Cameron International 10-Q 6 Aug 09 2009 Q2 Quarterly report Financial data

1000 - CONSOLIDATED CONDENSED R

1000 - CONSOLIDATED CONDENSED RESULTS OF OPERATIONS (USD $)
In Thousands, except Share data	3 Months Ended Jun. 30, 2009	3 Months Ended Jun. 30, 2008		6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008
Net Income
REVENUES	$1,270,038	$1,480,633		$2,527,061	$2,819,887
COSTS AND EXPENSES
Cost of sales (exclusive of depreciation and amortization shown separately below)	840,784	1,063,245		1,684,442	2,028,603
Selling and administrative expenses	182,885	161,855		347,504	319,201
Depreciation and amortization	37,251	31,309		73,967	63,215
Interest income	(1,848)	(6,401)		(4,027)	(12,544)
Interest expense	26,619	12,181	[1]	51,159	22,492	[1]
Restructuring expense	10,864	0		33,180	0
Total costs and expenses	1,096,555	1,262,189	[1]	2,186,225	2,420,967	[1]
Income before income taxes	173,483	218,444	[1]	340,836	398,920	[1]
Income tax provision	(34,879)	(69,659)	[1]	(87,595)	(127,153)	[1]
Net Income	$138,604	$148,785	[1]	$253,241	$271,767	[1]
Earnings per common share:
Earnings Per Share, Basic	0.64	0.69	[1]	1.17	1.25	[1]
Earnings Per Share, Diluted	0.62	0.64	[1]	1.15	1.17	[1]
Shares used in computing earnings per common share:
Weighted Average Number of Shares Outstanding, Basic	217,084	216,634		216,987	216,662
Weighted Average Number of Shares Outstanding, Diluted	221,852	233,107		220,904	231,800
[1]Amounts have been retrospectively revised as a result of the adoption, effective January 1, 2009, of FASB Staff Position APB 14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash Upon Conversion (including Partial Cash Settlement).

2000 - CONSOLIDATED CONDENSED B

2000 - CONSOLIDATED CONDENSED BALANCE SHEETS (USD $)
In Thousands	Jun. 30, 2009	Dec. 31, 2008
ASSETS
Cash and cash equivalents	$1,537,658	$1,621,046
Receivables, net	895,367	950,362
Inventories, net	1,677,787	1,336,925
Other	214,716	148,110
Total current assets	4,325,528	4,056,443
Plant and equipment, net	1,008,643	931,647
Goodwill	727,164	709,217
Other assets	206,222	205,064
TOTAL ASSETS	6,267,557	5,902,371
LIABILITIES AND STOCKHOLDERS' EQUITY
Current portion of long-term debt	205,756	161,279
Accounts payable and accrued liabilities	1,849,157	1,854,384
Accrued income taxes	76,290	95,545
Total current liabilities	2,131,203	2,111,208
Long-term debt	1,225,894	1,218,627
Deferred income taxes	108,405	99,149
Other long-term liabilities	110,300	128,860
Total liabilities	3,575,802	3,557,844
Stockholders' Equity
Common stock, par value $.01 per share, 400,000,000 shares authorized, 236,316,946 shares issued at June 30, 2009 (236,316,873 shares issued at December 31, 2008)	2,363	2,363
Capital in excess of par value	1,263,159	1,254,593
Retained earnings	2,063,154	1,809,913
Accumulated other elements of comprehensive income	(6,813)	(84,218)
Less: Treasury stock, 19,051,961 shares at June 30, 2009 (19,424,120 shares at December 31, 2008)	(630,108)	(638,124)
Total stockholders' equity	2,691,755	2,344,527
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$6,267,557	$5,902,371

2100 - PARENTHETICAL DATA TO TH

2100 - PARENTHETICAL DATA TO THE CONSOLIDATED CONDENSED BALANCE SHEETS (USD $)
	Jun. 30, 2009	Dec. 31, 2008
Stockholders' Equity
Common stock, par value	0.01	0.01
Common Stock, Shares Authorized	400,000,000	400,000,000
Common Stock, Shares, Issued	236,316,946	236,316,873
Treasury Stock, Shares	19,051,961	19,424,120

