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Business Combinations and Divestitures
3 Months Ended
Mar. 31, 2015
Business Combinations [Abstract]  
Business Combinations
Business Combinations

Acquisitions & Divestitures

From time to time, we acquire assets and businesses we believe are important to our long-term strategy or dispose of assets and businesses that are no longer a strategic fit within our business. We did not complete any acquisitions or divestitures during the quarters ended March 31, 2015 and March 31, 2014.

In May 2012, we acquired a company that designs and produces well completion tools. Our purchase consideration included a contingent consideration arrangement valued at approximately $3 million at December 31, 2014. At March 31, 2015, the contingent consideration arrangement was valued at approximately $12 million. The arrangement will be settled in 2016.