Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2012

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


	Rig Technology			Petroleum Services & Supplies			Distribution & Transmission			Total
Balance at December 31, 2010	$	1,854		$	3,859		$	77		$	5,790
Goodwill acquired during period		117			233			27			377
Currency translation adjustments and other		(12	)		(3	)		(1	)		(16	)

Balance at December 31, 2011	$	1,959		$	4,089		$	103		$	6,151
Goodwill acquired during the period		412			241			347			1,000
Currency translation adjustments and other		15			3			3			21

Balance at December 31, 2012	$	2,386		$	4,333		$	453		$	7,172

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


	Rig Technology			Petroleum Services & Supplies			Distribution & Transmission			Total
Balance at December 31, 2010	$	666		$	3,432		$	5		$	4,103
Additions to intangible assets		70			176			27			273
Amortization		(60	)		(213	)		(3	)		(276	)
Currency translation adjustments and other		(22	)		(4	)		(1	)		(27	)

Balance at December 31, 2011	$	654		$	3,391		$	28		$	4,073
Additions to intangible assets		545			380			56			981
Amortization		(76	)		(224	)		(5	)		(305	)
Currency translation adjustments and other		(11	)		3			2			(6	)

Balance at December 31, 2012	$	1,112		$	3,550		$	81		$	4,743

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


	Gross		Accumulated Amortization			Net Book Value
December 31, 2011:
Customer relationships	$	3,044	$	(717	)	$	2,327
Trademarks		716		(122	)		594
Indefinite-lived trade names		643		—			643
Other		751		(242	)		509

Total identified intangibles	$	5,154	$	(1,081	)	$	4,073

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

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


Balance at December 31, 2010	$	215

Net provisions for warranties issued during the year		40
Amounts incurred		(47	)
Currency translation adjustments and other		3

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

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,
	2012		2011		2010
Numerator:
Net income attributable to Company	$	2,491	$	1,994	$	1,667

Denominator:
Basic—weighted average common shares outstanding		425		422		417
Dilutive effect of employee stock options and other unvested stock awards		2		2		2

Diluted outstanding shares		427		424		419

Basic earnings attributable to Company per share	$	5.86	$	4.73	$	3.99

Diluted earnings attributable to Company per share	$	5.83	$	4.70	$	3.98

Cash dividends per share	$	0.49	$	0.45	$	0.41