Interest and other income
includes the following:
(Stated in millions)
2012 2011 2010
Interest income
$ 30
$ 40 $ 50
Equity in net earnings of affiliated companies:
M-I SWACO
–
– 78
Others
142
90
87
$172
$130 $215
Allowance for doubtful accounts
is as follows:
(Stated in millions)
2012 2011 2010
Balance at beginning of year
$177
$185 $160
Provision
37
37
38
Amounts written off
(10)
(45) (13)
Divestiture of business
(2)
–
–
Balance at end of year
$202
$177 $185
Discontinued Operations
During the second quarter of 2012, Schlumberger sold its Wilson distribution business to National Oilwell Varco Inc.
(“NOV”) for $906 million in cash. A pretax gain of $137 million ($16 million after-tax) was recognized in connection
with this transaction.
During the third quarter of 2012, Schlumberger completed the sale of its 56% interest in CE Franklin Ltd. to NOV for
$122 million in cash. A pretax gain of $30 million ($12 million after-tax) was recognized in connection with this
transaction.
As Wilson and CE Franklin comprised Schlumberger’s previously reported Distribution segment, the results of this
entire segment have been classified as discontinued operations in the
Consolidated Statement of Income
.
During the second quarter of 2011, Schlumberger completed the divestiture of its Global Connectivity Services
business for $385 million in cash. An after-tax gain of $220 million was recognized in connection with this transaction,
and is classified in
Income from discontinued operations
in the
Consolidated Statement of Income
. The historical
results of this business were not significant to Schlumberger’s consolidated financial statements and, as such, have not
been reclassified to discontinued operations.
The following table summarizes the results of these discontinued operations:
(Stated in millions)
2012 2011 2010
Revenue
$982
$2,581 $1,908
Income before taxes
$ 43
$ 99 $ 24
Tax expense
(15)
(36)
(11)
Net income attributable to noncontrolling interests
(5)
(6)
(1)
Gain on divestitures, net of tax
28
220
–
Income from discontinued operations
$ 51
$ 277 $ 12
64
