0000950170-23-002767 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2022	Feb. 03, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Trading Symbol	NOV
Entity Registrant Name	NOV INC.
Entity Central Index Key	0001021860
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		392,831,492
Entity Public Float			$ 6.6
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	true
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NYSE
Entity File Number	1-12317
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	76-0475815
Entity Address, Address Line One	10353 Richmond Avenue
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77042-4103
City Area Code	346
Local Phone Number	223-3000
Document Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference [Text Block]	Portions of the Proxy Statement in connection with the 2023 Annual Meeting of Stockholders are incorporated in Part III of this report.
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Houston, Texas

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 1,069	$ 1,591
Receivables, net	1,739	1,321
Inventories, net	1,813	1,331
Contract assets	685	461
Prepaid and other current assets	187	198
Total current assets	5,493	4,902
Property, plant and equipment, net	1,781	1,823
Lease right-of-use assets, operating	346	361
Lease right-of-use assets, financing	171	176
Goodwill	1,505	1,527
Intangibles, net	490	503
Investment in unconsolidated affiliates	117	50
Other assets	232	208
Total assets	10,135	9,550
Current liabilities:
Accounts payable	906	612
Accrued liabilities	959	778
Contract liabilities	444	392
Current portion of lease liabilities	87	99
Current portion of long-term debt	13	5
Accrued income taxes	28	24
Total current liabilities	2,437	1,910
Long-term debt	1,717	1,708
Lease liabilities	549	576
Deferred income taxes	68	66
Other liabilities	230	226
Total liabilities	5,001	4,486
Commitments and contingencies
Stockholders’ equity:
Common stock - par value $.01; 1 billion shares authorized; 392,832,752 and 392,673,077 shares issued and outstanding at December 31, 2022 and December 31, 2021	4	4
Additional paid-in capital	8,754	8,685
Accumulated other comprehensive loss	(1,593)	(1,546)
Retained earnings	(2,069)	(2,146)
Total Company stockholders' equity	5,096	4,997
Noncontrolling interests	38	67
Total stockholders’ equity	5,134	5,064
Total liabilities and stockholders’ equity	$ 10,135	$ 9,550

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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	392,832,752	392,673,077
Common stock, shares outstanding	392,832,752	392,673,077

Consolidated Statements of Income (Loss) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue
Revenue	$ 7,237	$ 5,524	$ 6,090
Cost of revenue
Cost of revenue	5,903	4,750	5,656
Gross profit	1,334	774	434
Selling, general and administrative	1,070	908	968
Goodwill and indefinite-lived intangible asset impairment			1,378
Long-lived asset impairment			513
Operating profit (loss)	264	(134)	(2,425)
Interest and financial costs	(78)	(77)	(84)
Interest income	19	9	7
Equity income (loss) in unconsolidated affiliates	68	(5)	(260)
Other income (expense), net	(35)	(23)	(17)
Income (Loss) before income taxes	238	(230)	(2,779)
Provision (benefit) for income taxes	83	15	(242)
Net income (loss)	155	(245)	(2,537)
Net income (loss) attributable to noncontrolling interests		5	5
Net income (loss) attributable to Company	$ 155	$ (250)	$ (2,542)
Net income (loss) attributable to Company per share:
Basic	$ 0.40	$ (0.65)	$ (6.62)
Diluted	0.39	(0.65)	(6.62)
Cash dividends per share	$ 0.20	$ 0.05	$ 0.05
Weighted average shares outstanding:
Basic	390	386	384
Diluted	394	386	384
Sales [Member]
Revenue
Revenue	$ 4,873	$ 3,769	$ 4,409
Cost of revenue
Cost of revenue	4,146	3,369	4,313
Service [Member]
Revenue
Revenue	1,482	1,114	1,091
Cost of revenue
Cost of revenue	1,186	951	929
Rental [Member]
Revenue
Revenue	882	641	590
Cost of revenue
Cost of revenue	$ 571	$ 430	$ 414

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 155	$ (245)	$ (2,537)
Other comprehensive income (loss):
Currency translation adjustments	(30)	(34)	(78)
Derivative financial instruments, net of tax	(11)	(12)	23
Change in defined benefit plans, net of tax	(6)	9	(31)
Comprehensive income (loss)	108	(282)	(2,623)
Net income (loss) attributable to noncontrolling interests		5	5
Comprehensive income (loss) attributable to Company	$ 108	$ (287)	$ (2,628)

- 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, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ 155	$ (245)	$ (2,537)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	301	306	352
Russia/Belarus Impairment and loss on assets held for sale	127
Deferred income taxes	(2)	11	(65)
Stock-based compensation	67	78	105
Loss on extinguishment of debt		7	8
Equity (income) loss in unconsolidated affiliates	(68)	5	260
Goodwill and indefinite-lived intangible asset impairment			1,378
Long-lived asset impairment			513
Provision for inventory losses	(18)	73	367
Other, net	18	16	16
Change in operating assets and liabilities, net of acquisitions:
Receivables	(440)	(52)	574
Inventories	(480)	17	429
Contract assets	(220)	150	30
Prepaid and other current assets	6	28	22
Accounts payable	289	118	(226)
Accrued liabilities	101	(97)	(110)
Contract liabilities	52	27	(74)
Income taxes payable	5	(28)	9
Other assets/liabilities, net	(72)	(123)	(125)
Net cash provided by (used in) operating activities	(179)	291	926
Cash flows from investing activities:
Purchases of property, plant and equipment	(214)	(201)	(226)
Business acquisitions, net of cash acquired	(49)	(52)	(14)
Other, net	25	57	96
Net cash used in investing activities	(238)	(196)	(144)
Cash flows from financing activities:
Borrowings against lines of credit and other debt	20	60	36
Payments against lines of credit and other debt	(4)	(183)	(217)
Financing leases	(24)	(26)	(31)
Cash dividends paid	(78)	(20)	(19)
Debt issuance and extinguishment costs		(7)	(8)
Other	(10)	(13)	(20)
Net cash used in financing activities	(96)	(189)	(259)
Effect of exchange rates on cash	(9)	(7)	(2)
Increase (decrease) in cash and cash equivalents	(522)	(101)	521
Cash and cash equivalents, beginning of period	1,591	1,692	1,171
Cash and cash equivalents, end of period	1,069	1,591	1,692
Cash payments (refunds) during the period for:
Interest	75	76	83
Income taxes	$ 117	$ (78)	$ (9)

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, 2019	$ 7,846	$ (5)	$ 4	$ 8,507	$ (1,423)	$ 690	$ (5)	$ 7,778	$ (5)	$ 68
Begining Balance, shares at Dec. 31, 2019			386
Net income (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 income (loss)	(245)					(250)		(250)		5
Other comprehensive income (loss)	(37)				(37)			(37)
Cash dividends, per common share	(20)					(20)		(20)
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
Net income (loss)	155					155		155
Other comprehensive income (loss)	(47)				(47)			(47)
Cash dividends, per common share	(78)					(78)		(78)
Stock-based compensation	67			67				67
Withholding taxes	(12)			(12)				(12)
Purchase of equity in non-controlling interest	(17)			12				12		(29)
Other	2			2				2
Ending Balance at Dec. 31, 2022	$ 5,134		$ 4	$ 8,754	$ (1,593)	$ (2,069)		$ 5,096		$ 38
Ending Balance, shares at Dec. 31, 2022			393

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retained Earnings (Loss) [Member]
Cash dividends, per common share	$ 0.20	$ 0.05	$ 0.05

Organization and Basis of Presentation

12 Months Ended

Dec. 31, 2022

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 2022 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, 2022

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 in Note 3 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 (credits) to inventory reserves of $(18) million, $73 million, and $367 million for the years ended December 31, 2022, 2021, and 2020, respectively, consisting primarily of obsolete and surplus inventories. At December 31, 2022 and 2021, inventory reserves totaled $378 million and $444 million, or 17.3% and 25.0% 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 $250 million, $264 million, and $302 million for the years ended December 31, 2022, 2021 and 2020, 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 for the year ended December 31, 2020.

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 $49 million, $52 million, and $14 million for acquisitions for the years ended December 31, 2022, 2021 and 2020, 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 $25 million, $16 million, and $2 million for the years ending December 31, 2022, 2021 and 2020, respectively, and are included in other income (expense) in the accompanying statement of income (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 $37 million and $38 million for the years ended December 31, 2022 and 2021, 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, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was $4,161 million. The Company expects to recognize approximately $1,286 million in revenue for the remaining performance obligations in 2023 and $2,875 million in 2024 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, 2020	$	87
Net provisions for warranties issued during the year		15
Amounts incurred		(24	)
Currency translation adjustments		(5	)
Balance at December 31, 2021	$	73
Net provisions for warranties issued during the year		11
Amounts incurred		(17	)
Currency translation adjustments and other		3
Balance at December 31, 2022	$	70

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 credit losses 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. As of December 31, 2022, and December 31, 2021, the allowance for credit losses totaled $71 million and $88 million, 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 and environmental 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 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):


	Year Ended December 31,
	2022		2021			2020
Numerator:
Net income (loss) attributable to Company	$	155	$	(250	)	$	(2,542	)
Denominator:
Basic—weighted average common shares outstanding		390		386			384
Dilutive effect of employee stock options and other unvested stock awards		4		—			—
Diluted outstanding shares		394		386			384
Basic income (loss) attributable to Company per share	$	0.40	$	(0.65	)	$	(6.62	)
Diluted income (loss) attributable to Company per share	$	0.39	$	(0.65	)	$	(6.62	)
Cash dividends per share	$	0.20	$	0.05		$	0.05

Net income (loss) attributable to Company allocated to participating securities was immaterial for the years ended December 31, 2022, 2021 and 2020 and therefore not excluded from net income (loss) attributable to Company per share calculation. The Company had stock options outstanding that were anti-dilutive totaling 20 million, 21 million, and 26 million at December 31, 2022, 2021 and 2020, respectively.

Recently Issued Accounting Standards

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848).” ASU 2021-01 was issued in January 2021 to further clarify the scope of the standard, which 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. ASU 2022-06 was issued in December 2022, which deferred the sunset date for applying the reference rate reform relief in Topic 848. 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, 2024, except for hedging relationships existing as of December 31, 2024, 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, 2022

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, 2022, the Company has determined the fair value of its derivative financial instruments representing assets of $8 million and liabilities of $14 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, 2022, the net fair value of the Company’s foreign currency forward contracts totaled a net liability of $6 million.

Forward currency contracts consist of (in millions):

Currency Denomination

Currency

December 31, 2022

December 31, 2021

South Korean Won

KRW

65,980

KRW

17,600

Norwegian Krone

NOK

2,741

NOK

2,430

U.S. Dollar

USD

655

USD

415

Japanese Yen

JPY

460

JPY

476

Brazilian Real

BRL

291

BRL

—

Mexican Peso

MXN

160

MXN

637

South African Rand

ZAR

149

ZAR

124

Euro

EUR

125

EUR

106

Singapore Dollar

SGD

27

SGD

36

British Pound Sterling

GBP

16

GBP

14

Danish Krone

DKK

13

DKK

7

Canadian Dollar

CAD

2

CAD

—

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 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 does not expect a material amount to 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 $(18) million, $(9) million and $(3) million for the years ended 2022, 2021 and 2020, 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	2022		2021		Location	2022		2021
Derivatives designated as hedging instruments under ASC Topic 815
Foreign exchange contracts	Prepaid and other current assets	$	3	$	11	Accrued liabilities	$	3	$	2
Foreign exchange contracts	Other Assets		—		—	Other Liabilities		1		—
Total derivatives designated as hedging instruments under ASC Topic 815		$	3	$	11		$	4	$	2
Derivatives not designated as hedging instruments under ASC Topic 815
Foreign exchange contracts	Prepaid and other current assets	$	5	$	7	Accrued liabilities	$	10	$	6
Total derivatives		$	8	$	18		$	14	$	8

Inventories, net

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventories, net

4. Inventories, net

Inventories consist of (in millions):


	December 31,
	2022			2021
Raw materials and supplies	$	479		$	350
Work in process		308			218
Finished goods and purchased products		1,404			1,207
		2,191			1,775
Less: Inventory reserve		(378	)		(444	)
Total	$	1,813		$	1,331

Property, Plant and Equipment, net

12 Months Ended

Dec. 31, 2022

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	2022			2021
Land		$	176		$	174
Buildings and improvements	5-35 Years		1,251			1,309
Operating equipment	2-20 Years		2,683			2,678
Rental equipment	2-15 Years		798			794
			4,908			4,955
Less: Accumulated Depreciation			(3,127	)		(3,132	)
		$	1,781		$	1,823

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

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 $490 million of identified intangible assets at December 31, 2022.

