0001564590-22-004755 | 10-K | XBRL Viewer

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Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 1,591	$ 1,692
Receivables, net	1,321	1,274
Inventories, net	1,331	1,408
Contract assets	461	611
Prepaid and other current assets	198	224
Total current assets	4,902	5,209
Property, plant and equipment, net	1,823	1,927
Lease right-of-use assets, operating	361	371
Lease right-of-use assets, financing	176	195
Goodwill	1,527	1,493
Intangibles, net	503	527
Investment in unconsolidated affiliates	50	51
Other assets	208	156
Total assets	9,550	9,929
Current liabilities:
Accounts payable	612	489
Accrued liabilities	778	863
Contract liabilities	392	354
Current portion of lease liabilities	99	110
Current portion of long-term debt	5
Accrued income taxes	24	51
Total current liabilities	1,910	1,867
Long-term debt	1,708	1,834
Lease liabilities	576	612
Deferred income taxes	66	78
Other liabilities	226	259
Total liabilities	4,486	4,650
Commitments and contingencies
Stockholders’ equity:
Common stock - par value $.01; 1 billion shares authorized; 392,673,077 and 388,255,374 shares issued and outstanding at December 31, 2021 and December 31, 2020	4	4
Additional paid-in capital	8,685	8,591
Accumulated other comprehensive loss	(1,546)	(1,509)
Retained earnings	(2,146)	(1,876)
Total Company stockholders' equity	4,997	5,210
Noncontrolling interests	67	69
Total stockholders’ equity	5,064	5,279
Total liabilities and stockholders’ equity	$ 9,550	$ 9,929

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 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	392,673,077	388,255,374
Common stock, shares outstanding	392,673,077	388,255,374

Consolidated Statements of Loss - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue
Revenue	$ 5,524	$ 6,090	$ 8,479
Cost of revenue
Cost of revenue	4,750	5,656	7,634
Gross profit	774	434	845
Selling, general and administrative	908	968	1,303
Goodwill and indefinite-lived intangible asset impairment		1,378	3,612
Long-lived asset impairment		513	2,209
Operating loss	(134)	(2,425)	(6,279)
Interest and financial costs	(77)	(84)	(100)
Interest income	9	7	20
Equity loss in unconsolidated affiliates	(5)	(260)	(13)
Other income (expense), net	(23)	(17)	(90)
Loss before income taxes	(230)	(2,779)	(6,462)
Provision (benefit) for income taxes	15	(242)	(369)
Net loss	(245)	(2,537)	(6,093)
Net income attributable to noncontrolling interests	5	5	2
Net loss attributable to Company	$ (250)	$ (2,542)	$ (6,095)
Net loss attributable to Company per share:
Basic	$ (0.65)	$ (6.62)	$ (15.96)
Diluted	(0.65)	(6.62)	(15.96)
Cash dividends per share	$ 0.05	$ 0.05	$ 0.20
Weighted average shares outstanding:
Basic	386	384	382
Diluted	386	384	382
Sales [Member]
Revenue
Revenue	$ 3,769	$ 4,409	$ 5,862
Cost of revenue
Cost of revenue	3,369	4,313	5,696
Service [Member]
Revenue
Revenue	1,114	1,091	1,517
Cost of revenue
Cost of revenue	951	929	1,188
Rental [Member]
Revenue
Revenue	641	590	1,100
Cost of revenue
Cost of revenue	$ 430	$ 414	$ 750

Consolidated Statements of Comprehensive Loss - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (245)	$ (2,537)	$ (6,093)
Other comprehensive income (loss):
Currency translation adjustments	(34)	(78)	(7)
Derivative financial instruments, net of tax	(12)	23	10
Change in defined benefit plans, net of tax	9	(31)	11
Comprehensive loss	(282)	(2,623)	(6,079)
Net income attributable to noncontrolling interests	5	5	2
Comprehensive loss attributable to Company	$ (287)	$ (2,628)	$ (6,081)

- 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.

+ References

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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net loss	$ (245)	$ (2,537)	$ (6,093)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	306	352	533
Deferred income taxes	11	(65)	(426)
Stock-based compensation	78	105	130
Loss on extinguishment of debt	7	8	26
Equity loss in unconsolidated affiliates	5	260	13
Goodwill and indefinite-lived intangible asset impairment		1,378	3,612
Long-lived asset impairment		513	2,209
Provision for inventory losses	73	367	659
Other, net	16	16	16
Change in operating assets and liabilities, net of acquisitions:
Receivables	(52)	574	275
Inventories	17	429	104
Contract assets	150	30	(70)
Prepaid and other current assets	28	22	(45)
Accounts payable	118	(226)	(19)
Accrued liabilities	(97)	(110)	(194)
Contract liabilities	27	(74)	(34)
Income taxes payable	(28)	9	(25)
Other assets/liabilities, net	(123)	(125)	43
Net cash provided by operating activities	291	926	714
Cash flows from investing activities:
Purchases of property, plant and equipment	(201)	(226)	(233)
Business acquisitions, net of cash acquired	(52)	(14)	(180)
Other, net	57	96	98
Net cash used in investing activities	(196)	(144)	(315)
Cash flows from financing activities:
Borrowings against lines of credit and other debt	60	36	511
Payments against lines of credit and other debt	(183)	(217)	(1,000)
Financing leases	(26)	(31)	(32)
Cash dividends paid	(20)	(19)	(77)
Debt issuance and extinguishment costs	(7)	(8)	(36)
Other	(13)	(20)	(13)
Net cash used in financing activities	(189)	(259)	(647)
Effect of exchange rates on cash	(7)	(2)	(8)
Increase (decrease) in cash and cash equivalents	(101)	521	(256)
Cash and cash equivalents, beginning of period	1,692	1,171	1,427
Cash and cash equivalents, end of period	1,591	1,692	1,171
Cash payments during the period for:
Interest	76	83	85
Income taxes	$ (78)	$ (9)	$ 144

Consolidated Statements of Stockholders' Equity - 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, 2018	$ 13,889		$ 4	$ 8,390	$ (1,437)	$ 6,862		$ 13,819		$ 70
Begining Balance, shares at Dec. 31, 2018			383
Net loss	(6,093)					(6,095)		(6,095)		2
Other comprehensive income (loss)	14				14			14
Cash dividends, per common share	$ (77)					$ (77)		$ (77)
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201802Member					us-gaap:AccountingStandardsUpdate201802Member		us-gaap:AccountingStandardsUpdate201802Member
Stock-based compensation	$ 137			137				$ 137
Stock-based compensation, shares			3
Withholding taxes	(20)			(20)				(20)
Other	(4)									(4)
Ending Balance at Dec. 31, 2019	7,846	$ (5)	$ 4	8,507	(1,423)	$ 690	$ (5)	7,778	$ (5)	68
Ending Balance, shares at Dec. 31, 2019			386
Net loss	(2,537)					(2,542)		(2,542)		5
Other comprehensive income (loss)	(86)				(86)			(86)
Cash dividends, per common share	$ (19)					$ (19)		$ (19)
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201802Member					us-gaap:AccountingStandardsUpdate201802Member		us-gaap:AccountingStandardsUpdate201802Member
Stock-based compensation	$ 104			104				$ 104
Stock-based compensation, shares			2
Withholding taxes	(20)			(20)				(20)
Other	(4)									(4)
Ending Balance at Dec. 31, 2020	5,279		$ 4	8,591	(1,509)	$ (1,876)		5,210		69
Ending Balance, shares at Dec. 31, 2020			388
Net loss	(245)					(250)		(250)		5
Other comprehensive income (loss)	(37)				(37)			(37)
Cash dividends, per common share	$ (20)					$ (20)		$ (20)
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201802Member					us-gaap:AccountingStandardsUpdate201802Member		us-gaap:AccountingStandardsUpdate201802Member
Stock-based compensation	$ 78			78				$ 78
Stock-based compensation, shares			3
Stock issued in acquisition	29			29				29
Stock issued in acquisition, shares			2
Withholding taxes	(13)			(13)				(13)
Other	(7)									(7)
Ending Balance at Dec. 31, 2021	$ 5,064		$ 4	$ 8,685	$ (1,546)	$ (2,146)		$ 4,997		$ 67
Ending Balance, shares at Dec. 31, 2021			393

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retained Earnings (Loss) [Member]
Cash dividends, per common share	$ 0.05	$ 0.05	$ 0.20

Organization and Basis of Presentation

12 Months Ended

Dec. 31, 2021

Organization Consolidation And Presentation Of Financial Statements Abstract

Organization and Basis of Presentation

1. Organization and Basis of Presentation

Nature of Business

We design, construct, manufacture and sell comprehensive systems, components, and products used in oil and gas drilling and production and certain industrial and renewable energy sectors. We also provide technology and oilfield services and supplies, distribute products and provide supply chain integration services to the upstream oil and gas industry. Our revenues and operating results are directly related to the level of worldwide oil and gas drilling and production activities and the profitability and cash flow of oil and gas companies, drilling contractors and oilfield service companies, which in turn are affected by current and anticipated prices of oil and gas. Oil and gas prices have been, and are likely to continue to be, volatile.

Basis of Consolidation

The accompanying Consolidated Financial Statements include the accounts of NOV Inc. and its consolidated subsidiaries. Certain reclassifications have been made to the prior year financial statements for them to conform with the 2021 presentation. All significant intercompany transactions and balances have been eliminated in consolidation. Investments that are not wholly owned, but where we exercise control, are fully consolidated with the equity held by minority owners and their portion of net income (loss) reflected as noncontrolling interests in the accompanying consolidated financial statements. Investments in unconsolidated affiliates, over which we exercise significant influence, but not control, are accounted for by the equity method.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Fair Value of Financial Instruments

The carrying amounts of financial instruments including cash and cash equivalents, receivables, and payables approximated fair value because of the relatively short maturity of these instruments. Cash equivalents include only those investments having a maturity date of three months or less at the time of purchase.

Derivative Financial Instruments

The Company records all derivative financial instruments at their fair value in its Consolidated Balance Sheet. Except for certain non-designated hedges discussed below, all derivative financial instruments that the Company holds are designated as cash flow hedges and are highly effective in offsetting movements in the underlying risks. Such arrangements typically have terms between two and 24 months but may have longer terms depending on the underlying cash flows being hedged, typically related to the projects in our backlog.

Inventories

Inventories are stated at the lower of cost or estimated net realizable value using the first-in, first-out or average cost methods. Inventories consist of raw materials and supplies, work-in-process and finished goods and purchased products. The Company reviews historical usage of inventory on-hand, assumptions about future demand and market conditions, and estimates about potential alternative uses, which are limited, to estimate net realizable value. The Company evaluates inventory using the best information available at the time to inform our assumptions and estimates about future demand and resulting sales volumes, and records reserves as necessary.

We recorded charges for additions to inventory reserves of $73 million, $367 million, and $659 million for the years ended December 31, 2021, 2020, and 2019, respectively, consisting primarily of obsolete and surplus inventories. At December 31, 2021 and 2020, inventory reserves totaled $444 million and $577 million, or 25.0% and 29.0% of gross inventory, respectively.

Property, Plant and Equipment

Property, plant and equipment are recorded at cost. Expenditures for major improvements that extend the lives of property and equipment are capitalized while minor replacements, maintenance and repairs are charged to operations as incurred. Disposals are removed at cost less accumulated depreciation with any resulting gain or loss reflected in operations. Depreciation is provided using the straight-line method over the estimated useful lives of individual items. Depreciation expense was $264 million, $302 million, and $355 million for the years ended December 31, 2021, 2020 and 2019, respectively. The estimated useful lives of the major classes of property, plant and equipment are included in Note 5 to the consolidated financial statements.

We record impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets are impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. The carrying value of assets used in operations that are not recoverable is reduced to fair value if lower than carrying value. In determining the fair market value of the assets, we consider market trends and recent transactions involving sales of similar assets, or when not available, discounted cash flow analysis. Impairments of plant, property and equipment were $262 million and $252 million for the years ended December 31, 2020 and 2019, respectively.

Acquisitions and Investments

Acquisitions of businesses are accounted for using the acquisition method of accounting, and the financial statements include the results of the acquired operations from the respective dates of acquisition.

The purchase price of the acquired entities is preliminarily allocated to the net assets acquired and liabilities assumed based on the estimated fair value at the dates of acquisition, with any excess of cost over the fair value of net assets acquired, including intangibles, recognized as goodwill. Subsequent changes to preliminary amounts are made prospectively.

The Company paid cash of $52 million, $14 million, and $180 million for acquisitions for the years ended December 31, 2021, 2020 and 2019, respectively. Additionally, the Company paid $29 million in stock (consisting of 2 million shares) for acquisitions in 2021. These acquisitions did not have a material effect on the Company’s operating results, cash flows or financial position.

Foreign Currency

The functional currency for most of our foreign operations is the local currency. However, certain foreign operations, including our operations in Norway, use the U.S. dollar as the functional currency. The cumulative effects of translating the balance sheet accounts from the functional currency into the U.S. dollar at current exchange rates are included in accumulated other comprehensive income (loss). Revenues and expenses are translated at average exchange rates in effect during the period. Accordingly, financial statements of these foreign subsidiaries are remeasured to U.S. dollars for consolidation purposes using current rates of exchange for monetary assets and liabilities and historical rates of exchange for nonmonetary assets and related elements of expense. Revenue and expense elements are remeasured at rates that approximate the rates in effect on the transaction dates. For all operations, gains or losses from remeasuring foreign currency transactions into the functional currency are included in income. Net foreign currency transaction losses were $16 million, $2 million, and $36 million for the years ending December 31, 2021, 2020 and 2019, respectively, and are included in other income (expense) in the accompanying statement of loss.

Revenue Recognition

The majority of the Company’s revenue streams record revenue at a point in time when a performance obligation has been satisfied by transferring control of promised goods or services to a customer. Products are sold or rented and services are provided based upon a fixed or determinable price and do not generally include right of return or other significant post-delivery obligations. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Payment terms and conditions vary by contract type. We have elected to apply the practical expedient that does not require an adjustment for a financing component if, at contract inception, the period between when we transfer the promised goods or service to the customer and when the customer pays for the goods or service is one year or less. Shipping and handling costs are recognized when incurred and are treated as costs to fulfill the original performance obligation instead of as a separate performance obligation.

Revenue is generated from contracts that may include multiple performance obligations. The Company considers the degree of customization, integration and interdependency of the related products and services when assessing distinct performance obligations within one contract. Stand-alone selling price (“SSP”) for each distinct performance obligation is generally determined using the price at which the products and services would be sold separately to the customer. Discounts, when provided, are allocated based on the relative SSP of the various products and services.

For revenue that is not recognized at a point in time, the Company follows accounting guidance for revenue recognized over time, as follows:

Revenue Recognition under Long-term Construction Contracts

Revenue is recognized over-time for certain long-term construction contracts in the Completion & Production Solutions and Rig Technologies segments. These contracts include custom designs for customer-specific applications that are unique and require significant engineering efforts. Revenue is recognized as work progresses on each contract. Right to payment is enforceable for performance completed to date, including a reasonable profit.

Because of control transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. We generally use the cost-to-cost (input) measure of progress for our contracts because it best depicts the transfer of assets to the customer which occurs as we incur costs. Under the cost-to-cost measure of progress, progress towards completion of each contract is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues, including estimated fees or profits, are recorded proportionally as costs are incurred. These costs include labor, materials, subcontractors’ costs, and other direct costs. Any expected losses on a project are recorded in full in the period in which the loss becomes probable.

These long-term construction contracts generally include integrating a complex set of tasks and components into a single project or capability so they are accounted for as one performance obligation.

Estimating total revenue and cost at completion of long-term construction contracts is complex, subject to many variables and requires significant judgement. It is common for our long-term contracts to contain late delivery fees, work performance guarantees, and other provisions that can either increase or decrease the transaction price. We estimate variable consideration as the most likely amount we expect to receive. We include variable consideration in the estimated transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur, or when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based on an assessment of our anticipated performance and historical, current and forecasted information that is reasonably available to us. Net revenue recognized from performance obligations satisfied in previous periods was $38 million and $41 million for the years ended December 31, 2021 and 2020, respectively, primarily due to change orders.

Service and Repair Work

For service and repair contracts, revenue is recognized over time. We generally use the output method to measure progress on service contracts due to the manner in which the customer receives and derives value from the services provided. For repair contracts, we generally use the cost-to-cost measure of progress because it best depicts the transfer of assets to the customer.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price of firm orders for all revenue streams for which work has not been performed on contracts with an 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 December 31, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was $4,224 million. The Company expects to recognize approximately $1,316 million in revenue for the remaining performance obligations in 2022 and $2,908 million in 2023 and thereafter.

Costs to Obtain and Fulfill a Contract

We recognize an asset for the incremental costs of obtaining a contract, such as sales commissions, with a customer when we expect the benefit of those costs to be longer than one year. Costs to fulfill a contract, such as set-up and mobilization costs, are also capitalized when we expect to recover those costs. These contract costs are deferred and amortized over the period of contract performance. Total capitalized costs to obtain and fulfill a contract and the related amortization were immaterial during the periods presented and are included in other current and long-term assets on our consolidated balance sheets. We apply the practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less.

Service and Product Warranties

The Company provides service and warranty policies on certain of its products. The Company accrues liabilities under service and warranty policies based upon specific claims and a review of historical warranty and service claim experience. Adjustments are made to accruals as claim data and historical experience change. In addition, the Company incurs discretionary costs to service its products in connection with product performance issues and accrues for them when they are encountered. The Company monitors the actual cost of performing these discretionary services and adjusts the accrual based on the most current information available.

The changes in the carrying amount of service and product warranties are as follows (in millions):

Balance at December 31, 2019	$	90
Net provisions for warranties issued during the year		22
Amounts incurred		(26	)
Currency translation adjustments		1
Balance at December 31, 2020	$	87
Net provisions for warranties issued during the year		15
Amounts incurred		(24	)
Currency translation adjustments		(5	)
Balance at December 31, 2021	$	73

Income Taxes

The liability method is used to account for income taxes. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates that will be in effect when the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to amounts which are more likely than not to be realized.

