nov-10q_20210930.htm
false
Q3
0001021860
--12-31
P3M
P1Y
2021-03-31
true
true
http://fasb.org/us-gaap/2021-01-31#AccountingStandardsUpdate201802Member
http://fasb.org/us-gaap/2021-01-31#AccountingStandardsUpdate201802Member
http://fasb.org/us-gaap/2021-01-31#AccountingStandardsUpdate201802Member
0001021860
2021-01-01
2021-09-30
xbrli:shares
0001021860
2021-10-15
iso4217:USD
0001021860
2021-09-30
0001021860
2020-12-31
iso4217:USD
xbrli:shares
0001021860
2021-07-01
2021-09-30
0001021860
2020-07-01
2020-09-30
0001021860
2020-01-01
2020-09-30
0001021860
2019-12-31
0001021860
2020-09-30
0001021860
us-gaap:CommonStockMember
2020-12-31
0001021860
us-gaap:AdditionalPaidInCapitalMember
2020-12-31
0001021860
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2020-12-31
0001021860
us-gaap:RetainedEarningsMember
2020-12-31
0001021860
us-gaap:ParentMember
2020-12-31
0001021860
us-gaap:NoncontrollingInterestMember
2020-12-31
0001021860
us-gaap:RetainedEarningsMember
2021-01-01
2021-03-31
0001021860
us-gaap:ParentMember
2021-01-01
2021-03-31
0001021860
us-gaap:NoncontrollingInterestMember
2021-01-01
2021-03-31
0001021860
2021-01-01
2021-03-31
0001021860
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2021-01-01
2021-03-31
0001021860
us-gaap:AdditionalPaidInCapitalMember
2021-01-01
2021-03-31
0001021860
us-gaap:CommonStockMember
2021-01-01
2021-03-31
0001021860
us-gaap:CommonStockMember
2021-03-31
0001021860
us-gaap:AdditionalPaidInCapitalMember
2021-03-31
0001021860
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2021-03-31
0001021860
us-gaap:RetainedEarningsMember
2021-03-31
0001021860
us-gaap:ParentMember
2021-03-31
0001021860
us-gaap:NoncontrollingInterestMember
2021-03-31
0001021860
2021-03-31
0001021860
us-gaap:RetainedEarningsMember
2021-04-01
2021-06-30
0001021860
us-gaap:ParentMember
2021-04-01
2021-06-30
0001021860
us-gaap:NoncontrollingInterestMember
2021-04-01
2021-06-30
0001021860
2021-04-01
2021-06-30
0001021860
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2021-04-01
2021-06-30
0001021860
us-gaap:AdditionalPaidInCapitalMember
2021-04-01
2021-06-30
0001021860
us-gaap:CommonStockMember
2021-04-01
2021-06-30
0001021860
us-gaap:CommonStockMember
2021-06-30
0001021860
us-gaap:AdditionalPaidInCapitalMember
2021-06-30
0001021860
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2021-06-30
0001021860
us-gaap:RetainedEarningsMember
2021-06-30
0001021860
us-gaap:ParentMember
2021-06-30
0001021860
us-gaap:NoncontrollingInterestMember
2021-06-30
0001021860
2021-06-30
0001021860
us-gaap:RetainedEarningsMember
2021-07-01
2021-09-30
0001021860
us-gaap:ParentMember
2021-07-01
2021-09-30
0001021860
us-gaap:NoncontrollingInterestMember
2021-07-01
2021-09-30
0001021860
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2021-07-01
2021-09-30
0001021860
us-gaap:AdditionalPaidInCapitalMember
2021-07-01
2021-09-30
0001021860
us-gaap:CommonStockMember
2021-09-30
0001021860
us-gaap:AdditionalPaidInCapitalMember
2021-09-30
0001021860
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2021-09-30
0001021860
us-gaap:RetainedEarningsMember
2021-09-30
0001021860
us-gaap:ParentMember
2021-09-30
0001021860
us-gaap:NoncontrollingInterestMember
2021-09-30
0001021860
us-gaap:CommonStockMember
2019-12-31
0001021860
us-gaap:AdditionalPaidInCapitalMember
2019-12-31
0001021860
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2019-12-31
0001021860
us-gaap:RetainedEarningsMember
2019-12-31
0001021860
us-gaap:ParentMember
2019-12-31
0001021860
us-gaap:NoncontrollingInterestMember
2019-12-31
0001021860
us-gaap:RetainedEarningsMember
2020-01-01
2020-03-31
0001021860
us-gaap:ParentMember
2020-01-01
2020-03-31
0001021860
us-gaap:NoncontrollingInterestMember
2020-01-01
2020-03-31
0001021860
2020-01-01
2020-03-31
0001021860
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2020-01-01
2020-03-31
0001021860
us-gaap:RetainedEarningsMember
srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember
2019-12-31
0001021860
us-gaap:ParentMember
srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember
2019-12-31
0001021860
srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember
2019-12-31
0001021860
us-gaap:AdditionalPaidInCapitalMember
2020-01-01
2020-03-31
0001021860
us-gaap:CommonStockMember
2020-01-01
2020-03-31
0001021860
us-gaap:CommonStockMember
2020-03-31
0001021860
us-gaap:AdditionalPaidInCapitalMember
2020-03-31
0001021860
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2020-03-31
0001021860
us-gaap:RetainedEarningsMember
2020-03-31
0001021860
us-gaap:ParentMember
2020-03-31
0001021860
us-gaap:NoncontrollingInterestMember
2020-03-31
0001021860
2020-03-31
0001021860
us-gaap:RetainedEarningsMember
2020-04-01
2020-06-30
0001021860
us-gaap:ParentMember