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


	Wellbore Technologies			Completion & Production Solutions		Rig Technologies		Total

Balance at December 31, 2020		308			473		712		1,493
Goodwill acquired during period		34			—		—		34
Balance at December 31, 2021	$	342		$	473	$	712	$	1,527
Goodwill acquired during period		3			7		—		10
Adjustment during the measurement period of assets acquired		(32	)		—		—		(32	)
Balance at December 31, 2022 (1)	$	313		$	480	$	712	$	1,505

(1)

Accumulated goodwill impairment was $7,261 million as of December 31, 2022.

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 $44 million, $39 million, $36 million, $34 million, and $30 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, 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
Additions to intangible assets		3			—			—			3
Adjustment during the measurement period of assets acquired		32			—			—			32
Amortization		(17	)		(5	)		(29	)		(51	)
Currency translation adjustments		—			—			3			3
Balance at December 31, 2022	$	282		$	37		$	171		$	490

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


	Gross		Accumulated Amortization			Net Book Value
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
December 31, 2022:
Customer relationships	$	499	$	(351	)	$	148
Trademarks		173		(127	)		46
Patents		128		(66	)		62
Indefinite-lived trade names		196		—			196
Other		104		(66	)		38
Total identified intangibles	$	1,100	$	(610	)	$	490

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 are estimated using a terminal value calculation, which incorporates 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 2022, the Company performed its annual impairment test, as described in ASC Topic 350, as of October 1, 2022. Based on the Company’s annual impairment test, the calculated fair values for all of the Company’s reporting units with remaining goodwill were in excess of the respective reporting unit’s carrying value. During the first quarter of 2020, 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 in impairment charges to goodwill. Additionally, $83 million in charges to indefinite-lived intangible assets were recorded in 2020 for this triggering event.

The goodwill and indefinite-lived intangible impairment during 2020 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 2022 or 2021.

Accrued Liabilities

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Accrued Liabilities

7. Accrued Liabilities

Accrued liabilities consist of (in millions):


	December 31,
	2022		2021
Compensation	$	329	$	209
Vendor costs		168		124
Taxes (non-income)		107		119
Warranty		70		73
Insurance		42		45
Commissions		18		17
Fair value of derivatives		13		8
Interest		7		6
Other		205		177
Total	$	959	$	778

Leases

12 Months Ended

Dec. 31, 2022

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 $42 million for the year ended December 31, 2020.

Components of leases are as follows (in millions):


	December 31,
	2022		2021
Current portion of lease liabilities:
Operating	$	67	$	76
Financing		20		23
Total	$	87	$	99

	December 31,
	2022		2021
Long-term portion of lease liability:
Operating	$	334	$	357
Financing		215		219
Total	$	549	$	576

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


	Year Ended
	December 31, 2022			December 31, 2021
Lease cost
Finance lease cost
Amortization of right-of-use assets	$	24		$	26
Interest on lease liabilities		9			10
Operating lease cost		73			83
Short-term lease cost		90			74
Sub-lease income		(8	)		(9	)
Total	$	188		$	184

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


	Years Ended
	December 31, 2022			December 31, 2021
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - finance leases	$	9		$	10
Operating cash flows - operating leases		73			83
Financing cash flows - finance leases		24			26
Right-of-use assets obtained in exchange for new:
Operating lease liabilities	$	57		$	37
Finance lease liabilities		19			9

Weighted average remaining lease term at December 31, 2022:
Operating leases	10 years			11 years
Finance leases	17 years			18 years
Weighted average discount rate at December 31, 2022:
Operating leases		4.74	%		4.74	%
Finance leases		3.95	%		3.86	%

Future minimum lease commitments for leases with initial or remaining terms of one year or more at December 31, 2022, are payable as follows (in millions):


	Operating			Finance
2023	$	85		$	30
2024		72			27
2025		60			24
2026		49			20
2027		39			17
Thereafter		197			200
Total lease payments		502			318
Less: Interest		(101	)		(83	)
Present value of lease liabilities	$	401		$	235

Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

9. Debt

Debt consists of (in millions):


	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		495		494
Other debt		145		129
Total Debt		1,730		1,713
Less current portion		13		5
Long-term debt	$	1,717	$	1,708

Principal payments of debt for years subsequent to 2022 are as follows (in millions):


2023		13
2024		10
2025		21
2026		29
2027		12
Thereafter		1,661
	$	1,746

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 December 31, 2022, the Company was in compliance with a debt-to-capitalization ratio of 27.7% and had no outstanding borrowings or letters of credit issued under the facility, resulting in $2.0 billion of available funds.

Additionally, a consolidated joint venture of the Company borrowed $120 million against 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, 2022, the joint venture was in compliance. Upon completion of the facility construction in the fourth quarter of 2022, the Company will not have future borrowings on the line of credit, with repayments beginning December 2022 and final payment no later than June 2032. As of December 31, 2022, the Company has a carrying value of $114 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 December 31, 2022 included $31 million of funding provided by minority interest partners of NOV consolidated joint ventures, of which $3 million is due in the next twelve months.

The Company had $504 million of outstanding letters of credit at December 31, 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 December 31, 2022 and 2021, the fair value of the Company's unsecured Senior Notes approximated $1,215 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 December 31, 2022 and 2021, the carrying value of the Company's unsecured Senior Notes approximated $1,585 million and $1,584 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, 2022

Retirement Benefits [Abstract]

Employee Benefit Plans

10. Employee Benefit Plans

We have benefit plans covering substantially all our employees. Defined-contribution retirement plans cover most of the U.S. and Canadian employees, and benefits are generally based on employee deferrals and matching on those employee contributions. We also have defined contribution plans in Norway and the United Kingdom. For the years ended December 31, 2022, 2021 and 2020, expenses for defined-contribution retirement plans were $67 million, $34 million, and $51 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, which would result in the full settlement of the Company’s obligations, is expected to be completed in early 2023. Plan participants will receive their full accrued benefits from plan assets through annuity contracts with a qualifying third-party annuity provider. Upon settlement, we expect to recognize pre-tax pension settlement charges that will include (1) a non-cash charge for the recognition of all pre-tax actuarial losses accumulated in accumulated other comprehensive loss ($8 million as of December 31, 2022) and (2) any cash contributions to settle the Plan’s obligations ($5 million net projected benefit obligation as of December 31, 2022). The actual amount of the settlement charges and any potential cash contribution will depend on various factors, including interest rates and plan asset returns.

In the third quarter of 2022, the Company offered a new benefit plan providing retiree medical coverage in the United States, and approximately 8,600 employees are eligible for this coverage. In addition, approximately 1,000 U.S. retirees and/or spouses participate in plans that provide post-retirement healthcare and/or life insurance benefits.

Net periodic benefit income (cost) for our Defined Benefit pension plans aggregated $1 million, $3 million, and $3 million for the years ended December 31, 2022, 2021 and 2020, 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, 2022 and 2021, is as follows (in millions):


	Pension benefits						Postretirement benefits
At year end	2022			2021			2022			2021
Benefit obligation at beginning of year	$	594		$	641		$	34		$	43
Service cost		1			1			1			—
Interest cost		9			11			1			1
Actuarial loss (gain)		(135	)		(5	)		(5	)		4
Benefits paid		(62	)		(29	)		(8	)		(14	)
Exchange rate loss (gain)		(25	)		(12	)		—			—
Plan amendments		—			—			27			—
Settlements		—			(13	)		—			—
Benefit obligation at end of year	$	382		$	594		$	50		$	34

Fair value of plan assets at beginning of year	$	571		$	584		$	—		$	—
Actual return		(105	)		32			—			—
Benefits paid		(62	)		(29	)		(8	)		(15	)
Company contributions		3			4			8			15
Exchange rate gain (loss)		(26	)		(7	)		—			—
Settlements		—			(13	)		—			—
Fair value of plan assets at end of year	$	381		$	571		$	—		$	—
Funded status	$	(1	)	$	(23	)	$	(50	)	$	(34	)

Accumulated benefit obligation at end of year	$	381		$	592

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:


	Year Ended December 31,
	2022	2021
Discount rate:
United States plan	4.74% - 5.20%	1.80% - 2.20%
International plans	3.30% - 4.80%	1.00% - 1.90%
Salary increase:
United States plan	N/A	N/A
International plans	2.50% - 3.75%	2.50% - 3.40%

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


	Year Ended December 31,
	2022	2021	2020
Discount rate:
United States plan	1.80% - 2.20%	1.20% - 2.40%	2.50% - 3.20%
International plans	1.00% - 1.90%	0.70% - 1.80%	0.00% - 2.30%
Salary increase:
United States plan	N/A	N/A	N/A
International plans	2.50% - 3.40%	1.75% - 2.90%	1.80% - 3.10%
Expected return on assets:
United States plan	1.84%	3.90%	4.80%
International plans	1.00% - 4.00%	0.80% - 3.40%	0.00% - 4.50%

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 pension plans of approximately $11 million for each of the next five years and aggregate payments of $114 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, 2021:
Equity securities	$	8	$	—	$	8	$	—
Bonds		372		—		372		—
Other (insurance contracts)		191		—		132		59
Total Fair Value Measurements	$	571	$	—	$	512	$	59
December 31, 2022:
Equity securities	$	4	$	—	$	4	$	—
Bonds		79		—		79		—
Other (insurance contracts)		298		—		260		38
Total Fair Value Measurements	$	381	$	—	$	343	$	38

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, 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
Actual return on plan assets still held at reporting date		(16	)
Purchases, sales and settlements		(1	)
Currency translation adjustments		(4	)
Balance at December 31, 2022	$	38

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2022

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			Employee
	Currency			Financial			Benefit
	Translation			Instruments,			Plans,
	Adjustments			Net of Tax			Net of Tax			Total
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	)
Accumulated other comprehensive income (loss) before reclassifications		(30	)		(17	)		(4	)		(51	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			6			(2	)		4
Balance at December 31, 2022	$	(1,545	)	$	(4	)	$	(44	)	$	(1,593	)

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


	Year Ended December 31,
	2022									2021									2020
	Derivative			Employee						Derivative			Employee						Derivative			Employee
	Financial			Benefit						Financial			Benefit						Financial			Benefit
	Instruments			Plans			Total			Instruments			Plans			Total			Instruments			Plans			Total
Revenue	$	3		$	—		$	3		$	(1	)	$	—			(1	)	$	17		$	—		$	17
Cost of revenue		6			—			6			(8	)		—			(8	)		6			—			6
Selling, general, and administrative		—			(2	)		(2	)		—			(1	)		(1	)		—			(1	)		(1	)
Tax effect		(3	)		—			(3	)		2			—			2			(4	)		—			(4	)
	$	6		$	(2	)	$	4		$	(7	)	$	(1	)	$	(8	)	$	19		$	(1	)	$	18

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 loss of $30 million, $34 million and $78 million for the years ended December 31, 2022, 2021 and 2020, 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 $(11) million (net of $(3) million tax), $(12) million (net of $2 million tax) and $23 million (net of $5 million tax) for the years ended December 31, 2022, 2021 and 2020.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [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 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, personal injury 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 December 31, 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.

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 judgment 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. In 2022, 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, and intends to pursue future claims involving revenue recognized for technology related to drill bits. The Company is suing for breach of agreements pursuant to which certain drill bit manufacturers have licensed the Company’s intellectual property. The amount of the Company's claims for outstanding receivables exceeds $30 million dollars, and is likely to increase over time until we achieve resolution of such claims. 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 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 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. During the third quarter of 2022, we sold our business in Belarus and committed to a plan to sell our business in Russia. The sale is subject to government approval under Russian law. 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 if we are unable to obtain government approval.

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 regulations. We also face sometimes conflicting regulatory and legal regulations, for example, 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, 2022

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 $78 million and $20 million for the years ended December 31, 2022 and 2021, 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 $67 million, $78 million and $105 million for 2022, 2021 and 2020, 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 $3 million, $2 million and $3 million for 2022, 2021 and 2020, respectively.

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 December 31, 2022, approximately 17.3 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. 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 NOV Plan and the Plan and stock plans of acquired companies. Options outstanding at December 31, 2022 under the stock option plans have exercise prices between $15.00 and $72.66 per share, and expire at various dates from February 16, 2023 to February 16, 2032.

The following summarizes options activity:


	Year Ended December 31,
	2022					2021					2020
	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		21,276,961		$	42.09		21,005,502		$	45.70		21,310,099		$	47.68
Granted		1,492,020			16.73		1,669,511			15.00		1,650,262			20.23
Forfeited		(1,574,642	)		65.44		(1,398,052	)		63.65		(1,954,859	)		45.75
Exercised		(113,951	)		17.77		—			—		—			—
Shares under option at end of year		21,080,388		$	38.68		21,276,961		$	42.09		21,005,502		$	45.70
Exercisable at end of year		17,988,842		$	42.46		18,039,330		$	46.27		17,893,434		$	49.25

The following summarizes information about stock options outstanding at December 31, 2022:


	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 - $30.00		6.42		7,741,072	$	21.81		4,649,526	$	25.19
$30.01 - $50.00		3.81		6,525,740		36.26		6,525,740		36.26
$50.01 - $72.66		1.47		6,813,576		60.18		6,813,576		60.18
Total		4.01		21,080,388	$	38.68		17,988,842	$	42.46

The weighted-average fair value of options granted during 2022, 2021 and 2020, was approximately $6.28, $5.75 and $5.83 per share, respectively, as determined using the Black-Scholes option-pricing model. The total intrinsic value of options exercised during 2022 and 2021 was $1 million and zero, respectively.

