Spin-off of Distribution Business (Tables)

6 Months Ended

Jun. 30, 2014

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, immediately preceding the spin-off, which are excluded from our consolidated balance sheet at June, 30, 2014 as a result of the spin-off on May 30, 2014 (in millions).


Current assets:
Cash and cash equivalents	$	253
Receivables, net		753
Inventories, net		844
Deferred income taxes		30
Prepaid and other current assets		35

Total current assets of discontinued operations		1,915

Property, plant and equipment, net		115
Deferred income taxes		15
Goodwill		332
Intangibles, net		67
Other assets		2

Total assets of discontinued operations	$	2,446


Current liabilities:
Accounts payable	$	384
Accrued liabilities		90
Accrued income taxes		5

Total current liabilities of discontinued operations		479

Deferred income taxes		17
Other liabilities		9

Total liabilities of discontinued operations	$	505

Schedule of Selected Financial Information Reported as Discontinued Operations

The following table presents selected financial information, as of May 30, 2014, regarding the results of operations of our distribution business, which is reported as discontinued operations (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013

Revenue from discontinued operations	$	624	$	1,070	$	1,701	$	2,142

Income from discontinued operations before income taxes		21		58		83		118