equity [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) are as follows (in millions):


				Derivative			Defined
	Currency			Financial			Benefit
	Translation			Instruments,			Plans,
	Adjustments			Net of Tax			Net of Tax			Total
Balance at December 31, 2010	$	133		$	6		$	(48	)	$	91

Accumulated other comprehensive income (loss) before reclassifications		(65	)		(28	)		20			(73	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			(35	)		(6	)		(41	)

Balance at December 31, 2011	$	68		$	(57	)	$	(34	)	$	(23	)

Accumulated other comprehensive income (loss) before reclassifications		64			77			(29	)		112
Amounts reclassified from accumulated other comprehensive income (loss)		—			22			(4	)		18

Balance at December 31, 2012	$	132		$	42		$	(67	)	$	107

Accumulated other comprehensive income (loss) before reclassifications		(90	)		(29	)		48			(71	)
Amounts reclassified from accumulated other comprehensive income (loss)		(25	)		(8	)		(7	)		(40	)

Balance at December 31, 2013	$	17		$	5		$	(26	)	$	(4	)

Components of Amounts Reclassified from Accumulated Other Comprehensive Income Loss

The components of amounts reclassified from accumulated other comprehensive income (loss) are as follows (in millions):


	Years Ended December 31,
	2013												2012											2011
	Currency			Derivative			Defined						Currency		Derivative			Defined						Currency		Derivative			Defined
	Translation			Financial			Benefit						Translation		Financial			Benefit						Translation		Financial			Benefit
	Adjustments			Instruments			Plans			Total			Adjustments		Instruments			Plans			Total			Adjustments		Instruments			Plans			Total
Revenue	$	—		$	(16	)	$	—		$	(16	)	$	—	$	6		$	—		$	6		$	—	$	(11	)	$	—		$	(11	)
Cost of revenue		—			6			—			6			—		26			—			26			—		(38	)		—			(38	)
Selling, general, and administrative		—			—			(8	)		(8	)		—		—			(6	)		(6	)		—		—			(7	)		(7	)
Other income (expense), net		(25	)		—			—			(25	)		—		—			—			—			—		—			—			—
Tax effect		—			2			1			3			—		(10	)		2			(8	)		—		14			1			15

	$	(25	)	$	(8	)	$	(7	)	$	(40	)	$	—	$	22		$	(4	)	$	18		$	—	$	(35	)	$	(6	)	$	(41	)

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2013

Commitments And Contingencies Disclosure [Abstract]

Future Minimum Lease Commitments Under Noncancellable Operating Leases with Initial or Remaining Terms of One Year or More

Future minimum lease commitments under noncancellable operating leases with initial or remaining terms of one year or more at December 31, 2013, are payable as follows (in millions):


2014	$	218
2015		169
2016		116
2017		87
2018		71
Thereafter		415

Total future lease commitments	$	1,076

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

+ References+ Details

Common Stock (Tables)

12 Months Ended

Dec. 31, 2013

Equity [Abstract]

Summary of Stock Options

The following summarizes options activity:


	Years Ended December 31,
	2013					2012					2011
	Number			Average		Number			Average		Number			Average
	of			Exercise		of			Exercise		of			Exercise
	Shares			Price		Shares			Price		Shares			Price
Shares under option at beginning of year		9,473,482		$	58.69		10,481,750		$	47.20		11,039,544		$	38.01
Granted		2,832,587			69.37		2,239,088			84.58		2,277,946			79.68
Cancelled		(303,417	)		72.43		(228,137	)		60.28		(241,174	)		40.20
Exercised		(1,366,459	)		77.44		(3,019,219	)		82.26		(2,594,566	)		36.84

Shares under option at end of year		10,636,193		$	63.29		9,473,482		$	58.69		10,481,750		$	47.20

Exercisable at end of year		5,831,091		$	53.46		4,823,331		$	43.99		5,073,965		$	38.47

Summary of Stock Option Outstanding Information

The following summarizes information about stock options outstanding at December 31, 2013:


	Weighted-Avg		Options Outstanding				Options Exercisable
	Remaining				Weighted				Weighted
Range of Exercise Price	Contractual		Shares		Exercise		Shares		Exercise
$9.14—$45.00		4.36		3,201,686	$	34.43		3,201,686	$	34.43
$45.01—$70.00		8.17		3,361,420		67.84		622,464		61.32
$70.01—$84.58		7.63		4,073,087		82.21		2,006,941		81.39

Total		6.82		10,636,193	$	63.29		5,831,091	$	53.46

Assumption Used in Determination of Fair Value of Share Based Payment Awards

The use of the Black Scholes model requires the use of extensive actual employee exercise activity data and the use of a number of complex assumptions including expected volatility, risk-free interest rate, expected dividends and expected term.


	Years Ended December 31,
	2013			2012			2011
Valuation Assumptions:
Expected volatility		50.1	%		51.7	%		53.2	%
Risk-free interest rate		0.9	%		0.9	%		2.1	%
Expected dividends	$	0.75		$	0.57		$	0.44
Expected term (in years)		3.4			3.2			3.1

Summary of Information and Changes in Stock Options with Regard to Stock Option Plans

The following summary presents information regarding outstanding options at December 31, 2013 and changes during 2013 with regard to options under all stock option plans:


						Weighted
				Weighted- Average		Remaining Contractual		Average
	Shares			Exercise Price		Term (years)		Aggregate Intrinsic Value
Outstanding at December 31, 2012		9,473,482		$	58.69		6.86	$	150,667,018
Granted		2,832,587		$	69.37
Exercised		(303,417	)	$	72.43
Cancelled		(1,366,459	)	$	77.44

Outstanding at December 31, 2013		10,636,193		$	63.29		6.82	$	183,849,267

Vested or expected to vest		10,466,014		$	63.29		6.82	$	180,907,679

Exercisable at December 31, 2013		5,831,091		$	53.46		5.37	$	155,892,094

Summary of Information Regarding Outstanding Restricted Shares

The following summary presents information regarding outstanding restricted shares:


	Years Ended December 31,
	2013					2012					2011
				Weighted-					Weighted-					Weighted-
	Number			Average		Number			Average		Number			Average
	of			Grant Date		of			Grant Date		of			Grant Date
	Units			Fair Value		Units			Fair Value		Units			Fair Value
Nonvested at beginning of year		1,336,666		$	67.56		1,606,047		$	44.21		1,765,837		$	42.15
Granted		758,176			69.07		482,428			83.79		374,425			79.53
Vested		(340,218	)		69.29		(406,844	)		83.34		(496,642	)		64.22
Cancelled		(239,534	)		40.97		(344,965	)		30.39		(37,573	)		44.02

Nonvested at end of year		1,515,090		$	73.73		1,336,666		$	67.56		1,606,047		$	44.21

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Domestic and Foreign Components of Income Before Income Taxes

The domestic and foreign components of income before income taxes were as follows (in millions):


	Years Ended December 31,
	2013		2012		2011
Domestic	$	1,362	$	1,697	$	1,193
Foreign		1,762		1,643		1,601

	$	3,124	$	3,340	$	2,794

Components of Provision for Income Taxes

The components of the provision for income taxes consisted of (in millions):


	Years Ended December 31,
	2013			2012			2011
Current:
Federal	$	632		$	654		$	450
State		55			44			34
Foreign		592			357			751

Total current income tax provision		1,279			1,055			1,235

Deferred:
Federal		(157	)		(147	)		(23	)
State		(12	)		(1	)		(3	)
Foreign		(167	)		58			(315	)

Total deferred income tax provision		(336	)		(90	)		(341	)

Total income tax provision	$	943		$	965		$	894

Difference Between Effective Tax Rate

The difference between the effective tax rate reflected in the provision for income taxes and the U.S. federal statutory rate was as follows (in millions):


	Years Ended December 31,
	2013			2012			2011
Federal income tax at U.S. statutory rate	$	1,093		$	1,169		$	978
Foreign income tax rate differential		(216	)		(149	)		(149	)
State income tax, net of federal benefit		27			29			20
Nondeductible expenses		26			29			41
Tax benefit of manufacturing deduction		(33	)		(29	)		(37	)
Foreign dividends, net of foreign tax credits		32			(116	)		11
Change in deferred tax valuation allowance		40			80			(18	)
Other		(26	)		(48	)		48

Total income tax provision	$	943		$	965		$	894

Significant Components of Defered Tax Assets and Liability

Significant components of our deferred tax assets and liabilities were as follows (in millions):


	December 31,
	2013			2012			2011
Deferred tax assets:
Allowances and operating liabilities	$	439		$	368		$	331
Net operating loss carryforwards		51			25			14
Postretirement benefits		49			54			14
Foreign tax credit carryforwards		300			259			106
Other		39			149			151

