NOV (NOV) 10-Q 30 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 28, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	NOV
Entity Registrant Name	NATIONAL OILWELL VARCO INC
Entity Central Index Key	1,021,860
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		375,747,606

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 1,846	$ 3,536
Receivables, net	3,325	4,416
Inventories, net	5,172	5,281
Costs in excess of billings	1,669	1,878
Deferred income taxes	391	447
Prepaid and other current assets	530	604
Total current assets	12,933	16,162
Property, plant and equipment, net	3,122	3,362
Deferred income taxes	520	503
Goodwill	8,465	8,539
Intangibles, net	4,087	4,444
Investment in unconsolidated affiliates	331	362
Other assets	170	190
Total assets	29,628	33,562
Current liabilities:
Accounts payable	731	1,189
Accrued liabilities	2,810	3,518
Billings in excess of costs	1,180	1,775
Current portion of long-term debt and short-term borrowings	2	152
Accrued income taxes	112	431
Deferred income taxes	358	309
Total current liabilities	5,193	7,374
Long-term debt	3,981	3,014
Deferred income taxes	1,826	1,972
Other liabilities	422	430
Total liabilities	$ 11,422	$ 12,790
Commitments and contingencies
Stockholders' equity:
Common stock - par value $.01; 1 billion shares authorized; 375,735,085 and 418,977,608 shares issued and outstanding at September 30, 2015 and December 31, 2014	$ 4	$ 4
Additional paid-in capital	6,201	8,341
Accumulated other comprehensive loss	(1,477)	(834)
Retained earnings	13,398	13,181
Total Company stockholders' equity	18,126	20,692
Noncontrolling interests	80	80
Total stockholders' equity	18,206	20,772
Total liabilities and stockholders' equity	$ 29,628	$ 33,562

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	375,735,085	418,977,608
Common stock, shares outstanding	375,735,085	418,977,608

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Revenue	$ 3,306	$ 5,587	$ 12,035	$ 15,731
Cost of revenue	2,634	4,059	9,360	11,463
Gross profit	672	1,528	2,675	4,268
Selling, general and administrative	383	540	1,378	1,568
Intangible asset impairment	55		55
Operating profit	234	988	1,242	2,700
Interest and financial costs	(24)	(26)	(76)	(79)
Interest income	2	4	9	13
Equity income in unconsolidated affiliates		9	16	42
Other income (expense), net	(20)	9	(106)	(12)
Income from continuing operations before income taxes	192	984	1,085	2,664
Provision for income taxes	36	283	330	806
Income from continuing operations	156	701	755	1,858
Income from discontinued operations				52
Net income	156	701	755	1,910
Net income attributable to noncontrolling interests	1	2	1	3
Net income attributable to Company	$ 155	$ 699	$ 754	$ 1,907
Basic:
Income from continuing operations	$ 0.41	$ 1.63	$ 1.92	$ 4.34
Income from discontinued operations				0.12
Net income attributable to Company	0.41	1.63	1.92	4.46
Diluted:
Income from continuing operations	0.41	1.62	1.92	4.31
Income from discontinued operations				0.12
Net income attributable to Company	0.41	1.62	1.92	4.43
Cash dividends per share	$ 0.46	$ 0.46	$ 1.38	$ 1.18
Weighted average shares outstanding:
Basic	380	429	392	428
Diluted	381	431	393	430

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 156	$ 701	$ 755	$ 1,910
Currency translation adjustments	(339)	(310)	(650)	(248)
Changes in derivative financial instruments, net of tax	(19)	(99)	7	(110)
Comprehensive income (loss)	(202)	292	112	1,552
Comprehensive income attributable to noncontrolling interest	1	2	1	3
Comprehensive income (loss) attributable to Company	$ (203)	$ 290	$ 111	$ 1,549

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Income from continuing operations	$ 755	$ 1,858
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	564	579
Deferred income taxes	(122)	(36)
Equity income in unconsolidated affiliates	(16)	(42)
Dividend from unconsolidated affiliate	34	73
Intangible asset impairment	55
Other, net	236	180
Change in operating assets and liabilities, net of acquisitions:
Receivables	1,045	(201)
Inventories	(6)	(817)
Costs in excess of billings	209	(76)
Prepaid and other current assets	73	(73)
Accounts payable	(460)	186
Billings in excess of costs	(595)	38
Income taxes payable	(318)	(289)
Other assets/liabilities, net	(736)	409
Net cash provided by continuing operating activities	718	1,789
Discontinued operations		89
Net cash provided by operating activities	718	1,878
Cash flows from investing activities:
Purchases of property, plant and equipment	(332)	(468)
Business acquisitions, net of cash acquired	(70)	(181)
Cash distributed in spin-off		(253)
Other	24	117
Net cash used in continuing investing activities	(378)	(785)
Discontinued operations		(12)
Net cash used in investing activities	(378)	(797)
Cash flows from financing activities:
Borrowings against lines of credit and other debt	9,184	153
Repayments on debt	(8,369)	(155)
Cash dividends paid	(537)	(507)
Share repurchases	(2,221)
Proceeds from stock options exercised	6	107
Other	(2)	9
Net cash used in continuing financing activities	(1,939)	(393)
Discontinued operations	0	0
Net cash used in financing activities	(1,939)	(393)
Effect of exchange rates on cash	(91)	(33)
Increase (decrease) in cash and cash equivalents	(1,690)	655
Cash and cash equivalents, beginning of period	3,536	3,436
Cash and cash equivalents, end of period	1,846	4,091
Cash payments during the period for:
Interest	57	57
Income taxes	$ 760	$ 1,097

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States requires management to make estimates and assumptions that affect reported and contingent amounts of assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying unaudited consolidated financial statements of National Oilwell Varco, Inc. (“NOV” or the “Company”) present information in accordance with GAAP in the United States for interim financial information and the instructions to Form 10-Q and applicable rules of Regulation S-X. They do not include all information or footnotes required by GAAP in the United States for complete consolidated financial statements and should be read in conjunction with our 2014 Annual Report on Form 10-K. In our opinion, the consolidated financial statements include all adjustments, which are of a normal recurring nature, unless otherwise disclosed, necessary for a fair presentation of the results for the interim periods. The results of operations for the three and nine months ended September 30, 2015 are not necessarily indicative of the results to be expected for the full year. Effective April 1, 2014, the Company reorganized its reporting segments. All prior periods are presented on this basis. Results of operations related to the spin-off of the Company’s distribution business (“spin-off”) have been classified as discontinued operations in all prior periods presented on Form 10-Q. See Note 7 for discussion on the Company’s reporting segments and Note 2 for discussion on the spin-off of the Company’s distribution business. Fair Value of Financial Instruments The carrying amounts of cash and cash equivalents, receivables, and payables approximated fair value because of the relatively short maturity of these instruments. Cash equivalents include only those investments having a maturity date of three months or less at the time of purchase. See Note 8 for the fair value of long-term debt and Note 11 for the fair value of derivative financial instruments.

Spin-off of Distribution Busine

Spin-off of Distribution Business	9 Months Ended
	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Spin-off of Distribution Business	2. Spin-off of Distribution Business On May 30, 2014, the Company completed the previously announced spin-off of its distribution business into an independent public company named NOW Inc., which trades on the New York Stock Exchange under the symbol “DNOW”. After the close of the New York Stock Exchange on May 30, 2014, the stockholders of record as of May 22, 2014 (the “Record Date”) received one share of NOW Inc. common stock for every four shares of NOV common stock held on the Record Date. No fractional shares of NOW Inc. common stock were distributed. Instead, the transfer agent aggregated any fractional shares into whole shares, sold those whole shares in the open market at prevailing rates and distributed the net cash proceeds, after deducting any taxes required to be withheld and any amount equal to all brokerage charges and commissions, pro rata to each holder who would otherwise have been entitled to receive fractional shares in the distribution. The following table presents selected financial information regarding the results of operations of our distribution business, which is reported as discontinued operations (in millions): Period Revenue from discontinued operations $ 1,701 Income from discontinued operations before income taxes 83 Income tax expense 31 Income from discontinued operations $ 52 Prior to the spin-off, sales to NOW were $231 million for the period ended May 30, 2014 and purchases from NOW were $82 million for the period ended May 30, 2014. Prior to May 30, 2014, the spin-off date, revenue and related cost of revenue were eliminated in consolidation between NOV and NOW. Beginning May 31, 2014, this revenue and cost of revenue represent third-party transactions with NOW.

