Spin-off of Distribution Business (Tables)

12 Months Ended

Dec. 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):


	May 30, 2014		December 31, 2013
Current assets:
Cash and cash equivalents	$	253	$	101
Receivables, net		753		661
Inventories, net		844		850
Deferred income taxes		30		21
Prepaid and other current assets		35		29

Total current assets of discontinued operations		1,915		1,662
Property, plant and equipment, net		115		102
Deferred income taxes		15		15
Goodwill		332		333
Intangibles, net		67		68
Other assets		2		3

Total assets of discontinued operations	$	2,446	$	2,183

Current liabilities:
Accounts payable	$	384	$	264
Accrued liabilities		90		99
Accrued income taxes		5		—

Total current liabilities of discontinued operations		479		363
Deferred income taxes		17		16
Other liabilities		9		2

Total liabilities of discontinued operations	$	505	$	381

Schedule of Selected Financial Information Reported as Discontinued Operations

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


	Years Ended December 31,
	2014		2013		2012
Revenue from discontinued operations	$	1,701	$	4,296	$	3,414

Income from discontinued operations before income taxes		83		222		165

Income tax expense		31		75		57

Income from discontinued operations	$	52	$	147	$	108