0000950170-22-013349 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Jul. 15, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	NOV
Security Exchange Name	NYSE
Entity Registrant Name	NOV INC.
Entity Central Index Key	0001021860
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		392,801,775
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	1-12317
Entity Tax Identification Number	76-0475815
Entity Address, Address Line One	7909 Parkwood Circle Drive
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Incorporation, State or Country Code	DE
Entity Address, Postal Zip Code	77036-6565
City Area Code	713
Local Phone Number	341-4802
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 1,218	$ 1,591
Receivables, net	1,582	1,321
Inventories, net	1,591	1,331
Contract assets	476	461
Prepaid and other current assets	226	198
Total current assets	5,093	4,902
Property, plant and equipment, net	1,761	1,823
Lease right-of-use assets, operating	351	361
Lease right-of-use assets, financing	170	176
Goodwill	1,498	1,527
Intangibles, net	516	503
Investment in unconsolidated affiliates	72	50
Other assets	239	208
Total assets	9,700	9,550
Current liabilities:
Accounts payable	754	612
Accrued liabilities	831	778
Contract liabilities	455	392
Current portion of lease liabilities	92	99
Current portion of long-term debt	10	5
Accrued income taxes	29	24
Total current liabilities	2,171	1,910
Lease liabilities	563	576
Long-term debt	1,714	1,708
Deferred income taxes	48	66
Other liabilities	232	226
Total liabilities	4,728	4,486
Commitments and contingencies
Stockholders’ equity:
Common stock - par value $.01; 1 billion shares authorized; 392,801,775 and 392,673,077 shares issued and outstanding at June 30, 2022 and December 31, 2021	4	4
Additional paid-in capital	8,700	8,685
Accumulated other comprehensive loss	(1,629)	(1,546)
Retained deficit	(2,166)	(2,146)
Total Company stockholders' equity	4,909	4,997
Noncontrolling interests	63	67
Total stockholders’ equity	4,972	5,064
Total liabilities and stockholders’ equity	$ 9,700	$ 9,550

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
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	392,801,775	392,673,077
Common stock, shares outstanding	392,801,775	392,673,077

Consolidated Statements of Income (Loss) (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenue	$ 1,727	$ 1,417	$ 3,275	$ 2,666
Cost of revenue	1,418	1,186	2,752	2,279
Gross profit	309	231	523	387
Selling, general and administrative	241	219	476	463
Operating income (loss)	68	12	47	(76)
Interest and financial costs	(19)	(19)	(38)	(39)
Interest income	5	2	6	4
Equity income (loss) in unconsolidated affiliates	14		20	(4)
Other income (expense), net		(16)	(2)	(26)
Net income (loss) before income taxes	68	(21)	33	(141)
Provision (benefit) for income taxes	(2)	2	12	(4)
Net income (loss)	70	(23)	21	(137)
Net income attributable to noncontrolling interests	1	3	2	4
Net income (loss) attributable to Company	$ 69	$ (26)	$ 19	$ (141)
Net income (loss) attributable to Company per share:
Basic	$ 0.18	$ (0.07)	$ 0.05	$ (0.37)
Diluted	0.18	$ (0.07)	0.05	$ (0.37)
Cash dividends per share	$ 0.05		$ 0.10
Weighted average shares outstanding:
Basic	390	386	389	386
Diluted	393	386	392	386

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 70	$ (23)	$ 21	$ (137)
Currency translation adjustments	(84)	37	(62)	18
Changes in derivative financial instruments, net of tax	(13)	(4)	(21)	(6)
Comprehensive income (loss)	(27)	10	(62)	(125)
Comprehensive income attributable to noncontrolling interest	1	3	2	4
Comprehensive income (loss) attributable to Company	$ (28)	$ 7	$ (64)	$ (129)

- Definition

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

+ References + Details

- Definition

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

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+ Details

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ 21	$ (137)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	149	156
Provision for inventory losses	5	22
Deferred income taxes	(13)	(7)
Loss on extinguishment of debt		7
Equity (income) loss in unconsolidated affiliates	(20)	4
Other, net	94	44
Change in operating assets and liabilities, net of acquisitions:
Receivables	(279)	1
Inventories	(264)	64
Contract assets	(17)	77
Prepaid and other current assets	(31)	4
Accounts payable	142	37
Accrued liabilities	11	(88)
Contract liabilities	64	38
Income taxes payable	5	(36)
Other assets/liabilities, net	(94)	(36)
Net cash provided by (used in) operating activities	(227)	150
Cash flows from investing activities:
Purchases of property, plant and equipment	(89)	(98)
Other		9
Net cash used in investing activities	(89)	(89)
Cash flows from financing activities:
Borrowings against lines of credit and other debt	10	34
Payments against lines of credit and other debt		(183)
Cash dividends paid	(39)
Financing leases	(12)	(13)
Other	(11)	(20)
Net cash used in financing activities	(52)	(182)
Effect of exchange rates on cash	(5)	1
Decrease in cash and cash equivalents	(373)	(120)
Cash and cash equivalents, beginning of period	1,591	1,692
Cash and cash equivalents, end of period	1,218	1,572
Cash payments (refunds) during the period for:
Interest	38	39
Income taxes	$ 79	$ (85)

