(Mark One) | ||
R | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended September 30, 2013 | ||
OR | ||
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 76-0451843 | |
(State or Other Jurisdiction of | (I.R.S. Employer | |
Incorporation or Organization) | ||
1333 West Loop South, Suite 1700, Houston, Texas | 77027 | |
(Address of Principal Executive Offices) | (Zip Code) |
3 | |
3 | |
3 | |
4 | |
5 | |
6 | |
7 | |
40 | |
41 | |
41 | |
41 | |
42 | |
42 | |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||||||||
REVENUES | $ | 2,287.4 | $ | 2,053.7 | $ | 4,405.1 | $ | 3,858.0 | $ | 2,495.8 | $ | 2,218.3 | $ | 6,900.9 | $ | 6,076.3 | ||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||||||||||
Cost of sales (exclusive of depreciation and amortization shown separately below) | 1,625.0 | 1,448.9 | 3,119.1 | 2,729.3 | 1,780.7 | 1,568.2 | 4,899.8 | 4,297.5 | ||||||||||||||||||||||||
Selling and administrative expenses | 325.5 | 286.2 | 639.6 | 557.6 | 346.6 | 285.0 | 986.2 | 842.6 | ||||||||||||||||||||||||
Depreciation and amortization | 70.1 | 63.6 | 140.0 | 123.1 | 83.4 | 66.8 | 223.5 | 189.9 | ||||||||||||||||||||||||
Interest, net | 25.3 | 22.0 | 51.2 | 44.7 | 23.2 | 25.1 | 74.4 | 69.8 | ||||||||||||||||||||||||
Other costs (see Note 3) | 35.6 | 9.9 | 66.4 | 8.4 | 13.9 | 3.4 | 80.2 | 11.8 | ||||||||||||||||||||||||
Total costs and expenses | 2,081.5 | 1,830.6 | 4,016.3 | 3,463.1 | 2,247.8 | 1,948.5 | 6,264.1 | 5,411.6 | ||||||||||||||||||||||||
Income before income taxes | 205.9 | 223.1 | 388.8 | 394.9 | 248.0 | 269.8 | 636.8 | 664.7 | ||||||||||||||||||||||||
Income tax provision | (65.5 | ) | (48.5 | ) | (100.0 | ) | (86.3 | ) | (55.6 | ) | (46.2 | ) | (155.6 | ) | (132.5 | ) | ||||||||||||||||
Net income | $ | 140.4 | $ | 174.6 | $ | 288.8 | $ | 308.6 | 192.4 | 223.6 | 481.2 | 532.2 | ||||||||||||||||||||
Earnings per common share: | ||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | 2.8 | – | 2.8 | – | ||||||||||||||||||||||||||||
Net income attributable to Cameron | $ | 189.6 | $ | 223.6 | $ | 478.4 | $ | 532.2 | ||||||||||||||||||||||||
Earnings per share attributable to Cameron stockholders: | ||||||||||||||||||||||||||||||||
Basic | $ | 0.57 | $ | 0.71 | $ | 1.17 | $ | 1.25 | $ | 0.78 | $ | 0.91 | $ | 1.95 | $ | 2.16 | ||||||||||||||||
Diluted | $ | 0.57 | $ | 0.70 | $ | 1.16 | $ | 1.25 | $ | 0.78 | $ | 0.90 | $ | 1.94 | $ | 2.15 | ||||||||||||||||
Shares used in computing earnings per common share: | ||||||||||||||||||||||||||||||||
Shares used in computing earnings per share attributable to Cameron stockholders: | ||||||||||||||||||||||||||||||||
Basic | 246.6 | 246.3 | 247.1 | 246.2 | 242.7 | 246.4 | 245.6 | 246.3 | ||||||||||||||||||||||||
Diluted | 248.1 | 247.7 | 248.6 | 247.8 | 244.2 | 248.1 | 247.1 | 248.0 | ||||||||||||||||||||||||
Comprehensive income | $ | 91.5 | $ | 128.7 | $ | 163.0 | $ | 309.6 | $ | 281.9 | $ | 276.1 | $ | 444.9 | $ | 585.7 | ||||||||||||||||
Comprehensive income attributable to noncontrolling interests | 28.7 | – | 28.7 | – | ||||||||||||||||||||||||||||
Comprehensive income attributable to Cameron | $ | 253.2 | $ | 276.1 | $ | 416.2 | $ | 585.7 |
June 30, 2013 | December 31, 2012 | September 30, 2013 | December 31, 2012 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
ASSETS | ||||||||||||||||
Cash and cash equivalents | $ | 1,718.1 | $ | 1,185.8 | $ | 1,257.0 | $ | 1,185.8 | ||||||||
Short-term investments | 310.2 | 517.0 | 498.2 | 517.0 | ||||||||||||
Receivables, net | 2,288.9 | 1,966.7 | 2,467.7 | 1,966.7 | ||||||||||||
Inventories, net | 3,060.3 | 2,741.2 | 3,216.3 | 2,741.2 | ||||||||||||
Other | 379.7 | 499.9 | 434.9 | 499.9 | ||||||||||||
Total current assets | 7,757.2 | 6,910.6 | 7,874.1 | 6,910.6 | ||||||||||||
Plant and equipment, net | 1,850.9 | 1,765.1 | 1,926.9 | 1,765.1 | ||||||||||||
Goodwill | 2,670.2 | 1,923.9 | 2,939.9 | 1,923.9 | ||||||||||||
Other assets | 1,387.6 | 558.6 | 1,123.3 | 558.6 | ||||||||||||
TOTAL ASSETS | $ | 13,665.9 | $ | 11,158.2 | $ | 13,864.2 | $ | 11,158.2 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
Short-term debt | $ | 32.3 | $ | 29.2 | $ | 292.5 | $ | 29.2 | ||||||||
Accounts payable and accrued liabilities | 3,249.1 | 3,045.7 | 3,533.6 | 3,045.7 | ||||||||||||
Accrued income taxes | 97.2 | 94.1 | 88.1 | 94.1 | ||||||||||||
Total current liabilities | 3,378.6 | 3,169.0 | 3,914.2 | 3,169.0 | ||||||||||||
Long-term debt | 2,045.7 | 2,047.0 | 1,820.5 | 2,047.0 | ||||||||||||
Deferred income taxes | 370.4 | 131.7 | 320.9 | 131.7 | ||||||||||||
Other long-term liabilities | 206.9 | 244.4 | 222.9 | 244.4 | ||||||||||||
Total liabilities | 6,001.6 | 5,592.1 | 6,278.5 | 5,592.1 | ||||||||||||
Stockholders' Equity: | ||||||||||||||||
Common stock, par value $.01 per share, 400,000,000 shares authorized, 263,111,472 shares issued at June 30, 2013 and December 31, 2012 | 2.6 | 2.6 | ||||||||||||||
Stockholders’ Equity: | ||||||||||||||||
Common stock, par value $.01 per share, 400,000,000 shares authorized, 263,111,472 shares issued at September 30, 2013 and December 31, 2012 | 2.6 | 2.6 | ||||||||||||||
Capital in excess of par value | 3,155.5 | 2,094.6 | 3,170.5 | 2,094.6 | ||||||||||||
Retained earnings | 4,409.5 | 4,120.7 | 4,599.1 | 4,120.7 | ||||||||||||
Accumulated other elements of comprehensive income (loss) | (155.8 | ) | (30.0 | ) | (92.2 | ) | (30.0 | ) | ||||||||
Less: Treasury stock, 17,001,730 shares at June 30, 2013 (16,415,336 shares at December 31, 2012) | (701.5 | ) | (621.8 | ) | ||||||||||||