		878			855			616
Valuation allowance for deferred tax assets		(133	)		(93	)		(13	)

Total deferred tax assets		745			762			603

Deferred tax liabilities:
Tax over book depreciation		306			268			204
Intangible assets		1,757			1,448			1,398
Deferred income		285			314			226
Accrued U.S. tax on unremitted earnings		92			92			70
Other		164			208			168

Total deferred tax liabilities		2,604			2,330			2,066

Net deferred tax liability	$	1,859		$	1,568		$	1,463

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):


	2013			2012			2011
Unrecognized tax benefit at beginning of year	$	128		$	131		$	118
Additions based on tax positions related to the current year		—			2			9
Additions for tax positions of prior years		—			—			13
Reductions for lapse of applicable statutes of limitations		(1	)		(5	)		(9	)

Unrecognized tax benefit at end of year	$	127		$	128		$	131

Business Segments and Geographic Areas (Tables)

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Revenues by Country Based on Sales Destination of Use of Products or Services

The following table presents consolidated revenues by country based on sales destination of the use of the products or services (in millions):


	Years Ended December 31,
	2013		2012		2011
United States	$	5,140	$	6,040	$	4,532
South Korea		3,219		3,121		2,257
Singapore		1,850		1,118		721
Norway		1,102		736		689
China		1,007		533		430
Brazil		811		503		397
United Kingdom		705		523		465
Canada		625		728		608
Other Countries		4,762		3,892		3,376

Total	$	19,221	$	17,194	$	13,475

Long-Lived Assets by Country Based on the Location

The following table presents long-lived assets by country based on the location (in millions):


	December 31,
	2013		2012
United States	$	1,830	$	1,606
Brazil		270		162
United Kingdom		200		173
Denmark		166		174
Canada		123		131
South Korea		115		112
Mexico		101		87
Singapore		94		93
Other Countries		509		407

Total	$	3,408	$	2,945

Business Segments

Business Segments:


	Rig Systems		Rig Aftermarket		Wellbore Technologies		Completion & Production Solutions		Eliminations(1)			Discontinued Operations		Total
December 31, 2013:
Revenues	$	8,450	$	2,692	$	5,211	$	4,309	$	(1,441	)	$	—	$	19,221
Operating profit		1,594		729		915		613		(652	)		—		3,199
Capital expenditures		61		24		226		212		91			—		614
Depreciation and amortization		82		26		420		210		—			—		738
Goodwill		1,279		906		4,425		2,106		—			333		9,049
Total assets		7,654		2,475		11,862		7,287		3,351			2,183		34,812
December 31, 2012:
Revenues	$	7,077	$	2,138	$	5,184	$	3,994	$	(1,199	)	$	—	$	17,194
Operating profit		1,685		594		983		684		(557	)		—		3,389
Capital expenditures		81		13		247		169		59			—		569
Depreciation and amortization		64		18		389		145		—			—		616
Goodwill		1,097		649		3,769		1,314		—			343		7,172
Total assets		6,563		1,930		11,032		6,192		3,394			2,373		31,484
December 31, 2011:
Revenues	$	5,686	$	1,876	$	4,455	$	2,483	$	(1,025	)	$	—	$	13,475
Operating profit		1,562		528		726		456		(463	)		—		2,809
Capital expenditures		70		10		245		103		51			—		479
Depreciation and amortization		61		14		381		93		—			—		549
Goodwill		943		556		3,683		917		—			52		6,151
Total assets		4,743		1,569		10,799		4,020		3,555			829		25,515

(1)

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. 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.

+ References+ Details

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

Summarized Quarterly Results

Summarized quarterly results, were as follows (in millions, except per share data):


	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
Year ended December 31, 2013
Revenue	$	4,376	$	4,680	$	4,863	$	5,302
Gross profit		1,167		1,173		1,360		1,404
Income from continuing operations		461		494		598		627
Income from discontinued operations		41		37		38		31
Net income attributable to Company		502		531		636		658
Per share data:
Basic:
Income from continuing operations		1.08		1.16		1.40		1.47
Income from discontinued operations		0.10		0.09		0.09		0.07
Net income attributable to Company		1.18		1.25		1.49		1.54
Diluted:
Income from continuing operations		1.07		1.15		1.40		1.47
Income from discontinued operations		0.10		0.09		0.09		0.07
Net income attributable to Company		1.17		1.24		1.49		1.53
Cash dividends per share		0.13		0.26		0.26		0.26
Year ended December 31, 2012
Revenue	$	3,968	$	4,206	$	4,307	$	4,713
Gross profit		1,214		1,228		1,247		1,354
Income from continuing operations		583		579		584		637
Income from discontinued operations		23		26		28		31
Net income attributable to Company		606		605		612		668
Per share data:
Basic:
Income from continuing operations		1.37		1.37		1.38		1.50
Income from discontinued operations		0.06		0.05		0.06		0.07
Net income attributable to Company		1.43		1.42		1.44		1.57
Diluted:
Income from continuing operations		1.36		1.35		1.36		1.49
Income from discontinued operations		0.06		0.06		0.06		0.07
Net income attributable to Company		1.42		1.42		1.43		1.56
Cash dividends per share		0.12		0.12		0.12		0.13

Spin-off of distribution business (Tables)

12 Months Ended

Dec. 31, 2013

Discontinued Operations And Disposal Groups [Abstract]

Schedule of Assets and Liabilities Preceding Spin-off

The following table presents the carrying value of assets and liabilities of NOW (in millions):


	December 31,
	2013		2012
Current assets:
Cash and cash equivalents	$	101	$	138
Receivables, net		661		692
Inventories, net		850		1,015
Deferred income taxes		21		18
Prepaid and other current assets		29		19

Total current assets of discontinued operations		1,662		1,882
Property, plant and equipment, net		102		61
Deferred income taxes		15		11
Goodwill		333		343
Intangibles, net		68		74
Other assets		3		2

Total assets of discontinued operations	$	2,183	$	2,373

Current liabilities:
Accounts payable	$	264	$	272
Accrued liabilities		99		113
Accrued income taxes		—		6

Total current liabilities of discontinued operations		363		391
Deferred income taxes		16		9
Other liabilities		2		2

Total liabilities of discontinued operations	$	381	$	402

Schedule of Selected Financial Information Reported as Discontinued Operations

The following table presents selected financial information regarding the results of operations of our distribution business, which is reported as discontinued operations (in millions):


	Years Ended December 31,
	2013		2012		2011
Revenue from discontinued operations	$	4,296	$	3,414	$	1,641

Income from discontinued operations before income taxes		222		165		128

Income tax expense		75		57		43

Income from discontinued operations	$	147	$	108	$	85

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Indefinite-lived Intangible Assets [Line Items]
Allowances for excess and obsolete inventories		$ 396	$ 338
Depreciation expense related to property, plant and equipment		381	315	275
Impairment of long-lived assets		0	0	0
Goodwill		9,049	7,172	6,151
Indefinite-lived intangible assets		5,055	4,743
Estimated useful lives of intangible assets, minimum		2 years
Estimated useful lives of intangible assets, maximum		30 years
Amortization expense		360
Number of years as first period of amortization		5 years
Net foreign currency transaction gains (losses)		24	18	10
Devaluation charges	12
Net investment in Venezuela		39
Net allowances for doubtful accounts		132	120
Compensation cost charged against income for share-based compensation arrangements		86	74	68
Income tax benefit recognized for share-based compensation arrangements		26	22	15
Anti-dilutive stock options outstanding		7	5	3
Indefinite-lived trade names [Member]
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets		$ 643
Minimum [Member]
Indefinite-lived Intangible Assets [Line Items]
Maximum Derivative Financial Instrument's Term (months)		2 months
Maximum [Member]
Indefinite-lived Intangible Assets [Line Items]
Maximum Derivative Financial Instrument's Term (months)		24 months

Summary of Significant Accounting Policies - Goodwill is Identified by Segment (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Goodwill [Line Items]
Goodwill, Beginning Balance	$ 7,172	$ 6,151
Goodwill acquired during period	1,903	1,000	377
Currency translation adjustments and other	(26)	21
Goodwill, Ending Balance	9,049	7,172	6,151
Discontinued Operations [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	343	52
Goodwill acquired during period		291
Currency translation adjustments and other	(10)
Goodwill, Ending Balance	333	343
Rig Systems [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	1,097	943
Goodwill acquired during period	179	145
Currency translation adjustments and other	3	9
Goodwill, Ending Balance	1,279	1,097
Rig Aftermarket [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	649	556
Goodwill acquired during period	256	89
Currency translation adjustments and other	1	4
Goodwill, Ending Balance	906	649
Wellbore Technologies [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	3,769	3,683
Goodwill acquired during period	665	80
Currency translation adjustments and other	(9)	6
Goodwill, Ending Balance	4,425	3,769
Completion & Production Solutions [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	1,314	917
Goodwill acquired during period	803	395
Currency translation adjustments and other	(11)	2
Goodwill, Ending Balance	$ 2,106	$ 1,314

