Baker Hughes 2004 Annual Report Download - page 106

For฀the฀years฀ended฀December฀31,฀2004,฀2003฀and฀2002,฀
there฀were฀no฀revenues฀attributable฀to฀one฀customer฀that฀
accounted฀for฀more฀than฀10%฀of฀total฀revenues.฀
The฀following฀table฀presents฀the฀details฀of฀“Corporate฀and฀
Other”฀segment฀loss฀for฀the฀years฀ended฀December฀31:
฀2004฀ 2003฀ 2002
Corporate฀and฀other฀
฀ expenses฀ $฀ (206.6)฀ $฀ (146.7)฀ $฀ (144.9)฀
Interest฀–฀net฀ ฀ (76.8)฀ ฀ (97.8)฀ ฀ (105.9)฀
Impairment฀of฀
฀ investment฀in฀affiliate฀฀ –฀ ฀ (45.3)฀ ฀ –฀
Reversal฀of฀
฀ restructuring฀charge฀ ฀ –฀ ฀ 1.1฀ ฀ –฀
Impairment฀and฀restructuring฀฀
฀ charges฀related฀to฀an฀฀฀
฀ investment฀in฀affiliate฀฀ –฀ ฀ (135.7)฀ ฀ (90.2)
Total฀ $฀ (283.4)฀ $฀ (424.4)฀ $฀ (341.0)
The฀following฀table฀presents฀the฀details฀of฀“Corporate฀and฀
Other”฀total฀assets฀at฀December฀31:
฀ 2004฀ 2003฀ 2002
Current฀deferred฀฀
฀ tax฀asset฀ $฀ 61.7฀ $฀ 35.7฀ $฀ 25.6฀
Property฀–฀net฀ ฀ 107.6฀ ฀ 134.7฀ ฀ 157.7฀
Accounts฀receivable฀ ฀ 26.5฀ ฀ 50.0฀ ฀ 65.5฀
Other฀tangible฀assets฀ ฀ 115.6฀ ฀ 107.5฀ ฀ 88.8฀
Investment฀in฀affiliate฀ ฀ –฀ ฀ 28.4฀ ฀ 28.5฀
Assets฀of฀discontinued฀
฀ operations฀ ฀ –฀ ฀ 48.7฀ ฀ 146.8฀
Cash฀and฀other฀assets฀ ฀ 330.8฀ ฀ 120.0฀ ฀ 156.7
Total฀ $฀ 642.2฀ $฀ 525.0฀ $฀ 669.6
The฀following฀table฀presents฀consolidated฀revenues฀by฀
country฀based฀on฀the฀location฀of฀the฀use฀of฀the฀products฀or฀
services฀for฀the฀years฀ended฀December฀31:
฀ 2004฀ 2003฀ 2002
United฀States฀ $฀ 2,145.0฀ $฀ 1,883.0฀ $฀ 1,700.2฀
Canada฀฀ ฀ 395.6฀ ฀ 337.1฀ ฀ 246.6฀
United฀Kingdom฀฀ ฀ 329.8฀ ฀ 296.3฀ ฀ 347.2฀
Norway฀ ฀ 310.9฀ ฀ 329.1฀ ฀ 302.3฀
Russia฀฀ ฀ 213.4฀ ฀ 122.4฀ ฀ 117.9฀
China฀฀ ฀ 192.9฀ ฀ 117.6฀ ฀ 102.6฀
Venezuela฀฀ ฀ 163.6฀ ฀ 130.4฀ ฀ 143.4฀
Other฀countries฀฀ ฀ 2,352.6฀ ฀ 2,036.5฀ ฀ 1,900.0
Total฀฀ $฀ 6,103.8฀ $฀ 5,252.4฀ $฀ 4,860.2
The฀following฀table฀presents฀net฀property฀by฀country฀based฀
on฀the฀location฀of฀the฀asset฀at฀December฀31:
฀ 2004฀ 2003฀ 2002
United฀States฀ $฀ 726.4฀ $฀ 791.1฀ $฀ 774.8฀
United฀Kingdom฀ ฀ 146.0฀ ฀ 143.4฀ ฀ 130.1฀
Canada฀ ฀ 56.4฀ ฀ 54.4฀ ฀ 39.1฀
Norway฀ ฀ 46.8฀ ฀ 47.4฀ ฀ 52.7฀
Germany฀ ฀ 44.4฀ ฀ 43.3฀ ฀ 34.0฀
Singapore฀ ฀ 26.4฀ ฀ 35.1฀ ฀ 23.8฀
Venezuela฀ ฀ 19.8฀ ฀ 23.1฀ ฀ 26.6฀
Other฀countries฀ ฀ 267.9฀ ฀ 257.3฀ ฀ 254.3
Total฀ $฀ 1,334.1฀ $฀ 1,395.1฀ $฀ 1,335.4
Note฀14.฀Employee฀Stock฀Plans
We฀have฀stock฀option฀plans฀that฀provide฀for฀the฀issuance฀
of฀incentive฀and฀non-qualified฀stock฀options฀to฀directors,฀offi-
cers฀and฀other฀key฀employees฀at฀an฀exercise฀price฀equal฀to฀or฀
greater฀than฀the฀fair฀market฀value฀of฀the฀stock฀at฀the฀date฀of฀
grant.฀These฀stock฀options฀generally฀vest฀over฀three฀years.฀
Vested฀options฀are฀exercisable฀in฀part฀or฀in฀full฀at฀any฀time฀
prior฀to฀the฀expiration฀date฀of฀ten฀years฀from฀the฀date฀of฀
grant.฀As฀of฀December฀31,฀2004,฀12.6฀million฀shares฀were฀
available฀for฀future฀option฀grants.฀The฀following฀table฀summa-
rizes฀the฀activity฀for฀our฀stock฀option฀plans:
฀ ฀ Weighted฀
฀ Number฀ Average฀
฀ of฀Shares฀ Exercise฀Price฀
฀ (In฀thousands)฀ Per฀Share฀
Outstanding฀at฀December฀31,฀2001฀ 9,867฀ $฀ 32.61฀
Granted฀ 2,064฀ ฀ 28.80฀
Exercised฀ (876)฀ ฀ 21.35฀
Forfeited฀ (187)฀ ฀ 39.50
Outstanding฀at฀December฀31,฀2002฀ 10,868฀ ฀ 32.68฀
Granted฀ 2,481฀ ฀ 30.92฀
Exercised฀ (1,005)฀ ฀ 21.44฀
Forfeited฀ (515)฀ ฀ 38.97
Outstanding฀at฀December฀31,฀2003฀ 11,829฀ ฀ 32.99฀
Granted฀ 2,495฀ ฀ 37.68฀
Exercised฀ (3,764)฀ ฀ 25.62฀
Forfeited฀ (255)฀ ฀ 39.07
Outstanding฀at฀December฀31,฀2004฀ 10,305฀ $฀ 36.67
Shares฀exercisable฀at฀December฀31,฀2004฀ 6,417฀ $฀ 38.02฀
Shares฀exercisable฀at฀December฀31,฀2003฀ 7,611฀ $฀ 33.80฀
Shares฀exercisable฀at฀December฀31,฀2002฀ 6,802฀ $฀ 33.29
56฀฀฀฀฀Baker฀Hughes฀Incorporated