Cameron International 10-Q 22 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 15, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	CAMERON INTERNATIONAL CORP
Entity Central Index Key	941,548
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 Common Stock, Shares Outstanding		190,921,638
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015

Consolidated Condensed Statemen

Consolidated Condensed Statements of Comprehensive 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]
REVENUES	$ 2,208	$ 2,678	$ 6,703	$ 7,577
COSTS AND EXPENSES:
Cost of sales (exclusive of depreciation and amortization shown separately below)	1,530	1,915	4,723	5,456
Selling and administrative expenses	256	320	821	970
Depreciation and amortization	86	83	264	256
Interest, net	34	36	105	98
Asset charges (see Note 4)	18	0	581	44
Other costs (gains), net (see Note 4)	26	19	77	18
Total costs and expenses	1,950	2,373	6,571	6,842
Income from continuing operations before income taxes	258	305	132	735
Income tax provision	(44)	(70)	(144)	(179)
Income (loss) from continuing operations	214	235	(12)	556
Income (loss) from discontinued operations, net of income taxes	(1)	3	431	31
Net income	213	238	419	587
Less: Net income attributable to noncontrolling interests	26	13	43	29
Net income attributable to Cameron stockholders	187	225	376	558
Amounts attributable to Cameron stockholders:
Income (loss) from continuing operations	188	222	(55)	527
Income (loss) from discontinued operations	(1)	3	431	31
Net income attributable to Cameron stockholders	$ 187	$ 225	$ 376	$ 558
Basic -
Continuing operations (in dollars per share)	$ 0.99	$ 1.11	$ (0.29)	$ 2.55
Discontinued operations (in dollars per share)	(0.01)	0.01	2.25	0.15
Basic earnings per share (in dollars per share)	0.98	1.12	1.96	2.70
Diluted -
Continuing operations (in dollars per share)	0.98	1.10	(0.29)	2.53
Discontinued operations (in dollars per share)	(0.01)	0.01	2.25	0.15
Diluted earnings per share (in dollars per share)	$ 0.97	$ 1.11	$ 1.96	$ 2.68
Shares used in computing earnings per common share:
Basic (in shares)	191	201	192	207
Diluted (in shares)	192	203	192	208
Comprehensive income (loss)	$ (8)	$ 29	$ 14	$ 389
Less: Comprehensive loss attributable to noncontrolling interests	(41)	(40)	(55)	(17)
Comprehensive income attributable to Cameron stockholders	$ 33	$ 69	$ 69	$ 406

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets (unaudited) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 1,627	$ 1,513
Short-term investments	321	113
Receivables, net	2,088	2,389
Inventories, net	2,659	2,929
Other current assets	481	391
Assets of discontinued operations	0	217
Total current assets	7,176	7,552
Plant and equipment, net	1,733	1,964
Goodwill	1,796	2,461
Intangibles, net	613	728
Other assets	291	187
TOTAL ASSETS	11,609	12,892
LIABILITIES AND STOCKHOLDERS’ EQUITY
Short-term debt	38	263
Accounts payable and accrued liabilities	2,786	3,748
Accrued income taxes	342	168
Liabilities of discontinued operations	0	90
Total current liabilities	3,166	4,269
Long-term debt	2,794	2,819
Deferred income taxes	227	193
Other long-term liabilities	162	167
Total liabilities	6,349	7,448
Stockholders’ Equity:
Common stock, par value $.01 per share, 400,000,000 shares authorized, 263,111,472 shares issued at September 30, 2015 and December 31, 2014	3	3
Capital in excess of par value	3,253	3,255
Retained earnings	6,007	5,631
Accumulated other elements of comprehensive income (loss)	(847)	(540)
Less: Treasury stock, 72,298,711 shares at September 30, 2015 (68,139,027 shares at December 31, 2014)	(3,987)	(3,794)
Total Cameron stockholders’ equity	4,429	4,555
Noncontrolling interests	831	889
Total equity	5,260	5,444
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 11,609	$ 12,892

Consolidated Condensed Balance4

Consolidated Condensed Balance Sheets (unaudited) (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Stockholders’ Equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	263,111,472	263,111,472
Treasury common stock at cost (in shares)	72,298,711	68,139,027

Consolidated Condensed Stateme5

Consolidated Condensed Statements of Cash Flows (unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 213	$ 238	$ 419	$ 587
Adjustments to reconcile net income to net cash provided by operating activities:
Asset impairment and other charges	18	0	581	44
Loss on disposal of non-core assets	6	0	6	0
Pre-tax gain on sale of Compression businesses	0	0	(681)	(95)
Depreciation	74	74	226	217
Amortization	12	11	38	49
Non-cash stock compensation expense	13	13	35	43
Gain from remeasurement of prior interest in equity method investment	0	0	0	(8)
Deferred income taxes and tax benefit of employee stock compensation plan transactions	(53)	(74)	(68)	(57)
Changes in assets and liabilities, net of translation, and non-cash items:
Receivables	(6)	(69)	245	42
Inventories	176	(55)	106	(283)
Accounts payable and accrued liabilities	(115)	152	(869)	(291)
Other assets and liabilities, net	38	(74)	173	7
Net cash provided by operating activities	376	216	211	255
Cash flows from investing activities:
Proceeds received from sale of Compression businesses, net	0	0	832	547
Proceeds from sales and maturities of short-term investments	274	18	674	41
Purchases of short-term investments	(159)	(78)	(883)	(115)
Capital expenditures	(60)	(80)	(190)	(259)
Other dispositions (acquisitions), net	0	10	0	(7)
Proceeds from sales of plant and equipment	2	1	11	11
Net cash provided by (used for) investing activities	57	(129)	444	218
Cash flows from financing activities:
Issuance of senior notes	0	0	0	500
Debt issuance costs	0	0	0	(4)
Early retirement of senior notes	0	(253)	0	(253)
Short-term loan borrowings (repayments), net	(7)	94	(220)	104
Purchase of treasury stock	(45)	(351)	(240)	(1,556)
Contributions from (distributions to) noncontrolling interest owners, net	(21)	(40)	(3)	(40)
Proceeds from stock option exercises, net of tax payments from stock compensation plan transactions	10	14	5	39
Excess tax benefits from employee stock compensation plan transactions	0	1	1	6
Principal payments on capital leases	(6)	(6)	(15)	(15)
Net cash used for financing activities	(69)	(541)	(472)	(1,219)
Effect of translation on cash	(32)	(13)	(69)	(9)
Increase (decrease) in cash and cash equivalents	332	(467)	114	(755)
Cash and cash equivalents, beginning of period	1,295	1,525	1,513	1,813
Cash and cash equivalents, end of period	$ 1,627	$ 1,058	$ 1,627	$ 1,058

Consolidated Condensed Stateme6

Consolidated Condensed Statement of Changes in Equity (Unaudited) - 9 months ended Sep. 30, 2015 - USD ($) $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Elements of Comprehensive Income (Loss)	Treasury Stock	Noncontrolling Interests
Beginning Balance at Dec. 31, 2014	$ 5,444	$ 3	$ 3,255	$ 5,631	$ (540)	$ (3,794)	$ 889
Net income	419			376			43
Other comprehensive income (loss), net of tax					(307)		(98)
Non-cash stock compensation expense	(35)		35
Purchase of treasury stock						(236)
Treasury stock issued under stock compensation plans			(38)			43
Tax benefit of stock compensation plan transactions			1
Contributions from noncontrolling interest owners							18
Distributions to noncontrolling interest owners							(21)
Ending Balance at Sep. 30, 2015	$ 5,260	$ 3	$ 3,253	$ 6,007	$ (847)	$ (3,987)	$ 831

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Unaudited Consolidated Condensed Financial Statements of Cameron International Corporation (the Company) have been prepared in accordance with Rule 10-01 of Regulation S-X and do not include all the information and footnotes required by U.S. 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 Audited Consolidated Financial Statements and Notes thereto filed by the Company on Form 10-K for the year ended December 31, 2014 . Preparation of the 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 used to determine fair values in purchase accounting, estimates related to the fair value of reporting units for purposes of assessing goodwill and long-lived assets for impairment 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 year amounts have been reclassified to conform to the current year presentation.

Merger of Cameron with Schlumbe

Merger of Cameron with Schlumberger	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Acquisition of Cameron with Schlumberger	of Cameron with Schlumberger On August 26, 2015, Cameron and Schlumberger Limited "Schlumberger" announced that the companies had entered into an Agreement and Plan of Merger (the “Merger Agreement”) whereby a U.S. subsidiary of Schlumberger would acquire all of the issued and outstanding stock of Cameron. Under the terms of the agreement, Cameron shareholders will receive 0.716 shares of Schlumberger common stock and a cash payment of $14.44 in exchange for each Cameron common share. The Merger Agreement was unanimously approved by the board of directors of both companies. Consummation of the Merger is subject to customary closing conditions, including (a) approval by a majority of the Cameron stockholders of the Merger Agreement and (b) receipt of required regulatory consents and approvals. Schlumberger stockholders are not required to vote on the Merger Agreement. Should Cameron terminate the Merger Agreement in specified circumstances, the Company would be required to pay Schlumberger a termination fee equal to $321 million . This transaction is currently expected to close during the first quarter of 2016.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations The Company completed the sale of its Reciprocating Compression business to General Electric, effective June 1, 2014, and the sale of its Centrifugal Compression business to Ingersoll Rand on January 1, 2015. The gross cash consideration from the sale of both businesses was $1.4 billion , subject to pending closing adjustments. Summarized financial information showing the results of operations of these discontinued operations was as follows: Three Months Ended Nine Months Ended (dollars in millions) 2015 2014 2015 2014 Revenues $ — $ 64 $ — $ 348 Cost of sales (excluding depreciation and amortization) — (43 ) — (246 ) All other (costs) gains (1 ) (17 ) (2 ) (75 ) Gain on sale of Compression businesses, before tax — — 681 95 Income before income taxes (1 ) 4 679 122 Income tax provision — (1 ) (248 ) (91 ) Income from discontinued operations, net of income taxes $ (1 ) $ 3 $ 431 $ 31 The gain on the sale of the Compression businesses was determined as follows: (dollars in millions) Sale of Centrifugal Compression Sale of Reciprocating Compression Sales price $ 850 $ 550 Net assets sold (160 ) (442 ) Transaction and other costs associated with the sale (9 ) (13 ) Pre-tax gain 681 95 Tax provision (248 ) (85 ) Gain on sale $ 433 $ 10 The tax provision associated with the pre-tax gain on the Reciprocating Compression business was impacted by nondeductible goodwill of approximately $192 million included in the total net assets sold.