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.


	Year Ended December 31,
Valuation Assumptions:	2022			2021			2020
Expected volatility		43.6	%		43.4	%		35.0	%
Risk-free interest rate		1.9	%		0.6	%		1.2	%
Expected dividend yield		1.2	%		0.0	%		1.0	%
Expected term (in years)		5.4			5.1			4.8

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, 2022 and changes during 2022 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, 2021		21,276,961		$	42.09		4.49	$	—
Granted		1,492,020		$	16.73
Forfeited		(1,574,642	)	$	65.44
Exercised		(113,951	)	$	17.77
Outstanding at December 31, 2022		21,080,388		$	38.68		4.01	$	—
Exercisable at December 31, 2022		17,988,842		$	42.46		3.28	$	—

At December 31, 2022, total unrecognized compensation cost related to nonvested stock options was $10 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 2022, 2021 and 2020 was approximately $10 million, $12 million and $18 million, respectively. Cash received from option exercises for 2022 was $2 million. Cash received from option exercises in 2021 and 2020 was zero. The actual tax benefit (expense) realized for the tax deductions from option exercises was zero for in 2022, 2021, and 2020.

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,
	2022					2021
	Number			Average		Number			Average
	of			Exercise		of			Exercise
	Shares			Price		Shares			Price
Shares under SARs at beginning of year		1,193,934		$	28.40		1,234,565		$	28.40
Granted		—			—		—			—
Forfeited		(88,828	)		28.61		(40,631	)		28.32
Exercised		—			—		—			—
Shares under SARs at end of year		1,105,106		$	28.39		1,193,934		$	28.40
Exercisable at end of year		1,105,106		$	28.39		1,186,296		$	28.44

The Company recognized no expense in 2022, 2021, or 2020. There was no liability for cash-settled SARs at December 31, 2022.

Restricted Shares

The Company issues restricted stock awards and restricted stock units to officers and key employees in addition to stock options. On February 15, 2022, under the NOV Plan, the Company granted 1,492,020 stock options with a fair value of $6.28 per option and an exercise price of $16.73 per share; 2,877,894 restricted stock units with a fair value of $16.73 per share; and performance share awards (PSAs) to senior management employees with potential payouts varying from zero to 1,188,884 shares. The stock options vest over a three-year period from the grant date. The restricted stock units vest in three equal annual installments commencing on the first anniversary of the grant date. The 2022 PSAs can be earned based on performance against two established goals over a three-year period: 85% with a TSR (total shareholder return) goal and 15% with an internal NVA (“NOV Value Added”, a return on capital metric) goal. TSR performance is determined by comparing the Company’s TSR with the TSR of the members of the Philadelphia Stock Exchange’s Oil Services Sector Index (OSX) for the three-year performance period. The TSR portion of the performance share awards is subject to a vesting cap equal to 100% of Target Level if the Company’s absolute TSR is negative, regardless of relative TSR results. Conversely, if the Company’s absolute TSR is greater than 15% annualized over the three-year performance period the payout amount shall not be less than 50% of Target Level, regardless of relative TSR results. The NVA goal is based on the Company’s improvement in NVA from the beginning of the performance period until the end of the performance period. NVA is calculated as an amount equal to the Company’s (a) gross cash earnings less (b) average gross operating assets times an amount equal to a required return on assets, with certain adjustments.

On May 24, 2022 the Company granted 76,257 restricted stock units with a fair value of $19.12 per share. The restricted stock units 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:


	Year Ended December 31,
	2022					2021					2020
				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		6,936,574		$	21.32		6,073,963		$	31.85		6,274,308		$	33.10
Granted		3,509,425		$	17.67		3,772,842		$	15.03		3,166,402		$	19.98
Vested		(2,863,385	)	$	17.11		(2,672,507	)	$	15.38		(3,229,624	)	$	20.09
Forfeited		(394,431	)	$	26.00		(237,724	)	$	63.65		(137,123	)	$	45.75
Nonvested at end of year		7,188,183		$	18.30		6,936,574		$	21.32		6,073,963		$	31.85

At December 31, 2022, there was approximately $66 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.

+ References

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+ Details

Revenue

12 Months Ended

Dec. 31, 2022

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, 2022
			Completion
	Wellbore		& Production		Rig
	Technologies		Solutions		Technologies		Eliminations			Total
North America	$	1,407	$	1,024	$	448	$	—		$	2,879
International		1,306		1,511		1,541		—			4,358
Eliminations		64		53		45		(162	)		—
	$	2,777	$	2,588	$	2,034	$	(162	)	$	7,237

Land	$	2,066	$	1,538	$	543	$	—		$	4,147
Offshore		647		997		1,446		—			3,090
Eliminations		64		53		45		(162	)		—
	$	2,777	$	2,588	$	2,034	$	(162	)	$	7,237


	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

The Company did not have any customers with revenues greater than 10% of total revenue for the years ended December 31, 2022, 2021, or 2020.

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, 2022, 2021 and 2020.

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, 2021	$	461		$	392
Provision, net		(1	)		—
Billings		(1,062	)		1,123
Revenue recognized		1,265			(1,071	)
Currency translation adjustments and other		22			—
Balance at December 31, 2022	$	685		$	444

- 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
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-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2022

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):


	Year Ended December 31,
	2022		2021			2020
Domestic	$	113	$	(257	)	$	(2,169	)
Foreign		125		27			(610	)
	$	238	$	(230	)	$	(2,779	)

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


	Year Ended December 31,
	2022			2021			2020
Current:
Federal	$	(1	)	$	4		$	(279	)
State		-			(1	)		(4	)
Foreign		86			23			106
Total current income tax provision		85			26			(177	)
Deferred:
Federal		3			(1	)		7
State		—			—			—
Foreign		(5	)		(10	)		(72	)
Total deferred income tax provision		(2	)		(11	)		(65	)
Total income tax provision	$	83		$	15		$	(242	)

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):


	Year Ended December 31,
	2022			2021			2020
Federal income tax at U.S. statutory rate	$	50		$	(48	)	$	(584	)
Foreign income tax rate differential		1			(9	)		(30	)
Goodwill impairment		—			—			271
Reduction of FTC carryforwards		—			—			184
Tax Benefit from CARES Act		—			—			(83	)
Change in deferred tax valuation allowance		24			31			(83	)
Nondeductible expenses		18			17			44
Foreign dividends, net of foreign tax credits		27			54			28
Change in uncertain tax positions		4			13			20
State income taxes - net of federal benefit		—			(1	)		(4	)
Income tax credits		(5	)		(11	)		—
Other		(36	)		(31	)		(5	)
Total income tax provision	$	83		$	15		$	(242	)

The effective tax rate for the year ended December 31, 2022 was 34.9%, compared to (6.5%) for 2021. For the year-ended 2022, 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 foreign currency translation gains and the utilization of losses and tax credits for prior year tax returns. For the year ended December 31, 2021 the effective tax rate was negatively impacted by 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.

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


	December 31,
	2022			2021
Deferred tax assets:
Allowances and operating liabilities	$	276		$	297
Net operating loss carryforwards		324			446
Stock Compensation		51			56
Tax credit carryforwards		292			398
Other		119			135
Valuation allowance		(920	)		(1,127	)
Total deferred tax assets		142			205
Deferred tax liabilities:
Tax over book depreciation		49			56
Capital leases		73			76
Intangible assets		34			52
Deferred income		16			51
Accrued tax on unremitted earnings		32			33
Other		6			3
Total deferred tax liabilities		210			271
Net deferred tax liability	$	68		$	66

The valuation allowance decreased by $207 million during 2022. This decrease is comprised of $128 million due to the expiration of foreign tax credit carryforwards in the US, $62 million for the removal of deferred tax assets for operations in Russia and Belarus, $25 million to remove other forfeited NOLs resulting from legal entity mergers and dissolutions, $13 million related to FX and $3 million related to changes in Other Comprehensive Income, partially offset by an increase of $24 million related to current year changes in the carrying value of deferred tax assets.

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


	2022			2021			2020
Unrecognized tax benefit at beginning of year	$	60		$	57		$	38
Gross increase for tax positions in prior years		9			8			25
Gross decrease for tax positions in prior years		(1	)		(1	)		(2	)
Cash Settlements		(1	)		(1	)		(1	)
Lapse of statute of limitations		(5	)		(3	)		(3	)
Unrecognized tax benefit at end of year	$	62		$	60		$	57

The balance of unrecognized tax benefits at December 31, 2022, 2021 and 2020 was $62 million, $60 million and $57 million, respectively. Accruals related to prior year domestic and foreign jurisdiction issues resulted in uncertain tax position increases of $9 million in 2022. Resolutions of domestic and foreign jurisdiction audits resulted in a $1 million decrease in uncertain tax provisions for both the years ended December 31, 2022 and 2021.

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, 2022, 2021 and 2020, we recorded income tax expense of $8 million, $8 million and $2 million, respectively, for interest and penalty related to unrecognized tax benefits. As of December 31, 2022 and 2021, the Company had accrued $23 million and $20 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, China, the United Kingdom, the Netherlands, Denmark, and Mexico. 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 2017.

Net operating loss carryforwards by jurisdiction and expiration as of December 31, 2022 were as follows (in millions):


	Federal		State		Foreign		Total
2023 - 2027 Expiration	$	15	$	4	$	63	$	82
2028 - 2042 Expiration		16		425		314		755
Unlimited Expiration		320		—		498		818
Total Net Operating Loss (NOL)	$	351	$	429	$	875	$	1,655
Tax Effected NOL	$	74	$	28	$	222	$	324

The Company has $273 million of excess foreign tax credits in the United States as of December 31, 2022, of which $144 million, $96 million, $12 million, $11 million, and $10 million will expire in 2027, 2028, 2030, 2031, and 2032 respectively. As of December 31, 2022, the Company has remaining tax-deductible goodwill of $83 million, resulting from acquisitions. The amortization of this goodwill is deductible over various periods ranging up to 9 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
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Business Segments and Geographic Areas

12 Months Ended

Dec. 31, 2022

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):


	Year Ended December 31,
	2022		2021		2020
United States	$	2,603	$	1,760	$	1,634
Brazil		495		316		224
Saudi Arabia		488		316		343
Norway		351		365		464
China		296		222		288
Canada		277		207		168
United Kingdom		199		204		222
United Arab Emirates		157		130		221
Singapore		131		143		242
South Korea		88		32		33
Other Countries		2,152		1,829		2,251
Total	$	7,237	$	5,524	$	6,090

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


	December 31,
	2022		2021
United States	$	883	$	898
Saudi Arabia		240		231
Brazil		94		87
United Kingdom		72		84
Denmark		68		72
South Korea		66		60
United Arab Emirates		64		65
Canada		50		59
Mexico		27		28
Singapore		13		14
Russia		-		10
Other Countries		204		215
Total	$	1,781	$	1,823

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, 2022
Revenue	$	2,777		$	2,588		$	2,034		$	(162	)	$	7,237
Operating profit (loss)(2)		304			69			144			(253	)		264
Capital expenditures		109			59			34			12			214
Depreciation and amortization		150			62			73			16			301
Goodwill		313			480			712			—			1,505
Total assets		2,992			2,748			3,074			1,321			10,135
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

(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 profit for 2022 includes charges, net of related credits, for: Russia impairment and other charges (Wellbore Technologies $60 million; Completion & Production Solutions $39 million; and, Rig Technologies $24 million); credits related to gains on sales of previously reserved inventory (Wellbore Technologies zero; Completion & Production Solutions $(8) million; and, Rig Technologies $(27) million); and severance and other restructuring costs (Wellbore Technologies zero; Completion & Production Solutions $5 million; and, Rig Technologies $3 million). Segment operating loss for 2021 includes charges, net of related credits, for: inventory write-downs net of gains on sales of previously reserved inventory (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).

- 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
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: 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
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Impairment and Other Charges

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Impairment and Other Charges

17. Impairment and Other Charges

Beginning February 2022, as a result of armed conflict in Ukraine, governments in the European Union, the United States, the United Kingdom, Switzerland, and other countries have enacted sanctions against Russia and Russian interests. Among other things, these sanctions include controls on the export, re-export, and in-country transfer in Russia of certain goods, supplies, and technologies, including some that we use in our business in Russia. They also impose restrictions on doing business with specially designated nationals, including certain state-owned Russian customers, certain financial institutions and certain individuals and restrict or prohibit new investments and business activities in Russia. As previously disclosed, in response to these sanctions, the Company ceased new investments and curtailed our activities in Russia. Further, during the third quarter of 2022, the Company sold its business in Belarus and committed to a plan to sell its businesses in Russia. The sale is subject to government approval under Russian law.

