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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cameron International Corp. | NYSE:CAM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 66.01 | 0 | 01:00:00 |
(Mark One)
|
|
R
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the Quarterly Period Ended June 30, 2015
|
|
OR
|
|
£
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
76-0451843
|
(State or Other Jurisdiction of
|
(I.R.S. Employer
|
Incorporation or Organization)
|
Identification No.)
|
1333 West Loop South, Suite 1700, Houston, Texas
|
77027
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
3
|
||
Item 1.
|
3
|
|
3
|
||
4
|
||
5
|
||
6
|
||
7
|
||
Item 2.
|
20
|
|
Item 3.
|
40
|
|
Item 4.
|
41
|
|
42
|
||
Item 1.
|
42
|
|
Item 1A.
|
42
|
|
Item 2.
|
42
|
|
Item 3.
|
42
|
|
Item 4.
|
42
|
|
Item 5.
|
43
|
|
Item 6.
|
43
|
|
44
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
(unaudited)
|
||||||||||||||||
REVENUES
|
$
|
2,222
|
$
|
2,570
|
$
|
4,495
|
$
|
4,899
|
||||||||
COSTS AND EXPENSES:
|
||||||||||||||||
Cost of sales (exclusive of depreciation and amortization shown separately below)
|
1,585
|
1,850
|
3,193
|
3,540
|
||||||||||||
Selling and administrative expenses
|
279
|
333
|
565
|
651
|
||||||||||||
Depreciation and amortization
|
89
|
88
|
178
|
173
|
||||||||||||
Interest, net
|
33
|
30
|
71
|
62
|
||||||||||||
Other costs (gains), net (see Note 3)
|
37
|
(6
|
)
|
614
|
43
|
|
||||||||||
Total costs and expenses
|
2,023
|
2,295
|
4,621
|
4,469
|
||||||||||||
Income (loss) from continuing operations before income taxes
|
199
|
275
|
(126
|
)
|
430
|
|||||||||||
Income tax provision
|
(47
|
)
|
(65
|
)
|
(100
|
)
|
(110
|
)
|
||||||||
Income (loss) from continuing operations
|
152
|
210
|
(226
|
)
|
320
|
|||||||||||
Income from discontinued operations, net of income taxes
|
3
|
23
|
432
|
28
|
||||||||||||
Net income
|
155
|
233
|
206
|
348
|
||||||||||||
Less: Net income attributable to noncontrolling interests
|
15
|
12
|
17
|
16
|
||||||||||||
Net income attributable to Cameron stockholders
|
$
|
140
|
$
|
221
|
$
|
189
|
$
|
332
|
||||||||
Amounts attributable to Cameron stockholders:
|
||||||||||||||||
Income (loss) from continuing operations
|
$
|
137
|
$
|
198
|
$
|
(243
|
)
|
$
|
304
|
|||||||
Income from discontinued operations
|
3
|
23
|
432
|
28
|
||||||||||||
Net income attributable to Cameron stockholders
|
$
|
140
|
$
|
221
|
$
|
189
|
$
|
332
|
||||||||
Earnings (loss) per common share attributable to Cameron stockholders:
|
||||||||||||||||
Basic -
|
||||||||||||||||
Continuing operations
|
$
|
0.71
|
$
|
0.97
|
$
|
(1.27
|
)
|
$
|
1.46
|
|||||||
Discontinued operations
|
0.02
|
0.11
|
2.25
|
0.13
|
||||||||||||
Basic earnings per share
|
$
|
0.73
|
$
|
1.08
|
$
|
0.98
|
$
|
1.59
|
||||||||
Diluted -
|
||||||||||||||||
Continuing operations
|
$
|
0.71
|
$
|
0.97
|
$
|
(1.27
|
)
|
$
|
1.44
|
|||||||
Discontinued operations
|
0.02
|
0.11
|
2.25
|
0.13
|
||||||||||||
Diluted earnings per share
|
$
|
0.73
|
$
|
1.08
|
$
|
0.98
|
$
|
1.57
|
||||||||
Shares used in computing earnings per common share:
|
||||||||||||||||
Basic
|
191
|
204
|
192
|
209
|
||||||||||||
Diluted
|
192
|
205
|
192
|
211
|
||||||||||||
Comprehensive income
|
$
|
261
|
$
|
218
|
$
|
22
|
$
|
359
|
||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests
|
49
|
4
|
(14
|
)
|
23
|
|||||||||||
Comprehensive income attributable to Cameron stockholders
|
$
|
212
|
$
|
214
|
$
|
36
|
$
|
336
|
June 30,
2015
|
December 31,
2014
|
|||||||
(unaudited)
|
||||||||
ASSETS
|
||||||||
Cash and cash equivalents
|
$
|
1,295
|
$
|
1,513
|
||||
Short-term investments
|
436
|
113
|
||||||
Receivables, net
|
2,096
|
2,389
|
||||||
Inventories, net
|
2,938
|
2,929
|
||||||
Other current assets
|
390
|
391
|
||||||
Assets of discontinued operations
|
–
|
217
|
||||||
Total current assets
|
7,155
|
7,552
|
||||||
Plant and equipment, net
|
1,814
|
1,964
|
||||||
Goodwill
|
1,880
|
2,461
|
||||||
Intangibles, net
|
683
|
728
|
||||||
Other assets
|
200
|
187
|
||||||
TOTAL ASSETS
|
$
|
11,732
|
$
|
12,892
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Short-term debt
|
$
|
31
|
$
|
263
|
||||
Accounts payable and accrued liabilities
|
2,933
|
3,748
|
||||||
Accrued income taxes
|
298
|
168
|
||||||
Liabilities of discontinued operations
|
–
|
90
|
||||||
Total current liabilities
|
3,262
|
4,269
|
||||||