2020-04-01
2020-06-30
0001021860
us-gaap:NoncontrollingInterestMember
2020-04-01
2020-06-30
0001021860
2020-04-01
2020-06-30
0001021860
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2020-04-01
2020-06-30
0001021860
us-gaap:AdditionalPaidInCapitalMember
2020-04-01
2020-06-30
0001021860
us-gaap:CommonStockMember
2020-06-30
0001021860
us-gaap:AdditionalPaidInCapitalMember
2020-06-30
0001021860
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2020-06-30
0001021860
us-gaap:RetainedEarningsMember
2020-06-30
0001021860
us-gaap:ParentMember
2020-06-30
0001021860
us-gaap:NoncontrollingInterestMember
2020-06-30
0001021860
2020-06-30
0001021860
us-gaap:RetainedEarningsMember
2020-07-01
2020-09-30
0001021860
us-gaap:ParentMember
2020-07-01
2020-09-30
0001021860
us-gaap:NoncontrollingInterestMember
2020-07-01
2020-09-30
0001021860
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2020-07-01
2020-09-30
0001021860
us-gaap:AdditionalPaidInCapitalMember
2020-07-01
2020-09-30
0001021860
us-gaap:CommonStockMember
2020-09-30
0001021860
us-gaap:AdditionalPaidInCapitalMember
2020-09-30
0001021860
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2020-09-30
0001021860
us-gaap:RetainedEarningsMember
2020-09-30
0001021860
us-gaap:ParentMember
2020-09-30
0001021860
us-gaap:NoncontrollingInterestMember
2020-09-30
0001021860
us-gaap:AccumulatedTranslationAdjustmentMember
2020-12-31
0001021860
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
2020-12-31
0001021860
us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember
2020-12-31
0001021860
us-gaap:AccumulatedTranslationAdjustmentMember
2021-01-01
2021-09-30
0001021860
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
2021-01-01
2021-09-30
0001021860
us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember
2021-01-01
2021-09-30
0001021860
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2021-01-01
2021-09-30
0001021860
us-gaap:AccumulatedTranslationAdjustmentMember
2021-09-30
0001021860
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
2021-09-30
0001021860
us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember
2021-09-30
0001021860
us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
2020-07-01
2020-09-30
0001021860
us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember
2020-07-01
2020-09-30
0001021860
us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
2021-07-01
2021-09-30
0001021860
us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember
2021-07-01
2021-09-30
0001021860
us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
2021-01-01
2021-09-30
0001021860
us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember
2021-01-01
2021-09-30
0001021860
us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember
us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember
2020-01-01
2020-09-30
0001021860
us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember
2020-01-01
2020-09-30
0001021860
nov:WellboreTechnologiesMember
us-gaap:OperatingSegmentsMember
2021-07-01
2021-09-30
0001021860
nov:WellboreTechnologiesMember
us-gaap:OperatingSegmentsMember
2020-07-01
2020-09-30
0001021860
nov:WellboreTechnologiesMember
us-gaap:OperatingSegmentsMember
2021-01-01
2021-09-30
0001021860
nov:WellboreTechnologiesMember
us-gaap:OperatingSegmentsMember
2020-01-01
2020-09-30
0001021860
nov:CompletionAndProductionSolutionsMember
us-gaap:OperatingSegmentsMember
2021-07-01
2021-09-30
0001021860
nov:CompletionAndProductionSolutionsMember
us-gaap:OperatingSegmentsMember
2020-07-01
2020-09-30
0001021860
nov:CompletionAndProductionSolutionsMember
us-gaap:OperatingSegmentsMember
2021-01-01
2021-09-30
0001021860
nov:CompletionAndProductionSolutionsMember
us-gaap:OperatingSegmentsMember
2020-01-01
2020-09-30
0001021860
nov:RigTechnologiesMember
us-gaap:OperatingSegmentsMember
2021-07-01
2021-09-30
0001021860
nov:RigTechnologiesMember
us-gaap:OperatingSegmentsMember
2020-07-01
2020-09-30
0001021860
nov:RigTechnologiesMember
us-gaap:OperatingSegmentsMember
2021-01-01
2021-09-30
0001021860
nov:RigTechnologiesMember
us-gaap:OperatingSegmentsMember
2020-01-01
2020-09-30
0001021860
us-gaap:IntersegmentEliminationMember
2021-07-01
2021-09-30
0001021860
us-gaap:IntersegmentEliminationMember
2020-07-01
2020-09-30
0001021860
us-gaap:IntersegmentEliminationMember
2021-01-01
2021-09-30
0001021860
us-gaap:IntersegmentEliminationMember
2020-01-01
2020-09-30
nov:Segment
0001021860
nov:RestructureSeveranceAndFacilityClosureCostsMember
2021-01-01
2021-09-30
0001021860
nov:RestructureSeveranceAndFacilityClosureCostsMember
2021-07-01
2021-09-30
0001021860
nov:SeveranceFacilityClosuresAndRestructureCostsAndCreditsMember
2021-01-01
2021-09-30
0001021860
nov:SeveranceFacilityClosuresAndRestructureCostsAndCreditsMember