3000 - CONSOLIDATED CONDENSED S

3000 - CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $)
In Thousands	3 Months Ended Jun. 30, 2009	3 Months Ended Jun. 30, 2008		6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008
Cash flows from operating activities:
Net Income	$138,604	$148,785	[1]	$253,241	$271,767	[1]
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	27,552	24,202		54,015	47,465
Amortization	9,699	7,107		19,952	15,750
Non-cash stock compensation expense	8,203	5,961		15,953	15,956
Tax benefit of employee stock compensation plan transactions and deferred income taxes	(10,194)	1,457	[1]	(7,416)	(1,302)	[1]
Changes in assets and liabilities, net of translation, acquisitions and non-cash items:
Receivables	85,368	(81,755)		82,965	(142,952)
Inventories	(105,265)	24,416		(293,114)	(18,560)
Accounts payable and accrued liabilities	(6,923)	60,070		(68,078)	29,381
Other assets and liabilities, net	(9,524)	14,760	[1]	(48,281)	31,875	[1]
Net cash provided by operating activities	137,520	205,003		9,237	249,380
Cash flows from investing activities:
Capital expenditures	(58,860)	(50,904)		(107,812)	(96,046)
Acquisitions, net of cash acquired	(23,177)	0		(23,177)	(57,512)
Proceeds from sale of plant and equipment	1,216	632		2,729	925
Net cash used for investing activities	(80,821)	(50,272)		(128,260)	(152,633)
Cash flows from financing activities:
Short-term loan borrowings (repayments), net	12,055	(90,187)		35,060	80,348
Issuance of long-term senior notes	0	747,922		0	747,922
Debt issuance costs	0	(5,550)		0	(5,550)
Purchase of treasury stock	0	(34,059)		(7,055)	(154,478)
Proceeds from stock option exercises, net of tax payments from stock compensation plan transactions	4,602	9,167		3,479	10,095
Excess tax benefits from employee stock compensation plan transactions	402	7,586		2,230	14,445
Principal payments on capital leases	(1,592)	(1,572)		(3,603)	(3,298)
Net cash provided by financing activities	15,467	633,307		30,111	689,484
Effect of translation on cash	23,471	1,717		5,524	7,970
Increase (decrease) in cash and cash equivalents	95,637	789,755		(83,388)	794,201
Cash and cash equivalents, beginning of period	1,442,021	744,362		1,621,046	739,916
Cash and cash equivalents, end of period	$1,537,658	$1,534,117		$1,537,658	$1,534,117
[1]Amounts have been retrospectively revised as a result of the adoption, effective January 1, 2009, of FASB Staff Position APB 14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash Upon Conversion (including Partial Cash Settlement).

6010 - BASIS OF PRESENTATION

6010 - BASIS OF PRESENTATION
	6 Months Ended Jun. 30, 2009 USD / shares
Basis of Presentation
Basis of Presentation	Note 1: Basis of Presentation The accompanying Unaudited Consolidated Condensed Financial Statements of Cameron International Corporation (the Company) have been prepared in accordance with Rule10-01 of Regulation S-X and do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. Those adjustments, consisting of normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the financial information for the interim periods, have been made. The results of operations for such interim periods are not necessarily indicative of the results of operations for a full year. The Unaudited Consolidated Condensed Financial Statements should be read in conjunction with the Current Report on Form 8-K dated July 20, 2009, which reflects certain adjustments related to the Companys accounting for its convertible debentures (see below) to the Audited Consolidated Financial Statements and Notes thereto filed by the Company on Form10-K for the year ended December 31, 2008. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include, but are not limited to, estimates of total contract profit or loss on certain long-term production contracts, estimated losses on accounts receivable, estimated realizable value on excess and obsolete inventory, contingencies, including tax contingencies, estimated liabilities for litigation exposures and liquidated damages, estimated warranty costs, estimates related to pension accounting, estimates related to the fair value of reporting units for purposes of assessing goodwill for impairment, estimated proceeds from assets held for sale and estimates related to deferred tax assets and liabilities, including valuation allowances on deferred tax assets. Actual results could differ materially from these estimates. Certain prior period amounts have been retrospectively revised as a result of the adoption, effective January 1, 2009, of FASB Staff Position APB 14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash Upon Conversion (including Partial Cash Settlement) (FSP APB 14-1).See Note 9 of the Notes to Consolidated Condensed Financial Statements for additional information.