Other Costs (Gains), Net

Other Costs (Gains), Net	9 Months Ended
	Sep. 30, 2015
Other Costs (Gains), Net [Abstract]
Other Costs (Gains), Net	Other Costs (Gains), Net Asset charges and other costs (gains) consisted of the following: Three Months Ended Nine Months Ended (dollars in millions) 2015 2014 2015 2014 Asset charges - Goodwill impairment $ — $ — $ 517 $ 40 Other long-lived asset impairments 18 — 54 4 Accelerated depreciation on underutilized assets — — 10 — Total $ 18 $ — $ 581 $ 44 Other costs (gains) - Loss on disposal of non-core assets 6 10 6 10 Facility closures and severance 10 2 43 10 Merger costs 6 — 6 — Mark-to-market impact on currency derivatives not designated as accounting hedges — 4 11 4 Net loss from currency devaluations 2 — 7 — Gain from remeasurement of prior interest in equity method investment — — — (8 ) All other costs, net 2 3 4 2 Total 26 19 77 18 Total asset charges and other costs (gains), net $ 44 $ 19 $ 658 $ 62 Asset charges The Company tests the carrying value of goodwill in accordance with accounting rules on impairment of goodwill, which require that the Company estimate the fair value of each of its reporting units annually, or when impairment indicators exist, and compare such amounts to their respective carrying values to determine if an impairment of goodwill is required. In connection with our annual goodwill impairment test as of March 31, 2015, we tested the goodwill for each of our six reporting units. With the exception of the Process Systems reporting unit, no goodwill impairments were indicated. As described further in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2015, we recorded a goodwill impairment charge of $517 million at March 31, 2015 for the Process Systems reporting unit, leaving a remaining balance of goodwill in this reporting unit at September 30, 2015 of $52 million . During the first quarter of 2014, goodwill totaling $40 million relating to the Company’s Process Systems and Equipment (PSE) reporting unit was considered to be fully impaired during the annual goodwill impairment test. The Company also recognized impairment charges of $54 million during the nine months ended September 30, 2015 relating to certain underutilized facilities resulting from weak market conditions and the write-down of assets retained in the agreement to sell the LeTourneau Offshore Products business, of which $18 million was recorded in the third quarter of 2015 (see further discussion below). Charges of $4 million were recognized during the first nine months of 2014 for impairment of certain intangible assets. Loss on disposal of non-core assets On August 27, 2015, Cameron entered into an agreement to sell the LeTourneau Offshore Products business within the Drilling Systems division to Keppel Offshore & Marine USA, Inc. for $100 million . In connection with this transaction, the Company recorded an estimated pre-tax loss of $6 million during the third quarter of 2015 to write-down the carrying value of the business to its fair value including certain other accrued liabilities associated with the sale. This was in addition to the $18 million write-down of retained assets discussed above. The sale is currently expected to close during the second quarter of 2016. Assets and liabilities, including goodwill associated with this business, totaling $105 million and $1 million , respectively, have been presented as held for sale and included in other current assets or accounts payable and accrued liabilities as of September 30, 2015. All other costs (Gains) As a result of current market conditions and the impact on the Company’s operations, charges of $53 million were recognized during the nine months ended September 30, 2015 related to the impact of accelerated depreciation on underutilized assets, pending facility closures and severance for workforce reductions. Merger costs includes costs related directly to activities to support and facilitate Cameron's merger with Schlumberger. In May 2014, the Company increased its prior ownership interest in Cameron Services Middle East LLC from 49% to 90% , for approximately $18 million . The Company recognized a pre-tax gain of nearly $8 million as a result of remeasuring its prior interest, which had been accounted for under the equity method, to fair value upon obtaining control of this entity.

Receivables

Receivables	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Receivables	Receivables Receivables consisted of the following: (dollars in millions) September 30, December 31, Trade receivables $ 1,267 $ 1,678 Costs and estimated earnings in excess of billings on uncompleted contracts 739 621 Other receivables 136 122 Allowance for doubtful accounts (54 ) (32 ) Total receivables $ 2,088 $ 2,389

Inventories

Inventories	9 Months Ended
	Sep. 30, 2015
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: (dollars in millions) September 30, December 31, Raw materials $ 125 $ 159 Work-in-process 688 827 Finished goods, including parts and subassemblies 2,022 2,150 Other 23 24 Total gross inventories 2,858 3,160 Excess of current standard costs over LIFO costs (70 ) (86 ) Allowances (129 ) (145 ) Total net inventories $ 2,659 $ 2,929

Plant and Equipment and Goodwil

Plant and Equipment and Goodwill	9 Months Ended
	Sep. 30, 2015
Plant and Equipment and Goodwill [Abstract]
Plant and Equipment and Goodwill	Plant and Equipment and Goodwill Plant and equipment consisted of the following (in millions): (dollars in millions) September 30, December 31, Plant and equipment, at cost $ 3,478 $ 3,580 Accumulated depreciation (1,745 ) (1,616 ) Total plant and equipment $ 1,733 $ 1,964 Changes in goodwill during the nine months ended September 30, 2015 were as follows (dollars in millions): Balance at December 31, 2014 $ 2,461 Impairment of goodwill (Note 4) (517 ) Goodwill associated with assets held for sale (14 ) Adjustments to the purchase price allocation for prior year acquisitions (12 ) Translation effect of currency changes and other (122 ) Balance at September 30, 2015 $ 1,796

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	9 Months Ended
	Sep. 30, 2015
Accounts Payable and Accrued Liabilities [Abstract]
Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consisted of the following: (dollars in millions) September 30, December 31, Trade accounts payable and accruals $ 521 $ 1,084 Advances from customers 1,165 1,576 Other accruals 1,100 1,088 Total accounts payable and accrued liabilities $ 2,786 $ 3,748

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt The Company’s debt obligations were as follows (in millions): (dollars in millions) September 30, December 31, Commercial paper (0.49% weighted average rate at December 31, 2014) $ — $ 201 Senior notes: 1.15% notes due December 15, 2016 250 250 1.40% notes due June 15, 2017 250 250 6.375% notes due July 15, 2018 450 450 4.5% notes due June 1, 2021 250 250 3.6% notes due April 30, 2022 250 250 4.0% notes due December 15, 2023 250 250 3.7% notes due June 15, 2024 250 250 7.0% notes due July 15, 2038 300 300 5.95% notes due June 1, 2041 250 250 5.125% notes due December 15, 2043 250 250 Unamortized original issue discount (7 ) (7 ) Other debt 27 67 Obligations under capital leases 62 71 2,832 3,082 Current maturities (38 ) (263 ) Long-term maturities $ 2,794 $ 2,819 Commercial paper program The Company has in place a commercial paper program for general corporate purposes which allows for issuances of up to $500 million of commercial paper with maturities of no more than 364 days . Credit agreements and revolving credit facilities In order to extend the length of its currently available credit facilities, the Company, including certain of its subsidiaries, entered into an amended and restated multi-currency credit agreement (the “Credit Agreement”) with various banks and other financial institutions on May 14, 2015 . The Credit Agreement is for $750 million , has a term of five years , expiring on May 14, 2020, and replaces a previously existing $835 million multi-currency credit agreement due to expire in June 2016. The Credit Agreement will be used to finance working capital needs and for other general corporate purposes, including acquisitions, capital expenditures, repurchases of common stock, repayment of debt and issuances of letters of credit. At September 30, 2015 , no letters of credit had been issued under the Credit Agreement, leaving $750 million available for future use. The Company also has a $750 million multi-currency syndicated Revolving Credit Facility expiring April 11, 2017 . Up to $200 million of this facility may be used for letters of credit. The Company has issued letters of credit totaling $36 million under the Revolving Credit Facility, leaving $714 million available for future use at September 30, 2015 .