As a result of these actions, we recorded $127 million in impairment and other charges for the year ended December 31, 2022, of which $51 million relates to accumulated foreign currency translation adjustment losses for Russia and Belarus. The impairment and other charges are reported in “Cost of revenue” ($76 million for the year ended December 31, 2022) and “Selling, general and administrative” ($51 million for the year ended December 31, 2022) in our Consolidated Statements of Income (Loss). As of December 31, 2022, all our Russian assets and liabilities were classified as held for sale and reported in “Prepaid and Other Current Assets” and “Accrued Liabilities”, respectively, in our Consolidated Balance Sheet. We expect to complete the sale of our Russian entities within the next 12 months, subject to regulatory approval.

Schedule II Nov Inc. Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-09, 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, 2022, 2021 and 2020

(in millions)


	Balance beginning of year		Additions (Deductions) charged to costs and expenses			Charge off's and other			Balance end of year
Allowance for credit losses:
2022	$	88	$	5		$	(22	)	$	71
2021		100		5			(17	)		88
2020		132		7			(39	)		100
Reserve for excess and obsolete inventories:
2022	$	444	$	(18	)	$	(48	)	$	378
2021		577		73			(206	)		444
2020		843		367			(633	)		577
Valuation allowance for deferred tax assets:
2022	$	1,127	$	24		$	(231	)	$	920
2021		1,093		31			3			1,127
2020		1,175		(83	)		1			1,093

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

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, 2020	$	87
Net provisions for warranties issued during the year		15
Amounts incurred		(24	)
Currency translation adjustments		(5	)
Balance at December 31, 2021	$	73
Net provisions for warranties issued during the year		11
Amounts incurred		(17	)
Currency translation adjustments and other		3
Balance at December 31, 2022	$	70

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

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):


	Year Ended December 31,
	2022		2021			2020
Numerator:
Net income (loss) attributable to Company	$	155	$	(250	)	$	(2,542	)
Denominator:
Basic—weighted average common shares outstanding		390		386			384
Dilutive effect of employee stock options and other unvested stock awards		4		—			—
Diluted outstanding shares		394		386			384
Basic income (loss) attributable to Company per share	$	0.40	$	(0.65	)	$	(6.62	)
Diluted income (loss) attributable to Company per share	$	0.39	$	(0.65	)	$	(6.62	)
Cash dividends per share	$	0.20	$	0.05		$	0.05

Recently Issued Accounting Standards

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

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, 2020	$	87
Net provisions for warranties issued during the year		15
Amounts incurred		(24	)
Currency translation adjustments		(5	)
Balance at December 31, 2021	$	73
Net provisions for warranties issued during the year		11
Amounts incurred		(17	)
Currency translation adjustments and other		3
Balance at December 31, 2022	$	70

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):


	Year Ended December 31,
	2022		2021			2020
Numerator:
Net income (loss) attributable to Company	$	155	$	(250	)	$	(2,542	)
Denominator:
Basic—weighted average common shares outstanding		390		386			384
Dilutive effect of employee stock options and other unvested stock awards		4		—			—
Diluted outstanding shares		394		386			384
Basic income (loss) attributable to Company per share	$	0.40	$	(0.65	)	$	(6.62	)
Diluted income (loss) attributable to Company per share	$	0.39	$	(0.65	)	$	(6.62	)
Cash dividends per share	$	0.20	$	0.05		$	0.05

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Foreign Currency Forward Contracts

Forward currency contracts consist of (in millions):

Currency Denomination

Currency

December 31, 2022

December 31, 2021

South Korean Won

KRW

65,980

KRW

17,600

Norwegian Krone

NOK

2,741

NOK

2,430

U.S. Dollar

USD

655

USD

415

Japanese Yen

JPY

460

JPY

476

Brazilian Real

BRL

291

BRL

—

Mexican Peso

MXN

160

MXN

637

South African Rand

ZAR

149

ZAR

124

Euro

EUR

125

EUR

106

Singapore Dollar

SGD

27

SGD

36

British Pound Sterling

GBP

16

GBP

14

Danish Krone

DKK

13

DKK

7

Canadian Dollar

CAD

2

CAD

—

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):


	Fair Values of Derivative Instruments (In millions)
	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
	Balance Sheet	December 31,				Balance Sheet	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	$	3	$	11	Accrued liabilities	$	3	$	2
Foreign exchange contracts	Other Assets		—		—	Other Liabilities		1		—
Total derivatives designated as hedging instruments under ASC Topic 815		$	3	$	11		$	4	$	2
Derivatives not designated as hedging instruments under ASC Topic 815
Foreign exchange contracts	Prepaid and other current assets	$	5	$	7	Accrued liabilities	$	10	$	6
Total derivatives		$	8	$	18		$	14	$	8

Inventories, net (Tables)

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories consist of (in millions):


	December 31,
	2022			2021
Raw materials and supplies	$	479		$	350
Work in process		308			218
Finished goods and purchased products		1,404			1,207
		2,191			1,775
Less: Inventory reserve		(378	)		(444	)
Total	$	1,813		$	1,331

Property, Plant and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

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


	Estimated	December 31,
	Useful Lives	2022			2021
Land		$	176		$	174
Buildings and improvements	5-35 Years		1,251			1,309
Operating equipment	2-20 Years		2,683			2,678
Rental equipment	2-15 Years		798			794
			4,908			4,955
Less: Accumulated Depreciation			(3,127	)		(3,132	)
		$	1,781		$	1,823

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

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, 2020		308			473		712		1,493
Goodwill acquired during period		34			—		—		34
Balance at December 31, 2021	$	342		$	473	$	712	$	1,527
Goodwill acquired during period		3			7		—		10
Adjustment during the measurement period of assets acquired		(32	)		—		—		(32	)
Balance at December 31, 2022 (1)	$	313		$	480	$	712	$	1,505

(1)

Accumulated goodwill impairment was $7,261 million as of December 31, 2022.

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, 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
Additions to intangible assets		3			—			—			3
Adjustment during the measurement period of assets acquired		32			—			—			32
Amortization		(17	)		(5	)		(29	)		(51	)
Currency translation adjustments		—			—			3			3
Balance at December 31, 2022	$	282		$	37		$	171		$	490

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, 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
December 31, 2022:
Customer relationships	$	499	$	(351	)	$	148
Trademarks		173		(127	)		46
Patents		128		(66	)		62
Indefinite-lived trade names		196		—			196
Other		104		(66	)		38
Total identified intangibles	$	1,100	$	(610	)	$	490

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
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+ Details

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued liabilities consist of (in millions):


	December 31,
	2022		2021
Compensation	$	329	$	209
Vendor costs		168		124
Taxes (non-income)		107		119
Warranty		70		73
Insurance		42		45
Commissions		18		17
Fair value of derivatives		13		8
Interest		7		6
Other		205		177
Total	$	959	$	778

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Components of Leases

Components of leases are as follows (in millions):


	December 31,
	2022		2021
Current portion of lease liabilities:
Operating	$	67	$	76
Financing		20		23
Total	$	87	$	99

	December 31,
	2022		2021
Long-term portion of lease liability:
Operating	$	334	$	357
Financing		215		219
Total	$	549	$	576

Components of Lease Expense

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


	Year Ended
	December 31, 2022			December 31, 2021
Lease cost
Finance lease cost
Amortization of right-of-use assets	$	24		$	26
Interest on lease liabilities		9			10
Operating lease cost		73			83
Short-term lease cost		90			74
Sub-lease income		(8	)		(9	)
Total	$	188		$	184

Schedule of Supplemental information Related to Leases

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


	Years Ended
	December 31, 2022			December 31, 2021
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - finance leases	$	9		$	10
Operating cash flows - operating leases		73			83
Financing cash flows - finance leases		24			26
Right-of-use assets obtained in exchange for new:
Operating lease liabilities	$	57		$	37
Finance lease liabilities		19			9

Weighted average remaining lease term at December 31, 2022:
Operating leases	10 years			11 years
Finance leases	17 years			18 years
Weighted average discount rate at December 31, 2022:
Operating leases		4.74	%		4.74	%
Finance leases		3.95	%		3.86	%

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, 2022, are payable as follows (in millions):


	Operating			Finance
2023	$	85		$	30
2024		72			27
2025		60			24
2026		49			20
2027		39			17
Thereafter		197			200
Total lease payments		502			318
Less: Interest		(101	)		(83	)
Present value of lease liabilities	$	401		$	235

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

Debt consists of (in millions):


	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		495		494
Other debt		145		129
Total Debt		1,730		1,713
Less current portion		13		5
Long-term debt	$	1,717	$	1,708

Principal Payments of Debt

Principal payments of debt for years subsequent to 2022 are as follows (in millions):


2023		13
2024		10
2025		21
2026		29
2027		12
Thereafter		1,661
	$	1,746

- 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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+ Details

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

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


	Pension benefits						Postretirement benefits
At year end	2022			2021			2022			2021
Benefit obligation at beginning of year	$	594		$	641		$	34		$	43
Service cost		1			1			1			—
Interest cost		9			11			1			1
Actuarial loss (gain)		(135	)		(5	)		(5	)		4
Benefits paid		(62	)		(29	)		(8	)		(14	)
Exchange rate loss (gain)		(25	)		(12	)		—			—
Plan amendments		—			—			27			—
Settlements		—			(13	)		—			—
Benefit obligation at end of year	$	382		$	594		$	50		$	34

Fair value of plan assets at beginning of year	$	571		$	584		$	—		$	—
Actual return		(105	)		32			—			—
Benefits paid		(62	)		(29	)		(8	)		(15	)
Company contributions		3			4			8			15
Exchange rate gain (loss)		(26	)		(7	)		—			—
Settlements		—			(13	)		—			—
Fair value of plan assets at end of year	$	381		$	571		$	—		$	—
Funded status	$	(1	)	$	(23	)	$	(50	)	$	(34	)

Accumulated benefit obligation at end of year	$	381		$	592

Assumption Rates Used for Benefit Obligations

The assumption rates used for benefit obligations are as follows:


	Year Ended December 31,
	2022	2021
Discount rate:
United States plan	4.74% - 5.20%	1.80% - 2.20%
International plans	3.30% - 4.80%	1.00% - 1.90%
Salary increase:
United States plan	N/A	N/A
International plans	2.50% - 3.75%	2.50% - 3.40%

Assumption Rates Used for Net Periodic Benefit Costs

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


	Year Ended December 31,
	2022	2021	2020
Discount rate:
United States plan	1.80% - 2.20%	1.20% - 2.40%	2.50% - 3.20%
International plans	1.00% - 1.90%	0.70% - 1.80%	0.00% - 2.30%
Salary increase:
United States plan	N/A	N/A	N/A
International plans	2.50% - 3.40%	1.75% - 2.90%	1.80% - 3.10%
Expected return on assets:
United States plan	1.84%	3.90%	4.80%
International plans	1.00% - 4.00%	0.80% - 3.40%	0.00% - 4.50%

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, 2021:
Equity securities	$	8	$	—	$	8	$	—
Bonds		372		—		372		—
Other (insurance contracts)		191		—		132		59
Total Fair Value Measurements	$	571	$	—	$	512	$	59
December 31, 2022:
Equity securities	$	4	$	—	$	4	$	—
Bonds		79		—		79		—
Other (insurance contracts)		298		—		260		38
Total Fair Value Measurements	$	381	$	—	$	343	$	38

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, 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
Actual return on plan assets still held at reporting date		(16	)
Purchases, sales and settlements		(1	)
Currency translation adjustments		(4	)
Balance at December 31, 2022	$	38

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

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


				Derivative			Employee
	Currency			Financial			Benefit
	Translation			Instruments,			Plans,
	Adjustments			Net of Tax			Net of Tax			Total
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	)
Accumulated other comprehensive income (loss) before reclassifications		(30	)		(17	)		(4	)		(51	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			6			(2	)		4
Balance at December 31, 2022	$	(1,545	)	$	(4	)	$	(44	)	$	(1,593	)

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):


	Year Ended December 31,
	2022									2021									2020
	Derivative			Employee						Derivative			Employee						Derivative			Employee
	Financial			Benefit						Financial			Benefit						Financial			Benefit
	Instruments			Plans			Total			Instruments			Plans			Total			Instruments			Plans			Total
Revenue	$	3		$	—		$	3		$	(1	)	$	—			(1	)	$	17		$	—		$	17
Cost of revenue		6			—			6			(8	)		—			(8	)		6			—			6
Selling, general, and administrative		—			(2	)		(2	)		—			(1	)		(1	)		—			(1	)		(1	)
Tax effect		(3	)		—			(3	)		2			—			2			(4	)		—			(4	)
	$	6		$	(2	)	$	4		$	(7	)	$	(1	)	$	(8	)	$	19		$	(1	)	$	18

Common Stock (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Summary of Stock Options

The following summarizes options activity:


	Year Ended December 31,
	2022					2021					2020
	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		21,276,961		$	42.09		21,005,502		$	45.70		21,310,099		$	47.68
Granted		1,492,020			16.73		1,669,511			15.00		1,650,262			20.23
Forfeited		(1,574,642	)		65.44		(1,398,052	)		63.65		(1,954,859	)		45.75
Exercised		(113,951	)		17.77		—			—		—			—
Shares under option at end of year		21,080,388		$	38.68		21,276,961		$	42.09		21,005,502		$	45.70
Exercisable at end of year		17,988,842		$	42.46		18,039,330		$	46.27		17,893,434		$	49.25

Summary of Stock Option Outstanding Information

The following summarizes information about stock options outstanding at December 31, 2022:


	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 - $30.00		6.42		7,741,072	$	21.81		4,649,526	$	25.19
$30.01 - $50.00		3.81		6,525,740		36.26		6,525,740		36.26
$50.01 - $72.66		1.47		6,813,576		60.18		6,813,576		60.18
Total		4.01		21,080,388	$	38.68		17,988,842	$	42.46

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.