Total Cameron stockholders' equity | 6,710.3 | 5,566.1 | ||||||||||||||
Less: Treasury stock, 24,621,527 shares at September 30, 2013 (16,415,336 shares at December 31, 2012) | (1,145.1 | ) | (621.8 | ) | ||||||||||||
Total Cameron stockholders’ equity | 6,534.9 | 5,566.1 | ||||||||||||||
Noncontrolling interests | 954.0 | – | 1,050.8 | – | ||||||||||||
Total equity | 7,664.3 | 5,566.1 | 7,585.7 | 5,566.1 | ||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 13,665.9 | $ | 11,158.2 | ||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 13,864.2 | $ | 11,158.2 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||||||||||
Net income | $ | 140.4 | $ | 174.6 | $ | 288.8 | $ | 308.6 | $ | 192.4 | $ | 223.6 | $ | 481.2 | $ | 532.2 | ||||||||||||||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||||||||||||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||||||||||
Depreciation | 59.3 | 51.6 | 115.3 | 99.4 | 61.7 | 53.6 | 177.1 | 153.0 | ||||||||||||||||||||||||
Amortization | 10.8 | 12.0 | 24.7 | 23.7 | 21.7 | 13.2 | 46.4 | 36.9 | ||||||||||||||||||||||||
Non-cash stock compensation expense | 14.0 | 10.7 | 27.4 | 21.6 | 13.4 | 9.7 | 40.7 | 31.3 | ||||||||||||||||||||||||
Deferred income taxes and tax benefit of employee stock compensation plan transactions | (2.4 | ) | 12.2 | 11.6 | 31.7 | 18.8 | (91.2 | ) | 30.3 | (59.6 | ) | |||||||||||||||||||||
Changes in assets and liabilities, net of translation, acquisitions and non-cash items: | ||||||||||||||||||||||||||||||||
Receivables | (236.1 | ) | (80.7 | ) | (70.9 | ) | 16.8 | (162.0 | ) | (65.9 | ) | (232.9 | ) | (49.1 | ) | |||||||||||||||||
Inventories | (124.6 | ) | (109.6 | ) | (340.1 | ) | (312.1 | ) | (109.8 | ) | (127.3 | ) | (449.9 | ) | (439.5 | ) | ||||||||||||||||
Accounts payable and accrued liabilities | 211.9 | 124.4 | 7.4 | (168.3 | ) | 211.4 | 74.2 | 218.9 | (94.1 | ) | ||||||||||||||||||||||
Other assets and liabilities, net | (43.7 | ) | (31.7 | ) | (57.3 | ) | (61.7 | ) | (48.0 | ) | 88.6 | (105.3 | ) | 27.1 | ||||||||||||||||||
Net cash provided by (used for) operating activities | 29.6 | 163.5 | 6.9 | (40.3 | ) | |||||||||||||||||||||||||||
Net cash provided by operating activities | 199.6 | 178.5 | 206.5 | 138.2 | ||||||||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||||||
Proceeds from sales and maturities of short-term investments | 353.1 | 190.6 | 628.3 | 512.3 | 259.3 | 262.7 | 887.6 | 775.0 | ||||||||||||||||||||||||
Purchases of short-term investments | (134.5 | ) | (265.4 | ) | (421.4 | ) | (508.3 | ) | (447.2 | ) | (207.3 | ) | (868.6 | ) | (715.6 | ) | ||||||||||||||||
Capital expenditures | (98.8 | ) | (95.1 | ) | (182.5 | ) | (181.8 | ) | (123.3 | ) | (98.7 | ) | (305.9 | ) | (280.4 | ) | ||||||||||||||||
Dispositions (acquisitions), net of cash acquired | 7.8 | (248.1 | ) | 9.0 | (309.6 | ) | (19.8 | ) | ‒ | (10.8 | ) | (309.6 | ) | |||||||||||||||||||
Proceeds received and cash acquired from formation of OneSubsea (see Note 2) | 603.0 | – | 603.0 | – | – | – | 603.0 | – | ||||||||||||||||||||||||
Proceeds from sales of plant and equipment | 2.6 | 8.5 | 4.4 | 18.3 | 3.1 | 7.5 | 7.5 | 25.8 | ||||||||||||||||||||||||
Net cash provided by (used for) investing activities | 733.2 | (409.5 | ) | 640.8 | (469.1 | ) | (327.9 | ) | (35.8 | ) | 312.8 | (504.8 | ) | |||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||
Short-term loan borrowings (repayments), net | (28.3 | ) | (62.9 | ) | 8.6 | (44.5 | ) | 32.0 | 6.6 | 40.6 | (37.9 | ) | ||||||||||||||||||||
Issuance of senior debt | – | 499.3 | – | 499.3 | – | – | – | 499.3 | ||||||||||||||||||||||||
Debt issuance costs | – | (3.4 | ) | – | (3.4 | ) | – | – | – | (3.4 | ) | |||||||||||||||||||||
Purchase of treasury stock | (92.6 | ) | (4.4 | ) | (124.7 | ) | (7.5 | ) | (433.2 | ) | (5.0 | ) | (557.9 | ) | (12.5 | ) | ||||||||||||||||
Contributions from noncontrolling interest owners | 62.2 | – | 62.2 | – | ||||||||||||||||||||||||||||
Purchases of noncontrolling ownership interests | (7.2 | ) | – | (7.2 | ) | – | ||||||||||||||||||||||||||
Proceeds from stock option exercises, net of tax payments from stock compensation plan transactions | 6.9 | (0.3 | ) | 29.1 | 2.1 | 0.9 | 8.3 | 30.0 | 10.4 | |||||||||||||||||||||||
Excess tax benefits from employee stock compensation plan transactions | 2.5 | 0.5 | 8.1 | 5.2 | 0.8 | 4.1 | 8.9 | 9.3 | ||||||||||||||||||||||||
Principal payments on capital leases | (7.4 | ) | (2.9 | ) | (10.1 | ) | (5.3 | ) | (2.9 | ) | (2.8 | ) | (13.0 | ) | (8.1 | ) | ||||||||||||||||
Net cash provided by (used for) financing activities | (118.9 | ) | 425.9 | (89.0 | ) | 445.9 | (347.4 | ) | 11.2 | (436.4 | ) | 457.1 | ||||||||||||||||||||
Effect of translation on cash | (8.2 | ) | (13.4 | ) | (26.4 | ) | (6.4 | ) | 14.6 | 7.8 | (11.7 | ) | 1.3 | |||||||||||||||||||
Increase (decrease) in cash and cash equivalents | 635.7 | 166.5 | 532.3 | (69.9 | ) | (461.1 | ) | 161.7 | 71.2 | 91.8 | ||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 1,082.4 | 662.5 | 1,185.8 | 898.9 | 1,718.1 | 829.0 | 1,185.8 | 898.9 | ||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 1,718.1 | $ | 829.0 | $ | 1,718.1 | $ | 829.0 | $ | 1,257.0 | $ | 990.7 | $ | 1,257.0 | $ | 990.7 |
Cameron Stockholders | ||||||||||||||||||||||||||||||||||||||||||||||||
