0001564590-21-021238 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	Apr. 16, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	NOV
Security Exchange Name	NYSE
Entity Registrant Name	NOV INC.
Entity Central Index Key	0001021860
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Common Stock Shares Outstanding		390,643,228
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	1-12317
Entity Tax Identification Number	76-0475815
Entity Address, Address Line One	7909 Parkwood Circle Drive
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Incorporation, State or Country Code	DE
Entity Address, Postal Zip Code	77036-6565
City Area Code	713
Local Phone Number	346-7500
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 1,607	$ 1,692
Receivables, net	1,265	1,274
Inventories, net	1,357	1,408
Contract assets, net	577	611
Prepaid and other current assets	190	224
Total current assets	4,996	5,209
Property, plant and equipment, net	1,894	1,927
Lease right-of-use assets, operating	356	371
Lease right-of-use assets, financing	187	195
Goodwill	1,495	1,493
Intangibles, net	516	527
Investment in unconsolidated affiliates	47	51
Other assets	181	156
Total assets	9,672	9,929
Current liabilities:
Accounts payable	467	489
Accrued liabilities	792	863
Contract liabilities	349	354
Current portion of lease liabilities	106	110
Current portion of long-term debt	182
Accrued income taxes	38	51
Total current liabilities	1,934	1,867
Lease liabilities	590	612
Long-term debt	1,669	1,834
Deferred income taxes	77	78
Other liabilities	252	259
Total liabilities	4,522	4,650
Commitments and contingencies
Stockholders’ equity:
Common stock - par value $.01; 1 billion shares authorized; 390,653,325 and 388,255,374 shares issued and outstanding at March 31, 2021 and December 31, 2020	4	4
Additional paid-in capital	8,598	8,591
Accumulated other comprehensive loss	(1,530)	(1,509)
Retained earnings	(1,991)	(1,876)
Total Company stockholders' equity	5,081	5,210
Noncontrolling interests	69	69
Total stockholders’ equity	5,150	5,279
Total liabilities and stockholders’ equity	$ 9,672	$ 9,929

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	390,653,325	388,255,374
Common stock, shares outstanding	390,653,325	388,255,374

Consolidated Statements of Income (Loss) (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenue	$ 1,249	$ 1,883
Cost of revenue	1,093	1,659
Gross profit	156	224
Selling, general and administrative	244	283
Goodwill and indefinite-lived intangible asset impairment		1,378
Long-lived asset impairment		513
Operating loss	(88)	(1,950)
Interest and financial costs	(20)	(22)
Interest income	2	3
Equity loss in unconsolidated affiliates	(4)	(233)
Other income (expense), net	(10)	(3)
Loss before income taxes	(120)	(2,205)
Provision (benefit) for income taxes	(6)	(156)
Net loss	(114)	(2,049)
Net income attributable to noncontrolling interests	1	(2)
Net loss attributable to Company	$ (115)	$ (2,047)
Net loss attributable to Company per share:
Basic	$ (0.30)	$ (5.34)
Diluted	$ (0.30)	(5.34)
Cash dividends per share		$ 0.05
Weighted average shares outstanding:
Basic	385	383
Diluted	385	383

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (114)	$ (2,049)
Currency translation adjustments	(19)	(180)
Changes in derivative financial instruments, net of tax	(2)	(52)
Comprehensive loss	(135)	(2,281)
Comprehensive income attributable to noncontrolling interest	1	(2)
Comprehensive loss attributable to Company	$ (136)	$ (2,279)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net loss	$ (114)	$ (2,049)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	79	105
Provision for inventory losses	24	125
Deferred income taxes	(1)	(62)
Equity loss in unconsolidated affiliates	4	233
Goodwill and indefinite-lived intangible asset impairment		1,378
Long-lived asset impairment		513
Other, net	25	45
Change in operating assets and liabilities, net of acquisitions:
Receivables	(5)	(27)
Inventories	28	47
Contract assets	35	(5)
Prepaid and other current assets	33	9
Accounts payable	(22)	(54)
Accrued liabilities	(62)	(142)
Contract liabilities	(5)	43
Income taxes payable	(13)	(15)
Other assets/liabilities, net	(33)	(105)
Net cash provided by (used by) operating activities	(27)	39
Cash flows from investing activities:
Purchases of property, plant and equipment	(49)	(68)
Other	(2)	15
Net cash used in investing activities	(51)	(53)
Cash flows from financing activities:
Borrowings against lines of credit and other debt	17
Cash dividends paid		(19)
Financing leases	(7)	(8)
Other	(13)	(16)
Net cash used in financing activities	(3)	(43)
Effect of exchange rates on cash	(4)	1
Decrease in cash and cash equivalents	(85)	(56)
Cash and cash equivalents, beginning of period	1,692	1,171
Cash and cash equivalents, end of period	1,607	1,115
Cash payments during the period for:
Interest	3	3
Income taxes	$ 9	$ 14

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Revision of Prior Period Accounting Standards Update Adjustment [Member]	Common Stock [Member]	Additional Paid in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings (Loss) [Member]	Retained Earnings (Loss) [Member] Revision of Prior Period Accounting Standards Update Adjustment [Member]	Total Company Stockholders' Equity [Member]	Total Company Stockholders' Equity [Member] Revision of Prior Period Accounting Standards Update Adjustment [Member]	Noncontrolling Interests [Member]
Beginning Balance at Dec. 31, 2019	$ 7,846	$ (5)	$ 4	$ 8,507	$ (1,423)	$ 690	$ (5)	$ 7,778	$ (5)	$ 68
Beginning Balance, shares at Dec. 31, 2019			386
Net loss	(2,049)					(2,047)		(2,047)		(2)
Other comprehensive loss, net	(232)				(232)			(232)
Cash dividends, per common share	(19)					(19)		(19)
Stock-based compensation	27			27				27
Common stock issued	1			1				1
Common stock issued, shares			2
Withholding taxes	(17)			(17)				(17)
Other	2									2
Ending Balance at Mar. 31, 2020	5,554		$ 4	8,518	(1,655)	(1,381)		5,486		68
Ending Balance, shares at Mar. 31, 2020			388
Beginning Balance at Dec. 31, 2020	5,279		$ 4	8,591	(1,509)	(1,876)		5,210		69
Beginning Balance, shares at Dec. 31, 2020			388
Net loss	(114)					(115)		(115)		1
Other comprehensive loss, net	(21)				(21)			(21)
Cash dividends, per common share	0
Stock-based compensation	20			20				20
Common stock issued, shares			2
Withholding taxes	(13)			(13)				(13)
Other	(1)									(1)
Ending Balance at Mar. 31, 2021	$ 5,150		$ 4	$ 8,598	$ (1,530)	$ (1,991)		$ 5,081		$ 69
Ending Balance, shares at Mar. 31, 2021			390

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical)	3 Months Ended
	Mar. 31, 2020 $ / shares
Retained Earnings (Loss) [Member]
Cash dividends, per common share	$ 0.05

Basis of Presentation

3 Months Ended

Mar. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Presentation

1.	Basis of Presentation

The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States requires management to make estimates and assumptions that affect reported and contingent amounts of assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The accompanying unaudited consolidated financial statements of NOV Inc. (“NOV” or the “Company”) present information in accordance with GAAP in the United States for interim financial information and the instructions to Form 10-Q and applicable rules of Regulation S-X. They do not include all information or footnotes required by GAAP in the United States for complete consolidated financial statements and should be read in conjunction with the Company’s 2020 Annual Report on Form 10-K.

In our opinion, the consolidated financial statements include all adjustments, which are of a normal recurring nature unless otherwise disclosed, necessary for a fair presentation of the results for the interim periods. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the full year.