	Year Ended December 31,
Valuation Assumptions:	2022			2021			2020
Expected volatility		43.6	%		43.4	%		35.0	%
Risk-free interest rate		1.9	%		0.6	%		1.2	%
Expected dividend yield		1.2	%		0.0	%		1.0	%
Expected term (in years)		5.4			5.1			4.8

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, 2022 and changes during 2022 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, 2021		21,276,961		$	42.09		4.49	$	—
Granted		1,492,020		$	16.73
Forfeited		(1,574,642	)	$	65.44
Exercised		(113,951	)	$	17.77
Outstanding at December 31, 2022		21,080,388		$	38.68		4.01	$	—
Exercisable at December 31, 2022		17,988,842		$	42.46		3.28	$	—

Summary of Information Regarding Outstanding SARs

The following summary presents information regarding outstanding SARs:


	Year Ended December 31,
	2022					2021
	Number			Average		Number			Average
	of			Exercise		of			Exercise
	Shares			Price		Shares			Price
Shares under SARs at beginning of year		1,193,934		$	28.40		1,234,565		$	28.40
Granted		—			—		—			—
Forfeited		(88,828	)		28.61		(40,631	)		28.32
Exercised		—			—		—			—
Shares under SARs at end of year		1,105,106		$	28.39		1,193,934		$	28.40
Exercisable at end of year		1,105,106		$	28.39		1,186,296		$	28.44

Summary of Information Regarding Outstanding Restricted Shares

The following summary presents information regarding outstanding restricted shares:


	Year Ended December 31,
	2022					2021					2020
				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		6,936,574		$	21.32		6,073,963		$	31.85		6,274,308		$	33.10
Granted		3,509,425		$	17.67		3,772,842		$	15.03		3,166,402		$	19.98
Vested		(2,863,385	)	$	17.11		(2,672,507	)	$	15.38		(3,229,624	)	$	20.09
Forfeited		(394,431	)	$	26.00		(237,724	)	$	63.65		(137,123	)	$	45.75
Nonvested at end of year		7,188,183		$	18.30		6,936,574		$	21.32		6,073,963		$	31.85

Revenue (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Summary of Disaggregate Revenue by Destinations


	Year Ended December 31, 2022
			Completion
	Wellbore		& Production		Rig
	Technologies		Solutions		Technologies		Eliminations			Total
North America	$	1,407	$	1,024	$	448	$	—		$	2,879
International		1,306		1,511		1,541		—			4,358
Eliminations		64		53		45		(162	)		—
	$	2,777	$	2,588	$	2,034	$	(162	)	$	7,237

Land	$	2,066	$	1,538	$	543	$	—		$	4,147
Offshore		647		997		1,446		—			3,090
Eliminations		64		53		45		(162	)		—
	$	2,777	$	2,588	$	2,034	$	(162	)	$	7,237


	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

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, net		(1	)		—
Billings		(1,062	)		1,123
Revenue recognized		1,265			(1,071	)
Currency translation adjustments and other		22			—
Balance at December 31, 2022	$	685		$	444

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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):


	Year Ended December 31,
	2022		2021			2020
Domestic	$	113	$	(257	)	$	(2,169	)
Foreign		125		27			(610	)
	$	238	$	(230	)	$	(2,779	)

Components of Provision for Income Taxes

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


	Year Ended December 31,
	2022			2021			2020
Current:
Federal	$	(1	)	$	4		$	(279	)
State		-			(1	)		(4	)
Foreign		86			23			106
Total current income tax provision		85			26			(177	)
Deferred:
Federal		3			(1	)		7
State		—			—			—
Foreign		(5	)		(10	)		(72	)
Total deferred income tax provision		(2	)		(11	)		(65	)
Total income tax provision	$	83		$	15		$	(242	)

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):


	Year Ended December 31,
	2022			2021			2020
Federal income tax at U.S. statutory rate	$	50		$	(48	)	$	(584	)
Foreign income tax rate differential		1			(9	)		(30	)
Goodwill impairment		—			—			271
Reduction of FTC carryforwards		—			—			184
Tax Benefit from CARES Act		—			—			(83	)
Change in deferred tax valuation allowance		24			31			(83	)
Nondeductible expenses		18			17			44
Foreign dividends, net of foreign tax credits		27			54			28
Change in uncertain tax positions		4			13			20
State income taxes - net of federal benefit		—			(1	)		(4	)
Income tax credits		(5	)		(11	)		—
Other		(36	)		(31	)		(5	)
Total income tax provision	$	83		$	15		$	(242	)

Significant Components of Deferred Tax Assets and Liability

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


	December 31,
	2022			2021
Deferred tax assets:
Allowances and operating liabilities	$	276		$	297
Net operating loss carryforwards		324			446
Stock Compensation		51			56
Tax credit carryforwards		292			398
Other		119			135
Valuation allowance		(920	)		(1,127	)
Total deferred tax assets		142			205
Deferred tax liabilities:
Tax over book depreciation		49			56
Capital leases		73			76
Intangible assets		34			52
Deferred income		16			51
Accrued tax on unremitted earnings		32			33
Other		6			3
Total deferred tax liabilities		210			271
Net deferred tax liability	$	68		$	66

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):


	2022			2021			2020
Unrecognized tax benefit at beginning of year	$	60		$	57		$	38
Gross increase for tax positions in prior years		9			8			25
Gross decrease for tax positions in prior years		(1	)		(1	)		(2	)
Cash Settlements		(1	)		(1	)		(1	)
Lapse of statute of limitations		(5	)		(3	)		(3	)
Unrecognized tax benefit at end of year	$	62		$	60		$	57

Summary of Net Operating Loss Carryforwards

Net operating loss carryforwards by jurisdiction and expiration as of December 31, 2022 were as follows (in millions):


	Federal		State		Foreign		Total
2023 - 2027 Expiration	$	15	$	4	$	63	$	82
2028 - 2042 Expiration		16		425		314		755
Unlimited Expiration		320		—		498		818
Total Net Operating Loss (NOL)	$	351	$	429	$	875	$	1,655
Tax Effected NOL	$	74	$	28	$	222	$	324

Business Segments and Geographic Areas (Tables)

12 Months Ended

Dec. 31, 2022

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):


	Year Ended December 31,
	2022		2021		2020
United States	$	2,603	$	1,760	$	1,634
Brazil		495		316		224
Saudi Arabia		488		316		343
Norway		351		365		464
China		296		222		288
Canada		277		207		168
United Kingdom		199		204		222
United Arab Emirates		157		130		221
Singapore		131		143		242
South Korea		88		32		33
Other Countries		2,152		1,829		2,251
Total	$	7,237	$	5,524	$	6,090

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,
	2022		2021
United States	$	883	$	898
Saudi Arabia		240		231
Brazil		94		87
United Kingdom		72		84
Denmark		68		72
South Korea		66		60
United Arab Emirates		64		65
Canada		50		59
Mexico		27		28
Singapore		13		14
Russia		-		10
Other Countries		204		215
Total	$	1,781	$	1,823

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, 2022
Revenue	$	2,777		$	2,588		$	2,034		$	(162	)	$	7,237
Operating profit (loss)(2)		304			69			144			(253	)		264
Capital expenditures		109			59			34			12			214
Depreciation and amortization		150			62			73			16			301
Goodwill		313			480			712			—			1,505
Total assets		2,992			2,748			3,074			1,321			10,135
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

(1)

(2)

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Significant Accounting Policies [Line Items]
Maturity period of investments description	three months or less
Charges (credits) to inventory reserves	$ (18)	$ 73	$ 367
Inventory reserves total	$ 378	$ 444
Percentage of inventory reserve	17.30%	25.00%
Depreciation expense related to property, plant and equipment	$ 250	$ 264	302
Impairment of long-lived assets			513
Cash payment for acquisition	49	52	14
Net foreign currency transaction gains (losses)	25	(16)	$ (2)
Net revenue recognized from performance obligations satisfied in previous periods	37	38
Allowance for credit losses	71	$ 88
Remaining performance obligations	$ 4,161
Anti-dilutive stock options outstanding	20	21	26
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
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, 2022 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 4,161
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	$ 1,286
Remaining performance obligations, expected to be recognized, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 2,875
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, 2022	Dec. 31, 2021
Product Warranties Disclosures [Abstract]
Beginning Balance	$ 73	$ 87
Net provisions for warranties issued during the year	11	15
Amounts incurred	(17)	(24)
Currency translation adjustments and other	3	(5)
Ending Balance	$ 70	$ 73

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net income (loss) attributable to Company	$ 155	$ (250)	$ (2,542)
Denominator:
Basic—weighted average common shares outstanding	390	386	384
Dilutive effect of employee stock options and other unvested stock awards	4	0	0
Diluted outstanding shares	394	386	384
Basic income (loss) attributable to Company per share	$ 0.40	$ (0.65)	$ (6.62)
Diluted income (loss) attributable to Company per share	0.39	(0.65)	(6.62)
Cash dividends per share	$ 0.20	$ 0.05	$ 0.05

- Definition

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

+ 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 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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-Publisher FASB
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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.

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+ Details

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of currency related derivatives, assets	$ 8
Fair value of currency related derivatives, liabilities	14
Fair value of foreign currency forward contracts, net asset	6
Gain (loss) recognized in other income (expense), net	$ (18)	$ (9)	$ (3)

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, 2022 EUR (€)	Dec. 31, 2022 BRL (R$)	Dec. 31, 2022 JPY (¥)	Dec. 31, 2022 MXN ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 KRW (₩)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2022 SGD ($)	Dec. 31, 2022 GBP (£)	Dec. 31, 2022 DKK (kr)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 NOK (kr)	Dec. 31, 2021 EUR (€)	Dec. 31, 2021 JPY (¥)	Dec. 31, 2021 MXN ($)	Dec. 31, 2021 KRW (₩)	Dec. 31, 2021 ZAR (R)	Dec. 31, 2021 SGD ($)	Dec. 31, 2021 RUB (₽)	Dec. 31, 2021 GBP (£)	Dec. 31, 2021 DKK (kr)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 NOK (kr)
Derivative [Line Items]
Foreign currency, Cash flow hedging											$ 6
Forward Contracts [Member]
Derivative [Line Items]
Foreign currency, Cash flow hedging	€ 125	R$ 291	¥ 460	$ 160	$ 2	₩ 65,980	R 149	$ 27	£ 16	kr 13	$ 655	kr 2,741	€ 106	¥ 476	$ 637	₩ 17,600	R 124	$ 36	₽ 1,128	£ 14	kr 7	$ 415	kr 2,430

Derivative Financial Instruments - Derivative Instruments and their Balance Sheet Classifications (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Derivatives Fair Value [Line Items]
Asset Derivatives	$ 8	$ 18
Liability Derivatives	14	8
Designated as Hedging Instruments [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives	3	11
Liability Derivatives	4	2
Foreign Exchange Contracts [Member] \| Designated as Hedging Instruments [Member] \| Accrued liabilities [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives	3	2
Foreign Exchange Contracts [Member] \| Not Designated as Hedging Instruments [Member] \| Accrued liabilities [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives	10	6
Foreign Exchange Contracts [Member] \| Prepaid and Other Current Assets [Member] \| Designated as Hedging Instruments [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives	3	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
Foreign Exchange Contracts [Member] \| Other Liabilities [Member] \| Designated as Hedging Instruments [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives	$ 1

Inventories, net - Inventories (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 479	$ 350
Work in process	308	218
Finished goods and purchased products	1,404	1,207
Inventory, Gross	2,191	1,775
Less: Inventory reserve	(378)	(444)
Total	$ 1,813	$ 1,331