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective income tax rate on income from continuing operations for the first nine months of 2015 was 109.1% as compared to 24.4% for the first nine months of 2014 . The components of the effective tax rates for both periods were as follows: Nine Months Ended September 30, 2015 2014 (dollars in millions) Tax Provision Tax Rate Tax Provision Tax Rate Provision (benefit) based on international income (loss) distribution $ 27 20.5 % $ 167 22.7 % Adjustments to income tax provision: Impairments with no tax benefit 113 86.0 9 1.3 Asset impairments (5 ) (3.8 ) — — Finalization of prior year returns — — 4 0.5 Changes in valuation allowances 8 6.3 3 0.4 Accrual adjustments and other 1 0.1 (4 ) (0.5 ) Tax provision $ 144 109.1 % $ 179 24.4 %

Business Segments

Business Segments	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Business Segments	Business Segments The Company’s operations are organized into four separate business segments – Subsea, Surface, Drilling and Valves and Measurement (V&M). Summary financial data by segment follows: Three Months Ended Nine Months Ended (dollars in millions) 2015 2014 2015 2014 Revenues: Subsea $ 758 $ 779 $ 2,047 $ 2,195 Surface 446 600 1,499 1,751 Drilling 673 800 2,118 2,233 V&M 376 558 1,185 1,597 Elimination of intersegment revenues (45 ) (59 ) (146 ) (199 ) Total revenues $ 2,208 $ 2,678 $ 6,703 $ 7,577 Segment income before interest and income taxes: Subsea $ 120 $ 44 $ 244 $ 119 Surface 49 105 210 304 Drilling 146 159 400 323 V&M 58 104 147 312 Elimination of intersegment earnings (9 ) (17 ) (32 ) (53 ) Segment income before interest and income taxes 364 395 969 1,005 Corporate items: Corporate expenses (28 ) (35 ) (74 ) (110 ) Interest, net (34 ) (36 ) (105 ) (98 ) Other (costs) gains, net (see Note 4) (44 ) (19 ) (658 ) (62 ) Income from continuing operations before income taxes $ 258 $ 305 $ 132 $ 735 Corporate items include governance expenses associated with the Company’s corporate office, as well as all of the Company’s interest income and interest expense, goodwill and asset impairment charges, severance and restructuring expenses, the impact of currency devaluations, stock-based compensation, foreign currency gains and losses from certain derivative and intercompany lending activities managed by the Company’s centralized treasury function and various other unusual or one-time costs or gains that are not considered a component of segment operating income. Consolidated interest income and expense are treated as corporate items because cash equivalents, short-term investments and debt, including location, type, currency, etc., are managed on a worldwide basis by the corporate treasury department.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The calculation of basic and diluted earnings per share for each period presented was as follows (dollars and shares in millions, except per share amounts): Three Months Ended Nine Months Ended (dollars and shares in millions, except per share amounts) 2015 2014 2015 2014 Net income (loss) from continuing operations $ 214 $ 235 $ (12 ) $ 556 Less: Net income attributable to noncontrolling interests 26 13 43 29 Net income (loss) from continuing operations attributable to Cameron 188 222 (55 ) 527 Income (loss) from discontinued operations, net of taxes (1 ) 3 431 31 Net income attributable to Cameron $ 187 $ 225 $ 376 $ 558 Average shares outstanding (basic) 191 201 192 207 Common stock equivalents 1 2 — 1 Diluted shares 192 203 192 208 Basic earnings (loss) per share: Continuing operations 0.99 1.11 (0.29 ) 2.55 Discontinued operations (0.01 ) 0.01 2.25 0.15 Basic earnings per share 0.98 1.12 1.96 2.70 Diluted earnings (loss) per share: Continuing operations 0.98 1.10 (0.29 ) 2.53 Discontinued operations (0.01 ) 0.01 2.25 0.15 Diluted earnings per share 0.97 1.11 1.96 2.68 Activity in the Company’s treasury shares were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Treasury shares at beginning of period 71,671,246 60,027,350 68,139,027 41,683,164 Purchases of treasury shares 905,100 4,915,044 5,130,334 24,588,815 Net change in treasury shares owned by participants in nonqualified deferred compensation plans (1,920 ) (1,440 ) (2,652 ) 36,708 Treasury shares issued in satisfaction of stock option exercises and vesting of restricted stock units (275,715 ) (132,881 ) (967,998 ) (1,500,614 ) Treasury shares at end of period 72,298,711 64,808,073 72,298,711 64,808,073 Average cost per share $ 49.48 $ 71.43 $ 46.11 $ 63.38 At September 30, 2015 , the Company had remaining authority for future stock purchases totaling approximately $240 million .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The changes in the components of accumulated other elements of comprehensive income (loss) attributable to Cameron stockholders for the three months ended September 30, 2015 and 2014 were as follows: Three Months Ended September 30, 2015 (dollars in millions) Accumulated Foreign Currency Translation Gain (Loss) Prior Service Credits and Net Actuarial Losses Accumulated Gain (Loss) on Cash Flow Hedge Derivatives Total Three Months Ended September 30, 2014 Balance at beginning of period $ (575 ) $ (78 ) $ (40 ) $ (693 ) $ (76 ) Other comprehensive income (loss) before reclassifications: Pre-tax (155 ) — (18 ) (173 ) (167 ) Tax effect — — 8 8 12 Amounts reclassified from accumulated other comprehensive income to: Revenues — — 9 9 (2 ) Cost of sales — — 8 8 1 Tax effect — — (6 ) (6 ) — Net current period other comprehensive income (loss) (155 ) — 1 (154 ) (156 ) Balance at end of period $ (730 ) $ (78 ) $ (39 ) $ (847 ) $ (232 ) The changes in the components of accumulated other elements of comprehensive income (loss) attributable to Cameron stockholders for the nine months ended September 30, 2015 and 2014 were as follows: Nine Months Ended September 30, 2015 (dollars in millions) Accumulated Foreign Currency Translation Gain (Loss) Prior Service Credits and Net Actuarial Losses Accumulated Gain (Loss) on Cash Flow Hedge Derivatives Total Nine Months Ended September 30, 2014 Balance at beginning of period $ (428 ) $ (78 ) $ (34 ) $ (540 ) $ (80 ) Other comprehensive income (loss) before reclassifications: Pre-tax (302 ) — (61 ) (363 ) (157 ) Tax effect — — 12 12 10 Amounts reclassified from accumulated other comprehensive income to: Revenues — — 38 38 (7 ) Cost of sales — — 25 25 (1 ) Tax effect — — (19 ) (19 ) 3 Net current period other comprehensive income (loss) (302 ) — (5 ) (307 ) (152 ) Balance at end of period $ (730 ) $ (78 ) $ (39 ) $ (847 ) $ (232 )