Long-term debt
|
2,813
|
2,819
|
||||||
Deferred income taxes
|
180
|
193
|
||||||
Other long-term liabilities
|
167
|
167
|
||||||
Total liabilities
|
6,422
|
7,448
|
||||||
Stockholders’ Equity:
|
||||||||
Common stock, par value $.01 per share, 400,000,000 shares authorized, 263,111,472 shares issued at June 30, 2015 and December 31, 2014
|
3
|
3
|
||||||
Capital in excess of par value
|
3,242
|
3,255
|
||||||
Retained earnings
|
5,820
|
5,631
|
||||||
Accumulated other elements of comprehensive income (loss)
|
(693
|
)
|
(540
|
)
|
||||
Less: Treasury stock, 71,671,246 shares at June 30, 2015 (68,139,027 shares at December 31, 2014)
|
(3,955
|
)
|
(3,794
|
)
|
||||
Total Cameron stockholders’ equity
|
4,417
|
4,555
|
||||||
Noncontrolling interests
|
893
|
889
|
||||||
Total equity
|
5,310
|
5,444
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
11,732
|
$
|
12,892
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
(unaudited)
|
||||||||||||||||
Cash flows from operating activities:
|
||||||||||||||||
Net income
|
$
|
155
|
$
|
233
|
$
|
206
|
$
|
348
|
||||||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
|
||||||||||||||||
Asset impairment and other charges
|
10
|
4
|
563
|
44
|
||||||||||||
Pre-tax gain on sale of Compression businesses
|
–
|
(95
|
)
|
(681
|
)
|
(95
|
)
|
|||||||||
Depreciation
|
77
|
71
|
152
|
139
|
||||||||||||
Amortization
|
12
|
19
|
26
|
38
|
||||||||||||
Non-cash stock compensation expense
|
13
|
15
|
23
|
30
|
||||||||||||
Gain from remeasurement of prior interest in equity method investment
|
–
|
(8
|
)
|
–
|
(8
|
)
|
||||||||||
Deferred income taxes and tax benefit of employee stock compensation plan transactions
|
(14
|
)
|
34
|
(15
|
)
|
17
|
||||||||||
Changes in assets and liabilities, net of translation, and non-cash items:
|
||||||||||||||||
Receivables
|
104
|
171
|
252
|
111
|
||||||||||||
Inventories
|
35
|
(53
|
)
|
(70
|
)
|
(228
|
)
|
|||||||||
Accounts payable and accrued liabilities
|
(284
|
)
|
(257
|
)
|
(755
|
)
|
(471
|
)
|
||||||||
Other assets and liabilities, net
|
(80
|
)
|
79
|
134
|
114
|
|||||||||||
Net cash provided by (used for) operating activities
|
28
|
213
|
(165
|
)
|
39
|
|||||||||||
Cash flows from investing activities:
|
||||||||||||||||
Proceeds received from sale of Compression businesses, net
|
–
|
547
|
832
|
547
|
||||||||||||
Proceeds from sales and maturities of short-term investments
|
252
|
18
|
400
|
23
|
||||||||||||
Purchases of short-term investments
|
(264
|
)
|
(33
|
)
|
(723
|
)
|
(38
|
)
|
||||||||
Capital expenditures
|
(41
|
)
|
(73
|
)
|
(130
|
)
|
(178
|
)
|
||||||||
Acquisitions
|
–
|
(18
|
)
|
–
|
(18
|
)
|
||||||||||
Proceeds from sales of plant and equipment
|
2
|
4
|
7
|
10
|
||||||||||||
Net cash provided by (used for) investing activities
|
(51
|
)
|
445
|
386
|
346
|
|||||||||||
Cash flows from financing activities:
|
||||||||||||||||
Issuance of senior notes
|
–
|
500
|
–
|
500
|
||||||||||||
Debt issuance costs
|
–
|
(4
|
)
|
–
|
(4
|
)
|
||||||||||
Short-term loan borrowings (repayments), net
|
(11
|
)
|
(321
|
)
|
(212
|
)
|
9
|
|||||||||
Purchase of treasury stock
|
(13
|
)
|
(303
|
)
|
(195
|
)
|
(1,205
|
)
|
||||||||
Contributions from noncontrolling interest owners
|
18
|
–
|
18
|
–
|
||||||||||||
Proceeds from stock option exercises, net of tax payments from stock compensation plan transactions
|
3
|
16
|
(5
|
)
|
25
|
|||||||||||
Excess tax benefits from employee stock compensation plan transactions
|
–
|
4
|
1
|
6
|
||||||||||||
Principal payments on capital leases
|
(3
|
)
|
(5
|
)
|
(9
|
)
|
(8
|
)
|
||||||||
Net cash used for financing activities
|
(6
|
)
|
(113
|
)
|
(402
|
)
|
(677
|
)
|
||||||||
Effect of translation on cash
|
2
|
8
|
(37
|
)
|
4
|
|||||||||||
Increase (decrease) in cash and cash equivalents
|
(27
|
)
|
553
|
(218
|
)
|
(288
|
)
|
|||||||||
Cash and cash equivalents, beginning of period
|
1,322
|
972
|
1,513
|
1,813
|
||||||||||||
Cash and cash equivalents, end of period
|
$
|
1,295
|
$
|
1,525
|
$
|
1,295
|
$
|
1,525
|
Cameron Stockholders
|
||||||||||||||||||||||||
Common Stock
|
Capital in Excess of Par Value
|
Retained Earnings
|
Accumulated Other
Elements of Comprehensive Income (Loss)
|
Treasury Stock
|
Noncontrolling Interests
|
|||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||
Balance at December 31, 2014
|
$
|
3
|
$
|
3,255
|
$
|
5,631
|
$
|
(540
|
)
|
$
|