2021-07-01
2021-09-30
0001021860
nov:PostWarrantyProductModificationMember
2021-01-01
2021-09-30
0001021860
nov:PostWarrantyProductModificationMember
2021-07-01
2021-09-30
0001021860
nov:SeveranceFacilityClosuresAndOtherItemsMember
2021-01-01
2021-09-30
0001021860
nov:SeveranceFacilityClosuresAndOtherItemsMember
2021-07-01
2021-09-30
0001021860
srt:NorthAmericaMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:WellboreTechnologiesMember
2021-07-01
2021-09-30
0001021860
nov:InternationalMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:WellboreTechnologiesMember
2021-07-01
2021-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:WellboreTechnologiesMember
2021-07-01
2021-09-30
0001021860
nov:LandDestinationMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:WellboreTechnologiesMember
2021-07-01
2021-09-30
0001021860
nov:OffshoreDestinationMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:WellboreTechnologiesMember
2021-07-01
2021-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:WellboreTechnologiesMember
2021-07-01
2021-09-30
0001021860
srt:NorthAmericaMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:CompletionAndProductionSolutionsMember
2021-07-01
2021-09-30
0001021860
nov:InternationalMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:CompletionAndProductionSolutionsMember
2021-07-01
2021-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:CompletionAndProductionSolutionsMember
2021-07-01
2021-09-30
0001021860
nov:LandDestinationMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:CompletionAndProductionSolutionsMember
2021-07-01
2021-09-30
0001021860
nov:OffshoreDestinationMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:CompletionAndProductionSolutionsMember
2021-07-01
2021-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:CompletionAndProductionSolutionsMember
2021-07-01
2021-09-30
0001021860
srt:NorthAmericaMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:RigTechnologiesMember
2021-07-01
2021-09-30
0001021860
nov:InternationalMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:RigTechnologiesMember
2021-07-01
2021-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:RigTechnologiesMember
2021-07-01
2021-09-30
0001021860
nov:LandDestinationMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:RigTechnologiesMember
2021-07-01
2021-09-30
0001021860
nov:OffshoreDestinationMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:RigTechnologiesMember
2021-07-01
2021-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:RigTechnologiesMember
2021-07-01
2021-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:ContinentalMember
us-gaap:IntersegmentEliminationMember
2021-07-01
2021-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:LandAndOffshoreMember
us-gaap:IntersegmentEliminationMember
2021-07-01
2021-09-30
0001021860
srt:NorthAmericaMember
nov:ContinentalMember
2021-07-01
2021-09-30
0001021860
nov:InternationalMember
nov:ContinentalMember
2021-07-01
2021-09-30
0001021860
nov:LandDestinationMember
nov:LandAndOffshoreMember
2021-07-01
2021-09-30
0001021860
nov:OffshoreDestinationMember
nov:LandAndOffshoreMember
2021-07-01
2021-09-30
0001021860
srt:NorthAmericaMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:WellboreTechnologiesMember
2020-07-01
2020-09-30
0001021860
nov:InternationalMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:WellboreTechnologiesMember
2020-07-01
2020-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:WellboreTechnologiesMember
2020-07-01
2020-09-30
0001021860
nov:LandDestinationMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:WellboreTechnologiesMember
2020-07-01
2020-09-30
0001021860
nov:OffshoreDestinationMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:WellboreTechnologiesMember
2020-07-01
2020-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:WellboreTechnologiesMember
2020-07-01
2020-09-30
0001021860
srt:NorthAmericaMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:CompletionAndProductionSolutionsMember
2020-07-01
2020-09-30
0001021860
nov:InternationalMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:CompletionAndProductionSolutionsMember
2020-07-01
2020-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:CompletionAndProductionSolutionsMember
2020-07-01
2020-09-30
0001021860
nov:LandDestinationMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:CompletionAndProductionSolutionsMember
2020-07-01
2020-09-30
0001021860
nov:OffshoreDestinationMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:CompletionAndProductionSolutionsMember
2020-07-01
2020-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:CompletionAndProductionSolutionsMember
2020-07-01
2020-09-30
0001021860