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Millions	Total	Common Stock [Member]	Additional Paid in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings (Deficit) [Member]	Total Company Stockholders' Equity [Member]	Noncontrolling Interests [Member]
Beginning Balance at Dec. 31, 2020	$ 5,279,000,000	$ 4,000,000	$ 8,591,000,000	$ (1,509,000,000)	$ (1,876,000,000)	$ 5,210,000,000	$ 69,000,000
Beginning Balance, Shares at Dec. 31, 2020		388
Net income (loss)	(114,000,000)				(115,000,000)	(115,000,000)	1,000,000
Other comprehensive income (loss), net	(21,000,000)			(21,000,000)		(21,000,000)
Stock-based compensation	20,000,000		20,000,000			20,000,000
Common stock issued, shares		2
Withholding taxes	(13,000,000)		(13,000,000)			(13,000,000)
Other	(1,000,000)						(1,000,000)
Ending Balance at Mar. 31, 2021	5,150,000,000	$ 4,000,000	8,598,000,000	(1,530,000,000)	(1,991,000,000)	5,081,000,000	69,000,000
Ending Balance, Shares at Mar. 31, 2021		390
Beginning Balance at Dec. 31, 2020	5,279,000,000	$ 4,000,000	8,591,000,000	(1,509,000,000)	(1,876,000,000)	5,210,000,000	69,000,000
Beginning Balance, Shares at Dec. 31, 2020		388
Net income (loss)	(137,000,000)
Cash dividends, per common share	0
Ending Balance at Jun. 30, 2021	5,178,000,000	$ 4,000,000	8,618,000,000	(1,497,000,000)	(2,017,000,000)	5,108,000,000	70,000,000
Ending Balance, Shares at Jun. 30, 2021		391
Beginning Balance at Mar. 31, 2021	5,150,000,000	$ 4,000,000	8,598,000,000	(1,530,000,000)	(1,991,000,000)	5,081,000,000	69,000,000
Beginning Balance, Shares at Mar. 31, 2021		390
Net income (loss)	(23,000,000)				(26,000,000)	(26,000,000)	3,000,000
Other comprehensive income (loss), net	33,000,000			33,000,000		33,000,000
Cash dividends, per common share	0
Stock-based compensation	20,000,000		20,000,000			20,000,000
Common stock issued, shares		1
Other	(2,000,000)						(2,000,000)
Ending Balance at Jun. 30, 2021	5,178,000,000	$ 4,000,000	8,618,000,000	(1,497,000,000)	(2,017,000,000)	5,108,000,000	70,000,000
Ending Balance, Shares at Jun. 30, 2021		391
Beginning Balance at Dec. 31, 2021	5,064,000,000	$ 4,000,000	8,685,000,000	(1,546,000,000)	(2,146,000,000)	4,997,000,000	67,000,000
Beginning Balance, Shares at Dec. 31, 2021		393
Net income (loss)	(49,000,000)				(50,000,000)	(50,000,000)	1,000,000
Other comprehensive income (loss), net	14,000,000			14,000,000		14,000,000
Cash dividends, per common share	(20,000,000)				(20,000,000)	(20,000,000)
Stock-based compensation	17,000,000		17,000,000			17,000,000
Withholding taxes	(12,000,000)		(12,000,000)			(12,000,000)
Other	(4,000,000)						(4,000,000)
Ending Balance at Mar. 31, 2022	5,010,000,000	$ 4,000,000	8,690,000,000	(1,532,000,000)	(2,216,000,000)	4,946,000,000	64,000,000
Ending Balance, Shares at Mar. 31, 2022		393
Beginning Balance at Dec. 31, 2021	5,064,000,000	$ 4,000,000	8,685,000,000	(1,546,000,000)	(2,146,000,000)	4,997,000,000	67,000,000
Beginning Balance, Shares at Dec. 31, 2021		393
Net income (loss)	21,000,000
Cash dividends, per common share	(39,000,000)
Ending Balance at Jun. 30, 2022	4,972,000,000	$ 4,000,000	8,700,000,000	(1,629,000,000)	(2,166,000,000)	4,909,000,000	63,000,000
Ending Balance, Shares at Jun. 30, 2022		393
Beginning Balance at Mar. 31, 2022	5,010,000,000	$ 4,000,000	8,690,000,000	(1,532,000,000)	(2,216,000,000)	4,946,000,000	64,000,000
Beginning Balance, Shares at Mar. 31, 2022		393
Net income (loss)	70,000,000				69,000,000	69,000,000	1,000,000
Other comprehensive income (loss), net	(97,000,000)			(97,000,000)		(97,000,000)
Cash dividends, per common share	(19,000,000)				(19,000,000)	(19,000,000)
Stock-based compensation	16,000,000		16,000,000			16,000,000
Other	(8,000,000)		(6,000,000)			(6,000,000)	(2,000,000)
Ending Balance at Jun. 30, 2022	$ 4,972,000,000	$ 4,000,000	$ 8,700,000,000	$ (1,629,000,000)	$ (2,166,000,000)	$ 4,909,000,000	$ 63,000,000
Ending Balance, Shares at Jun. 30, 2022		393

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

- Definition

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

+ References

+ Details

- Definition

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

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+ Details

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022
Retained Earnings (Deficit) [Member]
Cash dividends, per common share	$ 0.05	$ 0.05

Basis of Presentation

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

The accompanying unaudited consolidated financial statements of NOV Inc. (“NOV” or the “Company”) present information in accordance with generally accepted accounting principles (“GAAP”) in the United States for interim financial information and the instructions to Form 10-Q and applicable rules of Regulation S-X. They do not include all information or footnotes required by GAAP in the United States for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements included in the Company’s 2021 Annual Report on Form 10-K. Certain reclassifications have been made to prior period financial information in order to conform with current period presentation.

In our opinion, the consolidated financial statements include all adjustments, which are of a normal recurring nature unless otherwise disclosed, necessary for a fair presentation of the results for the interim periods. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the full year.

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

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

Inventories, net

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventories, net

Inventories consist of (in millions):


	June 30,			December 31,
	2022			2021
Raw materials and supplies	$	453		$	350
Work in process		276			218
Finished goods and purchased products		1,298			1,207
		2,027			1,775
Less: Inventory reserve		(436	)		(444	)
Total	$	1,591		$	1,331

Accrued Liabilities

6 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued liabilities consist of (in millions):


	June 30,		December 31,
	2022		2021
Compensation	$	222	$	209
Taxes (non-income)		106		119
Vendor costs		174		124
Warranties		69		73
Insurance		43		45
Interest		6		6
Commissions		17		17
Fair value of derivatives		28		8
Other		166		177
Total	$	831	$	778

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

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, 2021	$	(1,515	)	$	7		$	(38	)	$	(1,546	)
Accumulated other comprehensive income (loss) before reclassifications		(62	)		(15	)		—			(77	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			(6	)		—			(6	)
Balance at June 30, 2022	$	(1,577	)	$	(14	)	$	(38	)	$	(1,629	)

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


	Three Months Ended June 30,
	2022								2021
	Derivative			Defined					Derivative			Defined
	Financial			Benefit					Financial			Benefit
	Instruments			Plans		Total			Instruments			Plans		Total
Revenue	$	1		$	—	$	1		$	(1	)	$	—	$	(1	)
Cost of revenue		(1	)		—		(1	)		(3	)		—		(3	)
Tax effect		—			—		—			1			—		1
	$	—		$	—	$	—		$	(3	)	$	—	$	(3	)


	Six Months Ended June 30,
	2022								2021
	Derivative			Defined					Derivative			Defined
	Financial			Benefit					Financial			Benefit
	Instruments			Plans		Total			Instruments			Plans		Total
Revenue	$	1		$	—	$	1		$	(1	)	$	—	$	(1	)
Cost of revenue		(8	)		—		(8	)		(3	)		—		(3	)
Tax effect		1			—		1			1			—		1
	$	(6	)	$	—	$	(6	)	$	(3	)	$	—	$	(3	)

The Company’s reporting currency is the U.S. dollar. A majority of the Company’s international entities in which there is a substantial investment have the local currency as their functional currency. As a result, currency translation adjustments resulting from the process of translating the entities’ financial statements into the reporting currency are reported in other comprehensive income (loss).

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 combination of: 1) changes in fair value of open derivatives of ($13) million and ($15) million during the three and six months ended June 30, 2022; and, 2) the outflow of other comprehensive income (loss) related to cumulative changes in the fair value of derivatives that have settled in the current period were zero during the three months ended June 30, 2022, and $6 million during the six months ended June 30, 2022.