(3,794
|
)
|
$
|
889
|
||||||||||
Net income
|
–
|
–
|
189
|
–
|
–
|
17
|
||||||||||||||||||
Other comprehensive income (loss), net of tax
|
–
|
–
|
–
|
(153
|
)
|
–
|
(31
|
)
|
||||||||||||||||
Non-cash stock compensation expense
|
–
|
23
|
–
|
–
|
–
|
–
|
||||||||||||||||||
Purchase of treasury stock
|
–
|
–
|
–
|
–
|
(191
|
)
|
–
|
|||||||||||||||||
Treasury stock issued under stock compensation plans
|
–
|
(35
|
)
|
–
|
–
|
30
|
–
|
|||||||||||||||||
Tax benefit of stock compensation plan transactions
|
–
|
(1
|
)
|
–
|
–
|
–
|
–
|
|||||||||||||||||
Contributions from noncontrolling interest owners
|
–
|
–
|
–
|
–
|
–
|
18
|
||||||||||||||||||
Balance at June 30, 2015
|
$
|
3
|
$
|
3,242
|
$
|
5,820
|
$
|
(693
|
)
|
$
|
(3,955
|
)
|
$
|
893
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
(dollars in millions)
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
Revenues
|
$
|
–
|
$
|
134
|
$
|
–
|
$
|
284
|
||||||||
Cost of sales (excluding depreciation and amortization)
|
–
|
(93
|
)
|
–
|
(203
|
)
|
||||||||||
All other (costs) gains(1)
|
4
|
(25
|
)
|
(1
|
)
|
(58
|
)
|
|||||||||
Gain on sale of Compression businesses, before tax
|
–
|
95
|
681
|
95
|
||||||||||||
Income before income taxes
|
4
|
111
|
680
|
118
|
||||||||||||
Income tax provision
|
(1
|
)
|
(88
|
)
|
(248
|
)
|
(90
|
)
|
||||||||
Income from discontinued operations, net of income taxes
|
$
|
3
|
$
|
23
|
$
|
432
|
$
|
28
|
(1) | – Includes post-closing adjustments during the three months ended June 30, 2015. |
(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
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
(dollars in millions)
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
Asset charges -
|
||||||||||||||||
Goodwill impairment
|
$
|
–
|
$
|
–
|
$
|
517
|
$
|
40
|
||||||||
Other long-lived asset impairments
|
–
|
4
|
36
|
4
|
||||||||||||
Accelerated depreciation on underutilized assets
|
10 |
–
|
10 |
–
|
||||||||||||
Total
|
$
|
10
|
$
|
4
|
$
|
563
|
$
|
44
|
||||||||
Other costs (gains) -
|
||||||||||||||||
Facility closures and severance
|
17
|
3
|
33
|
8
|
||||||||||||
Mark-to-market impact on currency derivatives not designated as accounting hedges
|
(1
|
)
|
–
|
11
|
–
|
|||||||||||
Gain from Venezuela currency devaluation
|
–
|
–
|
(4
|
)
|
–
|
|||||||||||
Gain from remeasurement of prior interest in equity method investment
|
–
|
(8
|
)
|
–
|
(8
|
)
|
||||||||||
Loss from Angola currency devaluation
|
9 |
–
|
9 |
–
|
||||||||||||
All other costs, net
|
2 | (5 | ) | 2 | (1 | ) | ||||||||||
Total
|
27
|
(10
|
)
|
51
|
(1
|
)
|
||||||||||
Total other costs (gains),net
|
$
|
37
|
$
|
(6
|
)
|
$
|
614
|
$
|
(43
|
)
|
(dollars in millions)
|
June 30,
2015
|
December 31,
2014
|
||||||
Trade receivables
|
$
|
1,359
|
$
|
1,678
|
||||
Costs and estimated earnings in excess of billings on uncompleted contracts
|
632
|
621
|
||||||
Other receivables
|
150
|
122
|
||||||
Allowance for doubtful accounts
|
(45
|
)
|
(32
|
)
|
||||
Total receivables
|
$
|
2,096
|
$
|
2,389
|
(dollars in millions)
|
June 30,
2015
|
December 31,
2014
|
||||||
Raw materials
|
$
|
153
|
$
|
159
|
||||
Work-in-process
|
786
|
827
|
||||||
Finished goods, including parts and subassemblies
|
2,226
|
2,150
|
||||||
Other
|
23
|
24
|
||||||
Total gross inventories
|
3,188
|
3,160
|
||||||
Excess of current standard costs over LIFO costs
|
(73
|
)
|
(86
|
)
|
||||
Allowances
|
(177
|
)
|
(145
|
)
|
||||
Total net inventories
|
$
|
2,938
|
$
|
2,929
|
(dollars in millions)
|
June 30,
2015
|
December 31,
2014
|
||||||
Plant and equipment, at cost
|
$
|
3,523
|
$
|
3,580
|
||||
Accumulated depreciation
|
(1,709
|
)
|
(1,616
|
)
|
||||
Total plant and equipment
|
$
|
1,814
|
$
|
1,964
|
Balance at December 31, 2014
|
$
|
2,461
|
||
Impairment of goodwill (Note 3)
|
(517
|
)
|
||
Adjustments to the purchase price allocation for prior year acquisitions
|
(12
|
)
|
||
Translation effect of currency changes and other
|
(52
|
)
|
||
Balance at June 30, 2015
|
$
|
1,880
|
(dollars in millions)
|
June 30,
2015
|
December 31,
2014
|
||||||
Trade accounts payable and accruals
|
$
|
520
|
$
|
1,084
|
||||
Advances from customers
|
1,352
|
1,576
|
||||||
Other accruals
|
1,061
|
1,088
|
||||||
Total accounts payable and accrued liabilities
|
$
|
2,933
|
$
|
3,748
|
(dollars in millions)
|
June 30,
2015
|
December 31,
2014
|
||||||
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
