0000950170-24-015145 | 10-K | XBRL Viewer

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Debt - Additional Information (Detail) - USD ($)	12 Months Ended
Debt - Additional Information (Detail) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Funds available under revolving credit facility	$ 2,000,000,000
Interest rate under multi currency facility	SOFR, NIBOR or CDOR plus 1.25%
Capitalization ratio, Maximum	60.00%
Capitalization ratio, Actual	23.90%
Other debt	$ 139,000,000	$ 145,000,000
First payment	13,000,000
Outstanding letters of credit under various bilateral letter of credit facilities	495,000,000
Carrying value of Unsecured Senior Notes	1,586,000,000	1,585,000,000
Unsecured Debt [Member] \| Fair Value, Inputs, Level 2 [Member]
Debt Instrument [Line Items]
Fair value of Unsecured Senior Notes	1,316,000,000	$ 1,215,000,000
Noncontrolling Interests [Member]
Debt Instrument [Line Items]
Other debt	33,000,000
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	SOFR, 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%
Borrowings	$ 104,000,000
First payment	$ 10,000,000
Line of credit repayments beginning date	2022-12
Line of credit repayments ending date	2032-06

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

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 $28 million, $(18) million, and $73 million for the years ended December 31, 2023, 2022, and 2021, respectively, consisting primarily of obsolete and surplus inventories. At December 31, 2023 and 2022, inventory reserves totaled $354 million and $378 million, or 14.1% and 17.3% 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 $260 million, $250 million, and $264 million for the years ended December 31, 2023, 2022 and 2021, 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.

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 $22 million, $49 million, and $52 million for acquisitions for the years ended December 31, 2023, 2022 and 2021, 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 $84 million, $25 million, and $16 million for the years ending December 31, 2023, 2022 and 2021, respectively, and are included in other expenses, net, in the accompanying statement of income (loss).

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

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 $39 million and $37 million for the years ended December 31, 2023 and 2022, 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.

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.

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, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $4,492 million. The Company expects to recognize approximately $1,491 million in revenue for the remaining performance obligations in 2024 and $3,001 million in 2025 and thereafter.

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, 2021	$	73
Net provisions for warranties issued during the year		11
Amounts incurred		(17	)
Currency translation adjustments		3
Balance at December 31, 2022	$	70
Net provisions for warranties issued during the year		16
Amounts incurred		(16	)
Currency translation adjustments and other		2
Balance at December 31, 2023	$	72

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, 2023, and December 31, 2022, the allowance for credit losses totaled $72 million and $71 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 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,
	2023		2022		2021
Numerator:
Net income (loss) attributable to Company	$	993	$	155	$	(250	)
Denominator:
Basic—weighted average common shares outstanding		393		390		386
Dilutive effect of employee stock options and other unvested stock awards		4		4		—
Diluted outstanding shares		397		394		386
Basic income (loss) attributable to Company per share	$	2.53	$	0.40	$	(0.65	)
Diluted income (loss) attributable to Company per share	$	2.50	$	0.39	$	(0.65	)
Cash dividends per share	$	0.20	$	0.20	$	0.05

Net income (loss) attributable to Company allocated to participating securities was immaterial for the years ended December 31, 2023, 2022 and 2021 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 18 million, 20 million, and 21 million at December 31, 2023, 2022 and 2021, respectively.

Recently Issued Accounting Standards

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848).” Topic 848, as amended, applies only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2024. During the first quarter of 2023, the Company adopted the optional relief guidance provided under Topic 848 after modifying certain debt and derivative instruments to update the reference rate from LIBOR to SOFR. The adoption of this optional relief did not have a material impact on the consolidated financial statements.

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2023

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, 2023, the Company has determined the fair value of its derivative financial instruments representing assets of $19 million and liabilities of $21 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, 2023, the net fair value of the Company’s foreign currency forward contracts totaled a net liability of $2 million.

Forward currency contracts consist of (in millions):

         
        Currency Denomination

        Currency

        December 31, 2023

        December 31, 2022

Colombian Peso

COP

57,487

COP

—

Norwegian Krone

NOK

2,179

NOK

2,741

Japanese Yen

JPY

1,118

JPY

460

U.S. Dollar

USD

677

USD

655

Brazilian Real

BRL

291

BRL

291

Mexican Peso

MXN

157

MXN

160

Euro

EUR

102

EUR

125

South African Rand

ZAR

25

ZAR

149

Singapore Dollar

SGD

23

SGD

27

British Pound Sterling

GBP

5

GBP

16

Danish Krone

DKK

2

DKK

13

Canadian Dollar

CAD

1

CAD

2

South Korean Won

KRW

—

KRW

65,980

Cash Flow Hedging Strategy

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

The Company expects accumulated other comprehensive loss of $3 million will be reclassified into earnings within the next twelve months.