Segments

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segments

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


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
Revenue:
Wellbore Technologies	$	666		$	463		$	1,274		$	876
Completion & Production Solutions		639			497			1,169			936
Rig Technologies		462			487			903			918
Eliminations		(40	)		(30	)		(71	)		(64	)
Total revenue	$	1,727		$	1,417		$	3,275		$	2,666

Operating profit (loss):
Wellbore Technologies	$	81			6		$	120		$	(8	)
Completion & Production Solutions		20			(6	)		(2	)		(23	)
Rig Technologies		31			49			42			41
Eliminations and corporate costs		(64	)		(37	)		(113	)		(86	)
Total operating profit (loss)	$	68		$	12		$	47		$	(76	)

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

Cost of revenue and operating profit for the three months ended June 30, 2022 includes pre-tax charges for other items (impairment, restructure, severance, facility closure costs, and inventory charges) of $14 million, net of related credits of $16 million. Cost of revenue and operating profit for the six months ended June 30, 2022 includes pre-tax charges for other items of $59 million, net of related credits of $17 million. Other items associated with the Company's operations in Russia, Belarus, and Ukraine of approximately $8 million and $49 million were recorded within cost of revenue for the three and six months ended June 30, 2022, respectively. Cost of revenue and operating profit for the three months ending June 30, 2021, includes other items of $20 million, net of related credits of $9 million. Cost of revenue and operating loss for the six months ending June 30, 2021, includes pre-tax charges for other items of $24 million, net of related credits of $12 million.

- Definition

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

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+ Details

Revenue

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

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


	Three Months Ended June 30,
	2022											2021
			Completion											Completion
	Wellbore		& Production		Rig							Wellbore		& Production		Rig
	Technologies		Solutions		Technologies		Elims.			Total		Technologies		Solutions		Technologies		Elims.			Total
North America	$	346	$	236	$	120	$	—		$	702	$	215	$	209	$	69	$	—		$	493
International		305		391		329		—			1,025		233		278		413		—			924
Eliminations		15		12		13		(40	)		—		15		10		5		(30	)		—
	$	666	$	639	$	462	$	(40	)	$	1,727	$	463	$	497	$	487	$	(30	)	$	1,417

Land	$	518	$	387	$	115	$	—		$	1,020	$	330	$	329	$	113	$	—		$	772
Offshore		133		240		334		—			707		118		158		369		—			645
Eliminations		15		12		13		(40	)		—		15		10		5		(30	)		—
	$	666	$	639	$	462	$	(40	)	$	1,727	$	463	$	497	$	487	$	(30	)	$	1,417


	Six Months Ended June 30,
	2022											2021
			Completion											Completion
	Wellbore		& Production		Rig							Wellbore		& Production		Rig
	Technologies		Solutions		Technologies		Elims.			Total		Technologies		Solutions		Technologies		Elims.			Total
North America	$	652	$	449	$	208	$	—		$	1,309	$	403	$	371	$	124	$	—		$	898
International		595		699		672		—			1,966		444		542		782		—			1,768
Intercompany		27		21		23		(71	)		—		29		23		12		(64	)		—
	$	1,274	$	1,169	$	903	$	(71	)	$	3,275	$	876	$	936	$	918	$	(64	)	$	2,666

Land	$	952	$	709	$	238	$	—		$	1,899	$	624	$	594	$	204	$	—		$	1,422
Offshore		295		439		642		—			1,376		223		319		702		—			1,244
Intercompany		27		21		23		(71	)		—		29		23		12		(64	)		—
	$	1,274	$	1,169	$	903	$	(71	)	$	3,275	$	876	$	936	$	918	$	(64	)	$	2,666

Performance Obligations

Net revenue recognized from performance obligations satisfied in previous periods was $3 million for the three months ended June 30, 2022 primarily due to change orders.

Remaining performance obligations represent the transaction price of firm orders for all revenue streams for which work has not been performed on contracts with original expected duration of one year or more. We do not disclose the remaining performance obligations of royalty contracts, service contracts for which there is a right to invoice, and short-term contracts that are expected to have a duration of one year or less. As of June 30, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was $4,247 million. The Company expects to recognize approximately $678 million in revenue for the remaining performance obligations in 2022 and $3,569 million in 2023 and thereafter.

Contract Assets and Liabilities

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

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


	Contract Assets			Contract Liabilities
Balance at December 31, 2021	$	461		$	392
Provision		(1	)		—
Billings		(512	)		600
Revenue recognized		521			(515	)
Currency translation adjustments and other		7			(22	)
Balance at June 30, 2022	$	476		$	455

Allowance for Credit Losses

The Company estimates its allowance for credit losses using information about past events, current conditions and risk characteristics of each customer, and reasonable and supportable forecasts relevant to assessing risk associated with the collectability of receivables and contract assets. The Company’s customer base, mostly in the oil and gas industry, have generally similar collectability risk characteristics, although larger and state-owned customers may have lower risk than smaller independent customers. As of June 30, 2022, the allowance for credit losses totaled $93 million.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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+ Details

Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

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

Components of leases are as follows (in millions):


	June 30,		December 31,
	2022		2021
Current portion of lease liabilities:
Operating	$	71	$	76
Financing		21		23
Total	$	92	$	99

	June 30,		December 31,
	2022		2021
Long-term portion of lease liabilities:
Operating	$	348	$	357
Financing		215	$	219
Total	$	563	$	576

Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt

Debt consists of (in millions):


	June 30,		December 31,
	2022		2021
$1.1 billion in Senior Notes, interest at 3.95% payable semiannually, principal due on December 1, 2042	$	1,090	$	1,090
$0.5 billion in Senior Notes, interest at 3.60% payable semiannually, principal due on December 1, 2029		494		494
Other debt		140		129
Total Debt		1,724		1,713
Less current portion		10		5
Long-term debt	$	1,714	$	1,708

The Company has a revolving credit facility with 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 1.25% 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 June 30, 2022, the Company was in compliance with a debt-to-capitalization ratio of 28.3% and had no outstanding borrowings or letters of credit issued under the facility, resulting in $2.0 billion of available funds.

Additionally, the consolidated joint venture of the Company has a $150 million bank line of credit for the construction of a facility in Saudi Arabia. Interest under the bank line of credit is based upon LIBOR plus 1.40%. The bank line of credit contains a financial covenant regarding maximum debt-to-equity ratio of 75%. As of June 30, 2022, the joint venture was in compliance. The line of credit repayment schedule begins in December 2022 with final payment no later than June 2032. As of June 30, 2022, the Company has a carrying value of $111 million in borrowings related to this line of credit. The carrying value of debt under the Company’s consolidated joint venture approximates fair value because the interest rates are variable and reflective of current market rates. The Company has $10 million in payments related to this line of credit due in the next twelve months. The Company can repay the entire outstanding facility balance without penalty at its sole discretion. Other debt at June 30, 2022 included $29 million of funding provided by minority interest partners of NOV consolidated joint ventures.