6020 - RECENTLY ISSUED ACCOUNTI

6020 - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
	6 Months Ended Jun. 30, 2009 USD / shares
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements	Note 2: Recently Issued Accounting Pronouncements Effective January 1, 2009, the Company adopted Statement of Financial Accounting Standards No. 141R, Business Combinations (SFAS 141R) and Statement of Financial Accounting Standards No. 160, Noncontrolling Interests in Consolidated Financial Statements, an amendment of ARB No. 51 (SFAS 160). There was no material impact on the Companys financial statements as of January 1, 2009 as a result of adopting either statement, although it is anticipated that SFAS 141R will significantly affect the Companys accounting for business combinations occurring on or after January 1, 2009. The Company adopted the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) relating to financial assets and liabilities and other assets and liabilities carried at fair value on a recurring basis as required on January 1, 2008. As allowed by FASB Staff Position FAS 157-2, Effective Date of FASB Statement No. 157, the Company deferred the adoption of SFAS 157 with respect to all remaining nonfinancial assets and liabilities until January 1, 2009. There was no impact on the Companys financial statements at the time of adoption of the remaining provisions of SFAS 157 as required on January 1, 2009; however, the Company does expect that this new standard will impact certain aspects of its accounting for business combinations occurring on or after January 1, 2009, including the determination of fair values assigned to certain purchased assets and liabilities. In April 2009, the Financial Accounting Standards Board (FASB) issued Staff Position No. FAS 107-1 and APB 28-1, Interim Disclosures about Fair Value of Financial Instruments (FSP FAS 107-1).FSP FAS 107-1 amends Statement of Financial Accounting Standards No. 107, Disclosures about Fair Value of Financial Instruments (SFAS 107) to require disclosures about fair value of financial instruments in interim reporting periods.Such disclosures were previously required only in annual financial statements.The Company adopted the provisions of FSP FAS 107-1 for the quarter ended June 30, 2009.Because FSP FAS 107-1 applies only to financial statement disclosures, the adoption did not have a material effect on the Companys consolidated financial statements. In May 2009, the FASB issued Statement of Financial Accounting Standards No. 165, Subsequent Events (SFAS 165), which establishes general standards of accounting for, and requires disclosure of, events that occur after the balance sheet date but before financial statements are issued or are available to be issued.The Company adopted the provisions of SFAS 165 for the quarter ended June 30, 2009.The adoption of these provisions did not have a material effect on the Companys consolidated financial statements.The Company has evaluated subsequent events through August 6, 2009, which is the date these financial statements were filed with the U.S. Securities and Exchange Commission.

6021 - ACQUISITIONS

6021 - ACQUISITIONS
	6 Months Ended Jun. 30, 2009 USD / shares
Acquisitions
Acquisitions	Note 3: Acquisitions On June 1, 2009, the Company entered into an Agreement and Plan of Merger (Agreement) with NATCO Group, Inc. (NATCO). The Agreement provides that Cameron will acquire all of the issued and outstanding shares of common stock of NATCO by exchanging with the NATCO stockholders 1.185 shares of Cameron common stock for each share of NATCO common stock owned. The merger, which is expected to close by the end of the third quarter or during the fourth quarter of 2009, is subject to certain regulatory approvals, the approval of NATCO stockholders and certain other conditions.The Company expects to incorporate NATCO into its DPS segment upon completion of the merger. During the second quarter of 2009, the Company acquired the assets or capital stock of two businesses for a total cash purchase price of $23,177,000.These businesses were acquired to enhance the Companys product offerings or aftermarket services in the Drilling Production Systems (DPS) and Valves Measurement (VM) segments.The two acquisitions were included in the Companys consolidated condensed financial statements for the period subsequent to the acquisition. Preliminary goodwill recorded as a result of these acquisitions totaled approximately $14,540,000 at June 30, 2009, approximately $2,744,000 of which will be deductible for income tax purposes.The Company is still awaiting significant information relating to the fair value of the assets and liabilities of the acquired businesses in order to finalize the purchase price allocations.