Summary of Significant Accounting Policies - Identified Intangible Assets Identified by Segment (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	$ 4,743	$ 4,073
Additions to intangible assets	696	981
Amortization	(363)	(305)
Currency translation adjustments and other	(21)	(6)
Ending Balance	5,055	4,743
Discontinued Operations [Member]
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	74	20
Additions to intangible assets		58
Amortization	(6)	(4)
Currency translation adjustments and other
Ending Balance	68	74
Rig Systems [Member]
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	62	56
Additions to intangible assets	190	18
Amortization	(21)	(14)
Currency translation adjustments and other	1	2
Ending Balance	232	62
Rig Aftermarket [Member]
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	89	92
Additions to intangible assets	59
Amortization	(6)	(3)
Currency translation adjustments and other
Ending Balance	142	89
Wellbore Technologies [Member]
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	2,942	3,134
Additions to intangible assets	286	8
Amortization	(217)	(203)
Currency translation adjustments and other	(12)	3
Ending Balance	2,999	2,942
Completion & Production Solutions [Member]
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	1,576	771
Additions to intangible assets	161	897
Amortization	(113)	(81)
Currency translation adjustments and other	(10)	(11)
Ending Balance	$ 1,614	$ 1,576

Summary of Significant Accounting Policies - Identified Intangible Assets by Major Classification (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Intangible Assets Net Excluding Goodwill [Line Items]
Gross	$ 6,804	$ 6,129
Accumulated Amortization	(1,749)	(1,386)
Net Book Value	5,055	4,743	4,073
Indefinite-lived trade names [Member]
Intangible Assets Net Excluding Goodwill [Line Items]
Gross	643	643
Accumulated Amortization
Net Book Value	643	643
Customer relationships [Member]
Intangible Assets Net Excluding Goodwill [Line Items]
Gross	4,093	3,522
Accumulated Amortization	(1,147)	(907)
Net Book Value	2,946	2,615
Trademarks [Member]
Intangible Assets Net Excluding Goodwill [Line Items]
Gross	893	877
Accumulated Amortization	(195)	(152)
Net Book Value	698	725
Other [Member]
Intangible Assets Net Excluding Goodwill [Line Items]
Gross	1,175	1,087
Accumulated Amortization	(407)	(327)
Net Book Value	$ 768	$ 760

Summary of Significant Accounting Policies - Changes in Carrying Amount of Service and Product Warranties (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Commitments And Contingencies Disclosure [Abstract]
Beginning Balance	$ 194	$ 211
Net provisions for warranties issued during the year	101	51
Amounts incurred	(73)	(76)
Currency translation adjustments and other	6	8
Ending Balance	$ 228	$ 194

Summary of Significant Accounting Policies - Computation of Weighted Average Basic and Diluted Shares Outstanding (Detail) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Numerator:
Income from continuing operations	$ 627	$ 598	$ 494	$ 461	$ 637	$ 584	$ 579	$ 583	$ 2,180	$ 2,383	$ 1,909
Income from discontinued operations	31	38	37	41	31	28	26	23	147	108	85
Net income attributable to Company	$ 658	$ 636	$ 531	$ 502	$ 668	$ 612	$ 605	$ 606	$ 2,327	$ 2,491	$ 1,994
Denominator:
Basic-weighted average common shares outstanding									426	425	422
Dilutive effect of employee stock options and other unvested stock awards									2	2	2
Diluted outstanding shares									428	427	424
Basic:
Income from continuing operations	$ 1.47	$ 1.40	$ 1.16	$ 1.08	$ 1.50	$ 1.38	$ 1.37	$ 1.37	$ 5.11	$ 5.61	$ 4.52
Income from discontinued operations	$ 0.07	$ 0.09	$ 0.09	$ 0.10	$ 0.07	$ 0.06	$ 0.05	$ 0.06	$ 0.35	$ 0.25	$ 0.21
Net income attributable to Company	$ 1.54	$ 1.49	$ 1.25	$ 1.18	$ 1.57	$ 1.44	$ 1.42	$ 1.43	$ 5.46	$ 5.86	$ 4.73
Diluted:
Income from continuing operations	$ 1.47	$ 1.40	$ 1.15	$ 1.07	$ 1.49	$ 1.36	$ 1.35	$ 1.36	$ 5.09	$ 5.58	$ 4.50
Income from discontinued operations	$ 0.07	$ 0.09	$ 0.09	$ 0.10	$ 0.07	$ 0.06	$ 0.06	$ 0.06	$ 0.35	$ 0.25	$ 0.20
Net income attributable to Company	$ 1.53	$ 1.49	$ 1.24	$ 1.17	$ 1.56	$ 1.43	$ 1.42	$ 1.42	$ 5.44	$ 5.83	$ 4.70
Cash dividends per share	$ 0.26	$ 0.26	$ 0.26	$ 0.13	$ 0.13	$ 0.12	$ 0.12	$ 0.12	$ 0.91	$ 0.49	$ 0.45

Derivative Financial Instruments - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 59	$ 105
Derivative Liabilities	40	19
Foreign exchange contracts [Member]
Derivatives, Fair Value [Line Items]
Fair value of the Company's foreign currency forward contracts	19
Fair Value, Inputs, Level 2 [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	59
Derivative Liabilities	$ 40

Derivative Financial Instruments - Outstanding Foreign Currency Forward Contracts (Detail) (Forward Contracts [Member]) In Millions, unless otherwise specified	Dec. 31, 2013 USD ($)	Dec. 31, 2013 CAD	Dec. 31, 2013 DKK	Dec. 31, 2013 EUR (€)	Dec. 31, 2013 GBP (£)	Dec. 31, 2013 NOK	Dec. 31, 2013 RUB	Dec. 31, 2013 SEK	Dec. 31, 2013 SGD	Dec. 31, 2012 USD ($)	Dec. 31, 2012 BRL	Dec. 31, 2012 CAD	Dec. 31, 2012 DKK	Dec. 31, 2012 EUR (€)	Dec. 31, 2012 GBP (£)	Dec. 31, 2012 NOK	Dec. 31, 2012 RUB	Dec. 31, 2012 SEK	Dec. 31, 2012 SGD
Derivative [Line Items]
Foreign currency, Cash flow hedging	$ 357	16	278	€ 406	£ 23	10,503			17	$ 357			134	€ 389	£ 6	6,281			14
Foreign currency, Non-designated hedging	$ 715	3	177	€ 310	£ 14	3,257	2,149	4	3	$ 967	135	2	177	€ 225	£ 9	1,684	1,467	5	24

Derivative Financial Instruments - Derivative Instruments and their Balance Sheet Classifications (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 59	$ 105
Derivative Liabilities	40	19
Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	40	81
Derivative Liabilities	27	6
Not Designated As Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	19	24
Derivative Liabilities	13	13
Foreign exchange contracts [Member] \| Not Designated As Hedging Instrument [Member] \| Accrued liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	13	13
Foreign exchange contracts [Member] \| Prepaid and other current assets [Member] \| Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	35	57
Foreign exchange contracts [Member] \| Prepaid and other current assets [Member] \| Not Designated As Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	19	24
Foreign exchange contracts [Member] \| Other Assets [Member] \| Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	5	24
Foreign exchange contracts [Member] \| Other Liabilities [Member] \| Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	9	1
Foreign exchange contracts [Member] \| Other Liabilities [Member] \| Designated as Hedging Instruments [Member] \| Accrued liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 18	$ 5

Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Income (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	$ 12	$ 8
Not Designated As Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative	18	19
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)	(42)	105
Foreign exchange contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	10	(32)
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	12	8
Foreign exchange contracts [Member] \| Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)	(42)	105
Foreign exchange contracts [Member] \| Other income (expense), net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	12	8
Foreign exchange contracts [Member] \| Other income (expense), net [Member] \| Not Designated As Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative	18	19
Foreign exchange contracts [Member] \| Revenue [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	16	(6)
Foreign exchange contracts [Member] \| Cost of revenue [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	$ (6)	$ (26)

Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Income (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive income (loss), reclassified	$ 8	$ (22)	$ 35
Amount of gain (loss) recognized in income on derivative (amount excluded from hedge effectiveness)	12	8
Amount of gain (loss) recognized in income on derivative (ineffective portion)
Scenario, Forecast [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive income (loss), reclassified	$ (16)