The Company had $502 million of outstanding letters of credit at June 30, 2022, 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 June 30, 2022 and December 31, 2021, the fair value of the Company’s unsecured Senior Notes approximated $1,262 million and $1,610 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 of similar instruments. At both June 30, 2022 and December 31, 2021, the carrying value of the Company’s unsecured Senior Notes approximated $1,584 million.

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes The effective tax rate for the three and six months ended June 30, 2022 was (2.9)% and 36.4%, respectively, compared to (9.5)% and 2.8% for the same periods in 2021. The Company has established valuation allowances on deferred tax assets for losses and tax credits generated in 2022 and 2021. The effective tax rate for 2022 was negatively impacted by current year losses in certain jurisdictions with no tax benefit, partially offset by favorable impacts related to changes in certain exchange rates, utilization of previously unrealized losses, and tax credits.

- 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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+ Details

Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

10.

Stock-Based Compensation

The Company’s stock-based compensation plan, known as the NOV Inc. Long-Term Incentive Plan (the “NOV Plan”), was approved by shareholders on May 11, 2018 and amended and restated on May 24, 2022. The NOV 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 NOV Plan is 55.7 million. The NOV 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 NOV Plan on a 1-for-1 basis, and the issuance of other awards reduces the number of available shares under the NOV Plan on a 1.5-for-1 basis. At June 30, 2022, approximately 17.1 million shares remained available for future grants under the NOV Plan. The Company also has outstanding awards under its other stock-based compensation plan known as the National Oilwell Varco, Inc. Long-Term Incentive Plan (the “Plan”), however the Company is no longer granting new awards under the Plan.

On May 24, 2022 the Company granted 76,257 restricted stock awards with a fair value of $19.12 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.

Total expense for all stock-based compensation arrangements was $17 million and $33 million for the three and six months ended June 30, 2022, respectively and $20 million and $40 million for the three and six months ended June 30, 2021, respectively.

There was no income tax benefit recognized in the Consolidated Statements of Income (Loss) for stock-based compensation arrangements under the NOV Plan for each of the three and six months ended June 30, 2022 and 2021.

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

11.

Derivative Financial Instruments

The Company uses forward currency contracts 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).

The fair value of these derivative financial instruments are determined 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.

Forward currency contracts consist of (in millions):


	Currency Denomination
	June 30,		December 31,
Foreign Currency	2022		2021
South Korean Won	KRW	35,610	KRW	17,600
Norwegian Krone	NOK	3,149	NOK	2,430
U.S. Dollar	USD	548	USD	415
Japanese Yen	JPY	492	JPY	476
Mexican Peso	MXN	327	MXN	637
South African Rand	ZAR	115	ZAR	124
Canadian Dollar	CAD	100	CAD	—
Euro	EUR	71	EUR	106
Singapore Dollar	SGD	34	SGD	36
British Pound Sterling	GBP	13	GBP	14
Danish Krone	DKK	5	DKK	7
Russian Ruble	RUB	—	RUB	1,128

Cash Flow Hedging Strategy

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

The Company expects $14 million of the accumulated other comprehensive loss will be reclassified into earnings within the next twelve months.

Non-designated Hedging Strategy

The Company enters into forward exchange contracts to hedge certain nonfunctional currency monetary accounts. The gain or loss on the derivative instrument is recognized in 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 ($11) million and ($14) million for the three and six months ended June 30, 2022, respectively, and ($1) million and ($5) million for the three and six months ended June 30, 2021, respectively.

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


	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
	Balance Sheet	June 30,		December 31,		Balance Sheet	June 30,		December 31,
	Location	2022		2021		Location	2022		2021
Derivatives designated as hedging instruments under ASC Topic 815
Foreign exchange contracts	Prepaid and other current assets	$	1	$	11	Accrued liabilities	$	17	$	2
Derivatives not designated as hedging instruments under ASC Topic 815
Foreign exchange contracts	Prepaid and other current assets	$	5	$	7	Accrued liabilities	$	11	$	6
Total derivatives		$	6	$	18		$	28	$	8

Net Income (Loss) Attributable to Company Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Net Income (Loss) Attributable to Company Per Share

12.

Net Income (Loss) Attributable to Company Per Share

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


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2022		2021			2022		2021
Numerator:
Net income (loss) attributable to Company	$	69	$	(26	)	$	19	$	(141	)
Denominator:
Basic—weighted average common shares outstanding		390		386			389		386
Dilutive effect of employee stock options and other unvested stock awards		3		—			3		—
Diluted outstanding shares		393		386			392		386

Net income (loss) attributable to Company per share:
Basic	$	0.18	$	(0.07	)	$	0.05	$	(0.37	)
Diluted	$	0.18	$	(0.07	)	$	0.05	$	(0.37	)

Cash dividends per share	$	0.05	$	—		$	0.10	$	-

Companies with unvested participating securities are required to utilize a two-class method for the computation of net income attributable to Company per share. The two-class method requires a portion of net income attributable to Company to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents if declared. Net loss attributable to Company allocated to these participating securities was immaterial for each of the three and six months ended June 30, 2022 and 2021, respectively.

The Company had stock options outstanding that were anti-dilutive totaling 20 million and 21 million shares for the three and six months ended June 30, 2022, respectively, compared to 23 million and 21 million shares for the three and six months ended June 30, 2021, respectively.

Cash Dividends	6 Months Ended
Cash Dividends	Jun. 30, 2022
Dividends [Abstract]
Cash Dividends	13. Cash Dividends Cash dividends were $19 million and $39 million for the three and six months ended June 30, 2022 compared to no dividends paid for both the three and six months ended June 30, 2021. The declaration and payment of future dividends is at the discretion of the Company’s Board of Directors and will be dependent upon the Company’s results of operations, financial condition, capital requirements and other factors deemed relevant by the Company’s Board of Directors.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

14.

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 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 both 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 June 30, 2022, the Company recorded reserves in an amount believed to be sufficient, given the range of potential outcomes, for contingent liabilities representing all contingencies believed to be probable. These reserves include all costs expected for reclamation of a closed barite mine and product liability claims, as well as other circumstances involving material claims.

Risks and Uncertainties

The Company has assessed the potential for additional losses above the amounts accrued as well as potential losses for matters that are believed to be not probable, but are reasonably possible. The Company sets accruals in accordance with GAAP based on its best judgment about the probable results of disputed claims, regulatory enforcement actions, tax and other governmental audits, and other contingencies. 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. No assurance can be given as to the outcome of these matters. 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, arbitration, audits, governmental investigations and enforcement actions, the Company’s actual liabilities incurred may exceed our estimated liabilities and reserves, which could have a material financial or reputational impact on the Company. Recently, the Company received and paid a $51 million transfer pricing tax assessment in Denmark. The Company and its advisors believe the assessment is without merit. The Company is presently appealing and believes it will be reimbursed following a successful appeals process. The payment has been recorded as a long term receivable.