|
35
|
67
|
||||||
Obligations under capital leases
|
66
|
71
|
||||||
2,844
|
3,082
|
|||||||
Current maturities
|
(31
|
)
|
(263
|
)
|
||||
Long-term maturities
|
$
|
2,813
|
$
|
2,819
|
Six Month Ended June 30,
|
||||||||||||||||
2015
|
2014
|
|||||||||||||||
(dollars in millions)
|
Tax Provision
|
Tax Rate
|
Tax Provision
|
Tax Rate
|
||||||||||||
Provision (benefit) based on international income (loss) distribution
|
$
|
(29
|
)
|
23.0
|
%
|
$
|
101
|
23.5
|
%
|
|||||||
Adjustments to income tax provision:
|
||||||||||||||||
Asset impairments with no tax benefit
|
127
|
(100.5
|
)
|
10
|
2.2
|
|||||||||||
Other asset impairments
|
(1
|
)
|
0.9
|
–
|
–
|
|||||||||||
Finalization of prior year returns
|
2
|
(2.0
|
)
|
2
|
0.4
|
|||||||||||
Changes in valuation allowances
|
1
|
(0.6
|
)
|
1
|
0.1
|
|||||||||||
Accrual adjustments and other
|
–
|
–
|
(4
|
)
|
(1.0
|
)
|
||||||||||
Tax provision
|
$
|
100
|
(79.2
|
)%
|
$
|
110
|
25.2
|
%
|
Three Months Ended
June 30,
|
Six Month Ended
June 30,
|
|||||||||||||||
(dollars in millions)
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
Revenues:
|
||||||||||||||||
Subsea
|
$
|
658
|
$
|
735
|
$
|
1,289
|
$
|
1,416
|
||||||||
Surface
|
510
|
613
|
1,053
|
1,151
|
||||||||||||
Drilling
|
719
|
766
|
1,445
|
1,433
|
||||||||||||
V&M |
381
|
539
|
809
|
1,039
|
||||||||||||
Elimination of intersegment revenues
|
(46
|
)
|
(83
|
)
|
(101
|
)
|
(140
|
)
|
||||||||
Total revenues
|
$
|
2,222
|
$
|
2,570
|
$
|
4,495
|
$
|
4,899
|
||||||||
Segment income before interest and income taxes:
|
||||||||||||||||
Subsea
|
$
|
67
|
$
|
46
|
$
|
124
|
$
|
75
|
||||||||
Surface
|
69
|
108
|
161
|
199
|
||||||||||||
Drilling
|
119
|
97
|
254
|
164
|
||||||||||||
V&M
|
44
|
110
|
89
|
208
|
||||||||||||
Elimination of intersegment earning
|
(7
|
)
|
(24
|
)
|
(23
|
)
|
(36
|
)
|
||||||||
Segment income before interest and income taxes
|
292
|
337
|
605
|
610
|
||||||||||||
Corporate items:
|
||||||||||||||||
Corporate expenses
|
(23
|
)
|
(38
|
)
|
(46
|
)
|
(75
|
)
|
||||||||
Interest, net
|
(33
|
)
|
(30
|
)
|
(71
|
)
|
(62
|
)
|
||||||||
Other (costs) gains, net (see Note 3)
|
(37
|
)
|
6
|
(614
|
)
|
(43
|
) | |||||||||
Income (loss) from continuing operations before income taxes
|
$
|
199
|
$
|
275
|
$
|
(126
|
)
|
$
|
430
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
(dollars and shares in millions, except per share amounts)
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
Net income (loss) from continuing operations
|
$
|
152
|
$
|
210
|
$
|
(226
|
)
|
$
|
320
|
|||||||
Less: Net income attributable to noncontrolling interests
|
15
|
12
|
17
|
16
|
||||||||||||
Net income (loss) from continuing operations attributable to Cameron
|
137
|
198
|
(243
|
)
|
304
|
|||||||||||
Income from discontinued operations, net of taxes
|
3
|
23
|
432
|
28
|
||||||||||||
Net income attributable to Cameron
|
$
|
140
|
$
|
221
|
$
|
189
|
$
|
332
|
||||||||
Average shares outstanding (basic)
|
191
|
204
|
192
|
209
|
||||||||||||
Common stock equivalents
|
1
|
1
|
–
|
2
|
||||||||||||
Diluted shares
|
192
|
205
|
192
|
211
|
||||||||||||
Basic earnings (loss) per share:
|
||||||||||||||||
Continuing operations
|
$
|
0.71
|
$
|
0.97
|
$
|
(1.27
|
)
|
$
|
1.46
|
|||||||
Discontinued operations
|
0.02
|
0.11
|
2.25
|
0.13
|
||||||||||||
Basic earnings per share
|
$
|
0.73
|
$
|
1.08
|
$
|
0.98
|
$
|
1.59
|
||||||||
Diluted earnings (loss) per share:
|
||||||||||||||||
Continuing operations
|
$
|
0.71
|
$
|
0.97
|
$
|
(1.27
|
)
|
$
|
1.44
|
|||||||
Discontinued operations
|
0.02
|
0.11
|
2.25
|
0.13
|
||||||||||||
Diluted earnings per share
|
$
|
0.73
|
$
|
1.08
|
$
|
0.98
|
$
|
1.57
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Treasury shares at beginning of period
|
71,543,192
|
56,109,636
|
68,139,027
|
41,683,164
|
||||||||||||
Purchases of treasury shares
|
278,700
|
4,516,668
|
4,225,234
|
19,673,771
|
||||||||||||
Net change in treasury shares owned by participants in nonqualified deferred compensation plans
|
(599
|
)
|
(1,614
|
)
|
(732
|
)
|
38,148
|
|||||||||
Treasury shares issued in satisfaction of stock option exercises and vesting of restricted stock units
|
(150,047
|
)
|
(597,340
|
)
|
(692,283
|
)
|
(1,367,733
|
)
|
||||||||
Treasury shares at end of period
|
71,671,246
|
60,027,350
|
71,671,246
|
60,027,350
|
||||||||||||
Average cost per share
|
$
|
