anticipated or possible short-term cash needs, prevailing interest rates, our investment policy and alternative investment choices.
A majority of our cash and cash equivalents balance is invested in money market mutual funds that invest only in U. S.  Treasury securities or U. S.  government agency securities.
Our exposure to risk is minimal given the nature of the investments.
Our practice is to have our pension plan 100% funded at each year end on a projected benefit obligation basis, while also satisfying any minimum required contribution and obtaining the maximum tax deduction.
Based on our actuarial projections, we estimate that a $14.1 million contribution in 2011 will allow us to meet our funding goal.
However, the amount of the actual contribution is contingent on the actual rate of return on our plan assets during 2011 and the December 31, 2011 discount rate.
Net current deferred tax assets of $18.3 million and $23.8 million are included in other current assets at December 31, 2010 and 2009, respectively.
Total net current deferred tax assets include unrealized losses, stockbased compensation and accrued expenses.
Net long-term deferred tax liabilities were $7.8 billion and $7.6 billion at December 31, 2010 and 2009, respectively.
Net deferred tax liabilities are principally the result of purchase accounting for intangible assets in our various mergers including CBOT Holdings and NYMEX Holdings.
We have a long-term deferred tax asset of $145.7 million included within our domestic long-term deferred tax liability.
This deferred tax asset is for an unrealized capital loss incurred in Brazil related to our investment in BM&FBOVESPA.
As of December 31, 2010, we do not believe that we currently meet the more-likely-than-not threshold that would allow us to fully realize the value of the unrealized capital loss.
As a result, a partial valuation allowance of $64.4 million has been provided for the amount of the unrealized capital loss that exceeds potential capital gains that could be used to offset the capital loss in future periods.
We also have a long-term deferred tax asset related to Brazilian taxes of $125.3 million for an unrealized capital loss incurred in Brazil related to our investment in BM&FBOVESPA.
A full valuation allowance of $125.3 million has been provided because we do not believe that we currently meet the more-likely-than-not threshold that would allow us to realize the value of the unrealized capital loss in Brazil in the future.
Valuation allowances of $49.4 million have also been provided for additional unrealized capital losses on various other investments.
Net long-term deferred tax assets also include a $19.3 million deferred tax asset for foreign net operating losses related to Swapstream.
Our assessment at December 31, 2010 was that we did not currently meet the more-likelythan-not threshold that would allow us to realize the value of acquired and accumulated foreign net operating losses in the future.
As a result, the $19.3 million deferred tax assets arising from these net operating losses have been fully reserved.
Each clearing firm is required to deposit and maintain specified performance bond collateral.
Performance bond requirements are determined by parameters established by the risk management department of the clearing house and may fluctuate over time.
We accept a variety of collateral to satisfy performance bond requirements.
Cash performance bonds and guaranty fund contributions are included in our consolidated balance sheets.
Clearing firm deposits, other than those retained in the form of cash, are not included in our consolidated balance sheets.
The balances in cash performance bonds and guaranty fund contributions may fluctuate significantly over time.
Cash performance bonds and guaranty fund contributions consisted of the following at December 31:
## Table 0 ##
Item 5.
Market for Registrant’s Common Equity and Related Stockholder Matters Market Information National Oilwell common stock is listed on the New York Stock Exchange (ticker symbol: NOI).
The following table sets forth the stock price range during the past three years:
## Table 1 ##
As of March 1, 2005, there were 478 holders of record of National Oilwell common stock.
Many stockholders choose to own shares through brokerage accounts and other intermediaries rather than as holders of record so the actual number is unknown but significantly higher.
National Oilwell has never paid cash dividends, and none are anticipated during 2005.
Item 6.
Selected Financial Data
## Table 2 ##
(1) 2003 includes a $6.3 million pre-tax charge ($4.4 million after tax) related to a clearing account problem within the Distribution Group’s purchasing system that had accumulated over a three-year period.
We have not restated prior periods, as the impact is not considered material.
(2) We adopted Statement of Financial Accounting Standards No.142, “Goodwill and Other Intangible Assets” (SFAS 142), effective January 1, 2002.