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. At any given time, the Company may be a plaintiff or defendant in disputes involving disputed intellectual property rights. The Company is currently pursuing claims involving technology related to drill bits. Because of the importance of the Company’s intellectual property to the Company’s performance, an adverse result in such disputes could result in a material 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 involved in governmental investigations, internal investigations, political or other enforcement matters. In such circumstances, such investigations may adversely impact the ability of consumers of our products, entities providing financial support to such consumers or entities in the supply chain to timely perform their business plans or to timely perform under agreements with us. We may, from time to time, become involved in these investigations, at substantial cost to the Company. We also are subject to trade regulations, supply chain regulations, and other regulatory compliance in which the laws and regulations of different jurisdictions conflict or these regulations may conflict with contractual terms. In such circumstances, our compliance with U.S. laws and regulations may subject us to risk of fines, penalties, or contractual liability in other jurisdictions. Our efforts to actively manage such risks may not always be successful which could lead to negative impacts on revenue or earnings.

The Company is exposed to customs and trade regulation risk in the countries in which we do business and countries from which or to which we import or export 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. In response to additional sanctions enacted by governments in the European Union, the United States, the United Kingdom, Switzerland, and other countries as a result of active armed conflict in Ukraine, we ceased new investments in Russia and have curtailed our activities in Russia. We are actively examining our alternatives, including the potential to further curtail our activities, sell some or all of our businesses, or wind down our remaining operations in Russia. We have sold our business in Belarus subsequent to June 30, 2022. Litigation may result from the confluence of these events in Russia and Belarus and our response to the various sanctions as we work to comply with applicable laws and regulations. We also may incur severance costs as a result of conditions in Russia and Belarus.

As a consequence of the conflict in Ukraine and related sanctions on activities related to Russia and Belarus, we recorded impairment and other charges of $8 million and $49 million for the three and six months ended June 30, 2022. The Company has approximately $10 million in remaining assets and $74 million in currency translation losses related to Russia and Belarus recorded in accumulated other comprehensive loss as of June 30, 2022. The currency translation losses related to Belarus of approximately $20 million will be taken to results of operations in the third quarter 2022 upon recording the sale of the business. The continued impact of existing sanctions or imposition of increasingly severe sanctions and the potentially broader impact of the conflict between Russia and Ukraine could result in additional impairments, write downs or charges which could have a material adverse effect on our business.

Uncertainty arising from the COVID-19 pandemic continues to adversely impact many jurisdictions and disrupt normal economic activities. For example, lockdowns in China have disrupted supply chains for the Company’s vendors and products. The Company’s ability to manufacture equipment and perform services could also be impaired and the Company could be exposed to liabilities resulting from additional 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 worldwide. The demand for energy may be constrained with adverse consequences for our customers and for the company.

New Accounting Pronouncements	6 Months Ended
New Accounting Pronouncements	Jun. 30, 2022
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	15. New Accounting Pronouncements Recently Issued Accounting Standards In March 2020, the FASB issued ASU 2021-01 and 2020-04, “Reference Rate Reform (Topic 848).” This ASU applies only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management is currently assessing the impact of adopting ASU 2020-04 on the company’s financial position, results of operations and cash flows.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Fair Value of Financial Instruments	The fair values of cash and cash equivalents, receivables and payables were approximately the same as their presented carrying values because of the short maturities of these instruments. The fair value of long-term debt is provided in Note 8, and the fair values of derivative financial instruments are provided in Note 11.
Net Income (Loss) Attributable to Company Per Share	Companies with unvested participating securities are required to utilize a two-class method for the computation of net income attributable to Company per share. The two-class method requires a portion of net income attributable to Company to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents if declared. Net loss attributable to Company allocated to these participating securities was immaterial for each of the three and six months ended June 30, 2022 and 2021, respectively.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In March 2020, the FASB issued ASU 2021-01 and 2020-04, “Reference Rate Reform (Topic 848).” This ASU applies only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management is currently assessing the impact of adopting ASU 2020-04 on the company’s financial position, results of operations and cash flows.

Inventories, net (Tables)

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories consist of (in millions):


	June 30,			December 31,
	2022			2021
Raw materials and supplies	$	453		$	350
Work in process		276			218
Finished goods and purchased products		1,298			1,207
		2,027			1,775
Less: Inventory reserve		(436	)		(444	)
Total	$	1,591		$	1,331

Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued liabilities consist of (in millions):


	June 30,		December 31,
	2022		2021
Compensation	$	222	$	209
Taxes (non-income)		106		119
Vendor costs		174		124
Warranties		69		73
Insurance		43		45
Interest		6		6
Commissions		17		17
Fair value of derivatives		28		8
Other		166		177
Total	$	831	$	778

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2022

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, 2021	$	(1,515	)	$	7		$	(38	)	$	(1,546	)
Accumulated other comprehensive income (loss) before reclassifications		(62	)		(15	)		—			(77	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			(6	)		—			(6	)
Balance at June 30, 2022	$	(1,577	)	$	(14	)	$	(38	)	$	(1,629	)

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

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


	Three Months Ended June 30,
	2022								2021
	Derivative			Defined					Derivative			Defined
	Financial			Benefit					Financial			Benefit
	Instruments			Plans		Total			Instruments			Plans		Total
Revenue	$	1		$	—	$	1		$	(1	)	$	—	$	(1	)
Cost of revenue		(1	)		—		(1	)		(3	)		—		(3	)
Tax effect		—			—		—			1			—		1
	$	—		$	—	$	—		$	(3	)	$	—	$	(3	)


	Six Months Ended June 30,
	2022								2021
	Derivative			Defined					Derivative			Defined
	Financial			Benefit					Financial			Benefit
	Instruments			Plans		Total			Instruments			Plans		Total
Revenue	$	1		$	—	$	1		$	(1	)	$	—	$	(1	)
Cost of revenue		(8	)		—		(8	)		(3	)		—		(3	)
Tax effect		1			—		1			1			—		1
	$	(6	)	$	—	$	(6	)	$	(3	)	$	—	$	(3	)

Segments (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Operating Segments

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


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
Revenue:
Wellbore Technologies	$	666		$	463		$	1,274		$	876
Completion & Production Solutions		639			497			1,169			936
Rig Technologies		462			487			903			918
Eliminations		(40	)		(30	)		(71	)		(64	)
Total revenue	$	1,727		$	1,417		$	3,275		$	2,666

Operating profit (loss):
Wellbore Technologies	$	81			6		$	120		$	(8	)
Completion & Production Solutions		20			(6	)		(2	)		(23	)
Rig Technologies		31			49			42			41
Eliminations and corporate costs		(64	)		(37	)		(113	)		(86	)
Total operating profit (loss)	$	68		$	12		$	47		$	(76	)

Revenue (Tables)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Summary of Disaggregate Revenue by Destinations