46.35
|
$
|
63.00
|
$
|
45.38
|
$
|
61.37
|
Three Months Ended June 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 June 30, 2014
|
|||||||||||||||
Balance at beginning of period
|
$
|
(625
|
)
|
$
|
(78
|
)
|
$
|
(62
|
)
|
$
|
(765
|
)
|
$
|
(69
|
)
|
|||||
Other comprehensive income (loss) before reclassifications:
|
||||||||||||||||||||
Pre-tax
|
50
|
–
|
15
|
65
|
(6
|
)
|
||||||||||||||
Tax effect
|
–
|
–
|
(12
|
)
|
(12
|
)
|
1
|
|||||||||||||
Amounts reclassified from accumulated other comprehensive income to:
|
||||||||||||||||||||
Revenues
|
–
|
–
|
18
|
18
|
(2
|
)
|
||||||||||||||
Cost of sales
|
–
|
–
|
9
|
9
|
(2
|
)
|
||||||||||||||
Tax effect
|
–
|
–
|
(8
|
)
|
(8
|
)
|
2
|
|||||||||||||
Net current period other comprehensive income (loss)
|
50
|
–
|
22
|
72
|
(7
|
)
|
||||||||||||||
Balance at end of period
|
$
|
(575
|
)
|
$
|
(78
|
)
|
$
|
(40
|
)
|
$
|
(693
|
)
|
$
|
(76
|
)
|
Six Months Ended June 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
|
Six Months Ended June 30, 2014
|
|||||||||||||||
Balance at beginning of period
|
$
|
(428
|
)
|
$
|
(78
|
)
|
$
|
(34
|
)
|
$
|
(540
|
)
|
$
|
(80
|
)
|
|||||
Other comprehensive income (loss) before reclassifications:
|
||||||||||||||||||||
Pre-tax
|
(147
|
)
|
–
|
(43
|
)
|
(190
|
)
|
10
|
||||||||||||
Tax effect
|
–
|
–
|
4
|
4
|
(2
|
)
|
||||||||||||||
Amounts reclassified from accumulated other comprehensive income to:
|
||||||||||||||||||||
Revenues
|
–
|
–
|
29
|
29
|
(5
|
)
|
||||||||||||||
Cost of sales
|
–
|
–
|
17
|
17
|
(2
|
)
|
||||||||||||||
Tax effect
|
–
|
–
|
(13
|
)
|
(13
|
)
|
3
|
|||||||||||||
Net current period other comprehensive income (loss)
|
(147
|
)
|
–
|
(6
|
)
|
(153
|
)
|
4
|
||||||||||||
Balance at end of period
|
$
|
(575
|
)
|
$
|
(78
|
)
|
$
|
(40
|
)
|
$
|
(693
|
)
|
$
|
(76
|
)
|
Fair Value Based on Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Fair Value Based on Significant Other Observable Inputs
(Level 2)
|
Total
|
||||||||||||||||||||||
(in millions)
|
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
||||||||||||||||||
Cash and cash equivalents:
|
||||||||||||||||||||||||
Cash
|
$
|
685
|
$
|
616
|
$
|
–
|
$
|
–
|
$
|
685
|
$
|
616
|
||||||||||||
Money market funds
|
338
|
842
|
–
|
–
|
338
|
842
|
||||||||||||||||||
Commercial paper
|
–
|
–
|
55
|
13
|
55
|
13
|
||||||||||||||||||
U.S. Treasury securities
|
–
|
5
|
–
|
–
|
–
|
5
|
||||||||||||||||||
U.S. corporate obligations
|
14
|
4
|
–
|
–
|
14
|
4
|
||||||||||||||||||
Non-U.S. bank and other obligations
|
203
|
33
|
–
|
–
|
203
|
33
|
||||||||||||||||||
Short-term investments:
|
||||||||||||||||||||||||
Commercial paper
|
–
|
–
|
114
|
11
|
114
|
11
|
||||||||||||||||||
U.S. Treasury securities
|
63
|
51
|
–
|
–
|
63
|
51
|
||||||||||||||||||
U.S. corporate obligations
|
193
|
51
|
–
|
–
|
193
|
51
|
||||||||||||||||||
U.S. non-governmental agency asset-backed securities
|
–
|
–
|
66
|
–
|
66
|
–
|
||||||||||||||||||
Non-qualified plan assets:
|
||||||||||||||||||||||||
Money market funds
|
–
|
1
|
–
|
–
|
–
|
1
|
||||||||||||||||||
Domestic bond funds
|
3
|
3
|
–
|
–
|
3
|
3
|
||||||||||||||||||
Domestic equity funds
|
6
|
5
|
–
|
–
|
6
|
5
|
||||||||||||||||||
International equity funds
|
3
|
3
|
–
|
–
|
3
|
3
|
||||||||||||||||||
Blended equity funds
|
6
|
5
|
–
|
–
|
6
|
5
|
||||||||||||||||||
Common stock
|
2
|
2
|
–
|
–
|
2
|
2
|
||||||||||||||||||
Derivatives, net asset (liability):
|
||||||||||||||||||||||||
Foreign currency contracts
|
–
|
–
|
(50
|
)
|
(99
|
)
|
(50
|
)
|
(99
|
)
|
||||||||||||||
Total
|
$
|
1,516
|
$
|
1,621
|
$
|
185
|
$
|
(75
|
)
|
$
|
1,701
|
$
|
1,546
|
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:
|
||||||||||||||||||||||||||||||||||||
Australian dollar
|
–
|
–
|
–
|
–
|
(1
|
)
|
–
|
–
|
–
|
(1
|
)
|
|||||||||||||||||||||||||
Euro
|
143
|
60
|
36
|
239
|
(49
|
)
|
(11
|
)
|
–
|
–
|
(60
|
)
|
||||||||||||||||||||||||
Malaysian ringgit
|
275
|
61
|
–
|
336
|
(16
|
)
|
–
|
–
|
–
|
(16
|
)
|
|||||||||||||||||||||||||
Norwegian krone
|
412
|
579
|
31
|
1,022
|
(31
|
)
|
(64
|
)
|
(4
|
)
|
–
|
(99
|
)
|
|||||||||||||||||||||||
Pound Sterling
|
140
|
9
|
–
|
149
|
(25
|
)
|
(1
|
)
|
–
|
–
|
(26
|
)
|
||||||||||||||||||||||||
U.S. dollar
|
11
|
30
|
2
|
43
|
(411
|
)
|
(260
|
)
|
(101
|
)
|
(1
|
)
|
(773
|
)
|
June 30, 2015
|
December 31, 2014
|
|||||||||||||||
(dollars in millions)
|
Assets
|
Liabilities
|