Concentration of Credit Risk

We grant credit to our customers, which operate primarily in the oil and gas industry. Concentrations of credit risk are limited because we have many geographically diverse customers, thus spreading trade credit risk. We control credit risk through credit evaluations, credit limits and monitoring procedures. We perform periodic credit evaluations of our customers’ financial condition and generally do not require collateral but may require letters of credit for certain international sales. Credit losses are provided for in the financial statements. Allowances for doubtful accounts are determined based on a continuous process of assessing the Company’s portfolio on an individual customer basis considering current market conditions and trends. This process consists of a review of historical collection experience, current aging status of the customer accounts, and financial condition of the Company’s customers. Based on a review of these factors, the Company will establish or adjust allowances for specific customers. Accounts receivable are net of allowances for doubtful accounts of approximately $88 million and $100 million at December 31, 2021 and 2020, respectively.

Stock-Based Compensation

Compensation expense for the Company’s stock-based compensation plans is measured using the fair value method. The fair value of stock option grants and restricted stock is amortized to expense using the straight-line method over the shorter of the vesting period or the remaining employee service period.

The Company provides compensation benefits to employees and non-employee directors under share-based payment arrangements, including various employee stock option plans.

Environmental Liabilities

When environmental assessments or remediations are probable and the costs can be reasonably estimated, remediation liabilities are recorded on an undiscounted basis and are adjusted as further information develops or circumstances change.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted 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. Such estimates include but are not limited to, estimated losses on accounts receivable, estimated costs and related margins of projects accounted for over time, estimated realizable value on excess and obsolete inventory, contingencies, estimated liabilities for litigation exposures and liquidated damages, estimated warranty costs, estimates related to pension accounting, estimates related to the fair value of Reporting Units for purposes of assessing goodwill and other indefinite-lived intangible assets for impairment and estimates related to deferred tax assets and liabilities, including valuation allowances on deferred tax assets. Actual results could differ from those estimates.

Contingencies

The Company accrues for costs relating to litigation claims and other contingent matters, including liquidated damage liabilities, when such liabilities become probable and reasonably estimable. In circumstances where the most likely outcome of a contingency can be reasonably estimated, we accrue a liability for that amount. Where the most likely outcome cannot be estimated, a range of potential losses is established and if no one amount in that range is more likely than others, the low end of the range is accrued. Such estimates may be based on advice from third parties or on management’s judgement, as appropriate. Revisions to contingent liabilities are reflected in income in the period in which different facts or information become known or circumstances change that affect the Company’s previous judgements with respect to the likelihood or amount of loss. Amounts paid upon the ultimate resolution of contingent liabilities may be materially different from previous estimates and could require adjustments to the estimated reserves to be recognized in the period such new information becomes known.

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):

	Years Ended December 31,
	2021			2020			2019
Numerator:
Net loss attributable to Company	$	(250	)	$	(2,542	)	$	(6,095	)
Denominator:
Basic—weighted average common shares outstanding		386			384			382
Dilutive effect of employee stock options and other unvested stock awards		—			—			—
Diluted outstanding shares		386			384			382
Basic loss attributable to Company per share	$	(0.65	)	$	(6.62	)	$	(15.96	)
Diluted loss attributable to Company per share	$	(0.65	)	$	(6.62	)	$	(15.96	)
Cash dividends per share	$	0.05		$	0.05		$	0.20

Net loss attributable to Company allocated to participating securities was immaterial for the years ended December 31, 2021, 2020 and 2019 and therefore not excluded from net loss attributable to Company per share calculation. The Company had stock options outstanding that were anti-dilutive totaling 21 million, 26 million, and 20 million at December 31, 2021, 2020 and 2019, respectively.

Recently Adopted Accounting Standards

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. 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 2021-01 and 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.

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

3. Derivative Financial Instruments

The Company uses derivative financial instruments to manage its foreign currency exchange rate risk. Forward currency contracts are executed to manage the foreign currency exchange rate risk on forecasted revenues and expenses denominated in currencies other than the functional currency of the operating unit (cash flow hedge). The Company also executes forward currency contracts to manage the foreign currency exchange rate risk on recognized nonfunctional currency monetary accounts (non-designated hedge).

At December 31, 2021, the Company has determined the fair value of its derivative financial instruments representing assets of $18 million and liabilities of $8 million (currency related derivatives) using level 2 inputs (inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability) in the fair value hierarchy as the fair value is based on publicly available foreign exchange and interest rates at each financial reporting date. At December 31, 2021, the net fair value of the Company’s foreign currency forward contracts totaled a net asset of $10 million.

Forward currency contracts consist of (in millions):

Currency Denomination

Currency

December 31, 2021

December 31, 2020

South Korean Won

KRW

17,600

KRW

17,600

Norwegian Krone

NOK

2,430

NOK

3,817

Russian Ruble

RUB

1,128

RUB

1,118

Mexican Peso

MXN

637

MXN

402

Japanese Yen

JPY

476

JPY

340

U.S. Dollar

USD

415

USD

367

South African Rand

ZAR

124

ZAR

124

Euro

EUR

106

EUR

116

Singapore Dollar

SGD

British Pound Sterling

GBP

Danish Krone

DKK

875

Brazilian Real

BRL

—

BRL

768

Canadian Dollar

CAD

—

CAD

Cash Flow Hedging Strategy

To protect against the volatility of forecasted foreign currency cash flows resulting from forecasted revenues and expenses, the Company maintains 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 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 accumulated other comprehensive loss of $8 million 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 earnings in other income (expense), together with the changes in the hedged nonfunctional monetary accounts.

The amount of gain (loss) recognized in other income (expense), net was ($9) million, ($3) million and ($12) million for the years ended 2021, 2020 and 2019, respectively.

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

	Fair Values of Derivative Instruments (In millions)
	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
	Balance Sheet	December 31,				Balance Sheet	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	$	11	$	17	Accrued liabilities	$	2	$	11
Foreign exchange contracts	Other Assets		—		12	Other Liabilities		—		-
Total derivatives designated as hedging instruments under ASC Topic 815		$	11	$	29		$	2	$	11
Derivatives not designated as hedging instruments under ASC Topic 815
Foreign exchange contracts	Prepaid and other current assets	$	7	$	17	Accrued liabilities	$	6	$	4
Total derivatives not designated as hedging instruments under ASC Topic 815		$	7	$	17		$	6	$	4
Total derivatives		$	18	$	46		$	8	$	15

Inventories, net

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories, net

4. Inventories, net

Inventories consist of (in millions):

	December 31,
	2021			2020
Raw materials and supplies	$	350		$	373
Work in process		218			189
Finished goods and purchased products		1,207			1,423
		1,775			1,985
Less: Inventory reserve		(444	)		(577	)
Total	$	1,331		$	1,408

Property, Plant and Equipment, net

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Property, Plant and Equipment, net

5. Property, Plant and Equipment, net

Property, plant and equipment consist of (in millions):

	Estimated	December 31,
	Useful Lives	2021			2020
Land		$	174		$	175
Buildings and improvements	5-35 Years		1,309			1,343
Operating equipment	2-20 Years		2,678			2,660
Rental equipment	2-15 Years		794			799
			4,955			4,977
Less: Accumulated Depreciation			(3,132	)		(3,050	)
		$	1,823		$	1,927

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

6. Goodwill and Intangible Assets

Goodwill and Other Indefinite-Lived Intangible Assets

The Company has approximately $1.5 billion of goodwill and $503 million of identified intangible assets at December 31, 2021.

Goodwill is identified by segment as follows (in millions):

	Wellbore Technologies			Completion & Production Solutions			Rig Technologies			Total
Balance at December 31, 2019		843			1,054			910			2,807
Goodwill acquired during period		4			—			—			4
Impairment		(517	)		(580	)		(198	)		(1,295	)
Currency translation adjustments and other		(22	)		(1	)		—			(23	)
Balance at December 31, 2020	$	308		$	473		$	712		$	1,493
Goodwill acquired during period		34			—			—			34
Balance at December 31, 2021 (1)	$	342		$	473		$	712		$	1,527

(1)	Accumulated goodwill impairment was $7,261 million as of December 31, 2021.

Identified intangible assets with determinable lives consist primarily of customer relationships, trademarks, trade names, patents, and technical drawings acquired in acquisitions, and are being amortized in a manner consistent with the underlying cash flows over the estimated useful lives of 2-40 years. Amortization expense of identified intangibles is expected to be approximately $40 million, $33 million, $28 million, $25 million, and $23 million for the next five years.

The net book values of identified intangible assets are identified by segment as follows (in millions):

	Wellbore Technologies			Completion & Production Solutions			Rig Technologies			Total
Balance at December 31, 2019	$	326		$	275		$	251		$	852
Additions to intangible assets		20			—			—			20
Impairment		(78	)		(214	)		—			(292	)
Amortization		(12	)		(9	)		(28	)		(49	)
Currency translation adjustments		(3	)		(5	)		4			(4	)
Balance at December 31, 2020	$	253		$	47		$	227		$	527
Additions to intangible assets		22			—			—			22
Amortization		(10	)		(5	)		(28	)		(43	)
Currency translation adjustments		(1	)		—			(2	)		(3	)
Balance at December 31, 2021	$	264		$	42		$	197		$	503

Identified intangible assets by major classification consist of the following (in millions):

	Gross		Accumulated Amortization			Net Book Value
December 31, 2020:
Customer relationships	$	475	$	(300	)	$	175
Trademarks		175		(116	)		59
Patents		115		(53	)		62
Indefinite-lived trade names		196		—			196
Other		94		(59	)		35
Total identified intangibles	$	1,055	$	(528	)	$	527
December 31, 2021:
Customer relationships	$	471	$	(323	)	$	148
Trademarks		174		(122	)		52
Patents		145		(59	)		86
Indefinite-lived trade names		196		—			196
Other		82		(61	)		21
Total identified intangibles	$	1,068	$	(565	)	$	503

Goodwill represents the excess of cost over the fair value of net assets acquired. Goodwill and intangibles with indefinite lives are not amortized. Goodwill is assigned to the reporting units that are expected to benefit from the synergies of a business combination. The recoverability of goodwill and indefinite-lived intangibles is assessed annually, or more frequently as needed when events or changes have occurred that would suggest an impairment of carrying value, by determining whether the fair values of the applicable reporting units exceed their carrying values.

The impairment analysis compares the reporting unit’s carrying value to the respective fair value. Fair value of the reporting unit is determined using significant unobservable inputs, or level 3 in the fair value hierarchy. These inputs are based on internal management estimates, forecasts and judgments, using discounted cash flow.

The discounted cash flow is based on management’s forecast of operating performance for the reporting unit. The two main assumptions used in measuring goodwill impairment, which bear the risk of change and could impact the Company’s goodwill impairment analysis, include the cash flow from operations from each reporting unit and its weighted average cost of capital. The starting point for each of the reporting unit’s cash flow from operations is the detailed annual plan or updated forecast. Cash flows beyond the updated forecasted operating plans were estimated using a terminal value calculation, which incorporated historical and forecasted financial cyclical trends for each reporting unit and considered long-term earnings growth rates. The financial and credit market volatility directly impacts our fair value measurement through our weighted average cost of capital that we use to determine our discount

rate. During times of volatility, significant judgment must be applied to determine whether credit changes are a short-term or long-term trend.

Management reviews finite-lived intangibles for indicators of impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Cash flows expected to be generated by the finite-lived intangibles are estimated over the intangible asset’s useful life based on updated projections on an undiscounted basis. If the evaluation indicates that the carrying value of the finite-lived intangible asset may not be recoverable, the potential impairment is measured at fair value.

During the fourth quarter of 2021, the Company performed its annual impairment test, as described in ASC Topic 350, as of October 1, 2021. Based on the Company’s annual impairment test, the calculated fair values for all of the Company’s reporting units with remaining goodwill were substantially in excess of the respective reporting unit’s carrying value with the exception of Rig Equipment and XL Systems. The remaining goodwill for Rig Equipment and XL Systems is $661 million and $64 million, respectively. If market conditions were to fall or their cost of capital to increase, Rig Equipment and XL Systems would likely incur impairment charges, up to the full value of their goodwill. During the first quarter of 2020 and second quarter of 2019, negative market indicators constituted a triggering event and the results of the Company’s test for impairment resulted in the Company recording $1,295 million and $3,509 million in impairment charges to goodwill in 2020 and 2019, respectively. Additionally, $83 million and $103 million in charges to indefinite-lived intangible assets were recorded in 2020 and 2019 for these triggering events identified.

The goodwill and indefinite-lived intangible impairment was a triggering event that indicated that the Company’s long-lived tangible assets and finite-lived intangible assets were also impaired. Impairment testing determined that certain long-lived assets associated with most of the Company’s asset groups were not recoverable. The estimated fair value of these asset groups was below the carrying value and as a result, during the first quarter of 2020, the Company recorded impairment charges of $209 million to customer relationships, patents, trademarks, tradenames, and other finite- lived intangible assets, $262 million to property, plant and equipment, and $42 million for right-of-use assets. Additionally, the Company recorded a $224 million impairment on its equity investment in unconsolidated affiliates.

No impairment of goodwill or indefinite-lived intangible assets was recorded in 2021.

Accrued Liabilities

12 Months Ended

Dec. 31, 2021

Payables And Accruals [Abstract]

Accrued Liabilities

7. Accrued Liabilities

Accrued liabilities consist of (in millions):

	December 31,
	2021		2020
Vendor costs	$	124	$	118
Compensation		209		196
Taxes (non-income)		119		158
Warranty		73		87
Insurance		45		48
Fair value of derivatives		8		15
Commissions		17		19
Interest		6		7
Other		177		215
Total	$	778	$	863

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

8. 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 intends to exercise a lease option at inception 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 new agreements 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 most do not include

implicit interest rates. The Company recorded right-of-use asset impairment charges of $0, $42 million, and $56 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Components of leases are as follows (in millions):

	December 31,
	2021		2020
Current portion of lease liabilities:
Operating	$	76	$	82
Financing		23		28
Total	$	99	$	110

	December 31,
	2021		2020
Long-term portion of lease liability:
Operating	$	357	$	376
Financing		219		236
Total	$	576	$	612

Components of lease expense were as follows (in millions):

	Years Ended
	December 31, 2021			December 31, 2020
Lease cost
Finance lease cost
Amortization of right-of-use assets	$	26		$	31
Interest on lease liabilities		10			11
Operating lease cost		83			96
Short-term lease cost		74			64
Sub-lease income		(9	)		(10	)
Total	$	184		$	192

Supplemental information related to the Company’s leases is as follows (in millions):

	Years Ended
	December 31, 2021			December 31, 2020
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - finance leases	$	10		$	11
Operating cash flows - operating leases		83			96
Financing cash flows - finance leases		26			31
Right-of-use assets obtained in exchange for new:
Operating lease liabilities		37			47
Finance lease liabilities	$	9		$	16

Weighted average remaining lease term at December 31, 2021:
Operating leases	11 years			11 years
Finance leases	18 years			18 years
Weighted average discount rate at December 31, 2021:
Operating leases		4.74	%		4.93	%
Finance leases		3.86	%		3.92	%

Future minimum lease commitments for leases with initial or remaining terms of one year or more at December 31, 2021, are payable as follows (in millions):

	Operating			Finance
2022	$	91		$	32
2023		76			25
2024		65			21
2025		54			19
2026		43			17
Thereafter		219			214
Total lease payments		548			328
Less: Interest		(115	)		(86	)
Present value of lease liabilities	$	433		$	242

Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

9. Debt

Debt consists of (in millions):

	December 31,
	2021		2020
$1.1 billion in Senior Notes, interest at 3.95% payable semiannually, principal due on December 1, 2042		1,090		1,089
$0.5 billion in Senior Notes, interest at 3.60% payable semiannually, principal due on December 1, 2029		494		493
$0.2 billion in Senior Notes, interest at 2.60% payable semiannually, principal due on December 1, 2022		—		182
Other debt		129		70
Total Debt		1,713		1,834
Less current portion		5		—
Long-term debt	$	1,708	$	1,834

Principal payments of debt for years subsequent to 2021 are as follows (in millions):

2022		5
2023		26
2024		10
2025		21
2026		11
Thereafter		1,640
	$	1,713

On April 8, 2021, the Company extended the maturity date of its revolving credit facility one additional year to October 30, 2025. The facility has a borrowing capacity of $2.0 billion through October 30, 2024, and a borrowing capacity of $1.7 billion from October 31, 2024, to October 30, 2025. 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 December 31, 2021, the Company was in compliance with a debt-to-capitalization ratio of 27.8% and had no outstanding letters of credit issued under the facility, resulting in $2.0 billion of available funds.

Additionally, the Company’s joint venture with Aramco 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 December 31, 2021, the Company was in compliance. The line of credit repayment schedule begins in December 2022 with final payment no later than December 2032. As of December 31, 2021, the Company had $102 million in borrowings related to this line of credit. The first payment in December 2022 will be approximately $5 million. The Company can repay the entire outstanding facility balance without penalty at its sole discretion. Other debt at December 31, 2021 included $27 million of funding provided by minority interest partners of NOV consolidated joint ventures.

On April 9, 2021, the Company repaid the entire outstanding balance of $182 million of its 2.60% unsecured Senior Notes due December 1, 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, which included the redemption premium of $6.8 million and non-cash charges of $0.3 million to write-off of unamortized discount and debt issuance costs.

The Company had $444 million of outstanding letters of credit at December 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 December 31, 2021 and 2020, the fair value of the Company’s unsecured Senior Notes approximated $1,610 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 December 31, 2021 and 2020, the carrying value of the Company’s unsecured Senior Notes approximated $1,584 million and $1,764 million, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Employee Benefit Plans

12 Months Ended

Dec. 31, 2021

Compensation And Retirement Disclosure [Abstract]

Employee Benefit Plans

10. Employee Benefit Plans

We have benefit plans covering substantially all of our employees. Defined-contribution benefit plans cover most of the U.S. and Canadian employees, and benefits are based on years of service, a percentage of current earnings and matching of employee contributions. We also have defined contribution plans in Norway and the United Kingdom. For the years ended December 31, 2021, 2020 and 2019, expenses for defined-contribution plans were $34 million, $51 million, and $70 million, respectively, and all funding is current.

In 2021, NOV announced and filed for the defined benefit plan in the United States to be settled. As part of that process, the benefit accrual for the 20 employees represented by a collective bargaining agreement was ended as of November 30, 2021. The plan settlement is expected to be completed in late 2022 or early 2023. In addition, approximately 1,100 U.S. retirees and spouses participate in plans that provide post-retirement healthcare and/or life insurance benefits. Active employees are not eligible for these post-retirement benefits, except for one location represented by a collective bargaining agreement.

