National Oilwell Varco 2010 Annual Report Download - page 82
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Each of the acquisitions were accounted for using the purchase method of accounting and, accordingly, the results of operations of each business
are included in the consolidated results of operations from the date of acquisition. Excluding the Grant Prideco merger, a summary of the
acquisitions follows (in millions):
Years Ended December 31,
2010 2009 2008
Fair value of assets acquired, net of cash acquired $ 850 $ 871 $ 208
Cash paid, net of cash acquired (556) (573) (171)
Liabilities assumed, debt issued and minority interest $ 294 $ 298 $ 37
Excess purchase price over fair value of net assets acquired $ 298 $ 198 $ 76
5. Inventories, net
Inventories consist of (in millions):
December 31,
2010 2009
Raw materials and supplies $ 661 $ 704
Work in process 953 1,307
Finished goods and purchased products 1,774 1,479
Total $ 3,388 $ 3,490
6. Property, Plant and Equipment
Property, plant and equipment consist of (in millions):
Estimated December 31,
Useful
Lives 2010 2009
Land and buildings 5-35 Years $ 736 $ 678
Operating equipment 3-15 Years 1,539 1,429
Rental equipment 3-12 Years 628 594
2,903 2,701
Less: Accumulated Depreciation (1,063) (865)
$ 1,840 $ 1,836
7. Accrued Liabilities
Accrued liabilities consist of (in millions):
December 31,
2010 2009
Compensation $ 403 $ 272
Customer prepayments and billings 387 500
Warranty 215 217
Interest 11 11
Taxes (non income) 93 95
Insurance 49 58
Accrued vendor costs 597 853
Fair value of derivatives 22 61
Other 328 200
Total $ 2,105 $ 2,267
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