(Mark
One)
|
|
R
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
For
the Quarterly Period Ended September 30, 2007
|
|
OR
|
|
£
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIESEXCHANGE ACT OF
1934
|
Delaware
|
76-0451843
|
(State
or Other Jurisdiction of
|
(I.R.S.
Employer
|
Incorporation
or Organization)
|
Identification
No.)
|
1333
West Loop South, Suite 1700, Houston, Texas
|
77027
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
Three
Months Ended
September
30,
|
Nine
Months Ended
September
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
REVENUES
|
$ |
1,186,173
|
$ |
978,792
|
$ |
3,322,266
|
$ |
2,666,217
|
||||||||
COSTS
AND EXPENSES
Cost
of sales (exclusive of depreciation and amortization shown separately
below)
|
810,159
|
684,968
|
2,296,206
|
1,852,872
|
||||||||||||
Selling
and administrative expenses
|
149,763
|
126,751
|
419,092
|
377,011
|
||||||||||||
Depreciation
and amortization
|
27,975
|
25,200
|
80,960
|
72,441
|
||||||||||||
Interest
income
|
(6,021 | ) | (8,917 | ) | (23,289 | ) | (16,696 | ) | ||||||||
Interest
expense
|
5,454
|
6,668
|
18,259
|
14,209
|
||||||||||||
Acquisition
integration costs
|
—
|
3,648
|
—
|
22,760
|
||||||||||||
Total
costs and expenses
|
987,330
|
838,318
|
2,791,228
|
2,322,597
|
||||||||||||
Income
before income taxes
|
198,843
|
140,474
|
531,038
|
343,620
|
||||||||||||
Income
tax provision
|
(48,120 | ) | (51,189 | ) | (156,083 | ) | (122,329 | ) | ||||||||
Net
income
|
$ |
150,723
|
$ |
89,285
|
$ |
374,955
|
$ |
221,291
|
||||||||
Earnings
per common share:
|
||||||||||||||||
Basic
|
$ |
1.38
|
$ |
0.80
|
$ |
3.42
|
$ |
1.94
|
||||||||
Diluted
|
$ |
1.31
|
$ |
0.78
|
$ |
3.26
|
$ |
1.89
|
||||||||
Shares
used in computing earnings per common share:
|
||||||||||||||||
Basic
|
108,919
|
111,576
|
109,765
|
113,845
|
||||||||||||
Diluted
|
115,405
|
115,184
|
115,020
|
117,311
|
September
30,
2007
|
December
31,
2006
|
|||||||
(unaudited)
|
||||||||
ASSETS
|
||||||||
Cash
and cash equivalents
|
$ |
568,449
|
$ |
1,033,537
|
||||
Receivables,
net
|
826,290
|
696,147
|
||||||
Inventories,
net
|
1,432,327
|
1,009,414
|
||||||
Other
|
159,103
|
168,554
|
||||||
Total
current assets
|
2,986,169
|
2,907,652
|
||||||
Plant
and equipment, net
|
759,218
|
648,785
|
||||||
Goodwill
|
654,952
|
595,268
|
||||||
Other
assets
|
214,565
|
199,045
|
||||||
TOTAL
ASSETS
|
$ |
4,614,904
|
$ |
4,350,750
|
||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
Current
portion of long-term debt
|
$ |
6,231
|
$ |
207,345
|
||||
Accounts
payable and accrued liabilities
|
1,631,566
|
1,364,716
|
||||||
Accrued
income taxes
|
14,167
|
56,151
|
||||||
Total
current liabilities
|
1,651,964
|
1,628,212
|
||||||
Long-term
debt
|
746,900
|
745,408
|
||||||
Postretirement
benefits other than pensions
|
20,208
|
20,757
|
||||||
Deferred
income taxes
|
81,024
|
90,248
|
||||||
Other
long-term liabilities
|
127,744
|
124,686
|
||||||
Total
liabilities
|
2,627,840
|
2,609,311
|
||||||
Commitments
and contingencies
|
—
|
—
|
||||||
Stockholders’
Equity:
|
||||||||
Common
stock, par value $.01 per share, 150,000,000 shares authorized,
116,170,863 shares issued at September 30, 2007 and December 31,
2006
|
1,162
|
1,162
|
||||||
Capital
in excess of par value