Net periodic benefit income (cost) for our defined benefit plans aggregated $3 million, $3 million, and $2 million for the years ended December 31, 2021, 2020 and 2019, respectively.

The change in benefit obligation, plan assets and the funded status of the defined benefit pension plans in the United States, United Kingdom, Norway, Germany and the Netherlands and defined postretirement plans in the United States, using a measurement date of December 31, 2021 and 2020, is as follows (in millions):

	Pension benefits						Postretirement benefits
At year end	2021			2020			2021			2020
Benefit obligation at beginning of year	$	641		$	600		$	43		$	53
Service cost		1			1			—			—
Interest cost		11			14			1			—
Actuarial loss (gain)		(5	)		54			4			5
Benefits paid		(29	)		(29	)		(14	)		(17	)
Participants contributions		—			—			—			2
Exchange rate loss (gain)		(12	)		17			—			—
Special events		—			—			—			—
Plan amendments		—			—			—			—
Settlements		(13	)		(16	)		—			—
Benefit obligation at end of year	$	594		$	641		$	34		$	43

Fair value of plan assets at beginning of year	$	584		$	568		$	—		$	—
Actual return		32			43			—			—
Benefits paid		(29	)		(29	)		(15	)		(17	)
Company contributions		4			5			15			15
Participants contributions		—			—			—			2
Exchange rate gain (loss)		(7	)		13			—			—
Settlements		(13	)		(16	)		—			—
Fair value of plan assets at end of year	$	571		$	584		$	—		$	—
Funded status	$	(23	)	$	(57	)	$	(34	)	$	(43	)

Accumulated benefit obligation at end of year	$	592		$	637

Liabilities associated with the funded status of the defined benefit pension plans are included in the balances of accrued liabilities and other liabilities in the Consolidated Balance Sheet.

Defined Benefit Pension Plans

Assumed long-term rates of return on plan assets, discount rates and rates of compensation increases vary for the different plans according to the local economic conditions. The assumption rates used for benefit obligations are as follows:

	Years Ended December 31,
	2021	2020
Discount rate:
United States plan	1.80% - 2.20%	1.20% - 2.40%
International plans	1.00% - 1.90%	0.70% - 1.80%
Salary increase:
United States plan	N/A	N/A
International plans	2.50% - 3.40%	1.75% - 2.90%

The assumption rates used for net periodic benefit costs are as follows:

	Years Ended December 31,
	2021	2020	2019
Discount rate:
United States plan	1.20% - 2.40%	2.50% - 3.20%	3.90% - 4.20%
International plans	0.70% - 1.80%	0.00% - 2.30%	1.80% - 2.90%
Salary increase:
United States plan	N/A	N/A	N/A
International plans	1.75% - 2.90%	1.80% - 3.10%	1.80% - 3.40%
Expected return on assets:
United States plan	3.90%	4.80%	5.70%
International plans	0.80% - 3.40%	0.00% - 4.50%	1.90% - 4.30%

In determining the overall expected long-term rate of return for plan assets, the Company takes into consideration the historical experience as well as future expectations of the asset mix involved. As different investments yield different returns, each asset category is reviewed individually and then weighted for significance in relation to the total portfolio.

The majority of our plans have projected benefit obligations in excess of plan assets.

The Company expects to pay future benefit amounts on its defined benefit plans of approximately $42 million for each of the next five years and aggregate payments of $343 million.

Plan Assets

The Company and its investment advisers collaboratively reviewed market opportunities using historic and statistical data, as well as the actuarial valuation reports for the plans, to ensure that the levels of acceptable return and risk are well-defined and monitored. Currently, the Company’s management believes that there are no significant concentrations of risk associated with plan assets. Our pension investment strategy worldwide prohibits a direct investment in our own stock.

The following table sets forth by level, within the fair value hierarchy, the plan’s assets carried at fair value (in millions):

	Fair Value Measurements
	Total		Level 1		Level 2		Level 3
December 31, 2020:
Equity securities	$	108	$	—	$	108	$	—
Bonds		253		—		253		—
Other (insurance contracts)		221		—		155		66
Total Fair Value Measurements	$	582	$	—	$	516	$	66
December 31, 2021:
Equity securities	$	8	$	—	$	8	$	—
Bonds		372		—		372		—
Other (insurance contracts)		191		—		132		59
Total Fair Value Measurements	$	571	$	—	$	512	$	59

Level 3 inputs are unobservable (i.e., supported by little or no market activity). Level 3 inputs include management’s own judgement about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). The following table sets forth a summary of changes in the fair value of the plan’s Level 3 assets (in millions):

	Level 3 Plan Assets
Balance at December 31, 2019	$	63
Actual return on plan assets still held at reporting date		-
Purchases, sales and settlements		(3	)
Currency translation adjustments		6
Balance at December 31, 2020	$	66
Actual return on plan assets still held at reporting date		(2	)
Purchases, sales and settlements		(1	)
Currency translation adjustments		(4	)
Balance at December 31, 2021	$	59

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Accumulated Other Comprehensive Loss

11. Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive income (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, 2018	$	(1,396	)	$	(14	)	$	(27	)	$	(1,437	)
Accumulated other comprehensive income (loss) before reclassifications		(7	)		(2	)		12			3
Amounts reclassified from accumulated other comprehensive income (loss)		—			12			(1	)		11
Balance at December 31, 2019	$	(1,403	)	$	(4	)	$	(16	)	$	(1,423	)
Accumulated other comprehensive income (loss) before reclassifications		(78	)		4			(30	)		(104	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			19			(1	)		18
Balance at December 31, 2020	$	(1,481	)	$	19		$	(47	)	$	(1,509	)
Accumulated other comprehensive income (loss) before reclassifications		(34	)		(5	)		10			(29	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			(7	)		(1	)		(8	)
Balance at December 31, 2021	$	(1,515	)	$	7		$	(38	)	$	(1,546	)

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

	Years Ended December 31,
	2021									2020									2019
	Derivative			Defined						Derivative			Defined							Derivative			Defined
	Financial			Benefit						Financial			Benefit							Financial			Benefit
	Instruments			Plans			Total			Instruments			Plans			Total				Instruments			Plans			Total
Revenue	$	(1	)	$	—		$	(1	)	$	17		$	—			17			$	1		$	—		$	1
Cost of revenue		(8	)		—			(8	)		6			—			6				14			—			14
Selling, general, and administrative		—			(1	)		(1	)		—			(1	)		(1	)			—			(1	)		(1	)
Tax effect		2			—			2			(4	)		—			(4	)			(3	)		—			(3	)
	$	(7	)	$	(1	)	$	(8	)	$	19		$	(1	)	$	18			$	12		$	(1	)	$	11

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 or (loss). The Company recorded other comprehensive income (loss) of ($34) million, ($78) million and ($7) million for the years ended December 31, 2021, 2020 and 2019, respectively.

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 are realized. The movement in other comprehensive income (loss) from period to period will be the result of the combination of changes in fair value of open derivatives and the outflow of other comprehensive income (loss) related to cumulative changes in the fair value of derivatives that have settled in the current period. The accumulated effect was other comprehensive income (loss) of ($12) million (net of $2 million tax), $23 million (net of $5 million tax) and $10 million (net of $4 million tax) for the years ended December 31, 2021, 2020 and 2019.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Text Block [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

Our business is governed by laws and regulations, including those directed to the oilfield service industry, 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. 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.

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 by the company), 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 and/or regulatory 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 December 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.

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 the Company’s 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 for which it may be difficult to predict 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 become subject to new government or regulatory restrictions or involved in governmental investigations, internal investigations, political or other enforcement matters. In such circumstances, such regulations, investigations, or other proceedings 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 trade regulation risk in the countries in which we do business or to which we transport goods. Such trade regulations can be complex and conflicting, as different countries use trade regulation to promote conflicting policy objectives. Compliance with these laws and regulations present challenges which could result in future liabilities (for example, when laws conflict between countries). The Company may face increased tariffs and trade costs, loss of revenue, loss of customers, increased costs, 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. Most recently, Russian actions concerning a potential incursion into, or war with, Ukraine have led to threats of increased sanctions by the United States and European Union. The likelihood, and precise scope, of such sanctions remains undetermined. The imposition of sanctions and the potentially broader impact of a war between Russia and Ukraine could have a material adverse effect on our financial performance.

Uncertainty arising from the COVID-19 pandemic continues to adversely impact many jurisdictions and disrupt normal economic activities. The Company’s ability to manufacture equipment and perform services could also be impaired and the Company could be exposed to liabilities resulting from interruption or delay in its ability to perform due to limited manpower, travel restrictions, difficulty obtaining visas, adverse health consequences to employees, supply chain disruption, inflationary pressures, and materials shortages. The Company continues to see operational delays due to supply chain disruption and closure or limitations imposed on our facilities and work force, from “shelter in place” regulation in different jurisdictions around the world. We also face sometimes conflicting regulatory and

legal prescriptions concerning vaccine mandates and prohibitions of vaccine mandates. We may face loss of workers, labor shortages, litigation, fines and/or other adverse consequences resulting from vaccine mandates and enforcement of other COVID-19 regulations.

Disputes may arise regarding application of force majeure contract provisions and allocation of responsibility among customers, the Company, and suppliers, resulting in material added cost and/or litigation. Our customers may attempt to cancel or delay projects, cancel contracts, or may invoke force majeure clauses. Our customers may also seek to delay or may default on their payments to us. As a result, the Company may be exposed to additional costs, liabilities and risks which could materially, adversely impact our financial performance and results. 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 all these risks, but the combination of these factors could have a material impact on our financial results.

Due to market conditions and ongoing concerns about the energy transition, demand for our products and services may decline. Legal restrictions on exploration and production may impede our customer’s ability to do business in certain jurisdictions. The political environment may adversely impact demand for hydrocarbons in different jurisdictions or world-wide. The demand for energy may be constrained with adverse consequences for our customers and for the company.

Common Stock

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Common Stock

13. Common Stock

NOV has authorized 1 billion shares of $0.01 par value common stock. The Company also has authorized 10 million shares of $0.01 par value preferred stock, none of which is issued or outstanding.

Cash dividends aggregated $20 million and $19 million for the years ended December 31, 2021 and 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.

Total compensation cost that has been charged against income for all share-based compensation arrangements was $78 million, $105 million and $130 million for 2021, 2020 and 2019, respectively. The total income tax benefit recognized before consideration of valuation allowance in the consolidated statements of income for all share-based compensation arrangements was $2 million, $3 million and $14 million for 2021, 2020 and 2019, respectively.

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. 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 December 31, 2021, approximately 13.5 million shares were available for future grants.

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. The Plan provides for the granting of stock options, performance-based share awards, restricted stock, phantom shares, stock payments and stock appreciation rights (“SARs”). The number of shares authorized under the Plan is 69.4 million. The Plan is subject to a fungible ratio concept, such that the issuance of stock options and SARs reduces the number of available shares under the Plan on a 1-for-1 basis, and the issuance of other awards reduces the number of available shares under the Plan on a 3-for-1 basis.

Stock Options

Options granted under our stock-based compensation plans generally vest over a three-year period starting one year from the date of grant and expire ten years from the date of grant. The purchase price of options granted may not be less than the closing market price of NOV common stock on the date of grant.

Stock option information summarized below includes amounts for the 2018 Plan and the Plan and stock plans of acquired companies. Options outstanding at December 31, 2021 under the stock option plans have exercise prices between $15.00 and $77.99 per share, and expire at various dates from February 22, 2022 to February 23, 2031.

The following summarizes options activity:

	Years Ended December 31,
	2021					2020					2019
	Number			Average		Number			Average		Number			Average
	of			Exercise		of			Exercise		of			Exercise
	Shares			Price		Shares			Price		Shares			Price
Shares under option at beginning of year		21,005,502		$	45.70		21,310,099		$	47.68		21,009,508		$	48.88
Granted		1,669,511			15.00		1,650,262			20.23		1,493,576			28.72
Forfeited		(1,398,052	)		63.65		(1,954,859	)		45.75		(944,917	)		50.57
Exercised		—			—		—			—		(248,068	)		29.70
Shares under option at end of year		21,276,961		$	42.09		21,005,502		$	45.70		21,310,099		$	47.68
Exercisable at end of year		18,039,330		$	46.27		17,893,434		$	49.25		17,796,607		$	50.49

The following summarizes information about stock options outstanding at December 31, 2021:

	Weighted-Avg		Options Outstanding				Options Exercisable
	Remaining				Weighted-Avg				Weighted-Avg
Range of Exercise Price	Contractual Life		Shares		Exercise Price		Shares		Exercise Price
$15.00 - $55.00		5.26		17,108,202	$	35.39		13,870,571	$	39.26
$55.01 - $70.00		1.72		3,135,924		66.85		3,135,924		66.85
$70.01 - $77.99		0.17		1,032,835		77.92		1,032,835		77.92
Total		4.49		21,276,961	$	42.09		18,039,330	$	46.27

The weighted-average fair value of options granted during 2021, 2020 and 2019, was approximately $5.75, $5.83 and $9.06 per share, respectively, as determined using the Black-Scholes option-pricing model. The total intrinsic value of options exercised during 2021 and 2020 was $0 in both years.

The determination of fair value of share-based payment awards on the date of grant using an option-pricing model is affected by our stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise activity. The use of the Black Scholes model requires the use of actual employee exercise activity data and the use of a number of complex assumptions including expected volatility, risk-free interest rate, expected dividends and expected term.

	Years Ended December 31,
Valuation Assumptions:	2021			2020			2019
Expected volatility		43.4	%		35.0	%		35.9	%
Risk-free interest rate		0.6	%		1.2	%		2.5	%
Expected dividend yield		0.0	%		1.0	%		0.7	%
Expected term (in years)		5.1			4.8			4.5

The Company used the actual volatility for traded options for the past 10 years prior to option date as the expected volatility assumption required in the Black Scholes model.

The risk-free interest rate assumption is based upon observed interest rates appropriate for the term of our employee stock options. The dividend yield assumption is based on the history and expectation of dividend payouts. The estimated expected term is based on actual employee exercise activity for the past ten years. Forfeitures are accounted for as they occur.

The following summary presents information regarding outstanding options at December 31, 2021 and changes during 2021 with regard to options under all stock option plans:

				Weighted- Average		Weighted Average Remaining Contractual		Aggregate
	Shares			Exercise Price		Term (years)		Intrinsic Value
Outstanding at December 31, 2020		21,005,502		$	45.70		4.89	$	—
Granted		1,669,511		$	15.00
Forfeited		(1,398,052	)	$	63.65
Exercised		—		$	—
Outstanding at December 31, 2021		21,276,961		$	42.09		4.49	$	—
Exercisable at December 31, 2021		18,039,330		$	46.27		3.79	$	—

At December 31, 2021, total unrecognized compensation cost related to nonvested stock options was $11 million. This cost is expected to be recognized over a weighted-average period of three years. The total fair value of stock options vested in 2021, 2020 and 2019 was approximately $12 million, $18 million and $32 million, respectively. Cash received from option exercises for 2021 and 2020 was zero. Cash received from option exercises in 2019 was $7 million. The actual tax benefit (expense) realized for the tax deductions from option exercises was zero in 2021 and 2020. The actual tax benefit (expense) realized for the tax deductions from option exercises in 2019 was $(2) million.

Stock Appreciation Rights

On December 20, 2017, the Company made a tender offer to exchange SARs issued to certain employees on February 24, 2016 (“2016 SARs”) for cash, amended SARs, and new stock options. The transaction was structured to provide the employees an equal long-term incentive compensation value, while alleviating volatility in the Company’s earnings caused by required mark-to-market accounting on outstanding SARS. Of the outstanding 2016 SARs, 94.75% were exchanged resulting in a total cash payment of $14 million and granting of 3,613,707 new stock options on the exchange date with an exercise price of $34.32 and a fair value of $8.47, with vesting matched to the exchanged 2016 SARs.

The following summary presents information regarding outstanding SARs:

	Year Ended December 31,
	2021					2020
	Number			Average		Number			Average
	of			Exercise		of			Exercise
	Shares			Price		Shares			Price
Shares under SARs at beginning of year		1,234,565		$	28.40		1,330,257		$	28.45
Granted		—			—		7,912			20.23
Forfeited		(40,631	)		28.32		(103,604	)		28.38
Exercised		—			—		—			—
Shares under SARs at end of year		1,193,934		$	28.40		1,234,565		$	28.40
Exercisable at end of year		1,186,296		$	28.44		1,219,555		$	28.44

The Company recognized no expense in 2021, 2020, or 2019. There was no liability for cash-settled SARs at December 31, 2021.

Restricted Shares

The Company issues restricted stock awards and restricted stock units to officers and key employees in addition to stock options. On February 22, 2021, the Company granted 2,977,290 shares of restricted stock and restricted stock units with a fair value of $15.00 per share; and performance share awards to senior management employees with potential payouts varying from zero to 1,434,000 shares. The restricted stock and restricted stock units vest in three equal annual installments commencing on the first anniversary of the date of grant. The performance share awards can be earned based on performance against established goals over a three-year performance period. The 2019, 2020 and 2021 performance share awards are divided into two independent parts that are subject to two separate performance metrics: 85% with a TSR (total shareholder return) goal and 15% with an internal NVA (“National Oilwell Varco Value Added”) (return on capital metric) goal. Performance against the TSR goal is determined by comparing the performance of the Company’s TSR with the TSR performance of the members of the OSX index 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 shall be 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.

On May 19, 2021, the Company granted 78,552 restricted stock awards with a fair value of $16.50 per share. The awards were granted to non-employee members of the board of directors and vest on the first anniversary of the grant date.

The following summary presents information regarding outstanding restricted shares:

	Years Ended December 31,
	2021					2020					2019
				Weighted-					Weighted-					Weighted-
	Number			Average		Number			Average		Number			Average
	of			Grant Date		of			Grant Date		of			Grant Date
	Units			Fair Value		Units			Fair Value		Units			Fair Value
Nonvested at beginning of year		6,073,963		$	31.85		6,274,308		$	33.10		5,914,860		$	34.41
Granted		3,772,842		$	15.03		3,166,402		$	19.98		3,335,315		$	28.52
Vested		(2,672,507	)	$	15.38		(3,229,624	)	$	20.09		(2,901,945	)	$	25.67
Forfeited		(237,724	)	$	63.65		(137,123	)	$	45.75		(73,922	)	$	50.57
Nonvested at end of year		6,936,574		$	21.32		6,073,963		$	31.85		6,274,308		$	33.10

At December 31, 2021, there was approximately $70 million of unrecognized compensation cost related to nonvested restricted stock awards and restricted stock units, which is expected to be recognized over a weighted-average period of two years.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Revenue

12 Months Ended

Dec. 31, 2021

Revenue From Contract With Customer [Abstract]

Revenue

14.