Acquisitions and Investments - Additional Information (Detail) (USD $) In Millions, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Acquired Finite-Lived Intangible Assets [Line Items]
Aggregate purchase price of acquisitions	$ 2,397	$ 1,767	$ 1,008
Intangible assets			273
Weighted average life	5 years
Goodwill [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets		1,000
Other Investments [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Aggregate purchase price of acquisitions	19
All Other Acquisitions [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Share holder received in cash per share	$ 60.00
Aggregate purchase price of acquisitions	2,378	2,880	1,038
Acquisitions completed	5	17	9
Intangible assets	894	981	273
Weighted average life	19 years	18 years	16 years
Customer relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	635	473	119
Weighted average life	18 years	20 years	14 years
Patents [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	170
Weighted average life	20 years
Trademarks [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	86	159	39
Weighted average life	20 years	16 years	35 years
Other Intangible Assets [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 3	$ 348	$ 115
Weighted average life	1 year	17 years	12 years

Acquisitions and Investments - Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Business Acquisition [Line Items]
Current assets, net of cash acquired			$ 351
Property, plant and equipment			443
Intangible assets			273
Goodwill	1,903	1,000	377
Other assets			73
Total assets acquired	3,329	3,672	1,517
Current liabilities			234
Other liabilities			229
Total liabilities	932	792	479
Cash consideration, net of cash acquired			1,038
Long-term debt			16
All Other Acquisitions [Member]
Business Acquisition [Line Items]
Current assets, net of cash acquired	428	1,441	106
Property, plant and equipment	250	248	41
Intangible assets	894	981	131
Goodwill	1,590	1,000	178
Other assets	49	2	14
Total assets acquired	3,211	3,672	470
Current liabilities	186	585	80
Deferred taxes	524
Other liabilities	123	206	56
Total liabilities	833	792	136
Cash consideration, net of cash acquired	2,378	2,880	334
Long-term debt		$ 1

Acquisitions and Investments - Fair Values of Assets Acquired and Liabilities Assumed (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Business Acquisition [Line Items]
Current assets, net of cash acquired			$ 351
Property, plant and equipment			443
Intangible assets			273
Goodwill	1,903	1,000	377
Other assets			73
Total assets acquired	3,329	3,672	1,517
Current liabilities			234
Long-term debt			16
Other liabilities			229
Total liabilities	932	792	479
Cash consideration, net of cash acquired			1,038
Ameron [Member]
Business Acquisition [Line Items]
Current assets, net of cash acquired			245
Property, plant and equipment			402
Intangible assets			142
Goodwill			199
Other assets			59
Total assets acquired			1,047
Current liabilities			154
Long-term debt			16
Other liabilities			173
Total liabilities			343
Cash consideration, net of cash acquired			704
All Other Acquisitions [Member]
Business Acquisition [Line Items]
Current assets, net of cash acquired	428	1,441	106
Property, plant and equipment	250	248	41
Intangible assets	894	981	131
Goodwill	1,590	1,000	178
Other assets	49	2	14
Total assets acquired	3,211	3,672	470
Current liabilities	186	585	80
Long-term debt		1
Other liabilities	123	206	56
Total liabilities	833	792	136
Cash consideration, net of cash acquired	$ 2,378	$ 2,880	$ 334

Acquisitions and Investments - Summary of Acquisitions (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Business Combinations [Abstract]
Fair value of assets acquired, net of cash acquired	$ 3,329	$ 3,672	$ 1,517
Cash paid, net of cash acquired	(2,397)	(1,767)	(1,008)
Liabilities assumed, debt issued and noncontrolling interest	932	792	479
Excess purchase price over fair value of net assets acquired	$ 1,903	$ 1,000	$ 377

Inventories, net - Inventories (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 1,175	$ 1,268
Work in process	798	905
Finished goods and purchased products	3,630	3,718
Total	$ 5,603	$ 5,891

- 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.

+ References+ Details

Property, Plant and Equipment - Property, Plant and Equipment (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Property, Plant and Equipment [Line Items]
Property, plant and equipment Gross	$ 5,212	$ 4,523
Less: Accumulated Depreciation	(1,804)	(1,578)
Property, plant and equipment, net	3,408	2,945
Land and building [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment Gross	1,494	1,348
Estimated Useful Lives	5-35 Years
Operating equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment Gross	2,960	2,463
Estimated Useful Lives	3-15 Years
Rental equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment Gross	$ 758	$ 712
Estimated Useful Lives	3-12 Years

Accrued Liabilities - Accrued Liabilities (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Payables And Accruals [Abstract]
Customer prepayments and billings	$ 673	$ 699
Accrued vendor costs	531	444
Compensation	516	511
Warranty	228	194	211
Taxes (non income)	188	150
Insurance	131	108
Accrued commissions	97	77
Fair value of derivatives	31	18
Interest	11	14
Other	357	356
Total	$ 2,763	$ 2,571

Costs and Estimated Earnings on Uncompleted Contracts - Costs and Estimated Earnings on Uncompleted Contracts (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Contractors [Abstract]
Costs incurred on uncompleted contracts	$ 7,608	$ 5,731
Estimated earnings	3,553	3,160
Costs and estimated earnings on uncompleted contracts, Gross	11,161	8,891
Less: Billings to date	11,393	8,855
Total net estimate billing on uncompleted contracts	(232)	36
Costs and estimated earnings in excess of billings on uncompleted contracts	1,539	1,225
Billings in excess of costs and estimated earnings on uncompleted contracts	(1,771)	(1,189)
Total net estimate billing on uncompleted contracts	$ (232)	$ 36

- Definition

Amount of receivable reflecting the cost incurred on uncompleted contracts in excess of related billings.

+ References+ Details

Debt - Debt (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Debt Instrument [Line Items]
Other	$ 7	$ 7
Total debt	3,150	3,149
Less current portion	1	1
Long-term debt	3,149	3,148
Senior Notes, interest at 6.125% payable semiannually, principal due on August 15, 2015 [Member]
Debt Instrument [Line Items]
Senior Notes	151	151
Senior Notes, interest at 1.35% payable semiannually, principal due on December 1, 2017 [Member]
Debt Instrument [Line Items]
Senior Notes	500	500
Senior Notes, interest at 2.6% payable semiannually, principal due on December 1, 2022 [Member]
Debt Instrument [Line Items]
Senior Notes	1,396	1,395
Senior Notes, interest at 3.95% payable semiannually, principal due on December 1, 2042 [Member]
Debt Instrument [Line Items]
Senior Notes	$ 1,096	$ 1,096

- Definition

Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References+ Details

Debt - Debt (Parenthetical) (Detail)	12 Months Ended
Debt - Debt (Parenthetical) (Detail)	Dec. 31, 2013	Dec. 31, 2012
Senior Notes, interest at 6.125% payable semiannually, principal due on August 15, 2015 [Member]
Debt Instrument [Line Items]
Senior notes interest rate	6.125%	6.125%
Senior note due date	Aug. 15, 2015	Aug. 15, 2015
Senior Notes, interest at 1.35% payable semiannually, principal due on December 1, 2017 [Member]
Debt Instrument [Line Items]
Senior notes interest rate	1.35%	1.35%
Senior note due date	Dec. 01, 2017	Dec. 01, 2017
Senior Notes, interest at 2.6% payable semiannually, principal due on December 1, 2022 [Member]
Debt Instrument [Line Items]
Senior notes interest rate	2.60%	2.60%
Senior note due date	Dec. 01, 2022	Dec. 01, 2022
Senior Notes, interest at 3.95% payable semiannually, principal due on December 1, 2042 [Member]
Debt Instrument [Line Items]
Senior notes interest rate	3.95%	3.95%
Senior note due date	Dec. 01, 2042	Dec. 01, 2042

Debt - Principal Payments of Debt (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Debt Disclosure [Abstract]
2014	$ 1
2015	153
2016
2017	500
2018
Thereafter	2,496
Total debt	$ 3,150	$ 3,149

- Definition

+ References+ Details

Debt - Additional Information (Detail) (USD $)	12 Months Ended
Debt - Additional Information (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Debt Instrument [Line Items]
Borrowings against credit facility	$ 947,000,000
Funds available under revolving credit facility	2,553,000,000
Variable rate	0.875%
Interest rate under multi currency facility	LIBOR, NIBOR or EURIBOR plus 0.875%
Variable rate basis	LIBOR, NIBOR or EURIBOR plus
Outstanding letters of credit under various bilateral committed letter of credit facilities	3,056,000,000
Fair Value of Unsecured Senior Note	2,896,000,000	3,190,000,000
Carrying Value of Unsecured Senior Notes	3,150,000,000	3,149,000,000
Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Carrying Value of Unsecured Senior Notes	3,143,000,000	3,142,000,000
Five-year Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Unsecured revolving credit facility	3,500,000,000
Borrowings under Commercial Paper	$ 0
Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility, Period	5 years
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility, Period	5 years

