National Oilwell Varco 2010 Annual Report Download - page 83
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8. Costs and Estimated Earnings on Uncompleted Contracts
Costs and estimated earnings on uncompleted contracts consist of (in millions):
December 31,
2010 2009
Costs incurred on uncompleted contracts $ 6,676 $ 6,276
Estimated earnings 4,665 3,735
11,341 10,011
Less: Billings to date 11,037 10,361
$ 304 $ (350)
Costs and estimated earnings in excess of billings on uncompleted contracts $ 815 $ 740
Billings in excess of costs and estimated earnings on uncompleted contracts (511) (1,090)
$ 304 $ (350)
9. Long-Term Debt
Debt consists of (in millions):
December 31,
2010 2009
Senior Notes, interest at 6.5% payable semiannually, principal due on March 15, 2011 $ 150 $ 150
Senior Notes, interest at 7.25% payable semiannually, principal due on May 1, 2011 201 205
Senior Notes, interest at 5.65% payable semiannually, principal due on November 15, 2012 200 200
Senior Notes, interest at 5.5% payable semiannually, principal due on November 19, 2012 151 151
Senior Notes, interest at 6.125% payable semiannually, principal due on August 15, 2015 151 151
Other 34 26
Total debt 887 883
Less current portion 373 7
Long-term debt $ 514 $ 876
Principal payments of debt for years subsequent to 2010 are as follows (in millions):
2011 $ 373
2012 355
2013 5
2014 2
2015 151
Thereafter 1
$ 887
80