Non-designated Hedging Strategy

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

The amount of loss recognized in other expenses, net was $10 million, $18 million and $9 million for the years ended 2023, 2022 and 2021, 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	2023		2022		Location	2023		2022
Derivatives designated as hedging instruments under ASC Topic 815
Foreign exchange contracts	Prepaid and other current assets	$	8	$	3	Accrued liabilities	$	2	$	3
Foreign exchange contracts	Other Assets		—		—	Other Liabilities		1		1
Total derivatives designated as hedging instruments under ASC Topic 815		$	8	$	3		$	3	$	4
Derivatives not designated as hedging instruments under ASC Topic 815
Foreign exchange contracts	Prepaid and other current assets	$	11	$	5	Accrued liabilities	$	17	$	10
Foreign exchange contracts	Other Assets		—		—	Other Liabilities		1		—
Total derivatives not designated as hedging instruments under ASC Topic 815		$	11	$	5		$	18	$	10
Total derivatives		$	19	$	8		$	21	$	14

Leases - Supplemental Information Related to Leases (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities, operating cash flows from finance leases	$ 10	$ 9
Cash paid for amounts included in the measurement of lease liabilities, operating cash flows from operating leases	85	73
Cash paid for amounts included in the measurement of lease liabilities, financing cash flows from finance leases	23	24	$ 26
Right-of-use assets obtained in exchange for new:
Right-of-use assets obtained in exchange for new operating lease liabilities	68	57
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 27	$ 19
Weighted average remaining lease term at December 31, 2023:
Weighted average remaining lease term (years), operating leases	10 years	10 years
Weighted average remaining lease term (years), finance leases	16 years	17 years
Weighted average discount rate at December 31, 2023:
Weighted average discount rate, operating leases	5.17%	4.74%
Weighted average discount rate, finance leases	4.15%	3.95%

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2023	Feb. 03, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
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		394,003,549
Entity Public Float			$ 6.3
Entity Small Business	false
Entity Emerging Growth Company	false
Document Financial Statement Error Correction [Flag]	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 2024 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

Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Unrecognized tax benefit at beginning of year	$ 62	$ 60	$ 57
Gross increase for tax position in current year	18
Gross increase for tax positions in prior years	1	9	8
Gross decrease for tax positions in prior years	(3)	(1)	(1)
Cash Settlements	(4)	(1)	(1)
Lapse of statute of limitations	(7)	(5)	(3)
Unrecognized tax benefit at end of year	$ 67	$ 62	$ 60

Business Segments and Geographic Areas (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022		2021
United States	$	2,933	$	2,603	$	1,760
Saudi Arabia		729		488		316
Brazil		605		495		316
Norway		473		351		365
Canada		324		277		207
United Kingdom		277		199		204
China		248		296		222
Argentina		247		211		151
United Arab Emirates		224		157		130
Australia		211		229		88
Denmark		160		78		—
Other Countries		2,152		1,853		1,765
Total	$	8,583	$	7,237	$	5,524

Net Property, Plant and Equipment by Country Based on the Location

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


	December 31,
	2023		2022
United States	$	906	$	883
Saudi Arabia		258		240
Brazil		101		94
United Kingdom		80		72
United Arab Emirates		73		64
Denmark		72		68
South Korea		66		66
Norway		60		56
Canada		51		50
Mexico		31		27
Indonesia		20		18
Other Countries		147		143
Total	$	1,865	$	1,781

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, 2023
Revenue	$	3,172	$	3,034		$	2,608	$	(231	)	$	8,583
Operating profit (2)		423		188			314		(274	)		651
Capital expenditures		174		63			29		17			283
Depreciation and amortization		155		66			66		15			302
Goodwill		327		483			752		—			1,562
Total assets		3,419		2,973			3,675		1,227			11,294
December 31, 2022
Revenue	$	2,777	$	2,588		$	2,034	$	(162	)	$	7,237
Operating profit (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		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

(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 2023 includes charges, net of related credits, for: voluntary early retirement program (VERP) (Wellbore Technologies $19 million; Completion & Production Solutions $18 million; and, Rig Technologies $11 million); non-cash discount charge on royalty receivables (Wellbore Technologies $25 million); credits related to gains on sales of previously reserved inventory (Completion & Production Solutions $(2) million; and, Rig Technologies $(18) million); credit related to release of an earnout accrual (Rig Technologies $25 million); and severance and other restructuring costs (Completion & Production Solutions $10 million; and, Rig Technologies $1 million). 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 (Completion & Production Solutions $(8) million; and, Rig Technologies $(27) million); and severance and other restructuring costs (Completion & Production Solutions $5 million; and, Rig Technologies $3 million).

Leases - Components of Lease Expense (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Finance lease cost, amortization of right-of-use assets	$ 23	$ 24
Finance lease cost, interest on lease liabilities	10	9
Operating lease cost	85	73
Short-term lease cost	77	90
Sub-lease income	(8)	(8)
Total	$ 187	$ 188

Income Taxes - Domestic and Foreign Components of Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income before income taxes, Domestic	$ 249	$ 113	$ (257)
Income before income taxes, Foreign	363	125	27
Income before income taxes	$ 612	$ 238	$ (230)

Employee Benefit Plans - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) Employee	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Compensation Related Costs Disclosure [Line Items]
Expenses for defined-contribution retirement plans	$ 84	$ 67	$ 34
Pension plans, expected future benefit payments in year five	$ 12
Expected years of pension plans	5 years
Expected future pension plans amounts to pay, total	$ 128
United States [Member]
Compensation Related Costs Disclosure [Line Items]
Number of U.S retirees and spouses participate in defined benefit health care plans \| Employee	9,000
Number of additional U.S retirees and spouses participate in defined benefit health care plans \| Employee	1,200
Pension Plan [Member]
Compensation Related Costs Disclosure [Line Items]
Net periodic benefit income (cost)	$ (2)	$ 1	$ 3

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022		2021
Domestic	$	249	$	113	$	(257	)
Foreign		363		125		27
	$	612	$	238	$	(230	)