6030 - RESTRUCTURING EXPENSES

6030 - RESTRUCTURING EXPENSES
	6 Months Ended Jun. 30, 2009 USD / shares
Restructuring Expense
Restructuring Expense	Note 4: Restructuring Expense Included in operating results for the three- and six-month periods ended June 30, 2009 are employee severance and related benefits and certain other costs primarily associated with workforce reductions, totaling approximately $10,864,000 and $33,180,000, respectively.

6040 - RECEIVABLES

6040 - RECEIVABLES
	6 Months Ended Jun. 30, 2009 USD / shares
Receivables
Receivables	Note 5: Receivables Receivables consisted of the following (in thousands): June 30, 2009 December 31, 2008 Trade receivables $ 848,651 $ 897,453 Other receivables 68,813 62,557 Allowance for doubtful accounts (22,097 ) (9,648 ) Total receivables $ 895,367 $ 950,362

6050 - INVENTORIES

6050 - INVENTORIES
	6 Months Ended Jun. 30, 2009 USD / shares
Inventories
Inventories	Note 6: Inventories Inventories consisted of the following (in thousands): June 30, 2009 December 31, 2008 Raw materials $ 147,147 $ 126,649 Work-in-process 499,711 403,791 Finished goods, including parts and subassemblies 1,195,953 931,168 Other 11,355 10,197 1,854,166 1,471,805 Excess of current standard costs over LIFO costs (109,019 ) (85,240 ) Allowances (67,360 ) (49,640 ) Total inventories $ 1,677,787 $ 1,336,925

6060 - PLANT AND EQUIPMENT AND

6060 - PLANT AND EQUIPMENT AND GOODWILL
	6 Months Ended Jun. 30, 2009 USD / shares
Plant and Equipment and Goodwill
Plant and Equipment and Goodwill	Note 7: Plant and Equipment and Goodwill Plant and equipment consisted of the following (in thousands): June 30, 2009 December 31, 2008 Plant and equipment, at cost $ 1,905,211 $ 1,766,646 Accumulated depreciation (896,568 ) (834,999 ) Total plant and equipment $ 1,008,643 $ 931,647 Changes in goodwill during the six months ended June 30, 2009 were as follows (in thousands): Balance at December 31, 2008 $ 709,217 Changes primarily associated with acquisitions and adjustments to prior period purchase price allocations 6,274 Translation and other 11,673 Balance at June 30, 2009 $ 727,164

6070 - ACCOUNTS PAYABLE AND ACC

6070 - ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
	6 Months Ended Jun. 30, 2009 USD / shares
Accounts Payable and Accrued Liabilities
Accounts Payable and Accrued Liabilities	Note 8: Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consisted of the following (in thousands): June 30, 2009 December 31, 2008 Trade accounts payable and accruals $ 417,474 $ 525,507 Salaries, wages and related fringe benefits 135,928 164,411 Advances from customers 995,161 855,872 Sales-related costs and provisions 68,723 85,565 Payroll and other taxes 42,523 39,409 Product warranty 41,046 33,551 Fair market value of derivatives 15,496 35,715 Other 132,806 114,354 Total accounts payable and accrued liabilities $ 1,849,157 $ 1,854,384 Activity during the six months ended June 30, 2009 associated with the Companys product warranty accruals was as follows (in thousands): Balance December 31, 2008 Net warranty provisions Charges against accrual Translation and other Balance June 30, 2009 $33,551 20,018 (11,872) (651) $41,046