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies The Company is subject to a number of contingencies, including litigation, tax contingencies and environmental matters. Litigation The Company has been and continues to be named as a defendant in a number of multi-defendant, multi-plaintiff tort lawsuits. At September 30, 2015 , the Company’s Consolidated Condensed Balance Sheet included a liability of approximately $20 million for such cases. The Company believes, based on its review of the facts and law, that the potential exposure from these suits will not have a material adverse effect on its consolidated results of operations, financial condition or liquidity. Tax and Other Contingencies The Company has legal entities in approximately 50 countries. As a result, the Company is subject to various tax filing requirements in these countries. The Company prepares its tax filings in a manner which it believes is consistent with such filing requirements. However, the tax laws and regulations to which the Company is subject often require interpretation and/or the application of judgment. Although the Company believes the tax liabilities for periods ending on or before the balance sheet date have been adequately provided for in the financial statements, to the extent a taxing authority believes the Company has not prepared its tax filings in accordance with the authority’s interpretation of the tax laws and regulations, the Company could be exposed to additional taxes. The Company has been assessed customs duties and penalties by the government of Brazil following a customs audit for the years 2003-2010 totaling a U.S. dollar equivalent of approximately $34 million at September 30, 2015 , including interest accrued at local country rates. The Company has filed an administrative appeal and believes a majority of this assessment will ultimately be proven to be incorrect because of numerous errors in the assessment, and because the government has not provided appropriate supporting documentation for the assessment. As a result, the Company currently expects no material adverse impact on its results of operations or cash flows as a result of the ultimate resolution of this matter. No amounts have been accrued for this assessment as of September 30, 2015 as no loss is considered probable. Environmental Matters The Company is currently identified as a potentially responsible party (PRP) for one site designated for cleanup under the Comprehensive Environmental Response Compensation and Liability Act (CERCLA) or similar state law. The Osborne site is a landfill into which a predecessor of the Company’s former Reciprocating Compression operation in Grove City, Pennsylvania deposited waste, where remediation was completed in 2011 and remaining costs relate to ongoing ground water monitoring. The Company is also a party with de minimis exposure at other CERCLA sites. The Company is engaged in site cleanup under the Voluntary Cleanup Plan of the Texas Commission on Environmental Quality ("TCEQ") at a former manufacturing location in Houston, Texas. In 2001, the Company discovered that contaminated underground water had migrated under an adjacent residential area. Pursuant to applicable state regulations, the Company notified the affected homeowners. Concerns over the impact of the underground water contamination and its public disclosure on property values led to a number of claims by homeowners. The Company settled these claims, primarily through the settlement of a class action lawsuit which obligates the Company to reimburse approximately 190 homeowners for any diminution in value of their property due to contamination concerns at the time of the property's sale. Test results of monitoring wells on the southeastern border of the plume indicate that the plume is moving in a new direction, likely as a result of a ground water drainage system completed as part of an interstate highway improvement project. As a result, the Company notified 39 additional homeowners, and may provide notice to additional homeowners, whose property is adjacent to the class area that their property may be affected. The Company continues to monitor the situation to determine whether additional remedial measures would be appropriate. The Company believes, based on its review of the facts and law, that any potential exposure from existing agreements as well as any possible new claims that may be filed with respect to this underground water contamination will not have a material adverse effect on its financial position or results of operations. The Company's Consolidated Condensed Balance Sheet included a noncurrent liability of approximately $7 million for these matters as of September 30, 2015 . Additionally, the Company has ceased operations at a number of other sites which had been active for many years and which may have yet undiscovered contamination. The Company does not believe, based upon information currently available, that there are any material environmental liabilities existing at these locations. At September 30, 2015 , the Company's Consolidated Condensed Balance Sheet included a noncurrent liability of approximately $3 million for these environmental matters.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair Value of Financial Instruments The Company’s financial instruments consist primarily of cash and cash equivalents, short-term investments, trade receivables, trade payables, derivative instruments and debt instruments. The book values of trade receivables, trade payables and floating-rate debt instruments are considered to be representative of their respective fair values. Following is a summary of the Company’s financial instruments which have been valued at fair value in the Company’s Consolidated Balance Sheets at September 30, 2015 and December 31, 2014 : Fair Value Based on Quoted Prices in Active Markets for Identical Assets (Level 1) Fair Value Based on Significant Other Observable Inputs (Level 2) Total (dollars in millions) 2015 2014 2015 2014 2015 2014 Cash and cash equivalents: Cash $ 703 $ 616 $ — $ — $ 703 $ 616 Money market funds 827 842 — — 827 842 Commercial paper — — 48 13 48 13 U.S. Treasury securities — 5 — — — 5 U.S. corporate obligations 10 4 — — 10 4 Non-U.S. bank and other obligations 39 33 — — 39 33 Short-term investments: Commercial paper — — 96 11 96 11 U.S. Treasury securities 32 51 — — 32 51 U.S. corporate obligations 140 51 — — 140 51 U.S. non-governmental agency asset-backed securities — — 53 — 53 — Non-qualified plan assets: Money market funds — 1 — — — 1 Domestic bond funds 3 3 — — 3 3 Domestic equity funds 5 5 — — 5 5 International equity funds 3 3 — — 3 3 Blended equity funds 5 5 — — 5 5 Common stock 2 2 — — 2 2 Derivatives, net asset (liability): Foreign currency contracts — — (58 ) (99 ) (58 ) (99 ) Total $ 1,769 $ 1,621 $ 139 $ (75 ) $ 1,908 $ 1,546 Fair values for financial instruments utilizing level 2 inputs were determined from information obtained from third party pricing sources, broker quotes or calculations involving the use of market indices. At both September 30, 2015 and December 31, 2014 , the fair value of the Company’s fixed-rate debt (based on Level 1 quoted market rates) were approximately $2.9 billion as compared to the $2.7 billion face value of the debt recorded, net of discounts, in the Company’s Consolidated Condensed Balance Sheet. Derivative Contracts In order to mitigate the effect of exchange rate changes, the Company will often 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 foreign currency forward contracts to hedge specific large anticipated receipts or disbursements in currencies for which the Company does not expect to have fully offsetting local currency expenditures or receipts. The Company was party to a number of short- and long-term foreign currency forward contracts at September 30, 2015 . 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. Many of these contracts have been designated as and are accounted for as cash flow hedges for accounting purposes with changes in the fair value of those contracts recorded in accumulated other comprehensive income (loss) in the period such change occurs. Certain other contracts, many of which are centrally managed, are intended to offset other foreign currency exposures but have not been designated as hedges for accounting purposes and, therefore, any change in the fair value of those contracts is reflected in earnings in the period such change occurs. 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. Total gross volume bought (sold) by notional currency and maturity date on open derivative contracts at September 30, 2015 was as follows: Notional Amount - Buy Notional Amount - Sell (amounts in millions) 2015 2016 2017 Total 2015 2016 2017 2018 Total Foreign exchange forward contracts - Notional currency in: Euro 65 69 37 171 (23 ) (10 ) — — (33 ) Malaysian ringgit 143 76 — 219 (16 ) — — — (16 ) Norwegian krone 187 598 32 817 (51 ) (74 ) (4 ) — (129 ) Pound Sterling 94 22 2 118 (5 ) (1 ) — — (6 ) U.S. dollar 16 44 4 64 (282 ) (327 ) (101 ) (1 ) (711 ) While the Company reports and generally settles its individual derivative financial instruments on a gross basis, the agreements between the Company and its third party financial counterparties to the derivative contracts generally provide both the Company and its counterparties with the legal right to net settle contracts that are in an asset position with other contracts that are in an offsetting liability position. The fair values of derivative financial instruments recorded in the Company’s Consolidated Condensed Balance Sheets at September 30, 2015 and December 31, 2014 were as follows: September 30, 2015 December 31, 2014 (dollars in millions) Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments: Current $ 10 $ 62 $ 8 $ 83 Non-current 4 4 1 12 Total derivatives designated as hedging instruments 14 66 9 95 Derivatives not designated as hedging instruments: Current — 6 1 14 Non-current — — — — Total derivatives not designated as hedging instruments — 6 1 14 Total derivatives $ 14 $ 72 $ 10 $ 109 The amount of pre-tax loss from the ineffective portion of derivatives designated as hedging instruments and from derivatives not designated as hedging instruments was: Three Months Ended Nine Months Ended (dollars in millions) 2015 2014 2015 2014 Derivatives designated as hedging instruments - Cost of sales $ 1 $ 4 $ — $ 3 Derivatives not designated as hedging instruments - Cost of sales 11 6 20 4 Other costs — 4 11 4 Total pre-tax loss $ 12 $ 14 $ 31 $ 11

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	9 Months Ended
	Sep. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Revenue In May 2014, the U.S. Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) jointly issued a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance under U.S. GAAP and International Financial Reporting Standards (IFRS). The core principle of Accounting Standards Update 2014-09, Revenue from Contracts with Customers (ASU 2014-09) , is that a company will recognize revenue when it transfers promised goods and services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services. In order to comply with this new standard, companies will need to: • identify performance obligations in each contract, • estimate the amount of variable consideration to include in the transaction price, and • allocate the transaction price to each separate performance obligation. ASU 2014-09, as amended, will be effective for Cameron beginning in the first quarter of 2018. In May 2015, the FASB issued further proposed amendments to this standard that would address accounting for licenses of intellectual property and identifying performance obligations. The FASB has also indicated they are planning to issue other proposed amendments that would clarify the collectibility criterion and provide practical expedients to ease transition, among other things. The Company has begun evaluating the impact of the new standard on its business and will ultimately determine after further analysis whether it will select the full retrospective or the modified retrospective implementation method. Debt Issuance Costs The FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03) in April 2015. ASU 2015-03 requires that debt issuance costs related to a recognized liability in the balance sheet be presented as a direct deduction to that liability rather than as an asset. This will align the presentation of debt issuance costs with that of debt discounts and premiums. Final guidance on this standard, issued as ASU 2015-15 in August 2015, includes an SEC staff announcement that the SEC staff will not object to an entity presenting the cost of securing a revolving line of credit as an asset, regardless of whether a balance is outstanding. The original standard, as issued, did not address revolving lines of credit, which may not have outstanding balances. The Company expects to adopt this new standard beginning January 1, 2016, with the guidance applied retrospectively to all prior periods presented in financial statements issued after that date. The Company does not currently anticipate a material impact on its Consolidated Balance Sheet at the time of adoption of this new standard. Inventory The FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory (ASU 2015-11) in July 2015. ASU 2015-11 requires companies to measure inventory at the lower of cost or net realizable value rather than at the lower of cost or market. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This guidance is effective for the Company’s FIFO inventories beginning January 1, 2016. The Company does not currently anticipate a material impact on its consolidated financial statements at the time of adoption of this new standard. Business Combinations The FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments (ASU 2015-16) in September 2015. This new standard specifies that an acquirer should recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, eliminating the current requirement to retrospectively account for these adjustments. Additionally, the full effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts should be recognized in the same period as the adjustments to the provisional amounts. The Company expects to adopt this new standard beginning January 1, 2016.

Recently Issued Accounting Pr23

Recently Issued Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements, Policy	Revenue In May 2014, the U.S. Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) jointly issued a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance under U.S. GAAP and International Financial Reporting Standards (IFRS). The core principle of Accounting Standards Update 2014-09, Revenue from Contracts with Customers (ASU 2014-09) , is that a company will recognize revenue when it transfers promised goods and services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services. In order to comply with this new standard, companies will need to: • identify performance obligations in each contract, • estimate the amount of variable consideration to include in the transaction price, and • allocate the transaction price to each separate performance obligation. ASU 2014-09, as amended, will be effective for Cameron beginning in the first quarter of 2018. In May 2015, the FASB issued further proposed amendments to this standard that would address accounting for licenses of intellectual property and identifying performance obligations. The FASB has also indicated they are planning to issue other proposed amendments that would clarify the collectibility criterion and provide practical expedients to ease transition, among other things. The Company has begun evaluating the impact of the new standard on its business and will ultimately determine after further analysis whether it will select the full retrospective or the modified retrospective implementation method. Debt Issuance Costs The FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03) in April 2015. ASU 2015-03 requires that debt issuance costs related to a recognized liability in the balance sheet be presented as a direct deduction to that liability rather than as an asset. This will align the presentation of debt issuance costs with that of debt discounts and premiums. Final guidance on this standard, issued as ASU 2015-15 in August 2015, includes an SEC staff announcement that the SEC staff will not object to an entity presenting the cost of securing a revolving line of credit as an asset, regardless of whether a balance is outstanding. The original standard, as issued, did not address revolving lines of credit, which may not have outstanding balances. The Company expects to adopt this new standard beginning January 1, 2016, with the guidance applied retrospectively to all prior periods presented in financial statements issued after that date. The Company does not currently anticipate a material impact on its Consolidated Balance Sheet at the time of adoption of this new standard. Inventory The FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory (ASU 2015-11) in July 2015. ASU 2015-11 requires companies to measure inventory at the lower of cost or net realizable value rather than at the lower of cost or market. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This guidance is effective for the Company’s FIFO inventories beginning January 1, 2016. The Company does not currently anticipate a material impact on its consolidated financial statements at the time of adoption of this new standard. Business Combinations The FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments (ASU 2015-16) in September 2015. This new standard specifies that an acquirer should recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, eliminating the current requirement to retrospectively account for these adjustments. Additionally, the full effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts should be recognized in the same period as the adjustments to the provisional amounts. The Company expects to adopt this new standard beginning January 1, 2016.

