Subsequent Events (Notes)

3 Months Ended

Mar. 31, 2015

Subsequent Events [Abstract]

Disclosure of Long Lived Assets Held-for-sale [Table Text Block]

Subsequent Events

On April 7, 2015, we announced our decision to market for sale our Fixed Cutter and Roller Cone Drill Bits, our Directional Drilling, and our Logging-While-Drilling/Measurement-While-Drilling businesses as part of the regulatory review of the pending Baker Hughes acquisition. The aggregate carrying amount of assets associated with these businesses is approximately $2.8 billion; primarily consisting of property, plant, and equipment, receivables, and inventories; the carrying amount of total liabilities associated with businesses to be sold will depend upon the structure of the underlying sales transactions. These businesses will be classified as held for sale beginning in the second quarter of 2015. When an asset is classified as held for sale, the asset’s book value is evaluated and adjusted to the lower of its carrying amount or fair value less cost to sell. In addition, depreciation and amortization on the asset is ceased while it is classified as held for sale.

The final sale of these businesses will be subject to our ability to negotiate acceptable terms and conditions, the approval of our Board of Directors and final approval of the Baker Hughes acquisition by competition authorities. We anticipate that we will complete the sale of these businesses in the same timeframe as the closing of the Baker Hughes acquisition, which is currently expected to occur late in the second half of 2015. See Note 2 for further information.