|
1,149,395
|
1,140,765
|
||||||
Retained
earnings
|
1,130,917
|
760,958
|
||||||
Accumulated
other elements of comprehensive income
|
88,164
|
16,326
|
||||||
Less:
Treasury stock, 6,893,953 shares at September 30, 2007 (3,881,236
shares
at December 31, 2006)
|
(382,574 | ) | (177,772 | ) | ||||
Total
stockholders’ equity
|
1,987,064
|
1,741,439
|
||||||
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$ |
4,614,904
|
$ |
4,350,750
|
Three
Months
Ended
September
30,
|
Nine
Months
Ended
September 30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Cash
flows from operating activities:
|
||||||||||||||||
Net
income
|
$ |
150,723
|
$ |
89,285
|
$ |
374,955
|
$ |
221,291
|
||||||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||||||||||
Depreciation
|
20,637
|
18,945
|
60,037
|
56,323
|
||||||||||||
Amortization
|
7,338
|
6,255
|
20,923
|
16,118
|
||||||||||||
Non-cash
stock compensation expense
|
5,784
|
4,593
|
19,973
|
15,988
|
||||||||||||
Non-cash
write-off of assets associated with acquisition integration
efforts
|
—
|
—
|
—
|
10,525
|
||||||||||||
Tax
benefit of employee benefit plan transactions, deferred income taxes
and
other
|
10,117
|
17,870
|
21,901
|
51,907
|
||||||||||||
Changes
in assets and liabilities, net of translation, acquisitions and non-cash
items:
|
||||||||||||||||
Receivables
|
(47,018 | ) | (32,731 | ) | (97,985 | ) | (80,257 | ) | ||||||||
Inventories
|
(102,473 | ) | (72,904 | ) | (374,012 | ) | (277,719 | ) | ||||||||
Accounts
payable and accrued liabilities
|
98,892
|
62,117
|
212,745
|
236,906
|
||||||||||||
Other
assets and liabilities, net
|
(30,716 | ) |
5,086
|
(70,996 | ) | (40,845 | ) | |||||||||
Net
cash provided by operating activities
|
113,284
|
98,516
|
167,541
|
210,237
|
||||||||||||
Cash
flows from investing activities:
|
||||||||||||||||
Capital
expenditures
|
(53,185 | ) | (35,257 | ) | (161,157 | ) | (108,913 | ) | ||||||||
Acquisitions,
net of cash acquired
|
(727 | ) | (1,200 | ) | (76,386 | ) | (35,859 | ) | ||||||||
Proceeds
from sale of plant and equipment and other
|
1,353
|
7,336
|
4,977
|
10,576
|
||||||||||||
Net
cash used for investing activities
|
(52,559 | ) | (29,121 | ) | (232,566 | ) | (134,196 | ) | ||||||||
Cash
flows from financing activities:
|
||||||||||||||||
Loan
(repayments) borrowings, net
|
(2,414 | ) |
8,450
|
(201,563 | ) |
8,246
|
||||||||||
Issuance
of convertible debt
|
—
|
—
|
—
|
500,000
|
||||||||||||
Debt
issuance costs
|
—
|
(318 | ) |
—
|
(8,536 | ) | ||||||||||
Purchase
of treasury stock
|
(4,712 | ) | (28,216 | ) | (282,074 | ) | (265,935 | ) | ||||||||
Proceeds
from stock option exercises
|
19,351
|
5,296
|
41,633
|
38,508
|
||||||||||||
Excess
tax benefits from stock compensation plans
|
10,034
|
6,481
|
21,669
|
6,481
|
||||||||||||
Principal
payments on capital leases
|
(115 | ) | (1,323 | ) | (2,736 | ) | (3,577 | ) | ||||||||
Net
cash provided by (used for) financing activities
|
22,144
|
(9,630 | ) | (423,071 | ) |
275,187
|
||||||||||
Effect
of translation on cash
|
18,187
|
(3,337 | ) |
23,008
|
6,520
|
|||||||||||
Increase
(decrease) in cash and cash equivalents
|
101,056
|
56,428
|
(465,088 | ) |
357,748
|
|||||||||||
Cash
and cash equivalents, beginning of period
|
467,393
|
663,291
|
1,033,537
|