Components of Provision (Benefit) for Income Taxes

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


	Year Ended December 31,
	2023			2022			2021
Current:
Federal	$	(4	)	$	(1	)	$	4
State		2			—			(1	)
Foreign		118			86			23
Total current income tax provision		116			85			26
Deferred:
Federal		(252	)		3			(1	)
State		(47	)		—			—
Foreign		(190	)		(5	)		(10	)
Total deferred income tax provision		(489	)		(2	)		(11	)
Total income tax provision (benefit)	$	(373	)	$	83		$	15

Difference Between Effective Tax Rate

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


	Year Ended December 31,
	2023			2022			2021
Federal income tax at U.S. statutory rate	$	129		$	50		$	(48	)
Foreign income tax rate differential		3			1			(9	)
Change in deferred tax valuation allowance		(564	)		24			31
Nondeductible expenses		18			18			17
Foreign inclusions, net of foreign tax credits		5			(4	)		38
Change in uncertain tax positions		12			4			13
Withholding taxes		30			31			16
Income tax credits		(8	)		(5	)		(11	)
Other		2			(36	)		(32	)
Total income tax provision (benefit)	$	(373	)	$	83		$	15

Significant Components of Deferred Tax Assets and Liability

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


	December 31,
	2023			2022
Deferred tax assets:
Allowances and operating liabilities	$	264		$	276
Net operating loss carryforwards		249			324
Stock Compensation		48			51
Tax credit carryforwards		301			292
Other		121			119
Valuation allowance		(346	)		(920	)
Total deferred tax assets		637			142
Deferred tax liabilities:
Tax over book depreciation		43			49
Capital leases		67			73
Intangible assets		39			34
Deferred income		24			16
Accrued tax on unremitted earnings		38			32
Other		8			6
Total deferred tax liabilities		219			210
Net deferred tax asset (liability)	$	418		$	(68	)

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):


	2023			2022			2021
Unrecognized tax benefit at beginning of year	$	62		$	60		$	57
Gross increase for tax position in current year		18			—			—
Gross increase for tax positions in prior years		1			9			8
Gross decrease for tax positions in prior years		(3	)		(1	)		(1	)
Cash Settlements		(4	)		(1	)		(1	)
Lapse of statute of limitations		(7	)		(5	)		(3	)
Unrecognized tax benefit at end of year	$	67		$	62		$	60

Summary of Net Operating Loss Carryforwards

Net operating loss carryforwards by jurisdiction and expiration as of December 31, 2023 were as follows (in millions):



	Federal		State		Foreign		Total
2024 - 2028 Expiration	$	—	$	9	$	51	$	60
2029 - 2043 Expiration		13		344		212		569
Unlimited Expiration		41		—		546		587
Total Net Operating Loss (NOL)	$	54	$	353	$	809	$	1,216
Tax Effected NOL	$	11	$	24	$	214	$	249

Employee Benefit Plans - Assumption Rates Used for Benefit Obligations (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
United States [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate minimum	5.50%	4.74%
Discount rate maximum	5.60%	5.20%
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate minimum	3.20%	3.30%
Discount rate maximum	4.50%	4.80%
Salary increase minimum	2.50%	2.50%
Salary increase maximum	3.75%	3.75%

Property, Plant and Equipment, net

12 Months Ended

Dec. 31, 2023

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	2023			2022
Land		$	180		$	176
Buildings and improvements	5-35 Years		1,285			1,251
Operating equipment	2-20 Years		2,803			2,683
Rental equipment	2-15 Years		923			798
			5,191			4,908
Less: Accumulated Depreciation			(3,326	)		(3,127	)
		$	1,865		$	1,781

Common Stock - Additional Information (Detail) $ / shares in Units, $ in Millions				12 Months Ended
	May 17, 2023 $ / shares shares	Feb. 23, 2023 $ / shares shares	Dec. 20, 2017 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) Installment $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 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 \| $				$ 79	$ 78	$ 20
Stock-based compensation expense \| $				66	67	78
Income tax provision recognized \| $				$ 7	$ 3	$ 2
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				$ 9.75	$ 6.28	$ 5.75
Total intrinsic value of options exercised \| $				$ 1	$ 1
Stock option, Minimum Range \| $ / shares				$ 15.00
Stock option, Maximum Range \| $ / shares				$ 69.00
Total unrecognized compensation cost related to nonvested stock options \| $				$ 11
Compensation cost not yet recognized, period for recognition				3 years
Total fair value of stock options vested \| $				$ 9	10	$ 12
Cash received from option exercises \| $				4	2	0
Actual tax benefit (expense) from share based compensation \| $				$ 0	$ 0	$ 0
Stock options granted				1,014,002	1,492,020	1,669,511
Weighted average exercise price per share of options \| $ / shares				$ 21.76	$ 16.73	$ 15.00
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		2,228,226		2,792,465	3,509,425	3,772,842
Restricted stock granted fair value \| $ / shares		$ 21.76		$ 22.70	$ 17.67	$ 15.03
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 2023 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		960,478
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 \| $				$ 68
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		$ 9.75
Stock options granted		1,014,002
Weighted average exercise price per share of options \| $ / shares		$ 21.76
2018 Plan [Member] \| Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	84,000
Restricted stock granted fair value \| $ / shares	$ 15.00
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				12,900,000

Leases

12 Months Ended

Dec. 31, 2023

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.