The fair values of cash and cash equivalents, receivables and payables were approximately the same as their presented carrying values because of the short maturities of these instruments. The fair value of long-term debt is provided in Note 8, and the fair values of derivative financial instruments are provided in Note 11.

Inventories, net

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Inventories, net

2.	Inventories, net

Inventories consist of (in millions):

	March 31,			December 31,
	2021			2020
Raw materials and supplies	$	353		$	373
Work in process		232			189
Finished goods and purchased products		1,323			1,423
		1,908			1,985
Less: Inventory reserve		(551	)		(577	)
Total	$	1,357		$	1,408

Accrued Liabilities

3 Months Ended

Mar. 31, 2021

Payables And Accruals [Abstract]

Accrued Liabilities

3.	Accrued Liabilities

Accrued liabilities consist of (in millions):

	March 31,		December 31,
	2021		2020
Compensation	$	195	$	196
Taxes (non-income)		111		158
Vendor costs		110		118
Warranties		79		87
Insurance		49		48
Interest		23		7
Commissions		21		19
Fair value of derivatives		8		15
Other		196		215
Total	$	792	$	863

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Accumulated Other Comprehensive Loss

4.	Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss are as follows (in millions):

				Derivative			Defined
	Currency			Financial			Benefit
	Translation			Instruments,			Plans,
	Adjustments			Net of Tax			Net of Tax			Total
Balance at December 31, 2020	$	(1,481	)	$	19		$	(47	)	$	(1,509	)
Accumulated other comprehensive income (loss) before reclassifications		(19	)		(2	)		—			(21	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			—			—			—
Balance at March 31, 2021	$	(1,500	)	$	17		$	(47	)	$	(1,530	)

The components of amounts reclassified from accumulated other comprehensive income (loss) are as follows (in millions):

	Three Months Ended March 31,
	2021								2020
	Currency		Derivative		Defined				Currency		Derivative			Defined
	Translation		Financial		Benefit				Translation		Financial			Benefit
	Adjustments		Instruments		Plans		Total		Adjustments		Instruments			Plans		Total
Revenue	$	—	$	—	$	—	$	—	$	—	$	—		$	—	$	—
Cost of revenue		—		—		—		—		—		5			—		5
Tax effect		—		—		—		—		—		(1	)		—		(1	)
	$	—	$	—	$	—	$	—	$	—	$	4		$	—	$	4

The Company’s reporting currency is the U.S. dollar. A majority of the Company’s international entities in which there is a substantial investment have the local currency as their functional currency. As a result, currency translation adjustments resulting from the process of translating the entities’ financial statements into the reporting currency are reported in other comprehensive income (loss). For the three months ended March 31, 2021, a majority of these local currencies weakened against the U.S. dollar, resulting in other comprehensive loss of $19 million compared to other comprehensive loss of $180 million for the three months ended March 31, 2020.

The effect of changes in the fair values of derivatives designated as cash flow hedges are accumulated in other comprehensive income (loss), net of tax, until the underlying transactions they hedge are realized. The movement in other comprehensive income (loss) from period to period will be the result of the combination of: 1) changes in fair value of open derivatives (-$2 million during the three months ended March 31, 2021); and, 2) the outflow of other comprehensive income (loss) related to cumulative changes in the fair value of derivatives that have settled in the current period that is reclassified into earnings in the current period ($0 during the three months ended March 31, 2021).

Segments

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segments

Financial results by operating segment are as follows (in millions):

	Three Months Ended
	March 31,
	2021			2020
Revenue:
Wellbore Technologies	$	413		$	691
Completion & Production Solutions		439			675
Rig Technologies		431			557
Eliminations		(34	)		(40	)
Total revenue	$	1,249		$	1,883

Operating profit (loss):
Wellbore Technologies	$	(14	)		(663	)
Completion & Production Solutions		(17	)		(1,013	)
Rig Technologies		(8	)		(202	)
Eliminations and corporate costs		(49	)		(72	)
Total operating profit (loss)	$	(88	)	$	(1,950	)

Operating profit (loss)%:
Wellbore Technologies		(3.4	%)		(95.9	%)
Completion & Production Solutions		(3.9	%)		(150.1	%)
Rig Technologies		(1.9	%)		(36.3	%)
Total operating profit (loss)%		(7.0	%)		(103.6	%)

Sales from one segment to another generally are priced at estimated equivalent commercial selling prices; however, segments originating an external sale are credited with the full profit to the Company. Eliminations include intercompany transactions conducted between the three reporting segments that are eliminated in consolidation. Intrasegment transactions are eliminated within each segment.

First quarter 2021 operating profit includes pre-tax charges for severance, facility closures and other items ($9 million). First quarter 2020 operating profit (loss) includes pre-tax charges for impairment of goodwill, indefinite-lived and finite-lived intangible and long-lived tangible assets ($1,891 million); inventory charges ($114 million); and, severance, facility closures and other items ($18 million).

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Revenue

3 Months Ended

Mar. 31, 2021

Revenue From Contract With Customer [Abstract]

Revenue

Disaggregation of Revenue

The following table disaggregates the Company’s revenue by major geographic and market segment destination. In the table, North America includes the U.S. and Canada (in millions):

	Three Months Ended March 31,
	2021											2020
			Completion											Completion
	Wellbore		& Production		Rig							Wellbore		& Production		Rig
	Technologies		Solutions		Technologies		Eliminations			Total		Technologies		Solutions		Technologies		Eliminations			Total
North America	$	188	$	162	$	55	$	—		$	405	$	361	$	225	$	77	$	—		$	663
International		211		264		369		—			844		313		437		470		—			1,220
Eliminations		14		13		7		(34	)		—		17		13		10		(40	)		—
	$	413	$	439	$	431	$	(34	)	$	1,249	$	691	$	675	$	557	$	(40	)	$	1,883

Land	$	294	$	265	$	91	$	—		$	650	$	529	$	416	$	151	$	—		$	1,096
Offshore		105		161		333		—			599		145		246		396		—			787
Eliminations		14		13		7		(34	)		—		17		13		10		(40	)		—
	$	413	$	439	$	431	$	(34	)	$	1,249	$	691	$	675	$	557	$	(40	)	$	1,883

Performance Obligations

Net revenue recognized from performance obligations satisfied in previous periods was $12.5 million for the three months ended March 31, 2021, primarily due to change orders.

Remaining performance obligations represent the transaction price of firm orders for all revenue streams for which work has not been performed on contracts with original expected duration of one year or more. We do not disclose the remaining performance obligations of royalty contracts, service contracts for which there is a right to invoice, and short-term contracts that are expected to have a duration of one year or less. As of March 31, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was $3,632 million. The Company expects to recognize approximately $707 million in revenue for the remaining performance obligations in 2021, and $2,925 million in 2022 and thereafter.

Contract Assets and Liabilities

Contract assets include unbilled amounts when revenue recognized exceeds the amount billed to the customer under contracts where revenue is recognized over-time. Contract liabilities consist of customer billings in excess of revenue recognized under over-time contracts, customer advance payments and deferred revenue.