Revenue

Disaggregation of Revenue

The following tables disaggregate our revenue by destinations, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. In the tables below, North America includes only the U.S. and Canada (in millions):

	Year Ended December 31, 2021
			Completion
	Wellbore		& Production		Rig
	Technologies		Solutions		Technologies		Eliminations			Total
North America	$	904	$	789	$	275	$	—		$	1,968
International		991		1,131		1,434		—			3,556
Eliminations		64		43		30		(137	)		—
	$	1,959	$	1,963	$	1,739	$	(137	)	$	5,524

Land	$	1,423	$	1,250	$	390	$	—		$	3,063
Offshore		472		670		1,319		—			2,461
Eliminations		64		43		30		(137	)		—
	$	1,959	$	1,963	$	1,739	$	(137	)	$	5,524

	Year Ended December 31, 2020
			Completion
	Wellbore		& Production		Rig
	Technologies		Solutions		Technologies		Eliminations			Total
North America	$	824	$	751	$	227	$	—		$	1,802
International		988		1,639		1,661		—			4,288
Eliminations		55		43		31		(129	)		—
	$	1,867	$	2,433	$	1,919	$	(129	)	$	6,090

Land	$	1,308	$	1,426	$	473	$	—		$	3,207
Offshore		504		964		1,415		—			2,883
Eliminations		55		43		31		(129	)		—
	$	1,867	$	2,433	$	1,919	$	(129	)	$	6,090

	Year Ended December 31, 2019
			Completion
	Wellbore		& Production		Rig
	Technologies		Solutions		Technologies		Eliminations			Total
North America	$	1,710	$	1,122	$	529	$	—		$	3,361
International		1,441		1,590		2,087		—			5,118
Eliminations		63		59		66		(188	)		—
	$	3,214	$	2,771	$	2,682	$	(188	)	$	8,479

Land	$	2,531	$	1,808	$	758	$	—		$	5,097
Offshore		620		904		1,858		—			3,382
Eliminations		63		59		66		(188	)		—
	$	3,214	$	2,771	$	2,682	$	(188	)	$	8,479

The Company did not have any customers with revenues greater than 10% of total revenue for the years ended December 31, 2021, 2020, or 2019.

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. There were no impairment losses recorded on contract assets for the years ending December 31, 2021, 2020 and 2019.

Contract liabilities consist of advance payments, billings in excess of revenue recognized and deferred revenue.

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

	Contract Assets			Contract Liabilities
Balance at December 31, 2020	$	611		$	354
Provision, net		1			—
Billings		(866	)		933
Revenue recognized		806			(818	)
Currency translation adjustments and other		(91	)		(77	)
Balance at December 31, 2021	$	461		$	392

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 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 December 31, 2021, and December 31, 2020, the allowance for credit losses totaled $89 million and $102 million, respectively.

- 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
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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

15. Income Taxes

The domestic and foreign components of income (loss) before income taxes were as follows (in millions):

	Years Ended December 31,
	2021			2020			2019
Domestic	$	(257	)	$	(2,169	)	$	(4,501	)
Foreign		27			(610	)		(1,961	)
	$	(230	)	$	(2,779	)	$	(6,462	)

The components of the provision for income taxes consisted of (in millions):

	Years Ended December 31,
	2021			2020			2019
Current:
Federal	$	4		$	(279	)	$	(7	)
State		(1	)		(4	)		4
Foreign		23			106			60
Total current income tax provision		26			(177	)		57
Deferred:
Federal		(1	)		7			(344	)
State		—			—			(18	)
Foreign		(10	)		(72	)		(64	)
Total deferred income tax provision		(11	)		(65	)		(426	)
Total income tax provision	$	15		$	(242	)	$	(369	)

The difference between the effective tax rate reflected in the provision for income taxes and the U.S. federal statutory rate was as follows (in millions):

	Years Ended December 31,
	2021			2020			2019
Federal income tax at U.S. statutory rate	$	(48	)	$	(584	)	$	(1,357	)
Foreign income tax rate differential		(9	)		(30	)		(40	)
Goodwill impairment		—			271			666
Reduction of FTC carryforwards		—			184			—
Tax Benefit from CARES Act		—			(83	)		—
Change in deferred tax valuation allowance		31			(83	)		218
Nondeductible expenses		17			44			61
Foreign dividends, net of foreign tax credits		54			28			163
Change in uncertain tax positions		13			20			(60	)
State income taxes - net of federal benefit		(1	)		(4	)		(16	)
Income tax credits		(11	)		—			—
Other		(31	)		(5	)		(4	)
Total income tax provision	$	15		$	(242	)	$	(369	)

The effective tax rate for the year ended December 31, 2021 was (6.5%), compared to 8.7% for 2020. For the year-ended 2021, the effective tax rate 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. For the year ended December 31, 2020 the effective tax rate was negatively impacted by the impairment of nondeductible goodwill and the establishment of additional valuation allowances for current year losses and other tax attributes, partially offset by the release of valuation allowance as a result of (a) the carryback of $591 million of U.S. net operating losses from 2019 to 2014 as a result of the CARES Act and (b) the filing of an amended U.S. tax return to deduct foreign tax credits and carryback the resulting $287 million U.S. net operating loss from 2016 to 2014.

Significant components of our deferred tax assets and liabilities were as follows (in millions):

	December 31,
	2021			2020
Deferred tax assets:
Allowances and operating liabilities	$	297		$	318
Net operating loss carryforwards		446			387
Stock Compensation		56			61
Tax credit carryforwards		398			411
Other		135			122
Valuation allowance		(1,127	)		(1,093	)
Total deferred tax assets		205			206
Deferred tax liabilities:
Tax over book depreciation		56			60
Capital leases		76			80
Intangible assets		52			49
Deferred income		51			47
Accrued tax on unremitted earnings		33			33
Other		3			15
Total deferred tax liabilities		271			284
Net deferred tax liability	$	66		$	78

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):

	2021			2020			2019
Unrecognized tax benefit at beginning of year	$	57		$	38		$	98
Gross increase for tax positions in prior years		8			25			10
Gross decrease for tax positions in prior years		(1	)		(2	)		(60	)
Cash Settlements		(1	)		(1	)		(3	)
Lapse of statute of limitations		(3	)		(3	)		(7	)
Unrecognized tax benefit at end of year	$	60		$	57		$	38

The balance of unrecognized tax benefits at December 31, 2021, 2020 and 2019 was $60 million, $57 million and $38 million, respectively. Accruals related to prior year domestic and foreign jurisdiction issues resulted in uncertain tax position increases of $8 million in 2021. Resolutions of domestic and foreign jurisdiction audits resulted in a $1 million and $4 million decrease in uncertain tax provisions for the years ended December 31, 2021 and 2020, respectively.

Substantially all of the unrecognized tax benefits, if ultimately realized, would be recorded as a benefit to the effective tax rate. The Company does not anticipate any material change within the next twelve months due to settlements and conclusions of tax examinations. To the extent penalties and interest would be assessed on any underpayment of income tax, such accrued amounts have been classified as a component of income tax expense in the financial statements consistent with the Company’s policy. For the years ended December 31, 2021, 2020 and 2019, we recorded income tax expense of $8 million, $2 million and nil, respectively, for interest and penalty related to

unrecognized tax benefits. As of December 31, 2021 and 2020, the Company had accrued $20 million and $11 million, respectively, of interest and penalty relating to unrecognized tax benefits.

The Company is subject to taxation in the United States as well as various states and foreign jurisdictions. The Company has significant operations in the United States, Norway, Saudi Arabia, Brazil, Canada, the United Kingdom, the Netherlands and Denmark. Tax years that remain subject to examination by major tax jurisdictions vary by legal entity, but are generally open in the U.S. for tax years ending after 2013 and outside the U.S. for tax years ending after 2016.

Net operating loss carryforwards by jurisdiction and expiration as of December 31, 2021 were as follows (in millions):

	Federal		State		Foreign		Total
2021 - 2025 Expiration	$	19	$	4	$	244	$	267
2026 - 2040 Expiration		31		383		381		795
Unlimited Expiration		505		—		646		1,151
Total Net Operating Loss (NOL)	$	555	$	387	$	1,271	$	2,213
Tax Effected NOL	$	117	$	25	$	304	$	446

The Company has $387 million of excess foreign tax credits in the United States as of December 31, 2021, of which $128 million, $144 million, $96 million, $12 million, and $7 million will expire in 2022, 2027, 2028, 2030, and 2031 respectively. As of December 31, 2021, the Company has remaining tax-deductible goodwill of $93 million, resulting from acquisitions. The amortization of this goodwill is deductible over various periods ranging up to 10 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Business Segments and Geographic Areas

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Business Segments and Geographic Areas

16. Business Segments. and Geographic Areas

The Company’s operations are organized into three operating segments: Wellbore Technologies, Completion & Production Solutions and Rig Technologies.

Wellbore Technologies

The Company’s Wellbore Technologies segment designs, manufactures, rents, and sells a variety of equipment and technologies used to perform drilling operations, and offers services that optimize their performance, including: solids control and waste management equipment and services; portable power generation; drill pipe; wired pipe; drilling optimization and automation services; tubular inspection, repair and coating services; instrumentation; measuring and monitoring; downhole and fishing tools; steerable technologies; and drill bits.

Wellbore Technologies focuses on oil and gas companies and supports drilling contractors, oilfield service companies, and oilfield equipment rental companies. Demand for the segment’s products and services depends on the level of oilfield drilling activity by oil and gas companies, drilling contractors, and oilfield service companies.

Completion & Production Solutions

The Company’s Completion & Production Solutions segment integrates technologies for well completions and oil and gas production. The segment designs, manufactures, and services equipment and technologies needed for hydraulic fracture stimulation, including downhole multistage fracturing tools, pressure pumping trucks, blenders, sanders, hydration units, injection units, flowline, and manifolds; well intervention, including coiled tubing units, coiled tubing, and wireline units and tools; well construction, including premium connections and liner hangers; onshore production, including composite pipe, surface transfer and progressive cavity pumps, and artificial lift systems; and, offshore production, including floating production systems and subsea production technologies. The segment also manufactures industrial pumps and mixers.

Completion & Production Solutions supports service companies and oil and gas companies. Demand for the segment’s products depends on the level of oilfield completions and workover activity by oilfield service companies and drilling contractors, and capital spending plans by oil and gas companies and oilfield service companies.

The segment also designs and manufactures equipment for industrial markets. This includes specialized, technology-driven progressive cavity pumps and mixers for a wide breadth of industrial end markets with high failure costs,

premium pole products to support connectivity, lighting, and power for municipal and residential applications including 5G, smart-city infrastructure, roads and highways, and energy-grid modernization. Demand for these products is driven by general industrial activity and infrastructure spend.

Rig Technologies

The Company’s Rig Technologies segment manufactures and supports the capital equipment and integrated systems needed to drill oil and gas wells on land and offshore as well as other marine-based markets, including offshore wind vessels. The segment designs, manufactures and sells land rigs, offshore drilling equipment packages, including installation and commissioning services, and drilling rig components that mechanize and automate the drilling process and rig functionality. Equipment and technologies the segment provides to customers include: substructures, derricks, and masts; cranes; jacking systems; pipe lifting, racking, rotating, and assembly systems; fluid transfer technologies, such as mud pumps; pressure control equipment, including blowout preventers; power transmission systems, including drives and generators; rig instrumentation and control systems; mooring, anchor, and deck handling machinery; major equipment components for offshore wind construction vessels; and pipelay and construction systems. The segment also provides spare parts, repair, and rentals as well as comprehensive remote equipment monitoring, technical support, field service, and customer training through an extensive network of aftermarket service and repair facilities strategically located in major areas of drilling operations around the world.

Rig Technologies supports land and offshore drillers. Demand for the segment’s products depends on drilling contractors’ and oil and gas companies’ capital spending plans, specifically capital expenditures on rig construction and refurbishment; and secondarily on the overall level of oilfield drilling activity, which drives demand for spare parts, service, and repair for the segment’s large installed base of equipment. The segment also designs and builds equipment for wind turbine installation companies, where demand is dependent on global investment into offshore wind energy developments.

Geographic Areas:

The following table presents consolidated revenues by country based on sales destination of the products or services (in millions):

	Years Ended December 31,
	2021		2020		2019
United States	$	1,760	$	1,634	$	3,112
Norway		365		464		512
Saudi Arabia		316		343		436
Brazil		316		224		269
China		222		288		285
Canada		207		168		247
United Kingdom		204		222		333
Singapore		143		242		473
United Arab Emirates		130		221		224
South Korea		32		33		69
Other Countries		1,829		2,251		2,519
Total	$	5,524	$	6,090	$	8,479

The following table presents plant, property and equipment by country based on the location (in millions):

	December 31,
	2021		2020
United States	$	898	$	1,011
Saudi Arabia		231		176
Brazil		87		92
United Kingdom		84		86
Denmark		72		76
Canada		59		73
United Arab Emirates		65		68
South Korea		60		51
Mexico		28		30
Singapore		14		15
Russia		10		13
Other Countries		215		236
Total	$	1,823	$	1,927

Business Segments:

The following table presents selected financial data by business segment (in millions):

	Wellbore Technologies			Completion & Production Solutions			Rig Technologies			Eliminations and corporate (1)			Total
December 31, 2021
Revenue	$	1,959		$	1,963		$	1,739		$	(137	)	$	5,524
Operating profit (loss)⁽²⁾		74			(65	)		43			(186	)		(134	)
Capital expenditures		77			46			74			4			201
Depreciation and amortization		158			62			71			15			306
Goodwill		342			473			712			—			1,527
Total assets		2,670			2,465			2,621			1,794			9,550
December 31, 2020
Revenue	$	1,867		$	2,433		$	1,919		$	(129	)	$	6,090
Operating profit (loss)⁽²⁾		(858	)		(977	)		(362	)		(228	)		(2,425	)
Capital expenditures		87			48			80			11			226
Depreciation and amortization		187			75			77			13			352
Goodwill		308			473			712			-			1,493
Total assets		2,665			2,472			2,923			1,869			9,929
December 31, 2019
Revenue	$	3,214		$	2,771		$	2,682		$	(188	)	$	8,479
Operating profit (loss)⁽²⁾		(3,551	)		(1,934	)		(524	)		(270	)		(6,279	)
Capital expenditures		123			64			31			15			233
Depreciation and amortization		284			150			87			12			533
Goodwill		843			1,054			910			—			2,807
Total assets		4,078			3,826			3,758			1,487			13,149

(1)

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 and corporate costs include intercompany transactions conducted between the three reporting segments that are eliminated in consolidation, as well as corporate costs not allocated to the segments. Intercompany transactions within each reporting segment are eliminated within each reporting segment. Also included in the eliminations

and corporate costs column are capital expenditures and total assets related to corporate. Corporate assets consist primarily of cash and fixed assets.

(2)

Segment operating loss for 2021 includes charges, net of related credits, for: inventory write-downs (Wellbore Technologies $(2) million; Completion & Production Solutions $(12) million; and, Rig Technologies $1 million); and severance and other restructuring costs (Wellbore Technologies $32 million; Completion & Production Solutions $12 million; and, Rig Technologies $19 million). Segment operating loss for 2020 includes charges, net of related credits, for: goodwill, other intangible asset and other long lived asset impairments (Wellbore Technologies $665 million; Completion & Production Solutions $1,010 million; and, Rig Technologies $198 million); inventory write-downs (Wellbore Technologies $50 million; Completion & Production Solutions $101 million; and, Rig Technologies $175 million); and severance and other restructuring costs (Wellbore Technologies $134 million; Completion & Production Solutions $21 million; and, Rig Technologies $29 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Schedule II Nov Inc. Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2021

Valuation And Qualifying Accounts [Abstract]

Schedule II Nov Inc. Valuation and Qualifying Accounts

SCHEDULE II

NOV INC.

VALUATION AND QUALIFYING ACCOUNTS

Years Ended December 31, 2021, 2020 and 2019

(in millions)

	Balance beginning of year		Additions (Deductions) charged to costs and expenses			Charge off's and other			Balance end of year
Allowance for doubtful accounts:
2021	$	100	$	5		$	(17	)	$	88
2020		132		7			(39	)		100
2019		161		21			(50	)		132
Reserve for excess and obsolete inventories:
2021	$	577	$	73		$	(206	)	$	444
2020		843		367			(633	)		577
2019		644		659			(460	)		843
Valuation allowance for deferred tax assets:
2021	$	1,093	$	31		$	3		$	1,127
2020		1,175		(83	)		1			1,093
2019		955		218			2			1,175
Environmental accruals
2021	$	90	$	12		$	(24	)	$	78
2020		104		13			(27	)		90
2019		66		57			(19	)		104
Warranty reserve:
2021	$	87	$	15		$	(29	)	$	73
2020		90		22			(25	)		87
2019		105		41			(56	)		90

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Fair Value of Financial Instruments

Derivative Financial Instruments

Inventories

Property, Plant and Equipment

Acquisitions and Investments

Foreign Currency

Revenue Recognition, Service and Repair Work, and Costs to Obtain and Fulfill a Contract

Revenue Recognition

For revenue that is not recognized at a point in time, the Company follows accounting guidance for revenue recognized over time, as follows:

Revenue Recognition under Long-term Construction Contracts

These long-term construction contracts generally include integrating a complex set of tasks and components into a single project or capability so they are accounted for as one performance obligation.

Service and Repair Work

Costs to Obtain and Fulfill a Contract

Remaining Performance Obligations

Service and Product Warranties

The changes in the carrying amount of service and product warranties are as follows (in millions):

Balance at December 31, 2019	$	90
Net provisions for warranties issued during the year		22
Amounts incurred		(26	)
Currency translation adjustments		1
Balance at December 31, 2020	$	87
Net provisions for warranties issued during the year		15
Amounts incurred		(24	)
Currency translation adjustments		(5	)
Balance at December 31, 2021	$	73

Income Taxes

Concentration of Credit Risk

Stock-Based Compensation

The Company provides compensation benefits to employees and non-employee directors under share-based payment arrangements, including various employee stock option plans.