Inventories, net

Inventories, net	9 Months Ended
	Sep. 30, 2015
Inventory Disclosure [Abstract]
Inventories, net	3. Inventories, net Inventories consist of (in millions): September 30, December 31, Raw materials and supplies $ 1,143 $ 1,255 Work in process 892 1,027 Finished goods and purchased products 3,137 2,999 Total $ 5,172 $ 5,281

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2015
Payables and Accruals [Abstract]
Accrued Liabilities	4. Accrued Liabilities Accrued liabilities consist of (in millions): September 30, December 31, Accrued vendor costs $ 773 $ 815 Customer prepayments and billings 514 703 Compensation 295 662 Fair value of derivative financial instruments 271 297 Warranty 257 272 Taxes (non-income) 169 211 Insurance 119 126 Accrued commissions 85 97 Interest 29 11 Other 298 324 Total $ 2,810 $ 3,518 Service and Product Warranties The Company provides service and warranty policies on certain of its products. The Company accrues liabilities under service and warranty policies based upon specific claims and a review of historical warranty and service claim experience in accordance with Accounting Standards Codification (“ASC”) Topic 450 “Contingencies”. Adjustments are made to accruals as claim data and historical experience change. In addition, the Company incurs discretionary costs to service its products in connection with product performance issues and accrues for them when they are encountered. 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 58 Amounts incurred (71 ) Currency translation adjustments and other (2 ) Balance at September 30, 2015 $ 257

Costs and Estimated Earnings on

Costs and Estimated Earnings on Uncompleted Contracts	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Costs and Estimated Earnings on Uncompleted Contracts	5. Costs and Estimated Earnings on Uncompleted Contracts Costs and estimated earnings on uncompleted contracts consist of (in millions): September 30, December 31, Costs incurred on uncompleted contracts $ 10,905 $ 10,442 Estimated earnings 4,868 4,699 15,773 15,141 Less: Billings to date 15,284 15,038 $ 489 $ 103 Costs and estimated earnings in excess of billings on uncompleted contracts $ 1,669 $ 1,878 Billings in excess of costs and estimated earnings on uncompleted contracts (1,180 ) (1,775 ) $ 489 $ 103

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	6. Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) are as follows (in millions): Currency Derivative Defined Total Balance at December 31, 2014 $ (515 ) $ (228 ) $ (91 ) $ (834 ) Accumulated other comprehensive income (loss) before reclassifications (650 ) (151 ) — (801 ) Amounts reclassified from accumulated other comprehensive income (loss) — 158 — 158 Balance at September 30, 2015 $ (1,165 ) $ (221 ) $ (91 ) $ (1,477 ) The components of amounts reclassified from accumulated other comprehensive income (loss) are as follows (in millions): Three Months Ended September 30, 2015 2014 Currency Derivative Defined Total Currency Derivative Defined Total Revenue $ — $ (10 ) $ — $ (10 ) $ — $ (4 ) $ — $ (4 ) Cost of revenue — 82 — 82 — 6 — 6 Tax effect — (21 ) — (21 ) — — — — $ — $ 51 $ — $ 51 $ — $ 2 $ — $ 2 Nine Months Ended September 30, 2015 2014 Currency Derivative Defined Total Currency Derivative Defined Total Revenue $ — $ (11 ) $ — $ (11 ) $ — $ (25 ) $ — $ (25 ) Cost of revenue — 234 — 234 — 5 — 5 Tax effect — (65 ) — (65 ) — 5 — 5 $ — $ 158 $ — $ 158 $ — $ 15 $ — $ 15 The Company’s reporting currency is the U.S. dollar. A majority of the Company’s international entities in which there is a substantial investment have the local currency as their functional currency. As a result, currency translation adjustments resulting from the process of translating the entities’ financial statements into the reporting currency are reported in Other Comprehensive Income or Loss in accordance with ASC Topic 830 “Foreign Currency Matters” (“ASC Topic 830”). For the three and nine months ended September 30, 2015, a majority of these local currencies weakened against the U.S. dollar resulting in net Other Comprehensive Loss of $339 million and $650 million, respectively, upon the translation from local currencies to the U.S. dollar. For the three and nine months ended September 30, 2014, a majority of these local currencies weakened against the U.S. dollar resulting in net Other Comprehensive Loss of $310 million and $248 million, respectively, upon the translation from local currencies to the U.S. dollar. The effect of changes in the fair values of derivatives designated as cash flow hedges are accumulated in Other Comprehensive Income or Loss, net of tax, until the underlying transactions to which they are designed to hedge are realized. The movement in Other Comprehensive Income or Loss from period to period will be the result of the combination of changes in fair value for open derivatives and the outflow of Other Comprehensive Income or Loss related to cumulative changes in the fair value of derivatives that have settled in the current or prior periods. The accumulated effect was Other Comprehensive Loss of $19 million (net of tax of $5 million) and Income of $7 million (net of tax of $8 million) for the three and nine months ended September 30, 2015, respectively. The accumulated effect was Other Comprehensive Loss of $99 million (net of tax of $38 million) and $110 million (net of tax of $42 million) for the three and nine months ended September 30, 2014, respectively.

Business Segments

Business Segments	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Business Segments	7. Business Segments Operating results by segment are as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenue: Rig Systems $ 1,496 $ 2,659 $ 5,949 $ 7,287 Rig Aftermarket 570 837 1,946 2,372 Wellbore Technologies 834 1,469 2,961 4,193 Completion & Production Solutions 798 1,191 2,619 3,320 Eliminations (392 ) (569 ) (1,440 ) (1,441 ) Total Revenue $ 3,306 $ 5,587 $ 12,035 $ 15,731 Operating Profit (Loss): Rig Systems $ 253 $ 533 $ 1,093 $ 1,485 Rig Aftermarket 145 229 479 637 Wellbore Technologies (7 ) 278 110 762 Completion & Production Solutions 3 185 160 479 Unallocated expenses and eliminations (160 ) (237 ) (600 ) (663 ) Total Operating Profit $ 234 $ 988 $ 1,242 $ 2,700 Operating Profit (Loss)%: Rig Systems 16.9 % 20.0 % 18.4 % 20.4 % Rig Aftermarket 25.4 % 27.4 % 24.6 % 26.9 % Wellbore Technologies (0.8 %) 18.9 % 3.7 % 18.2 % Completion & Production Solutions 0.4 % 15.5 % 6.1 % 14.4 % Total Operating Profit % 7.1 % 17.7 % 10.3 % 17.2 % Sales from one segment to another generally are priced at estimated equivalent commercial selling prices; however, segments originating an external sale are credited with the full profit to the Company. Eliminations include intercompany transactions conducted between the four reporting segments that are eliminated in consolidation. Intercompany transactions within each reporting segment are eliminated within each reporting segment. Included in operating profit are other items related to intangible asset impairments; costs associated with a Voluntary Early Retirement Plan established by the Company during the first quarter of 2015; costs related to severance and facility closures; items related to acquisitions, such as transaction costs, the amortization of backlog and inventory that was stepped up to fair value during purchase accounting; the costs of the spin-off of the Company’s distribution business and certain legal costs. Other items by segment are as follows (in millions): Three Months Ended September 30, Nine Months Ended 2015 2014 2015 2014 Other items: Rig Systems $ 22 $ — $ 65 $ — Rig Aftermarket 1 — 11 — Wellbore Technologies 29 — 83 9 Completion & Production Solutions 60 (1 ) 92 6 Unallocated expenses and eliminations — 2 — 36 Total other items $ 112 $ 1 $ 251 $ 51

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	8. Debt Debt consists of (in millions): September 30, December 31, Senior Notes, interest at 6.125% payable semiannually, principal due on August 15, 2015 $ — $ 151 Senior Notes, interest at 1.35% payable semiannually, principal due on December 1, 2017 500 500 Senior Notes, interest at 2.6% payable semiannually, principal due on December 1, 2022 1,396 1,396 Senior Notes, interest at 3.95% payable semiannually, principal due on December 1, 2042 1,096 1,096 Commercial paper 946 — Other 45 23 Total debt 3,983 3,166 Less current portion 2 152 Long-term debt $ 3,981 $ 3,014 On August 15, 2015, the Company repaid $151 million of its 6.125% unsecured Senior Notes using available cash balances. During the second quarter of 2015, the Company exercised its accordion option to increase aggregate borrowing capacity under its five-year unsecured revolving credit facility by an additional $1.0 billion, bringing the aggregate borrowing capacity to $4.5 billion. The facility expires September 28, 2018. The Company also has a commercial paper program under which borrowings are classified as long-term since the program is supported by the $4.5 billion, five-year revolving credit facility. At September 30, 2015, there were $946 million in commercial paper borrowings, and there were $84 million in outstanding letters of credit issued under the credit facility, resulting in $3,470 million of funds available under this revolving credit facility. Interest under this multicurrency facility is based upon LIBOR, NIBOR or EURIBOR plus 0.875% subject to a ratings-based grid, or the U.S. prime rate. The credit facility contains a financial covenant regarding maximum debt to capitalization and the Company was in compliance at September 30, 2015. The Company also had $2,959 million of additional outstanding letters of credit at September 30, 2015 that are under various bilateral letter of credit facilities. Other letters of credit are issued as bid bonds, advanced payment bonds and performance bonds. The fair value of the Company’s debt is estimated using Level 2 inputs in the fair value hierarchy and is based on quoted prices for those or similar instruments. At September 30, 2015 and December 31, 2014, the fair value of the Company’s unsecured Senior Notes approximated $2,704 million and $2,974 million, respectively. At September 30, 2015 and December 31, 2014, the carrying value of the Company’s unsecured Senior Notes approximated $2,992 million and $3,143 million, respectively. The carrying value of the Company’s variable rate borrowings approximates fair value.