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Summarized financial information of discontinued businesses	Summarized financial information showing the results of operations of these discontinued operations was as follows: Three Months Ended Nine Months Ended (dollars in millions) 2015 2014 2015 2014 Revenues $ — $ 64 $ — $ 348 Cost of sales (excluding depreciation and amortization) — (43 ) — (246 ) All other (costs) gains (1 ) (17 ) (2 ) (75 ) Gain on sale of Compression businesses, before tax — — 681 95 Income before income taxes (1 ) 4 679 122 Income tax provision — (1 ) (248 ) (91 ) Income from discontinued operations, net of income taxes $ (1 ) $ 3 $ 431 $ 31 The gain on the sale of the Compression businesses was determined as follows: (dollars in millions) Sale of Centrifugal Compression Sale of Reciprocating Compression Sales price $ 850 $ 550 Net assets sold (160 ) (442 ) Transaction and other costs associated with the sale (9 ) (13 ) Pre-tax gain 681 95 Tax provision (248 ) (85 ) Gain on sale $ 433 $ 10

Other Costs (Gains), Net (Table

Other Costs (Gains), Net (Tables)	9 Months Ended
	Sep. 30, 2015
Other Costs (Gains), Net [Abstract]
Schedule of asset charges and other costs	ther costs (gains) consisted of the following: Three Months Ended Nine Months Ended (dollars in millions) 2015 2014 2015 2014 Asset charges - Goodwill impairment $ — $ — $ 517 $ 40 Other long-lived asset impairments 18 — 54 4 Accelerated depreciation on underutilized assets — — 10 — Total $ 18 $ — $ 581 $ 44 Other costs (gains) - Loss on disposal of non-core assets 6 10 6 10 Facility closures and severance 10 2 43 10 Merger costs 6 — 6 — Mark-to-market impact on currency derivatives not designated as accounting hedges — 4 11 4 Net loss from currency devaluations 2 — 7 — Gain from remeasurement of prior interest in equity method investment — — — (8 ) All other costs, net 2 3 4 2 Total 26 19 77 18 Total asset charges and other costs (gains), net $ 44 $ 19 $ 658 $ 62

Receivables (Tables)

Receivables (Tables)	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Receivables	Receivables consisted of the following: (dollars in millions) September 30, December 31, Trade receivables $ 1,267 $ 1,678 Costs and estimated earnings in excess of billings on uncompleted contracts 739 621 Other receivables 136 122 Allowance for doubtful accounts (54 ) (32 ) Total receivables $ 2,088 $ 2,389

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2015
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following: (dollars in millions) September 30, December 31, Raw materials $ 125 $ 159 Work-in-process 688 827 Finished goods, including parts and subassemblies 2,022 2,150 Other 23 24 Total gross inventories 2,858 3,160 Excess of current standard costs over LIFO costs (70 ) (86 ) Allowances (129 ) (145 ) Total net inventories $ 2,659 $ 2,929

Plant and Equipment and Goodw28

Plant and Equipment and Goodwill (Tables)	9 Months Ended
	Sep. 30, 2015
Plant and Equipment and Goodwill [Abstract]
Plant and equipment	Plant and equipment consisted of the following (in millions): (dollars in millions) September 30, December 31, Plant and equipment, at cost $ 3,478 $ 3,580 Accumulated depreciation (1,745 ) (1,616 ) Total plant and equipment $ 1,733 $ 1,964
Changes in goodwill	Changes in goodwill during the nine months ended September 30, 2015 were as follows (dollars in millions): Balance at December 31, 2014 $ 2,461 Impairment of goodwill (Note 4) (517 ) Goodwill associated with assets held for sale (14 ) Adjustments to the purchase price allocation for prior year acquisitions (12 ) Translation effect of currency changes and other (122 ) Balance at September 30, 2015 $ 1,796

Accounts Payable and Accrued 29

Accounts Payable and Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2015
Accounts Payable and Accrued Liabilities [Abstract]
Accounts payable and accrued liabilities	Accounts payable and accrued liabilities consisted of the following: (dollars in millions) September 30, December 31, Trade accounts payable and accruals $ 521 $ 1,084 Advances from customers 1,165 1,576 Other accruals 1,100 1,088 Total accounts payable and accrued liabilities $ 2,786 $ 3,748

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt obligations	The Company’s debt obligations were as follows (in millions): (dollars in millions) September 30, December 31, Commercial paper (0.49% weighted average rate at December 31, 2014) $ — $ 201 Senior notes: 1.15% notes due December 15, 2016 250 250 1.40% notes due June 15, 2017 250 250 6.375% notes due July 15, 2018 450 450 4.5% notes due June 1, 2021 250 250 3.6% notes due April 30, 2022 250 250 4.0% notes due December 15, 2023 250 250 3.7% notes due June 15, 2024 250 250 7.0% notes due July 15, 2038 300 300 5.95% notes due June 1, 2041 250 250 5.125% notes due December 15, 2043 250 250 Unamortized original issue discount (7 ) (7 ) Other debt 27 67 Obligations under capital leases 62 71 2,832 3,082 Current maturities (38 ) (263 ) Long-term maturities $ 2,794 $ 2,819

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Components of effective tax rates	The components of the effective tax rates for both periods were as follows: Nine Months Ended September 30, 2015 2014 (dollars in millions) Tax Provision Tax Rate Tax Provision Tax Rate Provision (benefit) based on international income (loss) distribution $ 27 20.5 % $ 167 22.7 % Adjustments to income tax provision: Impairments with no tax benefit 113 86.0 9 1.3 Asset impairments (5 ) (3.8 ) — — Finalization of prior year returns — — 4 0.5 Changes in valuation allowances 8 6.3 3 0.4 Accrual adjustments and other 1 0.1 (4 ) (0.5 ) Tax provision $ 144 109.1 % $ 179 24.4 %

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Summarized financial data by segment	The Company’s operations are organized into four separate business segments – Subsea, Surface, Drilling and Valves and Measurement (V&M). Summary financial data by segment follows: Three Months Ended Nine Months Ended (dollars in millions) 2015 2014 2015 2014 Revenues: Subsea $ 758 $ 779 $ 2,047 $ 2,195 Surface 446 600 1,499 1,751 Drilling 673 800 2,118 2,233 V&M 376 558 1,185 1,597 Elimination of intersegment revenues (45 ) (59 ) (146 ) (199 ) Total revenues $ 2,208 $ 2,678 $ 6,703 $ 7,577 Segment income before interest and income taxes: Subsea $ 120 $ 44 $ 244 $ 119 Surface 49 105 210 304 Drilling 146 159 400 323 V&M 58 104 147 312 Elimination of intersegment earnings (9 ) (17 ) (32 ) (53 ) Segment income before interest and income taxes 364 395 969 1,005 Corporate items: Corporate expenses (28 ) (35 ) (74 ) (110 ) Interest, net (34 ) (36 ) (105 ) (98 ) Other (costs) gains, net (see Note 4) (44 ) (19 ) (658 ) (62 ) Income from continuing operations before income taxes $ 258 $ 305 $ 132 $ 735

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Calculation of basic and diluted earnings per share	The calculation of basic and diluted earnings per share for each period presented was as follows (dollars and shares in millions, except per share amounts): Three Months Ended Nine Months Ended (dollars and shares in millions, except per share amounts) 2015 2014 2015 2014 Net income (loss) from continuing operations $ 214 $ 235 $ (12 ) $ 556 Less: Net income attributable to noncontrolling interests 26 13 43 29 Net income (loss) from continuing operations attributable to Cameron 188 222 (55 ) 527 Income (loss) from discontinued operations, net of taxes (1 ) 3 431 31 Net income attributable to Cameron $ 187 $ 225 $ 376 $ 558 Average shares outstanding (basic) 191 201 192 207 Common stock equivalents 1 2 — 1 Diluted shares 192 203 192 208 Basic earnings (loss) per share: Continuing operations 0.99 1.11 (0.29 ) 2.55 Discontinued operations (0.01 ) 0.01 2.25 0.15 Basic earnings per share 0.98 1.12 1.96 2.70 Diluted earnings (loss) per share: Continuing operations 0.98 1.10 (0.29 ) 2.53 Discontinued operations (0.01 ) 0.01 2.25 0.15 Diluted earnings per share 0.97 1.11 1.96 2.68
Schedule of treasury shares	Activity in the Company’s treasury shares were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Treasury shares at beginning of period 71,671,246 60,027,350 68,139,027 41,683,164 Purchases of treasury shares 905,100 4,915,044 5,130,334 24,588,815 Net change in treasury shares owned by participants in nonqualified deferred compensation plans (1,920 ) (1,440 ) (2,652 ) 36,708 Treasury shares issued in satisfaction of stock option exercises and vesting of restricted stock units (275,715 ) (132,881 ) (967,998 ) (1,500,614 ) Treasury shares at end of period 72,298,711 64,808,073 72,298,711 64,808,073 Average cost per share $ 49.48 $ 71.43 $ 46.11 $ 63.38