srt:NorthAmericaMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:RigTechnologiesMember
2020-07-01
2020-09-30
0001021860
nov:InternationalMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:RigTechnologiesMember
2020-07-01
2020-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:RigTechnologiesMember
2020-07-01
2020-09-30
0001021860
nov:LandDestinationMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:RigTechnologiesMember
2020-07-01
2020-09-30
0001021860
nov:OffshoreDestinationMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:RigTechnologiesMember
2020-07-01
2020-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:RigTechnologiesMember
2020-07-01
2020-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:ContinentalMember
us-gaap:IntersegmentEliminationMember
2020-07-01
2020-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:LandAndOffshoreMember
us-gaap:IntersegmentEliminationMember
2020-07-01
2020-09-30
0001021860
srt:NorthAmericaMember
nov:ContinentalMember
2020-07-01
2020-09-30
0001021860
nov:InternationalMember
nov:ContinentalMember
2020-07-01
2020-09-30
0001021860
nov:LandDestinationMember
nov:LandAndOffshoreMember
2020-07-01
2020-09-30
0001021860
nov:OffshoreDestinationMember
nov:LandAndOffshoreMember
2020-07-01
2020-09-30
0001021860
srt:NorthAmericaMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:WellboreTechnologiesMember
2021-01-01
2021-09-30
0001021860
nov:InternationalMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:WellboreTechnologiesMember
2021-01-01
2021-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:WellboreTechnologiesMember
2021-01-01
2021-09-30
0001021860
nov:LandDestinationMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:WellboreTechnologiesMember
2021-01-01
2021-09-30
0001021860
nov:OffshoreDestinationMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:WellboreTechnologiesMember
2021-01-01
2021-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:WellboreTechnologiesMember
2021-01-01
2021-09-30
0001021860
srt:NorthAmericaMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:CompletionAndProductionSolutionsMember
2021-01-01
2021-09-30
0001021860
nov:InternationalMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:CompletionAndProductionSolutionsMember
2021-01-01
2021-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:CompletionAndProductionSolutionsMember
2021-01-01
2021-09-30
0001021860
nov:LandDestinationMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:CompletionAndProductionSolutionsMember
2021-01-01
2021-09-30
0001021860
nov:OffshoreDestinationMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:CompletionAndProductionSolutionsMember
2021-01-01
2021-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:CompletionAndProductionSolutionsMember
2021-01-01
2021-09-30
0001021860
srt:NorthAmericaMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:RigTechnologiesMember
2021-01-01
2021-09-30
0001021860
nov:InternationalMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:RigTechnologiesMember
2021-01-01
2021-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:RigTechnologiesMember
2021-01-01
2021-09-30
0001021860
nov:LandDestinationMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:RigTechnologiesMember
2021-01-01
2021-09-30
0001021860
nov:OffshoreDestinationMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:RigTechnologiesMember
2021-01-01
2021-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:RigTechnologiesMember
2021-01-01
2021-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:ContinentalMember
us-gaap:IntersegmentEliminationMember
2021-01-01
2021-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:LandAndOffshoreMember
us-gaap:IntersegmentEliminationMember
2021-01-01
2021-09-30
0001021860
srt:NorthAmericaMember
nov:ContinentalMember
2021-01-01
2021-09-30
0001021860
nov:InternationalMember
nov:ContinentalMember
2021-01-01
2021-09-30
0001021860
nov:LandDestinationMember
nov:LandAndOffshoreMember
2021-01-01
2021-09-30
0001021860
nov:OffshoreDestinationMember
nov:LandAndOffshoreMember
2021-01-01
2021-09-30
0001021860
srt:NorthAmericaMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:WellboreTechnologiesMember
2020-01-01
2020-09-30
0001021860
nov:InternationalMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:WellboreTechnologiesMember
2020-01-01
2020-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:WellboreTechnologiesMember
2020-01-01
2020-09-30
0001021860
nov:LandDestinationMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:WellboreTechnologiesMember
2020-01-01
2020-09-30
0001021860
nov:OffshoreDestinationMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:WellboreTechnologiesMember
2020-01-01
2020-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:WellboreTechnologiesMember