Tax

Tax	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Tax	9. Tax The effective tax rate for the three and nine months ended September 30, 2015 was 18.8% and 30.4%, respectively, compared to 28.8% and 30.3% for the same periods in 2014. Compared to the U.S. statutory rate, the effective tax rate was positively impacted in the periods by the effect of lower tax rates on income earned in foreign jurisdictions, and foreign exchange losses for tax reporting in Norway. The effective tax rate was negatively impacted by foreign dividends net of foreign tax credits, nondeductible expenses and a foreign audit settlement during the nine months ended September 30, 2015. Excluding discrete items, the effective tax rate for the three and nine months ended September 30, 2015 was 20.3% and 27.8%, respectively. The difference between the effective tax rate reflected in the provision for income taxes and the U.S. federal statutory rate of 35% was as follows (in millions): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Federal income tax at U.S. federal statutory rate $ 67 $ 344 $ 380 $ 932 Foreign income tax rate differential (30 ) (91 ) (117 ) (189 ) State income tax, net of federal benefit — 8 3 23 Nondeductible expenses — 1 17 20 Tax benefit of manufacturing deduction 7 (13 ) (3 ) (31 ) Foreign dividends, net of foreign tax credits (1 ) 113 14 134 Tax impact of foreign exchange (4 ) 16 (22 ) 14 Change in valuation allowance — (94 ) — (92 ) Change in tax reserves (2 ) — 67 — Other (1 ) (1 ) (9 ) (5 ) Provision for income taxes $ 36 $ 283 $ 330 $ 806 The balance of unrecognized tax benefits at September 30, 2015 was $113 million, $40 million of which if ultimately realized, would be recorded as an income tax benefit. Included in the change in the balance of unrecognized tax benefits is an uncertain tax position identified in a foreign jurisdiction totaling $69 million, of which the Company has settled and paid $69 million as of September 30, 2015. The Company does not anticipate that its total unrecognized tax benefits at September 30, 2015 will significantly change due to the settlement of audits or the expiration of statutes of limitation within 12 months of this reporting date. The Company is subject to taxation in the U.S., various states and foreign jurisdictions. The Company has significant operations in the United States, Canada, the United Kingdom, the Netherlands and Norway. Tax years that remain subject to examination by major tax jurisdiction vary by legal entity, but are generally open in the U.S. for tax years after 2009 and outside the U.S. for tax years after 2007. To the extent penalties and interest would be assessed on any underpayment of income tax, such accrued amounts have been classified as a component of income tax expense in the financial statements.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	10. Stock-Based Compensation The Company has a stock-based compensation plan known as the National Oilwell Varco, Inc. Long-Term Incentive Plan (the “Plan”). The Plan provides for the granting of stock options, performance-based share awards, restricted stock, phantom shares, stock payments and stock appreciation rights. The number of shares authorized under the Plan is 39.5 million. At September 30, 2015, 5,914,169 shares remain available for future grants under the Plan, all of which are available for grants of stock options, performance-based share awards, restricted stock awards, phantom shares, stock payments and stock appreciation rights. On February 25, 2015, the Company granted 5,746,153 stock options with a fair value of $15.41 per share and an exercise price of $54.74 per share; 653,750 shares of restricted stock and restricted stock units with a fair value of $54.74 per share; and performance share awards to senior management employees with potential payouts varying from zero to 396,666 shares. The stock options vest over a three-year period from the grant date while the restricted stock and restricted stock units vest on the third anniversary of the date of grant. The performance share awards can be earned based on performance against established goals over a three-year performance period. The performance share awards are divided into two equal, independent parts that are subject to two separate performance metrics: 50% with a TSR (total shareholder return) goal (the “TSR Award”) and 50% with an internal ROC (return on capital) goal (the “ROC Award”). Performance against the TSR goal is determined by comparing the performance of the Company’s TSR with the TSR performance of the members of the OSX index for the three year performance period. Performance against the ROC goal is determined by comparing the performance of the Company’s actual ROC performance average for each of the three years of the performance period against the ROC goal set by the Company’s Compensation Committee. On May 13, 2015, the Company granted 26,992 restricted stock awards with a fair value of $51.88 per share. The awards were granted to non-employee members of the board of directors and vest on the first anniversary of the grant date. On August 28, 2015, the Company granted 75,000 restricted stock awards with a fair value of $41.65 per share. The awards were granted to an officer of the Company and vest over a three-year period from the grant date. Total stock-based compensation for all stock-based compensation arrangements under the Plan was $21 million and $83 million for the three and nine months ended September 30, 2015 and $23 million and $75 million for the three and nine months ended September 30, 2014, respectively. Included in stock-based compensation for the nine months ended September 30, 2015 is $18 million related to the Voluntary Early Retirement Plan established by the Company in the first quarter of 2015. The total income tax benefit recognized in the Consolidated Statements of Income for all stock-based compensation arrangements under the Plan was $7 million and $20 million for the three and nine months ended September 30, 2015, respectively and $7 million and $23 million for the three and nine months ended September 30, 2014, respectively.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	11. Derivative Financial Instruments ASC Topic 815, “Derivatives and Hedging” requires a company to recognize all of its derivative instruments as either assets or liabilities in the Consolidated Balance Sheet at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of a net investment in a foreign operation. The Company is exposed to certain risks relating to its ongoing business operations. The primary risk managed by using derivative instruments is foreign currency exchange rate risk. Forward contracts against various foreign currencies are entered into to manage the foreign currency exchange rate risk on forecasted revenues and expenses denominated in currencies other than the functional currency of the operating unit (cash flow hedge). In addition, the Company will enter into non-designated forward contracts against various foreign currencies to manage the foreign currency exchange rate risk on recognized nonfunctional currency monetary accounts (non-designated hedge). The Company records all derivative financial instruments at their fair value in its Consolidated Balance Sheet. Except for certain non-designated hedges discussed below, all derivative financial instruments that the Company holds are designated as cash flow hedges and are highly effective in offsetting movements in the underlying risks. Such arrangements typically have terms between 2 and 24 months, but may have longer terms depending on the underlying cash flows being hedged, typically related to the projects in our backlog. The Company may also use interest rate contracts to mitigate its exposure to changes in interest rates on anticipated long-term debt issuances. At September 30, 2015, the Company has determined that the fair value of its derivative financial instruments representing assets of $39 million and liabilities of $335 million (primarily currency related derivatives) are determined using level 2 inputs (inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability) in the fair value hierarchy as the fair value is based on publicly available foreign exchange and interest rates at each financial reporting date. At September 30, 2015, the net fair value of the Company’s foreign currency forward contracts totaled a net liability of $296 million. At September 30, 2015, the Company did not have any interest rate swaps and its financial instruments do not contain any credit-risk-related or other contingent features that could cause accelerated payments when the Company’s financial instruments are in net liability positions. We do not use derivative financial instruments for trading or speculative purposes. Cash Flow Hedging Strategy To protect against the volatility of forecasted foreign currency cash flows resulting from forecasted revenues and expenses, the Company has instituted a cash flow hedging program. The Company hedges portions of its forecasted revenues and expenses denominated in nonfunctional currencies with forward contracts. When the U.S. dollar strengthens or weakens against the foreign currencies, the change in present value of future foreign currency revenues and expenses is offset by changes in the fair value of the forward contracts designated as hedges. For derivative instruments that are designated and qualify as a cash flow hedge (i.e., hedging the exposure to variability in expected future cash flows that is subject to a particular currency risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of Other Comprehensive Income and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings (e.g., in “revenues” when the hedged transactions are cash flows associated with forecasted revenues). The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item, if any (i.e., the ineffective portion), or hedge components excluded from the assessment of effectiveness, is recognized in the Consolidated Statements of Income during the current period. For the three and nine months ended September 30, 2015, the Company recognized losses of $5 million and $25 million, respectively, as a result of the discontinuance of certain cash flow hedges when it became probable that the original forecasted transactions would not occur by the end of the originally specified time period. At September 30, 2015, there were $299 million in pre-tax losses recorded in accumulated other comprehensive income. Significant changes in forecasted operating levels or delays in large capital construction projects, whereby certain hedged transactions associated with these projects are no longer probable of occurring by the end of the originally specified time period, could result in additional losses due to the de-designation of existing hedge contracts. The Company had the following outstanding foreign currency forward contracts that were entered into to hedge nonfunctional currency cash flows from forecasted revenues and expenses (in millions): Currency Denomination Foreign Currency September 30, 2015 December 31, 2014 Norwegian Krone NOK 11,014 NOK 10,781 U.S. Dollar USD 331 USD 231 Euro EUR 139 EUR 462 Danish Krone DKK 85 DKK 227 British Pound Sterling GBP 22 GBP 80 Singapore Dollar SGD 15 SGD 44 Canadian Dollar CAD 5 CAD 14 Non-designated Hedging Strategy The Company enters into forward exchange contracts to hedge certain nonfunctional currency monetary accounts. The purpose of the Company’s foreign currency hedging activities is to protect the Company from risk that the eventual U.S. dollar equivalent cash flows from the nonfunctional currency monetary accounts will be adversely affected by changes in the exchange rates. For derivative instruments that are non-designated, the gain or loss on the derivative instrument subject to the hedged risk (i.e., nonfunctional currency monetary accounts) is recognized in other income (expense), net in current earnings. The Company had the following outstanding foreign currency forward contracts that hedge the fair value of nonfunctional currency monetary accounts (in millions): Currency Denomination Foreign Currency September 30, December 31, Norwegian Krone NOK 2,077 NOK 4,052 Russian Ruble RUB 2,057 RUB — U.S. Dollar USD 643 USD 1,092 Euro EUR 404 EUR 401 Danish Krone DKK 307 DKK 322 British Pound Sterling GBP 22 GBP 19 Canadian Dollar CAD 15 CAD 4 Singapore Dollar SGD 3 SGD 4 Swedish Krone SEK 1 SEK 3 Mexican Peso MXN — MXN 118 Brazilian Real BRL — BRL 57 The Company has the following gross fair values of its derivative instruments and their balance sheet classifications: Asset Derivatives Liability Derivatives Fair Value Fair Value Balance Sheet Location September 30, December 31, Balance Sheet Location September 30, December 31, Derivatives designated as hedging instruments under ASC Topic 815 Foreign exchange contracts Prepaid and other current assets $ 13 $ 18 Accrued liabilities $ 191 $ 204 Foreign exchange contracts Other Assets 1 8 Other Liabilities 64 102 Total derivatives designated as hedging instruments under ASC Topic 815 $ 14 $ 26 $ 255 $ 306 Derivatives not designated as hedging instruments under ASC Topic 815 Foreign exchange contracts Prepaid and other current assets $ 25 $ 27 Accrued liabilities $ 80 $ 93 Total derivatives not designated as hedging instruments under ASC Topic 815 $ 25 $ 27 $ 80 $ 93 Total derivatives $ 39 $ 53 $ 335 $ 399 The Effect of Derivative Instruments on the Consolidated Statements of Income ($ in millions) Derivatives in ASC Topic 815 Cash Flow Amount of Location of Gain (Loss) Income (Effective Portion) Amount of Location of Gain (Loss) Testing) Amount of Nine Months Nine Months September 30, Nine Months September 30, 2015 2014 2015 2014 2015 2014 Revenue 11 25 Cost of revenue (27 ) 1 Foreign exchange contracts (196 ) (132 ) Cost of revenue (207 ) (5 ) Other income (expense), net 1 25 Total (196 ) (132 ) (196 ) 20 (26 ) 26 Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Nine Months Ended September 30, 2015 2014 Foreign exchange contracts Other income (expense), net (84 ) (25 ) Total (84 ) (25 ) (a) The Company expects that $(235) million of the Accumulated Other Comprehensive Income (Loss) will be reclassified into earnings within the next twelve months with an offset by gains from the underlying transactions resulting in no impact to earnings or cash flow. (b) The amount of gain (loss) recognized in income represents $(27) million and $1 million related to the ineffective portion of the hedging relationships for each of the nine months ended September 30, 2015 and 2014, respectively, and $1 million and $25 million related to the amount excluded from the assessment of the hedge effectiveness for the nine months ended September 30, 2015 and 2014, respectively.