Environmental Liabilities

Use of Estimates

Contingencies

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):

	Years Ended December 31,
	2021			2020			2019
Numerator:
Net loss attributable to Company	$	(250	)	$	(2,542	)	$	(6,095	)
Denominator:
Basic—weighted average common shares outstanding		386			384			382
Dilutive effect of employee stock options and other unvested stock awards		—			—			—
Diluted outstanding shares		386			384			382
Basic loss attributable to Company per share	$	(0.65	)	$	(6.62	)	$	(15.96	)
Diluted loss attributable to Company per share	$	(0.65	)	$	(6.62	)	$	(15.96	)
Cash dividends per share	$	0.05		$	0.05		$	0.20

Recently Adopted and Issued Accounting Standards

Recently Adopted Accounting Standards

accounting for income taxes. 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

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Changes in Carrying Amount of Service and Product Warranties

The changes in the carrying amount of service and product warranties are as follows (in millions):

Balance at December 31, 2019	$	90
Net provisions for warranties issued during the year		22
Amounts incurred		(26	)
Currency translation adjustments		1
Balance at December 31, 2020	$	87
Net provisions for warranties issued during the year		15
Amounts incurred		(24	)
Currency translation adjustments		(5	)
Balance at December 31, 2021	$	73

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):

	Years Ended December 31,
	2021			2020			2019
Numerator:
Net loss attributable to Company	$	(250	)	$	(2,542	)	$	(6,095	)
Denominator:
Basic—weighted average common shares outstanding		386			384			382
Dilutive effect of employee stock options and other unvested stock awards		—			—			—
Diluted outstanding shares		386			384			382
Basic loss attributable to Company per share	$	(0.65	)	$	(6.62	)	$	(15.96	)
Diluted loss attributable to Company per share	$	(0.65	)	$	(6.62	)	$	(15.96	)
Cash dividends per share	$	0.05		$	0.05		$	0.20

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Outstanding Foreign Currency Forward Contracts

Forward currency contracts consist of (in millions):

Currency Denomination

Currency

December 31, 2021

December 31, 2020

South Korean Won

KRW

17,600

KRW

17,600

Norwegian Krone

NOK

2,430

NOK

3,817

Russian Ruble

RUB

1,128

RUB

1,118

Mexican Peso

MXN

637

MXN

402

Japanese Yen

JPY

476

JPY

340

U.S. Dollar

USD

415

USD

367

South African Rand

ZAR

124

ZAR

124

Euro

EUR

106

EUR

116

Singapore Dollar

SGD

British Pound Sterling

GBP

Danish Krone

DKK

875

Brazilian Real

BRL

—

BRL

768

Canadian Dollar

CAD

—

CAD

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):

	Fair Values of Derivative Instruments (In millions)
	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
	Balance Sheet	December 31,				Balance Sheet	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	$	11	$	17	Accrued liabilities	$	2	$	11
Foreign exchange contracts	Other Assets		—		12	Other Liabilities		—		-
Total derivatives designated as hedging instruments under ASC Topic 815		$	11	$	29		$	2	$	11
Derivatives not designated as hedging instruments under ASC Topic 815
Foreign exchange contracts	Prepaid and other current assets	$	7	$	17	Accrued liabilities	$	6	$	4
Total derivatives not designated as hedging instruments under ASC Topic 815		$	7	$	17		$	6	$	4
Total derivatives		$	18	$	46		$	8	$	15

Inventories, net (Tables)

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories consist of (in millions):

	December 31,
	2021			2020
Raw materials and supplies	$	350		$	373
Work in process		218			189
Finished goods and purchased products		1,207			1,423
		1,775			1,985
Less: Inventory reserve		(444	)		(577	)
Total	$	1,331		$	1,408

Property, Plant and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consist of (in millions):

	Estimated	December 31,
	Useful Lives	2021			2020
Land		$	174		$	175
Buildings and improvements	5-35 Years		1,309			1,343
Operating equipment	2-20 Years		2,678			2,660
Rental equipment	2-15 Years		794			799
			4,955			4,977
Less: Accumulated Depreciation			(3,132	)		(3,050	)
		$	1,823		$	1,927

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill Identified, by Segment

Goodwill is identified by segment as follows (in millions):

	Wellbore Technologies			Completion & Production Solutions			Rig Technologies			Total
Balance at December 31, 2019		843			1,054			910			2,807
Goodwill acquired during period		4			—			—			4
Impairment		(517	)		(580	)		(198	)		(1,295	)
Currency translation adjustments and other		(22	)		(1	)		—			(23	)
Balance at December 31, 2020	$	308		$	473		$	712		$	1,493
Goodwill acquired during period		34			—			—			34
Balance at December 31, 2021 (1)	$	342		$	473		$	712		$	1,527

(1)	Accumulated goodwill impairment was $7,261 million as of December 31, 2021.

Identified Intangible Assets, by Segment

The net book values of identified intangible assets are identified by segment as follows (in millions):

	Wellbore Technologies			Completion & Production Solutions			Rig Technologies			Total
Balance at December 31, 2019	$	326		$	275		$	251		$	852
Additions to intangible assets		20			—			—			20
Impairment		(78	)		(214	)		—			(292	)
Amortization		(12	)		(9	)		(28	)		(49	)
Currency translation adjustments		(3	)		(5	)		4			(4	)
Balance at December 31, 2020	$	253		$	47		$	227		$	527
Additions to intangible assets		22			—			—			22
Amortization		(10	)		(5	)		(28	)		(43	)
Currency translation adjustments		(1	)		—			(2	)		(3	)
Balance at December 31, 2021	$	264		$	42		$	197		$	503

Identified Intangible Assets, by Major Classification

Identified intangible assets by major classification consist of the following (in millions):

	Gross		Accumulated Amortization			Net Book Value
December 31, 2020:
Customer relationships	$	475	$	(300	)	$	175
Trademarks		175		(116	)		59
Patents		115		(53	)		62
Indefinite-lived trade names		196		—			196
Other		94		(59	)		35
Total identified intangibles	$	1,055	$	(528	)	$	527
December 31, 2021:
Customer relationships	$	471	$	(323	)	$	148
Trademarks		174		(122	)		52
Patents		145		(59	)		86
Indefinite-lived trade names		196		—			196
Other		82		(61	)		21
Total identified intangibles	$	1,068	$	(565	)	$	503

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Payables And Accruals [Abstract]

Accrued Liabilities

Accrued liabilities consist of (in millions):

	December 31,
	2021		2020
Vendor costs	$	124	$	118
Compensation		209		196
Taxes (non-income)		119		158
Warranty		73		87
Insurance		45		48
Fair value of derivatives		8		15
Commissions		17		19
Interest		6		7
Other		177		215
Total	$	778	$	863

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Schedule of Components of Leases

Components of leases are as follows (in millions):

	December 31,
	2021		2020
Current portion of lease liabilities:
Operating	$	76	$	82
Financing		23		28
Total	$	99	$	110

	December 31,
	2021		2020
Long-term portion of lease liability:
Operating	$	357	$	376
Financing		219		236
Total	$	576	$	612

Components of Lease Expense

Components of lease expense were as follows (in millions):

	Years Ended
	December 31, 2021			December 31, 2020
Lease cost
Finance lease cost
Amortization of right-of-use assets	$	26		$	31
Interest on lease liabilities		10			11
Operating lease cost		83			96
Short-term lease cost		74			64
Sub-lease income		(9	)		(10	)
Total	$	184		$	192

Schedule of Supplemental information Related to Leases

Supplemental information related to the Company’s leases is as follows (in millions):

	Years Ended
	December 31, 2021			December 31, 2020
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - finance leases	$	10		$	11
Operating cash flows - operating leases		83			96
Financing cash flows - finance leases		26			31
Right-of-use assets obtained in exchange for new:
Operating lease liabilities		37			47
Finance lease liabilities	$	9		$	16

Weighted average remaining lease term at December 31, 2021:
Operating leases	11 years			11 years
Finance leases	18 years			18 years
Weighted average discount rate at December 31, 2021:
Operating leases		4.74	%		4.93	%
Finance leases		3.86	%		3.92	%

Future Minimum Lease Commitments for Leases with Initial or Remaining Terms of One Year or More

Future minimum lease commitments for leases with initial or remaining terms of one year or more at December 31, 2021, are payable as follows (in millions):

	Operating			Finance
2022	$	91		$	32
2023		76			25
2024		65			21
2025		54			19
2026		43			17
Thereafter		219			214
Total lease payments		548			328
Less: Interest		(115	)		(86	)
Present value of lease liabilities	$	433		$	242

Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

Debt consists of (in millions):

	December 31,
	2021		2020
$1.1 billion in Senior Notes, interest at 3.95% payable semiannually, principal due on December 1, 2042		1,090		1,089
$0.5 billion in Senior Notes, interest at 3.60% payable semiannually, principal due on December 1, 2029		494		493
$0.2 billion in Senior Notes, interest at 2.60% payable semiannually, principal due on December 1, 2022		—		182
Other debt		129		70
Total Debt		1,713		1,834
Less current portion		5		—
Long-term debt	$	1,708	$	1,834

Principal Payments of Debt

Principal payments of debt for years subsequent to 2021 are as follows (in millions):

2022		5
2023		26
2024		10
2025		21
2026		11
Thereafter		1,640
	$	1,713

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 835
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-Section 45
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644

+ Details

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Compensation And Retirement Disclosure [Abstract]

Change in Benefit Obligation, Plan Assets and Funded Status of Defined Benefit Pension Plans

	Pension benefits						Postretirement benefits
At year end	2021			2020			2021			2020
Benefit obligation at beginning of year	$	641		$	600		$	43		$	53
Service cost		1			1			—			—
Interest cost		11			14			1			—
Actuarial loss (gain)		(5	)		54			4			5
Benefits paid		(29	)		(29	)		(14	)		(17	)
Participants contributions		—			—			—			2
Exchange rate loss (gain)		(12	)		17			—			—
Special events		—			—			—			—
Plan amendments		—			—			—			—
Settlements		(13	)		(16	)		—			—
Benefit obligation at end of year	$	594		$	641		$	34		$	43

Fair value of plan assets at beginning of year	$	584		$	568		$	—		$	—
Actual return		32			43			—			—
Benefits paid		(29	)		(29	)		(15	)		(17	)
Company contributions		4			5			15			15
Participants contributions		—			—			—			2
Exchange rate gain (loss)		(7	)		13			—			—
Settlements		(13	)		(16	)		—			—
Fair value of plan assets at end of year	$	571		$	584		$	—		$	—
Funded status	$	(23	)	$	(57	)	$	(34	)	$	(43	)

Accumulated benefit obligation at end of year	$	592		$	637

Assumption Rates Used for Benefit Obligations

The assumption rates used for benefit obligations are as follows:

	Years Ended December 31,
	2021	2020
Discount rate:
United States plan	1.80% - 2.20%	1.20% - 2.40%
International plans	1.00% - 1.90%	0.70% - 1.80%
Salary increase:
United States plan	N/A	N/A
International plans	2.50% - 3.40%	1.75% - 2.90%

Assumption Rates Used for Net Periodic Benefit Costs

The assumption rates used for net periodic benefit costs are as follows:

	Years Ended December 31,
	2021	2020	2019
Discount rate:
United States plan	1.20% - 2.40%	2.50% - 3.20%	3.90% - 4.20%
International plans	0.70% - 1.80%	0.00% - 2.30%	1.80% - 2.90%
Salary increase:
United States plan	N/A	N/A	N/A
International plans	1.75% - 2.90%	1.80% - 3.10%	1.80% - 3.40%
Expected return on assets:
United States plan	3.90%	4.80%	5.70%
International plans	0.80% - 3.40%	0.00% - 4.50%	1.90% - 4.30%

Plan's Assets Carried at Fair Value

The following table sets forth by level, within the fair value hierarchy, the plan’s assets carried at fair value (in millions):

	Fair Value Measurements
	Total		Level 1		Level 2		Level 3
December 31, 2020:
Equity securities	$	108	$	—	$	108	$	—
Bonds		253		—		253		—
Other (insurance contracts)		221		—		155		66
Total Fair Value Measurements	$	582	$	—	$	516	$	66
December 31, 2021:
Equity securities	$	8	$	—	$	8	$	—
Bonds		372		—		372		—
Other (insurance contracts)		191		—		132		59
Total Fair Value Measurements	$	571	$	—	$	512	$	59

Summary of Changes in Fair Value of Plan's Level Three Assets

The following table sets forth a summary of changes in the fair value of the plan’s Level 3 assets (in millions):

	Level 3 Plan Assets
Balance at December 31, 2019	$	63
Actual return on plan assets still held at reporting date		-
Purchases, sales and settlements		(3	)
Currency translation adjustments		6
Balance at December 31, 2020	$	66
Actual return on plan assets still held at reporting date		(2	)
Purchases, sales and settlements		(1	)
Currency translation adjustments		(4	)
Balance at December 31, 2021	$	59

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (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, 2018	$	(1,396	)	$	(14	)	$	(27	)	$	(1,437	)
Accumulated other comprehensive income (loss) before reclassifications		(7	)		(2	)		12			3
Amounts reclassified from accumulated other comprehensive income (loss)		—			12			(1	)		11
Balance at December 31, 2019	$	(1,403	)	$	(4	)	$	(16	)	$	(1,423	)
Accumulated other comprehensive income (loss) before reclassifications		(78	)		4			(30	)		(104	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			19			(1	)		18
Balance at December 31, 2020	$	(1,481	)	$	19		$	(47	)	$	(1,509	)
Accumulated other comprehensive income (loss) before reclassifications		(34	)		(5	)		10			(29	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			(7	)		(1	)		(8	)
Balance at December 31, 2021	$	(1,515	)	$	7		$	(38	)	$	(1,546	)

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):

	Years Ended December 31,
	2021									2020									2019
	Derivative			Defined						Derivative			Defined							Derivative			Defined
	Financial			Benefit						Financial			Benefit							Financial			Benefit
	Instruments			Plans			Total			Instruments			Plans			Total				Instruments			Plans			Total
Revenue	$	(1	)	$	—		$	(1	)	$	17		$	—			17			$	1		$	—		$	1
Cost of revenue		(8	)		—			(8	)		6			—			6				14			—			14
Selling, general, and administrative		—			(1	)		(1	)		—			(1	)		(1	)			—			(1	)		(1	)
Tax effect		2			—			2			(4	)		—			(4	)			(3	)		—			(3	)
	$	(7	)	$	(1	)	$	(8	)	$	19		$	(1	)	$	18			$	12		$	(1	)	$	11

Common Stock (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Summary of Stock Options

The following summarizes options activity:

	Years Ended December 31,
	2021					2020					2019
	Number			Average		Number			Average		Number			Average
	of			Exercise		of			Exercise		of			Exercise
	Shares			Price		Shares			Price		Shares			Price
Shares under option at beginning of year		21,005,502		$	45.70		21,310,099		$	47.68		21,009,508		$	48.88
Granted		1,669,511			15.00		1,650,262			20.23		1,493,576			28.72
Forfeited		(1,398,052	)		63.65		(1,954,859	)		45.75		(944,917	)		50.57
Exercised		—			—		—			—		(248,068	)		29.70
Shares under option at end of year		21,276,961		$	42.09		21,005,502		$	45.70		21,310,099		$	47.68
Exercisable at end of year		18,039,330		$	46.27		17,893,434		$	49.25		17,796,607		$	50.49

Summary of Stock Option Outstanding Information

The following summarizes information about stock options outstanding at December 31, 2021:

	Weighted-Avg		Options Outstanding				Options Exercisable
	Remaining				Weighted-Avg				Weighted-Avg
Range of Exercise Price	Contractual Life		Shares		Exercise Price		Shares		Exercise Price
$15.00 - $55.00		5.26		17,108,202	$	35.39		13,870,571	$	39.26
$55.01 - $70.00		1.72		3,135,924		66.85		3,135,924		66.85
$70.01 - $77.99		0.17		1,032,835		77.92		1,032,835		77.92
Total		4.49		21,276,961	$	42.09		18,039,330	$	46.27

Assumption Used in Determination of Fair Value of Share Based Payment Awards

The use of the Black Scholes model requires the use of actual employee exercise activity data and the use of a number of complex assumptions including expected volatility, risk-free interest rate, expected dividends and expected term.