Components of leases are as follows (in millions):


	December 31,
	2023		2022
Current portion of lease liabilities:
Operating	$	70	$	67
Financing		24		20
Total	$	94	$	87

	December 31,
	2023		2022
Long-term portion of lease liability:
Operating	$	343	$	334
Financing		215		215
Total	$	558	$	549

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


	Year Ended
	December 31, 2023			December 31, 2022
Lease cost
Finance lease cost
Amortization of right-of-use assets	$	23		$	24
Interest on lease liabilities		10			9
Operating lease cost		85			73
Short-term lease cost		77			90
Sub-lease income		(8	)		(8	)
Total	$	187		$	188

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


	Years Ended
	December 31, 2023			December 31, 2022
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - finance leases	$	10		$	9
Operating cash flows - operating leases		85			73
Financing cash flows - finance leases		23			24
Right-of-use assets obtained in exchange for new:
Operating lease liabilities	$	68		$	57
Finance lease liabilities		27			19

Weighted average remaining lease term at December 31, 2023:
Operating leases	10 years			10 years
Finance leases	16 years			17 years
Weighted average discount rate at December 31, 2023:
Operating leases		5.17	%		4.74	%
Finance leases		4.15	%		3.95	%

Future minimum lease commitments for leases with initial or remaining terms of one year or more at December 31, 2023, are payable as follows (in millions):


	Operating			Finance
2024	$	97		$	34
2025		82			31
2026		69			27
2027		56			21
2028		47			17
Thereafter		237			185
Total lease payments		588			315
Less: Interest		(175	)		(76	)
Present value of lease liabilities	$	413		$	239

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Fair Value of Financial Instruments

Derivative Financial Instruments

Inventories

Property, Plant and Equipment

Acquisitions and Investments

Foreign Currency

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

Remaining Performance Obligations

Costs to Obtain and Fulfill a Contract

Service and Product Warranties

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


Balance at December 31, 2021	$	73
Net provisions for warranties issued during the year		11
Amounts incurred		(17	)
Currency translation adjustments		3
Balance at December 31, 2022	$	70
Net provisions for warranties issued during the year		16
Amounts incurred		(16	)
Currency translation adjustments and other		2
Balance at December 31, 2023	$	72

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 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,
	2023		2022		2021
Numerator:
Net income (loss) attributable to Company	$	993	$	155	$	(250	)
Denominator:
Basic—weighted average common shares outstanding		393		390		386
Dilutive effect of employee stock options and other unvested stock awards		4		4		—
Diluted outstanding shares		397		394		386
Basic income (loss) attributable to Company per share	$	2.53	$	0.40	$	(0.65	)
Diluted income (loss) attributable to Company per share	$	2.50	$	0.39	$	(0.65	)
Cash dividends per share	$	0.20	$	0.20	$	0.05

Recently Issued Accounting Standards

Income Taxes

12 Months Ended

Dec. 31, 2023

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,
	2023		2022		2021
Domestic	$	249	$	113	$	(257	)
Foreign		363		125		27
	$	612	$	238	$	(230	)

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


	Year Ended December 31,
	2023			2022			2021
Current:
Federal	$	(4	)	$	(1	)	$	4
State		2			—			(1	)
Foreign		118			86			23
Total current income tax provision		116			85			26
Deferred:
Federal		(252	)		3			(1	)
State		(47	)		—			—
Foreign		(190	)		(5	)		(10	)
Total deferred income tax provision		(489	)		(2	)		(11	)
Total income tax provision (benefit)	$	(373	)	$	83		$	15

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


	Year Ended December 31,
	2023			2022			2021
Federal income tax at U.S. statutory rate	$	129		$	50		$	(48	)
Foreign income tax rate differential		3			1			(9	)
Change in deferred tax valuation allowance		(564	)		24			31
Nondeductible expenses		18			18			17
Foreign inclusions, net of foreign tax credits		5			(4	)		38
Change in uncertain tax positions		12			4			13
Withholding taxes		30			31			16
Income tax credits		(8	)		(5	)		(11	)
Other		2			(36	)		(32	)
Total income tax provision (benefit)	$	(373	)	$	83		$	15

The effective tax rate for the year ended December 31, 2023 was (60.9%), compared to 34.9% for 2022. For the year-ended 2023, the effective tax rate was favorably impacted by the release of $485 million in valuation allowances in numerous jurisdictions. During the fourth quarter of 2023, the Company determined it was more likely than not the Company would be able to realize the benefit of a substantial portion of the deferred tax assets in the United States and the majority of its other international jurisdictions. In reaching this determination, the Company considered the growing trend of profitability over the last three years, particularly in the United States, as well as expectations regarding the generation of future taxable income and the sources of future taxable income. As a result of this analysis, the Company recognized a discrete tax benefit related to the release of valuation allowances of $299 million in the United States and $186 million outside the United States. As of December 31, 2023, the Company continues to maintain a valuation allowance of $346 million primarily related to foreign tax credit carryforwards in the United States and deferred tax assets in certain other jurisdictions due to several factors, including specific jurisdictions in which the Company does not project to generate sufficient future taxable income to realize all or a portion of its deferred tax assets specific to that jurisdiction; the specific nature and timing of future taxable income required to realize certain tax credit carryforwards, most notably U.S. foreign tax credits; and the timing of expiration of certain tax credit carryforwards. The effective tax rate was also favorably impacted by adjustments related to utilization of losses and tax credits for current and prior year tax returns, partially offset by current year losses in certain jurisdictions with no tax benefit.