Asset Impairment

Asset Impairment	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Asset Impairment	12. Asset Impairment During the third quarter of 2015, the Company incurred $55 million in impairment charges on identified intangible assets with finite lives that were impaired and written off.

Net Income Attributable to Comp

Net Income Attributable to Company Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Net Income Attributable to Company Per Share	13. Net Income Attributable to Company Per Share The following table sets forth the computation of weighted average basic and diluted shares outstanding (in millions, except per share data): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Numerator: Income from continuing operations $ 155 $ 699 $ 754 $ 1,855 Income from discontinued operations $ — $ — $ — $ 52 Net income attributable to Company $ 155 $ 699 $ 754 $ 1,907 Denominator: Basic—weighted average common shares outstanding 380 429 392 428 Dilutive effect of employee stock options and other unvested stock awards 1 2 1 2 Diluted outstanding shares 381 431 393 430 Per share data: Basic: Income from continuing operations $ 0.41 $ 1.63 $ 1.92 $ 4.34 Income from discontinued operations $ — $ — $ — $ 0.12 Net income attributable to Company $ 0.41 $ 1.63 $ 1.92 $ 4.46 Diluted: Income from continuing operations $ 0.41 $ 1.62 $ 1.92 $ 4.31 Income from discontinued operations $ — $ — $ — $ 0.12 Net income attributable to Company $ 0.41 $ 1.62 $ 1.92 $ 4.43 Cash dividends per share $ 0.46 $ 0.46 $ 1.38 $ 1.18 ASC Topic 260, “Earnings Per Share” requires companies with unvested participating securities to utilize a two-class method for the computation of Net income attributable to Company per share. The two-class method requires a portion of Net income attributable to Company to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents, if declared. Net income attributable to Company allocated to these participating securities was immaterial for three and nine months ended September 30, 2015 and therefore not excluded from Net income attributable to Company per share calculation. The Company had stock options outstanding that were anti-dilutive totaling 15 million and 14 million shares for the three and nine months ended September 30, 2015, respectively, and 6 million and 8 million shares for the three and nine months ended September 30, 2014, respectively.

Cash Dividends

Cash Dividends	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Cash Dividends	14. Cash Dividends On August 13, 2015, the Company’s Board of Directors approved a cash dividend of $0.46 per share. The cash dividend was paid on September 25, 2015, to each stockholder of record on September 11, 2015. Cash dividends aggregated $174 million and $537 million for the three and nine months ended September 30, 2015, respectively, and $198 million and $507 million for the three and nine months ended September 30, 2014, respectively. The declaration and payment of future dividends is at the discretion of the Company’s Board of Directors and will be dependent upon the Company’s results of operations, financial condition, capital requirements and other factors deemed relevant by the Company’s Board of Directors.