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


	Three Months Ended June 30,
	2022											2021
			Completion											Completion
	Wellbore		& Production		Rig							Wellbore		& Production		Rig
	Technologies		Solutions		Technologies		Elims.			Total		Technologies		Solutions		Technologies		Elims.			Total
North America	$	346	$	236	$	120	$	—		$	702	$	215	$	209	$	69	$	—		$	493
International		305		391		329		—			1,025		233		278		413		—			924
Eliminations		15		12		13		(40	)		—		15		10		5		(30	)		—
	$	666	$	639	$	462	$	(40	)	$	1,727	$	463	$	497	$	487	$	(30	)	$	1,417

Land	$	518	$	387	$	115	$	—		$	1,020	$	330	$	329	$	113	$	—		$	772
Offshore		133		240		334		—			707		118		158		369		—			645
Eliminations		15		12		13		(40	)		—		15		10		5		(30	)		—
	$	666	$	639	$	462	$	(40	)	$	1,727	$	463	$	497	$	487	$	(30	)	$	1,417


	Six Months Ended June 30,
	2022											2021
			Completion											Completion
	Wellbore		& Production		Rig							Wellbore		& Production		Rig
	Technologies		Solutions		Technologies		Elims.			Total		Technologies		Solutions		Technologies		Elims.			Total
North America	$	652	$	449	$	208	$	—		$	1,309	$	403	$	371	$	124	$	—		$	898
International		595		699		672		—			1,966		444		542		782		—			1,768
Intercompany		27		21		23		(71	)		—		29		23		12		(64	)		—
	$	1,274	$	1,169	$	903	$	(71	)	$	3,275	$	876	$	936	$	918	$	(64	)	$	2,666

Land	$	952	$	709	$	238	$	—		$	1,899	$	624	$	594	$	204	$	—		$	1,422
Offshore		295		439		642		—			1,376		223		319		702		—			1,244
Intercompany		27		21		23		(71	)		—		29		23		12		(64	)		—
	$	1,274	$	1,169	$	903	$	(71	)	$	3,275	$	876	$	936	$	918	$	(64	)	$	2,666

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, 2021	$	461		$	392
Provision		(1	)		—
Billings		(512	)		600
Revenue recognized		521			(515	)
Currency translation adjustments and other		7			(22	)
Balance at June 30, 2022	$	476		$	455

Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Schedule of Components of Leases

Components of leases are as follows (in millions):


	June 30,		December 31,
	2022		2021
Current portion of lease liabilities:
Operating	$	71	$	76
Financing		21		23
Total	$	92	$	99

	June 30,		December 31,
	2022		2021
Long-term portion of lease liabilities:
Operating	$	348	$	357
Financing		215	$	219
Total	$	563	$	576

Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt

Debt consists of (in millions):


	June 30,		December 31,
	2022		2021
$1.1 billion in Senior Notes, interest at 3.95% payable semiannually, principal due on December 1, 2042	$	1,090	$	1,090
$0.5 billion in Senior Notes, interest at 3.60% payable semiannually, principal due on December 1, 2029		494		494
Other debt		140		129
Total Debt		1,724		1,713
Less current portion		10		5
Long-term debt	$	1,714	$	1,708

- Definition

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

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+ Details

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Foreign Currency Forward Contracts

Forward currency contracts consist of (in millions):


	Currency Denomination
	June 30,		December 31,
Foreign Currency	2022		2021
South Korean Won	KRW	35,610	KRW	17,600
Norwegian Krone	NOK	3,149	NOK	2,430
U.S. Dollar	USD	548	USD	415
Japanese Yen	JPY	492	JPY	476
Mexican Peso	MXN	327	MXN	637
South African Rand	ZAR	115	ZAR	124
Canadian Dollar	CAD	100	CAD	—
Euro	EUR	71	EUR	106
Singapore Dollar	SGD	34	SGD	36
British Pound Sterling	GBP	13	GBP	14
Danish Krone	DKK	5	DKK	7
Russian Ruble	RUB	—	RUB	1,128

Derivative Instruments and their Balance Sheet Classifications

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


	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
	Balance Sheet	June 30,		December 31,		Balance Sheet	June 30,		December 31,
	Location	2022		2021		Location	2022		2021
Derivatives designated as hedging instruments under ASC Topic 815
Foreign exchange contracts	Prepaid and other current assets	$	1	$	11	Accrued liabilities	$	17	$	2
Derivatives not designated as hedging instruments under ASC Topic 815
Foreign exchange contracts	Prepaid and other current assets	$	5	$	7	Accrued liabilities	$	11	$	6
Total derivatives		$	6	$	18		$	28	$	8

Net Income (Loss) Attributable to Company Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Computation of Weighted Average Basic and Diluted Shares Outstanding

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


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2022		2021			2022		2021
Numerator:
Net income (loss) attributable to Company	$	69	$	(26	)	$	19	$	(141	)
Denominator:
Basic—weighted average common shares outstanding		390		386			389		386
Dilutive effect of employee stock options and other unvested stock awards		3		—			3		—
Diluted outstanding shares		393		386			392		386

Net income (loss) attributable to Company per share:
Basic	$	0.18	$	(0.07	)	$	0.05	$	(0.37	)
Diluted	$	0.18	$	(0.07	)	$	0.05	$	(0.37	)

Cash dividends per share	$	0.05	$	—		$	0.10	$	-

Inventories, net - Inventories (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 453	$ 350
Work in process	276	218
Finished goods and purchased products	1,298	1,207
Inventory, Gross	2,027	1,775
Less: Inventory reserve	(436)	(444)
Total	$ 1,591	$ 1,331

Accrued Liabilities - Accrued Liabilities (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Compensation	$ 222	$ 209
Taxes (non-income)	106	119
Vendor costs	174	124
Warranties	69	73
Insurance	43	45
Interest	6	6
Commissions	17	17
Fair value of derivatives	28	8
Other	166	177
Total	$ 831	$ 778

Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 5,064
Ending Balance	4,972
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(1,515)
Accumulated other comprehensive income (loss) before reclassifications	(62)
Ending Balance	(1,577)
Derivative Financial Instruments, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	7
Accumulated other comprehensive income (loss) before reclassifications	(15)
Amounts reclassified from accumulated other comprehensive income (loss)	(6)
Ending Balance	(14)
Defined Benefit Plans, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(38)
Ending Balance	(38)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(1,546)
Accumulated other comprehensive income (loss) before reclassifications	(77)
Amounts reclassified from accumulated other comprehensive income (loss)	(6)
Ending Balance	$ (1,629)

- Definition

+ References

+ Details

Accumulated Other Comprehensive Income (Loss) - Components of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue	$ 1,727	$ 1,417	$ 3,275	$ 2,666
Tax effect	2	(2)	(12)	4
Net income (loss) attributable to Company	69	(26)	19	(141)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue	1	(1)	1	(1)
Cost of revenue	(1)	(3)	(8)	(3)
Tax effect		1	1	1
Net income (loss) attributable to Company		(3)	(6)	(3)
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	(1)	1	(1)
Cost of revenue	$ (1)	(3)	(8)	(3)
Tax effect		1	1	1
Net income (loss) attributable to Company		$ (3)	$ (6)	$ (3)