6080 - DEBT

6080 - DEBT
	6 Months Ended Jun. 30, 2009 USD / shares
Debt
Debt	Note 9: Debt The Companys debt obligations were as follows (in thousands): June 30, 2009 December 31, 2008 Short-term borrowings under revolving credit facility $ 33,133 $ 14,482 Senior notes, net of $1,978 of unamortized original issue discount at June 30, 2009 ($2,028 at December 31, 2008) 748,022 747,972 1.5% convertible debentures, net of $0 of conversion option discount at June 30, 2009 ($785 at December 31, 2008) 131,104 130,324 2.5% convertible debentures, net of $30,372 of conversion option discount at June 30, 2009 ($37,758 at December 31, 2008) 469,628 462,242 Other debt 35,898 10,941 Obligations under capital leases 13,865 13,945 1,431,650 1,379,906 Current maturities (205,756 ) (161,279 ) Long-term portion $ 1,225,894 $ 1,218,627 Effective January 1, 2009, the Company adopted FSP APB 14-1, which revises the accounting for convertible debt instruments that may be settled in cash (including partial cash settlement) upon conversion.FSP APB 14-1 requires issuers of convertible debt instruments within its scope to separately account for the liability and equity components of the instruments in a manner that reflects the issuers nonconvertible debt borrowing rate when interest cost is recognized.FSP APB 14-1 requires bifurcation of a component of the debt, classification of that component in equity and the accretion of the resulting discount on the debt to be recognized as part of interest expense in the issuers consolidated results of operations.The Company was required to apply this new standard to its 1.5% convertible debentures issued in 2004 and due in 2024 (1.5% Convertible Debentures) and its 2.5% convertible debentures issued in 2006 and due in 2026 (2.5% Convertible Debentures). The bifurcation of the instruments was based on estimated market borrowing rates of 4.85% and 5.9%, respectively, for non-convertible debt instruments similar to the 1.5% and 2.5% Convertible Debentures.The discount assigned to the convertible debentures in order to result in interest expense equal to the nonconvertible debt borrowing rates mentioned above is being accreted to interest expense over an estimated five-year life of the convertible debentures.The estimated life is consistent with an option in the debentures allowing holders to require the Company to repurchase the debentures in whole or in part for principal plus accrued and unpaid interest five years following the date of issuance.Accordingly, as a result of the adoption of FSP APB 14-1, interest expense for the three- and six-month periods ended June 30, 2009 increased by $4,025,000 and $8,171,000, respectively.The Company has also retrospectively revised certain amounts included in these financial statements for the three- and six-month periods ended June 30, 2008 as follows: Three Months Ended June 30, 2008 Six Months Ended June 30, 2008 Increase in interest expense $ 5,014 $ 10,336 Decrease in net income 3,166 6,527 Decrease in basic earnings per share 0.01 0.03 Decrease in diluted ear

6081 - INCOME TAXES

6081 - INCOME TAXES
	6 Months Ended Jun. 30, 2009 USD / shares
Income Taxes
Income Taxes	Note 10: Income Taxes The Companys effective tax rate for the three and six months ended June 30, 2009 was 20.1% and 25.7%, respectively.The effective tax rate is the result of an annual estimated effective tax rate of 27% reduced by $5,969,000 and $4,440,000 for the three and six months ended June 30, 2009, respectively, primarily related to settlements with tax authorities partially offset by unrecognized benefits of certain tax positions.