Share Repurchase Program

Share Repurchase Program	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Share Repurchase Program	15. Share Repurchase Program During the third quarter of 2015 the Company completed its $3 billion share repurchase program. As shares were repurchased, they were constructively retired and returned to an unissued state. During the three months ended September 30, 2015, the Company repurchased 10.9 million shares under the program for an average price of $40.98 per share for an aggregate amount of $444 million. During the nine months ended September 30, 2015, the Company repurchased 44.0 million shares under the program for an average price of $50.53 per share for an aggregate amount of $2,221 million.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	16. Commitments and Contingencies We have received U.S. federal grand jury subpoenas and subsequent inquiries from U.S. governmental agencies requesting records related to our compliance with U.S. export trade laws and regulations. We have cooperated fully with agents from the U.S. Department of Justice, the Department of Commerce Bureau of Industry and Security, the United States Department of Treasury, Office of Foreign Assets Control, and U.S. Immigration and Customs Enforcement in responding to the inquiries. We have also cooperated with an informal inquiry from the Securities and Exchange Commission in connection with the inquiries previously made by the aforementioned federal agencies. We have conducted our own internal review of this matter. At the conclusion of our internal review in the fourth quarter of 2009, we identified possible areas of concern and discussed these areas of concern with the relevant agencies. We are currently negotiating a potential resolution with the agencies involved related to these matters. We currently anticipate that any administrative fine or penalty agreed to as part of a resolution would be within established accruals, and would not have a material effect on our financial position or results of operations. To the extent a resolution is not negotiated, we cannot predict the timing or effect that any resulting government actions may have on our financial position or results of operations. In addition, we are involved in various other claims, internal investigations, regulatory agency audits and pending or threatened legal actions involving a variety of matters. As of September 30, 2015, the Company recorded an immaterial amount for contingent liabilities representing all contingencies believed to be probable. The Company has also assessed the potential for additional losses above the amounts accrued as well as potential losses for matters that are not probable but are reasonably possible. The total potential loss on these matters cannot be determined; however, in our opinion, any ultimate liability, to the extent not otherwise provided for and except for the specific cases referred to above, will not materially affect our financial position, cash flow or results of operations. As it relates to the specific cases referred to above we currently anticipate that any administrative fine or penalty agreed to as part of a resolution would be within established accruals, and would not have a material effect on our financial position or results of operations. To the extent a resolution is not negotiated as anticipated, we cannot predict the timing or effect that any resulting government actions may have on our financial position, cash flow or results of operations. These estimated liabilities are based on the Company’s assessment of the nature of these matters, their progress toward resolution, the advice of legal counsel and outside experts as well as management’s intention and experience. Our business is affected both directly and indirectly by governmental laws and regulations relating to the oilfield service industry in general, as well as by environmental and safety regulations that specifically apply to our business. Although we have not incurred material costs in connection with our compliance with such laws, there can be no assurance that other developments, such as new environmental laws, regulations and enforcement policies hereunder may not result in additional, presently unquantifiable, costs or liabilities to us. Further, in some instances, direct or indirect consumers of our products and services, entities providing financing for purchases of our products and services or members of the supply chain for our products and services may become involved in governmental investigations, internal investigations, political or other enforcement matters. In such circumstances, such investigations may adversely impact the ability of consumers of our products, entities providing financial support to such consumers or entities in the supply chain to timely perform their business plans or to timely perform under agreements with us. For example, the on-going, publicly disclosed investigations in Brazil may adversely impact our shipyard customers, their customers, entities providing financing for our shipyard customers and/or entities in the supply chain. The investigations in Brazil have led to, and are expected to continue to lead to, delays in deliveries to our shipyard customers in Brazil, along with temporary suspension of performance under our supply contracts, and could result in attempted cancellation or other breaches of our contracts by our shipyard customers. In other jurisdictions, our shipyard customers’ customers in some instances have, and may in the future, sought suspension, delay or cancellation of the contracts or payment due between our shipyard customers and their customers. Further, customers in other markets may seek delay or suspension of deliveries, extending delivery into future periods, or may attempt cancellations. While we manage deliveries and collection of payment to achieve percentage of completion payments that mitigate our financial risk, such delays, suspensions, attempted cancellations, breaches of contract or other similar circumstances, could adversely affect our operating results, collections of accounts receivable and financial condition and could reduce our backlog.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recently Issued Accounting Standards	17. Recently Issued Accounting Standards In May 2014, the FASB issued Accounting Standard Update No. 2014-09 “Revenue from Contracts with Customers” (ASU No. 2014-09), which supersedes the revenue recognition requirements in Accounting Standard Codification Topic No. 605 “Revenue Recognition” and most industry-specific guidance. This update requires that entities recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. ASU No. 2014-09 is effective for fiscal years beginning after December 15, 2017, and for interim periods within those fiscal years. The Company is currently assessing the impact of the adoption of ASU No. 2014-09 on its consolidated financial position and results of operations.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of cash and cash equivalents, receivables, and payables approximated fair value because of the relatively short maturity of these instruments. Cash equivalents include only those investments having a maturity date of three months or less at the time of purchase. See Note 8 for the fair value of long-term debt and Note 11 for the fair value of derivative financial instruments.
Service and Product Warranties	Service and Product Warranties The Company provides service and warranty policies on certain of its products. The Company accrues liabilities under service and warranty policies based upon specific claims and a review of historical warranty and service claim experience in accordance with Accounting Standards Codification (“ASC”) Topic 450 “Contingencies”. Adjustments are made to accruals as claim data and historical experience change. In addition, the Company incurs discretionary costs to service its products in connection with product performance issues and accrues for them when they are encountered. 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 58 Amounts incurred (71 ) Currency translation adjustments and other (2 ) Balance at September 30, 2015 $ 257
Derivatives and Hedging	ASC Topic 815, “Derivatives and Hedging” requires a company to recognize all of its derivative instruments as either assets or liabilities in the Consolidated Balance Sheet at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of a net investment in a foreign operation. The Company is exposed to certain risks relating to its ongoing business operations. The primary risk managed by using derivative instruments is foreign currency exchange rate risk. Forward contracts against various foreign currencies are entered into to manage the foreign currency exchange rate risk on forecasted revenues and expenses denominated in currencies other than the functional currency of the operating unit (cash flow hedge). In addition, the Company will enter into non-designated forward contracts against various foreign currencies to manage the foreign currency exchange rate risk on recognized nonfunctional currency monetary accounts (non-designated hedge). The Company records all derivative financial instruments at their fair value in its Consolidated Balance Sheet. Except for certain non-designated hedges discussed below, all derivative financial instruments that the Company holds are designated as cash flow hedges and are highly effective in offsetting movements in the underlying risks. Such arrangements typically have terms between 2 and 24 months, but may have longer terms depending on the underlying cash flows being hedged, typically related to the projects in our backlog. The Company may also use interest rate contracts to mitigate its exposure to changes in interest rates on anticipated long-term debt issuances. At September 30, 2015, the Company has determined that the fair value of its derivative financial instruments representing assets of $39 million and liabilities of $335 million (primarily currency related derivatives) are determined using level 2 inputs (inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability) in the fair value hierarchy as the fair value is based on publicly available foreign exchange and interest rates at each financial reporting date. At September 30, 2015, the net fair value of the Company’s foreign currency forward contracts totaled a net liability of $296 million. At September 30, 2015, the Company did not have any interest rate swaps and its financial instruments do not contain any credit-risk-related or other contingent features that could cause accelerated payments when the Company’s financial instruments are in net liability positions. We do not use derivative financial instruments for trading or speculative purposes. Cash Flow Hedging Strategy To protect against the volatility of forecasted foreign currency cash flows resulting from forecasted revenues and expenses, the Company has instituted a cash flow hedging program. The Company hedges portions of its forecasted revenues and expenses denominated in nonfunctional currencies with forward contracts. When the U.S. dollar strengthens or weakens against the foreign currencies, the change in present value of future foreign currency revenues and expenses is offset by changes in the fair value of the forward contracts designated as hedges. For derivative instruments that are designated and qualify as a cash flow hedge (i.e., hedging the exposure to variability in expected future cash flows that is subject to a particular currency risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of Other Comprehensive Income and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings (e.g., in “revenues” when the hedged transactions are cash flows associated with forecasted revenues). The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item, if any (i.e., the ineffective portion), or hedge components excluded from the assessment of effectiveness, is recognized in the Consolidated Statements of Income during the current period. For the three and nine months ended September 30, 2015, the Company recognized losses of $5 million and $25 million, respectively, as a result of the discontinuance of certain cash flow hedges when it became probable that the original forecasted transactions would not occur by the end of the originally specified time period. At September 30, 2015, there were $220 million in pre-tax losses recorded in accumulated other comprehensive income. Significant changes in forecasted operating levels or delays in large capital construction projects, whereby certain hedged transactions associated with these projects are no longer probable of occurring by the end of the originally specified time period, could result in additional losses due to the de-designation of existing hedge contracts.
Net Income Attributable to Company Per Share	ASC Topic 260, “Earnings Per Share” requires companies with unvested participating securities to utilize a two-class method for the computation of Net income attributable to Company per share. The two-class method requires a portion of Net income attributable to Company to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents, if declared. Net income attributable to Company allocated to these participating securities was immaterial for three and nine months ended September 30, 2015 and therefore not excluded from Net income attributable to Company per share calculation.
Recently Issued Accounting Standards	In May 2014, the FASB issued Accounting Standard Update No. 2014-09 “Revenue from Contracts with Customers” (ASU No. 2014-09), which supersedes the revenue recognition requirements in Accounting Standard Codification Topic No. 605 “Revenue Recognition” and most industry-specific guidance. This update requires that entities recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. ASU No. 2014-09 is effective for fiscal years beginning after December 15, 2017, and for interim periods within those fiscal years. The Company is currently assessing the impact of the adoption of ASU No. 2014-09 on its consolidated financial position and results of operations.

Spin-off of Distribution Busi25

Spin-off of Distribution Business (Tables)	9 Months Ended
	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
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): Period Revenue from discontinued operations $ 1,701 Income from discontinued operations before income taxes 83 Income tax expense 31 Income from discontinued operations $ 52

Inventories, net (Tables)

Inventories, net (Tables)	9 Months Ended
	Sep. 30, 2015
Inventory Disclosure [Abstract]
Inventories	Inventories consist of (in millions): September 30, December 31, Raw materials and supplies $ 1,143 $ 1,255 Work in process 892 1,027 Finished goods and purchased products 3,137 2,999 Total $ 5,172 $ 5,281

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2015
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued liabilities consist of (in millions): September 30, December 31, Accrued vendor costs $ 773 $ 815 Customer prepayments and billings 514 703 Compensation 295 662 Fair value of derivative financial instruments 271 297 Warranty 257 272 Taxes (non-income) 169 211 Insurance 119 126 Accrued commissions 85 97 Interest 29 11 Other 298 324 Total $ 2,810 $ 3,518
Changes in Carrying Amount of Service and Product Warranties	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 58 Amounts incurred (71 ) Currency translation adjustments and other (2 ) Balance at September 30, 2015 $ 257

Costs and Estimated Earnings 28

Costs and Estimated Earnings on Uncompleted Contracts (Tables)	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Costs and Estimated Earnings on Uncompleted Contracts	Costs and estimated earnings on uncompleted contracts consist of (in millions): September 30, December 31, Costs incurred on uncompleted contracts $ 10,905 $ 10,442 Estimated earnings 4,868 4,699 15,773 15,141 Less: Billings to date 15,284 15,038 $ 489 $ 103 Costs and estimated earnings in excess of billings on uncompleted contracts $ 1,669 $ 1,878 Billings in excess of costs and estimated earnings on uncompleted contracts (1,180 ) (1,775 ) $ 489 $ 103

Accumulated Other Comprehensi29

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Components of Accumulated Other Comprehensive Income (Loss)	The components of accumulated other comprehensive income (loss) are as follows (in millions): Currency Derivative Defined Total Balance at December 31, 2014 $ (515 ) $ (228 ) $ (91 ) $ (834 ) Accumulated other comprehensive income (loss) before reclassifications (650 ) (151 ) — (801 ) Amounts reclassified from accumulated other comprehensive income (loss) — 158 — 158 Balance at September 30, 2015 $ (1,165 ) $ (221 ) $ (91 ) $ (1,477 )
Components of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	The components of amounts reclassified from accumulated other comprehensive income (loss) are as follows (in millions): Three Months Ended September 30, 2015 2014 Currency Derivative Defined Total Currency Derivative Defined Total Revenue $ — $ (10 ) $ — $ (10 ) $ — $ (4 ) $ — $ (4 ) Cost of revenue — 82 — 82 — 6 — 6 Tax effect — (21 ) — (21 ) — — — — $ — $ 51 $ — $ 51 $ — $ 2 $ — $ 2 Nine Months Ended September 30, 2015 2014 Currency Derivative Defined Total Currency Derivative Defined Total Revenue $ — $ (11 ) $ — $ (11 ) $ — $ (25 ) $ — $ (25 ) Cost of revenue — 234 — 234 — 5 — 5 Tax effect — (65 ) — (65 ) — 5 — 5 $ — $ 158 $ — $ 158 $ — $ 15 $ — $ 15