Employee Benefit Plans - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013 Employee	Dec. 31, 2012	Dec. 31, 2011
Compensation Related Costs Disclosure [Line Items]
Expenses for defined-contribution plans	$ 96	$ 82	$ 54
Number of U.S retirees and spouses participate in defined benefit health care plans	1,353
Net periodic benefit cost	10	10	14
Defined benefit plan, expected future benefit payments in year five	47
Expected years of defined benefit plans	5 years
Expected future benefit amounts to pay, total	$ 479
Robbins and Myers [Member]
Compensation Related Costs Disclosure [Line Items]
Number of defined benefit pension plans acquired	4
Number of U.S. employees participate in defined benefit health care plans	230
Number of retirees and dependents covered in defined benefit health care plans	400
Robbins and Myers [Member] \| Pension benefits [Member]
Compensation Related Costs Disclosure [Line Items]
Number of defined benefit pension plans acquired	2
Robbins and Myers [Member] \| Contributory Pension Benefits [Member]
Compensation Related Costs Disclosure [Line Items]
Number of defined benefit pension plans acquired	1
United States [Member]
Compensation Related Costs Disclosure [Line Items]
Number of U.S. employees participate in defined benefit health care plans	232

Employee Benefit Plans - Change in Benefit Obligation, Plan Assets and Funded Status of Defined Benefit Pension Plans (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	$ 706	$ 517
Pension benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	655	556
Service cost	7	6
Interest cost	31	27
Actuarial loss (gain)	(10)	76
Benefits paid	(38)	(26)
Participants contributions		1
Exchange rate loss (gain)	7	12
Acquisitions	194	11
Curtailments		(8)
Benefit obligation at end of year	846	655
Fair value of plan assets at beginning of year	517	419
Actual return	72	49
Benefits paid	(38)	(26)
Company contributions	28	53
Participants contributions		1
Exchange rate gain (loss)	4	12
Acquisitions	123	9
Fair value of plan assets at end of year	706	517
Funded status	(140)	(138)
Accumulated benefit obligation at end of year	811	635
Postretirement benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	30	35
Service cost	1
Interest cost	2	1
Actuarial loss (gain)	(12)	(2)
Benefits paid	(4)	(4)
Participants contributions
Exchange rate loss (gain)
Acquisitions	28
Curtailments
Benefit obligation at end of year	45	30
Fair value of plan assets at beginning of year
Actual return
Benefits paid	(4)	(4)
Company contributions	4	4
Participants contributions
Exchange rate gain (loss)
Acquisitions
Fair value of plan assets at end of year
Funded status	$ (45)	$ (30)

Employee Benefit Plans - Assumption Rates Used for Benefit Obligations (Detail)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
United States plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate:	4.65%	3.78%
International plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate minimum:	3.50%	3.30%
Discount rate maximum:	4.40%	4.40%
Salary increase minimum:	2.00%	2.00%
Salary increase maximum:	4.40%	3.87%

Employee Benefit Plans - Assumption Rates Used for Net Periodic Benefit Costs (Detail)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
United States plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate:	3.80%	4.58%	4.95%
Expected return on assets:	6.30%	6.33%
Expected return on assets, minimum:			5.50%
Expected return on assets, maximum:			6.50%
International plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate minimum:	3.46%	4.50%	5.25%
Discount rate maximum:	4.40%	5.60%	5.65%
Salary increase minimum:	2.00%	2.00%	2.00%
Salary increase maximum:	3.53%	4.00%	4.33%
Expected return on assets, minimum:	3.50%	4.50%	4.50%
Expected return on assets, maximum:	5.82%	6.51%	7.06%

Employee Benefit Plans - Plan's Assets Carried at Fair Value (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	$ 706	$ 517
Equity securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	296	204
Bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	172	139
Other Contract [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	238	174
Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements
Fair Value, Inputs, Level 1 [Member] \| Equity securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements
Fair Value, Inputs, Level 1 [Member] \| Bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements
Fair Value, Inputs, Level 1 [Member] \| Other Contract [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements
Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	599	417
Fair Value, Inputs, Level 2 [Member] \| Equity securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	296	204
Fair Value, Inputs, Level 2 [Member] \| Bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	172	139
Fair Value, Inputs, Level 2 [Member] \| Other Contract [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	131	74
Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	107	100	77
Fair Value, Inputs, Level 3 [Member] \| Equity securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements
Fair Value, Inputs, Level 3 [Member] \| Bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements
Fair Value, Inputs, Level 3 [Member] \| Other Contract [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	$ 107	$ 100

Employee Benefit Plans - Summary of Changes in Fair Value of Plan's Level Three Assets (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	$ 706	$ 517
Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at beginning of year	100	77
Actual return on plan assets still held at reporting date	5	10
Purchases, sales and settlements	5	8
Currency translation adjustments	(3)	5
Fair value of plan assets at end of year	$ 107	$ 100

Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), Beginning balance	$ 107	$ (23)	$ 91
Accumulated other comprehensive income (loss) before reclassifications	(71)	112	(73)
Amounts reclassified from accumulated other comprehensive income (loss)	(40)	18	(41)
Accumulated other comprehensive income (loss), Ending balance	(4)	107	(23)
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), Beginning balance	132	68	133
Accumulated other comprehensive income (loss) before reclassifications	(90)	64	(65)
Amounts reclassified from accumulated other comprehensive income (loss)	(25)
Accumulated other comprehensive income (loss), Ending balance	17	132	68
Derivative Financial Instruments, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), Beginning balance	42	(57)	6
Accumulated other comprehensive income (loss) before reclassifications	(29)	77	(28)
Amounts reclassified from accumulated other comprehensive income (loss)	(8)	22	(35)
Accumulated other comprehensive income (loss), Ending balance	5	42	(57)
Defined Benefit Plans, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), Beginning balance	(67)	(34)	(48)
Accumulated other comprehensive income (loss) before reclassifications	48	(29)	20
Amounts reclassified from accumulated other comprehensive income (loss)	(7)	(4)	(6)
Accumulated other comprehensive income (loss), Ending balance	$ (26)	$ (67)	$ (34)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period 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, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References+ Details

Accumulated Other Comprehensive Income (Loss) - Components of Amounts Reclassified from Accumulated Other Comprehensive Income Loss (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Accumulated Other Comprehensive Income (Loss) [Line Items]
Currency Translation Adjustments	$ (25)
Derivative Financial Instruments	(8)	22	(35)
Defined Benefit Plans	(7)	(4)	(6)
Total	(40)	18	(41)
Revenue [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Currency Translation Adjustments
Derivative Financial Instruments	(16)	6	(11)
Defined Benefit Plans
Total	(16)	6	(11)
Cost of revenue [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Currency Translation Adjustments
Derivative Financial Instruments	6	26	(38)
Defined Benefit Plans
Total	6	26	(38)
Selling, general, and administrative [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Currency Translation Adjustments
Derivative Financial Instruments
Defined Benefit Plans	(8)	(6)	(7)
Total	(8)	(6)	(7)
Other income (expense), net [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Currency Translation Adjustments	(25)
Derivative Financial Instruments
Defined Benefit Plans
Total	(25)
Tax effect [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Currency Translation Adjustments
Derivative Financial Instruments	2	(10)	14
Defined Benefit Plans	1	2	1
Total	$ 3	$ (8)	$ 15

- Definition

Amount after tax of reclassification adjustment from accumulated other comprehensive income (loss) for actuarial gain (loss) related to pension and other postretirement benefit plans.

+ References+ Details

Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Statement Of Income And Comprehensive Income [Abstract]
Net increase to other comprehensive income or loss upon the translation	$ (115)	$ 64	$ (65)
Currency translation gains reclassified from accumulated other comprehensive income (loss)	25
Changes in derivative financial instruments, net of tax	37	(99)	63
Changes in derivative financial instruments, tax	$ 18	$ 39	$ 25

- Definition

+ References+ Details

- Definition

Amount after tax of reclassification adjustment from accumulated other comprehensive income for translation gain (loss) realized upon the sale or liquidation of an investment in a foreign entity and foreign currency hedges that are designated and qualified as hedging instruments for hedges of the foreign currency exposure of a net investment in a foreign operation.