Cameron Stockholders | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Elements of Comprehensive Income (loss) | Treasury Stock | Noncontrolling Interests | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Elements of Comprehensive Income (Loss) | Treasury Stock | Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 2.6 | $ | 2,094.6 | $ | 4,120.7 | $ | (30.0 | ) | $ | (621.8 | ) | $ | – | $ | 2.6 | $ | 2,094.6 | $ | 4,120.7 | $ | (30.0 | ) | $ | (621.8 | ) | $ | – | ||||||||||||||||||||
Formation of OneSubsea, net of tax effects of $132.6 | – | 1,051.8 | – | – | – | 915.6 | – | 1,051.8 | – | – | – | 915.6 | ||||||||||||||||||||||||||||||||||||
Net income | – | – | 288.8 | – | – | – | – | – | 478.4 | – | – | 2.8 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | – | – | – | (125.8 | ) | – | – | – | – | – | (62.2 | ) | – | 25.9 | ||||||||||||||||||||||||||||||||||
Non-cash stock compensation expense | – | 27.4 | – | – | – | – | – | 40.7 | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Purchase of stock under nonqualified deferred compensation plans | – | – | – | – | (2.1 | ) | – | |||||||||||||||||||||||||||||||||||||||||
Net change in treasury shares owned by participants in nonqualified deferred compensation plans | – | – | – | – | (2.3 | ) | – | |||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | – | – | – | – | (130.6 | ) | – | – | – | – | – | (576.1 | ) | – | ||||||||||||||||||||||||||||||||||
Treasury stock issued under stock compensation plans | – | (23.9 | ) | – | – | 53.0 | – | – | (25.4 | ) | – | – | 55.1 | – | ||||||||||||||||||||||||||||||||||
Tax benefit of stock compensation plan transactions | – | 5.6 | – | – | – | – | – | 8.8 | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest owners | – | – | – | – | – | 75.3 | ||||||||||||||||||||||||||||||||||||||||||
Purchases of noncontrolling ownership interests | – | – | – | – | – | (7.2 | ) | |||||||||||||||||||||||||||||||||||||||||
Other noncontrolling interests | – | – | – | – | – | 38.4 | – | – | – | – | – | 38.4 | ||||||||||||||||||||||||||||||||||||
Balance at June 30, 2013 | $ | 2.6 | $ | 3,155.5 | $ | 4,409.5 | $ | (155.8 | ) | $ | (701.5 | ) | $ | 954.0 | ||||||||||||||||||||||||||||||||||
Balance at September 30, 2013 | $ | 2.6 | $ | 3,170.5 | $ | 4,599.1 | $ | (92.2 | ) | $ | (1,145.1 | ) | $ | 1,050.8 |
Dr. (Cr.) | Dr. (Cr.) | |||||||
Cash | $ | 603.0 | $ | 603.0 | ||||
Receivables | 254.8 | 241.6 | ||||||
Inventory | 32.3 | 32.4 | ||||||
Other current assets | 2.0 | 3.4 | ||||||
Plant and equipment | 31.8 | 31.8 | ||||||
Goodwill | 754.0 | 994.7 | ||||||
Intangibles | 870.0 | 590.0 | ||||||
Other non-current assets | 10.6 | 10.6 | ||||||
Accounts payable and accrued liabilities | (205.7 | ) | (213.5 | ) | ||||
Accrued income taxes | (78.6 | ) | (78.6 | ) | ||||
Deferred tax | (297.1 | ) | ||||||
Deferred income taxes | (212.2 | ) | ||||||
Other long-term liabilities | (9.7 | ) | (35.8 | ) | ||||
Capital in excess of par value | (1,051.8 | ) | (1,051.8 | ) | ||||
Noncontrolling interests | (915.6 | ) | (915.6 | ) | ||||
$ | – | $ | – |
(1) | Included in other assets on the Company’s consolidated condensed balance sheets. |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
OneSubsea formation costs | $ | 28.4 | $ | – | $ | 44.7 | $ | – | ||||||||||||||||||||||||
OneSubsea formation and integration costs | $ | 6.9 | $ | – | $ | 51.6 | $ | – | ||||||||||||||||||||||||
International pension settlement costs | – | 6.1 | – | 6.1 | – | – | – | 6.1 | ||||||||||||||||||||||||
Acquisition integration costs | 1.7 | 3.3 | 3.3 | 5.2 | ||||||||||||||||||||||||||||
Integration costs of other acquisitions | 3.2 | 5.3 | 6.5 | 10.5 | ||||||||||||||||||||||||||||
Mark-to-market impact on currency derivatives(1) | (2.7 | ) | (1.5 | ) | – | (5.6 | ) | 1.4 | (7.6 | ) | 1.4 | (13.2 | ) | |||||||||||||||||||
Currency devaluation, litigation, restructuring and other costs | 8.2 | 2.0 | 18.4 | 2.7 | 2.4 | 5.7 | 20.7 | 8.4 | ||||||||||||||||||||||||
$ | 35.6 | $ | 9.9 | $ | 66.4 | $ | 8.4 | $ | 13.9 | $ | 3.4 | $ | 80.2 | $ | 11.8 |
(1) | These derivatives have not been designated as accounting hedges. |
June 30, 2013 | December 31, 2012 | September 30, 2013 | December 31, 2012 | |||||||||||||
Trade receivables | $ | 2,110.9 | $ | 1,823.2 | $ | 2,275.5 | $ | 1,823.2 | ||||||||
Other receivables | 186.4 | 151.4 | 203.9 | 151.4 | ||||||||||||
Allowance for doubtful accounts | (8.4 | ) | (7.9 | ) | (11.7 | ) | (7.9 | ) | ||||||||
Total receivables | $ | 2,288.9 | $ | 1,966.7 | $ | 2,467.7 | $ | 1,966.7 |
June 30, 2013 | December 31, 2012 | September 30, 2013 | December 31, 2012 | |||||||||||||
Raw materials | $ | 232.3 | $ | 237.9 | $ | 239.3 | $ | 237.9 | ||||||||
Work-in-process | 1,010.5 | 902.1 | 1,068.7 | 902.1 | ||||||||||||
Finished goods, including parts and subassemblies | 2,014.3 | 1,797.9 | 2,110.9 | 1,797.9 | ||||||||||||
Other | 18.2 | 14.3 | 20.6 | 14.3 | ||||||||||||
3,275.3 | 2,952.2 | 3,439.5 | 2,952.2 | |||||||||||||
Excess of current standard costs over LIFO costs | (119.5 | ) | (122.0 | ) | (121.2 | ) | (122.0 | ) | ||||||||
Allowances | (95.5 | ) | (89.0 | ) | (102.0 | ) | (89.0 | ) | ||||||||
Total inventories | $ | 3,060.3 | $ | 2,741.2 | $ | 3,216.3 | $ | 2,741.2 |
June 30, 2013 | December 31, 2012 | September 30, 2013 | December 31, 2012 | |||||||||||||
Plant and equipment, at cost | $ | 3,368.9 | $ | 3,155.9 | $ | 3,506.9 | $ | 3,155.9 | ||||||||
Accumulated depreciation | (1,518.0 | ) | (1,390.8 | ) | (1,580.0 | ) | (1,390.8 | ) | ||||||||