For the year ended December 31, 2022 the effective tax rate was negatively impacted by losses in certain jurisdictions with no tax benefit, partially offset by favorable adjustments related to the foreign currency translation gains and the 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,
	2023			2022
Deferred tax assets:
Allowances and operating liabilities	$	264		$	276
Net operating loss carryforwards		249			324
Stock Compensation		48			51
Tax credit carryforwards		301			292
Other		121			119
Valuation allowance		(346	)		(920	)
Total deferred tax assets		637			142
Deferred tax liabilities:
Tax over book depreciation		43			49
Capital leases		67			73
Intangible assets		39			34
Deferred income		24			16
Accrued tax on unremitted earnings		38			32
Other		8			6
Total deferred tax liabilities		219			210
Net deferred tax asset (liability)	$	418		$	(68	)

The valuation allowance decreased by $574 million during 2023. This decrease is comprised of $485 million due to the Company’s evaluation of the realizability of deferred tax assets based on future projections of taxable income, $68 million related to utilized NOLs and other timing differences in the United States, $8 million related to utilized NOLs in foreign jurisdictions, $7 million related to foreign currency exchange rate changes, and $6 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):


	2023			2022			2021
Unrecognized tax benefit at beginning of year	$	62		$	60		$	57
Gross increase for tax position in current year		18			—			—
Gross increase for tax positions in prior years		1			9			8
Gross decrease for tax positions in prior years		(3	)		(1	)		(1	)
Cash Settlements		(4	)		(1	)		(1	)
Lapse of statute of limitations		(7	)		(5	)		(3	)
Unrecognized tax benefit at end of year	$	67		$	62		$	60

The balance of unrecognized tax benefits at December 31, 2023, 2022 and 2021 was $67 million, $62 million and $60 million, respectively. Accruals related to prior year domestic and foreign jurisdiction issues resulted in uncertain tax position increases of $19 million in 2023. Resolutions of domestic and foreign jurisdiction audits resulted in a $4 million and $1 million decrease in uncertain tax provisions for the years ended December 31, 2023 and 2022, respectively.

Substantially all of the unrecognized tax benefits, if ultimately realized, would be recorded as a reduction to income tax expense in the period realized. 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, 2023, 2022 and 2021, we recorded income tax expense of $5 million, $8 million and $8 million, respectively, for interest and penalty related to unrecognized tax benefits. As of December 31, 2023 and 2022, the Company had accrued $20 million and $23 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 2018.

Net operating loss carryforwards by jurisdiction and expiration as of December 31, 2023 were as follows (in millions):



	Federal		State		Foreign		Total
2024 - 2028 Expiration	$	—	$	9	$	51	$	60
2029 - 2043 Expiration		13		344		212		569
Unlimited Expiration		41		—		546		587
Total Net Operating Loss (NOL)	$	54	$	353	$	809	$	1,216
Tax Effected NOL	$	11	$	24	$	214	$	249

The Company has $277 million of excess foreign tax credits in the United States as of December 31, 2023, of which $145 million, $92 million, $12 million, $11 million, and $10 million and $7 million will expire in 2027, 2028, 2030, 2031, 2032 and 2033 respectively. As of December 31, 2023, the Company has remaining tax-deductible goodwill of $70 million, resulting from acquisitions. The amortization of this goodwill is deductible over various periods ranging up to 8 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Income Taxes - Difference Between Effective Tax Rate (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal income tax at U.S. statutory rate	$ 129	$ 50	$ (48)
Foreign income tax rate differential	3	1	(9)
Change in deferred tax valuation allowance	(564)	24	31
Nondeductible expenses	18	18	17
Foreign inclusions net of foreign tax credits	5	(4)	38
Change in uncertain tax positions	12	4	13
Withholding taxes	30	31	16
Income tax credits	(8)	(5)	(11)
Other	2	(36)	(32)
Total income tax provision (benefit)	$ (373)	$ 83	$ 15

Goodwill and Intangible Assets - Identified Intangible Assets, by Segment (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	$ 490	$ 503
Additions to intangible assets	2	3
Adjustment during the measurement period of assets acquired		32
Amortization	(43)	(51)
Currency translation adjustments	1	3
Ending Balance	450	490
Wellbore Technologies [Member]
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	282	264
Additions to intangible assets	2	3
Adjustment during the measurement period of assets acquired		32
Amortization	(17)	(17)
Ending Balance	267	282
Completion & Production Solutions [Member]
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	37	42
Amortization	(5)	(5)
Ending Balance	32	37
Rig Technologies [Member]
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	171	197
Amortization	(21)	(29)
Currency translation adjustments	1	3
Ending Balance	$ 151	$ 171

Common Stock (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Summary of Stock Options

The following summarizes options activity:


	Year Ended December 31,
	2023					2022					2021
	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		21,080,388		$	38.68		21,276,961		$	42.09		21,005,502		$	45.70
Granted		1,014,002			21.76		1,492,020			16.73		1,669,511			15.00
Forfeited		(1,908,768	)		57.61		(1,574,642	)		65.44		(1,398,052	)		63.65
Exercised		(210,519	)		16.68		(113,951	)		17.77		—			—
Shares under option at end of year		19,975,103		$	36.25		21,080,388		$	38.68		21,276,961		$	42.09
Exercisable at end of year		17,437,459		$	38.85		17,988,842		$	42.46		18,039,330		$	46.27

Summary of Stock Option Outstanding Information

The following summarizes information about stock options outstanding at December 31, 2023:


	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		5.83		8,405,053	$	21.82		5,867,409	$	23.32
$30.01 - $50.00		2.82		6,307,350		36.25		6,307,350		36.25
$50.01 - $69.00		0.81		5,262,700		59.29		5,262,700		59.29
Total		3.56		19,975,103	$	36.25		17,437,459	$	38.85