6090 - EMPLOYEE BENEFIT PLANS

6090 - EMPLOYEE BENEFIT PLANS
	6 Months Ended Jun. 30, 2009 USD / shares
Employee Benefit Plans
Employee Benefit Plans	Note 11: Employee Benefit Plans Total net benefit (income) expense associated with the Companys defined benefit pension plans consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2009 2008 2009 2008 Service cost $ 559 $ 1,607 $ 1,118 $ 3,214 Interest cost 2,939 4,466 5,878 8,932 Expected return on plan assets (3,199 ) (5,944 ) (6,398 ) (11,888 ) Amortization of prior service cost (credits) 2 (96 ) 4 (192 ) Amortization of losses and other 1,355 2,500 2,710 5,000 Total net benefit expense $ 1,656 $ 2,533 $ 3,312 $ 5,066 Total net benefit (income) expense associated with the Companys postretirement benefit plans consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2009 2008 2009 2008 Service cost $ 2 $ 1 $ 4 $ 2 Interest cost 128 269 256 538 Amortization of prior service credits (223 ) (96 ) (446 ) (192 ) Amortization of gains and other (479 ) (371 ) (958 ) (742 ) Total net benefit income $ (572 ) $ (197 ) $ (1,144 ) $ (394 )

6100 - BUSINESS SEGMENTS

6100 - BUSINESS SEGMENTS
	6 Months Ended Jun. 30, 2009 USD / shares
Business Segments
Business Segments	Note 12: Business Segments The Companys operations are organized into three separate business segments DPS, VM and Compression Systems (CS). Summary financial data by segment is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2009 2008 (as revised) 2009 2008 (as revised) Revenues: DPS $ 862,365 $ 951,808 $ 1,667,622 $ 1,816,626 VM 271,781 366,917 587,919 711,418 CS 135,892 161,908 271,520 291,843 $ 1,270,038 $ 1,480,633 $ 2,527,061 $ 2,819,887 Income (loss) before income taxes: DPS $ 172,655 $ 153,147 $ 336,858 $ 282,171 VM 43,837 70,836 103,542 137,050 CS 22,001 25,732 38,356 44,421 Corporate other (65,010 ) (31,271 ) (137,920 ) (64,722 ) $ 173,483 $ 218,444 $ 340,836 $ 398,920 Corporate other includes expenses associated with the Companys Corporate office, as well as all of the Companys interest income, interest expense, certain litigation expense managed by the Companys General Counsel, foreign currency gains and losses from certain intercompany lending activities managed by the Companys centralized Treasury function and all of the Companys restructuring and stock compensation expense.

6110 - EARNINGS PER SHARE

6110 - EARNINGS PER SHARE
	6 Months Ended Jun. 30, 2009 USD / shares
Earnings Per Share
Earnings Per Share	Note 13: Earnings Per Share The calculation of basic and diluted earnings per share for each period presented was as follows (dollars and shares in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2009 2008 (as revised) 2009 2008 (as revised) Net income $ 138,604 $ 148,785 $ 253,241 $ 271,767 Average shares outstanding (basic) 217,084 216,634 216,987 216,662 Common stock equivalents 1,909 2,915 1,717 2,930 Incremental shares from assumed conversion of convertible debentures 2,859 13,558 2,200 12,208 Diluted shares 221,852 233,107 220,904 231,800 Basic earnings per share $ 0.64 $ 0.69 $ 1.17 $ 1.25 Diluted earnings per share $ 0.62 $ 0.64 $ 1.15 $ 1.17 The Companys 1.5% Convertible Debentures have been included in the calculation of diluted earnings per share for the three and six months ended June30, 2009 and 2008, since the average market price of the Companys common stock exceeded the conversion value of the debentures during both periods.The Companys 2.5% Convertible Debentures have been included in the calculation of diluted earnings per share for the three and six months ended June30, 2008 for the same reason.The 2.5% Convertible Debentures have not been included in the calculation of diluted earnings per share for the three and six months ended June30, 2009, as the conversion price of the debentures was in excess of the average market price of the Companys common stock during the period.During the six-month period ended June 30, 2009, the Company acquired 347,678 treasury shares at an average cost of $20.29 per share.No treasury shares were acquired during the three-months ended June 30, 2009.A total of 312,825 and 719,837 treasury shares were issued during the three- and six-month periods ended June 30, 2009, respectively, in satisfaction of stock option exercises and vesting of restricted stock units.