Total plant and equipment | $ | 1,850.9 | $ | 1,765.1 | $ | 1,926.9 | $ | 1,765.1 |
Balance at December 31, 2012 | $ | 1,923.9 | $ | 1,923.9 | ||||
Current year acquisitions | 754.0 | |||||||
Current year additions | 1,000.1 | |||||||
Adjustments to the purchase price allocation for prior year acquisitions | 10.2 | 8.8 | ||||||
Translation | (17.9 | ) | 7.1 | |||||
Balance at June 30, 2013 | $ | 2,670.2 | ||||||
Balance at September 30, 2013 | $ | 2,939.9 |
June 30, 2013 | December 31, 2012 | September 30, 2013 | December 31, 2012 | |||||||||||||
Trade accounts payable and accruals | $ | 855.8 | $ | 925.1 | $ | 797.1 | $ | 925.1 | ||||||||
Advances from customers | 1,566.7 | 1,320.1 | 1,736.9 | 1,320.1 | ||||||||||||
Other accruals | 826.6 | 800.5 | 999.6 | 800.5 | ||||||||||||
Total accounts payable and accrued liabilities | $ | 3,249.1 | $ | 3,045.7 | $ | 3,533.6 | $ | 3,045.7 |
Balance December 31, 2012 | Balance December 31, 2012 | Net warranty provisions | Charges against accrual | Formation of OneSubsea | Translation and other | Balance June 30, 2013 | Balance December 31, 2012 | Net warranty provisions | Charges against accrual | Formation of OneSubsea | Translation and other | Balance September 30, 2013 | ||||||||||||||||||||||||||||||||
$ | 67.6 | $ | 19.6 | $ | (29.3 | ) | $ | 1.3 | $ | (1.0 | ) | $ | 58.2 | 67.6 | $ | 30.4 | $ | (46.1 | ) | $ | 1.0 | $ | 0.6 | $ | 53.5 |
June 30, 2013 | December 31, 2012 | September 30, 2013 | December 31, 2012 | |||||||||||||
Senior notes: | ||||||||||||||||
Floating rate notes due June 2, 2014 | $ | 250.0 | $ | 250.0 | $ | 250.0 | $ | 250.0 | ||||||||
1.6% notes due April 30, 2015 | 250.0 | 250.0 | 250.0 | 250.0 | ||||||||||||
6.375% notes due July 15, 2018 | 450.0 | 450.0 | 450.0 | 450.0 | ||||||||||||
4.5% notes due June 1, 2021 | 250.0 | 250.0 | 250.0 | 250.0 | ||||||||||||
3.6% notes due April 30, 2022 | 250.0 | 250.0 | 250.0 | 250.0 | ||||||||||||
7.0% notes due July 15, 2038 | 300.0 | 300.0 | 300.0 | 300.0 | ||||||||||||
5.95% notes due June 1, 2041 | 250.0 | 250.0 | 250.0 | 250.0 | ||||||||||||
Unamortized original issue discount | (4.0 | ) | (4.1 | ) | (3.9 | ) | (4.1 | ) | ||||||||
Other debt | 20.9 | 19.6 | 54.8 | 19.6 | ||||||||||||
Obligations under capital leases | 61.1 | 60.7 | 62.1 | 60.7 | ||||||||||||
2,078.0 | 2,076.2 | 2,113.0 | 2,076.2 | |||||||||||||
Current maturities | (32.3 | ) | (29.2 | ) | (292.5 | ) | (29.2 | ) | ||||||||
Long-term maturities | $ | 2,045.7 | $ | 2,047.0 | $ | 1,820.5 | $ | 2,047.0 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
DPS | $ | 1,438.4 | $ | 1,155.8 | $ | 2,707.4 | $ | 2,197.9 | $ | 1,636.8 | $ | 1,279.7 | $ | 4,344.2 | $ | 3,477.6 | ||||||||||||||||
V&M | 534.3 | 558.3 | 1,055.8 | 1,049.5 | 502.5 | 536.0 | 1,558.3 | 1,585.5 | ||||||||||||||||||||||||
PCS | 314.7 | 339.6 | 641.9 | 610.6 | 356.5 | 402.6 | 998.4 | 1,013.2 | ||||||||||||||||||||||||
$ | 2,287.4 | $ | 2,053.7 | $ | 4,405.1 | $ | 3,858.0 | $ | 2,495.8 | $ | 2,218.3 | $ | 6,900.9 | $ | 6,076.3 | |||||||||||||||||
Income (loss) before income taxes: | ||||||||||||||||||||||||||||||||
DPS | $ | 195.6 | $ | 176.1 | $ | 350.0 | $ | 311.4 | $ | 216.2 | $ | 198.8 | $ | 566.3 | $ | 510.2 | ||||||||||||||||
V&M | 108.7 | 111.1 | 222.1 | 203.7 | 98.1 | 105.6 | 320.2 | 309.3 | ||||||||||||||||||||||||
PCS | 23.2 | 26.9 | 45.2 | 37.5 | 34.2 | 41.7 | 79.4 | 79.2 | ||||||||||||||||||||||||
Corporate & other | (121.6 | ) | (91.0 | ) | (228.5 | ) | (157.7 | ) | (100.5 | ) | (76.3 | ) | (329.1 | ) | (234.0 | ) | ||||||||||||||||
$ | 205.9 | $ | 223.1 | $ | 388.8 | $ | 394.9 | $ | 248.0 | $ | 269.8 | $ | 636.8 | $ | 664.7 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Net income | $ | 140.4 | $ | 174.6 | $ | 288.8 | $ | 308.6 | ||||||||||||||||||||||||
Net income attributable to Cameron | $ | 189.6 | $ | 223.6 | $ | 478.4 | $ | 532.2 | ||||||||||||||||||||||||
Average shares outstanding (basic) | 246.6 | 246.3 | 247.1 | 246.2 | 242.7 | 246.4 | 245.6 | 246.3 | ||||||||||||||||||||||||
Common stock equivalents | 1.5 | 1.4 | 1.5 | 1.6 | 1.5 | 1.7 | 1.5 | 1.7 | ||||||||||||||||||||||||
Diluted shares | 248.1 | 247.7 | 248.6 | 247.8 | 244.2 | 248.1 | 247.1 | 248.0 | ||||||||||||||||||||||||
Basic earnings per share | $ | 0.57 | $ | 0.71 | $ | 1.17 | $ | 1.25 | ||||||||||||||||||||||||
Diluted earnings per share | $ | 0.57 | $ | 0.70 | $ | 1.16 | $ | 1.25 | ||||||||||||||||||||||||
Basic earnings per share attributable to Cameron stockholders | $ | 0.78 | $ | 0.91 | $ | 1.95 | $ | 2.16 | ||||||||||||||||||||||||
Diluted earnings per share attributable to Cameron stockholders | $ | 0.78 | $ | 0.90 | $ | 1.94 | $ | 2.15 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Treasury shares at beginning of period | 15,768,832 | 16,826,348 | 16,415,336 | 17,579,397 | 17,001,730 | 16,839,018 | 16,415,336 | 17,579,397 | ||||||||||||||||||||||||
Purchases of treasury shares | 1,500,002 | 100,000 | 2,113,455 | 157,200 | 7,677,282 | 100,000 | 9,790,737 | 257,200 | ||||||||||||||||||||||||
Net change in treasury shares owned by participants in nonqualified deferred compensation plans | (1,068 | ) | – | 52,107 | – | 3,052 | – | 55,159 | – | |||||||||||||||||||||||
Treasury shares issued in satisfaction of stock option exercises and vesting of restricted stock units | (266,036 | ) | (87,330 | ) | (1,579,168 | ) | (897,579 | ) | (60,537 | ) | (488,210 | ) | (1,639,705 | ) | (1,385,789 | ) | ||||||||||||||||