2020-01-01
2020-09-30
0001021860
srt:NorthAmericaMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:CompletionAndProductionSolutionsMember
2020-01-01
2020-09-30
0001021860
nov:InternationalMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:CompletionAndProductionSolutionsMember
2020-01-01
2020-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:CompletionAndProductionSolutionsMember
2020-01-01
2020-09-30
0001021860
nov:LandDestinationMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:CompletionAndProductionSolutionsMember
2020-01-01
2020-09-30
0001021860
nov:OffshoreDestinationMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:CompletionAndProductionSolutionsMember
2020-01-01
2020-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:CompletionAndProductionSolutionsMember
2020-01-01
2020-09-30
0001021860
srt:NorthAmericaMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:RigTechnologiesMember
2020-01-01
2020-09-30
0001021860
nov:InternationalMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:RigTechnologiesMember
2020-01-01
2020-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:ContinentalMember
us-gaap:OperatingSegmentsMember
nov:RigTechnologiesMember
2020-01-01
2020-09-30
0001021860
nov:LandDestinationMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:RigTechnologiesMember
2020-01-01
2020-09-30
0001021860
nov:OffshoreDestinationMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:RigTechnologiesMember
2020-01-01
2020-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:LandAndOffshoreMember
us-gaap:OperatingSegmentsMember
nov:RigTechnologiesMember
2020-01-01
2020-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:ContinentalMember
us-gaap:IntersegmentEliminationMember
2020-01-01
2020-09-30
0001021860
us-gaap:IntersubsegmentEliminationsMember
nov:LandAndOffshoreMember
us-gaap:IntersegmentEliminationMember
2020-01-01
2020-09-30
0001021860
srt:NorthAmericaMember
nov:ContinentalMember
2020-01-01
2020-09-30
0001021860
nov:InternationalMember
nov:ContinentalMember
2020-01-01
2020-09-30
0001021860
nov:LandDestinationMember
nov:LandAndOffshoreMember
2020-01-01
2020-09-30
0001021860
nov:OffshoreDestinationMember
nov:LandAndOffshoreMember
2020-01-01
2020-09-30
0001021860
nov:RigTechnologiesMember
2021-01-01
2021-06-30
0001021860
2021-10-01
2021-09-30
0001021860
2022-01-01
2021-09-30
0001021860
nov:SeniorNotesDueOnDecemberOneTwoThousandFortyTwoMember
2021-09-30
0001021860
nov:SeniorNotesDueOnDecemberOneTwoThousandFortyTwoMember
2020-12-31
0001021860
nov:SeniorNotesDueOnDecemberOneTwoThousandTwentyNineMember
2021-09-30
0001021860
nov:SeniorNotesDueOnDecemberOneTwoThousandTwentyNineMember
2020-12-31
0001021860
nov:SeniorNotesDueOnDecemberOneTwoThousandTwentyTwoMember
2020-12-31
0001021860
nov:SeniorNotesDueOnDecemberOneTwoThousandTwentyTwoMember
2021-09-30
xbrli:pure
0001021860
nov:SeniorNotesDueOnDecemberOneTwoThousandTwentyTwoMember
2021-01-01
2021-09-30
0001021860
nov:SeniorNotesDueOnDecemberOneTwoThousandTwentyTwoMember
2020-01-01
2020-12-31
0001021860
nov:SeniorNotesDueOnDecemberOneTwoThousandTwentyNineMember
2021-01-01
2021-09-30
0001021860
nov:SeniorNotesDueOnDecemberOneTwoThousandTwentyNineMember
2020-01-01
2020-12-31
0001021860
nov:SeniorNotesDueOnDecemberOneTwoThousandFortyTwoMember
2021-01-01
2021-09-30
0001021860
nov:SeniorNotesDueOnDecemberOneTwoThousandFortyTwoMember
2020-01-01
2020-12-31
0001021860
us-gaap:RevolvingCreditFacilityMember
2021-04-08
2021-04-08
0001021860
us-gaap:RevolvingCreditFacilityMember
2021-04-08
0001021860
us-gaap:RevolvingCreditFacilityMember
2021-09-30
0001021860
us-gaap:RevolvingCreditFacilityMember
2021-01-01
2021-09-30
0001021860
nov:CanadianDollarOfferedRateCDORMember
2021-01-01
2021-09-30
0001021860
us-gaap:ForeignLineOfCreditMember
2021-09-30
0001021860
us-gaap:ForeignLineOfCreditMember
2021-01-01
2021-09-30
0001021860
nov:TwoPointSixZeroUnsecuredSeniorNotesDueDecemberOneTwoThousandTwentyTwoMember
2021-04-08
2021-04-09
0001021860
nov:TwoPointSixZeroUnsecuredSeniorNotesDueDecemberOneTwoThousandTwentyTwoMember
2021-04-09
0001021860
nov:TwoPointSixZeroUnsecuredSeniorNotesDueDecemberOneTwoThousandTwentyTwoMember
2021-01-01
2021-06-30
0001021860
nov:TwoPointSixZeroUnsecuredSeniorNotesDueDecemberOneTwoThousandTwentyTwoMember
2021-06-30
0001021860
us-gaap:UnsecuredDebtMember
us-gaap:FairValueInputsLevel2Member
2021-09-30
0001021860
us-gaap:UnsecuredDebtMember
us-gaap:FairValueInputsLevel2Member
2020-12-31
iso4217:KRW
0001021860
us-gaap:ForwardContractsMember
2021-09-30
0001021860
us-gaap:ForwardContractsMember
2020-12-31
iso4217:NOK
iso4217:RUB
iso4217:MXN
iso4217:JPY
iso4217:ZAR
iso4217:EUR
iso4217:SGD
iso4217:GBP
iso4217:DKK
iso4217:CAD
