Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Goodwill is identified by segment as follows (in millions):


	Rig Systems			Rig Aftermarket		Wellbore Technologies			Completion & Production Solutions			Total
Balance at December 31, 2014	$	1,236		$	877	$	4,357		$	2,069		$	8,539

Goodwill acquired and adjusted during period		—			—		8			(8	)		—
Impairment (1)		—			—		(1,485	)		—			(1,485	)
Currency translation adjustments and other		(4	)		—		(6	)		(64	)		(74	)

Balance at December 31, 2015	$	1,232		$	877	$	2,874		$	1,997		$	6,980

Goodwill acquired and adjusted during period		—			—		24			126			150
Impairment (1)		(972	)		—		—			—			(972	)
Currency translation adjustments and other		(2	)		—		(24	)		(65	)		(91	)

Balance at December 31, 2016	$	258		$	877	$	2,874		$	2,058		$	6,067

(1)	Accumulated goodwill impairment was $2,457 million as of December 31, 2016.

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

Additions to intangible assets		—			—			2			57			59
Asset impairment		(7	)		—			(173	)		(24	)		(204	)
Amortization		(22	)		(6	)		(214	)		(114	)		(356	)
Currency translation adjustments and other		(3	)		(4	)		(27	)		(60	)		(94	)

Balance at December 31, 2015	$	176		$	123		$	2,254		$	1,296		$	3,849

Additions to intangible assets		—			—			15			9			24
Amortization		(15	)		(7	)		(205	)		(106	)		(333	)
Currency translation adjustments and other		(1	)		(1	)		—			(8	)		(10	)

Balance at December 31, 2016	$	160		$	115		$	2,064		$	1,191		$	3,530

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


	Gross		Accumulated Amortization			Net Book Value
December 31, 2015:

Customer relationships	$	4,016	$	(1,630	)	$	2,386
Trademarks		880		(265	)		615
Indefinite-lived trade names		384		—			384
Other		1,040		(576	)		464

Total identified intangibles	$	6,320	$	(2,471	)	$	3,849

December 31, 2016:

Customer relationships	$	4,024	$	(1,874	)	$	2,150
Trademarks		878		(290	)		588
Indefinite-lived trade names		384		—			384
Other		1,048		(640	)		408

Total identified intangibles	$	6,334	$	(2,804	)	$	3,530

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


Balance at December 31, 2014	$	272

Net provisions for warranties issued during the year		92
Amounts incurred		(117	)
Currency translation adjustments and other		(3	)

Balance at December 31, 2015	$	244

Net provisions for warranties issued during the year		50
Amounts incurred		(127	)
Currency translation adjustments and other		5

Balance at December 31, 2016	$	172

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,
	2016			2015			2014
Numerator:
Income (loss) from continuing operations	$	(2,412	)	$	(769	)	$	2,450

Income from discontinued operations	$	—		$	—		$	52

Net income (loss) attributable to Company	$	(2,412	)	$	(769	)	$	2,502

Denominator:
Basic—weighted average common shares outstanding		376			387			428
Dilutive effect of employee stock options and other unvested stock awards		—			—			2

Diluted outstanding shares		376			387			430

Per share data:
Basic:
Income (loss) from continuing operations	$	(6.41	)	$	(1.99	)	$	5.73

Income from discontinued operations	$	—		$	—		$	0.12

Net income (loss) attributable to Company	$	(6.41	)	$	(1.99	)	$	5.85

Diluted:
Income (loss) from continuing operations	$	(6.41	)	$	(1.99	)	$	5.70

Income from discontinued operations	$	—		$	—		$	0.12

Net income (loss) attributable to Company	$	(6.41	)	$	(1.99	)	$	5.82

Cash dividends per share	$	0.61		$	1.84		$	1.64