Treasury shares at end of period | 17,001,730 | 16,839,018 | 17,001,730 | 16,839,018 | 24,621,527 | 16,450,808 | 24,621,527 | 16,450,808 |
Three Months Ended June 30, 2013 | Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||
Accumulated Foreign Currency Translation Gain (Loss) | Prior Service Credits and Net Actuarial Losses | Accumulated Gain (Loss) on Cash Flow Hedge Derivatives | Total | Three Months Ended June 30, 2012 | Accumulated Foreign Currency Translation Gain (Loss) | Prior Service Credits and Net Actuarial Losses | Accumulated Gain (Loss) on Cash Flow Hedge Derivatives | Total | Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||
Balance at beginning of period | $ | (23.0 | ) | $ | (85.5 | ) | $ | 1.6 | $ | (106.9 | ) | $ | (43.9 | ) | $ | (71.3 | ) | $ | (84.7 | ) | $ | 0.2 | $ | (155.8 | ) | $ | (89.8 | ) | ||||||||||||
Other comprehensive income (loss) before reclassifications: | ||||||||||||||||||||||||||||||||||||||||
Pre-tax | (48.3 | ) | – | (2.7 | ) | (51.0 | ) | (54.8 | ) | 49.8 | – | 24.5 | 74.3 | 51.2 | ||||||||||||||||||||||||||
Tax effect | – | – | 1.4 | 1.4 | 3.1 | – | – | (9.1 | ) | (9.1 | ) | (1.6 | ) | |||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to: | ||||||||||||||||||||||||||||||||||||||||
Revenues | – | – | – | – | 0.6 | – | – | 0.4 | 0.4 | 3.5 | ||||||||||||||||||||||||||||||
Cost of sales | – | – | (0.3 | ) | (0.3 | ) | 1.1 | – | – | (3.8 | ) | (3.8 | ) | – | ||||||||||||||||||||||||||
Depreciation and amortization | – | – | – | – | 0.1 | – | – | 0.1 | 0.1 | – | ||||||||||||||||||||||||||||||
Selling and administrative expense | – | 1.4 | – | 1.4 | 4.1 | – | 1.6 | – | 1.6 | 0.9 | ||||||||||||||||||||||||||||||
Tax effect | – | (0.6 | ) | 0.2 | (0.4 | ) | (0.1 | ) | – | (0.6 | ) | 0.7 | 0.1 | (1.5 | ) | |||||||||||||||||||||||||
Net current period other comprehensive income (loss) | (48.3 | ) | 0.8 | (1.4 | ) | (48.9 | ) | (45.9 | ) | 49.8 | 1.0 | 12.8 | 63.6 | 52.5 | ||||||||||||||||||||||||||
Balance at end of period | $ | (71.3 | ) | $ | (84.7 | ) | $ | 0.2 | $ | (155.8 | ) | $ | (89.8 | ) | $ | (21.5 | ) | $ | (83.7 | ) | $ | 13.0 | $ | (92.2 | ) | $ | (37.3 | ) |
Six Months Ended June 30, 2013 | Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||
Accumulated Foreign Currency Translation Gain (Loss) | Prior Service Credits and Net Actuarial Losses | Accumulated Gain (Loss) on Cash Flow Hedge Derivatives | Total | Six Months Ended June 30, 2012 | Accumulated Foreign Currency Translation Gain (Loss) | Prior Service Credits and Net Actuarial Losses | Accumulated Gain (Loss) on Cash Flow Hedge Derivatives | Total | Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 45.9 | $ | (86.6 | ) | $ | 10.7 | $ | (30.0 | ) | $ | (90.8 | ) | $ | 45.9 | $ | (86.6 | ) | $ | 10.7 | $ | (30.0 | ) | $ | (90.8 | ) | ||||||||||||||
Other comprehensive income (loss) before reclassifications: | ||||||||||||||||||||||||||||||||||||||||
Pre-tax | (117.2 | ) | – | (15.1 | ) | (132.3 | ) | (11.9 | ) | (67.4 | ) | – | 9.4 | (58.0 | ) | 41.6 | ||||||||||||||||||||||||
Tax effect | – | – | 5.5 | 5.5 | 2.5 | – | – | (3.6 | ) | (3.6 | ) | (0.1 | ) | |||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to: | ||||||||||||||||||||||||||||||||||||||||
Revenues | – | – | (1.5 | ) | (1.5 | ) | 2.0 | – | – | (1.1 | ) | (1.1 | ) | 5.5 | ||||||||||||||||||||||||||
Cost of sales | – | – | – | – | 4.8 | – | – | (3.8 | ) | (3.8 | ) | 4.8 | ||||||||||||||||||||||||||||
Depreciation and amortization | – | – | – | – | 0.1 | – | – | 0.1 | 0.1 | 0.1 | ||||||||||||||||||||||||||||||
Selling and administrative expense | – | 3.1 | – | 3.1 | 5.0 | – | 4.7 | – | 4.7 | 5.9 | ||||||||||||||||||||||||||||||
Tax effect | – | (1.2 | ) | 0.6 | (0.6 | ) | (1.5 | ) | – | (1.8 | ) | 1.3 | (0.5 | ) | (4.3 | ) | ||||||||||||||||||||||||
Net current period other comprehensive income (loss) | (117.2 | ) | 1.9 | (10.5 | ) | (125.8 | ) | 1.0 | (67.4 | ) | 2.9 | 2.3 | (62.2 | ) | 53.5 | |||||||||||||||||||||||||
Balance at end of period | $ | (71.3 | ) | $ | (84.7 | ) | $ | 0.2 | $ | (155.8 | ) | $ | (89.8 | ) | $ | (21.5 | ) | $ | (83.7 | ) | $ | 13.0 | $ | (92.2 | ) | $ | (37.3 | ) |
Fair Value Based on Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Based on Significant Other Observable Inputs (Level 2) | Total | Fair Value Based on Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Based on Significant Other Observable Inputs (Level 2) | Total | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash | $ | 1,000.1 | $ | 447.1 | $ | – | $ | – | $ | 1,000.1 | $ | 447.1 | $ | 452.0 | $ | 447.1 | $ | – | $ | – | $ | 452.0 | $ | 447.1 | ||||||||||||||||||||||||
Certificates of deposit | – | 0.2 | – | – | – | 0.2 | 0.2 | 0.2 | – | – | 0.2 | 0.2 | ||||||||||||||||||||||||||||||||||||
Money market funds | 586.8 | 429.1 | – | – | 586.8 | 429.1 | 622.3 | 429.1 | – | – | 622.3 | 429.1 | ||||||||||||||||||||||||||||||||||||
Commercial paper | – | – | 66.8 | 202.7 | 66.8 | 202.7 | – | – | 69.4 | 202.7 | 69.4 | 202.7 | ||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | – | 17.6 | – | – | – | 17.6 | – | 17.6 | – | – | – | 17.6 | ||||||||||||||||||||||||||||||||||||
U.S. non-governmental agency asset-backed securities | – | – | 15.2 | 41.4 | 15.2 | 41.4 | – | – | 13.0 | 41.4 | 13.0 | 41.4 | ||||||||||||||||||||||||||||||||||||
U.S. corporate obligations | 2.9 | 18.9 | – | – | 2.9 | 18.9 | 17.2 | 18.9 | – | – | 17.2 | 18.9 | ||||||||||||||||||||||||||||||||||||
