National Oilwell Varco 2011 Annual Report Download - page 84
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Index to Financial Statements
5. Inventories, net
Inventories consist of (in millions):
December 31,
2011 2010
Raw materials and supplies $ 907 $ 661
Work in process 852 953
Finished goods and purchased products 2,271 1,774
Total $ 4,030 $ 3,388
6. Property, Plant and Equipment
Property, plant and equipment consist of (in millions):
Estimated December 31,
Useful Lives 2011 2010
Land and buildings 5-35 Years $ 1,069 $ 736
Operating equipment 3-15 Years 1,955 1,539
Rental equipment 3-12 Years 636 628
3,660 2,903
Less: Accumulated Depreciation (1,215) (1,063)
$ 2,445 $ 1,840
7. Accrued Liabilities
Accrued liabilities consist of (in millions):
December 31,
2011 2010
Customer prepayments and billings $ 686 $ 387
Compensation 468 403
Accrued vendor costs 280 597
Warranty 211 215
Taxes (non income) 119 93
Insurance 103 49
Fair value of derivatives 83 22
Interest 7 11
Other 419 328
Total $ 2,376 $ 2,105
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