The changes in the carrying amount of net contract assets and contract liabilities are as follows (in millions):

	Contract Assets			Contract Liabilities
Balance at December 31, 2020	$	611		$	354
Provision		(1	)		-
Billings		(226	)		204
Revenue recognized		214			(205	)
Currency translation adjustments and other		(21	)		(4	)
Balance at March 31, 2021	$	577		$	349

Allowance for Credit Losses

The Company estimates its allowance for credit losses using information about past events, current conditions and risk characteristics of each customer, and reasonable and supportable forecasts relevant to assessing risk associated with the collectability of Receivables and Contract Assets. The Company’s customer base, mostly in the oil and gas industry, have generally similar collectability risk characteristics, although larger and state-owned customers may have lower risk than smaller independent customers. As of March 31, 2021, allowance for credit losses totaled $98 million.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

The Company leases certain facilities and equipment to support its operations around the world. These leases generally require the Company to pay maintenance, insurance, taxes and other operating costs in addition to rent. Renewal options are common in longer term leases; however, it is rare that the Company is reasonably certain to exercise a renewal option at the inception of a least due to the cyclical nature of the Company’s business. Residual value guarantees are not typically part of the Company’s leases. Occasionally, the Company sub-leases excess facility space, generally at terms similar to the source lease. The Company reviews agreements at inception to determine if they include a lease and, when they do, uses its incremental borrowing rate to determine the present value of the future lease payments as implicit interest rate in most of the Company’s leases is not readily determinable.

Components of leases are as follows (in millions):

	March 31,		December 31,
	2021		2020
Current portion of lease liabilities:
Operating	$	81	$	82
Financing		25		28
Total	$	106	$	110

	March 31,		December 31,
	2021		2020
Long-term portion of lease liability:
Operating	$	361	$	376
Financing		229	$	236
Total	$	590	$	612

Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Debt

8.Debt

Debt consists of (in millions):

	March 31,		December 31,
	2021		2020
$1.1 billion in Senior Notes, interest at 3.95% payable semiannually, principal due on December 1, 2042	$	1,089	$	1,089
$0.5 billion in Senior Notes, interest at 3.60% payable semiannually, principal due on December 1, 2029		493		493
$0.2 billion in Senior Notes, interest at 2.60% payable semiannually, principal due on December 1, 2022		182		182
Other debt		87		70
Total debt		1,851		1,834
Less current portion		182		-
Long-term debt	$	1,669	$	1,834

The Company has a $2.0 billion, five-year unsecured revolving credit facility, which expires on October 30, 2024. The Company has the right to increase the commitments under this agreement to an aggregate amount of up to $3.0 billion upon the consent of only those lenders holding any such increase. Interest under the multicurrency facility is based upon LIBOR, NIBOR or CDOR plus 1.125% subject to a ratings-based grid or the U.S. prime rate. The credit facility contains a financial covenant regarding maximum debt-to-capitalization ratio of 60%. As of March 31, 2021, the Company was in compliance with a debt-to-capitalization ratio of 29.0% and had no outstanding letters of credit issued under the facility, resulting in $2.0 billion of available funds.

Additionally, the Company has a $150 million bank line of credit for the construction of a facility in Saudi Arabia. Interest under the bank line of credit is based upon LIBOR plus 1.40%. The bank line of credit contains a financial covenant regarding maximum debt-to-equity ratio of 75%. As of March 31, 2021, the Company was in compliance. Other debt at March 31, 2021 included $25 million of funding provided by a minority interest partner of an NOV consolidated joint venture.

The Company had $444 million of outstanding letters of credit at March 31, 2021, primarily in the U.S. and Norway, that are under various bilateral letter of credit facilities. Letters of credit are issued as bid bonds, advanced payment bonds and performance bonds.

At March 31, 2021 and December 31, 2020, the fair value of the Company’s unsecured Senior Notes approximated $1,690 million and $1,833 million, respectively. The fair value of the Company’s debt is estimated using Level 2 inputs in the fair value hierarchy and is based on quoted prices for those or similar instruments. At March 31, 2021 and December 31, 2020, the carrying value of the Company’s unsecured Senior Notes approximated $1,764 million.

Subsequent Event: Redemption of unsecured Senior Notes Due 2022

On April 9, 2021, the Company repaid the entire outstanding balance ($182 million) of its 2.60% unsecured Senior Notes due December 2022 using available cash balances. Upon redemption, the Company paid $191 million, which included a redemption premium of $6.8 million as well as accrued and unpaid interest of $1.7 million. As a result of the redemption, the Company recorded a loss on extinguishment of debt of $7.1 million in the second quarter, including a make whole premium of $6.8 million and non-cash charges of $0.3 million to write-off unamortized discount and debt issuance costs. Following the repayment, the Company’s earliest bond maturity is in 2029.

Income Taxes

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

9.	Income Taxes

The effective tax rate for the three months ended March 31, 2021 and 2020 was 5.0% and 7.1%, respectively. The Company has established valuation allowances on deferred tax assets for losses and tax credits generated in 2021 and 2020. The effective tax rate for 2021 was negatively impacted by current year losses in certain jurisdictions with no tax benefit, partially offset by favorable adjustments related to utilization of losses and tax credits for prior year tax returns. The effective tax rate for 2020 was negatively impacted by losses in certain jurisdictions with no tax benefit as well as the impairment of nondeductible goodwill, partially offset by an income tax benefit from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) that was enacted on March 27, 2020 allowing net operating losses originating in 2018, 2019 or 2020 to be carried back five years.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

10.	Stock-Based Compensation

The Company’s stock-based compensation plan, known as the National Oilwell Varco, Inc. 2018 Long-Term Incentive Plan (the “2018 Plan”), was approved by shareholders on May 11, 2018 and amended and restated on May 20, 2020. The 2018 Plan provides for the granting of stock options, restricted stock, restricted stock units, performance awards, phantom shares, stock appreciation rights, stock payments and substitute awards. The number of shares authorized under the 2018 Plan is 42.7 million. The 2018 Plan is also subject to a fungible ratio concept, such that the issuance of stock options and stock appreciation rights reduces the number of available shares under the 2018 Plan on a 1-for-1 basis, and the issuance of other awards reduces the number of available shares under the 2018 Plan on a 2.5-for-1 basis. At March 31, 2021, approximately 13.3 million shares remain available for future grants under the 2018 Plan. The Company also has outstanding awards under its other stock-based compensation plan known as the National Oilwell Varco, Inc. Long-Term Incentive Plan (the “Plan”), however the Company is no longer granting new awards under the Plan.

On February 22, 2021, under the 2018 Plan, the Company granted 1,678,013 stock options with a fair value of $5.75 per option and an exercise price of $15.00 per share; 2,972,175 shares of restricted stock and restricted stock units with a fair value of $15.00 per share; and performance share awards (PSAs) to senior management employees with potential payouts varying from zero to 1,434,000 shares. The stock options vest over a three-year period from the grant date. The restricted stock and restricted stock units vest in three equal annual installments commencing on the first anniversary of the grant date. The 2021 PSAs can be earned based on performance against two established goals over a three-year period: 85% with a TSR (total shareholder return) goal and 15% with an internal NVA (“NOV Value Added”, a return on capital metric) goal. TSR performance is determined by comparing the Company’s TSR with the TSR of the members of the Philadelphia Stock Exchange’s Oil Services Sector Index (OSX) for the three-year performance period. The TSR portion of the performance share awards is subject to a vesting cap equal to 100% of Target Level if the Company’s absolute TSR is negative, regardless of relative TSR results. Conversely, if the Company’s absolute TSR is greater than 15% annualized over the three-year performance period the payout amount shall not be less than 50% of Target Level, regardless of relative TSR results. The NVA goal is based on the Company’s improvement in NVA from the beginning of the performance period until the end of the performance period. NVA is calculated as an amount equal to the Company’s (a) gross cash earnings less (b) average gross operating assets times an amount equal to a required return on assets, with certain adjustments.

Total stock-based compensation for all stock-based compensation arrangements under the Plan and the 2018 Plan was $20 million and $27 million for the three months ended March 31, 2021 and 2020, respectively.

There was no income tax benefit recognized in the Consolidated Statements of Income (Loss) for stock-based compensation arrangements under the Plan for both the three months ended March 31, 2021 and 2020.