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Business Segments	Operating results by segment are as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenue: Rig Systems $ 1,496 $ 2,659 $ 5,949 $ 7,287 Rig Aftermarket 570 837 1,946 2,372 Wellbore Technologies 834 1,469 2,961 4,193 Completion & Production Solutions 798 1,191 2,619 3,320 Eliminations (392 ) (569 ) (1,440 ) (1,441 ) Total Revenue $ 3,306 $ 5,587 $ 12,035 $ 15,731 Operating Profit (Loss): Rig Systems $ 253 $ 533 $ 1,093 $ 1,485 Rig Aftermarket 145 229 479 637 Wellbore Technologies (7 ) 278 110 762 Completion & Production Solutions 3 185 160 479 Unallocated expenses and eliminations (160 ) (237 ) (600 ) (663 ) Total Operating Profit $ 234 $ 988 $ 1,242 $ 2,700 Operating Profit (Loss)%: Rig Systems 16.9 % 20.0 % 18.4 % 20.4 % Rig Aftermarket 25.4 % 27.4 % 24.6 % 26.9 % Wellbore Technologies (0.8 %) 18.9 % 3.7 % 18.2 % Completion & Production Solutions 0.4 % 15.5 % 6.1 % 14.4 % Total Operating Profit % 7.1 % 17.7 % 10.3 % 17.2 %
Other Items by Segment	Other items by segment are as follows (in millions): Three Months Ended September 30, Nine Months Ended 2015 2014 2015 2014 Other items: Rig Systems $ 22 $ — $ 65 $ — Rig Aftermarket 1 — 11 — Wellbore Technologies 29 — 83 9 Completion & Production Solutions 60 (1 ) 92 6 Unallocated expenses and eliminations — 2 — 36 Total other items $ 112 $ 1 $ 251 $ 51

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt consists of (in millions): September 30, December 31, Senior Notes, interest at 6.125% payable semiannually, principal due on August 15, 2015 $ — $ 151 Senior Notes, interest at 1.35% payable semiannually, principal due on December 1, 2017 500 500 Senior Notes, interest at 2.6% payable semiannually, principal due on December 1, 2022 1,396 1,396 Senior Notes, interest at 3.95% payable semiannually, principal due on December 1, 2042 1,096 1,096 Commercial paper 946 — Other 45 23 Total debt 3,983 3,166 Less current portion 2 152 Long-term debt $ 3,981 $ 3,014

Tax (Tables)

Tax (Tables)	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Difference Between Effective Tax Rate	The difference between the effective tax rate reflected in the provision for income taxes and the U.S. federal statutory rate of 35% was as follows (in millions): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Federal income tax at U.S. federal statutory rate $ 67 $ 344 $ 380 $ 932 Foreign income tax rate differential (30 ) (91 ) (117 ) (189 ) State income tax, net of federal benefit — 8 3 23 Nondeductible expenses — 1 17 20 Tax benefit of manufacturing deduction 7 (13 ) (3 ) (31 ) Foreign dividends, net of foreign tax credits (1 ) 113 14 134 Tax impact of foreign exchange (4 ) 16 (22 ) 14 Change in valuation allowance — (94 ) — (92 ) Change in tax reserves (2 ) — 67 — Other (1 ) (1 ) (9 ) (5 ) Provision for income taxes $ 36 $ 283 $ 330 $ 806

Derivative Financial Instrume33

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Outstanding Foreign Currency Forward Contracts	The Company had the following outstanding foreign currency forward contracts that were entered into to hedge nonfunctional currency cash flows from forecasted revenues and expenses (in millions): Currency Denomination Foreign Currency September 30, 2015 December 31, 2014 Norwegian Krone NOK 11,014 NOK 10,781 U.S. Dollar USD 331 USD 231 Euro EUR 139 EUR 462 Danish Krone DKK 85 DKK 227 British Pound Sterling GBP 22 GBP 80 Singapore Dollar SGD 15 SGD 44 Canadian Dollar CAD 5 CAD 14 The Company had the following outstanding foreign currency forward contracts that hedge the fair value of nonfunctional currency monetary accounts (in millions): Currency Denomination Foreign Currency September 30, December 31, Norwegian Krone NOK 2,077 NOK 4,052 Russian Ruble RUB 2,057 RUB — U.S. Dollar USD 643 USD 1,092 Euro EUR 404 EUR 401 Danish Krone DKK 307 DKK 322 British Pound Sterling GBP 22 GBP 19 Canadian Dollar CAD 15 CAD 4 Singapore Dollar SGD 3 SGD 4 Swedish Krone SEK 1 SEK 3 Mexican Peso MXN — MXN 118 Brazilian Real BRL — BRL 57
Derivative Instruments and their Balance Sheet Classifications	The Company has the following gross fair values of its derivative instruments and their balance sheet classifications: Asset Derivatives Liability Derivatives Fair Value Fair Value Balance Sheet Location September 30, December 31, Balance Sheet Location September 30, December 31, Derivatives designated as hedging instruments under ASC Topic 815 Foreign exchange contracts Prepaid and other current assets $ 13 $ 18 Accrued liabilities $ 191 $ 204 Foreign exchange contracts Other Assets 1 8 Other Liabilities 64 102 Total derivatives designated as hedging instruments under ASC Topic 815 $ 14 $ 26 $ 255 $ 306 Derivatives not designated as hedging instruments under ASC Topic 815 Foreign exchange contracts Prepaid and other current assets $ 25 $ 27 Accrued liabilities $ 80 $ 93 Total derivatives not designated as hedging instruments under ASC Topic 815 $ 25 $ 27 $ 80 $ 93 Total derivatives $ 39 $ 53 $ 335 $ 399
Effect of Derivative Instruments on Consolidated Statements of Income	The Effect of Derivative Instruments on the Consolidated Statements of Income ($ in millions) Derivatives in ASC Topic 815 Cash Flow Amount of Location of Gain (Loss) Income (Effective Portion) Amount of Location of Gain (Loss) Testing) Amount of Nine Months Nine Months September 30, Nine Months September 30, 2015 2014 2015 2014 2015 2014 Revenue 11 25 Cost of revenue (27 ) 1 Foreign exchange contracts (196 ) (132 ) Cost of revenue (207 ) (5 ) Other income (expense), net 1 25 Total (196 ) (132 ) (196 ) 20 (26 ) 26 Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Nine Months Ended September 30, 2015 2014 Foreign exchange contracts Other income (expense), net (84 ) (25 ) Total (84 ) (25 ) (a) The Company expects that $(235) million of the Accumulated Other Comprehensive Income (Loss) will be reclassified into earnings within the next twelve months with an offset by gains from the underlying transactions resulting in no impact to earnings or cash flow. (b) The amount of gain (loss) recognized in income represents $(27) million and $1 million related to the ineffective portion of the hedging relationships for each of the nine months ended September 30, 2015 and 2014, respectively, and $1 million and $25 million related to the amount excluded from the assessment of the hedge effectiveness for the nine months ended September 30, 2015 and 2014, respectively.

Net Income Attributable to Co34

Net Income Attributable to Company Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Computation of Weighted Average Basic and Diluted Shares Outstanding	The following table sets forth the computation of weighted average basic and diluted shares outstanding (in millions, except per share data): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Numerator: Income from continuing operations $ 155 $ 699 $ 754 $ 1,855 Income from discontinued operations $ — $ — $ — $ 52 Net income attributable to Company $ 155 $ 699 $ 754 $ 1,907 Denominator: Basic—weighted average common shares outstanding 380 429 392 428 Dilutive effect of employee stock options and other unvested stock awards 1 2 1 2 Diluted outstanding shares 381 431 393 430 Per share data: Basic: Income from continuing operations $ 0.41 $ 1.63 $ 1.92 $ 4.34 Income from discontinued operations $ — $ — $ — $ 0.12 Net income attributable to Company $ 0.41 $ 1.63 $ 1.92 $ 4.46 Diluted: Income from continuing operations $ 0.41 $ 1.62 $ 1.92 $ 4.31 Income from discontinued operations $ — $ — $ — $ 0.12 Net income attributable to Company $ 0.41 $ 1.62 $ 1.92 $ 4.43 Cash dividends per share $ 0.46 $ 0.46 $ 1.38 $ 1.18

Spin-off of Distribution Busi35

Spin-off of Distribution Business - Additional Information (Detail) - Now Inc [Member] $ in Millions	May. 30, 2014USD ($)	May. 22, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ratio of common stock sharing		4
Sales prior to the spin-off	$ 231
Purchases prior to the spin-off	$ 82

Spin-off of Distribution Busi36

Spin-off of Distribution Business - Schedule of Selected Financial Information Reported as Discontinued Operations (Detail) - USD ($) $ in Millions	May. 30, 2014	Sep. 30, 2014
Reorganizations [Abstract]
Revenue from discontinued operations	$ 1,701
Income from discontinued operations before income taxes	83
Income tax expense	31
Income from discontinued operations	$ 52	$ 52

Inventories, net - Inventories

Inventories, net - Inventories (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 1,143	$ 1,255
Work in process	892	1,027
Finished goods and purchased products	3,137	2,999
Total	$ 5,172	$ 5,281