Assets
|
Liabilities
|
||||||||||||
Derivatives designated as hedging instruments:
|
||||||||||||||||
Current
|
$
|
15
|
$
|
67
|
$
|
8
|
$
|
83
|
||||||||
Non-current
|
5
|
8
|
1
|
12
|
||||||||||||
Total derivatives designated as hedging instruments
|
20
|
75
|
9
|
95
|
||||||||||||
Derivatives not designated as hedging instruments:
|
||||||||||||||||
Current
|
10
|
5
|
1
|
14
|
||||||||||||
Non-current
|
–
|
–
|
–
|
–
|
||||||||||||
Total derivatives not designated as hedging instruments
|
10
|
5
|
1
|
14
|
||||||||||||
Total derivatives
|
$
|
30
|
$
|
80
|
$
|
10
|
$
|
109
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
(dollars in millions)
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
Derivatives designated as hedging instruments -
|
||||||||||||||||
Cost of sales
|
$
|
4
|
$
|
(1
|
)
|
$
|
1
|
$
|
1
|
|||||||
Derivatives not designated as hedging instruments -
|
||||||||||||||||
Cost of sales
|
10
|
1
|
(9
|
)
|
2
|
|||||||||||
Other (costs) gains
|
1
|
–
|
(11
|
)
|
–
|
|||||||||||
Total pre-tax gain (loss)
|
$
|
15
|
$
|
–
|
$
|
(19
|
)
|
$
|
3
|
· | 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. |
Three Months Ended
June 30,
|
Increase (Decrease)
|
|||||||||||||||
2015
|
2014
|
Amount
|
%
|
|||||||||||||
Drilling activity (average number of working rigs during period)(1):
|
||||||||||||||||
United States
|
909
|
1,852
|
(943
|
)
|
(50.9
|
)%
|
||||||||||
Canada
|
100
|
202
|
(102
|
)
|
(50.5
|
)%
|
||||||||||
Rest of world
|
1,169
|
1,348
|
(179
|
)
|
(13.3
|
)%
|
||||||||||
Global average rig count
|
2,178
|
3,402
|
(1,224
|
)
|
(36.0
|
)%
|
||||||||||
Commodity prices (average of daily U.S. dollar prices per unit during period)(2):
|
||||||||||||||||
West Texas Intermediate (WTI) Cushing, OK crude spot price (per barrel)
|
$
|
57.85
|
$
|
103.06
|
$
|
(45.21
|
)
|
(43.9
|
)%
|
|||||||
Brent crude oil spot price (per barrel)
|
$
|
66.22
|
$
|
106.96
|
$
|
(40.74
|
)
|
(38.1
|
)%
|
|||||||
Henry Hub natural gas spot price (per MMBtu)
|
$
|
2.73
|
$
|
4.59
|
$
|
(1.86
|
)
|
(40.5
|
)%
|
|||||||
Twelve-month futures strip price (U.S. dollar amount at period end)(2):
|
||||||||||||||||
West Texas Intermediate (WTI) Cushing, OK crude oil contract (per barrel)
|
$
|
60.97
|
$
|
101.10
|
$
|
(40.13
|
)
|
(39.7
|
)%
|
|||||||
Brent crude oil contract (per barrel)
|
$
|
63.59
|
$
|
112.36
|
$
|
(48.77
|
)
|
(43.4
|
)%
|
|||||||
Henry Hub natural gas contract (per MMBtu)
|
$
|
3.05
|
$
|
4.35
|
$
|
(1.30
|
)
|
(29.9
|
)%
|
|||||||
Contracted drillships and semi-submersibles by location at period-end(3):
|
||||||||||||||||
U.S. Gulf of Mexico
|
46
|
49
|
(3
|
)
|
(6.1
|
)%
|
||||||||||
Central and South America
|
60
|
76
|
(16
|
)
|
(21.1
|
)%
|
||||||||||
Northwestern Europe
|
41
|
46
|
(5
|
)
|
(10.9
|
)%
|
||||||||||
West Africa
|
36
|
45
|
(9
|
)
|
(20.0
|
)%
|
||||||||||
Far East, Southeast Asia and Australia
|
29
|
26
|
3
|
11.5
|
%
|
|||||||||||
Indian Ocean
|
10
|
16
|
(6
|
)
|
(37.5
|
)%
|
||||||||||
Other
|
22
|
28
|
(6
|
)
|
(21.4
|
)%
|
||||||||||
Total
|
244
|
286
|
(42
|
)
|
(14.7
|
)%
|
(1) | Based on average monthly rig count data from Baker Hughes |
(2) | Source: Bloomberg |
(3) | Source: IHS Energy – IHS Petrodata World Rig Forecast |
• | facility closures and severance activities, and |
• | asset charges and other costs. |
Three Months Ended June 30,
|
||||||||||||||||
2015
|
2014
|
|||||||||||||||
(dollars in millions)
|
Tax Provision
|
Tax Rate
|
Tax Provision
|
Tax Rate
|
||||||||||||
Provision based on international income distribution
|
$
|
46
|
23.0
|
%
|
$
|
65
|
23.5
|
%
|
||||||||
Adjustments to income tax provision:
|
||||||||||||||||
Other asset impairments
|
(1
|
)
|
(0.6
|
)
|
–
|
–
|
||||||||||
Finalization of prior year returns
|
1
|
0.7
|
–
|
–
|
||||||||||||
Changes in valuation allowances
|
1
|
0.4
|
1
|
0.1
|
||||||||||||
Accrual adjustments and other
|
–
|
–
|
(1
|
)
|
(0.6
|
)
|
||||||||||
Tax provision
|
$
|
47
|
23.5
|
%
|
$
|
65
|
23.0
|
%
|
Three Months Ended
June 30,
|
Increase (Decrease)
|
|||||||||||||||
(dollars in millions)
|
2015
|
2014
|
$
|
%
|
||||||||||||
Revenues
|
$
|
658
|
$
|
735
|
$
|
(77
|
)
|
(10.5
|
)%
|
|||||||
Segment operating income before interest and income taxes
|
$
|
67
|
$
|
46
|
$
|
21
|
45.7
|
%
|
||||||||
Segment operating income before interest and income taxes as a percent of revenues
|
10.2
|
%
|
6.3
|
%
|
N/A
|
|
3.9 pts.