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

11.	Derivative Financial Instruments

The Company uses derivative instruments to manage certain foreign currency exchange rate risks associated with sourcing goods and services in a currency different than the currency of sale. Forward currency contracts are executed to manage the foreign exchange risk on forecasted revenues and expenses denominated in currencies other than the functional currency of the operating unit (cash flow hedges). In addition, the Company executes forward currency contracts to manage the foreign currency risk on recognized nonfunctional currency monetary accounts (non-designated hedges).

The Company had the following outstanding foreign currency forward contracts at March 31, 2021 (in millions):

	Currency Denomination
	March 31,		December 31,
Foreign Currency	2021		2020
South Korean Won	KRW	17,600	KRW	17,600
Norwegian Krone	NOK	3,131	NOK	3,817
Russian Ruble	RUB	1,159	RUB	1,118
Mexican Peso	MXN	421	MXN	402
Japanese Yen	JPY	390	JPY	340
U.S. Dollar	USD	308	USD	367
Euro	EUR	131	EUR	116
South African Rand	ZAR	124	ZAR	124
Singapore Dollar	SGD	31	SGD	31
British Pound Sterling	GBP	17	GBP	18
Danish Krone	DKK	5	DKK	875
Canadian Dollar	CAD	2	CAD	1
Brazilian Real	BRL	-	BRL	768

Cash Flow Hedging Strategy

To protect against the volatility of forecasted foreign currency cash flows resulting from forecasted revenues and expenses, the Company has instituted a cash flow hedging program. For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative instrument is recorded in accumulated other comprehensive income (loss) and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings (e.g., in “revenues” when the hedged transactions are cash flows associated with forecasted revenues). The Company includes time value in hedge relationships.

The Company expects ($19) million of the accumulated other comprehensive income (loss) will be reclassified into earnings within the next twelve months.

Non-designated Hedging Strategy

The Company enters into forward exchange contracts to hedge certain nonfunctional currency monetary accounts. The gain or loss on the derivative instrument is recognized in other income (expense), together with the foreign exchange driven value changes in the hedged nonfunctional monetary accounts.

The amount of gain (loss) recognized in other income (expense), net was ($4) million and ($43) million for the three months ended March 31, 2021 and 2020, respectively.

The Company has the following fair values of its derivative instruments and their balance sheet classifications (in millions):

	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
	Balance Sheet	March 31,		December 31,		Balance Sheet	March 31,		December 31,
	Location	2021		2020		Location	2021		2020
Derivatives designated as hedging instruments under ASC Topic 815

Foreign exchange contracts	Prepaid and other current assets	$	4	$	17	Accrued liabilities	$	6	$	11
Foreign exchange contracts	Other Assets		—		12	Other liabilities		—		-

Total derivatives designated as hedging instruments under ASC Topic 815		$	4	$	29		$	6	$	11

Derivatives not designated as hedging instruments under ASC Topic 815

Foreign exchange contracts	Prepaid and other current assets	$	20	$	17	Accrued liabilities	$	2	$	4
Foreign exchange contracts	Other Assets		3		—	Other Liabilities		—		—

Total derivatives not designated as hedging instruments under ASC Topic 815		$	23	$	17		$	2	$	4

Total derivatives		$	27	$	46		$	8	$	15

Net Loss Attributable to Company Per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Net Loss Attributable to Company Per Share

12.	Net Loss Attributable to Company Per Share

The following table sets forth the computation of weighted average basic and diluted shares outstanding (in millions, except per share data):

	Three Months Ended
	March 31,
	2021			2020
Numerator:
Net loss attributable to Company	$	(115	)	$	(2,047	)
Denominator:
Basic—weighted average common shares outstanding		385			383
Dilutive effect of employee stock options and other
unvested stock awards		—			—
Diluted outstanding shares		385			383

Net loss attributable to Company per share:
Basic	$	(0.30	)	$	(5.34	)
Diluted	$	(0.30	)	$	(5.34	)

Cash dividends per share	$	—		$	0.05

ASC Topic 260, “Earnings Per Share” requires companies with unvested participating securities to utilize a two-class method for the computation of net income attributable to Company per share. The two-class method requires a portion of net income attributable to Company to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents, if declared. Net income (loss) attributable to Company allocated to these participating securities was immaterial for the three months ended March 31, 2021 and 2020 and therefore not excluded from net income attributable to Company per share calculation.

The Company had stock options outstanding that were anti-dilutive totaling 24 million shares and 27 million shares for each of the three months ended March 31, 2021 and 2020, respectively.

Cash Dividends

3 Months Ended

Mar. 31, 2021

Text Block [Abstract]

Cash Dividends

13.	Cash Dividends

Cash dividends were $0 and $19 million for the three months ended March 31, 2021 and March 31, 2020, respectively. The declaration and payment of future dividends is at the discretion of the Company’s Board of Directors and will be dependent upon the Company’s results of operations, financial condition, capital requirements and other factors deemed relevant by the Company’s Board of Directors.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

14.	Commitments and Contingencies

Our business is governed by laws and regulations promulgated by U.S. federal and state governments and regulatory agencies, as well as international governmental authorities in the many countries in which we conduct business, including those related to the oilfield service industry. In the United States these governmental authorities include: the U.S. Department of Labor, the Occupational Safety and Health Administration, the Environmental Protection Agency, the Bureau of Land Management, the Department of Treasury, Office of Foreign Asset Controls, state and international environmental agencies and many others. We are unaware of any material unreserved liabilities in connection with our compliance with such laws. New laws, regulations and enforcement policies may result in additional, presently unquantifiable or unknown, costs or liabilities.

The Company is involved in various claims, regulatory agency audits and pending or threatened legal actions involving a variety of matters. The Company maintains insurance that covers many of the claims arising from risks associated with the business activities of the Company, including claims for premises liability, product liability and other such claims. The Company carries substantial insurance to cover such risks above a self-insured retention. The Company believes, and the Company’s experience has been, that such insurance has been enough to cover any such material risks. See Item 1A. Risk Factors.

The Company is also a party to claims, threatened and actual litigation, private arbitration, internal investigations of potential regulatory and compliance matters which arise from legacy businesses that the Company has acquired over many years and from the Company’s current ordinary day-to-day business activities. These regulatory matters and disputes involve private parties and/or government authorities, which assert claims against the Company for a broad spectrum of potential claims including: employment law claims, collective actions or class action claims under employment laws, intellectual property claims, (such as alleged patent infringement, and/or misappropriation of trade secrets), premises liability claims, environmental claims, product liability claims, warranty claims, personal injury claims arising from exposure to or use of allegedly defective products, alleged regulatory violations, alleged violations of anti-corruption and anti-bribery laws and other commercial claims seeking recovery for alleged actual or exemplary damages or fines and penalties. Such claims involve various theories of liability which include: negligence, strict liability, product liability, and other theories of liability. For some of these contingent claims, the Company’s insurance coverage is inapplicable or an exclusion to coverage may apply. In such instances, settlement or other resolution of such claims, individually or collectively, could have a material financial or reputational impact on the Company. As of March 31, 2021, the Company recorded reserves in an amount believed to be sufficient, given the range of potential outcomes, for contingent liabilities representing all contingencies believed to be probable. These reserves include all costs expected for reclamation of a closed barite mine and product liability claims, as well as other circumstances involving material claims.