Property, Plant and Equipment - Property, Plant and Equipment (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment Gross	$ 4,908	$ 4,955
Less: Accumulated Depreciation	(3,127)	(3,132)
Property, plant and equipment, net	1,781	1,823
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment Gross	176	174
Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment Gross	$ 1,251	1,309
Estimated Useful Lives	5-35 Years
Operating Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment Gross	$ 2,683	2,678
Estimated Useful Lives	2-20 Years
Rental Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment Gross	$ 798	$ 794
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	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Indefinite-lived Intangible Assets [Line Items]
Goodwill		$ 1,505	$ 1,527	$ 1,493
Intangibles, net		$ 490	503
Impairment on equity investment	$ 224
Impairment of Intangible Assets, Finite-lived	$ 209
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]	Goodwill And Indefinite Lived Intangible Asset Impairment
Impairment of property, plant and equipment	$ 262
Impairment of right-of-use assets	$ 42			42
Estimated useful lives of intangible assets, minimum		2 years
Estimated useful lives of intangible assets, maximum		40 years
Amortization expense, 2022		$ 44
Amortization expense, 2023		39
Amortization expense, 2024		36
Amortization expense, 2025		34
Amortization expense, 2026		30
Impairment charge on goodwill		0	0	1,295
Impairment of intangible assets, indefinite-lived (excluding goodwill)		0	$ 0	$ 83	$ 83
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]				Goodwill And Indefinite Lived Intangible Asset Impairment	Goodwill And Indefinite Lived Intangible Asset Impairment
Russia Belarus And Ukraine [Member]
Indefinite-lived Intangible Assets [Line Items]
Other asset impairment charges		127
Russia and Belarus [Member]
Indefinite-lived Intangible Assets [Line Items]
Accumulated other comprehensive income foreign currency translation loss		51
Cost of Sales [Member]
Indefinite-lived Intangible Assets [Line Items]
Other asset impairment charges		76
Selling, General and Administrative Expenses [Member]
Indefinite-lived Intangible Assets [Line Items]
Other asset impairment charges		$ 51

Goodwill and Intangible Assets - Goodwill Identified, by Segment (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Beginning Balance	$ 1,527	$ 1,493
Goodwill acquired during period	10	34
Adjustment during the measurement period of assets acquired	(32)
Ending Balance	1,505	1,527
Wellbore Technologies [Member]
Goodwill [Line Items]
Beginning Balance	342	308
Goodwill acquired during period	3	34
Adjustment during the measurement period of assets acquired	(32)
Ending Balance	313	342
Completion & Production Solutions [Member]
Goodwill [Line Items]
Beginning Balance	473	473
Goodwill acquired during period	7
Ending Balance	480	473
Rig Technologies [Member]
Goodwill [Line Items]
Beginning Balance	712	712
Ending Balance	$ 712	$ 712

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Intangible Assets - Goodwill Identified, by Segment (Parenthetical) (Detail) $ in Millions	Dec. 31, 2022 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, 2022	Dec. 31, 2021
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	$ 503	$ 527
Additions to intangible assets	3	22
Adjustment during the measurement period of assets acquired	32
Amortization	(51)	(43)
Currency translation adjustments	3	(3)
Ending Balance	490	503
Wellbore Technologies [Member]
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	264	253
Additions to intangible assets	3	22
Adjustment during the measurement period of assets acquired	32
Amortization	(17)	(10)
Currency translation adjustments		(1)
Ending Balance	282	264
Completion & Production Solutions [Member]
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	42	47
Amortization	(5)	(5)
Ending Balance	37	42
Rig Technologies [Member]
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	197	227
Amortization	(29)	(28)
Currency translation adjustments	3	(2)
Ending Balance	$ 171	$ 197

Goodwill and Intangible Assets - Identified Intangible Assets, by Major Classification (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets Net Excluding Goodwill [Line Items]
Gross	$ 1,100	$ 1,068
Accumulated Amortization	(610)	(565)
Net Book Value	490	503	$ 527
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	499	471
Accumulated Amortization	(351)	(323)
Net Book Value	148	148
Trademarks [Member]
Intangible Assets Net Excluding Goodwill [Line Items]
Gross	173	174
Accumulated Amortization	(127)	(122)
Net Book Value	46	52
Patents [Member]
Intangible Assets Net Excluding Goodwill [Line Items]
Gross	128	145
Accumulated Amortization	(66)	(59)
Net Book Value	62	86
Other [Member]
Intangible Assets Net Excluding Goodwill [Line Items]
Gross	104	82
Accumulated Amortization	(66)	(61)
Net Book Value	$ 38	$ 21

Accrued Liabilities - Accrued Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Compensation	$ 329	$ 209
Vendor costs	168	124
Taxes (non-income)	107	119
Warranty	70	73	$ 87
Insurance	42	45
Commissions	18	17
Fair value of derivatives	13	8
Interest	7	6
Other	205	177
Total	$ 959	$ 778

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

Leases - Schedule of Components of Leases (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current portion of lease liabilities:
Operating	$ 67	$ 76
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Total
Financing	20	$ 23
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Total
Total	87	$ 99
Long-term portion of lease liability:
Operating	334	$ 357
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Total
Financing	215	$ 219
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Total
Total	$ 549	$ 576

Leases - Components of Lease Expense (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Finance lease cost, amortization of right-of-use assets	$ 24	$ 26
Finance lease cost, interest on lease liabilities	9	10
Operating lease cost	73	83
Short-term lease cost	90	74
Sub-lease income	(8)	(9)
Total	$ 188	$ 184

Leases - Supplemental Information Related to Leases (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities, operating cash flows from finance leases	$ 9	$ 10
Cash paid for amounts included in the measurement of lease liabilities, operating cash flows from operating leases	73	83
Cash paid for amounts included in the measurement of lease liabilities, financing cash flows from finance leases	24	26	$ 31
Right-of-use assets obtained in exchange for new:
Right-of-use assets obtained in exchange for new operating lease liabilities	57	37
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 19	$ 9
Weighted average remaining lease term at December 31, 2022:
Weighted average remaining lease term (years), operating leases	10 years	11 years
Weighted average remaining lease term (years), finance leases	17 years	18 years
Weighted average discount rate at December 31, 2022:
Weighted average discount rate, operating leases	4.74%	4.74%
Weighted average discount rate, finance leases	3.95%	3.86%

Leases - Future Minimum Lease Commitments for Leases with Initial or Remaining Terms of One Year or More (Detail) $ in Millions	Dec. 31, 2022 USD ($)
Operating
Operating lease, 2023	$ 85
Operating lease, 2024	72
Operating lease, 2025	60
Operating lease, 2026	49
Operating lease, 2027	39
Operating lease, Thereafter	197
Total lease payments	502
Less: Interest	(101)
Present value of lease liabilities	$ 401
Operating Lease Liability Statement Of Financial Position [Extensible List]	us-gaap:OtherLiabilities
Finance
Finance leases, 2023	$ 30
Finance leases, 2024	27
Finance leases, 2025	24
Finance leases, 2026	20
Finance leases, 2027	17
Finance leases, Thereafter	200
Total lease payments	318
Less: Interest	(83)
Present value of lease liabilities	$ 235
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	us-gaap:OtherLiabilities

Debt - Debt (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Senior Notes	$ 1,585	$ 1,584
Other debt	145	129
Total Debt	1,730	1,713
Less current portion	13	5
Long-term debt	1,717	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	$ 495	$ 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 ($)	12 Months Ended
Debt - Debt (Parenthetical) (Detail) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
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

Debt - Principal Payments of Debt (Detail) $ in Millions	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 13
2024	10
2025	21
2026	29
2027	12
Thereafter	1,661
Total Debt	$ 1,746

Debt - Additional Information (Detail) - USD ($)	12 Months Ended
Debt - Additional Information (Detail) - USD ($)	Dec. 31, 2022	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	27.70%
Other debt	$ 145,000,000	$ 129,000,000
First payment	13,000,000
Outstanding letters of credit under various bilateral letter of credit facilities	504,000,000
Carrying value of Unsecured Senior Notes	1,585,000,000	1,584,000,000
Unsecured Debt [Member] \| Fair Value, Inputs, Level 2 [Member]
Debt Instrument [Line Items]
Fair value of Unsecured Senior Notes	1,215,000,000	$ 1,610,000,000
Noncontrolling Interests [Member]
Debt Instrument [Line Items]
Other debt	31,000,000
Other debt due in next twelve months	$ 3,000,000
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]
Line of credit facility current borrowing capacity	$ 150,000,000
Variable rate	1.40%
Additional line of credit facility borrowing capacity	$ 120,000,000
Debt to equity ratio maximum	75.00%
Carrying value of borrowings	$ 114,000,000
First payment	$ 10,000,000
Line of credit repayments beginning date	2022-12
Line of credit repayments ending date	2032-06

Employee Benefit Plans - Additional Information (Detail) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2022 Employee	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) Employee	Dec. 31, 2020 USD ($)
Compensation Related Costs Disclosure [Line Items]
Expenses for defined-contribution retirement plans		$ 67	$ 34	$ 51
Pre-tax actuarial losses accumulated in accumulated other comprehensive loss		8
Net projected benefit obligation		5
Pension plans, expected future benefit payments in year five		$ 11
Expected years of pension plans		5 years
Expected future pension plans amounts to pay, total		$ 114
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	8,600
Number of additional U.S retirees and spouses participate in defined benefit health care plans \| Employee	1,000
Pension Plan [Member]
Compensation Related Costs Disclosure [Line Items]
Net periodic benefit income (cost)		$ 1	$ 3	$ 3

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, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Fair value of plan assets at beginning of year	$ 571
Fair value of plan assets at end of year	381	$ 571
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	594	641
Service cost	1	1
Interest cost	9	11
Actuarial loss (gain)	(135)	(5)
Benefits paid	(62)	(29)
Exchange rate loss (gain)	(25)	(12)
Settlements		(13)
Benefit obligation at end of year	382	594
Fair value of plan assets at beginning of year	571	584
Actual return	(105)	32
Benefits paid	(62)	(29)
Company contributions	3	4
Exchange rate gain (loss)	(26)	(7)
Settlements		(13)
Fair value of plan assets at end of year	381	571
Funded status	(1)	(23)
Accumulated benefit obligation at end of year	381	592
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	34	43
Service cost	1
Interest cost	1	1
Actuarial loss (gain)	(5)	4
Benefits paid	(8)	(14)
Plan amendments	27
Benefit obligation at end of year	50	34
Benefits paid	(8)	(15)
Company contributions	8	15
Funded status	$ (50)	$ (34)

Employee Benefit Plans - Assumption Rates Used for Benefit Obligations (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
United States [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate minimum	4.74%	1.80%
Discount rate maximum	5.20%	2.20%
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate minimum	3.30%	1.00%
Discount rate maximum	4.80%	1.90%
Salary increase minimum	2.50%	2.50%
Salary increase maximum	3.75%	3.40%

Employee Benefit Plans - Assumption Rates Used for Net Periodic Benefit Costs (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
United States [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate minimum	1.80%	1.20%	2.50%
Discount rate maximum	2.20%	2.40%	3.20%
Expected return on assets	1.84%	3.90%	4.80%
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate minimum	1.00%	0.70%	0.00%
Discount rate maximum	1.90%	1.80%	2.30%
Salary increase minimum	2.50%	0.80%	0.00%
Salary increase maximum	3.40%	3.40%	4.50%
Expected return on assets, minimum	1.00%	1.75%	1.80%
Expected return on assets, maximum	4.00%	2.90%	3.10%

Employee Benefit Plans - Plan's Assets Carried at Fair Value (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	$ 381	$ 571
Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	4	8
Bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	79	372
Other Contract [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	298	191
Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	343	512
Fair Value, Inputs, Level 2 [Member] \| Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	4	8
Fair Value, Inputs, Level 2 [Member] \| Bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	79	372
Fair Value, Inputs, Level 2 [Member] \| Other Contract [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	260	132
Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	38	59	$ 66
Fair Value, Inputs, Level 3 [Member] \| Other Contract [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	$ 38	$ 59

- 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, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at beginning of year	$ 571
Fair value of plan assets at end of year	381	$ 571
Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at beginning of year	59	66
Actual return on plan assets still held at reporting date	(16)	(2)
Purchases, sales and settlements	(1)	(1)
Currency translation adjustments	(4)	(4)
Fair value of plan assets at end of year	$ 38	$ 59

