Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2014

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, 2012	$	1,097		$	649		$	3,769		$	1,314		$	343		$	7,172

Goodwill acquired during 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

Goodwill acquired during the period		—			—			17			150			—			167
Goodwill disposed of during the period		—			—			—			(71	)		(332	)		(403	)
Currency translation adjustments and other		(43	)		(29	)		(85	)		(116	)		(1	)		(274	)

Balance at December 31, 2014	$	1,236		$	877		$	4,357		$	2,069		$	—		$	8,539

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, 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

Additions to intangible assets		—			—			5			54			—			59
Disposal of intangible assets		—			—			—			(50	)		(67	)		(117	)
Asset impairment		—			—			(104	)		—			—			(104	)
Amortization		(22	)		(6	)		(218	)		(119	)		(1	)		(366	)
Currency translation adjustments and other		(2	)		(3	)		(16	)		(62	)		—			(83	)

Balance at December 31, 2014	$	208		$	133		$	2,666		$	1,437		$	—		$	4,444

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


	Gross		Accumulated Amortization			Net Book Value
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

December 31, 2014:

Customer relationships	$	4,094	$	(1,379	)	$	2,715
Trademarks		871		(226	)		645
Indefinite-lived trade names		536		—			536
Other		1,058		(510	)		548

Total identified intangibles	$	6,559	$	(2,115	)	$	4,444

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


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

Net provisions for warranties issued during the year		123
Amounts incurred		(78	)
Currency translation adjustments and other		(1	)

Balance at December 31, 2014	$	272

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,
	2014		2013		2012
Numerator:
Income from continuing operations	$	2,450	$	2,180	$	2,383

Income from discontinued operations	$	52	$	147	$	108

Net income attributable to Company	$	2,502	$	2,327	$	2,491

Denominator:
Basic—weighted average common shares outstanding		428		426		425
Dilutive effect of employee stock options and other unvested stock awards		2		2		2

Diluted outstanding shares		430		428		427

Per share data:
Basic:
Income from continuing operations	$	5.73	$	5.11	$	5.61

Income from discontinued operations	$	0.12	$	0.35	$	0.25

Net income attributable to Company	$	5.85	$	5.46	$	5.86

Diluted:
Income from continuing operations	$	5.70	$	5.09	$	5.58

Income from discontinued operations	$	0.12	$	0.35	$	0.25

Net income attributable to Company	$	5.82	$	5.44	$	5.83

Cash dividends per share	$	1.64	$	0.91	$	0.49