Risks and Uncertainties

The Company has assessed the potential for additional losses above the amounts accrued as well as potential losses for matters that are not probable but are reasonably possible. The litigation process as well as the outcome of regulatory oversight is inherently uncertain, and our best judgement concerning the probable outcome of litigation or regulatory enforcement matters may prove to be incorrect in some instances. The total potential loss on these matters cannot be determined; however, in our opinion, any ultimate liability, to the extent not otherwise provided for, will not materially affect our financial position, cash flow or results of operations. These estimated liabilities are based on the Company’s assessment of the nature of these matters, their progress toward resolution, the advice of legal counsel and outside experts as well as management’s experience. Because of uncertainty and risk inherent to litigation and arbitration, actual liabilities incurred may exceed our estimated liabilities and reserves, which could have a material financial or reputational impact on the Company.In many instances, the Company’s products and services embody or incorporate trade secrets or patented inventions. From time to time, we are engaged in disputes concerning protection of trade secrets and confidential information, patents and other intellectual property rights. Such disputes frequently involve complex, factual, technical and/or legal issues which result in high costs to adjudicate our rights and difficulty in predicting the ultimate outcome. Because of the importance of the Company’s intellectual property to the Company’s performance, an adverse result in such disputes could result in the loss of revenue from royalties or a decline in sales of products protected by patents, which could materially and adversely impact our financial performance.

Further, in some instances, direct or indirect consumers of our products and services, entities providing financing for purchases of our products and services or members of the supply chain for our products and services have become involved in governmental investigations, internal investigations, political or other enforcement matters. In such circumstances, such investigations may adversely impact the ability of consumers of our products, entities providing financial support to such consumers or entities in the supply chain to timely perform their business plans or to timely perform under agreements with us. We may, from time to time, become involved in these investigations, at substantial cost to the Company. We also are subject to trade regulations, supply chain regulations, and other regulatory compliance in which the laws and regulations of different jurisdictions conflict or these regulations may conflict with contractual terms. In such circumstances, our compliance with U.S. laws and regulations may subject us to risk of fines, penalties or contractual liability in other jurisdictions. Our efforts to actively manage such risks may not always be successful which could lead to negative impacts on revenue or earnings.

The Company is exposed to customs and regulatory risk in the countries in which we do business or to which we transport goods. For example, the effects of the United Kingdom’s withdrawal from the European Union, known as Brexit, may have a negative impact on our results from operations. Uncertainty concerning the legal and regulatory risks of Brexit, include: (i) supply chain risks resulting from lack of trade agreements, the implementation of new trade agreements, and other potential changes in customs administrations or tariffs; (ii) revenue risk, loss of customers or increased costs; (iii) delays in delivery of materials to the Company or delay in delivery by the Company; and (iv) the need for renegotiation of agreements; and other business disruptions. In addition, trade regulations, export controls, and other laws may adversely impact our ability to do business in certain countries, e.g.: Iran, Syria, Russia, China and Venezuela. Such trade regulations can be complex and present compliance challenges which could result in future liabilities.

COVID-19

The COVID-19 pandemic continues to adversely impact many jurisdictions and disrupt normal economic activities. The demand for energy continues to be constrained with adverse consequences for our customers and for the Company. As a result, the Company may be exposed to additional liabilities and risks.

Due to these market conditions, demand for our products and services has declined. Our customers may attempt to cancel or delay projects, cancel contracts or may invoke force majure clauses. Our customers may also seek to delay or may default on their payments to us. Further, we have seen, and expect to see, an increasing number of energy companies filing bankruptcy. Our collection of receivables could be materially delayed and/or impaired.

The Company also may be exposed to liabilities resulting from operational delays due to supply chain disruption and closure or limitations imposed on our facilities and work force, from “shelter in place” orders around the world. The Company’s ability to perform services could also be impaired and the Company could be exposed to liabilities resulting from interruption in its ability to perform due to limited manpower and travel restrictions. These potential operational and service delays resulting from the COVID-19 pandemic could result in contractual or other legal claims from our customers. At this time, it is not possible to quantify these risks, but the combination of these factors could have a material impact on our financial results.

New Accounting Pronouncements

3 Months Ended

Mar. 31, 2021

Accounting Changes And Error Corrections [Abstract]

New Accounting Pronouncements

15.	New Accounting Pronouncements

Recently Adopted Accounting Standards

In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes.” This ASU eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of accounting for income taxes. ASU 2019-12 is effective for interim and annual reporting periods beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2019-12 for the first quarter of 2021 with no material impact on the company’s financial position, results of operations and cash flows.

Recently Issued Accounting Standards

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)” This ASU applies only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management is currently assessing the impact of adopting ASU 2020-04 on the company’s financial position, results of operations and cash flows.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2021
Accounting Policies [Abstract]
Fair Value of Financial Instruments	The fair values of cash and cash equivalents, receivables and payables were approximately the same as their presented carrying values because of the short maturities of these instruments. The fair value of long-term debt is provided in Note 8, and the fair values of derivative financial instruments are provided in Note 11.
Net Loss Attributable to Company Per Share	ASC Topic 260, “Earnings Per Share” requires companies with unvested participating securities to utilize a two-class method for the computation of net income attributable to Company per share. The two-class method requires a portion of net income attributable to Company to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents, if declared. Net income (loss) attributable to Company allocated to these participating securities was immaterial for the three months ended March 31, 2021 and 2020 and therefore not excluded from net income attributable to Company per share calculation.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes.” This ASU eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of accounting for income taxes. ASU 2019-12 is effective for interim and annual reporting periods beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2019-12 for the first quarter of 2021 with no material impact on the company’s financial position, results of operations and cash flows. Recently Issued Accounting Standards In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)” This ASU applies only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management is currently assessing the impact of adopting ASU 2020-04 on the company’s financial position, results of operations and cash flows.

Inventories, net (Tables)

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories consist of (in millions):

	March 31,			December 31,
	2021			2020
Raw materials and supplies	$	353		$	373
Work in process		232			189
Finished goods and purchased products		1,323			1,423
		1,908			1,985
Less: Inventory reserve		(551	)		(577	)
Total	$	1,357		$	1,408

Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

Payables And Accruals [Abstract]

Accrued Liabilities

Accrued liabilities consist of (in millions):

	March 31,		December 31,
	2021		2020
Compensation	$	195	$	196
Taxes (non-income)		111		158
Vendor costs		110		118
Warranties		79		87
Insurance		49		48
Interest		23		7
Commissions		21		19
Fair value of derivatives		8		15
Other		196		215
Total	$	792	$	863

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Components of Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss are as follows (in millions):

				Derivative			Defined
	Currency			Financial			Benefit
	Translation			Instruments,			Plans,
	Adjustments			Net of Tax			Net of Tax			Total
Balance at December 31, 2020	$	(1,481	)	$	19		$	(47	)	$	(1,509	)
Accumulated other comprehensive income (loss) before reclassifications		(19	)		(2	)		—			(21	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			—			—			—
Balance at March 31, 2021	$	(1,500	)	$	17		$	(47	)	$	(1,530	)

Components of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)

The components of amounts reclassified from accumulated other comprehensive income (loss) are as follows (in millions):

	Three Months Ended March 31,
	2021								2020
	Currency		Derivative		Defined				Currency		Derivative			Defined
	Translation		Financial		Benefit				Translation		Financial			Benefit
	Adjustments		Instruments		Plans		Total		Adjustments		Instruments			Plans		Total
Revenue	$	—	$	—	$	—	$	—	$	—	$	—		$	—	$	—
Cost of revenue		—		—		—		—		—		5			—		5
Tax effect		—		—		—		—		—		(1	)		—		(1	)
	$	—	$	—	$	—	$	—	$	—	$	4		$	—	$	4

Segments (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Operating Segments

Financial results by operating segment are as follows (in millions):