iso4217:BRL
0001021860
us-gaap:ForeignExchangeContractMember
us-gaap:DesignatedAsHedgingInstrumentMember
us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember
2021-09-30
0001021860
us-gaap:DesignatedAsHedgingInstrumentMember
2021-09-30
0001021860
us-gaap:ForeignExchangeContractMember
us-gaap:NondesignatedMember
us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember
2021-09-30
0001021860
us-gaap:NondesignatedMember
2021-09-30
0001021860
us-gaap:ForeignExchangeContractMember
us-gaap:DesignatedAsHedgingInstrumentMember
us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember
2020-12-31
0001021860
us-gaap:ForeignExchangeContractMember
us-gaap:DesignatedAsHedgingInstrumentMember
us-gaap:OtherAssetsMember
2020-12-31
0001021860
us-gaap:DesignatedAsHedgingInstrumentMember
2020-12-31
0001021860
us-gaap:ForeignExchangeContractMember
us-gaap:NondesignatedMember
us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember
2020-12-31
0001021860
us-gaap:NondesignatedMember
2020-12-31
0001021860
us-gaap:ForeignExchangeContractMember
us-gaap:DesignatedAsHedgingInstrumentMember
us-gaap:AccruedLiabilitiesMember
2021-09-30
0001021860
us-gaap:ForeignExchangeContractMember
us-gaap:NondesignatedMember
us-gaap:AccruedLiabilitiesMember
2021-09-30
0001021860
us-gaap:ForeignExchangeContractMember
us-gaap:DesignatedAsHedgingInstrumentMember
us-gaap:AccruedLiabilitiesMember
2020-12-31
0001021860
us-gaap:ForeignExchangeContractMember
us-gaap:NondesignatedMember
us-gaap:AccruedLiabilitiesMember
2020-12-31
0001021860
us-gaap:AccountingStandardsUpdate201912Member
2021-09-30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE QUARTERLY PERIOD ENDED September 30, 2021
OR
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number 1-12317
NOV INC.
(Exact name of registrant as specified in its charter)
Delaware |

|
76-0475815 |
(State or other jurisdiction
of incorporation or organization) |
(IRS Employer
Identification No.) |
7909 Parkwood Circle Drive
Houston, Texas
77036-6565
(Address of principal executive offices)
(713) 341-4802
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock, par value $.01 per share |
NOV |
New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
☑ |
|
Accelerated filer |
☐ |
Non-accelerated filer |
☐ |
Smaller reporting company |
☐ |
|
Emerging growth company |
☐ |
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
As of October 15, 2021 the registrant had 390,691,834 shares of common stock, par value $0.01 per share, outstanding.
PART I - FINANCIAL INFORMATION
Item 1. |
Financial Statements |
NOV INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
|
|
September 30, |
|
|
December 31, |
|
|
|
2021 |
|
|
2020 |
|
ASSETS |
|
(Unaudited) |
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,668 |
|
|
$ |
1,692 |
|
Receivables, net |
|
|
1,280 |
|
|
|
1,274 |
|
Inventories, net |
|
|
1,325 |
|
|
|
1,408 |
|
Contract assets |
|
|
466 |
|
|
|
611 |
|
Prepaid and other current assets |
|
|
200 |
|
|
|
224 |
|
Total current assets |
|
|
4,939 |
|
|
|
5,209 |
|
Property, plant and equipment, net |
|
|
1,825 |
|
|
|
1,927 |
|
Lease right-of-use assets, operating |
|
|
374 |
|
|
|
371 |
|
Lease right-of-use assets, financing |
|
|
179 |
|
|
|
195 |
|
Goodwill |
|
|
1,495 |
|
|
|
1,493 |
|
Intangibles, net |
|
|
497 |
|
|
|
527 |
|
Investment in unconsolidated affiliates |
|
|
50 |
|
|
|
51 |
|
Other assets |
|
|
208 |
|
|
|
156 |
|
Total assets |
|
$ |
9,567 |
|
|
$ |
9,929 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
519 |
|
|
$ |
489 |
|
Accrued liabilities |
|
|
785 |
|
|
|
863 |
|
Contract liabilities |
|
|
425 |
|
|
|
354 |
|
Current portion of lease liabilities |
|
|
102 |
|
|
|
110 |
|
Accrued income taxes |
|
|
22 |
|
|
|
51 |
|
Total current liabilities |
|
|
1,853 |
|
|
|
1,867 |
|
Lease liabilities |
|
|
593 |
|
|
|
612 |
|
Long-term debt |
|
|
1,704 |
|
|
|
1,834 |
|
Deferred income taxes |
|
|
80 |
|
|
|
78 |
|
Other liabilities |
|
|
259 |
|
|
|
259 |
|
Total liabilities |
|
|
4,489 |
|
|
|
4,650 |
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Common stock - par value $.01; 1 billion shares authorized; 390,693,745 and
388,255,374 shares issued and outstanding at September 30, 2021 and
December 31, 2020 |
|
|
4 |
|
|
|
4 |
|
Additional paid-in capital |
|
|
8,637 |
|
|
|
8,591 |
|
Accumulated other comprehensive loss |
|
|
(1,545 |
) |
|
|
(1,509 |
) |
Retained deficit |
|
|
(2,086 |
) |
|
|
(1,876 |
) |
Total Company stockholders' equity |
|
|
5,010 |
|
|
|
5,210 |
|
Noncontrolling interests |
|
|
68 |
|
|
|
69 |
|
Total stockholders’ equity |
|
|
5,078 |
|
|
|
5,279 |
|
Total liabilities and stockholders’ equity |
|
$ |
9,567 |
|
|
$ |
9,929 |
|
See notes to unaudited consolidated financial statements.