	Years Ended December 31,
Valuation Assumptions:	2021			2020			2019
Expected volatility		43.4	%		35.0	%		35.9	%
Risk-free interest rate		0.6	%		1.2	%		2.5	%
Expected dividend yield		0.0	%		1.0	%		0.7	%
Expected term (in years)		5.1			4.8			4.5

Summary of Information and Changes in Stock Options with Regard to Stock Option Plans

The following summary presents information regarding outstanding options at December 31, 2021 and changes during 2021 with regard to options under all stock option plans:

				Weighted- Average		Weighted Average Remaining Contractual		Aggregate
	Shares			Exercise Price		Term (years)		Intrinsic Value
Outstanding at December 31, 2020		21,005,502		$	45.70		4.89	$	—
Granted		1,669,511		$	15.00
Forfeited		(1,398,052	)	$	63.65
Exercised		—		$	—
Outstanding at December 31, 2021		21,276,961		$	42.09		4.49	$	—
Exercisable at December 31, 2021		18,039,330		$	46.27		3.79	$	—

Summary of Information Regarding Outstanding SARs

The following summary presents information regarding outstanding SARs:

	Year Ended December 31,
	2021					2020
	Number			Average		Number			Average
	of			Exercise		of			Exercise
	Shares			Price		Shares			Price
Shares under SARs at beginning of year		1,234,565		$	28.40		1,330,257		$	28.45
Granted		—			—		7,912			20.23
Forfeited		(40,631	)		28.32		(103,604	)		28.38
Exercised		—			—		—			—
Shares under SARs at end of year		1,193,934		$	28.40		1,234,565		$	28.40
Exercisable at end of year		1,186,296		$	28.44		1,219,555		$	28.44

Summary of Information Regarding Outstanding Restricted Shares

The following summary presents information regarding outstanding restricted shares:

	Years Ended December 31,
	2021					2020					2019
				Weighted-					Weighted-					Weighted-
	Number			Average		Number			Average		Number			Average
	of			Grant Date		of			Grant Date		of			Grant Date
	Units			Fair Value		Units			Fair Value		Units			Fair Value
Nonvested at beginning of year		6,073,963		$	31.85		6,274,308		$	33.10		5,914,860		$	34.41
Granted		3,772,842		$	15.03		3,166,402		$	19.98		3,335,315		$	28.52
Vested		(2,672,507	)	$	15.38		(3,229,624	)	$	20.09		(2,901,945	)	$	25.67
Forfeited		(237,724	)	$	63.65		(137,123	)	$	45.75		(73,922	)	$	50.57
Nonvested at end of year		6,936,574		$	21.32		6,073,963		$	31.85		6,274,308		$	33.10

Revenue (Tables)

12 Months Ended

Dec. 31, 2021

Revenue From Contract With Customer [Abstract]

Summary of Disaggregate Revenue by Destinations

	Year Ended December 31, 2021
			Completion
	Wellbore		& Production		Rig
	Technologies		Solutions		Technologies		Eliminations			Total
North America	$	904	$	789	$	275	$	—		$	1,968
International		991		1,131		1,434		—			3,556
Eliminations		64		43		30		(137	)		—
	$	1,959	$	1,963	$	1,739	$	(137	)	$	5,524

Land	$	1,423	$	1,250	$	390	$	—		$	3,063
Offshore		472		670		1,319		—			2,461
Eliminations		64		43		30		(137	)		—
	$	1,959	$	1,963	$	1,739	$	(137	)	$	5,524

	Year Ended December 31, 2020
			Completion
	Wellbore		& Production		Rig
	Technologies		Solutions		Technologies		Eliminations			Total
North America	$	824	$	751	$	227	$	—		$	1,802
International		988		1,639		1,661		—			4,288
Eliminations		55		43		31		(129	)		—
	$	1,867	$	2,433	$	1,919	$	(129	)	$	6,090

Land	$	1,308	$	1,426	$	473	$	—		$	3,207
Offshore		504		964		1,415		—			2,883
Eliminations		55		43		31		(129	)		—
	$	1,867	$	2,433	$	1,919	$	(129	)	$	6,090

	Year Ended December 31, 2019
			Completion
	Wellbore		& Production		Rig
	Technologies		Solutions		Technologies		Eliminations			Total
North America	$	1,710	$	1,122	$	529	$	—		$	3,361
International		1,441		1,590		2,087		—			5,118
Eliminations		63		59		66		(188	)		—
	$	3,214	$	2,771	$	2,682	$	(188	)	$	8,479

Land	$	2,531	$	1,808	$	758	$	—		$	5,097
Offshore		620		904		1,858		—			3,382
Eliminations		63		59		66		(188	)		—
	$	3,214	$	2,771	$	2,682	$	(188	)	$	8,479

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

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

	Contract Assets			Contract Liabilities
Balance at December 31, 2020	$	611		$	354
Provision, net		1			—
Billings		(866	)		933
Revenue recognized		806			(818	)
Currency translation adjustments and other		(91	)		(77	)
Balance at December 31, 2021	$	461		$	392

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Domestic and Foreign Components of Income (Loss) Before Income Taxes

The domestic and foreign components of income (loss) before income taxes were as follows (in millions):

	Years Ended December 31,
	2021			2020			2019
Domestic	$	(257	)	$	(2,169	)	$	(4,501	)
Foreign		27			(610	)		(1,961	)
	$	(230	)	$	(2,779	)	$	(6,462	)

Components of Provision for Income Taxes

The components of the provision for income taxes consisted of (in millions):

	Years Ended December 31,
	2021			2020			2019
Current:
Federal	$	4		$	(279	)	$	(7	)
State		(1	)		(4	)		4
Foreign		23			106			60
Total current income tax provision		26			(177	)		57
Deferred:
Federal		(1	)		7			(344	)
State		—			—			(18	)
Foreign		(10	)		(72	)		(64	)
Total deferred income tax provision		(11	)		(65	)		(426	)
Total income tax provision	$	15		$	(242	)	$	(369	)

Difference Between Effective Tax Rate

The difference between the effective tax rate reflected in the provision for income taxes and the U.S. federal statutory rate was as follows (in millions):

	Years Ended December 31,
	2021			2020			2019
Federal income tax at U.S. statutory rate	$	(48	)	$	(584	)	$	(1,357	)
Foreign income tax rate differential		(9	)		(30	)		(40	)
Goodwill impairment		—			271			666
Reduction of FTC carryforwards		—			184			—
Tax Benefit from CARES Act		—			(83	)		—
Change in deferred tax valuation allowance		31			(83	)		218
Nondeductible expenses		17			44			61
Foreign dividends, net of foreign tax credits		54			28			163
Change in uncertain tax positions		13			20			(60	)
State income taxes - net of federal benefit		(1	)		(4	)		(16	)
Income tax credits		(11	)		—			—
Other		(31	)		(5	)		(4	)
Total income tax provision	$	15		$	(242	)	$	(369	)

Significant Components of Deferred Tax Assets and Liability

Significant components of our deferred tax assets and liabilities were as follows (in millions):

	December 31,
	2021			2020
Deferred tax assets:
Allowances and operating liabilities	$	297		$	318
Net operating loss carryforwards		446			387
Stock Compensation		56			61
Tax credit carryforwards		398			411
Other		135			122
Valuation allowance		(1,127	)		(1,093	)
Total deferred tax assets		205			206
Deferred tax liabilities:
Tax over book depreciation		56			60
Capital leases		76			80
Intangible assets		52			49
Deferred income		51			47
Accrued tax on unremitted earnings		33			33
Other		3			15
Total deferred tax liabilities		271			284
Net deferred tax liability	$	66		$	78

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):

	2021			2020			2019
Unrecognized tax benefit at beginning of year	$	57		$	38		$	98
Gross increase for tax positions in prior years		8			25			10
Gross decrease for tax positions in prior years		(1	)		(2	)		(60	)
Cash Settlements		(1	)		(1	)		(3	)
Lapse of statute of limitations		(3	)		(3	)		(7	)
Unrecognized tax benefit at end of year	$	60		$	57		$	38

Summary of Net Operating Loss Carryforwards

Net operating loss carryforwards by jurisdiction and expiration as of December 31, 2021 were as follows (in millions):

	Federal		State		Foreign		Total
2021 - 2025 Expiration	$	19	$	4	$	244	$	267
2026 - 2040 Expiration		31		383		381		795
Unlimited Expiration		505		—		646		1,151
Total Net Operating Loss (NOL)	$	555	$	387	$	1,271	$	2,213
Tax Effected NOL	$	117	$	25	$	304	$	446

Business Segments and Geographic Areas (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Revenues by Country Based on Sales Destination of Products or Services

The following table presents consolidated revenues by country based on sales destination of the products or services (in millions):

	Years Ended December 31,
	2021		2020		2019
United States	$	1,760	$	1,634	$	3,112
Norway		365		464		512
Saudi Arabia		316		343		436
Brazil		316		224		269
China		222		288		285
Canada		207		168		247
United Kingdom		204		222		333
Singapore		143		242		473
United Arab Emirates		130		221		224
South Korea		32		33		69
Other Countries		1,829		2,251		2,519
Total	$	5,524	$	6,090	$	8,479

Plant, Property and Equipment by Country Based on the Location

The following table presents plant, property and equipment by country based on the location (in millions):

	December 31,
	2021		2020
United States	$	898	$	1,011
Saudi Arabia		231		176
Brazil		87		92
United Kingdom		84		86
Denmark		72		76
Canada		59		73
United Arab Emirates		65		68
South Korea		60		51
Mexico		28		30
Singapore		14		15
Russia		10		13
Other Countries		215		236
Total	$	1,823	$	1,927

Business Segments

The following table presents selected financial data by business segment (in millions):

	Wellbore Technologies			Completion & Production Solutions			Rig Technologies			Eliminations and corporate (1)			Total
December 31, 2021
Revenue	$	1,959		$	1,963		$	1,739		$	(137	)	$	5,524
Operating profit (loss)⁽²⁾		74			(65	)		43			(186	)		(134	)
Capital expenditures		77			46			74			4			201
Depreciation and amortization		158			62			71			15			306
Goodwill		342			473			712			—			1,527
Total assets		2,670			2,465			2,621			1,794			9,550
December 31, 2020
Revenue	$	1,867		$	2,433		$	1,919		$	(129	)	$	6,090
Operating profit (loss)⁽²⁾		(858	)		(977	)		(362	)		(228	)		(2,425	)
Capital expenditures		87			48			80			11			226
Depreciation and amortization		187			75			77			13			352
Goodwill		308			473			712			-			1,493
Total assets		2,665			2,472			2,923			1,869			9,929
December 31, 2019
Revenue	$	3,214		$	2,771		$	2,682		$	(188	)	$	8,479
Operating profit (loss)⁽²⁾		(3,551	)		(1,934	)		(524	)		(270	)		(6,279	)
Capital expenditures		123			64			31			15			233
Depreciation and amortization		284			150			87			12			533
Goodwill		843			1,054			910			—			2,807
Total assets		4,078			3,826			3,758			1,487			13,149

(1)

and corporate costs column are capital expenditures and total assets related to corporate. Corporate assets consist primarily of cash and fixed assets.

(2)

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Significant Accounting Policies [Line Items]
Maturity period of investments description	three months or less
Additional inventory reserve charges	$ 73	$ 367	$ 659
Inventory reserves total	$ 444	$ 577
Percentage of inventory reserve	25.00%	29.00%
Depreciation expense related to property, plant and equipment	$ 264	$ 302	355
Impairment of long-lived assets		513	2,209
Cash payment for acquisition	52	14	180
Net foreign currency transaction gains (losses)	(16)	(2)	$ (36)
Net revenue recognized from performance obligations satisfied in previous periods	38	41
Remaining performance obligations	4,224
Net allowances for doubtful accounts	$ 88	$ 100
Anti-dilutive stock options outstanding	21	26	20
ASU 2019-12 [Member]
Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Mar. 31, 2021
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
2021 Acquisitions [Member]
Significant Accounting Policies [Line Items]
Additional cash payment for acquisitions (in stock)	$ 29
Business combinations number of shares issued	2
Property, Plant and Equipment [Member]
Significant Accounting Policies [Line Items]
Impairment of long-lived assets		$ 262	$ 252
Minimum [Member]
Significant Accounting Policies [Line Items]
Derivative, term of contract	2 months
Maximum [Member]
Significant Accounting Policies [Line Items]
Derivative, term of contract	24 months

Summary of Significant Accounting Policies - Additional Information (Detail 1) $ in Millions	Dec. 31, 2021 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 4,224
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 1,316
Remaining performance obligations, expected to be recognized, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 2,908
Remaining performance obligations, expected to be recognized, period	1 year

Summary of Significant Accounting Policies - Changes in Carrying Amount of Service and Product Warranties (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Product Warranties Disclosures [Abstract]
Beginning Balance	$ 87	$ 90
Net provisions for warranties issued during the year	15	22
Amounts incurred	(24)	(26)
Currency translation adjustments	(5)	1
Ending Balance	$ 73	$ 87

Summary of Significant Accounting Policies - Computation of Weighted Average Basic and Diluted Shares Outstanding (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net loss attributable to Company	$ (250)	$ (2,542)	$ (6,095)
Denominator:
Basic—weighted average common shares outstanding	386	384	382
Dilutive effect of employee stock options and other unvested stock awards	0	0	0
Diluted outstanding shares	386	384	382
Basic loss attributable to Company per share	$ (0.65)	$ (6.62)	$ (15.96)
Diluted loss attributable to Company per share	(0.65)	(6.62)	(15.96)
Cash dividends per share	$ 0.05	$ 0.05	$ 0.20

- 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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- Definition

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-Paragraph 2
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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

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+ Details

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Fair value of currency related derivatives, assets	$ 18
Fair value of currency related derivatives, liabilities	8
Fair value of foreign currency forward contracts, net asset	10
Accumulated other comprehensive loss reclassified into earnings within the next twelve months	8
Gain (loss) recognized in other income (expense), net	$ (9)	$ (3)	$ (12)

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	Dec. 31, 2021 USD ($)	Dec. 31, 2021 KRW (₩)	Dec. 31, 2021 NOK (kr)	Dec. 31, 2021 RUB (₽)	Dec. 31, 2021 MXN ($)	Dec. 31, 2021 JPY (¥)	Dec. 31, 2021 ZAR (R)	Dec. 31, 2021 EUR (€)	Dec. 31, 2021 SGD ($)	Dec. 31, 2021 GBP (£)	Dec. 31, 2021 DKK (kr)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 KRW (₩)	Dec. 31, 2020 NOK (kr)	Dec. 31, 2020 RUB (₽)	Dec. 31, 2020 MXN ($)	Dec. 31, 2020 JPY (¥)	Dec. 31, 2020 ZAR (R)	Dec. 31, 2020 EUR (€)	Dec. 31, 2020 SGD ($)	Dec. 31, 2020 GBP (£)	Dec. 31, 2020 DKK (kr)	Dec. 31, 2020 BRL (R$)	Dec. 31, 2020 CAD ($)
Derivative [Line Items]
Foreign currency, Cash flow hedging	$ 10
Forward Contracts [Member]
Derivative [Line Items]
Foreign currency, Cash flow hedging	$ 415	₩ 17,600	kr 2,430	₽ 1,128	$ 637	¥ 476	R 124	€ 106	$ 36	£ 14	kr 7	$ 367	₩ 17,600	kr 3,817	₽ 1,118	$ 402	¥ 340	R 124	€ 116	$ 31	£ 18	kr 875	R$ 768	$ 1

Derivative Financial Instruments - Derivative Instruments and their Balance Sheet Classifications (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Derivatives Fair Value [Line Items]
Asset Derivatives	$ 18	$ 46
Liability Derivatives	8	15
Designated as Hedging Instruments [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives	11	29
Liability Derivatives	2	11
Not Designated as Hedging Instruments [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives	7	17
Liability Derivatives	6	4
Foreign Exchange Contracts [Member] \| Designated as Hedging Instruments [Member] \| Accrued liabilities [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives	2	11
Foreign Exchange Contracts [Member] \| Not Designated as Hedging Instruments [Member] \| Accrued liabilities [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives	6	4
Foreign Exchange Contracts [Member] \| Prepaid and Other Current Assets [Member] \| Designated as Hedging Instruments [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives	11	17
Foreign Exchange Contracts [Member] \| Prepaid and Other Current Assets [Member] \| Not Designated as Hedging Instruments [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives	$ 7	17
Foreign Exchange Contracts [Member] \| Other Assets [Member] \| Designated as Hedging Instruments [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives		$ 12

Inventories, net - Inventories (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 350	$ 373
Work in process	218	189
Finished goods and purchased products	1,207	1,423
Inventory, Gross	1,775	1,985
Less: Inventory reserve	(444)	(577)
Total	$ 1,331	$ 1,408

Property, Plant and Equipment - Property, Plant and Equipment (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment Gross	$ 4,955	$ 4,977
Less: Accumulated Depreciation	(3,132)	(3,050)
Property, plant and equipment, net	1,823	1,927
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment Gross	174	175
Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment Gross	$ 1,309	1,343
Estimated Useful Lives	5-35 Years
Operating Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment Gross	$ 2,678	2,660
Estimated Useful Lives	2-20 Years
Rental Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment Gross	$ 794	$ 799
Estimated Useful Lives	2-15 Years

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Jun. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Indefinite-lived Intangible Assets [Line Items]
Goodwill			$ 1,527	$ 1,493	$ 2,807
Intangibles, net			503	527
Impairment on equity investment	$ 224
Impairment of Intangible Assets, Finite-lived	209
Impairment of property, plant and equipment	262
Impairment of right-of-use assets	42		$ 0	42	56
Estimated useful lives of intangible assets, minimum			2 years
Estimated useful lives of intangible assets, maximum			40 years
Amortization expense, 2021			$ 40
Amortization expense, 2022			33
Amortization expense, 2023			28
Amortization expense, 2024			25
Amortization expense, 2025			23
Impairment charge on goodwill			0	$ 1,295	$ 3,509
Impairment of intangible assets, indefinite-lived (excluding goodwill)	$ 83	$ 103	0
Rig Equipment [Member]
Indefinite-lived Intangible Assets [Line Items]
Goodwill			661
XL Systems [Member]
Indefinite-lived Intangible Assets [Line Items]
Goodwill			$ 64

Goodwill and Intangible Assets - Goodwill Identified, by Segment (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Beginning Balance	$ 1,493	$ 2,807
Goodwill acquired during period	34	4
Impairment	0	(1,295)	$ (3,509)
Currency translation adjustments and other		(23)
Ending Balance	1,527	1,493	2,807
Wellbore Technologies [Member]
Goodwill [Line Items]
Beginning Balance	308	843
Goodwill acquired during period	34	4
Impairment		(517)
Currency translation adjustments and other		(22)
Ending Balance	342	308	843
Completion & Production Solutions [Member]
Goodwill [Line Items]
Beginning Balance	473	1,054
Impairment		(580)
Currency translation adjustments and other		(1)
Ending Balance	473	473	1,054
Rig Technologies [Member]
Goodwill [Line Items]
Beginning Balance	712	910
Impairment		(198)
Ending Balance	$ 712	$ 712	$ 910

Goodwill and Intangible Assets - Goodwill Identified, by Segment (Parenthetical) (Detail) $ in Millions	Dec. 31, 2021 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Accumulated goodwill impairment	$ 7,261

Goodwill and Intangible Assets - Identified Intangible Assets, by Segment (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	$ 527	$ 852
Additions to intangible assets	22	20
Impairment		(292)
Amortization	(43)	(49)
Currency translation adjustments	(3)	(4)
Ending Balance	503	527
Wellbore Technologies [Member]
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	253	326
Additions to intangible assets	22	20
Impairment		(78)
Amortization	(10)	(12)
Currency translation adjustments	(1)	(3)
Ending Balance	264	253
Completion & Production Solutions [Member]
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	47	275
Impairment		(214)
Amortization	(5)	(9)
Currency translation adjustments		(5)
Ending Balance	42	47
Rig Technologies [Member]
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	227	251
Amortization	(28)	(28)
Currency translation adjustments	(2)	4
Ending Balance	$ 197	$ 227