+ References+ Details

Commitments and Contingencies - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended			3 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Sep. 30, 2013 Wellbore Technologies [Member]
Commitment And Contingencies [Line Items]
Gain from legal settlement included in revenue				$ 102
Rental expense related to operating leases	$ 336	$ 281	$ 234

Commitments and Contingencies - Future Minimum Lease Commitments Under Noncancellable Operating Leases with Initial or Remaining Terms of One Year or More (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013
Commitments And Contingencies Disclosure [Abstract]
2014	$ 218
2015	169
2016	116
2017	87
2018	71
Thereafter	415
Total future lease commitments	$ 1,076

Common Stock - Additional Information (Detail) (USD $) In Millions, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock, authorized	1,000,000,000	1,000,000,000
Number of preferred stock, authorized	10,000,000
Common stock, par value	$ 0.01	$ 0.01
Preferred stock, par value	$ 0.01
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0
Aggregated cash dividends paid	$ 389	$ 209	$ 191
Earlier authorized shares under stock based compensation	39,500,000
Duration of performance-based restricted stock awards, vested	Stock option plan generally vest over a three-year period starting one year from the date of grant and expire ten years from the date of grant
Remaining shares available for future grants under the Plan	14,500,000
Stock option, Minimum Range	$ 9.14
Stock option, Maximum Range	$ 84.58
Weighted-average fair value of options granted	$ 24.11	$ 30.01	$ 29.52
Total intrinsic value of options exercised	64	120
Total unrecognized compensation cost related to nonvested stock options	74
Weighted-average period recognition of unrecognized compensation cost related to nonvested RSA's	2 years
Total fair value of stock options vested	64	55	54
Cash received from option exercises	58	113	96
Tax benefit realized for the tax deductions from option exercises	39	42	43
Restricted stock granted	758,176	482,428	374,425
Restricted stock granted fair value	$ 69.07	$ 83.79	$ 79.53
Number of shares available except for special grant	16,352
Total stock-based compensation compensation arrangements under the Plan	86	74	68
Total number of restricted stock awards and restricted stock units granted	340,218	406,844	496,642
Restricted Stock and Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted	540,194
Restricted stock granted fair value	$ 69.33
TSR Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based restricted stock awards granted in percent	50.00%
ROC Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based restricted stock awards granted in percent	50.00%
Performance Based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation compensation arrangements under the Plan	8
Restricted Stock Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted	16,702
Restricted stock granted fair value	$ 69.17
Restricted Stock Unit [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Duration of performance-based restricted stock awards, vested	Restricted stock and restricted stock units were granted February 15, 2013 and vest on the third anniversary of the date of grant, except for a special grant of 16,352 restricted stock units which vest on the second anniversary of the date of grant (subject to the satisfaction of a performance condition). On May 22, 2013, the 16,702 restricted stock awards, with a fair value of $69.17 per share, 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.
Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Duration of performance-based restricted stock awards, vested	Restricted stock awards vest in equal thirds over three years on the anniversary of the grant date
Total unrecognized compensation cost related to nonvested stock options	$ 54
Weighted-average period recognition of unrecognized compensation cost related to nonvested RSA's	2 years
Restricted stock granted fair value	$ 69.07	$ 83.79	$ 79.53
Performance based restricted stock awards vested, number of years	3 years
Total number of restricted stock awards and restricted stock units granted	340,218	406,844	496,642
Minimum [Member] \| Performance-base restricted stock [Member] \| Senior Management Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted	0
Maximum [Member] \| Performance-base restricted stock [Member] \| Senior Management Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted	368,860

Common Stock - Summary of Stock Options (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Shares under Stock Option, Beginning of the Year	9,473,482	10,481,750	11,039,544
Number of Shares Granted	2,832,587	2,239,088	2,277,946
Number of Shares Cancelled	(303,417)	(228,137)	(241,174)
Number of Shares Exercised	(1,366,459)	(3,019,219)	(2,594,566)
Number of shares under stock option, End of the year	10,636,193	9,473,482	10,481,750
Number of stock options vested and expected to be vest, exercisable	5,831,091	4,823,331	5,073,965
Weighted Average Exercise Price, Beginning of year	$ 58.69	$ 47.20	$ 38.01
Weighted Average Exercise Price, Stock Options Granted	$ 69.37	$ 84.58	$ 79.68
Weighted Average Exercise Price, Stock Options Canceled	$ 72.43	$ 60.28	$ 40.20
Weighted Average Exercise Price, Stock Options Exercised	$ 77.44	$ 82.26	$ 36.84
Weighted Average Exercise Price, End of the year	$ 63.29	$ 58.69	$ 47.20
Weighted Average Exercise Price, Stock Options Exercisable	$ 53.46	$ 43.99	$ 38.47

Common Stock - Summary of Stock Option Outstanding Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-Avg Remaining Contractual	6 years 9 months 26 days
Stock Options Outstanding, Shares	10,636,193
Stock Options Outstanding, Weighted Price	$ 63.29
Stock Options Exercisable, Shares	5,831,091
Stock Options Exercisable, Weighted Exercise	$ 53.46
Stock option, Minimum Range	$ 9.14
Stock option, Maximum Range	$ 84.58
Range One [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-Avg Remaining Contractual	4 years 4 months 10 days
Stock Options Outstanding, Shares	3,201,686
Stock Options Outstanding, Weighted Price	$ 34.43
Stock Options Exercisable, Shares	3,201,686
Stock Options Exercisable, Weighted Exercise	$ 34.43
Stock option, Minimum Range	$ 9.14
Stock option, Maximum Range	$ 45.00
Range Two [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-Avg Remaining Contractual	8 years 2 months 1 day
Stock Options Outstanding, Shares	3,361,420
Stock Options Outstanding, Weighted Price	$ 67.84
Stock Options Exercisable, Shares	622,464
Stock Options Exercisable, Weighted Exercise	$ 61.32
Stock option, Minimum Range	$ 45.01
Stock option, Maximum Range	$ 70.00
Range Three [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-Avg Remaining Contractual	7 years 7 months 17 days
Stock Options Outstanding, Shares	4,073,087
Stock Options Outstanding, Weighted Price	$ 82.21
Stock Options Exercisable, Shares	2,006,941
Stock Options Exercisable, Weighted Exercise	$ 81.39
Stock option, Minimum Range	$ 70.01
Stock option, Maximum Range	$ 84.58

Common Stock - Assumption Used in Determination of Fair Value of Share Based Payment Awards (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Expected volatility	50.10%	51.70%	53.20%
Risk-free interest rate	0.90%	0.90%	2.10%
Expected dividends	$ 0.75	$ 0.57	$ 0.44
Expected term (in years)	3 years 4 months 24 days	3 years 2 months 12 days	3 years 1 month 6 days

Common Stock - Summary of Information and Changes in Stock Options with Regard to Stock Option Plans (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Shares under Stock Option, Beginning of the Year	9,473,482	10,481,750	11,039,544
Number of Shares Granted	2,832,587	2,239,088	2,277,946
Number of Shares Exercised	(1,366,459)	(3,019,219)	(2,594,566)
Number of Shares Cancelled	(303,417)	(228,137)	(241,174)
Number of shares under stock option, End of the year	10,636,193	9,473,482	10,481,750
Number of stock options, Vested or expected to vest	10,466,014
Number of stock options, Exercisable	5,831,091	4,823,331	5,073,965
Weighted Average Exercise Price, Beginning of year	$ 58.69	$ 47.20	$ 38.01
Weighted Average Exercise Price, Stock Options Granted	$ 69.37	$ 84.58	$ 79.68
Weighted Average Exercise Price, Stock Options Exercised	$ 72.43	$ 60.28	$ 40.20
Weighted Average Exercise Price, Stock Options Cancelled	$ 77.44	$ 82.26	$ 36.84
Weighted Average Exercise Price, End of the year	$ 63.29	$ 58.69	$ 47.20
Weighted Average Exercise Price, Stock options vested or expected to vest	$ 63.29
Weighted Average Exercise Price, Stock options, Exercisable	$ 53.46	$ 43.99	$ 38.47
Weighted Remaining Contractual Term, Outstanding	6 years 9 months 26 days	6 years 10 months 10 days
Weighted Remaining Contractual Term, Vested	6 years 9 months 26 days
Weighted Remaining Contractual Term, Exercisable	5 years 4 months 13 days
Stock Options Average Aggregate Intrinsic Value, Beginning	$ 150,667,018
Stock Options Average Aggregate Intrinsic Value, Ending	183,849,267	150,667,018
Stock Options Average Aggregate Intrinsic Value, Vested or expected to Vest	180,907,679
Stock Options Average Aggregate Intrinsic Value, Exercisable	$ 155,892,094

Common Stock - Summary of Information Regarding Outstanding Restricted Shares (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Restricted Shares Outstanding, Beginning balance	1,336,666	1,606,047	1,765,837
Restricted Stock Granted, Shares	758,176	482,428	374,425
Restricted Stock Vested, Shares	(340,218)	(406,844)	(496,642)
Restricted Stock Canceled, Shares	(239,534)	(344,965)	(37,573)
Restricted Shares Outstanding, Ending balance	1,515,090	1,336,666	1,606,047
Weighted-Average Grant Date Fair Value of Restricted Stock, Beginning Balance	$ 67.56	$ 44.21	$ 42.15
Restricted Stock Granted, Weighted-Average Grant Date Fair Value	$ 69.07	$ 83.79	$ 79.53
Restricted Stock Vested, Weighted-Average Grant Date Fair Value	$ 69.29	$ 83.34	$ 64.22
Restricted Stock Canceled, Weighted-Average Grant Date Fair Value	$ 40.97	$ 30.39	$ 44.02
Weighted-Average Grant Date Fair Value of Restricted Stock, Ending Balance	$ 73.73	$ 67.56	$ 44.21