2
NOV INC.
CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)
(In millions, except per share data)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Revenue |
|
$ |
1,341 |
|
|
$ |
1,384 |
|
|
$ |
4,007 |
|
|
$ |
4,763 |
|
Cost of revenue |
|
|
1,156 |
|
|
|
1,245 |
|
|
|
3,435 |
|
|
|
4,263 |
|
Gross profit |
|
|
185 |
|
|
|
139 |
|
|
|
572 |
|
|
|
500 |
|
Selling, general and administrative |
|
|
228 |
|
|
|
213 |
|
|
|
691 |
|
|
|
733 |
|
Goodwill and indefinite-lived intangible asset impairment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,378 |
|
Long-lived asset impairment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
513 |
|
Operating loss |
|
|
(43 |
) |
|
|
(74 |
) |
|
|
(119 |
) |
|
|
(2,124 |
) |
Interest and financial costs |
|
|
(19 |
) |
|
|
(21 |
) |
|
|
(58 |
) |
|
|
(65 |
) |
Interest income |
|
|
3 |
|
|
|
— |
|
|
|
7 |
|
|
|
5 |
|
Equity loss in unconsolidated affiliates |
|
|
(2 |
) |
|
|
(11 |
) |
|
|
(6 |
) |
|
|
(250 |
) |
Other income (expense), net |
|
|
1 |
|
|
|
(8 |
) |
|
|
(25 |
) |
|
|
(19 |
) |
Loss before income taxes |
|
|
(60 |
) |
|
|
(114 |
) |
|
|
(201 |
) |
|
|
(2,453 |
) |
Provision (benefit) for income taxes |
|
|
5 |
|
|
|
(61 |
) |
|
|
1 |
|
|
|
(264 |
) |
Net loss |
|
|
(65 |
) |
|
|
(53 |
) |
|
|
(202 |
) |
|
|
(2,189 |
) |
Net income attributable to noncontrolling interests |
|
|
4 |
|
|
|
2 |
|
|
|
8 |
|
|
|
6 |
|
Net loss attributable to Company |
|
$ |
(69 |
) |
|
$ |
(55 |
) |
|
$ |
(210 |
) |
|
$ |
(2,195 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Company per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.18 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.54 |
) |
|
$ |
(5.72 |
) |
Diluted |
|
$ |
(0.18 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.54 |
) |
|
$ |
(5.72 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends per share |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
387 |
|
|
|
385 |
|
|
|
386 |
|
|
|
384 |
|
Diluted |
|
|
387 |
|
|
|
385 |
|
|
|
386 |
|
|
|
384 |
|
See notes to unaudited consolidated financial statements.
3
NOV INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(In millions)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Net loss |
|
$ |
(65 |
) |
|
$ |
(53 |
) |
|
$ |
(202 |
) |
|
$ |
(2,189 |
) |
Currency translation adjustments |
|
|
(42 |
) |
|
|
20 |
|
|
|
(24 |
) |
|
|
(151 |
) |
Changes in derivative financial instruments, net of tax |
|
|
(6 |
) |
|
|
16 |
|
|
|
(12 |
) |
|
|
(3 |
) |
Comprehensive income (loss) |
|
|
(113 |
) |
|
|
(17 |
) |
|
|
(238 |
) |
|
|
(2,343 |
) |
Comprehensive income attributable to noncontrolling interest |
|
|
4 |
|
|
|
2 |
|
|
|
8 |
|
|
|
6 |
|
Comprehensive income (loss) attributable to Company |
|
$ |
(117 |
) |
|
$ |
(19 |
) |
|
$ |
(246 |
) |
|
$ |
(2,349 |
) |
See notes to unaudited consolidated financial statements.