|
|||||||||
Orders
|
$
|
742
|
$
|
596
|
$
|
146
|
24.5
|
%
|
||||||||
Backlog (at period-end)
|
$
|
4,178
|
$
|
4,763
|
$
|
(585
|
)
|
(12.3
|
)%
|
Three Months Ended
June 30,
|
Decrease
|
|||||||||||||||
(dollars in millions)
|
2015
|
2014
|
$
|
%
|
||||||||||||
Revenues
|
$
|
510
|
$
|
613
|
$
|
(103
|
)
|
(16.8
|
)%
|
|||||||
Segment operating income before interest and income taxes
|
$
|
69
|
$
|
108
|
$
|
(39
|
)
|
(36.1
|
)%
|
|||||||
Segment operating income before interest and income taxes as a percent of revenues
|
13.5
|
%
|
17.6
|
%
|
N/A
|
|
(4.1) pts.
|
|||||||||
Orders
|
$
|
471
|
$
|
619
|
$
|
(148
|
)
|
(23.9
|
)%
|
|||||||
Backlog (at period-end)
|
$
|
970
|
$
|
1,146
|
$
|
(176
|
)
|
(15.4
|
)%
|
Three Months Ended
June 30,
|
Increase (Decrease)
|
|||||||||||||||
(dollars in millions)
|
2015
|
2014
|
$
|
%
|
||||||||||||
Revenues
|
$
|
719
|
$
|
766
|
$
|
(47
|
)
|
(6.1
|
)%
|
|||||||
Segment operating income before interest and income taxes
|
$
|
119
|
$
|
97
|
$
|
22
|
22.7
|
%
|
||||||||
Segment operating income before interest and income taxes as a percent of revenues
|
16.6
|
%
|
12.7
|
%
|
N/A
|
|
3.9 pts.
|
|||||||||
Orders
|
$
|
327
|
$
|
639
|
$
|
(312
|
)
|
(48.8
|
)%
|
|||||||
Backlog (at period-end)
|
$
|
2,405
|
$
|
3,922
|
$
|
(1,517
|
)
|
(38.7
|
)%
|
Three Months Ended
June 30,
|
Decrease
|
|||||||||||||||
(dollars in millions)
|
2015
|
2014
|
$
|
%
|
||||||||||||
Revenues
|
$
|
381
|
$
|
539
|
$
|
(158
|
)
|
(29.3
|
)%
|
|||||||
Segment operating income before interest and income taxes
|
$
|
44
|
$
|
110
|
$
|
(66
|
)
|
(60.0
|
)%
|
|||||||
Segment operating income before interest and income taxes as a percent of revenues
|
11.5
|
%
|
20.4
|
%
|
N/A
|
|
(8.9) pts.
|
|||||||||
Orders
|
$
|
369
|
$
|
517
|
$
|
(148
|
)
|
(28.6
|
)%
|
|||||||
Backlog (at period-end)
|
$
|
809
|
$
|
1,026
|
$
|
(217
|
)
|
(21.2
|
)%
|
Six Months Ended
June 30,
|
Decrease
|
|||||||||||||||
2015
|
2014
|
Amount
|
%
|
|||||||||||||
Drilling activity (average number of working rigs during period)(1):
|
||||||||||||||||
United States
|
1,145
|
1,816
|
(671
|
)
|
(36.9
|
)%
|
||||||||||
Canada
|
204
|
364
|
(160
|
)
|
(44.0
|
)%
|
||||||||||
Rest of world
|
1,215
|
1,341
|
(126
|
)
|
(9.4
|
)%
|
||||||||||
Global average rig count
|
2,564
|
3,521
|
(957
|
)
|
(27.2
|
)%
|
||||||||||
Commodity prices (average of daily U.S. dollar prices per unit during period)(2):
|
||||||||||||||||
West Texas Intermediate (WTI) Cushing, OK crude spot price (per barrel)
|
$
|
53.25
|
$
|
100.89
|
$
|
(47.64
|
)
|
(47.2
|
)%
|
|||||||
Brent crude oil spot price (per barrel)
|
$
|
63.07
|
$
|
106.26
|
$
|
(43.19
|
)
|
(40.6
|
)%
|
|||||||
Henry Hub natural gas spot price (per MMBtu)
|
$
|
2.80
|
$
|
4.87
|
$
|
(2.07
|
)
|
(42.5
|
)%
|
(1) | Based on average monthly rig count data from Baker Hughes |
(2) | Source: Bloomberg |
Six Month Ended June 30,
|
||||||||||||||||
2015
|
2014
|
|||||||||||||||
(dollars in millions)
|
Tax Provision
|
Tax Rate
|
Tax Provision
|
Tax Rate
|
||||||||||||
Provision (benefit) based on international income (loss) distribution
|
$
|
(29
|
)
|
23.0
|
%
|
$
|
101
|
23.5
|
%
|
|||||||
Adjustments to income tax provision:
|
||||||||||||||||
Asset impairments with no tax benefit
|
127
|
(100.5
|
)
|
10
|
2.2
|
|||||||||||
Other asset impairments
|
(1
|
)
|
0.9
|
–
|
–
|
|||||||||||
Finalization of prior year returns
|
2
|
(2.0
|
)
|
2
|
0.4
|
|||||||||||
Changes in valuation allowances
|
1
|
(0.6
|
)
|
1
|
0.1
|
|||||||||||
Accrual adjustments and other
|
–
|
–
|
(4
|
)
|
(1.0
|
)
|
||||||||||
Tax provision
|
$
|
100
|
(79.2
|
)%
|
$
|
110
|
25.2
|
%
|
Six Months Ended
June 30,
|
Increase (Decrease)
|
|||||||||||||||
(dollars in millions)
|
2015
|
2014
|
$
|
%
|
||||||||||||
Revenues
|
$
|
1,289
|
$
|
1,416
|
$
|
(127
|
)
|
(9.0
|
)%
|
|||||||
Segment operating income before interest and income taxes
|
$
|
124
|
$
|
75
|
$
|
49
|
65.3
|
%
|
||||||||
Segment operating income before interest and income taxes as a percent of revenues
|
9.6
|
%
|
5.3
|
%
|
N/A
|
|
4.3 pts.