Accumulated Other Comprehensi34

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Rollforward of accumulated other comprehensive income (loss)	The changes in the components of accumulated other elements of comprehensive income (loss) attributable to Cameron stockholders for the three months ended September 30, 2015 and 2014 were as follows: Three Months Ended September 30, 2015 (dollars in millions) Accumulated Foreign Currency Translation Gain (Loss) Prior Service Credits and Net Actuarial Losses Accumulated Gain (Loss) on Cash Flow Hedge Derivatives Total Three Months Ended September 30, 2014 Balance at beginning of period $ (575 ) $ (78 ) $ (40 ) $ (693 ) $ (76 ) Other comprehensive income (loss) before reclassifications: Pre-tax (155 ) — (18 ) (173 ) (167 ) Tax effect — — 8 8 12 Amounts reclassified from accumulated other comprehensive income to: Revenues — — 9 9 (2 ) Cost of sales — — 8 8 1 Tax effect — — (6 ) (6 ) — Net current period other comprehensive income (loss) (155 ) — 1 (154 ) (156 ) Balance at end of period $ (730 ) $ (78 ) $ (39 ) $ (847 ) $ (232 ) The changes in the components of accumulated other elements of comprehensive income (loss) attributable to Cameron stockholders for the nine months ended September 30, 2015 and 2014 were as follows: Nine Months Ended September 30, 2015 (dollars in millions) Accumulated Foreign Currency Translation Gain (Loss) Prior Service Credits and Net Actuarial Losses Accumulated Gain (Loss) on Cash Flow Hedge Derivatives Total Nine Months Ended September 30, 2014 Balance at beginning of period $ (428 ) $ (78 ) $ (34 ) $ (540 ) $ (80 ) Other comprehensive income (loss) before reclassifications: Pre-tax (302 ) — (61 ) (363 ) (157 ) Tax effect — — 12 12 10 Amounts reclassified from accumulated other comprehensive income to: Revenues — — 38 38 (7 ) Cost of sales — — 25 25 (1 ) Tax effect — — (19 ) (19 ) 3 Net current period other comprehensive income (loss) (302 ) — (5 ) (307 ) (152 ) Balance at end of period $ (730 ) $ (78 ) $ (39 ) $ (847 ) $ (232 )

Fair Value of Financial Instr35

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair value of financial instruments	Following is a summary of the Company’s financial instruments which have been valued at fair value in the Company’s Consolidated Balance Sheets at September 30, 2015 and December 31, 2014 : Fair Value Based on Quoted Prices in Active Markets for Identical Assets (Level 1) Fair Value Based on Significant Other Observable Inputs (Level 2) Total (dollars in millions) 2015 2014 2015 2014 2015 2014 Cash and cash equivalents: Cash $ 703 $ 616 $ — $ — $ 703 $ 616 Money market funds 827 842 — — 827 842 Commercial paper — — 48 13 48 13 U.S. Treasury securities — 5 — — — 5 U.S. corporate obligations 10 4 — — 10 4 Non-U.S. bank and other obligations 39 33 — — 39 33 Short-term investments: Commercial paper — — 96 11 96 11 U.S. Treasury securities 32 51 — — 32 51 U.S. corporate obligations 140 51 — — 140 51 U.S. non-governmental agency asset-backed securities — — 53 — 53 — Non-qualified plan assets: Money market funds — 1 — — — 1 Domestic bond funds 3 3 — — 3 3 Domestic equity funds 5 5 — — 5 5 International equity funds 3 3 — — 3 3 Blended equity funds 5 5 — — 5 5 Common stock 2 2 — — 2 2 Derivatives, net asset (liability): Foreign currency contracts — — (58 ) (99 ) (58 ) (99 ) Total $ 1,769 $ 1,621 $ 139 $ (75 ) $ 1,908 $ 1,546
Open derivative contracts	Total gross volume bought (sold) by notional currency and maturity date on open derivative contracts at September 30, 2015 was as follows: Notional Amount - Buy Notional Amount - Sell (amounts in millions) 2015 2016 2017 Total 2015 2016 2017 2018 Total Foreign exchange forward contracts - Notional currency in: Euro 65 69 37 171 (23 ) (10 ) — — (33 ) Malaysian ringgit 143 76 — 219 (16 ) — — — (16 ) Norwegian krone 187 598 32 817 (51 ) (74 ) (4 ) — (129 ) Pound Sterling 94 22 2 118 (5 ) (1 ) — — (6 ) U.S. dollar 16 44 4 64 (282 ) (327 ) (101 ) (1 ) (711 )
Fair values of derivative financial instruments	The fair values of derivative financial instruments recorded in the Company’s Consolidated Condensed Balance Sheets at September 30, 2015 and December 31, 2014 were as follows: September 30, 2015 December 31, 2014 (dollars in millions) Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments: Current $ 10 $ 62 $ 8 $ 83 Non-current 4 4 1 12 Total derivatives designated as hedging instruments 14 66 9 95 Derivatives not designated as hedging instruments: Current — 6 1 14 Non-current — — — — Total derivatives not designated as hedging instruments — 6 1 14 Total derivatives $ 14 $ 72 $ 10 $ 109
Pre-tax gain (loss) from ineffective portion of derivatives	The amount of pre-tax loss from the ineffective portion of derivatives designated as hedging instruments and from derivatives not designated as hedging instruments was: Three Months Ended Nine Months Ended (dollars in millions) 2015 2014 2015 2014 Derivatives designated as hedging instruments - Cost of sales $ 1 $ 4 $ — $ 3 Derivatives not designated as hedging instruments - Cost of sales 11 6 20 4 Other costs — 4 11 4 Total pre-tax loss $ 12 $ 14 $ 31 $ 11

Merger of Cameron with Schlum36

Merger of Cameron with Schlumberger (Details) - Scenario, Forecast $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Schlumberger Limited
Business Acquisition [Line Items]
Business acquisition, share price | $ / shares	$ 14.44
Cameron International Corporation
Business Acquisition [Line Items]
Business combination, contingent consideration, early contract termination fees	$ 321
Common Stock | Schlumberger Limited
Business Acquisition [Line Items]
Business acquisition, equity interest issued or issuable, number of shares | shares	0.716

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Discontinued Operations [Line Items]
Cash consideration	$ 1,400		$ 1,400
Results of Operations [Abstract]
Gain on sale of Compression businesses, before tax	0	$ 0	681	$ 95
Income from discontinued operations, net of income taxes	(1)	3	431	31
Gain on the sale [Abstract]
Pre-tax gain	0	0	681	95
Discontinued Operations
Results of Operations [Abstract]
Revenues	0	64	0	348
Cost of sales (excluding depreciation and amortization)	0	(43)	0	(246)
All other (costs) gains	(1)	(17)	(2)	(75)
Gain on sale of Compression businesses, before tax	0	0	681	95
Income before income taxes	(1)	4	679	122
Income tax provision	0	(1)	(248)	(91)
Income from discontinued operations, net of income taxes	(1)	3	431	31
Gain on the sale [Abstract]
Pre-tax gain	0	$ 0	681	$ 95
Centrifugal Compression business
Results of Operations [Abstract]
Gain on sale of Compression businesses, before tax			681
Gain on the sale [Abstract]
Sales price			850
Net assets sold			(160)
Transaction and other costs associated with the sale			(9)
Pre-tax gain			681
Tax provision			(248)
Gain on sale			433
Reciprocating Compression business
Results of Operations [Abstract]
Gain on sale of Compression businesses, before tax			95
Gain on the sale [Abstract]
Sales price			550
Net assets sold			(442)
Transaction and other costs associated with the sale			(13)
Pre-tax gain			95
Tax provision			(85)
Gain on sale			10
Nondeductible Goodwill	$ 192		$ 192

Other Costs (Gains), Net (Detai

Other Costs (Gains), Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Asset charges -
Goodwill impairment	$ 0	$ 0	$ 517	$ 40
Other long-lived asset impairments	18	0	54	4
Accelerated depreciation on underutilized assets	0	0	10	0
Total	18	0	581	44
Other costs (gains) -
Loss on disposal of non-core assets	6	10	6	10
Facility closures and severance	10	2	43	10
Merger costs	6	0	6	0
Mark-to-market impact on currency derivatives not designated as accounting hedges	0	4	11	4
Net loss from currency devaluations	2	0	7	0
Gain from remeasurement of prior interest in equity method investment	0	0	0	(8)
All other costs, net	2	3	4	2
Total	26	19	77	18
Total asset charges and other costs (gains), net	$ 44	$ 19	$ 658	$ 62

Other Costs (Gains), Net - Asse

Other Costs (Gains), Net - Asset Impairment Charges and Loss on Disposal of Non-Core Assets (Details) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2015USD ($)	Mar. 31, 2015USD ($)reporting_unit	Sep. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Aug. 27, 2015USD ($)	Dec. 31, 2014USD ($)
Discontinued Operations [Line Items]
Number of reporting units | reporting_unit		6
Goodwill impairment	$ 0		$ 0		$ 517	$ 40
Goodwill	1,796				1,796			$ 2,461
Tangible asset impairment charges	18				54
Impairment of intangible assets (excluding goodwill)						4
Loss on disposal of non-core assets	6		$ 0		6	$ 0
LeTourneau Offshore Products Unit | Disposal Group, Held-for-sale, Not Discontinued Operations
Discontinued Operations [Line Items]
Disposal group, including discontinued operation, consideration							$ 100
Loss on disposal of non-core assets	6
Disposal group, including discontinued operation, assets, current	105				105
Disposal group, including discontinued operation, liabilities, current	1				1
CPS
Discontinued Operations [Line Items]
Goodwill impairment		$ 517		$ 40
Goodwill	$ 52				$ 52

Other Costs (Gains), Net - Gain

Other Costs (Gains), Net - Gain on Remeasurement of Prior Interest in Equity Method Investment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	May. 31, 2014
Schedule of Equity Method Investments [Line Items]
Restructuring charges			$ 53
Equity method investment, aggregate cost					$ 18
Gain from remeasurement of prior interest in equity method investment	$ 0	$ 0	$ 0	$ 8
Minimum | Cameron Services Middle East LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage					49.00%
Maximum | Cameron Services Middle East LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage					90.00%