Non-U.S. bank and other obligations | 46.3 | 28.8 | – | – | 46.3 | 28.8 | 82.9 | 28.8 | – | – | 82.9 | 28.8 | ||||||||||||||||||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | 0.2 | 3.0 | – | – | 0.2 | 3.0 | 2.7 | 3.0 | – | – | 2.7 | 3.0 | ||||||||||||||||||||||||||||||||||||
Commercial paper | – | – | 187.9 | 253.9 | 187.9 | 253.9 | – | – | 226.9 | 253.9 | 226.9 | 253.9 | ||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | 9.9 | 64.5 | – | – | 9.9 | 64.5 | 106.7 | 64.5 | – | – | 106.7 | 64.5 | ||||||||||||||||||||||||||||||||||||
U.S. non-governmental agency asset-backed securities | – | – | 59.8 | 99.5 | 59.8 | 99.5 | – | – | 58.0 | 99.5 | 58.0 | 99.5 | ||||||||||||||||||||||||||||||||||||
U.S. corporate obligations | 52.4 | 96.1 | – | – | 52.4 | 96.1 | 103.9 | 96.1 | – | – | 103.9 | 96.1 | ||||||||||||||||||||||||||||||||||||
Non-qualified plan assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Money market funds | 1.2 | 1.1 | – | – | 1.2 | 1.1 | 0.7 | 1.1 | – | – | 0.7 | 1.1 | ||||||||||||||||||||||||||||||||||||
Domestic bond funds | 2.6 | 2.4 | – | – | 2.6 | 2.4 | 2.7 | 2.4 | – | – | 2.7 | 2.4 | ||||||||||||||||||||||||||||||||||||
International bond fund | 0.3 | 0.1 | – | – | 0.3 | 0.1 | 0.3 | 0.1 | – | – | 0.3 | 0.1 | ||||||||||||||||||||||||||||||||||||
Domestic equity funds | 4.0 | 3.6 | – | – | 4.0 | 3.6 | 4.8 | 3.6 | – | – | 4.8 | 3.6 | ||||||||||||||||||||||||||||||||||||
International equity funds | 2.2 | 2.1 | – | – | 2.2 | 2.1 | 2.5 | 2.1 | – | – | 2.5 | 2.1 | ||||||||||||||||||||||||||||||||||||
Blended equity funds | 3.1 | 2.6 | – | – | 3.1 | 2.6 | 3.6 | 2.6 | – | – | 3.6 | 2.6 | ||||||||||||||||||||||||||||||||||||
Common stock | 3.2 | 2.1 | – | – | 3.2 | 2.1 | 2.3 | 2.1 | – | – | 2.3 | 2.1 | ||||||||||||||||||||||||||||||||||||
Derivatives, net asset (liability): | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency contracts | – | – | (14.3 | ) | 19.9 | (14.3 | ) | 19.9 | – | – | 20.0 | 19.9 | 20.0 | 19.9 | ||||||||||||||||||||||||||||||||||
$ | 1,715.2 | $ | 1,119.3 | $ | 315.4 | $ | 617.4 | $ | 2,030.6 | $ | 1,736.7 | $ | 1,404.8 | $ | 1,119.3 | $ | 387.3 | $ | 617.4 | $ | 1,792.1 | $ | 1,736.7 |
Notional Amount - Buy | Notional Amount - Sell | |||||||||||||||||||||||||||||||
2013 | 2014 | 2015 | Total | 2013 | 2014 | 2015 | Total | |||||||||||||||||||||||||
FX Forward Contracts | ||||||||||||||||||||||||||||||||
Notional currency in: | ||||||||||||||||||||||||||||||||
EUR | 150.7 | 82.9 | – | 233.6 | (11.5 | ) | (1.5 | ) | – | (13.0 | ) | |||||||||||||||||||||
GBP | 96.5 | 10.3 | 0.5 | 107.3 | (32.9 | ) | (1.3 | ) | – | (34.2 | ) | |||||||||||||||||||||
MYR | – | 28.4 | – | 28.4 | – | – | – | – | ||||||||||||||||||||||||
NOK | 816.7 | 801.5 | 128.5 | 1,746.7 | (274.4 | ) | (134.4 | ) | – | (408.8 | ) | |||||||||||||||||||||
SGD | 0.3 | – | – | 0.3 | – | – | – | – | ||||||||||||||||||||||||
USD | 60.1 | 6.2 | – | 66.3 | (174.7 | ) | (112.4 | ) | (6.4 | ) | (293.5 | ) |
Notional Amount - Buy | Notional Amount - Sell | |||||||||||||||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | Total | 2013 | 2014 | 2015 | Total | ||||||||||||||||||||||||||||
FX Forward Contracts | ||||||||||||||||||||||||||||||||||||
Notional currency in: | ||||||||||||||||||||||||||||||||||||
Chinese yuan | 34.5 | – | – | – | 34.5 | – | – | – | – | |||||||||||||||||||||||||||
Euros | 75.2 | 132.8 | 6.1 | 9.5 | 223.6 | (16.3 | ) | (45.2 | ) | – | (61.5 | ) | ||||||||||||||||||||||||
Pound Sterling | 84.4 | 13.4 | 0.5 | – | 98.3 | (5.9 | ) | (1.3 | ) | – | (7.2 | ) | ||||||||||||||||||||||||
Malaysian ringgit | – | 28.4 | – | – | 28.4 | – | – | – | – | |||||||||||||||||||||||||||
Norwegian kroner | 429.8 | 921.2 | 128.5 | – | 1,479.5 | (148.7 | ) | (134.4 | ) | – | (283.1 | ) | ||||||||||||||||||||||||
U.S. dollars | 44.9 | 93.0 | – | – | 137.9 | (183.0 | ) | (396.4 | ) | (50.1 | ) | (629.5 | ) |
June 30, 2013 | December 31, 2012 | September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||
Foreign exchange contracts designated as hedging instruments: | ||||||||||||||||||||||||||||||||
Current | $ | 10.2 | $ | 16.2 | $ | 20.4 | $ | 5.7 | $ | 27.9 | $ | 11.5 | $ | 20.4 | $ | 5.7 | ||||||||||||||||
Non-current | 0.8 | 2.8 | 2.3 | 0.4 | 2.1 | 1.7 | 2.3 | 0.4 | ||||||||||||||||||||||||
11.0 | 19.0 | 22.7 | 6.1 | 30.0 | 13.2 | 22.7 | 6.1 | |||||||||||||||||||||||||
Foreign exchange contracts not designated as hedging instruments: | ||||||||||||||||||||||||||||||||
Current | 1.8 | 7.0 | 3.3 | – | 8.9 | 5.4 | – | – | ||||||||||||||||||||||||
Non-current | – | 1.1 | – | – | – | 0.3 | 3.3 | – | ||||||||||||||||||||||||
1.8 | 8.1 | 3.3 | – | 8.9 | 5.7 | 3.3 | – | |||||||||||||||||||||||||
Total derivatives | $ | 12.8 | $ | 27.1 | $ | 26.0 | $ | 6.1 | $ | 38.9 | $ | 18.9 | $ | 26.0 | $ | 6.1 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Foreign currency contracts designated as hedging instruments: | ||||||||||||||||||||||||||||||||
Cost of sales | $ | (0.7 | ) | $ | (0.8 | ) | $ | (5.4 | ) | $ | (0.5 | ) | $ | 3.0 | $ | – | $ | 1.7 | $ | (0.5 | ) | |||||||||||
Foreign currency contracts not designated as hedging instruments: | ||||||||||||||||||||||||||||||||
Cost of sales | – | (0.5 | ) | – | 0.5 | 6.6 | – | 2.5 | 0.5 | |||||||||||||||||||||||
Other costs | 2.7 | 1.5 | – | 5.6 | (1.4 | ) | 7.6 | (1.4 | ) | 13.2 | ||||||||||||||||||||||
Total | $ | 2.0 | $ | 0.2 | $ | (5.4 | ) | $ | 5.6 | $ | 8.2 | $ | 7.6 | $ | 2.8 | $ | 13.2 |
