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<SEC-DOCUMENT>0000950129-09-000468.txt : 20090417
<SEC-HEADER>0000950129-09-000468.hdr.sgml : 20090417
<ACCEPTANCE-DATETIME>20090220104158
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950129-09-000468
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20090220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATIONAL OILWELL VARCO INC
		CENTRAL INDEX KEY:			0001021860
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL & GAS FILED MACHINERY & EQUIPMENT [3533]
		IRS NUMBER:				760475815
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		10000 RICHMOND AVENUE
		STREET 2:		6TH FLOOR
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042-4200
		BUSINESS PHONE:		7133467500

	MAIL ADDRESS:	
		STREET 1:		10000 RICHMOND AVENUE
		STREET 2:		6TH FLOOR
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042-4200

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NATIONAL OILWELL INC
		DATE OF NAME CHANGE:	19960829
</SEC-HEADER>
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<TYPE>CORRESP
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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="70%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="h65834h6583400.gif" alt="(NATIONAL OILWELL VARCO LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">National Oilwell Varco, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7909 Parkwood Circle Drive</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Houston, TX 77036</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PHONE 713-346-7500</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FAX 713-346-4524</TD>
</TR>
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</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">February&nbsp;20, 2009
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">United States Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F. Street, N.E.<BR>
Washington, D.C. 20549<BR>
Attention: Gary Newberry

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
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<TR valign="top">
    <TD nowrap align="left"><B>Re:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>National Oilwell Varco, Inc. (the &#147;Company&#148;)<BR>

Form&nbsp;10-K for Fiscal Year Ended December&nbsp;31, 2007<BR>

Filed February&nbsp;29, 2008<BR>

Forms 10-Q for Fiscal Quarters Ended March&nbsp;31, 2008, June&nbsp;30, 2008<BR>

and September&nbsp;30, 2008<BR>

Filed May&nbsp;9, 2008, August&nbsp;8, 2008 and November&nbsp;4, 2008<BR>

File No.&nbsp;1-12317</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This letter sets forth National Oilwell Varco&#146;s responses to the comments of the staff (the
"<I>Staff</I>&#148;) of the Securities and Exchange Commission (the &#147;<I>Commission</I>&#148;) in its comment letter dated
February&nbsp;13, 2009 (the &#147;<I>Comment Letter</I>&#148;) with respect to the Company&#146;s Annual Report on Form 10-K
for the year ended December&nbsp;31, 2007 and Forms 10-Q for the fiscal quarters ended March&nbsp;31, 2008,
June&nbsp;30, 2008 and September&nbsp;30, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For your convenience, we have repeated in bold and italics each comment of the Staff exactly
as given in the Comment Letter and set forth below each such comment is the Company&#146;s response.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><I>Form&nbsp;10-K for the Fiscal Year Ended December&nbsp;31, 2007</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><I>Goodwill Impairment, page 44</I></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>1. We have considered your response to our prior comment number two in our letter of December&nbsp;31,
2008. The disclosures you cite in your response appear to be factors that will impact your
revenues and results of operations. With regard to the disclosure of the critical policy for
measuring goodwill impairment, we believe this discussion should specifically address why the
assumptions used with the various models cited bear risk of change. We reissue our prior comment
number two.</I></B>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">U. S. Securities and Exchange Commission<BR>
Page 2 of 5