Accrued Liabilities - Accrued L

Accrued Liabilities - Accrued Liabilities (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Accrued vendor costs	$ 773	$ 815
Customer prepayments and billings	514	703
Compensation	295	662
Fair value of derivative financial instruments	271	297
Warranty	257	272
Taxes (non-income)	169	211
Insurance	119	126
Accrued commissions	85	97
Interest	29	11
Other	298	324
Total	$ 2,810	$ 3,518

Accrued Liabilities - Changes i

Accrued Liabilities - Changes in Carrying Amount of Service and Product Warranties (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Product Warranties Disclosures [Abstract]
Beginning Balance	$ 272
Net provisions for warranties issued during the year	58
Amounts incurred	(71)
Currency translation adjustments and other	(2)
Ending Balance	$ 257

Costs and Estimated Earnings 40

Costs and Estimated Earnings on Uncompleted Contracts - Costs and Estimated Earnings on Uncompleted Contracts (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Contractors [Abstract]
Costs incurred on uncompleted contracts	$ 10,905	$ 10,442
Estimated earnings	4,868	4,699
Costs and estimated earnings on uncompleted contracts, Gross	15,773	15,141
Less: Billings to date	15,284	15,038
Total net estimate billing on uncompleted contracts	489	103
Costs and estimated earnings in excess of billings on uncompleted contracts	1,669	1,878
Billings in excess of costs and estimated earnings on uncompleted contracts	(1,180)	(1,775)
Total net estimate billing on uncompleted contracts	$ 489	$ 103

Accumulated Other Comprehensi41

Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), Beginning balance	$ (834)
Accumulated other comprehensive income (loss) before reclassifications	(801)
Amounts reclassified from accumulated other comprehensive income (loss)	158
Accumulated other comprehensive income (loss), Ending balance	(1,477)
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), Beginning balance	(515)
Accumulated other comprehensive income (loss) before reclassifications	(650)
Accumulated other comprehensive income (loss), Ending balance	(1,165)
Derivative Financial Instruments, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), Beginning balance	(228)
Accumulated other comprehensive income (loss) before reclassifications	(151)
Amounts reclassified from accumulated other comprehensive income (loss)	158
Accumulated other comprehensive income (loss), Ending balance	(221)
Defined Benefit Plans, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), Beginning balance	(91)
Accumulated other comprehensive income (loss) before reclassifications	0
Amounts reclassified from accumulated other comprehensive income (loss)	0
Accumulated other comprehensive income (loss), Ending balance	$ (91)

Accumulated Other Comprehensi42

Accumulated Other Comprehensive Income (Loss) - Components of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Currency Translation Adjustments	$ 0	$ 0	$ 0	$ 0
Derivative Financial Instruments	51	2	158	15
Defined Benefit Plans	0	0	0	0
Total	51	2	158	15
Tax Effect [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Currency Translation Adjustments	0	0	0	0
Derivative Financial Instruments	(21)		(65)	5
Defined Benefit Plans	0	0	0	0
Total	(21)		(65)	5
Revenue [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Currency Translation Adjustments	0	0	0	0
Derivative Financial Instruments	(10)	(4)	(11)	(25)
Defined Benefit Plans	0	0	0	0
Total	(10)	(4)	(11)	(25)
Cost of Revenue [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Currency Translation Adjustments	0	0	0	0
Derivative Financial Instruments	82	6	234	5
Defined Benefit Plans	0	0	0	0
Total	$ 82	$ 6	$ 234	$ 5

Accumulated Other Comprehensi43

Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net increase to other comprehensive income or loss upon the translation	$ (339)	$ (310)	$ (650)	$ (248)
Changes in derivative financial instruments, net of tax	(19)	(99)	7	(110)
Changes in derivative financial instruments, tax	$ 5	$ 38	$ 8	$ 42

Business Segments - Business Se

Business Segments - Business Segments (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Total Revenue	$ 3,306	$ 5,587	$ 12,035	$ 15,731
Total Operating Profit (loss)	$ 234	$ 988	$ 1,242	$ 2,700
Percentage as of operating profit (Loss) to revenue	7.10%	17.70%	10.30%	17.20%
Operating Segments [Member] | Rig Systems [Member]
Segment Reporting Information [Line Items]
Total Revenue	$ 1,496	$ 2,659	$ 5,949	$ 7,287
Total Operating Profit (loss)	$ 253	$ 533	$ 1,093	$ 1,485
Percentage as of operating profit (Loss) to revenue	16.90%	20.00%	18.40%	20.40%
Operating Segments [Member] | Rig Aftermarket [Member]
Segment Reporting Information [Line Items]
Total Revenue	$ 570	$ 837	$ 1,946	$ 2,372
Total Operating Profit (loss)	$ 145	$ 229	$ 479	$ 637
Percentage as of operating profit (Loss) to revenue	25.40%	27.40%	24.60%	26.90%
Operating Segments [Member] | Wellbore Technologies [Member]
Segment Reporting Information [Line Items]
Total Revenue	$ 834	$ 1,469	$ 2,961	$ 4,193
Total Operating Profit (loss)	$ (7)	$ 278	$ 110	$ 762
Percentage as of operating profit (Loss) to revenue	(0.80%)	18.90%	3.70%	18.20%
Operating Segments [Member] | Completion & Production Solutions [Member]
Segment Reporting Information [Line Items]
Total Revenue	$ 798	$ 1,191	$ 2,619	$ 3,320
Total Operating Profit (loss)	$ 3	$ 185	$ 160	$ 479
Percentage as of operating profit (Loss) to revenue	0.40%	15.50%	6.10%	14.40%
Unallocated Expenses and Eliminations [Member]
Segment Reporting Information [Line Items]
Total Revenue	$ (392)	$ (569)	$ (1,440)	$ (1,441)
Total Operating Profit (loss)	$ (160)	$ (237)	$ (600)	$ (663)

Business Segments - Other Items

Business Segments - Other Items by Segment (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Total other items	$ 112	$ 1	$ 251	$ 51
Operating Segments [Member] | Rig Systems [Member]
Segment Reporting Information [Line Items]
Total other items	22		65
Operating Segments [Member] | Rig Aftermarket [Member]
Segment Reporting Information [Line Items]
Total other items	1		11
Operating Segments [Member] | Wellbore Technologies [Member]
Segment Reporting Information [Line Items]
Total other items	29		83	9
Operating Segments [Member] | Completion & Production Solutions [Member]
Segment Reporting Information [Line Items]
Total other items	$ 60	(1)	$ 92	6
Unallocated Expenses and Eliminations [Member]
Segment Reporting Information [Line Items]
Total other items		$ 2		$ 36

Debt - Debt (Detail)

Debt - Debt (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Commercial paper	$ 946
Other	45	$ 23
Total debt	3,983	3,166
Less current portion	2	152
Long-term debt	3,981	3,014
Senior Notes, Interest at 6.125% Payable Semiannually, Principal Due on August 15, 2015 [Member]
Debt Instrument [Line Items]
Senior Notes		151
Senior Notes, Interest at 1.35% Payable Semiannually, Principal Due on December 1, 2017 [Member]
Debt Instrument [Line Items]
Senior Notes	500	500
Senior Notes, Interest at 2.6% Payable Semiannually, Principal Due on December 1, 2022 [Member]
Debt Instrument [Line Items]
Senior Notes	1,396	1,396
Senior Notes, Interest at 3.95% Payable Semiannually, Principal Due on December 1, 2042 [Member]
Debt Instrument [Line Items]
Senior Notes	$ 1,096	$ 1,096

Debt - Debt (Parenthetical) (De

Debt - Debt (Parenthetical) (Detail)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Senior Notes, Interest at 6.125% Payable Semiannually, Principal Due on August 15, 2015 [Member]
Debt Instrument [Line Items]
Senior notes interest rate	6.125%	6.125%
Senior note due date	Aug. 15, 2015	Aug. 15, 2015
Senior Notes, Interest at 1.35% Payable Semiannually, Principal Due on December 1, 2017 [Member]
Debt Instrument [Line Items]
Senior notes interest rate	1.35%	1.35%
Senior note due date	Dec. 1, 2017	Dec. 1, 2017
Senior Notes, Interest at 2.6% Payable Semiannually, Principal Due on December 1, 2022 [Member]
Debt Instrument [Line Items]
Senior notes interest rate	2.60%	2.60%
Senior note due date	Dec. 1, 2022	Dec. 1, 2022
Senior Notes, Interest at 3.95% Payable Semiannually, Principal Due on December 1, 2042 [Member]
Debt Instrument [Line Items]
Senior notes interest rate	3.95%	3.95%
Senior note due date	Dec. 1, 2042	Dec. 1, 2042