Receivables (Details)

Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Receivables [Abstract]
Trade receivables	$ 1,267	$ 1,678
Costs and estimated earnings in excess of billings on uncompleted contracts	739	621
Other receivables	136	122
Allowance for doubtful accounts	(54)	(32)
Total receivables	$ 2,088	$ 2,389

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Raw materials	$ 125	$ 159
Work-in-process	688	827
Finished goods, including parts and subassemblies	2,022	2,150
Other	23	24
Total gross inventories	2,858	3,160
Excess of current standard costs over LIFO costs	(70)	(86)
Allowances	(129)	(145)
Total net inventories	$ 2,659	$ 2,929

Plant and Equipment and Goodw43

Plant and Equipment and Goodwill (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Plant and Equipment and Goodwill [Abstract]
Plant and equipment, at cost	$ 3,478		$ 3,478		$ 3,580
Accumulated depreciation	(1,745)		(1,745)		(1,616)
Total plant and equipment	1,733		1,733		$ 1,964
Goodwill [Roll Forward]
Beginning Balance			2,461
Impairment of goodwill (Note 4)	0	$ 0	(517)	$ (40)
Goodwill associated with assets held for sale			(14)
Adjustments to the purchase price allocation for prior year acquisitions			(12)
Translation effect of currency changes and other			(122)
Ending Balance	$ 1,796		$ 1,796

Accounts Payable and Accrued 44

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Accounts Payable and Accrued Liabilities [Abstract]
Trade accounts payable and accruals	$ 521	$ 1,084
Advances from customers	1,165	1,576
Other accruals	1,100	1,088
Total accounts payable and accrued liabilities	$ 2,786	$ 3,748

Debt (Details)

Debt (Details) - USD ($)	Apr. 11, 2014	Sep. 30, 2015	May. 14, 2015	May. 13, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Principal outstanding, net of unamortized discount		$ 2,832,000,000			$ 3,082,000,000
Less: current maturities		(38,000,000)			(263,000,000)
Long-term maturities		2,794,000,000			2,819,000,000
Amended Line of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount		0
Commercial Paper
Debt Instrument [Line Items]
Principal outstanding, net of unamortized discount		$ 0			201,000,000
Weighted average interest rate (in hundredths)		0.49%
Maximum borrowing capacity		$ 500,000,000
Number of days in which commercial paper matures		364 days
Senior Notes Payable Due 2016
Debt Instrument [Line Items]
Principal outstanding, net of unamortized discount		$ 250,000,000			250,000,000
Interest rate (in hundredths)		1.15%
Senior Notes Payable Due 2017
Debt Instrument [Line Items]
Principal outstanding, net of unamortized discount		$ 250,000,000			250,000,000
Interest rate (in hundredths)		1.40%
Senior Notes Payable Due 2018
Debt Instrument [Line Items]
Principal outstanding, net of unamortized discount		$ 450,000,000			450,000,000
Interest rate (in hundredths)		6.375%
Senior Notes Payable Due 2021
Debt Instrument [Line Items]
Principal outstanding, net of unamortized discount		$ 250,000,000			250,000,000
Interest rate (in hundredths)		4.50%
Senior Notes Payable Due 2022
Debt Instrument [Line Items]
Principal outstanding, net of unamortized discount		$ 250,000,000			250,000,000
Interest rate (in hundredths)		3.60%
Senior Notes Payable Due 2023
Debt Instrument [Line Items]
Principal outstanding, net of unamortized discount		$ 250,000,000			250,000,000
Interest rate (in hundredths)		4.00%
Senior Notes Payable Due 2024
Debt Instrument [Line Items]
Principal outstanding, net of unamortized discount		$ 250,000,000			250,000,000
Interest rate (in hundredths)		3.70%
Senior Notes Payable Due 2038
Debt Instrument [Line Items]
Principal outstanding, net of unamortized discount		$ 300,000,000			300,000,000
Interest rate (in hundredths)		7.00%
Senior Notes Payable Due 2041
Debt Instrument [Line Items]
Principal outstanding, net of unamortized discount		$ 250,000,000			250,000,000
Interest rate (in hundredths)		5.95%
Senior Notes Payable Due 2043
Debt Instrument [Line Items]
Principal outstanding, net of unamortized discount		$ 250,000,000			250,000,000
Interest rate (in hundredths)		5.125%
Senior Notes Payable
Debt Instrument [Line Items]
Unamortized original issue discount		$ (7,000,000)			(7,000,000)
Other Debt
Debt Instrument [Line Items]
Principal outstanding, net of unamortized discount		27,000,000			67,000,000
Obligations Under Capital Leases
Debt Instrument [Line Items]
Principal outstanding, net of unamortized discount		$ 62,000,000			$ 71,000,000
Amended Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 750,000,000	$ 835,000,000
Term of revolving credit facility		5 years
Remaining capacity under revolving line of credit facility		$ 750,000,000
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 200,000,000
Line of Credit Multi Currency
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 750,000,000
New Line of Credit Multi Currency
Debt Instrument [Line Items]
Remaining capacity under revolving line of credit facility		714,000,000
Maturity date	Apr. 11, 2017
Letters of credit issued		$ 36,000,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Tax Provision
Provision (benefit) based on international income (loss) distribution			$ 27	$ 167
Adjustments to income tax provision:
Impairments with no tax benefit			113	9
Asset impairments			(5)	0
Finalization of prior year returns			0	4
Changes in valuation allowances			8	3
Accrual adjustments and other			1	(4)
Tax provision	$ 44	$ 70	$ 144	$ 179
Tax Rate
Provision (benefit) based on international income (loss) distribution (in hundredths)			20.50%	22.70%
Adjustments to income tax provision:
Asset impairments with no tax benefit (in hundredths)			86.00%	1.30%
Other asset impairments (in hundredths)			(3.80%)	(0.00%)
Finalization of prior year returns (in hundredths)			0.00%	0.50%
Changes in valuation allowances (in hundredths)			6.30%	0.40%
Accrual adjustments and other (in hundredths)			0.10%	(0.50%)
Tax provision (in hundredths)			109.10%	24.40%

Business Segments (Details)

Business Segments (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)business_segment	Sep. 30, 2014USD ($)
Segment Reporting [Abstract]
Number of business segments | business_segment			4
Segment Reporting Information [Line Items]
Revenues	$ 2,208	$ 2,678	$ 6,703	$ 7,577
Segment income before interest and income taxes	364	395	969	1,005
Other (costs) gains, net (see Note 4)	(44)	(19)	(658)	(62)
Income from continuing operations before income taxes	258	305	132	735
Operating Segments | Subsea
Segment Reporting Information [Line Items]
Revenues	758	779	2,047	2,195
Segment income before interest and income taxes	120	44	244	119
Operating Segments | Surface
Segment Reporting Information [Line Items]
Revenues	446	600	1,499	1,751
Segment income before interest and income taxes	49	105	210	304
Operating Segments | Drilling
Segment Reporting Information [Line Items]
Revenues	673	800	2,118	2,233
Segment income before interest and income taxes	146	159	400	323
Operating Segments | V&M
Segment Reporting Information [Line Items]
Revenues	376	558	1,185	1,597
Segment income before interest and income taxes	58	104	147	312
Eliminations of intersegment revenues/earnings
Segment Reporting Information [Line Items]
Revenues	(45)	(59)	(146)	(199)
Segment income before interest and income taxes	(9)	(17)	(32)	(53)
Corporate
Segment Reporting Information [Line Items]
Corporate expenses	(28)	(35)	(74)	(110)
Interest, net	(34)	(36)	(105)	(98)
Other (costs) gains, net (see Note 4)	$ (44)	$ (19)	$ (658)	$ (62)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ 214	$ 235	$ (12)	$ 556
Less: Net income attributable to noncontrolling interests	26	13	43	29
Net income (loss) from continuing operations attributable to Cameron	188	222	(55)	527
Income (loss) from discontinued operations	(1)	3	431	31
Net income attributable to Cameron stockholders	$ 187	$ 225	$ 376	$ 558
Average shares outstanding (basic) (in shares)	191,000,000	201,000,000	192,000,000	207,000,000
Common stock equivalents (in shares)	1,000,000	2,000,000	0	1,000,000
Diluted shares (in shares)	192,000,000	203,000,000	192,000,000	208,000,000
Basic earnings (loss) per share:
Continuing operations (in dollars per share)	$ 0.99	$ 1.11	$ (0.29)	$ 2.55
Discontinued operations (in dollars per share)	(0.01)	0.01	2.25	0.15
Basic earnings per share (in dollars per share)	0.98	1.12	1.96	2.70
Diluted earnings (loss) per share:
Continuing operations (in dollars per share)	0.98	1.10	(0.29)	2.53
Discontinued operations (in dollars per share)	(0.01)	0.01	2.25	0.15
Diluted earnings per share (in dollars per share)	$ 0.97	$ 1.11	$ 1.96	$ 2.68
Treasury Shares [Roll Forward]
Treasury shares at beginning of period (in shares)	71,671,246	60,027,350	68,139,027	41,683,164
Purchase of treasury shares (in shares)	905,100	4,915,044	5,130,334	24,588,815
Net change in treasury shares owned by participants in nonqualified deferred compensation plans (in shares)	(1,920)	(1,440)	(2,652)	36,708
Treasury shares issued in satisfaction of stock option exercises and vesting of restricted stock units (in shares)	(275,715)	(132,881)	(967,998)	(1,500,614)
Treasury shares at end of period (in shares)	72,298,711	64,808,073	72,298,711	64,808,073
Average cost per share (in dollars per share)	$ 49.48	$ 71.43	$ 46.11	$ 63.38
Remaining authority for future stock purchase	$ 240		$ 240