361,971
|
||||||||||||
Cash
and cash equivalents, end of period
|
$ |
568,449
|
$ |
719,719
|
$ |
568,449
|
$ |
719,719
|
September
30,
2007
|
December
31,
2006
|
|||||||
Trade
receivables
|
$ |
783,502
|
$ |
671,343
|
||||
Other
receivables
|
51,273
|
32,107
|
||||||
Allowances
for doubtful accounts
|
(8,485 | ) | (7,303 | ) | ||||
Total
receivables
|
$ |
826,290
|
$ |
696,147
|
September
30,
2007
|
December
31,
2006
|
|||||||
Raw
materials
|
$ |
114,700
|
$ |
108,889
|
||||
Work-in-process
|
458,485
|
300,970
|
||||||
Finished
goods, including parts and subassemblies
|
971,091
|
687,088
|
||||||
Other
|
7,404
|
4,721
|
||||||
1,551,680
|
1,101,668
|
|||||||
Excess
of current standard costs over LIFO costs
|
(68,297 | ) | (48,031 | ) | ||||
Allowances
|
(51,056 | ) | (44,223 | ) | ||||
Total
inventories
|
$ |
1,432,327
|
$ |
1,009,414
|
|
September
30,
2007
|
December
31,
2006
|
||||||
Plant
and equipment, at cost
|
$ |
1,546,621
|
$ |
1,365,464
|
||||
Accumulated
depreciation
|
(787,403 | ) | (716,679 | ) | ||||
Total
plant and equipment
|
$ |
759,218
|
$ |
648,785
|
Balance
at December 31, 2006
|
$ |
595,268
|
||
Acquisitions
|
56,637
|
|||
Adjustment
to goodwill primarily for the Dresser Acquired Businesses by the
V&M
segment based upon a final purchase price allocation
|
(9,029 | ) | ||
Translation
and other
|
12,076
|
|||
Balance
at September 30, 2007
|
$ |
654,952
|
September
30,
2007
|
December
31,
2006
|
|||||||
Trade
accounts payable and accruals
|
$ |
498,717
|
$ |
408,480
|
||||
Salaries,
wages and related fringe benefits
|
119,346
|
141,444
|
||||||
Advances
from customers
|
758,138
|
573,527
|
||||||
Sales
related costs and provisions
|
83,287
|
78,666
|
||||||
Payroll
and other taxes
|
40,303
|
30,032
|
||||||
Product
warranty
|
31,115
|
29,846
|
||||||
Other
|
100,660
|
102,721
|
||||||
Total
accounts payable and accrued liabilities
|
$ |
1,631,566
|
$ |
1,364,716
|
Balance
December
31,
2006
|
Net
warranty
provisions
|
Charges
against
accrual
|
Translation
and
other
|
Balance
September
30,
2007
|
||||||||||||||
$ 29,846
|
12,675
|
(11,972)
|
566
|
$ 31,115
|
Three
Months Ended
September
30,
|
Nine
Months Ended
September
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Service
cost
|
$ |
2,891
|
$ |
2,026
|
$ |
8,673
|
$ |
6,078
|
||||||||
Interest
cost
|
7,545
|
5,941
|
22,635
|
17,823
|
||||||||||||
Expected
return on plan assets
|
(10,312 | ) | (7,704 | ) | (30,936 | ) | (23,112 | ) | ||||||||
Amortization
of prior service cost
|
(172 | ) | (141 | ) | (516 | ) | (422 | ) | ||||||||
Amortization
of losses and other
|
3,668
|
2,654
|
11,004
|
7,962
|
||||||||||||
Total
net benefit expense
|
$ |
3,620
|
$ |
2,776
|
$ |
10,860
|
$ |
8,329
|
Three
Months Ended
September
30,
|
Nine
Months Ended
September
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Service
cost
|
$ |
1
|
$ |
2
|
$ |
3
|
$ |
6
|
||||||||
Interest
cost
|
303
|
395
|
909
|
1,185
|
||||||||||||
Amortization
of prior service cost
|
(96 | ) | (102 | ) | (288 | ) | (306 | ) | ||||||||
Amortization
of gains and other
|
(270 | ) | (252 | ) | (810 | ) | (756 | ) | ||||||||
Total
net benefit (income) expense
|
$ | (62 | ) | $ |
43
|
$ | (186 | ) | $ |
129
|
Three
Months
Ended
September
30,
2007
|
Nine
Months
Ended
September