The effects of not amortizing goodwill and other intangible assets in periods prior to the adoption of SFAS 142 would have resulted in net income of $115.0 million and $23.1 million for the years ended December 31, 2001 and 2000, respectively; basic earnings per common share of $1.42 and $0.29 for the years ending December 31, 2001 and 2000, respectively; and diluted earnings per common share of $1.41 and $0.29 for the years ending December 31, 2001 and 2000, respectively.
(3) In connection with the IRI International Corporation merger in 2000, we recorded charges of $14.1 million related to direct merger costs, personnel reductions, and facility closures and inventory write-offs of $15.7 million due to product line rationalization.
## Table 3 ##
In addition, we had stock options outstanding that were anti-dilutive totaling 0.8 million at December 31, 2004, 2.3 million at December 31, 2003, and 1.6 million at December 31, 2002.
Recently Issued Accounting Standards In May 2004, the FASB issued Staff Position No.106-2, “Accounting and Disclosure Requirements Related to the Medicare Prescription Drug, Improvement and Modernization Act of 2003” (“FSP 106- 2”).
FSP 106-2 provides guidance on accounting for the effects of the Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the “Act”) for employers that sponsor postretirement health care plans that provide prescription drug benefits.
FSP 106-2 is effective for the first interim or annual period beginning after June 15, 2004.
The adoption of FSP 106-2 did not have a material effect on our financial position, results of operations or cash flows.
In November 2004, the FASB issued Statement of Financial Accounting Standards No.151, “Inventory Costs – an amendment of ARB 43, Chapter 4” (“SFAS 151”).
SFAS 151 clarifies the accounting for abnormal amounts of idle facility expense, freight, handling costs and wasted material.
Paragraph 5 of Accounting Research Bulletin (“ARB”) 43, Chapter 4 “Inventory Pricing,” previously stated that “under certain circumstances, items such as idle facility expense, excessive spoilage, double freight, and rehandling costs may be so abnormal as to require treatment as current-period charges.
” SFAS 151 requires that those items be recognized as current-period charges regardless of whether they meet the criterion of “so abnormal.
” In addition, SFAS 151 requires that the allocation of fixed production overheads to the costs of conversion be based on the normal capacity of the production facilities.
SFAS 151 is effective for fiscal years beginning after June 15, 2005.
We do not believe the implementation of SFAS 151 will have a material impact on our financial position, results of operations or cash flows.
In December 2004, the FASB issued Statement of Financial Accounting Standards No.123-Revised 2004 (“Revised SFAS 123”), “Share-Based Payment.
” This is a revision of SFAS No.123, “Accounting for Stock-Based Compensation,” and supersedes APB No.25, “Accounting for Stock Issued to Employees.
” Currently, we do not record compensation expense for stock-based compensation.
Under Revised SFAS 123, we will be required to measure the cost of employee services received in exchange for stock based on the grant-date fair value (with limited exceptions).
That cost will be recognized over the period during which an employee is required to provide service in exchange for the award (usually the vesting period).
The fair value will be estimated using an option-pricing model.
Excess tax benefits, as defined in Revised SFAS 123, will be recognized as an addition to paid-in capital.
This is effective as of the beginning of the first interim or annual reporting period that begins after June 15, 2005.
Revised SFAS 123 permits public companies to adopt its requirements using one of two methods: 1) a “modified prospective” method in which compensation cost is recognized beginning with the effective date (a) based on the requirements of Revised SFAS 123 for all share-based payments granted after the effective date and (b) based on the requirements of Revised SFAS 123 for all awards granted to employees prior to
Distribution Services Our Distribution Services segment provides maintenance, repair and operating supplies (?MRO?)
and spare parts to drill site and production locations worldwide.
In addition to its comprehensive network of field locations supporting land drilling operations throughout North America, the segment supports major offshore drilling contractors through locations in Mexico, the Middle East, Europe, Southeast Asia and South America.
Distribution Services employs advanced information technologies to provide complete procurement, inventory management and logistics services to its customers around the globe.
Demand for the segment?s services is determined primarily by the level of drilling, servicing, and oil and gas production activities.