Three Months Ended June 30, | Increase (Decrease) | Three Months Ended September 30, | Increase (Decrease) | |||||||||||||||||||||||||||||
2013 | 2012 | Amount | % | 2013 | 2012 | Amount | % | |||||||||||||||||||||||||
Drilling activity (average number of working rigs during period)(1): | ||||||||||||||||||||||||||||||||
United States | 1,761 | 1,970 | (209 | ) | (10.6 | )% | 1,769 | 1,906 | (137 | ) | (7.2 | )% | ||||||||||||||||||||
Canada | 155 | 173 | (18 | ) | (10.4 | )% | 349 | 326 | 23 | 7.1 | % | |||||||||||||||||||||
Rest of world | 1,306 | 1,229 | 77 | 6.3 | % | 1,285 | 1,260 | 25 | 2.0 | % | ||||||||||||||||||||||
Global average rig count | 3,222 | 3,372 | (150 | ) | (4.4 | )% | 3,403 | 3,492 | (89 | ) | (2.5 | )% | ||||||||||||||||||||
Commodity prices (average of daily U.S. dollar prices per unit during period)(2): | ||||||||||||||||||||||||||||||||
West Texas Intermediate Cushing, OK crude spot price per barrel in U.S. dollars | $ | 94.14 | $ | 93.30 | $ | 0.84 | 0.9 | % | $ | 105.82 | $ | 92.16 | $ | 13.66 | 14.8 | % | ||||||||||||||||
Henry Hub natural gas spot price per MMBtu in U.S. dollars | $ | 4.02 | $ | 2.30 | $ | 1.72 | 74.8 | % | $ | 3.56 | $ | 2.88 | $ | 0.68 | 23.6 | % | ||||||||||||||||
Twelve-month futures strip price (U.S. dollar amount at period end)(2): | ||||||||||||||||||||||||||||||||
West Texas Intermediate Cushing, OK crude oil contract (per barrel) | $ | 93.62 | $ | 87.14 | $ | 6.48 | 7.4 | % | $ | 97.81 | $ | 93.54 | $ | 4.27 | 4.6 | % | ||||||||||||||||
Henry Hub Natural Gas contract (per MMBtu) | $ | 3.76 | $ | 3.29 | $ | 0.47 | 14.3 | % | $ | 3.80 | $ | 3.74 | $ | .06 | 1.6 | % | ||||||||||||||||
Contracted drillships and semi submersibles by location at period-end(3): | ||||||||||||||||||||||||||||||||
U.S. Gulf of Mexico | 40 | 40 | – | – | 41 | 44 | (3 | ) | (6.8 | )% | ||||||||||||||||||||||
Central and South America | 88 | 85 | 3 | 3.5 | % | 81 | 82 | (1 | ) | (1.2 | )% | |||||||||||||||||||||
Northwestern Europe | 47 | 45 | 2 | 4.4 | % | 45 | 47 | (2 | ) | (4.3 | )% | |||||||||||||||||||||
West Africa | 37 | 34 | 3 | 8.8 | % | 40 | 34 | 6 | 17.6 | % | ||||||||||||||||||||||
Southeast Asia and Australia | 23 | 40 | (17 | ) | (42.5 | )% | 24 | 37 | (13 | ) | (35.1 | )% | ||||||||||||||||||||
Other | 45 | 30 | 15 | 50.0 | % | 49 | 32 | 17 | 53.1 | % |
(1) | Based on average monthly rig count data from Baker Hughes |
(2) | Source: Bloomberg |
(3) | Source: ODS-Petrodata Ltd. |
Ÿ | integration costs for OneSubsea, which became effective as a separate venture on June 30, 2013 and is described further in Note 2 of the Notes to Consolidated Condensed Financial Statements, |
Three Months Ended June 30, | Increase (Decrease) | Three Months Ended September 30, | Increase (Decrease) | |||||||||||||||||||||||||||||
($ in millions) | 2013 | 2012 | $ | % | 2013 | 2012 | $ | % | ||||||||||||||||||||||||
Revenues | $ | 1,438.4 | $ | 1,155.8 | $ | 282.6 | 24.5 | % | $ | 1,636.8 | $ | 1,279.7 | $ | 357.1 | 27.9 | % | ||||||||||||||||
Income before income taxes | $ | 195.6 | $ | 176.1 | $ | 19.5 | 11.1 | % | $ | 216.2 | $ | 198.8 | $ | 17.4 | 8.8 | % | ||||||||||||||||
Income before income taxes as a percent of revenues | 13.6 | % | 15.2 | % | N/A | (1.6 | )% | 13.2 | % | 15.5 | % | N/ | A | (2.3 | )% | |||||||||||||||||
Orders | $ | 1,502.7 | $ | 1,617.2 | $ | (114.5 | ) | (7.1 | )% | $ | 2,205.1 | $ | 1,475.6 | $ | 729.5 | 49.4 | % | |||||||||||||||
Backlog (at period-end) | $ | 8,470.4 | $ | 5,155.3 | $ | 3,315.1 | 64.3 | % | $ | 9,161.5 | $ | 5,423.9 | $ | 3,737.6 | 68.9 | % |
Three Months Ended June 30, | Increase (Decrease) | Three Months Ended September 30, | Increase (Decrease) | |||||||||||||||||||||||||||||
($ in millions) | 2013 | 2012 | $ | % | 2013 | 2012 | $ | % | ||||||||||||||||||||||||
Revenues | $ | 534.3 | $ | 558.3 | $ | (24.0 | ) | (4.3 | )% | $ | 502.5 | $ | 536.0 | $ | (33.5 | ) | (6.3 | )% | ||||||||||||||
Income before income taxes | $ | 108.7 | $ | 111.1 | $ | (2.4 | ) | (2.2 | )% | $ | 98.1 | $ | 105.6 | $ | (7.5 | ) | (7.1 | )% | ||||||||||||||
Income before income taxes as a percent of revenues | 20.3 | % | 19.9 | % | N/A | 0.4 | % | 19.5 | % | 19.7 | % | N/ | A | (0.2 | )% | |||||||||||||||||
Orders | $ | 523.8 | $ | 549.8 | $ | (26.0 | ) | (4.7 | )% | $ | 497.3 | $ | 485.8 | $ | 11.5 | 2.4 | % | |||||||||||||||
Backlog (at period-end) | $ | 1,063.0 | $ | 1,144.0 | $ | (81.0 | ) | (7.1 | )% | $ | 1,057.6 | $ | 1,083.8 | $ | (26.2 | ) | (2.4 | )% |
Three Months Ended June 30, | Increase (Decrease) | Three Months Ended September 30, | Increase (Decrease) | |||||||||||||||||||||||||||||
($ in millions) | 2013 | 2012 | $ | % | 2013 | 2012 | $ | % | ||||||||||||||||||||||||
Revenues | $ | 314.7 | $ | 339.6 | $ | (24.9 | ) | (7.3 | )% | $ | 356.5 | $ | 402.6 | $ | (46.1 | ) | (11.5 | )% | ||||||||||||||
Income before income taxes | $ | 23.2 | $ | 26.9 | $ | (3.7 | ) | (13.8 | )% | $ | 34.2 | $ | 41.7 | $ | (7.5 | ) | (18.0 | )% | ||||||||||||||
Income before income taxes as a percent of revenues | 7.4 | % | 7.9 | % | N/A | (0.5 | )% | 9.6 | % | 10.4 | % | N/ | A | (0.8 | )% | |||||||||||||||||
Orders | $ | 304.4 | $ | 407.0 | $ | (102.6 | ) | (25.2 | )% | $ | 343.2 | $ | 338.7 | $ | 4.5 | 1.3 | % | |||||||||||||||
Backlog (at period-end) | $ | 963.7 | $ | 1,154.3 | $ | (190.6 | ) | (16.5 | )% | $ | 940.4 | $ | 1,090.0 | $ | (149.6 | ) | (13.7 | )% |
Six Months Ended June 30, | Increase (Decrease) | Nine Months Ended September 30, | Increase (Decrease) | |||||||||||||||||||||||||||||