6120 - COMPREHENSIVE INCOME

6120 - COMPREHENSIVE INCOME
	6 Months Ended Jun. 30, 2009 USD / shares
Comprehensive Income
Comprehensive Income	Note 14: Comprehensive Income The amounts of comprehensive income for the three and six months ended June 30, 2009 and 2008 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2009 2008 (as revised) 2009 2008 (as revised) Net income per Consolidated Condensed Results of Operations $ 138,604 $ 148,785 $ 253,241 $ 271,767 Foreign currency translation gain (loss) (1) 102,887 9,938 57,040 51,824 Amortization of net prior service credits related to the Companys pension and postretirement benefit plans, net of tax (139 ) (119 ) (279 ) (237 ) Amortization of net actuarial losses related to the Companys pension and postretirement benefit plans, net of tax 552 1,315 1,104 2,629 Change in fair value of derivatives accounted for as cash flow hedges, net of tax 23,619 881 19,540 268 Comprehensive income $ 265,523 $ 160,800 $ 330,646 $ 326,251 (1) The Foreign currency translation gain (loss) relates primarily to the Companys operations in Malaysia, Canada, Luxembourg, France, Germany, Italy, Ireland and the United Kingdom. The components of accumulated other elements of comprehensive income at June 30, 2009 and December 31, 2008 were as follows (in thousands): June 30, 2009 December 31, 2008 Accumulated foreign currency translation gain (loss) $ 51,967 $ (5,073 ) Prior service credits, net, related to the Companys pension and postretirement benefit plans, net of tax 3,357 3,636 Actuarial losses, net, related to the Companys pension and postretirement benefit plans, net of tax (41,620 ) (42,724 ) Change in fair value of derivatives accounted for as cash flow hedges, net of tax(1) (20,517 ) (40,057 ) Accumulated other elements of comprehensive income $ (6,813 ) $ (84,218 ) (1) Approximately $13,607,000 (after tax) of accumulated other elements of comprehensive loss is expected to be recognized in earnings during the twelve-month period ending June 30, 2010.

6130 - CONTINGENCIES

6130 - CONTINGENCIES
	6 Months Ended Jun. 30, 2009 USD / shares
Contingencies
Contingencies	Note 15: Contingencies The Company is subject to a number of contingencies, including environmental matters, litigation and tax contingencies. Environmental Matters The Companys worldwide operations are subject to regulations with regard to air, soil and water quality as well as other environmental matters. The Company, through its environmental management system and active third-party audit program, believes it is in substantial compliance with these regulations. The Company is currently identified as a potentially responsible party (PRP) with respect to three sites designated for cleanup under the Comprehensive Environmental Response Compensation and Liability Act (CERCLA) or similar state laws. One of these sites is Osborne, Pennsylvania (a landfill into which a predecessor of the CS operation inGrove City, Pennsylvania deposited waste), where remediation is complete and remaining costs relate to ongoing ground water treatment and monitoring.Of the other two, one is believed to be a de minimis exposure and the other recently settled for a de minimis amount. The Company is also engaged in site cleanup under the Voluntary Cleanup Plan of the Texas Commission on Environmental Quality at former manufacturing locations in Houston and Missouri City, Texas. Changes in the groundwater flow pattern in the southeast corridor of the Houston project prompted the Company to take additional proactive remedial measures in order to protect the environment and avoid new areas of contamination. Additionally, the Company has discontinued operations at a number of other sites which had been active for many years. The Company does not believe, based upon information currently available, that there are any material environmental liabilities existing at these locations. At June 30, 2009, the Companys consolidated balance sheet included a noncurrent liability of approximately $7,025,000 for environmental matters. Legal Matters In 2001, the Company discovered that contaminated underground water from the former manufacturing site in Houston referenced above had migrated under an adjacent residential area. Pursuant to applicable state regulations, the Company notified the affected homeowners. Concerns over the impact on property values of the underground water contamination and its public disclosure led to a number of claims by homeowners. The Company has entered into a number of individual settlements and has settled a class action lawsuit. Twenty-one of the individual settlements were made in the form of agreements with homeowners that obligated the Company to reimburse them for any estimated decline in the value of their homes at time of sale due to potential buyers concerns over contamination or, in the case of some agreements, to purchase the property after an agreed marketing period. Three of these agreements have had no claims made under them yet. The Company has also settled ten other property claims by homeowners who have sold their properties. In addition, the Company has settled Valice v. Cameron Iron Works, Inc. (80th Jud. Dist. Ct., Harris County, filed June 21, 2002), which was filed and settled as a class action. Pursuant to the settlemen