- Definition

+ References + Details

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 5,064	$ 5,279	$ 7,846
Ending Balance	5,134	5,064	5,279
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(1,515)	(1,481)	(1,403)
Accumulated other comprehensive income (loss) before reclassifications	(30)	(34)	(78)
Ending Balance	(1,545)	(1,515)	(1,481)
Derivative Financial Instruments, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	7	19	(4)
Accumulated other comprehensive income (loss) before reclassifications	(17)	(5)	4
Amounts reclassified from accumulated other comprehensive income (loss)	6	(7)	19
Ending Balance	(4)	7	19
Employee Benefit Plans, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(38)	(47)	(16)
Accumulated other comprehensive income (loss) before reclassifications	(4)	10	(30)
Amounts reclassified from accumulated other comprehensive income (loss)	(2)	(1)	(1)
Ending Balance	(44)	(38)	(47)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(1,546)	(1,509)	(1,423)
Accumulated other comprehensive income (loss) before reclassifications	(51)	(29)	(104)
Amounts reclassified from accumulated other comprehensive income (loss)	4	(8)	18
Ending Balance	$ (1,593)	$ (1,546)	$ (1,509)

- 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

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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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=128097895&loc=SL121327923-165333

+ Details

Accumulated Other Comprehensive Loss - Components of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue	$ 7,237	$ 5,524	$ 6,090
Selling, general, and administrative	(1,070)	(908)	(968)
Tax effect	(83)	(15)	242
Net income (loss) attributable to Company	155	(250)	(2,542)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue	3	(1)	17
Cost of revenue	6	(8)	6
Selling, general, and administrative	(2)	(1)	(1)
Tax effect	(3)	2	(4)
Net income (loss) attributable to Company	4	(8)	18
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	3	(1)	17
Cost of revenue	6	(8)	6
Tax effect	(3)	2	(4)
Net income (loss) attributable to Company	6	(7)	19
Employee 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	(2)	(1)	(1)
Net income (loss) attributable to Company	$ (2)	$ (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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 32
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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-Paragraph 4
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Reference 7: 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
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://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, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Other comprehensive income (loss) before reclassifications	$ (30)	$ (34)	$ (78)
Changes in derivative financial instruments, net of tax	(11)	(12)	23
Changes in derivative financial instruments, tax	$ (3)	$ 2	$ 5

Commitments and Contingencies - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Minimum [Member]
Other Commitments [Line Items]
Amount of claims outstanding receivables	$ 30
Denmark [Member]
Other Commitments [Line Items]
Received and paid of transfer pricing tax assessment	$ 51

Common Stock - Additional Information (Detail) $ / shares in Units, $ in Millions				12 Months Ended
	May 24, 2022 $ / shares shares	Feb. 15, 2022 $ / shares shares	Dec. 20, 2017 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) Installment $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 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 \| $				$ 78	$ 20	$ 19
Stock-based compensation expense \| $				67	78	105
Income tax provision recognized \| $				$ 3	$ 2	$ 3
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				$ 6.28	$ 5.75	$ 5.83
Total intrinsic value of options exercised \| $				$ 1	$ 0
Stock option, Minimum Range \| $ / shares				$ 15.00
Stock option, Maximum Range \| $ / shares				$ 72.66
Total unrecognized compensation cost related to nonvested stock options \| $				$ 10
Compensation cost not yet recognized, period for recognition				3 years
Total fair value of stock options vested \| $				$ 10	12	$ 18
Cash received from option exercises \| $				2	0	0
Tax benefit (expense) realized for the tax deductions from option exercises \| $				$ 0	$ 0	$ 0
Stock options granted				1,492,020	1,669,511	1,650,262
Weighted average exercise price per share of options \| $ / shares				$ 16.73	$ 15.00	$ 20.23
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
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 units vest in three equal annual installments commencing on the first anniversary of the grant date.
Shares granted		2,877,894		3,509,425	3,772,842	3,166,402
Restricted stock granted fair value \| $ / shares		$ 16.73		$ 17.67	$ 15.03	$ 19.98
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 2022 PSAs can be earned based on performance against two established goals over a three-year 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		1,188,884
TSR Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Description of performance goal				85% with a TSR (total shareholder return) goal and 15% with an internal NVA (“NOV Value Added”, a return on capital metric) goal. TSR performance is determined by comparing the Company’s TSR with the TSR of the members of the Philadelphia Stock Exchange’s Oil Services Sector Index (OSX) for the three-year performance period. The TSR portion of the performance share awards is subject to a vesting cap equal to 100% of Target Level if the Company’s absolute TSR is negative, regardless of relative TSR results. Conversely, if the Company’s absolute TSR is greater than 15% annualized over the three-year performance period the payout amount shall not be less than 50% of Target Level, regardless of relative TSR results. The NVA goal is based on the Company’s improvement in NVA from the beginning of the performance period until the end of the performance period. NVA is calculated as an amount equal to the Company’s (a) gross cash earnings less (b) average gross operating assets times an amount equal to a required return on assets, with certain adjustments.
Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost related to nonvested stock options \| $				$ 66
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] \| Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value of options \| $ / shares		$ 6.28
Stock options granted		1,492,020
Weighted average exercise price per share of options \| $ / shares		$ 16.73
2018 Plan [Member] \| Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	76,257
Restricted stock granted fair value \| $ / shares	$ 19.12
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				17,300,000

Common Stock - Summary of Stock Options (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Number of shares under stock option, Beginning of the year	21,276,961	21,005,502	21,310,099
Number of Shares Granted	1,492,020	1,669,511	1,650,262
Number of Shares Forfeited	(1,574,642)	(1,398,052)	(1,954,859)
Number of Shares Exercised	(113,951)
Number of shares under stock option, End of the year	21,080,388	21,276,961	21,005,502
Number of stock options vested and expected to be vest, exercisable	17,988,842	18,039,330	17,893,434
Weighted Average Exercise Price, Beginning of year	$ 42.09	$ 45.70	$ 47.68
Weighted Average Exercise Price, Stock Options Granted	16.73	15.00	20.23
Weighted Average Exercise Price, Stock Options Forfeited	65.44	63.65	45.75
Weighted Average Exercise Price, Stock Options Exercised	17.77
Weighted Average Exercise Price, End of the year	38.68	42.09	45.70
Weighted Average Exercise Price, Stock Options Exercisable	$ 42.46	$ 46.27	$ 49.25

Common Stock - Summary of Stock Option Outstanding Information (Detail)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-Avg Remaining Contractual Life	4 years 3 days
Stock Options Outstanding, Shares \| shares	21,080,388
Stock Options Outstanding, Weighted - Average Exercise Price	$ 38.68
Stock Options Exercisable, Shares \| shares	17,988,842
Stock Options Exercisable, Weighted - Average Exercise Price	$ 42.46
Stock option, Minimum Range	15.00
Stock option, Maximum Range	$ 72.66
$15.00 - $30.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-Avg Remaining Contractual Life	6 years 5 months 1 day
Stock Options Outstanding, Shares \| shares	7,741,072
Stock Options Outstanding, Weighted - Average Exercise Price	$ 21.81
Stock Options Exercisable, Shares \| shares	4,649,526
Stock Options Exercisable, Weighted - Average Exercise Price	$ 25.19
Stock option, Minimum Range	15.00
Stock option, Maximum Range	$ 30.00
$30.01 - $50.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-Avg Remaining Contractual Life	3 years 9 months 21 days
Stock Options Outstanding, Shares \| shares	6,525,740
Stock Options Outstanding, Weighted - Average Exercise Price	$ 36.26
Stock Options Exercisable, Shares \| shares	6,525,740
Stock Options Exercisable, Weighted - Average Exercise Price	$ 36.26
Stock option, Minimum Range	30.01
Stock option, Maximum Range	$ 50.00
$50.01 - $72.66
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-Avg Remaining Contractual Life	1 year 5 months 19 days
Stock Options Outstanding, Shares \| shares	6,813,576
Stock Options Outstanding, Weighted - Average Exercise Price	$ 60.18
Stock Options Exercisable, Shares \| shares	6,813,576
Stock Options Exercisable, Weighted - Average Exercise Price	$ 60.18
Stock option, Minimum Range	50.01
Stock option, Maximum Range	$ 72.66

Common Stock - Assumption Used in Determination of Fair Value of Share Based Payment Awards (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Expected volatility	43.60%	43.40%	35.00%
Risk-free interest rate	1.90%	0.60%	1.20%
Expected dividend yield	1.20%	0.00%	1.00%
Expected term (in years)	5 years 4 months 24 days	5 years 1 month 6 days	4 years 9 months 18 days

Common Stock - Summary of Information and Changes in Stock Options with Regard to Stock Option Plans (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Number of shares under stock option, Beginning of the year	21,276,961	21,005,502	21,310,099
Number of Shares Granted	1,492,020	1,669,511	1,650,262
Number of Shares Forfeited	(1,574,642)	(1,398,052)	(1,954,859)
Number of Shares Exercised	(113,951)
Number of shares under stock option, End of the year	21,080,388	21,276,961	21,005,502
Number of stock options, Exercisable	17,988,842	18,039,330	17,893,434
Weighted Average Exercise Price, Beginning of year	$ 42.09	$ 45.70	$ 47.68
Weighted Average Exercise Price, Stock Options Granted	16.73	15.00	20.23
Weighted Average Exercise Price, Stock Options Forfeited	65.44	63.65	45.75
Weighted Average Exercise Price, Stock Options Exercised	17.77
Weighted Average Exercise Price, End of the year	38.68	42.09	45.70
Weighted Average Exercise Price, Stock Options, Exercisable	$ 42.46	$ 46.27	$ 49.25
Weighted Average Remaining Contractual Term, Outstanding	4 years 3 days	4 years 5 months 26 days
Weighted Average Remaining Contractual Term, Exercisable	3 years 3 months 10 days

Common Stock - Summary of Information Regarding Outstanding SARs (Detail) - Stock Appreciation Rights (SARs) [Member] - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Shares Outstanding, Beginning balance	1,193,934	1,234,565
Forfeited	(88,828)	(40,631)
Restricted Shares Outstanding, Ending balance	1,105,106	1,193,934
Exercisable at end of year	1,105,106	1,186,296
Weighted-Average Grant Date Fair Value of Restricted Stock, Beginning Balance	$ 28.40	$ 28.40
Forfeited	28.61	28.32
Weighted-Average Grant Date Fair Value of Restricted Stock, Ending Balance	28.39	28.40
Average Exercise Price, Exercisable at end of year	$ 28.39	$ 28.44

Common Stock - Summary of Information Regarding Outstanding Restricted Shares (Detail) - Restricted Stock and Restricted Stock Units [Member] - $ / shares		12 Months Ended
	Feb. 15, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Shares Outstanding, Beginning balance		6,936,574	6,073,963	6,274,308
Restricted Stock Granted, Shares	2,877,894	3,509,425	3,772,842	3,166,402
Restricted Stock Vested, Shares		(2,863,385)	(2,672,507)	(3,229,624)
Restricted Stock Forfeited, Shares		(394,431)	(237,724)	(137,123)
Restricted Shares Outstanding, Ending balance		7,188,183	6,936,574	6,073,963
Weighted-Average Grant Date Fair Value of Restricted Stock, Beginning Balance		$ 21.32	$ 31.85	$ 33.10
Restricted Stock Granted, Weighted-Average Grant Date Fair Value	$ 16.73	17.67	15.03	19.98
Restricted Stock Vested, Weighted-Average Grant Date Fair Value		17.11	15.38	20.09
Restricted Stock Forfeited, Weighted-Average Grant Date Fair Value		26.00	63.65	45.75
Weighted-Average Grant Date Fair Value of Restricted Stock, Ending Balance		$ 18.30	$ 21.32	$ 31.85

Revenue - Summary of Disaggregate Revenue by Destinations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Disaggregate revenue	$ 7,237	$ 5,524	$ 6,090
Continental [Member] \| North America [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	2,879	1,968	1,802
Continental [Member] \| International [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	4,358	3,556	4,288
Land and Offshore [Member] \| Land Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	4,147	3,063	3,207
Land and Offshore [Member] \| Offshore Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	3,090	2,461	2,883
Operating Segments [Member] \| Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	2,777	1,959	1,867
Operating Segments [Member] \| Wellbore Technologies [Member] \| Continental [Member] \| North America [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,407	904	824
Operating Segments [Member] \| Wellbore Technologies [Member] \| Continental [Member] \| International [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,306	991	988
Operating Segments [Member] \| Wellbore Technologies [Member] \| Continental [Member] \| Intersubsegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	64	64	55
Operating Segments [Member] \| Wellbore Technologies [Member] \| Land and Offshore [Member] \| Land Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	2,066	1,423	1,308
Operating Segments [Member] \| Wellbore Technologies [Member] \| Land and Offshore [Member] \| Offshore Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	647	472	504
Operating Segments [Member] \| Wellbore Technologies [Member] \| Land and Offshore [Member] \| Intersubsegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	64	64	55
Operating Segments [Member] \| Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	2,588	1,963	2,433
Operating Segments [Member] \| Completion & Production Solutions [Member] \| Continental [Member] \| North America [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,024	789	751
Operating Segments [Member] \| Completion & Production Solutions [Member] \| Continental [Member] \| International [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,511	1,131	1,639
Operating Segments [Member] \| Completion & Production Solutions [Member] \| Continental [Member] \| Intersubsegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	53	43	43
Operating Segments [Member] \| Completion & Production Solutions [Member] \| Land and Offshore [Member] \| Land Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,538	1,250	1,426
Operating Segments [Member] \| Completion & Production Solutions [Member] \| Land and Offshore [Member] \| Offshore Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	997	670	964
Operating Segments [Member] \| Completion & Production Solutions [Member] \| Land and Offshore [Member] \| Intersubsegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	53	43	43
Operating Segments [Member] \| Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	2,034	1,739	1,919
Operating Segments [Member] \| Rig Technologies [Member] \| Continental [Member] \| North America [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	448	275	227
Operating Segments [Member] \| Rig Technologies [Member] \| Continental [Member] \| International [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,541	1,434	1,661
Operating Segments [Member] \| Rig Technologies [Member] \| Continental [Member] \| Intersubsegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	45	30	31
Operating Segments [Member] \| Rig Technologies [Member] \| Land and Offshore [Member] \| Land Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	543	390	473
Operating Segments [Member] \| Rig Technologies [Member] \| Land and Offshore [Member] \| Offshore Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,446	1,319	1,415
Operating Segments [Member] \| Rig Technologies [Member] \| Land and Offshore [Member] \| Intersubsegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	45	30	31
Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(162)	(137)	(129)
Intersegment Eliminations [Member] \| Continental [Member] \| Intersubsegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(162)	(137)	(129)
Intersegment Eliminations [Member] \| Land and Offshore [Member] \| Intersubsegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	$ (162)	$ (137)	$ (129)