	Three Months Ended
	March 31,
	2021			2020
Revenue:
Wellbore Technologies	$	413		$	691
Completion & Production Solutions		439			675
Rig Technologies		431			557
Eliminations		(34	)		(40	)
Total revenue	$	1,249		$	1,883

Operating profit (loss):
Wellbore Technologies	$	(14	)		(663	)
Completion & Production Solutions		(17	)		(1,013	)
Rig Technologies		(8	)		(202	)
Eliminations and corporate costs		(49	)		(72	)
Total operating profit (loss)	$	(88	)	$	(1,950	)

Operating profit (loss)%:
Wellbore Technologies		(3.4	%)		(95.9	%)
Completion & Production Solutions		(3.9	%)		(150.1	%)
Rig Technologies		(1.9	%)		(36.3	%)
Total operating profit (loss)%		(7.0	%)		(103.6	%)

Revenue (Tables)

3 Months Ended

Mar. 31, 2021

Revenue From Contract With Customer [Abstract]

Summary of Disaggregate Revenue by Destinations

The following table disaggregates the Company’s revenue by major geographic and market segment destination. In the table, North America includes the U.S. and Canada (in millions):

	Three Months Ended March 31,
	2021											2020
			Completion											Completion
	Wellbore		& Production		Rig							Wellbore		& Production		Rig
	Technologies		Solutions		Technologies		Eliminations			Total		Technologies		Solutions		Technologies		Eliminations			Total
North America	$	188	$	162	$	55	$	—		$	405	$	361	$	225	$	77	$	—		$	663
International		211		264		369		—			844		313		437		470		—			1,220
Eliminations		14		13		7		(34	)		—		17		13		10		(40	)		—
	$	413	$	439	$	431	$	(34	)	$	1,249	$	691	$	675	$	557	$	(40	)	$	1,883

Land	$	294	$	265	$	91	$	—		$	650	$	529	$	416	$	151	$	—		$	1,096
Offshore		105		161		333		—			599		145		246		396		—			787
Eliminations		14		13		7		(34	)		—		17		13		10		(40	)		—
	$	413	$	439	$	431	$	(34	)	$	1,249	$	691	$	675	$	557	$	(40	)	$	1,883

Summary of Changes in Carrying Amount of Net Contract Assets and Contract Liabilities

The changes in the carrying amount of net contract assets and contract liabilities are as follows (in millions):

	Contract Assets			Contract Liabilities
Balance at December 31, 2020	$	611		$	354
Provision		(1	)		-
Billings		(226	)		204
Revenue recognized		214			(205	)
Currency translation adjustments and other		(21	)		(4	)
Balance at March 31, 2021	$	577		$	349

Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Schedule of Components of Leases

Components of leases are as follows (in millions):

	March 31,		December 31,
	2021		2020
Current portion of lease liabilities:
Operating	$	81	$	82
Financing		25		28
Total	$	106	$	110

	March 31,		December 31,
	2021		2020
Long-term portion of lease liability:
Operating	$	361	$	376
Financing		229	$	236
Total	$	590	$	612

Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Debt

Debt consists of (in millions):

	March 31,		December 31,
	2021		2020
$1.1 billion in Senior Notes, interest at 3.95% payable semiannually, principal due on December 1, 2042	$	1,089	$	1,089
$0.5 billion in Senior Notes, interest at 3.60% payable semiannually, principal due on December 1, 2029		493		493
$0.2 billion in Senior Notes, interest at 2.60% payable semiannually, principal due on December 1, 2022		182		182
Other debt		87		70
Total debt		1,851		1,834
Less current portion		182		-
Long-term debt	$	1,669	$	1,834

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Outstanding Foreign Currency Forward Contracts

The Company had the following outstanding foreign currency forward contracts at March 31, 2021 (in millions):

	Currency Denomination
	March 31,		December 31,
Foreign Currency	2021		2020
South Korean Won	KRW	17,600	KRW	17,600
Norwegian Krone	NOK	3,131	NOK	3,817
Russian Ruble	RUB	1,159	RUB	1,118
Mexican Peso	MXN	421	MXN	402
Japanese Yen	JPY	390	JPY	340
U.S. Dollar	USD	308	USD	367
Euro	EUR	131	EUR	116
South African Rand	ZAR	124	ZAR	124
Singapore Dollar	SGD	31	SGD	31
British Pound Sterling	GBP	17	GBP	18
Danish Krone	DKK	5	DKK	875
Canadian Dollar	CAD	2	CAD	1
Brazilian Real	BRL	-	BRL	768

Derivative Instruments and their Balance Sheet Classifications

The Company has the following fair values of its derivative instruments and their balance sheet classifications (in millions):

	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
	Balance Sheet	March 31,		December 31,		Balance Sheet	March 31,		December 31,
	Location	2021		2020		Location	2021		2020
Derivatives designated as hedging instruments under ASC Topic 815

Foreign exchange contracts	Prepaid and other current assets	$	4	$	17	Accrued liabilities	$	6	$	11
Foreign exchange contracts	Other Assets		—		12	Other liabilities		—		-

Total derivatives designated as hedging instruments under ASC Topic 815		$	4	$	29		$	6	$	11

Derivatives not designated as hedging instruments under ASC Topic 815

Foreign exchange contracts	Prepaid and other current assets	$	20	$	17	Accrued liabilities	$	2	$	4
Foreign exchange contracts	Other Assets		3		—	Other Liabilities		—		—

Total derivatives not designated as hedging instruments under ASC Topic 815		$	23	$	17		$	2	$	4

Total derivatives		$	27	$	46		$	8	$	15

Net Loss Attributable to Company Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Computation of Weighted Average Basic and Diluted Shares Outstanding

The following table sets forth the computation of weighted average basic and diluted shares outstanding (in millions, except per share data):

	Three Months Ended
	March 31,
	2021			2020
Numerator:
Net loss attributable to Company	$	(115	)	$	(2,047	)
Denominator:
Basic—weighted average common shares outstanding		385			383
Dilutive effect of employee stock options and other
unvested stock awards		—			—
Diluted outstanding shares		385			383

Net loss attributable to Company per share:
Basic	$	(0.30	)	$	(5.34	)
Diluted	$	(0.30	)	$	(5.34	)

Cash dividends per share	$	—		$	0.05

Inventories, net - Inventories (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 353	$ 373
Work in process	232	189
Finished goods and purchased products	1,323	1,423
Inventory, Gross	1,908	1,985
Less: Inventory reserve	(551)	(577)
Total	$ 1,357	$ 1,408

Accrued Liabilities - Accrued Liabilities (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Compensation	$ 195	$ 196
Taxes (non-income)	111	158
Vendor costs	110	118
Warranties	79	87
Insurance	49	48
Interest	23	7
Commissions	21	19
Fair value of derivatives	8	15
Other	196	215
Total	$ 792	$ 863

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 5,279
Ending Balance	5,150
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(1,481)
Accumulated other comprehensive income (loss) before reclassifications	(19)
Amounts reclassified from accumulated other comprehensive income (loss)	0
Ending Balance	(1,500)
Derivative Financial Instruments, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	19
Accumulated other comprehensive income (loss) before reclassifications	(2)
Amounts reclassified from accumulated other comprehensive income (loss)	0
Ending Balance	17
Defined Benefit Plans, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(47)
Accumulated other comprehensive income (loss) before reclassifications	0
Amounts reclassified from accumulated other comprehensive income (loss)	0
Ending Balance	(47)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(1,509)
Accumulated other comprehensive income (loss) before reclassifications	(21)
Amounts reclassified from accumulated other comprehensive income (loss)	0
Ending Balance	$ (1,530)