Income Taxes - Domestic and Foreign Components of Income Before Income Taxes (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax Disclosure [Abstract]
Income before income taxes, Domestic	$ 1,362	$ 1,697	$ 1,193
Income before income taxes, Foreign	1,762	1,643	1,601
Income before income taxes	$ 3,124	$ 3,340	$ 2,794

Income Taxes - Components of Provision for Income Taxes (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Current:
Federal	$ 632	$ 654	$ 450
State	55	44	34
Foreign	592	357	751
Total current income tax provision	1,279	1,055	1,235
Deferred:
Federal	(157)	(147)	(23)
State	(12)	(1)	(3)
Foreign	(167)	58	(315)
Total deferred income tax provision	(336)	(90)	(341)
Total income tax provision	$ 943	$ 965	$ 894

Income Taxes - Difference Between Effective Tax Rate (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax Disclosure [Abstract]
Federal income tax at U.S. statutory rate	$ 1,093	$ 1,169	$ 978
Foreign income tax rate differential	(216)	(149)	(149)
State income tax, net of federal benefit	27	29	20
Nondeductible expenses	26	29	41
Tax benefit of manufacturing deduction	(33)	(29)	(37)
Foreign dividends, net of foreign tax credits	32	(116)	11
Change in deferred tax valuation allowance	40	80	(18)
Other	(26)	(48)	48
Total income tax provision	$ 943	$ 965	$ 894

Income Taxes - Significant Components of Deferred Tax Assets and Liability (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Deferred tax assets:
Allowances and operating liabilities	$ 439	$ 368	$ 331
Net operating loss carryforwards	51	25	14
Postretirement benefits	49	54	14
Foreign tax credit carryforwards	300	259	106
Other	39	149	151
Deferred tax assets gross	878	855	616
Valuation allowance for deferred tax assets	(133)	(93)	(13)
Total deferred tax assets	745	762	603
Deferred tax liabilities:
Tax over book depreciation	306	268	204
Intangible assets	1,757	1,448	1,398
Deferred income	285	314	226
Accrued U.S. tax on unremitted earnings	92	92	70
Other	164	208	168
Total deferred tax liabilities	2,604	2,330	2,066
Net deferred tax liability	$ 1,859	$ 1,568	$ 1,463

Income Taxes - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Income Tax Contingency [Line Items]
Unrecognized tax benefit	$ 127	$ 128	$ 131	$ 118
Unrecognized tax benefits decreases resulting from settlements with taxing authorities and from lapse of applicable statute of limitations	1
Decrease of income tax expense in the current year	1
Unrecognized Tax Benefits Period Increase Decrease Recorded as Reduction in income tax expense	127
Decrease in balance of unrecognized tax benefits associated with reduction in tax		2	9
Unrecognized tax benefits that would reduce income tax	0.4
Accrued income tax interest and penalties related to unrecognized tax benefit	8
Operating loss carry forward potential benefit	51	25	14
Foreign tax credit	300
Excess foreign tax credit, valuation allowance	101
Net deferred tax liabilities	1,859	1,568	1,463
Undistributed earnings of foreign subsidiaries	6,045	4,620
Carry forward expiration year 2018 [Member]
Income Tax Contingency [Line Items]
Net operating loss carry forward	73
Carry forward expiration year 2020 [Member]
Income Tax Contingency [Line Items]
Net operating loss carry forward	71
Carry forward expiration year 2022 [Member]
Income Tax Contingency [Line Items]
Net operating loss carry forward	142
Carry forward expiration year 2023 [Member]
Income Tax Contingency [Line Items]
Net operating loss carry forward	14
Foreign Country [Member]
Income Tax Contingency [Line Items]
Decrease in balance of unrecognized tax benefits associated with reduction in tax	54
Net operating loss carry forward	170
Income tax interest and penalties related to unrecognized tax benefit	44
Operating loss carry forward potential benefit	22
Operating loss carry forward valuation allowance	22
Foreign Country [Member] \| Carry forward expiration year 2014 [Member]
Income Tax Contingency [Line Items]
Net operating loss carry forward	1
Foreign Country [Member] \| Carry forward expiration year 2015 [Member]
Income Tax Contingency [Line Items]
Net operating loss carry forward	9
Foreign Country [Member] \| Carry forward expiration year 2016 [Member]
Income Tax Contingency [Line Items]
Net operating loss carry forward	7
Foreign Country [Member] \| Carry forward expiration year 2017 [Member]
Income Tax Contingency [Line Items]
Net operating loss carry forward	4
Foreign Country [Member] \| Carry forward expiration year 2018 [Member]
Income Tax Contingency [Line Items]
Net operating loss carry forward	14
Foreign Country [Member] \| Carry forward expiration year 2020 [Member]
Income Tax Contingency [Line Items]
Net operating loss carry forward	12
Foreign Country [Member] \| Carry forward expiration year 2021 [Member]
Income Tax Contingency [Line Items]
Net operating loss carry forward	21
Foreign Country [Member] \| Carry forward expiration year 2022 [Member]
Income Tax Contingency [Line Items]
Net operating loss carry forward	20
Foreign Country [Member] \| Carry forward expiration year 2023 [Member]
Income Tax Contingency [Line Items]
Net operating loss carry forward	1
Foreign Country [Member] \| Operating Loss Carry Forward indefinitely [Member]
Income Tax Contingency [Line Items]
Net operating loss carry forward	81
Domestic Country [Member]
Income Tax Contingency [Line Items]
Net operating loss carry forward	20
Income tax interest and penalties related to unrecognized tax benefit	7
Operating loss carry forward potential benefit	7
Operating loss carry forward valuation allowance	7
Domestic Country [Member] \| Carry Forward Expiration Year 2025 [Member]
Income Tax Contingency [Line Items]
Net operating loss carry forward	4
Domestic Country [Member] \| Carry Forward Expiration Year 2026 [Member]
Income Tax Contingency [Line Items]
Net operating loss carry forward	13
Domestic Country [Member] \| Carry Forward Expiration Year 2027 [Member]
Income Tax Contingency [Line Items]
Net operating loss carry forward	1
Domestic Country [Member] \| Carry Forward Expiration Year 2029 [Member]
Income Tax Contingency [Line Items]
Net operating loss carry forward	1
Domestic Country [Member] \| Carry Forward Expiration Year 2030 [Member]
Income Tax Contingency [Line Items]
Net operating loss carry forward	1
Robbins and Myers [Member]
Income Tax Contingency [Line Items]
Net deferred tax liabilities	$ 371

Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax Disclosure [Abstract]
Unrecognized tax benefit at beginning of year	$ 128	$ 131	$ 118
Additions based on tax positions related to the current year		2	9
Additions for tax positions of prior years			13
Reductions for lapse of applicable statutes of limitations	(1)	(5)	(9)
Unrecognized tax benefit at end of year	$ 127	$ 128	$ 131

Business Segments and Geographic Areas - Additional Information (Detail)	12 Months Ended			0 Months Ended
	Dec. 31, 2013 Revenue [Member]	Dec. 31, 2012 Revenue [Member]	Dec. 31, 2011 Revenue [Member]	Apr. 01, 2014 Subsequent Event [Member] Segment Business	Apr. 01, 2014 Subsequent Event [Member] Business	Apr. 01, 2014 Subsequent Event [Member] Rig Systems [Member] Business	Apr. 01, 2014 Subsequent Event [Member] Rig Aftermarket [Member] Business	Apr. 01, 2014 Subsequent Event [Member] Wellbore Technologies [Member] Business	Apr. 01, 2014 Subsequent Event [Member] Completion & Production Solutions [Member] Business
Segment Reporting Information [Line Items]
Number of reportable segments				4
Number of business units					15	2	1	6	6
Revenue from shipyard customer	11.00%	11.00%	13.00%

Business Segments and Geographic Areas - Revenues by Country Based on Sales Destination of Use of Products or Services (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 5,302	$ 4,863	$ 4,680	$ 4,376	$ 4,713	$ 4,307	$ 4,206	$ 3,968	$ 19,221	$ 17,194	$ 13,475
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									5,140	6,040	4,532
South Korea [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									3,219	3,121	2,257
Singapore [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									1,850	1,118	721
Norway [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									1,102	736	689
China [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									1,007	533	430
Brazil [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									811	503	397
United Kingdom [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									705	523	465
Canada [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									625	728	608
Other Countries [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									$ 4,762	$ 3,892	$ 3,376

Business Segments and Geographic Areas - Long-Lived Assets by Country Based on the Location (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Property, plant and equipment, net	$ 3,408	$ 2,945
United States [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	1,830	1,606
Brazil [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	270	162
United Kingdom [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	200	173
Denmark [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	166	174
Canada [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	123	131
South Korea [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	115	112
Mexico [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	101	87
Singapore [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	94	93
Other Countries [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	$ 509	$ 407

Business Segments and Geographic Areas - Business Segments (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Segment Reporting Information [Line Items]
Revenues	$ 5,302	$ 4,863	$ 4,680	$ 4,376	$ 4,713	$ 4,307	$ 4,206	$ 3,968	$ 19,221	$ 17,194	$ 13,475
Operating profit									3,199	3,389	2,809
Capital expenditures									614	569	479
Depreciation and amortization									738	616	549
Goodwill	9,049				7,172				9,049	7,172	6,151
Total assets	34,812				31,484				34,812	31,484	25,515
Discontinued Operations [Member]
Segment Reporting Information [Line Items]
Goodwill	333				343				333	343	52
Total assets	2,183				2,373				2,183	2,373	829
Rig Systems [Member]
Segment Reporting Information [Line Items]
Goodwill	1,279				1,097				1,279	1,097	943
Rig Aftermarket [Member]
Segment Reporting Information [Line Items]
Goodwill	906				649				906	649	556
Wellbore Technologies [Member]
Segment Reporting Information [Line Items]
Goodwill	4,425				3,769				4,425	3,769	3,683
Completion & Production Solutions [Member]
Segment Reporting Information [Line Items]
Goodwill	2,106				1,314				2,106	1,314	917
Operating Segments [Member] \| Rig Systems [Member]
Segment Reporting Information [Line Items]
Revenues									8,450	7,077	5,686
Operating profit									1,594	1,685	1,562
Capital expenditures									61	81	70
Depreciation and amortization									82	64	61
Goodwill	1,279				1,097				1,279	1,097	943
Total assets	7,654				6,563				7,654	6,563	4,743
Operating Segments [Member] \| Rig Aftermarket [Member]
Segment Reporting Information [Line Items]
Revenues									2,692	2,138	1,876
Operating profit									729	594	528
Capital expenditures									24	13	10
Depreciation and amortization									26	18	14
Goodwill	906				649				906	649	556
Total assets	2,475				1,930				2,475	1,930	1,569
Operating Segments [Member] \| Wellbore Technologies [Member]
Segment Reporting Information [Line Items]
Revenues									5,211	5,184	4,455
Operating profit									915	983	726
Capital expenditures									226	247	245
Depreciation and amortization									420	389	381
Goodwill	4,425				3,769				4,425	3,769	3,683
Total assets	11,862				11,032				11,862	11,032	10,799
Operating Segments [Member] \| Completion & Production Solutions [Member]
Segment Reporting Information [Line Items]
Revenues									4,309	3,994	2,483
Operating profit									613	684	456
Capital expenditures									212	169	103
Depreciation and amortization									210	145	93
Goodwill	2,106				1,314				2,106	1,314	917
Total assets	7,287				6,192				7,287	6,192	4,020
Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues									(1,441)	(1,199)	(1,025)
Operating profit									(652)	(557)	(463)
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Capital expenditures									91	59	51
Total assets	$ 3,351				$ 3,394				$ 3,351	$ 3,394	$ 3,555

Quarterly Financial Data (Unaudited) - Summarized Quarterly Results (Detail) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 5,302	$ 4,863	$ 4,680	$ 4,376	$ 4,713	$ 4,307	$ 4,206	$ 3,968	$ 19,221	$ 17,194	$ 13,475
Gross profit	1,404	1,360	1,173	1,167	1,354	1,247	1,228	1,214	5,104	5,043	4,296
Income from continuing operations	627	598	494	461	637	584	579	583	2,180	2,383	1,909
Income from discontinued operations	31	38	37	41	31	28	26	23	147	108	85
Net income attributable to Company	$ 658	$ 636	$ 531	$ 502	$ 668	$ 612	$ 605	$ 606	$ 2,327	$ 2,491	$ 1,994
Basic:
Income from continuing operations	$ 1.47	$ 1.40	$ 1.16	$ 1.08	$ 1.50	$ 1.38	$ 1.37	$ 1.37	$ 5.11	$ 5.61	$ 4.52
Income from discontinued operations	$ 0.07	$ 0.09	$ 0.09	$ 0.10	$ 0.07	$ 0.06	$ 0.05	$ 0.06	$ 0.35	$ 0.25	$ 0.21
Net income attributable to Company	$ 1.54	$ 1.49	$ 1.25	$ 1.18	$ 1.57	$ 1.44	$ 1.42	$ 1.43	$ 5.46	$ 5.86	$ 4.73
Diluted:
Income from continuing operations	$ 1.47	$ 1.40	$ 1.15	$ 1.07	$ 1.49	$ 1.36	$ 1.35	$ 1.36	$ 5.09	$ 5.58	$ 4.50
Income from discontinued operations	$ 0.07	$ 0.09	$ 0.09	$ 0.10	$ 0.07	$ 0.06	$ 0.06	$ 0.06	$ 0.35	$ 0.25	$ 0.20
Net income attributable to Company	$ 1.53	$ 1.49	$ 1.24	$ 1.17	$ 1.56	$ 1.43	$ 1.42	$ 1.42	$ 5.44	$ 5.83	$ 4.70
Cash dividends per share	$ 0.26	$ 0.26	$ 0.26	$ 0.13	$ 0.13	$ 0.12	$ 0.12	$ 0.12	$ 0.91	$ 0.49	$ 0.45

Spin-off of distribution business - Additional Information (Detail) (Now Inc [Member], USD $) In Millions, unless otherwise specified	12 Months Ended			0 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	May 22, 2014 Subsequent Event [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ratio of common stock sharing				4
Sales prior to the spin-off	$ 499	$ 450	$ 382
Purchases prior to the spin-off	$ 149	$ 117	$ 76

Spin-off of distribution business - Schedule of Assets and Liabilities Preceding Spin-off (Detail) (Now Inc [Member], USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Now Inc [Member]
Current assets:
Cash and cash equivalents	$ 101	$ 138
Receivables, net	661	692
Inventories, net	850	1,015
Deferred income taxes	21	18
Prepaid and other current assets	29	19
Total current assets of discontinued operations	1,662	1,882
Property, plant and equipment, net	102	61
Deferred income taxes	15	11
Goodwill	333	343
Intangibles, net	68	74
Other assets	3	2
Total assets of discontinued operations	2,183	2,373
Current liabilities:
Accounts payable	264	272
Accrued liabilities	99	113
Accrued income taxes		6
Total current liabilities of discontinued operations	363	391
Deferred income taxes	16	9
Other liabilities	2	2
Total liabilities of discontinued operations	$ 381	$ 402

Spin-off of distribution business - Schedule of Selected Financial Information Reported as Discontinued Operations (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Reorganizations [Abstract]
Revenue from discontinued operations									$ 4,296	$ 3,414	$ 1,641
Income from discontinued operations before income taxes									222	165	128
Income tax expense									75	57	43
Income from discontinued operations	$ 31	$ 38	$ 37	$ 41	$ 31	$ 28	$ 26	$ 23	$ 147	$ 108	$ 85

- Definition

Overall income (loss) from a disposal group that is classified as a component of the entity, before income tax, reported as a separate component of income before extraordinary items. Includes the following (before income tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.

+ References+ Details

- Definition

Tax effect allocated to a disposal group that is classified as a component of the entity reported as a separate component of income before extraordinary items. Includes the tax effects of the following: income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.

+ References+ Details

- Definition

Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.

+ References+ Details

Schedule II - Valuation and Qualifying Accounts (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Allowance for doubtful accounts [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance beginning of year	$ 120	$ 107	$ 107
Additions (Deductions) charged to costs and expenses	32	6	9
Charge off's and other	(20)	7	(9)
Balance end of year	132	120	107
Allowance for excess and obsolete inventories [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance beginning of year	338	281	270
Additions (Deductions) charged to costs and expenses	89	99	70
Charge off's and other	(31)	(42)	(59)
Balance end of year	396	338	281
Valuation allowance for deferred tax assets [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance beginning of year	93	13	9
Additions (Deductions) charged to costs and expenses	40	80	4
Balance end of year	133	93	13
Warranty reserve [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance beginning of year	194	211	215
Additions (Deductions) charged to costs and expenses	101	51	40
Charge off's and other	(67)	(68)	(44)
Balance end of year	$ 228	$ 194	$ 211