4
NOV INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In millions)
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
|
2021 |
|
|
2020 |
|
Cash flows from operating activities: |
|
|
|
Net loss |
|
$ |
(202 |
) |
|
$ |
(2,189 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
231 |
|
|
|
270 |
|
Provision for inventory losses |
|
|
25 |
|
|
|
171 |
|
Deferred income taxes |
|
|
2 |
|
|
|
(72 |
) |
Loss on extinguishment of debt |
|
|
7 |
|
|
|
8 |
|
Equity loss in unconsolidated affiliates |
|
|
6 |
|
|
|
250 |
|
Goodwill and indefinite-lived intangible asset impairment |
|
|
— |
|
|
|
1,378 |
|
Long-lived asset impairment |
|
|
— |
|
|
|
513 |
|
Other, net |
|
|
71 |
|
|
|
93 |
|
Change in operating assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
|
|
Receivables |
|
|
(21 |
) |
|
|
469 |
|
Inventories |
|
|
58 |
|
|
|
288 |
|
Contract assets |
|
|
145 |
|
|
|
86 |
|
Prepaid and other current assets |
|
|
25 |
|
|
|
38 |
|
Accounts payable |
|
|
30 |
|
|
|
(240 |
) |
Accrued liabilities |
|
|
(89 |
) |
|
|
(127 |
) |
Contract liabilities |
|
|
71 |
|
|
|
(56 |
) |
Income taxes payable |
|
|
(30 |
) |
|
|
32 |
|
Other assets/liabilities, net |
|
|
(74 |
) |
|
|
(172 |
) |
Net cash provided by operating activities |
|
|
255 |
|
|
|
740 |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
|
(137 |
) |
|
|
(173 |
) |
Other |
|
|
35 |
|
|
|
13 |
|
Net cash used in investing activities |
|
$ |
(102 |
) |
|
$ |
(160 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Borrowings against lines of credit and other debt |
|
|
51 |
|
|
|
36 |
|
Payments against lines of credit and other debt |
|
|
(183 |
) |
|
|
(217 |
) |
Cash dividends paid |
|
|
— |
|
|
|
(19 |
) |
Debt extinguishment costs |
|
|
(7 |
) |
|
|
(8 |
) |
Other |
|
|
(33 |
) |
|
|
(48 |
) |
Net cash used in financing activities |
|
|
(172 |
) |
|
|
(256 |
) |
Effect of exchange rates on cash |
|
|
(5 |
) |
|
|
(10 |
) |
Increase (decrease) in cash and cash equivalents |
|
|
(24 |
) |
|
|
314 |
|
Cash and cash equivalents, beginning of period |
|
|
1,692 |
|
|
|
1,171 |
|
Cash and cash equivalents, end of period |
|
$ |
1,668 |
|
|
$ |
1,485 |
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of cash flow information: |
|
|
|
|
|
|
|
|
Cash payments (refunds) during the period for: |
|
|
|
|
|
|
|
|
Interest |
|
$ |
42 |
|
|
$ |
47 |
|
Income taxes |
|
$ |
(87 |
) |
|
$ |
(38 |
) |
See notes to unaudited consolidated financial statements.
5
NOV INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)
(In millions)
|
|
Shares
Outstanding |
|
|
Common
Stock |
|
|
Additional
Paid in
Capital |
|
|
Accumulated
Other
Comprehensive
Income (Loss) |
|
|
Retained
Earnings
(Deficit) |
|
|
Total
Company
Stockholders'
Equity |
|
|
Noncontrolling
Interests |
|
|
Total
Stockholders'
Equity |
|
Balance at December 31, 2020 |
|
|
388 |
|
|
$ |
4 |
|
|
$ |
8,591 |
|
|
$ |
(1,509 |
) |
|
$ |
(1,876 |
) |
|
$ |
5,210 |
|
|
$ |
69 |
|
|
$ |
5,279 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(115 |
) |
|
|
(115 |
) |
|
|
1 |
|
|
|
(114 |
) |
Other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(21 |
) |
|
|
— |
|
|
|
(21 |
) |
|
|
— |
|
|
|
(21 |
) |
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
20 |
|
|
|
— |
|
|
|
— |
|
|
|
20 |
|
|
|
— |
|
|
|
20 |
|
Common stock issued |
|
|
2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Withholding taxes |
|
|
— |
|
|
|
— |
|
|
|
(13 |
) |
|
|
— |
|
|
|
— |
|
|
|
(13 |
) |
|
|
— |
|
|
|
(13 |
) |
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
- |
|
|
|
(1 |
) |
|
|
(1 |
) |
Balance at March 31, 2021 |
|
|
390 |
|
|
$ |
4 |
|
|
$ |
8,598 |
|
|
$ |
(1,530 |
) |
|
$ |
(1,991 |
) |
|
$ |
5,081 |
|
|
$ |
69 |
|
|
$ |
5,150 |
|
Net income (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(26 |
) |
|
|
(26 |
) |
|
|
3 |
|
|
|
(23 |
) |
Other comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
33 |
|
|
|
— |
|
|
|
33 |
|
|
|
— |
|
|
|
33 |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
20 |
|
|
|
— |
|
|
|
— |
|
|
|
20 |
|
|
|
— |
|
|
|
20 |
|
Common stock issued |
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other |
|