The International Satellite Land Surface Climatology Project Initiative 2 (ISLSCP-2) data set provides the data needed to characterize the surface water budget across much of the globe in terms of energy availability (net radiation) and water availability (precipitation) controls. The data, on average, are shown to be consistent with Budyko's decades-old framework, thereby demonstrating the continuing relevance of Budyko's semiempirical relationships. This consistency, however, appears only when a small subset of the data with hydrologically suspicious behavior is removed from the analysis. In general, the precipitation, net radiation, and runoff data also appear consistent in their interannual variability and in the phasing of their seasonal cycles.