Accumulated Other Comprehensi49

Accumulated Other Comprehensive Income (Loss) (Details) - 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]
Balance at beginning of period	$ (693)	$ (76)	$ (540)	$ (80)
Other comprehensive income (loss) before reclassifications:
Pre-tax	(173)	(167)	(363)	(157)
Tax effect	8	12	12	10
Amounts reclassified from accumulated other comprehensive income to:
Revenues	2,208	2,678	6,703	7,577
Cost of sales	1,530	1,915	4,723	5,456
Net current period other comprehensive income (loss)	(154)	(156)	(307)	(152)
Balance at end of period	(847)	(232)	(847)	(232)
Amounts reclassified from accumulated other comprehensive income
Amounts reclassified from accumulated other comprehensive income to:
Revenues	9	(2)	38	(7)
Cost of sales	8	1	25	(1)
Tax effect	(6)	$ 0	(19)	$ 3
Accumulated Foreign Currency Translation Gain (Loss)
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	(575)		(428)
Other comprehensive income (loss) before reclassifications:
Pre-tax	(155)		(302)
Tax effect	0		0
Amounts reclassified from accumulated other comprehensive income to:
Net current period other comprehensive income (loss)	(155)		(302)
Balance at end of period	(730)		(730)
Accumulated Foreign Currency Translation Gain (Loss) | Amounts reclassified from accumulated other comprehensive income
Amounts reclassified from accumulated other comprehensive income to:
Revenues	0		0
Cost of sales	0		0
Tax effect	0		0
Prior Service Credits and Net Actuarial Losses
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	(78)		(78)
Other comprehensive income (loss) before reclassifications:
Pre-tax	0		0
Tax effect	0		0
Amounts reclassified from accumulated other comprehensive income to:
Net current period other comprehensive income (loss)	0		0
Balance at end of period	(78)		(78)
Prior Service Credits and Net Actuarial Losses | Amounts reclassified from accumulated other comprehensive income
Amounts reclassified from accumulated other comprehensive income to:
Revenues	0		0
Cost of sales	0		0
Tax effect	0		0
Accumulated Gain (Loss) on Cash Flow Hedge Derivatives
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	(40)		(34)
Other comprehensive income (loss) before reclassifications:
Pre-tax	(18)		(61)
Tax effect	8		12
Amounts reclassified from accumulated other comprehensive income to:
Net current period other comprehensive income (loss)	1		(5)
Balance at end of period	(39)		(39)
Accumulated Gain (Loss) on Cash Flow Hedge Derivatives | Amounts reclassified from accumulated other comprehensive income
Amounts reclassified from accumulated other comprehensive income to:
Revenues	9		38
Cost of sales	8		25
Tax effect	$ (6)		$ (19)

Contingencies (Details)

Contingencies (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)cleanup_sitehomeownercountry
Commitments and Contingencies Disclosure [Abstract]
Accrued liability for claims of other litigation	$ 20
Number of countries where company has legal entities | country	50
Customs duties, penalties and interest by the government of Brazil	$ 34
Number of sites designated for cleanup under the Comprehensive Environmental Response Compensation and Liability Act or similar state law where Company is identified as a potentially responsible party | cleanup_site	1
Number of homeowners covered by class action lawsuit settlement on contaminated underground water from Houston manufacturing site | homeowner	190
Number of homeowners whose property is adjacent to the class area and may be affected by underground water contamination | homeowner	39
Accrued liability for claims for contaminated underground water from Houston manufacturing site	$ 7
Accrued environmental loss contingencies, noncurrent	$ 3

Fair Value of Financial Instr51

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014
Cash and cash equivalents:
Cash	$ 703		$ 616
Money market funds	827		842
Commercial paper	48		13
U.S. Treasury securities	0		5
U.S. corporate obligations	10		4
Non-U.S. bank and other obligations	39		33
Short-term investments:
Commercial paper	96		11
U.S. Treasury securities	32		51
U.S. corporate obligations	140		51
U.S. non-governmental agency asset-backed securities	53		0
Non-qualified plan assets:
Money market funds	0		1
Domestic bond funds	3		3
Domestic equity funds	5		5
International equity funds	3		3
Blended equity funds	5		5
Common stock	2		2
Derivatives, net asset (liability):
Foreign currency contracts	(58)		(99)
Total	1,908		1,546
Fair value of the fixed-rate debt	2,900	$ 2,900
Face value of the fixed-rate debt	2,700	$ 2,700
Fair Value Based on Quoted Prices in Active Markets for Identical Assets (Level 1)
Cash and cash equivalents:
Cash	703		616
Money market funds	827		842
Commercial paper	0		0
U.S. Treasury securities	0		5
U.S. corporate obligations	10		4
Non-U.S. bank and other obligations	39		33
Short-term investments:
Commercial paper	0		0
U.S. Treasury securities	32		51
U.S. corporate obligations	140		51
U.S. non-governmental agency asset-backed securities	0		0
Non-qualified plan assets:
Money market funds	0		1
Domestic bond funds	3		3
Domestic equity funds	5		5
International equity funds	3		3
Blended equity funds	5		5
Common stock	2		2
Derivatives, net asset (liability):
Foreign currency contracts	0		0
Total	1,769		1,621
Fair Value Based on Significant Other Observable Inputs (Level 2)
Cash and cash equivalents:
Cash	0		0
Money market funds	0		0
Commercial paper	48		13
U.S. Treasury securities	0		0
U.S. corporate obligations	0		0
Non-U.S. bank and other obligations	0		0
Short-term investments:
Commercial paper	96		11
U.S. Treasury securities	0		0
U.S. corporate obligations	0		0
U.S. non-governmental agency asset-backed securities	53		0
Non-qualified plan assets:
Money market funds	0		0
Domestic bond funds	0		0
Domestic equity funds	0		0
International equity funds	0		0
Blended equity funds	0		0
Common stock	0		0
Derivatives, net asset (liability):
Foreign currency contracts	(58)		(99)
Total	$ 139		$ (75)

Fair Value of Financial Instr52

Fair Value of Financial Instruments, Derivative Contracts (Details) - Sep. 30, 2015 - Foreign Exchange Forward Contracts € in Millions, £ in Millions, NOK in Millions, MYR in Millions, $ in Millions	USD ($)	MYR	NOK	EUR (€)	GBP (£)
Buy
Derivative [Line Items]
Notional Amount	$ 64	MYR 219	NOK 817	€ 171	£ 118
Buy | 2015
Derivative [Line Items]
Notional Amount	16	143	187	65	94
Buy | 2016
Derivative [Line Items]
Notional Amount	44	76	598	69	22
Buy | 2017
Derivative [Line Items]
Notional Amount	4	0	32	37	2
Sell
Derivative [Line Items]
Notional Amount	711	16	129	33	6
Sell | 2015
Derivative [Line Items]
Notional Amount	282	16	51	23	5
Sell | 2016
Derivative [Line Items]
Notional Amount	327	0	74	10	1
Sell | 2017
Derivative [Line Items]
Notional Amount	101	0	4	0	0
Sell | 2018
Derivative [Line Items]
Notional Amount	$ 1	MYR 0	NOK 0	€ 0	£ 0

Fair Value of Financial Instr53

Fair Value of Financial Instruments, Balance Sheet Classification (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Assets	$ 14	$ 10
Liabilities	72	109
Derivatives Designated as Hedges Instruments
Derivatives, Fair Value [Line Items]
Assets	14	9
Liabilities	66	95
Derivatives Designated as Hedges Instruments | Current Assets
Derivatives, Fair Value [Line Items]
Assets	10	8
Derivatives Designated as Hedges Instruments | Non-Current Assets
Derivatives, Fair Value [Line Items]
Assets	4	1
Derivatives Designated as Hedges Instruments | Current Liabilities
Derivatives, Fair Value [Line Items]
Liabilities	62	83
Derivatives Designated as Hedges Instruments | Non-Current Liabilities
Derivatives, Fair Value [Line Items]
Liabilities	4	12
Derivatives not Designated as Hedges Instruments
Derivatives, Fair Value [Line Items]
Assets	0	1
Liabilities	6	14
Derivatives not Designated as Hedges Instruments | Current Assets
Derivatives, Fair Value [Line Items]
Assets	0	1
Derivatives not Designated as Hedges Instruments | Non-Current Assets
Derivatives, Fair Value [Line Items]
Assets	0	0
Derivatives not Designated as Hedges Instruments | Current Liabilities
Derivatives, Fair Value [Line Items]
Liabilities	6	14
Derivatives not Designated as Hedges Instruments | Non-Current Liabilities
Derivatives, Fair Value [Line Items]
Liabilities	$ 0	$ 0

Fair Value of Financial Instr54

Fair Value of Financial Instruments-Derivative Instruments, Gain (Loss) by Hedging Relationship, Income Statement Location (Details) - 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]
Gain (loss) on derivative instruments, net, pretax	$ (12)	$ (14)	$ (31)	$ (11)
Cost of sales | Derivatives Designated as Hedges Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instrument, designated as hedging instrument, gain (loss) recognized in income, ineffective portion and amount excluded from effectiveness testing	(1)	(4)	0	(3)
Cost of sales | Derivatives not Designated as Hedges Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, not designated as hedging instruments, gain (loss), net	(11)	(6)	(20)	(4)
Other costs | Derivatives not Designated as Hedges Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, not designated as hedging instruments, gain (loss), net	$ 0	$ (4)	$ (11)	$ (4)