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Accumulated Other Comprehensive Loss - Components of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue	$ 1,249	$ 1,883
Tax effect	6	156
Net loss attributable to Company	$ (115)	(2,047)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of revenue		5
Tax effect		(1)
Net loss attributable to Company		4
Derivative Financial Instruments, Net of Tax [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of revenue		5
Tax effect		(1)
Net loss attributable to Company		$ 4

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Accumulated Other Comprehensive Loss - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Other comprehensive income (loss) before reclassifications	$ 19	$ 180
Changes in fair value of open derivatives	2
Cumulative changes in the fair value of derivatives	$ 0

Segments - Operating Segments (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Total revenue	$ 1,249	$ 1,883
Total operating profit (loss)	$ (88)	$ (1,950)
Percentage as of operating profit (loss) to revenue	(7.00%)	(103.60%)
Operating Segments [Member] \| Wellbore Technologies [Member]
Segment Reporting Information [Line Items]
Total revenue	$ 413	$ 691
Total operating profit (loss)	$ (14)	$ (663)
Percentage as of operating profit (loss) to revenue	(3.40%)	(95.90%)
Operating Segments [Member] \| Completion & Production Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	$ 439	$ 675
Total operating profit (loss)	$ (17)	$ (1,013)
Percentage as of operating profit (loss) to revenue	(3.90%)	(150.10%)
Operating Segments [Member] \| Rig Technologies [Member]
Segment Reporting Information [Line Items]
Total revenue	$ 431	$ 557
Total operating profit (loss)	$ (8)	$ (202)
Percentage as of operating profit (loss) to revenue	(1.90%)	(36.30%)
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Total revenue	$ (34)	$ (40)
Total operating profit (loss)	$ (49)	$ (72)

- Definition

+ References

+ Details

Segments - Additional Information (Detail) $ in Millions	3 Months Ended
Segments - Additional Information (Detail) $ in Millions	Mar. 31, 2021 USD ($) Segment	Mar. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment	3
Goodwill, Indefinite-lived and Finite-Lived Intangible and Long-Lived Tangible Assets [Member]
Segment Reporting Information [Line Items]
Charges/ (reversals)		$ 1,891
Inventory Charges [Member]
Segment Reporting Information [Line Items]
Charges/ (reversals)		114
Severance, Facility Closures And Other Items [Member]
Segment Reporting Information [Line Items]
Charges/ (reversals)	$ 9	$ 18

Revenue - Summary of Disaggregate Revenue by Destinations (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Disaggregate revenue	$ 1,249	$ 1,883
Operating Segments [Member] \| Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	413	691
Operating Segments [Member] \| Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	439	675
Operating Segments [Member] \| Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	431	557
Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(34)	(40)
Continental [Member] \| Intersubsegment Eliminations [Member] \| Operating Segments [Member] \| Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	14	17
Continental [Member] \| Intersubsegment Eliminations [Member] \| Operating Segments [Member] \| Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	13	13
Continental [Member] \| Intersubsegment Eliminations [Member] \| Operating Segments [Member] \| Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	7	10
Continental [Member] \| Intersubsegment Eliminations [Member] \| Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(34)	(40)
Continental [Member] \| North America [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	405	663
Continental [Member] \| North America [Member] \| Operating Segments [Member] \| Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	188	361
Continental [Member] \| North America [Member] \| Operating Segments [Member] \| Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	162	225
Continental [Member] \| North America [Member] \| Operating Segments [Member] \| Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	55	77
Continental [Member] \| International [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	844	1,220
Continental [Member] \| International [Member] \| Operating Segments [Member] \| Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	211	313
Continental [Member] \| International [Member] \| Operating Segments [Member] \| Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	264	437
Continental [Member] \| International [Member] \| Operating Segments [Member] \| Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	369	470
Land and Offshore [Member] \| Intersubsegment Eliminations [Member] \| Operating Segments [Member] \| Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	14	17
Land and Offshore [Member] \| Intersubsegment Eliminations [Member] \| Operating Segments [Member] \| Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	13	13
Land and Offshore [Member] \| Intersubsegment Eliminations [Member] \| Operating Segments [Member] \| Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	7	10
Land and Offshore [Member] \| Intersubsegment Eliminations [Member] \| Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(34)	(40)
Land and Offshore [Member] \| Land Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	650	1,096
Land and Offshore [Member] \| Land Destination [Member] \| Operating Segments [Member] \| Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	294	529
Land and Offshore [Member] \| Land Destination [Member] \| Operating Segments [Member] \| Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	265	416
Land and Offshore [Member] \| Land Destination [Member] \| Operating Segments [Member] \| Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	91	151
Land and Offshore [Member] \| Offshore Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	599	787
Land and Offshore [Member] \| Offshore Destination [Member] \| Operating Segments [Member] \| Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	105	145
Land and Offshore [Member] \| Offshore Destination [Member] \| Operating Segments [Member] \| Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	161	246
Land and Offshore [Member] \| Offshore Destination [Member] \| Operating Segments [Member] \| Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	$ 333	$ 396

Revenue - Additional Information (Detail) $ in Millions	3 Months Ended
Revenue - Additional Information (Detail) $ in Millions	Mar. 31, 2021 USD ($)
Revenue From Contract With Customer [Abstract]
Net revenue recognized from performance obligations	$ 12.5
Remaining performance obligations	3,632.0
Allowance for credit losses	$ 98.0

Revenue - Additional Information (Detail 1) $ in Millions	Mar. 31, 2021 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 3,632
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 707
Remaining performance obligations, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 2,925
Remaining performance obligations, period	1 year

Revenue - Summary of Changes in Net Carrying Amount of Contract Assets and Contract Liabilities (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Revenue From Contract With Customer [Abstract]
Balance at December 31, 2020	$ 611
Provision	(1)
Billings	(226)
Revenue recognized	214
Currency translation adjustments and other	(21)
Balance at March 31, 2021	577
Balance at December 31, 2020	354
Billings	204
Revenue recognized	(205)
Currency translation adjustments and other	(4)
Balance at March 31, 2021	$ 349

Leases - Schedule of Components of Leases (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current portion of lease liabilities:
Financing	$ 25	$ 28
Total	106	110
Long-term portion of lease liability:
Financing	229	236
Total	590	612
Other Current Liabilities [Member]
Current portion of lease liabilities:
Operating	81	82
Other Noncurrent Liabilities [Member]
Long-term portion of lease liability:
Operating	$ 361	$ 376

Debt - Debt (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Senior Notes	$ 1,764	$ 1,764
Other debt	87	70
Total debt	1,851	1,834
Current portion of long-term debt	182
Long-term debt	1,669	1,834
Senior Notes, Interest at 3.95% Payable Semiannually, Principal Due on December 1, 2042 [Member]
Debt Instrument [Line Items]
Senior Notes	1,089	1,089
Senior Notes, Interest at 3.60% Payable Semiannually, Principal Due on December 1, 2029 [Member]
Debt Instrument [Line Items]
Senior Notes	493	493
Senior Notes, Interest at 2.60% Payable Semiannually, Principal Due on December 1, 2022 [Member]
Debt Instrument [Line Items]
Senior Notes	$ 182	$ 182

Debt - Debt (Parenthetical) (Detail) - USD ($)	3 Months Ended	12 Months Ended
Debt - Debt (Parenthetical) (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Senior Notes, Interest at 2.60% Payable Semiannually, Principal Due on December 1, 2022 [Member]
Debt Instrument [Line Items]
Senior note face amount	$ 200,000,000	$ 200,000,000
Senior notes interest rate	2.60%	2.60%
Senior note due date	Dec. 01, 2022	Dec. 01, 2022
Senior Notes, Interest at 3.60% Payable Semiannually, Principal Due on December 1, 2029 [Member]
Debt Instrument [Line Items]
Senior note face amount	$ 500,000,000	$ 500,000,000
Senior notes interest rate	3.60%	3.60%
Senior note due date	Dec. 01, 2029	Dec. 01, 2029
Senior Notes, Interest at 3.95% Payable Semiannually, Principal Due on December 1, 2042 [Member]
Debt Instrument [Line Items]
Senior note face amount	$ 1,100,000,000	$ 1,100,000,000
Senior notes interest rate	3.95%	3.95%
Senior note due date	Dec. 01, 2042	Dec. 01, 2042