Revenue - Additional Information (Detail)	12 Months Ended
Revenue - Additional Information (Detail)	Dec. 31, 2022 USD ($) Customer	Dec. 31, 2021 USD ($) Customer	Dec. 31, 2020 USD ($) Customer
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Impairment losses on contract assets \| $	$ 0	$ 0	$ 0
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, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Balance at December 31, 2021	$ 461
Provision, net	(1)
Billings	(1,062)
Revenue recognized	1,265
Currency translation adjustments and other	22
Balance at December 31, 2022	685
Balance at December 31, 2021	392
Billings	1,123
Revenue recognized	1,071
Balance at December 31, 2022	$ 444

Income Taxes - Domestic and Foreign Components of Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income before income taxes, Domestic	$ 113	$ (257)	$ (2,169)
Income before income taxes, Foreign	125	27	(610)
Income before income taxes	$ 238	$ (230)	$ (2,779)

Income Taxes - Components of Provision for Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ (1)	$ 4	$ (279)
State		(1)	(4)
Foreign	86	23	106
Total current income tax provision	85	26	(177)
Deferred:
Federal	3	(1)	7
Foreign	(5)	(10)	(72)
Total deferred income tax provision	(2)	(11)	(65)
Total income tax provision	$ 83	$ 15	$ (242)

Income Taxes - Difference Between Effective Tax Rate (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal income tax at U.S. statutory rate	$ 50	$ (48)	$ (584)
Foreign income tax rate differential	1	(9)	(30)
Goodwill impairment			271
Reduction of FTC carryforwards			184
Tax Benefit from CARES Act			(83)
Change in deferred tax valuation allowance	24	31	(83)
Nondeductible expenses	18	17	44
Foreign dividends, net of foreign tax credits	27	54	28
Change in uncertain tax positions	4	13	20
State income taxes - net of federal benefit		(1)	(4)
Income tax credits	(5)	(11)
Other	(36)	(31)	(5)
Total income tax provision	$ 83	$ 15	$ (242)

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Tax Credit Carryforward [Line Items]
Effective income tax rate	34.90%	(6.50%)
Increase (decrease) in valuation allowance	$ (207)
Unrecognized tax benefit	62	$ 60	$ 57	$ 38
Income tax interest and penalties related to unrecognized tax benefit	8	8	2
Increase in unrecognized tax position from completion of audits of domestic and foreign jurisdictions from prior years	9	8	$ 25
Decrease in unrecognized tax benefits from resolutions of domestic foreign jurisdiction audit	1	1
Accrued income tax interest and penalties related to unrecognized tax benefit	23	$ 20
Foreign tax credit	273
Net operating loss carry forward	1,655
Tax-deductible goodwill	$ 83
Maximum [Member]
Tax Credit Carryforward [Line Items]
Period of amortization of goodwill	9 years
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	11
Carry Forward Expiration Year 2032 [Member]
Tax Credit Carryforward [Line Items]
Net operating loss carry forward	10
Expiration of Foreign Tax Credit Carryforwards in U.S [Member]
Tax Credit Carryforward [Line Items]
Increase (decrease) in valuation allowance	(128)
Removal of Deferred Tax Assets for Operations in Russia and Belarus [Member]
Tax Credit Carryforward [Line Items]
Increase (decrease) in valuation allowance	(62)
Current Year Changes In Carrying Value of Deferred Tax Assets [Member]
Tax Credit Carryforward [Line Items]
Increase (decrease) in valuation allowance	24
Changes in Other Comprehensive Income [Member]
Tax Credit Carryforward [Line Items]
Increase (decrease) in valuation allowance	(3)
FX [Member]
Tax Credit Carryforward [Line Items]
Increase (decrease) in valuation allowance	(13)
Remove of Other Forfeited NOLs [Member]
Tax Credit Carryforward [Line Items]
Increase (decrease) in valuation allowance	$ (25)

Income Taxes - Significant Components of Deferred Tax Assets and Liability (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Allowances and operating liabilities	$ 276	$ 297
Net operating loss carryforwards	324	446
Stock Compensation	51	56
Tax credit carryforwards	292	398
Other	119	135
Valuation allowance	(920)	(1,127)
Total deferred tax assets	142	205
Deferred tax liabilities:
Tax over book depreciation	49	56
Capital leases	73	76
Intangible assets	34	52
Deferred income	16	51
Accrued tax on unremitted earnings	32	33
Other	6	3
Total deferred tax liabilities	210	271
Net deferred tax liability	$ 68	$ 66

Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Unrecognized tax benefit at beginning of year	$ 60	$ 57	$ 38
Gross increase for tax positions in prior years	9	8	25
Gross decrease for tax positions in prior years	(1)	(1)	(2)
Cash Settlements	(1)	(1)	(1)
Lapse of statute of limitations	(5)	(3)	(3)
Unrecognized tax benefit at end of year	$ 62	$ 60	$ 57

Income Taxes - Summary of Net Operating Loss Carryforwards (Detail) $ in Millions	Dec. 31, 2022 USD ($)
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	$ 1,655
Tax Effected NOL	324
Federal [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	351
Tax Effected NOL	74
State [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	429
Tax Effected NOL	28
Foreign [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	875
Tax Effected NOL	222
2023 - 2027 Expiration [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	82
2023 - 2027 Expiration [Member] \| Federal [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	15
2023 - 2027 Expiration [Member] \| State [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	4
2023 - 2027 Expiration [Member] \| Foreign [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	63
2028 - 2042 Expiration [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	755
2028 - 2042 Expiration [Member] \| Federal [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	16
2028 - 2042 Expiration [Member] \| State [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	425
2028 - 2042 Expiration [Member] \| Foreign [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	314
Unlimited Expiration [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	818
Unlimited Expiration [Member] \| Federal [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	320
Unlimited Expiration [Member] \| Foreign [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	$ 498

Business Segments and Geographic Areas - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2022 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, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 7,237	$ 5,524	$ 6,090
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	2,603	1,760	1,634
Brazil [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	495	316	224
Saudi Arabia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	488	316	343
Norway [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	351	365	464
China [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	296	222	288
Canada [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	277	207	168
United Kingdom [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	199	204	222
United Arab Emirates [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	157	130	221
Singapore [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	131	143	242
South Korea [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	88	32	33
Other Countries [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 2,152	$ 1,829	$ 2,251

Business Segments and Geographic Areas - Plant, Property and Equipment by Country Based on the Location (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Property, plant and equipment, net	$ 1,781	$ 1,823
United States [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	883	898
Saudi Arabia [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	240	231
Brazil [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	94	87
United Kingdom [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	72	84
Denmark [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	68	72
Canada [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	50	59
South Korea [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	66	60
United Arab Emirates [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	64	65
Mexico [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	27	28
Singapore [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	13	14
Russia [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net		10
Other Countries [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	$ 204	$ 215

Business Segments and Geographic Areas - Business Segments (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenue	$ 7,237	$ 5,524	$ 6,090
Operating profit (loss)	264	(134)	(2,425)
Capital expenditures	214	201	226
Depreciation and amortization	301	306	352
Goodwill	1,505	1,527	1,493
Total assets	10,135	9,550	9,929
Wellbore Technologies [Member]
Segment Reporting Information [Line Items]
Goodwill	313	342	308
Completion & Production Solutions [Member]
Segment Reporting Information [Line Items]
Goodwill	480	473	473
Rig Technologies [Member]
Segment Reporting Information [Line Items]
Goodwill	712	712	712
Operating Segments [Member] \| Wellbore Technologies [Member]
Segment Reporting Information [Line Items]
Revenue	2,777	1,959	1,867
Operating profit (loss)	304	74	(858)
Capital expenditures	109	77	87
Depreciation and amortization	150	158	187
Goodwill	313	342	308
Total assets	2,992	2,670	2,665
Operating Segments [Member] \| Completion & Production Solutions [Member]
Segment Reporting Information [Line Items]
Revenue	2,588	1,963	2,433
Operating profit (loss)	69	(65)	(977)
Capital expenditures	59	46	48
Depreciation and amortization	62	62	75
Goodwill	480	473	473
Total assets	2,748	2,465	2,472
Operating Segments [Member] \| Rig Technologies [Member]
Segment Reporting Information [Line Items]
Revenue	2,034	1,739	1,919
Operating profit (loss)	144	43	(362)
Capital expenditures	34	74	80
Depreciation and amortization	73	71	77
Goodwill	712	712	712
Total assets	3,074	2,621	2,923
Eliminations and Corporate [Member]
Segment Reporting Information [Line Items]
Revenue	(162)	(137)	(129)
Operating profit (loss)	(253)	(186)	(228)
Capital expenditures	12	4	11
Depreciation and amortization	16	15	13
Total assets	$ 1,321	$ 1,794	$ 1,869

Business Segments and Geographic Areas - Business Segments (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Operating profit (loss)	$ 264	$ (134)	$ (2,425)
Wellbore Technologies [Member] \| Inventory Charges
Segment Reporting Information [Line Items]
Operating profit (loss)	0	(2)
Wellbore Technologies [Member] \| Severance And Facility Closures Cost
Segment Reporting Information [Line Items]
Operating profit (loss)	0	32
Completion & Production Solutions [Member] \| Inventory Charges
Segment Reporting Information [Line Items]
Operating profit (loss)	(8)	(12)
Completion & Production Solutions [Member] \| Severance And Facility Closures Cost
Segment Reporting Information [Line Items]
Operating profit (loss)	5	12
Rig Technologies [Member] \| Inventory Charges
Segment Reporting Information [Line Items]
Operating profit (loss)	(27)	1
Rig Technologies [Member] \| Severance And Facility Closures Cost
Segment Reporting Information [Line Items]
Operating profit (loss)	3	$ 19
Russia [Member] \| Wellbore Technologies [Member] \| Impairment And Other Charges
Segment Reporting Information [Line Items]
Operating profit (loss)	60
Russia [Member] \| Completion & Production Solutions [Member] \| Impairment And Other Charges
Segment Reporting Information [Line Items]
Operating profit (loss)	39
Russia [Member] \| Rig Technologies [Member] \| Impairment And Other Charges
Segment Reporting Information [Line Items]
Operating profit (loss)	$ 24

Impairment and Other Charges - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Cost of Revenue [Member]
Restructuring Cost and Reserve [Line Items]
Other asset impairment charges	$ 76
Selling, General and Administrative [Member]
Restructuring Cost and Reserve [Line Items]
Other asset impairment charges	51
Russia Belarus And Ukraine [Member]
Restructuring Cost and Reserve [Line Items]
Other asset impairment charges	127
Russia and Belarus [Member]
Restructuring Cost and Reserve [Line Items]
Accumulated other comprehensive income foreign currency translation loss	$ 51

Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Allowance for Credit Losses [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance beginning of year	$ 88	$ 100	$ 132
Additions (Deductions) charged to costs and expenses	5	5	7
Charge off's and other	(22)	(17)	(39)
Balance end of year	71	88	100
Reserve for Excess and Obsolete Inventories [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance beginning of year	444	577	843
Additions (Deductions) charged to costs and expenses	(18)	73	367
Charge off's and other	(48)	(206)	(633)
Balance end of year	378	444	577
Valuation Allowance for Deferred Tax Assets [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance beginning of year	1,127	1,093	1,175
Additions (Deductions) charged to costs and expenses	24	31	(83)
Charge off's and other	(231)	3	1
Balance end of year	$ 920	$ 1,127	$ 1,093