Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2013

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

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

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