6140 - FINANCIAL AND DERIVATIVE

6140 - FINANCIAL AND DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
	6 Months Ended Jun. 30, 2009 USD / shares
Financial and Derivative Instruments and Hedging Activities
Financial and Derivative Instruments and Hedging Activities	Note 16: Financial and Derivative Instruments and Hedging Activities The Companys financial instruments consist primarily of cash and cash equivalents, trade receivables, trade payables, derivative instruments and debt instruments. The book values of cash and cash equivalents, trade receivables, trade payables, derivative instruments and floating-rate debt instruments are considered to be representative of their respective fair values. Certain cash equivalents have also been valued based on quoted market prices which are considered to be Level 1 market inputs as defined in SFAS 157. In order to mitigate the effect of exchange rate changes, the Company will often attempt to structure sales contracts to provide for collections from customers in the currency in which the Company incurs its manufacturing costs. In certain instances, the Company will enter into forward foreign currency exchange contracts to hedge specificlarge anticipated receipts or disbursements in currencies for which the Company does not traditionally have fully offsetting local currency expenditures or receipts. The Company was party to a number of long-term foreign currency forward contracts at June 30, 2009, some of which extend through 2011. The purpose of the majority of these contracts was to hedge large anticipated non-functional currency cash flows on major subsea, drilling, valve or other equipment contracts involving the Companys United Statesoperations and its wholly-owned subsidiaries in Brazil, France, Italy, Mexico, Romania, Singapore and the United Kingdom. The Company determines the fair value of its outstanding foreign currency forward contracts based on quoted exchange rates for the respective currencies applicable to similar instruments.These quoted exchange rates are considered to be Level 2 observable market inputs as defined in SFAS 157.Information relating to the contracts, which have been accounted for as cash flow hedges as of June 30, 2009 follows: Total net volume bought (sold) by notional currency on open derivative contracts at June 30, 2009 was as follows (in thousands): Notional currency in: Volume NOK 8,663 GBP 4,298 EUR 3,940 SGD 2,160 MYR 1,110 USD (185,467) The fair value of derivative financial instruments recorded in the Companys Consolidated Condensed Balance Sheet at June 30, 2009 is as follows (in thousands): Asset Derivatives Liability Derivatives Balance sheet location Fair value Balance sheet location Fair value Derivatives designated as hedging instruments under Statement 133: Foreign exchange Current assets $ 4,742 Current liabilities $ (15,496 ) contracts Non-current assets Non-current liabilities (1,596 ) 4,742 (17,092 ) Derivatives not designated as hedging instruments under Statement 133: Foreign exchange Current assets 154 Current liabilities contracts Non-current assets Non-current liabilities 154 Total Derivatives $ 4,896 $ (17,092 ) The effects of derivative financial instruments on the Companys c

Document Information

Document Information
	6 Months Ended Jun. 30, 2009 USD / shares
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Amendment Description	none
Document Period End Date	2009-06-30

Entity Information

Entity Information (USD $)
	6 Months Ended Jun. 30, 2009	Jul. 31, 2009	Jun. 30, 2008
Entity Information [Line Items]
Entity Registrant Name	Cameron International Corporation
Entity Central Index Key	0000941548
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$9,852,094,873
Entity Common Stock, Shares Outstanding		219,852,605