Goodwill and Intangible Assets - Identified Intangible Assets, by Major Classification (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Intangible Assets Net Excluding Goodwill [Line Items]
Gross	$ 1,068	$ 1,055
Accumulated Amortization	(565)	(528)
Net Book Value	503	527	$ 852
Indefinite-lived Trade Names [Member]
Intangible Assets Net Excluding Goodwill [Line Items]
Gross	196	196
Net Book Value	196	196
Customer Relationships [Member]
Intangible Assets Net Excluding Goodwill [Line Items]
Gross	471	475
Accumulated Amortization	(323)	(300)
Net Book Value	148	175
Trademarks [Member]
Intangible Assets Net Excluding Goodwill [Line Items]
Gross	174	175
Accumulated Amortization	(122)	(116)
Net Book Value	52	59
Patents [Member]
Intangible Assets Net Excluding Goodwill [Line Items]
Gross	145	115
Accumulated Amortization	(59)	(53)
Net Book Value	86	62
Other [Member]
Intangible Assets Net Excluding Goodwill [Line Items]
Gross	82	94
Accumulated Amortization	(61)	(59)
Net Book Value	$ 21	$ 35

Accrued Liabilities - Accrued Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Vendor costs	$ 124	$ 118
Compensation	209	196
Taxes (non-income)	119	158
Warranty	73	87	$ 90
Insurance	45	48
Fair value of derivatives	8	15
Commissions	17	19
Interest	6	7
Other	177	215
Total	$ 778	$ 863

Leases - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Impairment of right-of-use assets	$ 42	$ 0	$ 42	$ 56

Leases - Schedule of Components of Leases (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Current portion of lease liabilities:
Operating	$ 76	$ 82
Financing	23	28
Total	99	110
Long-term portion of lease liability:
Operating	357	376
Financing	219	236
Total	$ 576	$ 612

Leases - Components of Lease Expense (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finance lease cost
Finance lease cost, amortization of right-of-use assets	$ 26	$ 31
Finance lease cost, interest on lease liabilities	10	11
Operating lease cost	83	96
Short-term lease cost	74	64
Sub-lease income	(9)	(10)
Total	$ 184	$ 192

Leases - Supplemental Information Related to Leases (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities, operating cash flows from finance leases	$ 10	$ 11
Cash paid for amounts included in the measurement of lease liabilities, operating cash flows from operating leases	83	96
Cash paid for amounts included in the measurement of lease liabilities, financing cash flows from finance leases	26	31	$ 32
Right-of-use assets obtained in exchange for new:
Right-of-use assets obtained in exchange for new operating lease liabilities	37	47
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 9	$ 16
Weighted average remaining lease term (years), operating leases	11 years	11 years
Weighted average remaining lease term (years), finance leases	18 years	18 years
Weighted average discount rate, operating leases	4.74%	4.93%
Weighted average discount rate, finance leases	3.86%	3.92%

Leases - Future Minimum Lease Commitments for Leases with Initial or Remaining Terms of One Year or More (Detail) $ in Millions	Dec. 31, 2021 USD ($)
Operating
Operating lease, 2022	$ 91
Operating lease, 2023	76
Operating lease, 2024	65
Operating lease, 2025	54
Operating lease, 2026	43
Operating lease, Thereafter	219
Total lease payments	548
Less: Interest	(115)
Present value of lease liabilities	$ 433
Operating Lease Liability Statement Of Financial Position [Extensible List]	us-gaap:OtherLiabilities
Finance
Finance leases, 2022	$ 32
Finance leases, 2023	25
Finance leases, 2024	21
Finance leases, 2025	19
Finance leases, 2026	17
Finance leases, Thereafter	214
Total lease payments	328
Less: Interest	(86)
Present value of lease liabilities	$ 242
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	us-gaap:OtherLiabilities

Debt - Debt (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Senior Notes	$ 1,584	$ 1,764
Other debt	129	70
Total Debt	1,713	1,834
Less current portion	5
Long-term debt	1,708	1,834
Senior Notes, Interest at 3.95% Payable Semiannually, Principal Due on December 1, 2042 [Member]
Debt Instrument [Line Items]
Senior Notes	1,090	1,089
Senior Notes, Interest at 3.60% Payable Semiannually, Principal Due on December 1, 2029 [Member]
Debt Instrument [Line Items]
Senior Notes	$ 494	493
Senior Notes, Interest at 2.60% Payable Semiannually, Principal Due on December 1, 2022 [Member]
Debt Instrument [Line Items]
Senior Notes		$ 182

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Debt - Debt (Parenthetical) (Detail) - USD ($)	12 Months Ended
Debt - Debt (Parenthetical) (Detail) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
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
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 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

Debt - Principal Payments of Debt (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2022	$ 5
2023	26
2024	10
2025	21
2026	11
Thereafter	1,640
Total Debt	$ 1,713	$ 1,834

- Definition

+ References + Details

Debt - Additional Information (Detail) - USD ($)			12 Months Ended
Debt - Additional Information (Detail) - USD ($)	Apr. 09, 2021	Apr. 08, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Funds available under revolving credit facility			$ 2,000,000,000.0
Interest rate under multi currency facility			LIBOR, NIBOR or CDOR plus
Capitalization ratio, Maximum			60.00%
Capitalization ratio, Actual			27.80%
Other debt			$ 129,000,000	$ 70,000,000
First payment			5,000,000
Redemption of unsecured note			7,000,000	8,000,000	$ 36,000,000
Loss on extinguishment of debt			(7,000,000)	(8,000,000)	$ (26,000,000)
Outstanding letters of credit under various bilateral letter of credit facilities			444,000,000
Carrying value of Unsecured Senior Notes			1,584,000,000	1,764,000,000
2.60% Unsecured Senior Notes Due December 1, 2022 [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
Loss on extinguishment of debt			(7,100,000)
Premium on debt			6,800,000
Write off of unamortized discount and debt issuance cost			300,000
Unsecured Debt [Member] \| Fair Value, Inputs, Level 2 [Member]
Debt Instrument [Line Items]
Fair value of Unsecured Senior Notes			1,610,000,000	$ 1,833,000,000
Noncontrolling Interests [Member]
Debt Instrument [Line Items]
Other debt			$ 27,000,000
Canadian Dollar Offered Rate (CDOR) [Member]
Debt Instrument [Line Items]
Variable rate			1.125%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility extended maturity date		Oct. 30, 2025
Line of credit facility current borrowing capacity		$ 2,000,000,000.0
Funds available under revolving credit facility		$ 1,700,000,000
Credit facility, extendable borrowing capacity			$ 3,000,000,000.0
Variable rate basis			LIBOR, NIBOR or CDOR plus
Outstanding letters of credit issued			$ 0
Foreign Line of Credit [Member]
Debt Instrument [Line Items]
Variable rate			1.40%
Debt to equity ratio maximum			75.00%
Borrowings			$ 102,000,000
First payment			$ 5,000,000
Line of credit repayment schedule beginning date			2022-12
Line of credit repayment schedule ending date			2032-12
Foreign Line of Credit [Member] \| Aramco [Member]
Debt Instrument [Line Items]
Additional line of credit facility borrowing capacity			$ 150,000,000

Employee Benefit Plans - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) Employee	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Compensation Related Costs Disclosure [Line Items]
Expenses for defined-contribution plans	$ 34	$ 51	$ 70
Net periodic benefit income (cost)	3	$ 3	$ 2
Defined benefit plan, expected future benefit payments in year five	$ 42
Expected years of defined benefit plans	5 years
Expected future benefit amounts to pay, total	$ 343
United States [Member]
Compensation Related Costs Disclosure [Line Items]
Number of U.S. employees participate in defined benefit health care plans \| Employee	20
Number of U.S retirees and spouses participate in defined benefit health care plans \| Employee	1,100

Employee Benefit Plans - Change in Benefit Obligation, Plan Assets and Funded Status of Defined Benefit Pension Plans (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at beginning of year	$ 582
Fair value of plan assets at end of year	571	$ 582
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	641	600
Service cost	1	1
Interest cost	11	14
Actuarial loss (gain)	(5)	54
Benefits paid	(29)	(29)
Exchange rate loss (gain)	(12)	17
Settlements	(13)	(16)
Benefit obligation at end of year	594	641
Fair value of plan assets at beginning of year	584	568
Actual return	32	43
Benefits paid	(29)	(29)
Company contributions	4	5
Exchange rate gain (loss)	(7)	13
Settlements	(13)	(16)
Fair value of plan assets at end of year	571	584
Funded status	(23)	(57)
Accumulated benefit obligation at end of year	592	637
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	43	53
Interest cost	1
Actuarial loss (gain)	4	5
Benefits paid	(14)	(17)
Participants contributions		2
Benefit obligation at end of year	34	43
Benefits paid	(15)	(17)
Company contributions	15	15
Participants contributions		2
Funded status	$ (34)	$ (43)

Employee Benefit Plans - Assumption Rates Used for Benefit Obligations (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
United States [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate minimum	1.80%	1.20%
Discount rate maximum	2.20%	2.40%
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate minimum	1.00%	0.70%
Discount rate maximum	1.90%	1.80%
Salary increase minimum	2.50%	1.75%
Salary increase maximum	3.40%	2.90%

Employee Benefit Plans - Assumption Rates Used for Net Periodic Benefit Costs (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
United States [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate minimum	1.20%	2.50%	3.90%
Discount rate maximum	2.40%	3.20%	4.20%
Expected return on assets	3.90%	4.80%	5.70%
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate minimum	0.70%	0.00%	1.80%
Discount rate maximum	1.80%	2.30%	2.90%
Salary increase minimum	1.75%	1.80%	1.80%
Salary increase maximum	2.90%	3.10%	3.40%
Expected return on assets, minimum	0.80%	0.00%	1.90%
Expected return on assets, maximum	3.40%	4.50%	4.30%

Employee Benefit Plans - Plan's Assets Carried at Fair Value (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	$ 571	$ 582
Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	8	108
Bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	372	253
Other Contract [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	191	221
Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	512	516
Fair Value, Inputs, Level 2 [Member] \| Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	8	108
Fair Value, Inputs, Level 2 [Member] \| Bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	372	253
Fair Value, Inputs, Level 2 [Member] \| Other Contract [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	132	155
Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	59	66	$ 63
Fair Value, Inputs, Level 3 [Member] \| Other Contract [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	$ 59	$ 66

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Employee Benefit Plans - Summary of Changes in Fair Value of Plan's Level Three Assets (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at beginning of year	$ 582
Fair value of plan assets at end of year	571	$ 582
Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at beginning of year	66	63
Actual return on plan assets still held at reporting date	(2)
Purchases, sales and settlements	(1)	(3)
Currency translation adjustments	(4)	6
Fair value of plan assets at end of year	$ 59	$ 66

- Definition

+ References + Details

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 5,279	$ 7,846	$ 13,889
Ending Balance	5,064	5,279	7,846
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(1,481)	(1,403)	(1,396)
Accumulated other comprehensive income (loss) before reclassifications	(34)	(78)	(7)
Ending Balance	(1,515)	(1,481)	(1,403)
Derivative Financial Instruments, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	19	(4)	(14)
Accumulated other comprehensive income (loss) before reclassifications	(5)	4	(2)
Amounts reclassified from accumulated other comprehensive income (loss)	(7)	19	12
Ending Balance	7	19	(4)
Defined Benefit Plans, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(47)	(16)	(27)
Accumulated other comprehensive income (loss) before reclassifications	10	(30)	12
Amounts reclassified from accumulated other comprehensive income (loss)	(1)	(1)	(1)
Ending Balance	(38)	(47)	(16)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(1,509)	(1,423)	(1,437)
Accumulated other comprehensive income (loss) before reclassifications	(29)	(104)	3
Amounts reclassified from accumulated other comprehensive income (loss)	(8)	18	11
Ending Balance	$ (1,546)	$ (1,509)	$ (1,423)

- 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.

+ References

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+ Details

Accumulated Other Comprehensive Loss - Components of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue	$ 5,524	$ 6,090	$ 8,479
Selling, general, and administrative	(908)	(968)	(1,303)
Tax effect	(15)	242	369
Net loss attributable to Company	(250)	(2,542)	(6,095)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue	(1)	17	1
Cost of revenue	(8)	6	14
Selling, general, and administrative	(1)	(1)	(1)
Tax effect	2	(4)	(3)
Net loss attributable to Company	(8)	18	11
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]
Revenue	(1)	17	1
Cost of revenue	(8)	6	14
Tax effect	2	(4)	(3)
Net loss attributable to Company	(7)	19	12
Defined Benefit Plans, Net of Tax [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Selling, general, and administrative	(1)	(1)	(1)
Net loss attributable to Company	$ (1)	$ (1)	$ (1)

- 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.

+ References

+ Details

- 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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Accumulated Other Comprehensive Loss - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Other comprehensive income (loss) before reclassifications	$ (34)	$ (78)	$ (7)
Changes in derivative financial instruments, net of tax	(12)	23	10
Changes in derivative financial instruments, tax	$ 2	$ 5	$ 4

Common Stock - Additional Information (Detail) $ / shares in Units, $ in Millions				12 Months Ended
	May 19, 2021 $ / shares shares	Feb. 22, 2021 $ / shares shares	Dec. 20, 2017 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) Installment $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock, authorized				1,000,000,000	1,000,000,000
Number of preferred stock, authorized				10,000,000
Common stock, par value \| $ / shares				$ 0.01	$ 0.01
Preferred stock, par value \| $ / shares				$ 0.01
Preferred stock, shares issued				0
Preferred stock, shares outstanding				0
Aggregated cash dividends paid \| $				$ 20	$ 19	$ 77
Stock-based compensation expense \| $				78	105	130
Income tax provision recognized \| $				$ 2	$ 3	$ 14
Earlier authorized shares under stock based compensation \| shares				69,400,000
Duration of performance-based restricted stock awards, vested				Options granted under our stock-based compensation plans generally vest over a three-year period starting one year from the date of grant and expire ten years from the date of grant.
Weighted average grant-date fair value of options \| $ / shares				$ 5.75	$ 5.83	$ 9.06
Total intrinsic value of options exercised \| $				$ 0	$ 0
Stock option, Minimum Range \| $ / shares				$ 15.00
Stock option, Maximum Range \| $ / shares				$ 77.99
Total unrecognized compensation cost related to nonvested stock options \| $				$ 11
Compensation cost not yet recognized, period for recognition				3 years
Total fair value of stock options vested \| $				$ 12	18	$ 32
Cash received from option exercises \| $				0	0	7
Tax benefit (expense) realized for the tax deductions from option exercises \| $				$ 0	$ 0	$ (2)
Stock options granted				1,669,511	1,650,262	1,493,576
Weighted average exercise price per share of options \| $ / shares				$ 15.00	$ 20.23	$ 28.72
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock appreciation rights exchange percentage			94.75%
Cash payment of stock appreciation rights \| $			$ 14
Cash paid to settle SARs \| $				$ 0
Compensation cost recognized \| $				$ 0	$ 0	$ 0
Shares granted					7,912
Restricted stock granted fair value \| $ / shares					$ 20.23
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value of options \| $ / shares			$ 8.47
Stock options granted			3,613,707
Weighted average exercise price per share of options \| $ / shares			$ 34.32
Restricted Stock and Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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 date of grant.
Shares granted		2,977,290		3,772,842	3,166,402	3,335,315
Restricted stock granted fair value \| $ / shares		$ 15.00		$ 15.03	$ 19.98	$ 28.52
Number of equal annual vesting installments \| Installment				3
Performance-base restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Description of performance goal				The performance share awards can be earned based on performance against established goals over a three-year performance period.
Performance-base restricted stock [Member] \| Senior Management Employees [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted		0
Performance-base restricted stock [Member] \| Senior Management Employees [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted		1,434,000
TSR Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Description of performance goal				The 2019, 2020 and 2021 performance share awards are divided into two independent parts that are subject to two separate performance metrics: 85% with a TSR (total shareholder return) goal and 15% with an internal NVA (“National Oilwell Varco Value Added”) (return on capital metric) goal. Performance against the TSR goal is determined by comparing the performance of the Company’s TSR with the TSR performance of the members of the OSX index 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 shall be 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.
Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost related to nonvested stock options \| $				$ 70
Compensation cost not yet recognized, period for recognition				2 years
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%
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				13,500,000
2018 Plan [Member] \| Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	78,552
Restricted stock granted fair value \| $ / shares	$ 16.50

Common Stock - Summary of Stock Options (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of shares under stock option, Beginning of the year	21,005,502	21,310,099	21,009,508
Number of Shares Granted	1,669,511	1,650,262	1,493,576
Number of Shares Forfeited	(1,398,052)	(1,954,859)	(944,917)
Number of Shares Exercised			(248,068)
Number of shares under stock option, End of the year	21,276,961	21,005,502	21,310,099
Number of stock options vested and expected to be vest, exercisable	18,039,330	17,893,434	17,796,607
Weighted Average Exercise Price, Beginning of year	$ 45.70	$ 47.68	$ 48.88
Weighted Average Exercise Price, Stock Options Granted	15.00	20.23	28.72
Weighted Average Exercise Price, Stock Options Forfeited	63.65	45.75	50.57
Weighted Average Exercise Price, Stock Options Exercised			29.70
Weighted Average Exercise Price, End of the year	42.09	45.70	47.68
Weighted Average Exercise Price, Stock Options Exercisable	$ 46.27	$ 49.25	$ 50.49

Common Stock - Summary of Stock Option Outstanding Information (Detail)	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-Avg Remaining Contractual Life	4 years 5 months 26 days
Stock Options Outstanding, Shares \| shares	21,276,961
Stock Options Outstanding, Weighted - Average Exercise Price	$ 42.09
Stock Options Exercisable, Shares \| shares	18,039,330
Stock Options Exercisable, Weighted - Average Exercise Price	$ 46.27
Stock option, Minimum Range	15.00
Stock option, Maximum Range	$ 77.99
$15.00 - $55.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-Avg Remaining Contractual Life	5 years 3 months 3 days
Stock Options Outstanding, Shares \| shares	17,108,202
Stock Options Outstanding, Weighted - Average Exercise Price	$ 35.39
Stock Options Exercisable, Shares \| shares	13,870,571
Stock Options Exercisable, Weighted - Average Exercise Price	$ 39.26
Stock option, Minimum Range	15.00
Stock option, Maximum Range	$ 55.00
$55.01 - $70.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-Avg Remaining Contractual Life	1 year 8 months 19 days
Stock Options Outstanding, Shares \| shares	3,135,924
Stock Options Outstanding, Weighted - Average Exercise Price	$ 66.85
Stock Options Exercisable, Shares \| shares	3,135,924
Stock Options Exercisable, Weighted - Average Exercise Price	$ 66.85
Stock option, Minimum Range	55.01
Stock option, Maximum Range	$ 70.00
$70.01 - $77.99
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-Avg Remaining Contractual Life	2 months 1 day
Stock Options Outstanding, Shares \| shares	1,032,835
Stock Options Outstanding, Weighted - Average Exercise Price	$ 77.92
Stock Options Exercisable, Shares \| shares	1,032,835
Stock Options Exercisable, Weighted - Average Exercise Price	$ 77.92
Stock option, Minimum Range	70.01
Stock option, Maximum Range	$ 77.99