|
|||||||||
Orders
|
$
|
1,302
|
$
|
1,025
|
$
|
277
|
27.0
|
%
|
Six Months Ended
June 30,
|
Decrease
|
|||||||||||||||
(dollars in millions)
|
2015
|
2014
|
$
|
%
|
||||||||||||
Revenues
|
$
|
1,053
|
$
|
1,151
|
$
|
(98
|
)
|
(8.5
|
)%
|
|||||||
Segment operating income before interest and income taxes
|
$
|
161
|
$
|
199
|
$
|
(38
|
)
|
(19.1
|
)%
|
|||||||
Segment operating income before interest and income taxes as a percent of revenues
|
15.3
|
%
|
17.3
|
%
|
N/A
|
|
(2.0) pts.
|
|||||||||
Orders
|
$
|
921
|
$
|
1,255
|
$
|
(334
|
)
|
(26.6
|
)%
|
Six Months Ended
June 30,
|
Increase (Decrease)
|
||||||||||||||
(dollars in millions)
|
2015
|
2014
|
$
|
%
|
|||||||||||
Revenues
|
$
|
1,445
|
$
|
1,433
|
$
|
12
|
0.8 |
%
|
|||||||
Segment operating income before interest and income taxes
|
$
|
254
|
$
|
164
|
$
|
90
|
54.9 |
%
|
|||||||
Segment operating income before interest and income taxes as a percent of revenues
|
17.6
|
%
|
11.4
|
%
|
N/A
|
|
6.2 pts.
|
||||||||
Orders
|
$
|
594
|
$
|
1,456
|
$
|
(862
|
)
|
(59.2 |
)%
|
Six Months Ended
June 30,
|
Decrease
|
|||||||||||||||
(dollars in millions)
|
2015
|
2014
|
$
|
%
|
||||||||||||
Revenues
|
$
|
809
|
$
|
1,039
|
$
|
(230
|
)
|
(22.1
|
)%
|
|||||||
Segment operating income before interest and income taxes
|
$
|
89
|
$
|
208
|
$
|
(119
|
)
|
(57.2
|
)%
|
|||||||
Segment operating income before interest and income taxes as a percent of revenues
|
11.0
|
%
|
20.0
|
%
|
N/A
|
|
(9.0) pts.
|
|||||||||
Orders
|
$
|
757
|
$
|
1,053
|
$
|
(296
|
)
|
(28.1
|
)%
|
• | volatility in general economic, social and political conditions; |
• | the effects of civil unrest and, in some cases, military action on the Company’s business operations, customers and employees, such as that recently occurring in several countries in the Middle East, in Ukraine and in Venezuela; |
• | exchange controls or other similar measures which result in restrictions on repatriation of capital and/or income, such as those involving the currencies of, and the Company’s operations in, Angola and Nigeria; and |
• | reductions in the number or capacity of qualified personnel. |
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:
|
||||||||||||||||||||||||||||||||||||
Australian dollar
|
–
|
–
|
–
|
–
|
(1
|
)
|
–
|
–
|
–
|
(1
|
)
|
|||||||||||||||||||||||||
Euro
|
143
|
60
|
36
|
239
|
(49
|
)
|
(11
|
)
|
–
|
–
|
(60
|
)
|
||||||||||||||||||||||||
Malaysian ringgit
|
275
|
61
|
–
|
336
|
(16
|
)
|
–
|
–
|
–
|
(16
|
)
|
|||||||||||||||||||||||||
Norwegian krone
|
412
|
579
|
31
|
1,022
|
(31
|
)
|
(64
|
)
|
(4
|
)
|
–
|
(99
|
)
|
|||||||||||||||||||||||
Pound Sterling
|
140
|
9
|
–
|
149
|
(25
|
)
|
(1
|
)
|
–
|
–
|
(26
|
)
|
||||||||||||||||||||||||
U.S. dollar
|
11
|
30
|
2
|
43
|
(411
|
)
|
(260
|
)
|
(101
|
)
|
(1
|
)
|
(773
|
)
|
Period
|
Total number of shares purchased during the period
|
Average price paid per share
|
Cumulative number of shares purchased as part of repurchase program
|
Maximum number of shares that may yet be purchased under
repurchase program(1)
|
||||||||||||
4/1/15 – 4/30/15
|
278,700
|
$
|
46.35
|
59,613,149
|
5,193,109
|
|||||||||||
5/1/15 – 5/31/15
|
–
|
$
|
–
|
59,613,149
|
5,546,196
|
|||||||||||
6/1/15 – 6/30/15
|
–
|
$
|
–
|
59,613,149
|
5,436,056
|
|||||||||||
Total
|
278,700
|
$
|
46.35
|
59,613,149
|
5,436,056
|
(1) | Based upon month-end stock price. At June 30, 2015, the closing stock price was $52.37 per share. |
(a) | Information Not Previously Reported in a Report on Form 8-K |
(b) | Material Changes to the Procedures by Which Security Holders May Recommend Board Nominees. |
Date: July 24, 2015
|
CAMERON INTERNATIONAL CORPORATION
|
|
(Registrant)
|
||
By:
|
/s/ Charles M. Sledge
|
|
Charles M. Sledge
|
||
Senior Vice President and Chief Financial Officer
and authorized to sign on behalf of the Registrant
|
Exhibit Number
|
Description
|
|
Certification
|
||
Certification
|
||
Certification of the CEO and CFO Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
||
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL
|
XBRL Extension Calculation Linkbase Document
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
1. | I have reviewed this quarterly report on Form 10-Q of Cameron International Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors: |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: July 24, 2015
|
/s/ Jack B. Moore
|
|
Name: Jack B. Moore
|
||
Title: Chairman & Chief Executive Officer
|
1. | I have reviewed this quarterly report on Form 10-Q of Cameron International Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors: |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: July 24, 2015
|
By:
|
/s/ Charles M. Sledge
|
|
Charles M. Sledge
|
|||
Senior Vice President and Chief Financial Officer
|
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: July 24, 2015
|
||
/s/ Jack B. Moore
|
||
Name:
|
Jack B. Moore
|
|
Title:
|
Chairman & Chief Executive Officer
|
|
/s/ Charles M. Sledge
|
||
Name:
|
Charles M. Sledge
|
|
Title:
|
Senior Vice President and Chief Financial Officer
|
1 Year Cooper Cameron Chart |
1 Month Cooper Cameron Chart |
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