- Definition

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

+ References + Details

- Definition

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

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-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ 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

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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-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Changes in fair value of open derivatives	$ (13,000,000)	$ (15,000,000)
Cumulative changes in the fair value of derivatives	$ 0	$ 6,000,000

Segments - Operating Segments (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Total revenue	$ 1,727	$ 1,417	$ 3,275	$ 2,666
Total operating profit (loss)	68	12	47	(76)
Operating Segments [Member] \| Wellbore Technologies [Member]
Segment Reporting Information [Line Items]
Total revenue	666	463	1,274	876
Total operating profit (loss)	81	6	120	(8)
Operating Segments [Member] \| Completion & Production Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	639	497	1,169	936
Total operating profit (loss)	20	(6)	(2)	(23)
Operating Segments [Member] \| Rig Technologies [Member]
Segment Reporting Information [Line Items]
Total revenue	462	487	903	918
Total operating profit (loss)	31	49	42	41
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Total revenue	(40)	(30)	(71)	(64)
Total operating profit (loss)	$ (64)	$ (37)	$ (113)	$ (86)

- Definition

+ References

+ Details

Segments - Additional Information (Detail) $ in Millions	3 Months Ended		6 Months Ended
Segments - Additional Information (Detail) $ in Millions	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) Segment	Jun. 30, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment			3
Other asset impairment charges			$ 49
Russia, Belarus and Ukraine [Member]
Segment Reporting Information [Line Items]
Other asset impairment charges	$ 8		49
Impairment Restructure, Severance, Facility Closure Costs and Inventory Charges [Member]
Segment Reporting Information [Line Items]
Charges/ (reversals)	14	$ 20	59	$ 24
Impairment Restructure, Severance, Facility Closure Costs and Inventory Charges and Credits [Member]
Segment Reporting Information [Line Items]
Charges/ (reversals)	$ 16	$ 9	$ 17	$ 12

Revenue - Summary of Disaggregate Revenue by Destinations (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Disaggregate revenue	$ 1,727	$ 1,417	$ 3,275	$ 2,666
Operating Segments [Member] \| Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	666	463	1,274	876
Operating Segments [Member] \| Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	639	497	1,169	936
Operating Segments [Member] \| Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	462	487	903	918
Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(40)	(30)	(71)	(64)
Continental [Member] \| Eliminations [Member] \| Operating Segments [Member] \| Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	15	15	27	29
Continental [Member] \| Eliminations [Member] \| Operating Segments [Member] \| Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	12	10	21	23
Continental [Member] \| Eliminations [Member] \| Operating Segments [Member] \| Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	13	5	23	12
Continental [Member] \| Eliminations [Member] \| Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(40)	(30)	(71)	(64)
Continental [Member] \| North America [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	702	493	1,309	898
Continental [Member] \| North America [Member] \| Operating Segments [Member] \| Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	346	215	652	403
Continental [Member] \| North America [Member] \| Operating Segments [Member] \| Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	236	209	449	371
Continental [Member] \| North America [Member] \| Operating Segments [Member] \| Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	120	69	208	124
Continental [Member] \| International [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,025	924	1,966	1,768
Continental [Member] \| International [Member] \| Operating Segments [Member] \| Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	305	233	595	444
Continental [Member] \| International [Member] \| Operating Segments [Member] \| Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	391	278	699	542
Continental [Member] \| International [Member] \| Operating Segments [Member] \| Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	329	413	672	782
Land and Offshore [Member] \| Eliminations [Member] \| Operating Segments [Member] \| Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	15	15	27	29
Land and Offshore [Member] \| Eliminations [Member] \| Operating Segments [Member] \| Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	12	10	21	23
Land and Offshore [Member] \| Eliminations [Member] \| Operating Segments [Member] \| Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	13	5	23	12
Land and Offshore [Member] \| Eliminations [Member] \| Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(40)	(30)	(71)	(64)
Land and Offshore [Member] \| Land Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,020	772	1,899	1,422
Land and Offshore [Member] \| Land Destination [Member] \| Operating Segments [Member] \| Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	518	330	952	624
Land and Offshore [Member] \| Land Destination [Member] \| Operating Segments [Member] \| Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	387	329	709	594
Land and Offshore [Member] \| Land Destination [Member] \| Operating Segments [Member] \| Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	115	113	238	204
Land and Offshore [Member] \| Offshore Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	707	645	1,376	1,244
Land and Offshore [Member] \| Offshore Destination [Member] \| Operating Segments [Member] \| Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	133	118	295	223
Land and Offshore [Member] \| Offshore Destination [Member] \| Operating Segments [Member] \| Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	240	158	439	319
Land and Offshore [Member] \| Offshore Destination [Member] \| Operating Segments [Member] \| Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	$ 334	$ 369	$ 642	$ 702

Revenue - Additional Information (Detail) $ in Millions	3 Months Ended
Revenue - Additional Information (Detail) $ in Millions	Jun. 30, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Net revenue recognized from performance obligations satisfied in previous periods	$ 3
Remaining performance obligations	4,247
Allowance for credit losses	$ 93

Revenue - Additional Information (Detail 1) $ in Millions	Jun. 30, 2022 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 4,247
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 678
Remaining performance obligations, expected to be recognized, period	6 months
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	$ 3,569
Remaining performance obligations, expected to be recognized, period	1 year

Revenue - Summary of Changes in Carrying Amount of Contract Assets and Contract Liabilities (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Balance at December 31, 2021	$ 461
Provision	(1)
Billings	(512)
Revenue recognized	521
Currency translation adjustments and other	7
Balance at June 30, 2022	476
Balance at December 31, 2021	392
Billings	600
Revenue recognized	(515)
Currency translation adjustments and other	(22)
Balance at June 30, 2022	$ 455

Leases - Schedule of Components of Leases (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current portion of lease liabilities:
Operating	$ 71	$ 76
Financing	21	23
Total	92	99
Long-term portion of lease liabilities:
Operating	348	357
Financing	215	219
Total	$ 563	$ 576

Debt - Debt (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Senior Notes	$ 1,584	$ 1,584
Other debt	140	129
Total Debt	1,724	1,713
Less current portion	10	5
Long-term debt	1,714	1,708
Senior Notes, Interest at 3.95% Payable Semiannually, Principal Due on December 1, 2042 [Member]
Debt Instrument [Line Items]
Senior Notes	1,090	1,090
Senior Notes, Interest at 3.60% Payable Semiannually, Principal Due on December 1, 2029 [Member]
Debt Instrument [Line Items]
Senior Notes	$ 494	$ 494