Common Stock - Assumption Used in Determination of Fair Value of Share Based Payment Awards (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Expected volatility	43.40%	35.00%	35.90%
Risk-free interest rate	0.60%	1.20%	2.50%
Expected dividend yield	0.00%	1.00%	0.70%
Expected term (in years)	5 years 1 month 6 days	4 years 9 months 18 days	4 years 6 months

Common Stock - Summary of Information and Changes in Stock Options with Regard to Stock Option Plans (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of shares under stock option, Beginning of the year	21,005,502	21,310,099	21,009,508
Number of Shares Granted	1,669,511	1,650,262	1,493,576
Number of Shares Forfeited	(1,398,052)	(1,954,859)	(944,917)
Number of Shares Exercised			(248,068)
Number of shares under stock option, End of the year	21,276,961	21,005,502	21,310,099
Number of stock options, Exercisable	18,039,330	17,893,434	17,796,607
Weighted Average Exercise Price, Beginning of year	$ 45.70	$ 47.68	$ 48.88
Weighted Average Exercise Price, Stock Options Granted	15.00	20.23	28.72
Weighted Average Exercise Price, Stock Options Forfeited	63.65	45.75	50.57
Weighted Average Exercise Price, Stock Options Exercised			29.70
Weighted Average Exercise Price, End of the year	42.09	45.70	47.68
Weighted Average Exercise Price, Stock Options, Exercisable	$ 46.27	$ 49.25	$ 50.49
Weighted Average Remaining Contractual Term, Outstanding	4 years 5 months 26 days	4 years 10 months 20 days
Weighted Average Remaining Contractual Term, Exercisable	3 years 9 months 14 days

Common Stock - Summary of Information Regarding Outstanding SARs (Detail) - Stock Appreciation Rights (SARs) [Member] - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Shares Outstanding, Beginning balance	1,234,565	1,330,257
Granted		7,912
Forfeited	(40,631)	(103,604)
Restricted Shares Outstanding, Ending balance	1,193,934	1,234,565
Exercisable at end of year	1,186,296	1,219,555
Weighted-Average Grant Date Fair Value of Restricted Stock, Beginning Balance	$ 28.40	$ 28.45
Granted		20.23
Forfeited	28.32	28.38
Weighted-Average Grant Date Fair Value of Restricted Stock, Ending Balance	28.40	28.40
Average Exercise Price, Exercisable at end of year	$ 28.44	$ 28.44

Common Stock - Summary of Information Regarding Outstanding Restricted Shares (Detail) - Restricted Stock and Restricted Stock Units [Member] - $ / shares		12 Months Ended
	Feb. 22, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Shares Outstanding, Beginning balance		6,073,963	6,274,308	5,914,860
Restricted Stock Granted, Shares	2,977,290	3,772,842	3,166,402	3,335,315
Restricted Stock Vested, Shares		(2,672,507)	(3,229,624)	(2,901,945)
Restricted Stock Forfeited, Shares		(237,724)	(137,123)	(73,922)
Restricted Shares Outstanding, Ending balance		6,936,574	6,073,963	6,274,308
Weighted-Average Grant Date Fair Value of Restricted Stock, Beginning Balance		$ 31.85	$ 33.10	$ 34.41
Restricted Stock Granted, Weighted-Average Grant Date Fair Value	$ 15.00	15.03	19.98	28.52
Restricted Stock Vested, Weighted-Average Grant Date Fair Value		15.38	20.09	25.67
Restricted Stock Forfeited, Weighted-Average Grant Date Fair Value		63.65	45.75	50.57
Weighted-Average Grant Date Fair Value of Restricted Stock, Ending Balance		$ 21.32	$ 31.85	$ 33.10

Revenue - Summary of Disaggregate Revenue by Destinations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Disaggregate revenue	$ 5,524	$ 6,090	$ 8,479
Operating Segments [Member] \| Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,959	1,867	3,214
Operating Segments [Member] \| Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,963	2,433	2,771
Operating Segments [Member] \| Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,739	1,919	2,682
Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(137)	(129)	(188)
Continental [Member] \| Operating Segments [Member] \| Intersubsegment Eliminations [Member] \| Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	64	55	63
Continental [Member] \| Operating Segments [Member] \| Intersubsegment Eliminations [Member] \| Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	43	43	59
Continental [Member] \| Operating Segments [Member] \| Intersubsegment Eliminations [Member] \| Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	30	31	66
Continental [Member] \| Intersegment Eliminations [Member] \| Intersubsegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(137)	(129)	(188)
Continental [Member] \| North America [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,968	1,802	3,361
Continental [Member] \| North America [Member] \| Operating Segments [Member] \| Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	904	824	1,710
Continental [Member] \| North America [Member] \| Operating Segments [Member] \| Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	789	751	1,122
Continental [Member] \| North America [Member] \| Operating Segments [Member] \| Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	275	227	529
Continental [Member] \| International [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	3,556	4,288	5,118
Continental [Member] \| International [Member] \| Operating Segments [Member] \| Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	991	988	1,441
Continental [Member] \| International [Member] \| Operating Segments [Member] \| Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,131	1,639	1,590
Continental [Member] \| International [Member] \| Operating Segments [Member] \| Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,434	1,661	2,087
Land and Offshore [Member] \| Operating Segments [Member] \| Intersubsegment Eliminations [Member] \| Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	64	55	63
Land and Offshore [Member] \| Operating Segments [Member] \| Intersubsegment Eliminations [Member] \| Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	43	43	59
Land and Offshore [Member] \| Operating Segments [Member] \| Intersubsegment Eliminations [Member] \| Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	30	31	66
Land and Offshore [Member] \| Intersegment Eliminations [Member] \| Intersubsegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(137)	(129)	(188)
Land and Offshore [Member] \| Land Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	3,063	3,207	5,097
Land and Offshore [Member] \| Land Destination [Member] \| Operating Segments [Member] \| Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,423	1,308	2,531
Land and Offshore [Member] \| Land Destination [Member] \| Operating Segments [Member] \| Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,250	1,426	1,808
Land and Offshore [Member] \| Land Destination [Member] \| Operating Segments [Member] \| Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	390	473	758
Land and Offshore [Member] \| Offshore Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	2,461	2,883	3,382
Land and Offshore [Member] \| Offshore Destination [Member] \| Operating Segments [Member] \| Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	472	504	620
Land and Offshore [Member] \| Offshore Destination [Member] \| Operating Segments [Member] \| Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	670	964	904
Land and Offshore [Member] \| Offshore Destination [Member] \| Operating Segments [Member] \| Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	$ 1,319	$ 1,415	$ 1,858

Revenue - Additional Information (Detail)	12 Months Ended
Revenue - Additional Information (Detail)	Dec. 31, 2021 USD ($) Customer	Dec. 31, 2020 USD ($) Customer	Dec. 31, 2019 USD ($) Customer
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Impairment losses on contract assets	$ 0	$ 0	$ 0
Allowance for credit losses	$ 89,000,000	$ 102,000,000
Customers [Member] \| Customer Concentration Risk [Member] \| Revenue [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Concentration risk, number of customers \| Customer	0	0	0
Concentration risk, percentage	10.00%	10.00%	10.00%

Revenue - Summary of Changes in Carrying Amount of Contract Assets and Contract Liabilities (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Revenue From Contract With Customer [Abstract]
Balance at December 31, 2020	$ 611
Provision, net	1
Billings	(866)
Revenue recognized	806
Currency translation adjustments and other	(91)
Balance at December 31, 2021	461
Balance at December 31, 2020	354
Billings	933
Revenue recognized	(818)
Currency translation adjustments and other	(77)
Balance at December 31, 2021	$ 392

Income Taxes - Domestic and Foreign Components of Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income before income taxes, Domestic	$ (257)	$ (2,169)	$ (4,501)
Income before income taxes, Foreign	27	(610)	(1,961)
Income before income taxes	$ (230)	$ (2,779)	$ (6,462)

Income Taxes - Components of Provision for Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal	$ 4	$ (279)	$ (7)
State	(1)	(4)	4
Foreign	23	106	60
Total current income tax provision	26	(177)	57
Deferred:
Federal	(1)	7	(344)
State			(18)
Foreign	(10)	(72)	(64)
Total deferred income tax provision	(11)	(65)	(426)
Total income tax provision	$ 15	$ (242)	$ (369)

Income Taxes - Difference Between Effective Tax Rate (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Federal income tax at U.S. statutory rate	$ (48)	$ (584)	$ (1,357)
Foreign income tax rate differential	(9)	(30)	(40)
Goodwill impairment		271	666
Reduction of FTC carryforwards		184
Tax Benefit from CARES Act		(83)
Change in deferred tax valuation allowance	31	(83)	218
Nondeductible expenses	17	44	61
Foreign dividends, net of foreign tax credits	54	28	163
Change in uncertain tax positions	13	20	(60)
State income taxes - net of federal benefit	(1)	(4)	(16)
Income tax credits	(11)
Other	(31)	(5)	(4)
Total income tax provision	$ 15	$ (242)	$ (369)

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Tax Credit Carryforward [Line Items]
Effective income tax rate	(6.50%)	8.70%
Tax adjustments, Settlements, and unusual provisions		$ 287
Unrecognized tax benefit	$ 60	57	$ 38	$ 98
Decrease in unrecognized tax benefits from resolutions of domestic foreign jurisdiction audit	1	4
Increase in unrecognized tax position from completion of audits of domestic and foreign jurisdictions from prior years	8	25	10
Income tax interest and penalties related to unrecognized tax benefit	8	2	$ 0
Accrued income tax interest and penalties related to unrecognized tax benefit	20	11
Foreign tax credit	387
Net operating loss carry forward	2,213
Tax-deductible goodwill	$ 93
Maximum [Member]
Tax Credit Carryforward [Line Items]
Period of amortization of goodwill	10 years
Carry Forward Expiration Year 2022 [Member]
Tax Credit Carryforward [Line Items]
Net operating loss carry forward	$ 128
Carry Forward Expiration Year 2027 [Member]
Tax Credit Carryforward [Line Items]
Net operating loss carry forward	144
Carry Forward Expiration Year 2028 [Member]
Tax Credit Carryforward [Line Items]
Net operating loss carry forward	96
Carry Forward Expiration Year 2030 [Member]
Tax Credit Carryforward [Line Items]
Net operating loss carry forward	12
Carry Forward Expiration Year 2031 [Member]
Tax Credit Carryforward [Line Items]
Net operating loss carry forward	$ 7
Cares Act [Member]
Tax Credit Carryforward [Line Items]
Tax adjustments, Settlements, and unusual provisions		$ 591

Income Taxes - Significant Components of Deferred Tax Assets and Liability (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Allowances and operating liabilities	$ 297	$ 318
Net operating loss carryforwards	446	387
Stock Compensation	56	61
Tax credit carryforwards	398	411
Other	135	122
Valuation allowance	(1,127)	(1,093)
Total deferred tax assets	205	206
Deferred tax liabilities:
Tax over book depreciation	56	60
Capital leases	76	80
Intangible assets	52	49
Deferred income	51	47
Accrued tax on unremitted earnings	33	33
Other	3	15
Total deferred tax liabilities	271	284
Net deferred tax liability	$ 66	$ 78

Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Unrecognized tax benefit at beginning of year	$ 57	$ 38	$ 98
Gross increase for tax positions in prior years	8	25	10
Gross decrease for tax positions in prior years	(1)	(2)	(60)
Cash Settlements	(1)	(1)	(3)
Lapse of statute of limitations	(3)	(3)	(7)
Unrecognized tax benefit at end of year	$ 60	$ 57	$ 38

Income Taxes - Summary of Net Operating Loss Carryforwards (Detail) $ in Millions	Dec. 31, 2021 USD ($)
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	$ 2,213
Tax Effected NOL	446
Federal [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	555
Tax Effected NOL	117
State [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	387
Tax Effected NOL	25
Foreign [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	1,271
Tax Effected NOL	304
2021 - 2025 Expiration [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	267
2021 - 2025 Expiration [Member] \| Federal [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	19
2021 - 2025 Expiration [Member] \| State [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	4
2021 - 2025 Expiration [Member] \| Foreign [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	244
2026 - 2040 Expiration [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	795
2026 - 2040 Expiration [Member] \| Federal [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	31
2026 - 2040 Expiration [Member] \| State [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	383
2026 - 2040 Expiration [Member] \| Foreign [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	381
Unlimited Expiration [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	1,151
Unlimited Expiration [Member] \| Federal [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	505
Unlimited Expiration [Member] \| Foreign [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	$ 646

Business Segments and Geographic Areas - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Business Segments and Geographic Areas - Revenues by Country Based on Sales Destination of Products or Services (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 5,524	$ 6,090	$ 8,479
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	1,760	1,634	3,112
Norway [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	365	464	512
Saudi Arabia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	316	343	436
Brazil [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	316	224	269
China [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	222	288	285
Canada [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	207	168	247
United Kingdom [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	204	222	333
Singapore [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	143	242	473
United Arab Emirates [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	130	221	224
South Korea [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	32	33	69
Other Countries [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 1,829	$ 2,251	$ 2,519

Business Segments and Geographic Areas - Plant, Property and Equipment by Country Based on the Location (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Property, plant and equipment, net	$ 1,823	$ 1,927
United States [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	898	1,011
Saudi Arabia [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	231	176
Brazil [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	87	92
United Kingdom [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	84	86
Denmark [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	72	76
Canada [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	59	73
United Arab Emirates [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	65	68
South Korea [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	60	51
Mexico [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	28	30
Singapore [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	14	15
Russia [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	10	13
Other Countries [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	$ 215	$ 236

Business Segments and Geographic Areas - Business Segments (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenue	$ 5,524	$ 6,090	$ 8,479
Operating profit (loss)	(134)	(2,425)	(6,279)
Capital expenditures	201	226	233
Depreciation and amortization	306	352	533
Goodwill	1,527	1,493	2,807
Total assets	9,550	9,929	13,149
Wellbore Technologies [Member]
Segment Reporting Information [Line Items]
Goodwill	342	308	843
Completion & Production Solutions [Member]
Segment Reporting Information [Line Items]
Goodwill	473	473	1,054
Rig Technologies [Member]
Segment Reporting Information [Line Items]
Goodwill	712	712	910
Operating Segments [Member] \| Wellbore Technologies [Member]
Segment Reporting Information [Line Items]
Revenue	1,959	1,867	3,214
Operating profit (loss)	74	(858)	(3,551)
Capital expenditures	77	87	123
Depreciation and amortization	158	187	284
Goodwill	342	308	843
Total assets	2,670	2,665	4,078
Operating Segments [Member] \| Completion & Production Solutions [Member]
Segment Reporting Information [Line Items]
Revenue	1,963	2,433	2,771
Operating profit (loss)	(65)	(977)	(1,934)
Capital expenditures	46	48	64
Depreciation and amortization	62	75	150
Goodwill	473	473	1,054
Total assets	2,465	2,472	3,826
Operating Segments [Member] \| Rig Technologies [Member]
Segment Reporting Information [Line Items]
Revenue	1,739	1,919	2,682
Operating profit (loss)	43	(362)	(524)
Capital expenditures	74	80	31
Depreciation and amortization	71	77	87
Goodwill	712	712	910
Total assets	2,621	2,923	3,758
Eliminations and Corporate [Member]
Segment Reporting Information [Line Items]
Revenue	(137)	(129)	(188)
Operating profit (loss)	(186)	(228)	(270)
Capital expenditures	4	11	15
Depreciation and amortization	15	13	12
Total assets	$ 1,794	$ 1,869	$ 1,487

Business Segments and Geographic Areas - Business Segments (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Operating profit (loss)	$ (134)	$ (2,425)	$ (6,279)
Wellbore Technologies [Member] \| Goodwill Indefinite Lived And Finite Lived Intangible And Long Lived Tangible Assets
Segment Reporting Information [Line Items]
Operating profit (loss)		665
Wellbore Technologies [Member] \| Inventory Charges
Segment Reporting Information [Line Items]
Operating profit (loss)	(2)	50
Wellbore Technologies [Member] \| Severance And Facility Closures Cost
Segment Reporting Information [Line Items]
Operating profit (loss)	32	134
Completion & Production Solutions [Member] \| Goodwill Indefinite Lived And Finite Lived Intangible And Long Lived Tangible Assets
Segment Reporting Information [Line Items]
Operating profit (loss)		1,010
Completion & Production Solutions [Member] \| Inventory Charges
Segment Reporting Information [Line Items]
Operating profit (loss)	(12)	101
Completion & Production Solutions [Member] \| Severance And Facility Closures Cost
Segment Reporting Information [Line Items]
Operating profit (loss)	12	21
Rig Technologies [Member] \| Goodwill Indefinite Lived And Finite Lived Intangible And Long Lived Tangible Assets
Segment Reporting Information [Line Items]
Operating profit (loss)		198
Rig Technologies [Member] \| Inventory Charges
Segment Reporting Information [Line Items]
Operating profit (loss)	1	175
Rig Technologies [Member] \| Severance And Facility Closures Cost
Segment Reporting Information [Line Items]
Operating profit (loss)	$ 19	$ 29

Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for Doubtful Accounts [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance beginning of year	$ 100	$ 132	$ 161
Additions (Deductions) charged to costs and expenses	5	7	21
Charge off's and other	(17)	(39)	(50)
Balance end of year	88	100	132
Reserve for Excess and Obsolete Inventories [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance beginning of year	577	843	644
Additions (Deductions) charged to costs and expenses	73	367	659
Charge off's and other	(206)	(633)	(460)
Balance end of year	444	577	843
Valuation Allowance for Deferred Tax Assets [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance beginning of year	1,093	1,175	955
Additions (Deductions) charged to costs and expenses	31	(83)	218
Charge off's and other	3	1	2
Balance end of year	1,127	1,093	1,175
Environmental Accruals [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance beginning of year	90	104	66
Additions (Deductions) charged to costs and expenses	12	13	57
Charge off's and other	(24)	(27)	(19)
Balance end of year	78	90	104
Warranty Reserve [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance beginning of year	87	90	105
Additions (Deductions) charged to costs and expenses	15	22	41
Charge off's and other	(29)	(25)	(56)
Balance end of year	$ 73	$ 87	$ 90