The following table sets forth the contribution to our total revenues of our three operating segments (in millions):

<table><tr><td>(in millions)</td><td>2010</td><td>2009</td></tr><tr><td>Cash performance bonds</td><td>$3,717.0</td><td>$5,834.6</td></tr><tr><td>Cash guaranty fund contributions</td><td>231.8</td><td>102.6</td></tr><tr><td>Cross-margin arrangements</td><td>79.7</td><td>10.6</td></tr><tr><td>Performance collateral for delivery</td><td>10.0</td><td>34.1</td></tr><tr><td>Total</td><td>$4,038.5</td><td>$5,981.9</td></tr></table>
<table><tr><td></td><td colspan="2">2004</td><td colspan="2">2003</td><td colspan="2">2002</td></tr><tr><td>Quarter</td><td>High</td><td>Low</td><td>High</td><td>Low</td><td>High</td><td>Low</td></tr><tr><td>First</td><td>$31.08</td><td>$21.66</td><td>$23.44</td><td>$19.36</td><td>$26.25</td><td>$16.43</td></tr><tr><td>Second</td><td>31.74</td><td>25.42</td><td>24.78</td><td>20.54</td><td>28.81</td><td>20.91</td></tr><tr><td>Third</td><td>33.55</td><td>31.24</td><td>21.80</td><td>17.86</td><td>21.29</td><td>15.19</td></tr><tr><td>Fourth</td><td>37.38</td><td>31.54</td><td>22.99</td><td>18.01</td><td>23.31</td><td>17.69</td></tr></table>
<table><tr><td></td><td colspan="5"> Year Ended December 31,</td></tr><tr><td></td><td> 2004</td><td> 2003</td><td> 2002</td><td> 2001</td><td> 2000</td></tr><tr><td></td><td colspan="5"> (in millions of U.S. dollars, except per share amounts)</td></tr><tr><td> Operating Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Revenues</td><td>$2,318.1</td><td>$2,004.9</td><td>$1,521.9</td><td>$1,747.5</td><td>$1,149.9</td></tr><tr><td>Operating income -1 (3)</td><td>168.6</td><td>159.0</td><td>134.3</td><td>189.3</td><td>48.5</td></tr><tr><td>Income before taxes -3</td><td>131.5</td><td>116.7</td><td>113.3</td><td>168.0</td><td>27.0</td></tr><tr><td>Net income -2</td><td>110.2</td><td>76.8</td><td>73.1</td><td>104.1</td><td>13.1</td></tr><tr><td>Net income per share</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic -2</td><td>1.28</td><td>0.91</td><td>0.90</td><td>1.29</td><td>0.17</td></tr><tr><td>Diluted -2</td><td>1.27</td><td>0.90</td><td>0.89</td><td>1.27</td><td>0.16</td></tr><tr><td> Other Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Depreciation and amortization</td><td>44.0</td><td>39.2</td><td>25.0</td><td>38.9</td><td>35.0</td></tr><tr><td>Capital expenditures</td><td>39.0</td><td>32.4</td><td>24.8</td><td>27.4</td><td>24.6</td></tr><tr><td> Balance Sheet Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Working capital</td><td>737.2</td><td>794.2</td><td>768.9</td><td>631.3</td><td>480.3</td></tr><tr><td>Total assets</td><td>2,598.7</td><td>2,242.7</td><td>1,977.2</td><td>1,471.7</td><td>1,278.9</td></tr><tr><td>Long-term debt, less current maturities</td><td>350.0</td><td>594.0</td><td>594.6</td><td>300.0</td><td>222.5</td></tr><tr><td>Stockholders’ equity</td><td>1,296.4</td><td>1,090.4</td><td>933.4</td><td>867.5</td><td>767.2</td></tr></table>
<table><tr><td></td><td colspan="3"> Year Ended December 31,</td></tr><tr><td></td><td> 2004</td><td> 2003</td><td> 2002</td></tr><tr><td>Denominator for basic earnings pershare — weighted average</td><td>85.8</td><td>84.5</td><td>81.0</td></tr><tr><td>Effect of dilutive securities:</td><td></td><td></td><td></td></tr><tr><td>Employee stock options</td><td>0.7</td><td>0.5</td><td>0.7</td></tr><tr><td>Denominator for diluted earnings pershare — adjusted weighted averageshares and assumed conversions</td><td>86.5</td><td>85.0</td><td>81.7</td></tr></table>

Question: In which year is Second for High greater than 30?
Answer: 2004