30,
2007
|
|||||||
Estimated
usage of certain foreign net operating loss carryforwards
|
$ |
3,854
|
$ |
5,475
|
||||
Changes
in the estimated utilization of certain foreign tax
credits
|
5,000
|
5,000
|
||||||
Resolution
of an international transfer pricing contingency
|
5,727
|
5,727
|
||||||
A
change in the statutory tax rate in the United Kingdom
|
1,500
|
1,500
|
||||||
Changes
in the estimated utilization of certain foreign tax
deductions
|
—
|
5,120
|
||||||
Changes
to other income tax related accruals
|
3,736
|
4,229
|
||||||
Total
|
$ |
19,817
|
$ |
27,051
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Revenues:
|
||||||||||||||||
DPS
|
$ |
734,305
|
$ |
556,733
|
$ |
2,030,927
|
$ |
1,467,656
|
||||||||
V&M
|
329,364
|
305,988
|
940,754
|
876,523
|
||||||||||||
CS
|
122,504
|
116,071
|
350,585
|
322,038
|
||||||||||||
$ |
1,186,173
|
$ |
978,792
|
$ |
3,322,266
|
$ |
2,666,217
|
|||||||||
Income
(loss) before income taxes:
|
||||||||||||||||
DPS
|
$ |
132,282
|
$ |
92,106
|
$ |
345,018
|
$ |
258,361
|
||||||||
V&M
|
70,740
|
56,992
|
197,634
|
112,347
|
||||||||||||
CS
|
19,463
|
10,092
|
49,741
|
32,615
|
||||||||||||
Corporate
& other
|
(23,642 | ) | (18,716 | ) | (61,355 | ) | (59,703 | ) | ||||||||
$ |
198,843
|
$ |
140,474
|
$ |
531,038
|
$ |
343,620
|
Three
Months Ended
September
30,
|
Nine
Months Ended
September
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Net
income
|
$ |
150,723
|
$ |
89,285
|
$ |
374,955
|
$ |
221,291
|
||||||||
Add
back interest on convertible debentures, net of tax
|
—
|
—
|
—
|
10
|
||||||||||||
Net
income (assuming conversion of convertible debentures)
|
$ |
150,723
|
$ |
89,285
|
$ |
374,955
|
$ |
221,301
|
||||||||
Average
shares outstanding (basic)
|
108,919
|
111,576
|
109,765
|
113,845
|
||||||||||||
Common
stock equivalents
|
1,689
|
1,695
|
1,636
|
1,705
|
||||||||||||
Incremental
shares from assumed conversion of convertible debentures
|
4,797
|
1,913
|
3,619
|
1,761
|
||||||||||||
Diluted
shares
|
115,405
|
115,184
|
115,020
|
117,311
|
||||||||||||
Basic
earnings per share
|
$ |
1.38
|
$ |
0.80
|
$ |
3.42
|
$ |
1.94
|
||||||||
Diluted
earnings per share
|
$ |
1.31
|
$ |
0.78
|
$ |
3.26
|
$ |
1.89
|
Three
Months Ended
September
30,
|
|
Nine
Months Ended
September
30,
|
||||||||||||||
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
Net
income per Consolidated Condensed Results of Operations
|
$ |
150,723
|
$ |
89,285
|
$ |
374,955
|
$ |
221,291
|
||||||||
Foreign
currency translation gain (loss) 1
|
31,293
|
(7,806 | ) |
64,348
|
32,934
|
|||||||||||
Amortization
of net prior service credits related to the Company’s pension and
postretirement benefit plans, net of tax
|
(165 | ) |
—
|
(497 | ) |
—
|
||||||||||
Amortization
of net actuarial losses related to the Company’s pension and
postretirement benefit plans, net of tax
|
2,098
|
—
|
6,295
|
—
|
||||||||||||
Change
in fair value of derivatives accounted for as cash flow hedges, net
of tax
and other
|
(309 | ) | (144 | ) |
1,692
|
9,538
|
||||||||||
Comprehensive
income
|
$ |
183,640
|
$ |
81,335
|
$ |
446,793
|
$ |
263,763
|
1
|
The
“Foreign currency translation gain (loss)” relates primarily to the
Company’s operations in the United Kingdom, Canada, Norway, Luxembourg and
France.
