1.0.0.3 false General false 1 $ false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 General [Abstract] 0 bhi_GeneralAbstract bhi false na duration string General. false false false false false true false false false 1 false false 0 0 false false General. false 3 GENERAL 1 us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0  <html> <head></head> <body>  <div style="font-family: 'Times New Roman',Times,serif">  <div align="center" style="font-size: 10pt; margin-top: 0pt"><b></b> </div> <div align="left"> </div> <div align="center" style="font-size: 10pt"><b></b></div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 1. GENERAL</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Nature of Operations</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Baker Hughes Incorporated (“Company,” “we,” “our” or “us”) is engaged in the oilfield services industry. We are a major supplier of wellbore-related products and technology services and systems and provide products and services for drilling, formation evaluation, completion and production, and reservoir technology and consulting to the worldwide oil and natural gas industry. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Basis of Presentation</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Our unaudited consolidated condensed financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) have been condensed or omitted. We believe that the presentations and disclosures herein are adequate to make the information not misleading. The unaudited consolidated condensed financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the interim periods. These unaudited consolidated condensed financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2008 (“2008 Annual Report”). The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. In connection with the preparation of the consolidated condensed financial statements and in accordance with the recently issued Statement of Financial Accounting Standards No. 165, <i>Subsequent Events</i>, we have evaluated all subsequent events through August 6, 2009, the date the financial statements were issued. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     In the notes to the unaudited consolidated condensed financial statements, all dollar and share amounts in tabulations are in millions of dollars and shares, respectively, unless otherwise indicated. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>New Accounting Standards</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards (“SFAS”) No. 157, <i>Fair Value Measurements </i>(“SFAS 157”), which is intended to increase consistency and comparability in fair value measurements by defining fair value, establishing a framework for measuring fair value and expanding disclosures about fair value measurements. On January 1, 2008, we adopted the provisions of SFAS 157 related to financial assets and liabilities and to nonfinancial assets and liabilities measured at fair value on a recurring basis and on January 1, 2009, we adopted the provisions related to nonfinancial assets and liabilities that are not required or permitted to be measured at fair value on a recurring basis. There was no material impact to our consolidated condensed financial statements related to these adoptions. Additionally, in April 2009, the FASB issued the following three FASB Staff Positions (“FSP”): (i) FSP FAS 157-4, <i>Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly</i>, (ii) FSP FAS 115-2 and FAS 124-2, <i>Recognition and Presentation of Other-Than-Temporary Impairments, </i>and (iii) FSP FAS 107-1 and APB 28-1, <i>Interim Disclosures about Fair Value of Financial Instruments, </i>which collectively provide additional guidance and require additional disclosure regarding determining and reporting fair values for certain assets and liabilities. We adopted the three FSPs in the second quarter of 2009 with no material impact to our consolidated condensed financial statements. The new disclosure requirements of FSP FAS 107-1 and APB 28-1 are reflected in Note 9. Financial Instruments. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     In December 2007, the FASB issued SFAS No. 160, <i>Noncontrolling Interests in Consolidated Financial Statements – an amendment of ARB No. 51 </i>(“SFAS 160”). SFAS 160 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary in an effort to improve the relevance, comparability and transparency of the financial information that a reporting entity provides. On January 1, 2009, we adopted SFAS 160 with no change to our consolidated condensed financial statements as amounts are immaterial. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     In December 2007, the FASB issued SFAS No. 141 (revised 2007), <i>Business Combinations </i>(“SFAS 141(R)”). SFAS 141(R) replaces FASB Statement No. 141, <i>Business Combinations </i>(“SFAS 141”). The statement retains the purchase method of accounting used in business combinations but replaces SFAS 141 by establishing principles and requirements for the recognition and measurement of assets, liabilities and goodwill, and requires that most transaction and restructuring costs related to the acquisition be expensed. We have applied the provisions of SFAS 141(R) for business combinations with an acquisition date on or after January 1, 2009. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     In June 2008, the FASB issued FSP Emerging Issues Task Force (“EITF”) 03-6-1, <i>Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities </i>(“FSP EITF 03-6-1”). This FSP clarifies that all unvested share-based payments that contain rights to non-forfeitable dividends are participating securities and shall be included in the computation of both basic and diluted earnings per share. On January 1, 2009, we adopted FSP EITF 03-6-1. FSP EITF 03-6-1 has not been applied to prior year quarters as the impact is immaterial. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     In March 2008, the FASB issued SFAS No. 161, <i>Disclosures about Derivative Instruments and Hedging Activities – an amendment of FASB Statement No. 133 </i>(“SFAS 161”). SFAS 161 requires qualitative disclosures about objectives and strategies for using derivatives and quantitative data about the fair value of and gains and losses on derivative contracts. We adopted the new disclosure requirements in the first quarter of 2009 as reflected in Note 9. Financial Instruments. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     In December 2008, the FASB issued FSP FAS 132(R)-1 <i>Employers’ Disclosures about Postretirement Benefit Plan Assets</i>. This FSP requires the disclosures of investment policies and strategies, major categories of plan assets, fair value measurement of plan assets and significant concentration of credit risks. We will adopt the new disclosure requirements in the fourth quarter of 2009. </div> </div> </body> </html>  false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true