National Oilwell Varco 2010 Annual Report Download - page 49

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Recently Issued Accounting Standards
In January 2010, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2010-06 Improving
Disclosures about Fair Value Measurements (ASU No. 2010-06) as an update to Accounting Standards Codification Topic 820, Fair Value
Measurements and Disclosures (ASC Topic 820). ASU No. 2010-06 requires additional disclosures about transfers between Levels 1 and 2
of the fair value hierarchy and disclosures about purchases, sales, issuances and settlements in the roll forward of activity in Level 3 fair value
measurements. ASU No. 2010-06 is effective for interim and annual reporting periods beginning after December 15, 2009, except for the
disclosures about purchases, sales, issuances, and settlements in the rollforward of activity in Level 3 fair value measurements. Those disclosures
are effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. The Company adopted the
required provisions of ASU No. 2010-06 in the first quarter of 2010. There was no significant impact to the Companys Consolidated Financial
Statements from the adopted provisions of ASU No. 2010-06.
ForwardLooking Statements
Some of the information in this document contains, or has incorporated by reference, forward-looking statements. Statements that are not
historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements typically
are identified by use of terms such as may, will, expect, anticipate, estimate, and similar words, although some forward-looking
statements are expressed differently. All statements herein regarding expected merger synergies are forward looking statements. You should be
aware that our actual results could differ materially from results anticipated in the forward-looking statements due to a number of factors,
including but not limited to changes in oil and gas prices, customer demand for our products and worldwide economic activity. You should also
consider carefully the statements under Risk Factors which address additional factors that could cause our actual results to differ from those
set forth in the forward-looking statements. Given these uncertainties, current or prospective investors are cautioned not to place undue reliance
on any such forward-looking statements. We undertake no obligation to update any such factors or forward-looking statements to reflect future
events or developments. 49