Spin-off of distribution business (Tables)

3 Months Ended

Mar. 31, 2014

Discontinued Operations And Disposal Groups [Abstract]

Schedule of Carrying Value of Assets and Liabilities

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


	March 31, 2014		December 31, 2013
Current assets:
Cash and cash equivalents	$	175	$	101
Receivables, net		754		661
Inventories, net		839		850
Deferred income taxes		29		21
Prepaid and other current assets		29		29

Total current assets of discontinued operations		1,826		1,662

Property, plant and equipment, net		104		102
Deferred income taxes		15		15
Goodwill		330		333
Intangibles, net		67		68
Other assets		1		3

Total assets of discontinued operations	$	2,343	$	2,183

Current liabilities:
Accounts payable	$	313	$	264
Accrued liabilities		100		99
Accrued income taxes		7		—

Total current liabilities of discontinued operations		420		363

Deferred income taxes		17		16
Other liabilities		2		2

Total liabilities of discontinued operations	$	439	$	381

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):


	Three Months Ended March 31,
	2014		2013
Revenue from discontinued operations	$	1,077	$	1,072

Income from discontinued operations before income taxes		62		60


Income tax expense		21		19

Income from discontinued operations	$	41	$	41