2013 | 2012 | Amount | % | 2013 | 2012 | Amount | % | |||||||||||||||||||||||||
Drilling activity (average number of working rigs during period)(1): | ||||||||||||||||||||||||||||||||
United States | 1,760 | 1,981 | (221 | ) | (11.2 | )% | 1,763 | 1,956 | (193 | ) | (9.9 | )% | ||||||||||||||||||||
Canada | 346 | 382 | (36 | ) | (9.4 | )% | 347 | 363 | (16 | ) | (4.4 | )% | ||||||||||||||||||||
Rest of world | 1,290 | 1,209 | 81 | 6.7 | % | 1,288 | 1,226 | 62 | 5.1 | % | ||||||||||||||||||||||
Global average rig count | 3,396 | 3,572 | (176 | ) | (4.9 | )% | 3,398 | 3,545 | (147 | ) | (4.1 | )% | ||||||||||||||||||||
Commodity prices (average of daily U.S. dollar prices per unit during period)(2): | ||||||||||||||||||||||||||||||||
West Texas Intermediate Cushing, OK crude spot price per barrel in U.S. dollars | $ | 94.22 | $ | 98.11 | $ | (3.89 | ) | (4.0 | )% | $ | 98.17 | $ | 96.12 | $ | 2.05 | 2.1 | % | |||||||||||||||
Henry Hub natural gas spot price per MMBtu in U.S. dollars | $ | 3.76 | $ | 2.36 | $ | 1.40 | 59.3 | % | $ | 3.70 | $ | 2.54 | $ | 1.16 | 45.7 | % |
(1) | Based on average monthly rig count data from Baker Hughes |
(2) | Source: Bloomberg |
Six Months Ended June 30, | Increase (Decrease) | Nine Months Ended September 30, | Increase (Decrease) | |||||||||||||||||||||||||||||
($ in millions) | 2013 | 2012 | $ | % | 2013 | 2012 | $ | % | ||||||||||||||||||||||||
Revenues | $ | 2,707.4 | $ | 2,197.9 | $ | 509.5 | 23.2 | % | $ | 4,344.2 | $ | 3,477.6 | $ | 866.6 | 24.9 | % | ||||||||||||||||
Income before income taxes | $ | 350.0 | $ | 311.4 | $ | 38.6 | 12.4 | % | $ | 566.3 | $ | 510.2 | $ | 56.1 | 11.0 | % | ||||||||||||||||
Income before income taxes as a percent of revenues | 12.9 | % | 14.2 | % | N/ | A | (1.3 | )% | 13.0 | % | 14.7 | % | N/ | A | (1.7 | )% | ||||||||||||||||
Orders | $ | 4,245.7 | $ | 3,306.6 | $ | 939.1 | 28.4 | % | $ | 6,450.8 | $ | 4,782.2 | $ | 1,668.6 | 34.9 | % |
Six Months Ended June 30, | Increase (Decrease) | Nine Months Ended September 30, | Increase (Decrease) | |||||||||||||||||||||||||||||
($ in millions) | 2013 | 2012 | $ | % | 2013 | 2012 | $ | % | ||||||||||||||||||||||||
Revenues | $ | 1,055.8 | $ | 1,049.5 | $ | 6.3 | 0.6 | % | $ | 1,558.3 | $ | 1,585.5 | $ | (27.2 | ) | (1.7 | )% | |||||||||||||||
Income before income taxes | $ | 222.1 | $ | 203.7 | $ | 18.4 | 9.0 | % | $ | 320.2 | $ | 309.3 | $ | 10.9 | 3.5 | % | ||||||||||||||||
Income before income taxes as a percent of revenues | 21.0 | % | 19.4 | % | N/ | A | 1.6 | % | 20.5 | % | 19.5 | % | N/ | A | 1.0 | % | ||||||||||||||||
Orders | $ | 1,062.3 | $ | 1,077.8 | $ | (15.5 | ) | (1.4 | )% | $ | 1,559.6 | $ | 1,563.6 | $ | (4.0 | ) | (0.3 | )% |
Six Months Ended June 30, | Increase (Decrease) | Nine Months Ended September 30, | Increase (Decrease) | |||||||||||||||||||||||||||||
($ in millions) | 2013 | 2012 | $ | % | 2013 | 2012 | $ | % | ||||||||||||||||||||||||
Revenues | $ | 641.9 | $ | 610.6 | $ | 31.3 | 5.1 | % | $ | 998.4 | $ | 1,013.2 | $ | (14.8 | ) | (1.5 | )% | |||||||||||||||
Income before income taxes | $ | 45.2 | $ | 37.5 | $ | 7.7 | 20.5 | % | $ | 79.4 | $ | 79.2 | $ | 0.2 | 0.3 | % | ||||||||||||||||
Income before income taxes as a percent of revenues | 7.0 | % | 6.1 | % | N/ | A | 0.9 | % | 8.0 | % | 7.8 | % | N/ | A | 0.2 | % | ||||||||||||||||
Orders | $ | 656.4 | $ | 759.0 | $ | (102.6 | ) | (13.5 | )% | $ | 999.6 | $ | 1,097.7 | $ | (98.1 | ) | (8.9 | )% |
Period | Total number of shares purchased during the period | Average price paid per share | Cumulative number of shares purchased as part of repurchase program | Maximum number of shares that may yet be purchased under repurchase program(1) | ||||||||||||
4/1/13 – 4/30/13 | 716,700 | $ | 60.00 | 1,791.953 | 6,400,781 | |||||||||||
5/1/13 – 5/31/13 | 213,000 | $ | 63.14 | 2,004,953 | 6,251,346 | |||||||||||
6/1/13 – 6/30/13 | 570,302 | $ | 61.27 | 2,575,255 | 5,650,375 | |||||||||||
Total | 1,500,002 | $ | 60.93 | 2,575,255 | 5,650,375 |
Period | Total number of shares purchased during the period | Average price paid per share | Cumulative number of shares purchased as part of repurchase program | Maximum number of shares that may yet be purchased under repurchase program(1),(2) | ||||||||||||
7/1/13 – 7/31/13 | 1,352,306 | $ | 59.36 | 3,927,561 | 4,473,850 | |||||||||||
8/1/13 – 8/31/13 | 3,987,658 | $ | 56.98 | 7,915,219 | 3,311,604 | |||||||||||
9/1/13 – 9/30/13 | 2,337,318 | $ | 59.07 | 10,252,537 | 856,598 | |||||||||||
Total | 7,677,282 | $ | 58.04 | 10,252,537 | 856,598 |
(1) | Based upon actual approved authority available at each month end using the month-end stock price. |
(2) | Subsequent to September 30, 2013, the Company’s Board of Directors increased the share repurchase authority by an additional $1 billion. |
(a) | Information Not Previously Reported in a Report on Form 8-K |
(b) | Material Changes to the Procedures by Which Security Holders May Recommend Board Nominees. |
Date: | CAMERON INTERNATIONAL CORPORATION | ||
(Registrant) | |||
By: | /s/ Charles M. Sledge | ||
Charles M. Sledge | |||
Senior Vice President and Chief Financial Officer and authorized to sign on behalf of the Registrant |
Exhibit Number | Description |
Certification | |
Certification | |
Certification of the CEO and CFO Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Extension Calculation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |