10-Q Filing

NOV INC. CIK: 1021860 Q2 2010

Filing Information

Form Type	10-Q
Accession Number	`0000950123-10-073975`
Period End Date	20100630
Filing Date	20100806
Fiscal Year	2010
Fiscal Period	Q2
XBRL Instance	nov-20100630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 78 Cash Flow Statement 64

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.62B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.54B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.69B	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	419.05M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	418.45M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.29B	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	419.05M	shares	Point-in-time
Receivables, net	`ReceivablesNetCurrent`	$2.39B	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	418.45M	shares	Point-in-time
Receivables, net	`ReceivablesNetCurrent`	$2.19B	USD	Point-in-time
Inventories, net	`InventoryNet`	$3.44B	USD	Point-in-time
Inventories, net	`InventoryNet`	$3.49B	USD	Point-in-time
Costs in excess of billings	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$802.00M	USD	Point-in-time
Costs in excess of billings	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$740.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$230.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$290.00M	USD	Point-in-time
Prepaid and other current assets	`PrepaidAndOtherCurrentAssets`	$269.00M	USD	Point-in-time
Prepaid and other current assets	`PrepaidAndOtherCurrentAssets`	$276.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$9.60B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$9.83B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.84B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.79B	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$92.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$169.00M	USD	Point-in-time
Goodwill	`Goodwill`	$5.49B	USD	Point-in-time
Goodwill	`Goodwill`	$5.53B	USD	Point-in-time
Intangibles, net	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$4.05B	USD	Point-in-time
Intangibles, net	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$3.93B	USD	Point-in-time
Investment in unconsolidated affiliate	`EquityMethodInvestments`	$393.00M	USD	Point-in-time
Investment in unconsolidated affiliate	`EquityMethodInvestments`	$358.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$43.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$72.00M	USD	Point-in-time
Total assets	`Assets`	$21.53B	USD	Point-in-time
Total assets	`Assets`	$21.65B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$584.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$598.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.30B	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.27B	USD	Point-in-time
Billings in excess of costs	`BillingsInExcessOfCost`	$454.00M	USD	Point-in-time
Billings in excess of costs	`BillingsInExcessOfCost`	$1.09B	USD	Point-in-time
Current portion of long-term debt and short-term borrowings	`DebtCurrent`	$352.00M	USD	Point-in-time
Current portion of long-term debt and short-term borrowings	`DebtCurrent`	$7.00M	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$233.00M	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$226.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.94B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.17B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$876.00M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$519.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$2.09B	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$2.09B	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$163.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$264.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.81B	USD	Point-in-time
Total liabilities	`Liabilities`	$7.30B	USD	Point-in-time
Common stock - par value $.01; 419,054,572 and 418,451,731 shares issued and outstanding at June 30, 2010 and December 31, 2009	`CommonStockValue`	$4.00M	USD	Point-in-time
Common stock - par value $.01; 419,054,572 and 418,451,731 shares issued and outstanding at June 30, 2010 and December 31, 2009	`CommonStockValue`	$4.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$8.25B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$8.21B	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-67.00M	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$90.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$5.80B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$6.54B	USD	Point-in-time
Total Company stockholders' equity	`StockholdersEquity`	$14.73B	USD	Point-in-time
Total Company stockholders' equity	`StockholdersEquity`	$14.11B	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$109.00M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$115.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$14.84B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$14.23B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$21.65B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$21.53B	USD	Point-in-time

Income Statement 78 line items

Line Item	Tag	Value	Unit	Period
Revenue	`SalesRevenueNet`	$5.97B	USD	2 Qtrs
Revenue	`SalesRevenueNet`	$6.49B	USD	2 Qtrs
Revenue	`SalesRevenueNet`	$2.94B	USD	1 Quarter
Revenue	`SalesRevenueNet`	$3.01B	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$4.08B	USD	2 Qtrs
Cost of revenue	`CostOfGoodsAndServicesSold`	$2.01B	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$4.58B	USD	2 Qtrs
Cost of revenue	`CostOfGoodsAndServicesSold`	$2.13B	USD	1 Quarter
Gross profit	`GrossProfit`	$928.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.91B	USD	2 Qtrs
Gross profit	`GrossProfit`	$875.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.89B	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$663.00M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$338.00M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$653.00M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$334.00M	USD	1 Quarter
Intangible asset impairment	`ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill`	$147.00M	USD	1 Quarter
Intangible asset impairment	`ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill`	$147.00M	USD	2 Qtrs
Transaction and restructuring costs	`OtherCostAndExpenseOperating`	$8.00M	USD	1 Quarter
Transaction and restructuring costs	`OtherCostAndExpenseOperating`	$8.00M	USD	2 Qtrs
Operating profit	`OperatingIncomeLoss`	$1.11B	USD	2 Qtrs
Operating profit	`OperatingIncomeLoss`	$590.00M	USD	1 Quarter
Operating profit	`OperatingIncomeLoss`	$1.23B	USD	2 Qtrs
Operating profit	`OperatingIncomeLoss`	$386.00M	USD	1 Quarter
Interest and financial costs	`InterestExpense`	$26.00M	USD	2 Qtrs
Interest and financial costs	`InterestExpense`	$26.00M	USD	2 Qtrs
Interest and financial costs	`InterestExpense`	$13.00M	USD	1 Quarter
Interest and financial costs	`InterestExpense`	$13.00M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$2.00M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$4.00M	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$5.00M	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$3.00M	USD	1 Quarter
Equity income in unconsolidated affiliate	`IncomeLossFromEquityMethodInvestments`	$14.00M	USD	2 Qtrs
Equity income in unconsolidated affiliate	`IncomeLossFromEquityMethodInvestments`	$16.00M	USD	1 Quarter
Equity income in unconsolidated affiliate	`IncomeLossFromEquityMethodInvestments`	$8.00M	USD	1 Quarter
Equity income in unconsolidated affiliate	`IncomeLossFromEquityMethodInvestments`	$44.00M	USD	2 Qtrs
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-74.00M	USD	2 Qtrs
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-38.00M	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-3.00M	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-19.00M	USD	2 Qtrs
Income before income taxes	`IncomeBeforeIncomeTaxes`	$353.00M	USD	1 Quarter
Income before income taxes	`IncomeBeforeIncomeTaxes`	$1.20B	USD	2 Qtrs
Income before income taxes	`IncomeBeforeIncomeTaxes`	$585.00M	USD	1 Quarter
Income before income taxes	`IncomeBeforeIncomeTaxes`	$1.05B	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$186.00M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$359.00M	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$383.00M	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$131.00M	USD	1 Quarter
Net income	`ProfitLoss`	$695.00M	USD	2 Qtrs
Net income	`ProfitLoss`	$818.00M	USD	2 Qtrs
Net income	`ProfitLoss`	$222.00M	USD	1 Quarter
Net income	`ProfitLoss`	$399.00M	USD	1 Quarter
Net income (loss) attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$5.00M	USD	2 Qtrs
Net income (loss) attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$-2.00M	USD	1 Quarter
Net income (loss) attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$-5.00M	USD	2 Qtrs
Net income (loss) attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$2.00M	USD	1 Quarter
Net income attributable to Company	`NetIncomeLoss`	$690.00M	USD	2 Qtrs
Net income attributable to Company	`NetIncomeLoss`	$823.00M	USD	2 Qtrs
Net income attributable to Company	`NetIncomeLoss`	$401.00M	USD	1 Quarter
Net income attributable to Company	`NetIncomeLoss`	$220.00M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.53	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.96	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.97	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$1.66	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.96	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.53	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.65	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$1.96	USD	2 Qtrs
Cash dividends per share	`CommonStockDividendsPerShareCashPaid`	$0.20	USD	2 Qtrs
Cash dividends per share	`CommonStockDividendsPerShareCashPaid`	$0.10	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	417.00M	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	417.00M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	416.00M	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	416.00M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	417.00M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	418.00M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	419.00M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	419.00M	shares	2 Qtrs

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$695.00M	USD	2 Qtrs
Net income	`ProfitLoss`	$818.00M	USD	2 Qtrs
Net income	`ProfitLoss`	$222.00M	USD	1 Quarter
Net income	`ProfitLoss`	$399.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$251.00M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$238.00M	USD	2 Qtrs
Equity income in unconsolidated affiliate	`IncomeLossFromEquityMethodInvestments`	$16.00M	USD	1 Quarter
Equity income in unconsolidated affiliate	`IncomeLossFromEquityMethodInvestments`	$8.00M	USD	1 Quarter
Equity income in unconsolidated affiliate	`IncomeLossFromEquityMethodInvestments`	$44.00M	USD	2 Qtrs
Equity income in unconsolidated affiliate	`IncomeLossFromEquityMethodInvestments`	$14.00M	USD	2 Qtrs
Dividend from unconsolidated affiliate	`EquityMethodInvestmentDividendsOrDistributions`	$86.00M	USD	2 Qtrs
Dividend from unconsolidated affiliate	`EquityMethodInvestmentDividendsOrDistributions`	$17.00M	USD	2 Qtrs
Intangible asset impairment	`ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill`	$147.00M	USD	1 Quarter
Intangible asset impairment	`ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill`	$147.00M	USD	2 Qtrs
Other, net	`AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther`	$5.00M	USD	2 Qtrs
Other, net	`AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther`	$-5.00M	USD	2 Qtrs
Receivables	`IncreaseDecreaseInAccountsReceivable`	$205.00M	USD	2 Qtrs
Receivables	`IncreaseDecreaseInAccountsReceivable`	$-590.00M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-29.00M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-75.00M	USD	2 Qtrs
Costs in excess of billings	`CostsInExcessOfBillings`	$28.00M	USD	2 Qtrs
Costs in excess of billings	`CostsInExcessOfBillings`	$-62.00M	USD	2 Qtrs
Prepaid and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$6.00M	USD	2 Qtrs
Prepaid and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$108.00M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$13.00M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-152.00M	USD	2 Qtrs
Billings in excess of costs	`BillingsInExcessOfCosts`	$636.00M	USD	2 Qtrs
Billings in excess of costs	`BillingsInExcessOfCosts`	$80.00M	USD	2 Qtrs
Other assets/liabilities, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-72.00M	USD	2 Qtrs
Other assets/liabilities, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$185.00M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.28B	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$282.00M	USD	2 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$78.00M	USD	2 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$143.00M	USD	2 Qtrs
Business acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$389.00M	USD	2 Qtrs
Business acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$62.00M	USD	2 Qtrs
Dividend from unconsolidated affiliate	`DividendFromUnconsolidatedAffiliatesClassifiedAsInvestingActivities`	$8.00M	USD	2 Qtrs
Dividend from unconsolidated affiliate	`DividendFromUnconsolidatedAffiliatesClassifiedAsInvestingActivities`	$16.00M	USD	2 Qtrs
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-16.00M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-524.00M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-108.00M	USD	2 Qtrs
Repayments on debt	`RepaymentsOfLongTermDebt`	$34.00M	USD	2 Qtrs
Repayments on debt	`RepaymentsOfLongTermDebt`	$9.00M	USD	2 Qtrs
Cash dividends paid	`PaymentsOfDividendsCommonStock`	$84.00M	USD	2 Qtrs
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$1.00M	USD	2 Qtrs
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$11.00M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-33.00M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-82.00M	USD	2 Qtrs
Effect of exchange rates on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$15.00M	USD	2 Qtrs
Effect of exchange rates on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-26.00M	USD	2 Qtrs
Increase in cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$66.00M	USD	2 Qtrs
Increase in cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$743.00M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.62B	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.54B	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.69B	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.29B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.62B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.54B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.69B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.29B	USD	Point-in-time
Interest	`InterestPaidNet`	$27.00M	USD	2 Qtrs
Interest	`InterestPaidNet`	$28.00M	USD	2 Qtrs
Income taxes	`IncomeTaxesPaidNet`	$409.00M	USD	2 Qtrs
Income taxes	`IncomeTaxesPaidNet`	$262.00M	USD	2 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.