|
September
30,
2007
|
December
31,
2006
|
|||||||
Accumulated
foreign currency translation gain
|
$ |
168,967
|
$ |
104,619
|
||||
Prior
service credits, net, related to the Company’s pension and postretirement
benefit plans
|
2,676
|
3,173
|
||||||
Actuarial
losses, net, related to the Company’s pension and postretirement benefit
plans
|
(89,870 | ) | (96,165 | ) | ||||
Change
in fair value of derivatives accounted for as cash flow hedges, net
of tax
and other
|
6,391
|
4,699
|
||||||
Accumulated
other elements of comprehensive income
|
$ |
88,164
|
$ |
16,326
|
United
States
|
United
Kingdom
|
Canada
|
France
|
Germany
|
Norway
|
Singapore
|
2000
|
2001
|
1995
|
2004
|
2004
|
2003
|
1999
|
Quarter
Ended
September
30,
|
Increase
|
||||||||||||||||
(dollars
in millions)
|
2007
|
2006
|
$
|
%
|
|||||||||||||
Revenues
|
$ |
734
|
.3 | $ |
556
|
.7 | $ |
177
|
.6 |
31
|
.9% | ||||||
Income
before income taxes
|
$ |
132
|
.3 | $ |
92
|
.1 | $ |
40
|
.2 |
43
|
.6%
|
Quarter
Ended
September
30,
|
Increase
|
|||||||||||||||
(dollars
in millions)
|
2007
|
2006
|
$
|
%
|
||||||||||||
Revenues
|
$ |
329
|
.4 | $ |
306
|
.0 | $ |
23
|
.4 | 7 | .6% | |||||
Income
before income taxes
|
$ |
70
|
.7 | $ |
57
|
.0 | $ |
13
|
.7 | 24 | .1% |
Quarter
Ended
September
30,
|
Increase
|
|||||||||||||||
(dollars
in millions)
|
2007
|
2006
|
$
|
%
|
||||||||||||
Revenues
|
$ |
122
|
.5 | $ |
116
|
.1 | $ |
6
|
.4 | 5 | .5% | |||||
Income
before income taxes
|
$ |
19
|
.5 | $ |
10
|
.1 | $ |
9
|
.4 | 92 | .9% |
Quarter
Ended
September
30,
|
Increase/(Decrease)
|
|||||||||||||||
2007
|
2006
|
$
|
%
|
|||||||||||||
DPS
|
$ |
789
|
.2 | $ |
833
|
.3 | $ | (44 | .1) | (5 | .3)% | |||||
V&M
|
341
|
.3 |
297
|
.1 |
44
|
.2 | 14 | .9% | ||||||||
CS
|
198
|
.5 |
133
|
.0 |
65
|
.5 | 49 | .2% | ||||||||
$ |
1,329
|
.0 | $ |
1,263
|
.4 | $ |
65
|
.6 | 5 | .2% |
Nine
Months Ended
September
30,
|
Increase
|
|||||||||||||||
(dollars
in millions)
|
2007
|
2006
|
$
|
%
|
||||||||||||
Revenues
|
$ |
2,030
|
.9 | $ |
1,467
|
.7 | $ |
563
|
.2 | 38 | .4% | |||||
Income
before income taxes
|
$ |
345
|
.0 | $ |
258
|
.4 | $ |
86
|
.6 | 33 | .5% |
Nine
Months Ended
September
30,
|
Increase
|
|||||||||||||||
(dollars
in millions)
|
2007
|
2006
|
$
|
%
|
||||||||||||
Revenues
|
$ |
940
|
.8 | $ |
876
|
.5 | $ |
64
|
.3 | 7 | .3% | |||||
Income
before income taxes
|
$ |
197
|
.6 | $ |
112
|
.3 | $ |
85
|
.3 | 75 | .9% |
Nine
Months Ended
September
30,
|
Increase
|
|||||||||||||||
(dollars
in millions)
|
2007
|
2006
|
$
|
%
|
||||||||||||
Revenues
|
$ |
350
|
.6 | $ |
322
|
.0 | $ |
28
|
.6 | 8 | .9% | |||||
Income
before income taxes
|
$ |
49
|
.7 | $ |
32
|
.6 | $ |
17
|
.1 | 52 | .5% |
Nine
Months Ended
September
30,
|
Increase/(decrease)
|
|||||||||||||||
2007
|
2006
|
$
|
%
|
|||||||||||||
DPS
|
$ |
2,347
|
.2 | $ |
2,487
|
.6 | $ | (140 | .4) | (5 | .6)% | |||||
V&M
|
1,041
|
.6 |
973
|
.0 |
68
|
.6 | 7 | .1% | ||||||||
CS
|
505
|
.5 |
397
|
.7 |
107
|
.8 | 27 | .1% | ||||||||
$ |
3,894
|
.3 | $ |
3,858
|
.3 | $ |
36
|
.0 | 1 | .0% |
September
30,
2007
|
December
31,
2006
|
Increase
|
||||||||||