Debt - Additional Information (Detail) - USD ($)		3 Months Ended
Debt - Additional Information (Detail) - USD ($)	Apr. 09, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Interest rate under multi currency facility			LIBOR, NIBOR or CDOR plus 1.125%
Capitalization ratio, Maximum			60.00%
Capitalization ratio, Actual			29.00%
Funds available under revolving credit facility			$ 2,000,000,000.0
Other debt			87,000,000	$ 70,000,000
Outstanding letters of credit under various bilateral letter of credit facilities			444,000,000
Carrying value of Unsecured Senior Notes			1,764,000,000	1,764,000,000
Unsecured Debt [Member] \| Fair Value, Inputs, Level 2 [Member]
Debt Instrument [Line Items]
Fair value of Unsecured Senior Notes			1,690,000,000	$ 1,833,000,000
2.60% Unsecured Senior Notes Due December 2022 [Member] \| Scenario Forecast [Member]
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ (7,100,000)
Premium		6,800,000
Write off Of unamortized discount and debt issuance cost		$ 300,000
2.60% Unsecured Senior Notes Due December 2022 [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Repayment of unsecured note outstanding balance	$ 182,000,000
Senior notes interest rate	2.60%
Redemption of unsecured note	$ 191,000,000
Redemption premium	6,800,000
Accrued and unpaid interest	$ 1,700,000
Debt Instrument Maturity Date	2029
Noncontrolling Interests [Member]
Debt Instrument [Line Items]
Other debt			$ 25,000,000
Canadian Dollar Offered Rate (CDOR) [Member]
Debt Instrument [Line Items]
Variable rate			1.125%
Five Year Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, borrowing capacity			$ 2,000,000,000.0
Credit facility, maturity date			Oct. 30, 2024
Credit facility, extendable borrowing capacity			$ 3,000,000,000.0
Variable rate basis			LIBOR, NIBOR or CDOR plus
Outstanding letters of credit issued			$ 0
Unsecured Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, Period			5 years
Foreign Line of Credit [Member]
Debt Instrument [Line Items]
Variable rate			1.40%
Additional line of credit facility borrowing capacity			$ 150,000,000
Debt to equity ratio maximum			75.00%

Income Taxes - Additional Information (Detail)	3 Months Ended
Income Taxes - Additional Information (Detail)	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	5.00%	7.10%

Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions		3 Months Ended
	Feb. 22, 2021 Installment $ / shares shares	Mar. 31, 2021 USD ($) shares	Mar. 31, 2020 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted	1,678,013
Stock options fair value \| $ / shares	$ 5.75
Stock options exercise price \| $ / shares	$ 15.00
Restricted Stock and Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	2,972,175
Restricted stock granted fair value \| $ / shares	$ 15.00
Number of equal annual vesting installments \| Installment	3
Duration of performance-based restricted stock awards, vested		The restricted stock and restricted stock units vest in three equal annual installments commencing on the first anniversary of the grant date.
Performance-base restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Description of performance goal		The 2021 PSAs can be earned based on performance against two established goals over a three-year period:
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
TSR Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Description of performance goal		85% with a TSR (total shareholder return) goal and 15% with an internal NVA (“NOV Value Added”, a return on capital metric) goal.
TSR [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance shares awarded		85.00%
NVA [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance shares awarded		15.00%
Minimum [Member] \| Senior Management Employees [Member] \| Performance-base restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	0
Maximum [Member] \| Senior Management Employees [Member] \| Performance-base restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	1,434,000
2018 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares under stock based compensation		42,700,000
Remaining shares available for future grants under the Plan		13,300,000
Stock-based compensation expense \| $		$ 20	$ 27
Income tax benefit recognized \| $		$ 0	$ 0

Derivative Financial Instruments - Outstanding Foreign Currency Forward Contracts (Detail) ₽ in Millions, € in Millions, ₩ in Millions, ¥ in Millions, £ in Millions, kr in Millions, kr in Millions, R$ in Millions, R in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions	Mar. 31, 2021 USD ($)	Mar. 31, 2021 KRW (₩)	Mar. 31, 2021 NOK (kr)	Mar. 31, 2021 RUB (₽)	Mar. 31, 2021 MXN ($)	Mar. 31, 2021 JPY (¥)	Mar. 31, 2021 EUR (€)	Mar. 31, 2021 ZAR (R)	Mar. 31, 2021 SGD ($)	Mar. 31, 2021 GBP (£)	Mar. 31, 2021 DKK (kr)	Mar. 31, 2021 CAD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 KRW (₩)	Dec. 31, 2020 NOK (kr)	Dec. 31, 2020 RUB (₽)	Dec. 31, 2020 MXN ($)	Dec. 31, 2020 JPY (¥)	Dec. 31, 2020 EUR (€)	Dec. 31, 2020 ZAR (R)	Dec. 31, 2020 SGD ($)	Dec. 31, 2020 GBP (£)	Dec. 31, 2020 DKK (kr)	Dec. 31, 2020 CAD ($)	Dec. 31, 2020 BRL (R$)
Forward Contracts [Member]
Derivative [Line Items]
Foreign currency, Cash flow hedging	$ 308	₩ 17,600	kr 3,131	₽ 1,159	$ 421	¥ 390	€ 131	R 124	$ 31	£ 17	kr 5	$ 2	$ 367	₩ 17,600	kr 3,817	₽ 1,118	$ 402	¥ 340	€ 116	R 124	$ 31	£ 18	kr 875	$ 1	R$ 768

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Accumulated other comprehensive income (loss) reclassified into earnings within the next twelve months	$ (19)
Gain (loss) recognized in other income (expense), net	$ (4)	$ (43)

Derivative Financial Instruments - Derivative Instruments and their Balance Sheet Classifications (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 27	$ 46
Liability Derivatives	8	15
Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	4	29
Liability Derivatives	6	11
Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	23	17
Liability Derivatives	2	4
Foreign Exchange Contracts [Member] \| Designated as Hedging Instruments [Member] \| Accrued liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	6	11
Foreign Exchange Contracts [Member] \| Not Designated as Hedging Instruments [Member] \| Accrued liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	2	4
Foreign Exchange Contracts [Member] \| Prepaid and Other Current Assets [Member] \| Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	4	17
Foreign Exchange Contracts [Member] \| Prepaid and Other Current Assets [Member] \| Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	20	17
Foreign Exchange Contracts [Member] \| Other Assets [Member] \| Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives		$ 12
Foreign Exchange Contracts [Member] \| Other Assets [Member] \| Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 3

Net Loss Attributable to Company Per Share - Computation of Weighted Average Basic and Diluted Shares Outstanding (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net loss attributable to Company	$ (115)	$ (2,047)
Denominator:
Basic—weighted average common shares outstanding	385	383
Diluted outstanding shares	385	383
Basic	$ (0.30)	$ (5.34)
Diluted	$ (0.30)	(5.34)
Cash dividends per share		$ 0.05

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Net Loss Attributable to Company Per Share- Additional Information (Detail) - shares shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Anti-dilutive stock options outstanding	24	27

Cash Dividends - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Dividends [Abstract]
Cash dividends paid	$ 0	$ 19