Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

National Oilwell Varco Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Accounts payable	623)	1,189)	1,275)	1,200)	901)
Accrued vendor costs	449)	815)	531)	444)	280)
Customer prepayments and billings	426)	703)	673)	699)	686)
Fair value of derivatives	261)	297)	31)	18)	83)
Warranty	244)	272)	228)	194)	211)
Compensation	241)	662)	516)	511)	468)
Taxes, non income	175)	211)	188)	150)	119)
Insurance	113)	126)	131)	108)	103)
Accrued commissions	73)	97)	97)	77)	—)
Interest	8)	11)	11)	14)	7)
Other	294)	324)	357)	356)	419)
Accrued liabilities	2,284)	3,518)	2,763)	2,571)	2,376)
Billings in excess of costs	785)	1,775)	1,771)	1,189)	865)
Current portion of long-term debt and short-term borrowings	2)	152)	1)	1)	351)
Accrued income taxes	264)	431)	556)	355)	709)
Deferred income taxes	291)	309)	312)	333)	214)
Current liabilities	4,249)	7,374)	6,678)	5,649)	5,416)
Long-term debt, excluding current portion	3,928)	3,014)	3,149)	3,148)	159)
Deferred income taxes	1,805)	1,972)	2,292)	1,997)	1,852)
Other liabilities	283)	430)	363)	334)	360)
Noncurrent liabilities	6,016)	5,416)	5,804)	5,479)	2,371)
Total liabilities	10,265)	12,790)	12,482)	11,128)	7,787)
Common stock, par value $.01	4)	4)	4)	4)	4)
Additional paid-in capital	8,005)	8,341)	8,907)	8,743)	8,535)
Accumulated other comprehensive income (loss)	(1,553)	(834)	(4)	107)	(23)
Retained earnings	9,927)	13,181)	13,323)	11,385)	9,103)
Total Company stockholders’ equity	16,383)	20,692)	22,230)	20,239)	17,619)
Noncontrolling interests	77)	80)	100)	117)	109)
Total stockholders’ equity	16,460)	20,772)	22,330)	20,356)	17,728)
Total liabilities and stockholders’ equity	26,725)	33,562)	34,812)	31,484)	25,515)

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

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Balance sheet item	Description	The company
Current liabilities	Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.	National Oilwell Varco Inc. current liabilities increased from 2013 to 2014 but then decreased significantly from 2014 to 2015.
Noncurrent liabilities	Amount of obligation due after one year or beyond the normal operating cycle, if longer.	National Oilwell Varco Inc. noncurrent liabilities decreased from 2013 to 2014 but then increased from 2014 to 2015 exceeding 2013 level.
Total liabilities	Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.	National Oilwell Varco Inc. total liabilities increased from 2013 to 2014 but then decreased significantly from 2014 to 2015.
Total Company stockholders’ equity	Total of all stockholders’ equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity stockholders’ equity attributable to the parent excludes the amount of stockholders’ equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.	National Oilwell Varco Inc. total Company stockholders’ equity decreased from 2013 to 2014 and from 2014 to 2015.

National Oilwell Varco Inc. (NYSE:NOV)

Balance Sheet: Liabilities and Stockholders’ Equity