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	Aug. 15, 2015	Jun. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Borrowings under commercial paper			$ 946,000,000
Letter of credit issued under credit facility			84,000,000
Funds available under revolving credit facility			$ 3,470,000,000
Interest rate under multi currency facility			LIBOR, NIBOR or EURIBOR plus 0.875%
Outstanding letters of credit under various bilateral committed letter of credit facilities			$ 2,959,000,000
Fair Value of Unsecured Senior Note			2,704,000,000	$ 2,974,000,000
Carrying Value of Unsecured Senior Notes			$ 3,983,000,000	3,166,000,000
Commercial Paper Program [Member]
Debt Instrument [Line Items]
Variable rate			0.875%
Variable rate basis			LIBOR, NIBOR or EURIBOR plus
Senior Notes, Interest at 6.125% Payable Semiannually, Principal Due on August 15, 2015 [Member]
Debt Instrument [Line Items]
Repayments on senior notes	$ 151,000,000
Senior notes interest rate	6.125%
Five-year Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Unsecured revolving credit facility, borrowing capacity		$ 4,500,000,000
Unsecured revolving credit facility, increased amount		$ 1,000,000,000
Borrowings under commercial paper			$ 946,000,000
Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility, Period		5 years
Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Carrying Value of Unsecured Senior Notes			$ 2,992,000,000	$ 3,143,000,000

Tax - Additional Information (D

Tax - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Tax Credit Carryforward [Line Items]
Effective tax rate	18.80%	28.80%	30.40%	30.30%
Effective tax rate excluding discrete items	20.30%		27.80%
U.S. federal statutory rate			35.00%
Unrecognized tax benefit	$ 113		$ 113
Total uncertain tax position identified in foreign jurisdiction			69
Uncertain tax position settled			69
Realized [Member]
Tax Credit Carryforward [Line Items]
Unrecognized tax benefit	$ 40		$ 40

Tax - Difference Between Effect

Tax - Difference Between Effective Tax Rate (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Federal income tax at U.S. federal statutory rate	$ 67	$ 344	$ 380	$ 932
Foreign income tax rate differential	(30)	(91)	(117)	(189)
State income tax, net of federal benefit		8	3	23
Nondeductible expenses		1	17	20
Tax benefit of manufacturing deduction	7	(13)	(3)	(31)
Foreign dividends, net of foreign tax credits	(1)	113	14	134
Tax impact of foreign exchange	(4)	16	(22)	14
Change in valuation allowance		(94)		(92)
Change in tax reserves	(2)		67
Other	(1)	(1)	(9)	(5)
Provision for income taxes	$ 36	$ 283	$ 330	$ 806

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Aug. 28, 2015	May. 13, 2015	Feb. 25, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Earlier authorized shares under stock based compensation						39,500,000
Remaining shares available for future grants under the Plan				5,914,169		5,914,169
Description of performance goal						Performance against the ROC goal is determined by comparing the performance of the Company's actual ROC performance average for each of the three years of the performance period against the ROC goal set by the Company's Compensation Committee.
Stock-based compensation expense				$ 21	$ 23	$ 83	$ 75
Income tax benefit recognized				$ 7	$ 7	$ 20	$ 23
Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted	75,000	26,992
Restricted stock granted fair value	$ 41.65	$ 51.88
Period of option vested over grant date						The stock options vest over a three-year period from the grant date while the restricted stock and restricted stock units vest on the third anniversary of the date of grant.
Vesting period, number of years	3 years
TSR Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based restricted stock awards granted in percent			50.00%
ROC Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based restricted stock awards granted in percent			50.00%
Restricted Stock and Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted			653,750
Restricted stock granted fair value			$ 54.74
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option granted			5,746,153
Stock option granted fair value			$ 15.41
Stock Options [Member] | Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option granted, exercise price			$ 54.74
Performance-base restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance share awards, performance period			3 years
Performance-base restricted stock [Member] | Minimum [Member] | Senior Management Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted			0
Performance-base restricted stock [Member] | Maximum [Member] | Senior Management Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted			396,666
Voluntary Early Retirement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense						$ 18

Derivative Financial Instrume52

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Minimum derivative financial instrument's term (months)		2 months
Maximum derivative financial instrument's term (months)		24 months
Derivative Assets	$ 39	$ 39	$ 53
Derivative Liabilities	335	335	$ 399
Fair value of the Company's foreign currency forward contracts	296	296
Loss recognized on discontinuation of cash flow hedges	5	25
Pre-tax losses recorded in accumulated other comprehensive income		299
Fair Value, Inputs, Level 2 [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	39	39
Derivative Liabilities	$ 335	$ 335

Derivative Financial Instrume53

Derivative Financial Instruments - Outstanding Foreign Currency Forward Contracts (Detail) - Forward Contracts [Member] € in Millions, £ in Millions, SGD in Millions, SEK in Millions, RUB in Millions, NOK in Millions, MXN in Millions, DKK in Millions, CAD in Millions, BRL in Millions, $ in Millions

Sep. 30, 2015USD ($)

Sep. 30, 2015NOK

Sep. 30, 2015RUB

Sep. 30, 2015SEK

Sep. 30, 2015SGD

Sep. 30, 2015CAD

Sep. 30, 2015DKK

Sep. 30, 2015EUR (€)

Sep. 30, 2015GBP (£)

Dec. 31, 2014USD ($)

Dec. 31, 2014NOK

Dec. 31, 2014SEK

Dec. 31, 2014SGD

Dec. 31, 2014CAD

Dec. 31, 2014DKK

Dec. 31, 2014EUR (€)

Dec. 31, 2014GBP (£)

Dec. 31, 2014BRL

Dec. 31, 2014MXN

Derivative [Line Items]

Foreign currency, Cash flow hedging

$ 331

NOK 11,014

SGD 15

CAD 5

DKK 85

€ 139

£ 22

$ 231

NOK 10,781

SGD 44

CAD 14

DKK 227

€ 462

£ 80

Foreign currency, Non-designated hedging

$ 643

NOK 2,077

RUB 2,057

SEK 1

SGD 3

CAD 15

DKK 307

€ 404

£ 22

$ 1,092

NOK 4,052

SEK 3

SGD 4

CAD 4

DKK 322

€ 401

£ 19

BRL 57

MXN 118

Derivative Financial Instrume54

Derivative Financial Instruments - Derivative Instruments and their Balance Sheet Classifications (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 39	$ 53
Derivative Liabilities	335	399
Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	14	26
Derivative Liabilities	255	306
Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	25	27
Derivative Liabilities	80	93
Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	13	18
Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | Designated as Hedging Instruments [Member] | Accrued liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	191	204
Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	25	27
Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | Not Designated as Hedging Instruments [Member] | Accrued liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	80	93
Foreign Exchange Contracts [Member] | Other Assets [Member] | Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	1	8
Foreign Exchange Contracts [Member] | Other Liabilities [Member] | Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 64	$ 102

Derivative Financial Instrume55

Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Income (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	$ 1	$ 25
Not Designated as Hedging Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivative	(84)	(25)
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)	(196)	(132)
Foreign Exchange Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	(196)	20
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	(26)	26
Foreign Exchange Contracts [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)	(196)	(132)
Foreign Exchange Contracts [Member] | Other Income (Expense), Net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	1	25
Foreign Exchange Contracts [Member] | Other Income (Expense), Net [Member] | Not Designated as Hedging Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivative	(84)	(25)
Foreign Exchange Contracts [Member] | Cost of Revenue [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	(207)	(5)
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	(27)	1
Foreign Exchange Contracts [Member] | Revenue [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	$ 11	$ 25

Derivative Financial Instrume56

Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Income (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive income (loss), reclassified	$ (51)	$ (2)	$ (158)	$ (15)
Amount of gain (loss) recognized in income on derivative (ineffective portion)			(27)	1
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)			1	$ 25
Scenario, Forecast [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive income (loss), reclassified			$ (235)

Asset Impairment - Additional I

Asset Impairment - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Asset Impairment Charges [Abstract]
Impairment charges on identified intangible assets	$ 55	$ 55

Net Income Attributable to Co58

Net Income Attributable to Company Per Share - Computation of Weighted Average Basic and Diluted Shares Outstanding (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	May. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator:
Income from continuing operations		$ 155	$ 699	$ 754	$ 1,855
Income from discontinued operations	$ 52				52
Net income attributable to Company		$ 155	$ 699	$ 754	$ 1,907
Denominator:
Basic-weighted average common shares outstanding		380	429	392	428
Dilutive effect of employee stock options and other unvested stock awards		1	2	1	2
Diluted outstanding shares		381	431	393	430
Basic:
Income from continuing operations		$ 0.41	$ 1.63	$ 1.92	$ 4.34
Income from discontinued operations					0.12
Net income attributable to Company		0.41	1.63	1.92	4.46
Diluted:
Income from continuing operations		0.41	1.62	1.92	4.31
Income from discontinued operations					0.12
Net income attributable to Company		0.41	1.62	1.92	4.43
Cash dividends per share		$ 0.46	$ 0.46	$ 1.38	$ 1.18

Net Income Attributable to Co59

Net Income Attributable to Company Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Anti-dilutive stock options outstanding	15	6	14	8

Cash Dividends - Additional Inf

Cash Dividends - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Aug. 13, 2015
Statement of Partners' Capital [Abstract]
Dividends payable, amount per share					$ 0.46
Cash dividends paid	$ 174	$ 198	$ 537	$ 507

Share Repurchase Program - Addi

Share Repurchase Program - Additional Information (Detail) $ / shares in Units, shares in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2015USD ($)$ / sharesshares
Equity [Abstract]
Share repurchase program, authorized amount	$ 3,000,000,000	$ 3,000,000,000
Common stock repurchased (Treasury stock) | shares	10.9	44
Common stock repurchased, average price per share | $ / shares	$ 40.98	$ 50.53
Common stock repurchased, aggregate amount	$ 444,000,000	$ 2,221,000,000