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Response: </B>We will include disclosures consistent with the following under Critical Accounting
Estimates in our 2008 Form 10-K:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company has approximately $5.2&nbsp;billion of goodwill and $0.8&nbsp;billion of other intangible assets
with indefinite lives on its consolidated balance sheet as of December&nbsp;31, 2008. 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 goodwill or other indefinite-lived intangible assets might be impaired. Events or
circumstances which could indicate a potential impairment include, but not limited to: further
sustained declines in worldwide rig counts below current analysts&#146; forecasts, further collapse of
spot and futures prices for oil and gas, significant additional deterioration of external financing
for our customers, higher risk premiums or higher cost of equity. The timing and magnitude of any
goodwill impairment charge, which could be material, would depend on the timing and severity of the
event or events triggering the charge and would require a high degree of management judgment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company performs a review of goodwill for impairment annually or earlier if indicators of
potential impairment exist. The annual impairment tests are performed during the fourth quarter of
each year. If it is determined that goodwill is impaired the impairment is measured based on the
amount by which the book value of goodwill exceeds its implied fair value. The implied fair value
of goodwill is determined by deducting the fair value of a reporting unit&#146;s identifiable assets and
liabilities from the fair value of that reporting unit as a whole. Additional impairment
assessments may be performed on an interim basis if the Company encounters events or changes in
circumstances that would indicate that the carrying amount of goodwill and identified intangibles
has been impaired.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Fair value of the reporting units is determined based on internal management estimates, forecasts
and judgments, using a combination of three methods: discounted cash flow, comparable companies,
and representative transactions. While the Company primarily uses the discounted cash flow method
to assess fair value, the Company uses the comparable companies and representative transaction
methods to validate the discounted cash flow analysis and further support management&#146;s expectations
where possible. The discounted cash flow is based on management&#146;s short-term and long-term
forecast of operating performance for each reporting unit. The two main assumptions used in
measuring goodwill impairment which bears the risk of change and could impact the Company&#146;s
goodwill impairment analysis include the cash flow from operations from each of the Company&#146;s
individual business units and the weighted average costs of capital for the discount rate. The
starting point for each of the fourteen reporting unit&#146;s cash flow from operations is the detailed
annual plan. The detailed planning process takes into consideration a multitude of factors
including worldwide rig activity, inflationary forces, pricing strategies, customer analysis,
operational issues, competitor analysis, capital spending requirements, working capital needs,
customer needs to replacing aging equipment, increased complexity of drilling, new technology, and
existing backlog among other items which impact the individual reporting unit projections. Cash
flows beyond the specific operating plans were estimated using a terminal value calculation, which
incorporated historical and forecasted
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">U. S. Securities and Exchange Commission<BR>
Page 3 of 5

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">financial cyclical trends for each reporting unit and considered long-term earnings growth rates.
The financial and credit market volatility directly impacts our fair value measurement through our
weighted-average cost of capital that we use to determine our discount rate. During times of
volatility, significant judgment must be applied to determine whether credit changes are a short
term or long-term trend.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In the fourth quarter of 2008 and in the early stages of 2009, both commodity prices and rig
activity dropped significantly and as a result, projections for the remainder of 2009 also
reflected substantial declines compared to 2008. The Company updated its operating plans and
discounted cash flows based on this information. The goodwill impairment analysis which we
performed during the fourth quarter of 2008 and updated as of December&nbsp;31, 2008, did not result in
an impairment in the current year. The Company had no impairment of goodwill for the years ended
December&nbsp;31, 2007 and 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company performed a sensitivity analysis on the projected results and goodwill impairment
analysis assuming revenue for each individual reporting unit decreased an additional 20% from the
current projections for each of the next three years (2009, 2010, and 2011), while holding all
other factors constant, and no goodwill impairment was identified for any of the reporting units.
The Company believes that such a 20% drop approximately corresponds to a three-year worldwide
average rig count in the range of 2,300 to 2,400 active drilling rigs, a level of activity last
seen approximately five years ago. The worldwide rig count has been volatile, is reasonably likely
to continue to be so in the future, and has varied from a low of 1,458 rigs in 1999 to a high of
5,624 rigs in 1981. In 2008 worldwide rig activity averaged 3,336 active rigs. Additionally, if
the Company were to increase their discount rate 200 basis points, while keeping all other
assumptions constant, there would be no impairments in any of the reporting units. Inherent in our
projections are key assumptions relative to how long the current downward cycle might last. While
we believe these assumptions are reasonable and appropriate, we will continue to monitor these, and
update our impairment analysis if the cycle downturn continues for longer than expected. While the
Company does not believe that these events or changes are likely to occur, it is reasonably
possible these events could transpire if market conditions worsen and if the market fails to
recover in 2010 and/or 2011. Any significant changes to these assumptions and factors could have a
material impact on the Company&#146;s goodwill impairment analysis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Other indefinite-lived intangible assets, representing trade names management intends to use
indefinitely, were valued and are tested for impairment using the Relief from Royalty Method, a
form of the Income Approach. An impairment is measured and recognized based on the amount the book
value of the indefinite-lived intangible assets exceeds its calculated fair value as of the date of
the impairment test. Included in the impairment test are assumptions, for each trade name,
regarding the related revenue streams attributable to the trade names, the royalty rate, and the
discount rate applied. Based on the Company&#146;s indefinite-lived intangible asset impairment
analysis performed during the fourth quarter of 2008, the Company had no impairment of other
indefinite-lived intangible assets for the years ended December&nbsp;31, 2008, 2007 and 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">If any of the above assumptions change, including in some cases insignificantly, or fails to
materialize, the resulting decline in our trade name&#146;s estimated fair value could result in a
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">U. S. Securities and Exchange Commission<BR>
Page 4 of 5