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Debt - Debt (Parenthetical) (Detail) - USD ($)	6 Months Ended	12 Months Ended
Debt - Debt (Parenthetical) (Detail) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Senior Notes, Interest at 3.60% Payable Semiannually, Principal Due on December 1, 2029 [Member]
Debt Instrument [Line Items]
Senior note face amount	$ 500,000,000	$ 500,000,000
Senior notes interest rate	3.60%	3.60%
Senior note due date	Dec. 01, 2029	Dec. 01, 2029
Senior Notes, Interest at 3.95% Payable Semiannually, Principal Due on December 1, 2042 [Member]
Debt Instrument [Line Items]
Senior note face amount	$ 1,100,000,000	$ 1,100,000,000
Senior notes interest rate	3.95%	3.95%
Senior note due date	Dec. 01, 2042	Dec. 01, 2042

Debt - Additional Information (Detail) - USD ($)	6 Months Ended
Debt - Additional Information (Detail) - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
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 1.25%
Capitalization ratio, Maximum	60.00%
Capitalization ratio, Actual	28.30%
Other debt	$ 140,000,000		$ 129,000,000
Loss on extinguishment of debt		$ (7,000,000)
Outstanding letters of credit under various bilateral letter of credit facilities	502,000,000
Carrying value of Unsecured Senior Notes	1,584,000,000		1,584,000,000
Unsecured Debt [Member] \| Fair Value, Inputs, Level 2 [Member]
Debt Instrument [Line Items]
Fair value of Unsecured Senior Notes	1,262,000,000		$ 1,610,000,000
Noncontrolling Interests [Member]
Debt Instrument [Line Items]
Other debt	$ 29,000,000
Canadian Dollar Offered Rate (CDOR) [Member]
Debt Instrument [Line Items]
Variable rate	1.25%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
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%
Additional line of credit facility borrowing capacity	$ 150,000,000
Debt to equity ratio maximum	75.00%
Carrying value of borrowings	$ 111,000,000
First payment	$ 10,000,000
Line of credit repayment schedule beginning date	2022-12
Line of credit repayment schedule ending date	2032-06

Income Taxes - Additional Information (Detail)	3 Months Ended		6 Months Ended
Income Taxes - Additional Information (Detail)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating Loss Carryforwards [Line Items]
Effective income tax rate	(2.90%)	(9.50%)	36.40%	2.80%

Stock-Based Compensation - Additional Information (Detail) - USD ($)		3 Months Ended		6 Months Ended
	May 19, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	May 24, 2022
Restricted Stock Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted	76,257
Restricted stock awards granted fair value	$ 19.12
2018 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense		$ 17,000,000	$ 20,000,000	$ 33,000,000	$ 40,000,000
NOV Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized shares under stock based compensation						55,700,000
Remaining shares available for future grants under the Plan		17,100,000		17,100,000
Income tax benefit recognized		$ 0	$ 0	$ 0	$ 0

Derivative Financial Instruments - Outstanding Foreign Currency Forward Contracts (Detail) ₽ in Millions, € in Millions, ₩ in Millions, ¥ in Millions, £ in Millions, kr in Millions, kr in Millions, R in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions	Jun. 30, 2022 EUR (€)	Jun. 30, 2022 JPY (¥)	Jun. 30, 2022 MXN ($)	Jun. 30, 2022 CAD ($)	Jun. 30, 2022 KRW (₩)	Jun. 30, 2022 ZAR (R)	Jun. 30, 2022 SGD ($)	Jun. 30, 2022 GBP (£)	Jun. 30, 2022 DKK (kr)	Jun. 30, 2022 NOK (kr)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 EUR (€)	Dec. 31, 2021 JPY (¥)	Dec. 31, 2021 MXN ($)	Dec. 31, 2021 KRW (₩)	Dec. 31, 2021 ZAR (R)	Dec. 31, 2021 SGD ($)	Dec. 31, 2021 RUB (₽)	Dec. 31, 2021 GBP (£)	Dec. 31, 2021 DKK (kr)	Dec. 31, 2021 NOK (kr)	Dec. 31, 2021 USD ($)
Forward Contracts [Member]
Derivative [Line Items]
Foreign currency, Cash flow hedging	€ 71	¥ 492	$ 327	$ 100	₩ 35,610	R 115	$ 34	£ 13	kr 5	kr 3,149	$ 548	€ 106	¥ 476	$ 637	₩ 17,600	R 124	$ 36	₽ 1,128	£ 14	kr 7	kr 2,430	$ 415

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Accumulated other comprehensive loss reclassified into earnings within the next twelve months			$ 14
Gain (loss) recognized in other income (expense), net	$ (11)	$ (1)	$ (14)	$ (5)

Derivative Financial Instruments - Derivative Instruments and their Balance Sheet Classifications (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivatives Fair Value [Line Items]
Asset Derivatives	$ 6	$ 18
Liability Derivatives	28	8
Foreign Exchange Contracts [Member] \| Designated as Hedging Instruments [Member] \| Accrued liabilities [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives	17	2
Foreign Exchange Contracts [Member] \| Not Designated as Hedging Instruments [Member] \| Accrued liabilities [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives	11	6
Foreign Exchange Contracts [Member] \| Prepaid and Other Current Assets [Member] \| Designated as Hedging Instruments [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives	1	11
Foreign Exchange Contracts [Member] \| Prepaid and Other Current Assets [Member] \| Not Designated as Hedging Instruments [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives	$ 5	$ 7

Net Income (Loss) Attributable to Company Per Share - Computation of Weighted Average Basic and Diluted Shares Outstanding (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net income (loss) attributable to Company	$ 69	$ (26)	$ 19	$ (141)
Denominator:
Basic—weighted average common shares outstanding	390	386	389	386
Dilutive effect of employee stock options and other unvested stock awards	3		3
Diluted outstanding shares	393	386	392	386
Basic	$ 0.18	$ (0.07)	$ 0.05	$ (0.37)
Diluted	0.18	$ (0.07)	0.05	$ (0.37)
Cash dividends per share	$ 0.05		$ 0.10

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
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-Paragraph 1
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- Definition

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

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

+ References

+ Details

Net Income (Loss) Attributable to Company Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Anti-dilutive stock options outstanding	20	23	21	21

Cash Dividends - Additional Information (Detail) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Dividends [Abstract]
Cash dividends paid	$ 19,000,000	$ 20,000,000	$ 0	$ 39,000,000	$ 0

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Jun. 30, 2022
Other Commitments [Line Items]
Other asset impairment charges			$ 49
Russia, Belarus and Ukraine [Member]
Other Commitments [Line Items]
Other asset impairment charges		$ 8	49
Asset impairment charges			10
Accumulated other comprehensive income foreign currency translation loss		$ 74	74
Belarus [Member] \| Forecast [Member]
Other Commitments [Line Items]
Currency translation loss upon sale of business	$ 20
Denmark [Member]
Other Commitments [Line Items]
Received and paid of transfer pricing tax assessment			$ 51