DPS
|
$ |
2,992.7
|
$ |
2,661.3
|
$ |
331.4
|
||||||
V&M
|
738.2
|
620.8
|
117.4
|
|||||||||
CS
|
397.3
|
248.9
|
148.4
|
|||||||||
$ |
4,128.2
|
$ |
3,531.0
|
$ |
597.2
|
Year
of Contract Expiration
|
||||||||||||||||
(amounts
in millions except exchange rates)
|
2007
|
2008
|
2009
|
Total
|
||||||||||||
Buy
GBP/Sell USD:
|
||||||||||||||||
Notional
amount to sell (in U.S. dollars)
|
$
6.9
|
$
11.0
|
$
2.6
|
$
20.5
|
||||||||||||
Average
GBP to USD contract rate
|
1.8067
|
1.8039
|
1.7989
|
1.8042
|
||||||||||||
Average
GBP to USD forward rate at September 30, 2007
|
2.0443
|
2.0329
|
2.0149
|
2.0344
|
||||||||||||
Fair
value at September 30, 2007 in U.S. dollars
|
$
2.6
|
|||||||||||||||
Sell
GBP/Buy Euro:
|
||||||||||||||||
Notional
amount to buy (in euros)
|
1.5
|
0.9
|
—
|
2.4
|
||||||||||||
Average
GBP to EUR contract rate
|
1.3776
|
1.3693
|
—
|
1.3743
|
||||||||||||
Average
GBP to EUR forward rate at September 30, 2007
|
1.4310
|
1.4243
|
—
|
1.4283
|
||||||||||||
Fair
value at September 30, 2007 in U.S. dollars
|
$
(0.1
|
) | ||||||||||||||
Sell
GBP/Buy NOK:
|
||||||||||||||||
Notional
amount to buy (in Norwegian krone)
|
1.5
|
0.6
|
—
|
2.1
|
||||||||||||
Average
GBP to NOK contract rate
|
11.2423
|
11.2173
|
—
|
11.2351
|
||||||||||||
Average
GBP to NOK forward rate at September 30, 2007
|
11.0196
|
11.0069
|
—
|
11.0160
|
||||||||||||
Fair
value at September 30, 2007 in U.S. dollars
|
$
—
|
|||||||||||||||
Buy
Euro/Sell USD:
|
||||||||||||||||
Notional
amount to buy (in euros)
|
25.4
|
36.2
|
14.2
|
75.8
|
||||||||||||
Average
EUR to USD contract rate
|
1.3323
|
1.3398
|
1.3835
|
1.3455
|
||||||||||||
Average
EUR to USD forward rate at September 30, 2007
|
1.4238
|
1.4302
|
1.4316
|
1.4283
|
||||||||||||
Fair
value at September 30, 2007 in U.S. dollars
|
$
5.8
|
Period
|
Total
number
of
shares
purchased
|
Average
price
paid
per share
|
Total
number
of
shares
purchased
as
part
of all
repurchase
programs
(a)
|
Maximum
number
of
shares
that may
yet
be
purchased
under
all
repurchase
programs
(b)
|
|||||||||||
7/1/07
– 7/31/07
|
—
|
$
—
|
12,532,871
|
2,927,702
|
|||||||||||
8/1/07
– 8/31/07
|
61,500
|
$
76.62
|
12,594,371
|
2,806,558
|
|||||||||||
9/1/07
– 9/30/07
|
—
|
$
—
|
12,594,371
|
2,665,895
|
|||||||||||
Total
|
61,500
|
$
76.62
|
12,594,371
|
2,665,895
|
(a)
|
All
share purchases during the three months ended September 30, 2007
were done
through open market transactions.
|
(b)
|
At
September 30, 2007, 1,093,351 shares are yet to be purchased under
the
$250,000,000 Board authorization, based on the closing price of the
Company’s common stock at that date of $92.29 per
share.
|
(a)
|
Information
Not Previously Reported in a Report on Form
8-K
|
(b)
|
Material
Changes to the Procedures by Which Security Holders May Recommend
Board
Nominees.
|
Date:
November 2, 2007
|
Cameron
International Corporation
|
|
(Registrant)
|
|
|
|
/s/
Franklin Myers
|
|
Franklin
Myers
|
|
Senior
Vice President and Chief Financial Officer and authorized to sign
on
behalf of the Registrant
|
Exhibit
Number
|
Description
|
31.1
|
|
|
|
31.2
|
|
|
|
32.1
|
34
|