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">material impairment charge. The Company performed a sensitivity analysis on the projected results
and indefinite-lived intangible asset impairment assuming revenue for
each individual trade name decreased an additional 20% from the current projections for each of the next three years
(2009, 2010, and 2011), while holding all other factors constant, and a pre-tax non-cash impairment
charge of approximately $39&nbsp;million would be incurred under those assumptions. If the discount
rate applied to the fair value calculation increased by 200 basis points, and all other assumptions
remained constant, a pre-tax, non-cash impairment charge of
approximately $94&nbsp;million would be
incurred under those assumptions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><I>Quantitative and Qualitative Disclosures About Market Risk, page 47</I></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>2. We have considered your response to our prior comment number three. In providing your expanded
disclosures for Fiscal Year 2008 required by Regulation&nbsp;S-K Item&nbsp;305(a)(1), please include the
following items and revisions:</I></B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Your tabular presentation should be by risk category as defined in the Item cited, not
by hedge designation,</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Contract terms, including weighted average settlement prices, should be provided as
required by Regulation&nbsp;S-K Item&nbsp;</I></B><B><I>305(a)(1)(i)</I></B><B><I>(A)(2) and instruction 2.A.ii of instructions
to paragraph </I></B><B><I>305(a)</I></B><B><I>,</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Foreign currency exchange risk should be grouped by functional currency as required by
Regulation&nbsp;S-K Item&nbsp;</I></B><B><I>305(a)(1)(i)</I></B><B><I>(A)(3), and</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Summarized risk information for the previous fiscal year and a discussion of material
changes should be provided as required by Regulation&nbsp;S-K Item&nbsp;</I></B><B><I>305(a)(3)</I></B><B><I>.</I></B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Response: </B>We hereby confirm that in providing our expanded disclosures for Fiscal Year 2008, we
will address and include the items and revisions you have requested in the bullet points above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>3. We note you have disclosed cash flow, fair value and balance sheet hedges in U.S. dollars,
which are described in the preceding narrative as a foreign currency exposure. As your reporting
and primary functional currency appears to the U.S. dollar, please provide further explanation as
to what is being hedged, what market risk exposure category it represents and how it will be
presented in your revised tabular disclosure.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Response: </B>The Company&#146;s primary market risk exposure is foreign currency exchange rate risk
associated with net assets, liabilities, revenues and costs denominated in currencies other than
the functional currency of our foreign operation at risk. In order to mitigate this risk, we
utilize foreign currency forward contracts to offset exposures to currency fluctuations of
nonfunctional currency amounts. Our tabular disclosure included in our 2008 Form 10-K will present
contract amounts and rates grouped by functional currency.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">U. S. Securities and Exchange Commission<BR>
Page 5 of 5

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><I>Notes to Consolidated Financial Statements</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><I>Note 2 &#151; Summary of Significant Accounting Policies</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><I>Contingencies, page 68</I></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>4. We have considered your response to our prior comment number four. Please confirm that, in
addition to conforming to Statement of Financial Accounting Standards (FASB)&nbsp;5, your policy also
conforms to FASB Interpretation 14, and revise your disclosure as appropriate.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Response: </B>Our policy related to contingencies conforms to Statement of Financial Accounting
Standard No.&nbsp;5 and FASB Interpretation 14. The Company will include the following additional
disclosure in future filings, including its 2008 Form 10-K:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;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 any other,
the low end of the range is accrued.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In providing this response letter to the Staff, the Company acknowledges that (i)&nbsp;the Company is
responsible for the adequacy and accuracy of the disclosure in the above-referenced filing, (ii)
Staff comments or changes to disclosure in response to comments do not foreclose the Commission
from taking any action with respect to the above-referenced filing, and (iii)&nbsp;the Company may not
assert Staff comments as a defense in any proceeding initiated by the Commission or any person
under the federal securities laws of the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">If you or any member of the Staff has any questions regarding the responses set forth herein,
please contact the undersigned at (713)&nbsp;346-7606.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Sincerely,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">/s/ Clay Williams

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Clay Williams<BR>
Senior Vice President and Chief Financial Officer

</DIV>


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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