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:	2023			2022			2021
Expected volatility		45.7	%		43.6	%		43.4	%
Risk-free interest rate		4.1	%		1.9	%		0.6	%
Expected dividend yield		0.9	%		1.2	%		0.0	%
Expected term (in years)		5.8			5.4			5.1

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, 2023 and changes during 2023 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, 2022		21,080,388		$	38.68		4.01	$	—
Granted		1,014,002		$	21.76
Forfeited		(1,908,768	)	$	57.61
Exercised		(210,519	)	$	16.68
Outstanding at December 31, 2023		19,975,103		$	36.25		3.56	$	—
Exercisable at December 31, 2023		17,437,459		$	38.85		2.90	$	—

Summary of Information Regarding Outstanding SARs

The following summary presents information regarding outstanding SARs:


	Year Ended December 31,
	2023					2022
	Number			Average		Number			Average
	of			Exercise		of			Exercise
	Shares			Price		Shares			Price
Shares under SARs at beginning of year		1,105,106		$	28.39		1,193,934		$	28.40
Granted		—			—		—			—
Forfeited		(48,301	)		28.83		(88,828	)		28.61
Exercised		—			—		—			—
Shares under SARs at end of year		1,056,805		$	28.37		1,105,106		$	28.39
Exercisable at end of year		1,056,805		$	28.37		1,105,106		$	28.39

Summary of Information Regarding Outstanding Restricted Shares

The following summary presents information regarding outstanding restricted shares:


	Year Ended December 31,
	2023					2022					2021
				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		7,188,183		$	18.30		6,936,574		$	21.32		6,073,963		$	31.85
Granted		2,792,465		$	22.70		3,509,425		$	17.67		3,772,842		$	15.03
Vested		(3,045,126	)	$	21.77		(2,863,385	)	$	17.11		(2,672,507	)	$	15.38
Forfeited		(320,044	)	$	23.89		(394,431	)	$	26.00		(237,724	)	$	63.65
Nonvested at end of year		6,615,478		$	19.86		7,188,183		$	18.30		6,936,574		$	21.32

Debt - Principal Payments of Debt (Detail) $ in Millions	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2023	$ 13
2024	21
2025	32
2026	12
2027	12
Thereafter	1,650
Total Debt	$ 1,740

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (Loss)	$ 985	$ 155	$ (245)
Other comprehensive income (loss):
Currency translation adjustments	113	(30)	(34)
Derivative financial instruments, net of tax	(1)	(11)	(12)
Change in defined benefit plans, net of tax	(12)	(6)	9
Comprehensive income (loss)	1,085	108	(282)
Net income (loss) attributable to noncontrolling interests	(8)		5
Comprehensive income (loss) attributable to Company	$ 1,093	$ 108	$ (287)

- 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

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
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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 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Business Segments and Geographic Areas - Business Segments (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 8,583	$ 7,237	$ 5,524
Operating profit	651	264	(134)
Capital expenditures	283	214	201
Depreciation and amortization	302	301	306
Goodwill	1,562	1,505	1,527
Total assets	11,294	10,135	9,550
Wellbore Technologies [Member]
Segment Reporting Information [Line Items]
Goodwill	327	313	342
Completion & Production Solutions [Member]
Segment Reporting Information [Line Items]
Goodwill	483	480	473
Rig Technologies [Member]
Segment Reporting Information [Line Items]
Goodwill	752	712	712
Operating Segments [Member] \| Wellbore Technologies [Member]
Segment Reporting Information [Line Items]
Revenue	3,172	2,777	1,959
Operating profit	423	304	74
Capital expenditures	174	109	77
Depreciation and amortization	155	150	158
Goodwill	327	313	342
Total assets	3,419	2,992	2,670
Operating Segments [Member] \| Completion & Production Solutions [Member]
Segment Reporting Information [Line Items]
Revenue	3,034	2,588	1,963
Operating profit	188	69	(65)
Capital expenditures	63	59	46
Depreciation and amortization	66	62	62
Goodwill	483	480	473
Total assets	2,973	2,748	2,465
Operating Segments [Member] \| Rig Technologies [Member]
Segment Reporting Information [Line Items]
Revenue	2,608	2,034	1,739
Operating profit	314	144	43
Capital expenditures	29	34	74
Depreciation and amortization	66	73	71
Goodwill	752	712	712
Total assets	3,675	3,074	2,621
Eliminations and Corporate [Member]
Segment Reporting Information [Line Items]
Revenue	(231)	(162)	(137)
Operating profit	(274)	(253)	(186)
Capital expenditures	17	12	4
Depreciation and amortization	15	16	15
Total assets	$ 1,227	$ 1,321	$ 1,794

Property, Plant and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

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


	Estimated	December 31,
	Useful Lives	2023			2022
Land		$	180		$	176
Buildings and improvements	5-35 Years		1,285			1,251
Operating equipment	2-20 Years		2,803			2,683
Rental equipment	2-15 Years		923			798
			5,191			4,908
Less: Accumulated Depreciation			(3,326	)		(3,127	)
		$	1,865		$	1,781

Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reserve for Excess and Obsolete Inventories [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance beginning of year	$ 378	$ 444	$ 577
Additions (Deductions) charged to costs and expenses	28	(18)	73
Charge off's and other	(52)	(48)	(206)
Balance end of year	354	378	444
Valuation Allowance for Deferred Tax Assets [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance beginning of year	920	1,127	1,093
Additions (Deductions) charged to costs and expenses	(564)	24	31
Charge off's and other	(10)	(231)	3
Balance end of year	$ 346	$ 920	$ 1,127

Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Summary of Disaggregate Revenue by Destinations

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, 2023
			Completion
	Wellbore		& Production		Rig
	Technologies		Solutions		Technologies		Eliminations			Total
North America	$	1,530	$	1,238	$	488	$	—		$	3,256
International		1,547		1,704		2,076		—			5,327
Eliminations		95		92		44		(231	)		—
	$	3,172	$	3,034	$	2,608	$	(231	)	$	8,583

Land	$	2,295	$	1,784	$	706	$	—		$	4,785
Offshore		782		1,158		1,858		—			3,798
Eliminations		95		92		44		(231	)		—
	$	3,172	$	3,034	$	2,608	$	(231	)	$	8,583


	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

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, 2022	$	685		$	444
Provision, net		(1	)		—
Billings		(1,396	)		1,386
Revenue recognized		1,403			(1,315	)
Currency translation adjustments and other		48			17
Balance at December 31, 2023	$	739		$	532

Summary of Changes Carrying Amount of Allowance for Credit Losses

The changes in the carrying amount of the allowance for credit losses are as follows (in millions):


Balance at December 31, 2022	$	71
Provision for expected credit losses		28
Recoveries collected		(15	)
Other		(12	)
Balance at December 31, 2023	$	72

Business Segments and Geographic Areas - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Common Stock - Summary of Information and Changes in Stock Options with Regard to Stock Option Plans (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Number of shares under stock option, Beginning of the year	21,080,388	21,276,961	21,005,502
Number of Shares Granted	1,014,002	1,492,020	1,669,511
Number of Shares Forfeited	(1,908,768)	(1,574,642)	(1,398,052)
Number of Shares Exercised	(210,519)	(113,951)
Number of shares under stock option, End of the year	19,975,103	21,080,388	21,276,961
Number of stock options, Exercisable	17,437,459	17,988,842	18,039,330
Weighted Average Exercise Price, Beginning of year	$ 38.68	$ 42.09	$ 45.70
Weighted Average Exercise Price, Stock Options Granted	21.76	16.73	15.00
Weighted Average Exercise Price, Stock Options Forfeited	57.61	65.44	63.65
Weighted Average Exercise Price, Stock Options Exercised	16.68	17.77
Weighted Average Exercise Price, End of the year	36.25	38.68	42.09
Weighted Average Exercise Price, Stock Options, Exercisable	$ 38.85	$ 42.46	$ 46.27
Weighted Average Remaining Contractual Term, Outstanding	3 years 6 months 21 days	4 years 3 days
Weighted Average Remaining Contractual Term, Exercisable	2 years 10 months 24 days

Derivative Financial Instruments - Outstanding Foreign Currency Forward Contracts (Detail) € 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, $ in Millions	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 BRL (R$)	Dec. 31, 2023 JPY (¥)	Dec. 31, 2023 MXN ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 ZAR (R)	Dec. 31, 2023 SGD ($)	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 DKK (kr)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 NOK (kr)	Dec. 31, 2023 COP ($)	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)
Derivative [Line Items]
Foreign currency, Cash flow hedging										$ 2
Forward Contracts [Member]
Derivative [Line Items]
Foreign currency, Cash flow hedging	€ 102	R$ 291	¥ 1,118	$ 157	$ 1	R 25	$ 23	£ 5	kr 2	$ 677	kr 2,179	$ 57,487	€ 125	R$ 291	¥ 460	$ 160	$ 2	₩ 65,980	R 149	$ 27	£ 16	kr 13	$ 655	kr 2,741

Accumulated Other Comprehensive Loss - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Other comprehensive income (loss) before reclassifications	$ 113	$ (30)	$ (34)
Changes in derivative financial instruments, net of tax	(1)	(11)	(12)
Changes in derivative financial instruments, tax	$ 3	$ (3)	$ 2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retained Deficit [Member]
Cash dividends, per common share	$ 0.20	$ 0.20	$ 0.05

Goodwill and Intangible Assets - Goodwill Identified, by Segment (Parenthetical) (Detail) $ in Millions	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Accumulated goodwill impairment	$ 7,261

Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

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, 2023, 2022 and 2021, expenses for defined-contribution retirement plans were $84 million, $67 million, and $34 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. During the year ended December 31, 2023, the Company completed the termination of the plan, resulting in excess plan assets being returned to the Company and an immaterial recognition of non-cash, pre-tax charges from accumulated other comprehensive loss to selling, general and administrative expenses in our consolidated statement of income.

In the third quarter of 2022, the Company offered a new benefit plan providing retiree medical coverage in the United States, and as of December 31, 2023, approximately 9,000 employees are eligible for this coverage. In addition, approximately 1,200 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 $(2) million, $1 million, and $3 million for the years ended December 31, 2023, 2022 and 2021, 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, 2023 and 2022, is as follows (in millions):


	Pension benefits						Postretirement benefits
At year end	2023			2022			2023			2022
Benefit obligation at beginning of year	$	382		$	594		$	50		$	34
Service cost		—			1			2			1
Interest cost		10			9			2			1
Actuarial loss (gain)		6			(135	)		(3	)		(5	)
Benefits paid		(16	)		(62	)		(6	)		(8	)
Exchange rate loss (gain)		8			(25	)		—			—
Plan amendments		—			—			—			27
Settlements		(184	)		—			—			—
Special Termination Benefits		—			—			3			—
Benefit obligation at end of year	$	206		$	382		$	48		$	50

Fair value of plan assets at beginning of year	$	381		$	571		$	—		$	—
Actual return		2			(105	)		—			—
Benefits paid		(16	)		(62	)		(6	)		(8	)
Company contributions		(11	)		3			6			8
Exchange rate gain (loss)		8			(26	)		—			—
Settlements		(184	)		—			—			—
Fair value of plan assets at end of year	$	180		$	381		$	—		$	—
Funded status	$	(26	)	$	(1	)	$	(48	)	$	(50	)

Accumulated benefit obligation at end of year	$	205		$	381

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,
	2023	2022
Discount rate:
United States plan	5.50% - 5.60%	4.74% - 5.20%
International plans	3.20% - 4.50%	3.30% - 4.80%

Salary increase:
United States plan	N/A	N/A
International plans	2.50% - 3.75%	2.50% - 3.75%

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


	Year Ended December 31,
	2023	2022	2021
Discount rate:
United States plan	4.74% - 5.20%	1.80% - 2.20%	1.20% - 2.40%
International plans	3.30% - 4.80%	1.00% - 1.90%	0.70% - 1.80%
Salary increase:
United States plan	N/A	N/A	N/A
International plans	2.50% - 3.75%	2.50% - 3.40%	1.75% - 2.90%
Expected return on assets:
United States plan	4.74%	1.84%	3.90%
International plans	3.20% - 4.90%	1.00% - 4.00%	0.80% - 3.40%

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 $12 million for each of the next five years and aggregate payments of $128 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, 2022:
Equity securities	$	4	$	—	$	4	$	—
Bonds		79		—		79		—
Other (insurance contracts)		298		—		236		62
Total Fair Value Measurements	$	381	$	—	$	319	$	62
December 31, 2023:
Equity securities	$	—	$	—	$	—	$	—
Bonds		84		—		84		—
Other (insurance contracts)		96		—		31		65
Total Fair Value Measurements	$	180	$	—	$	115	$	65

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 return on assets for Level 3 plan assets are immaterial for all periods presented.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Consolidated Statements of Income (Loss) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue
Revenue	$ 8,583	$ 7,237	$ 5,524
Cost of revenue
Cost of revenue	6,750	5,903	4,750
Gross profit	1,833	1,334	774
Selling, general and administrative	1,182	1,070	908
Operating profit (loss)	651	264	(134)
Interest and financial costs	(88)	(78)	(77)
Interest income	28	19	9
Equity income (loss) in unconsolidated affiliates	119	68	(5)
Other expense, net	(98)	(35)	(23)
Income (loss) before income taxes	612	238	(230)
Provision (benefit) for income taxes	(373)	83	15
Net income (loss)	985	155	(245)
Net income (loss) attributable to noncontrolling interests	(8)		5
Net income (loss) attributable to Company	$ 993	$ 155	$ (250)
Net income (loss) attributable to Company per share:
Basic	$ 2.53	$ 0.40	$ (0.65)
Diluted	2.50	0.39	(0.65)
Cash dividends per share	$ 0.20	$ 0.20	$ 0.05
Weighted average shares outstanding:
Basic	393	390	386
Diluted	397	394	386
Sales [Member]
Revenue
Revenue	$ 5,775	$ 4,873	$ 3,769
Cost of revenue
Cost of revenue	4,798	4,146	3,369
Service [Member]
Revenue
Revenue	1,789	1,482	1,114
Cost of revenue
Cost of revenue	1,367	1,186	951
Rental [Member]
Revenue
Revenue	1,019	882	641
Cost of revenue
Cost of revenue	$ 585	$ 571	$ 430

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Components of Leases

Components of leases are as follows (in millions):


	December 31,
	2023		2022
Current portion of lease liabilities:
Operating	$	70	$	67
Financing		24		20
Total	$	94	$	87

	December 31,
	2023		2022
Long-term portion of lease liability:
Operating	$	343	$	334
Financing		215		215
Total	$	558	$	549

Components of Lease Expense

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


	Year Ended
	December 31, 2023			December 31, 2022
Lease cost
Finance lease cost
Amortization of right-of-use assets	$	23		$	24
Interest on lease liabilities		10			9
Operating lease cost		85			73
Short-term lease cost		77			90
Sub-lease income		(8	)		(8	)
Total	$	187		$	188

Schedule of Supplemental information Related to Leases

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


	Years Ended
	December 31, 2023			December 31, 2022
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - finance leases	$	10		$	9
Operating cash flows - operating leases		85			73
Financing cash flows - finance leases		23			24
Right-of-use assets obtained in exchange for new:
Operating lease liabilities	$	68		$	57
Finance lease liabilities		27			19

Weighted average remaining lease term at December 31, 2023:
Operating leases	10 years			10 years
Finance leases	16 years			17 years
Weighted average discount rate at December 31, 2023:
Operating leases		5.17	%		4.74	%
Finance leases		4.15	%		3.95	%

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, 2023, are payable as follows (in millions):


	Operating			Finance
2024	$	97		$	34
2025		82			31
2026		69			27
2027		56			21
2028		47			17
Thereafter		237			185
Total lease payments		588			315
Less: Interest		(175	)		(76	)
Present value of lease liabilities	$	413		$	239

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

6. Goodwill and Intangible Assets

The Company has approximately $1.6 billion of goodwill and $450 million of identified intangible assets at December 31, 2023.

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


	Wellbore Technologies			Completion & Production Solutions		Rig Technologies		Total

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	$	313		$	480	$	712	$	1,505
Goodwill acquired during period		—			—		40		40
Adjustment during the measurement period of assets acquired		14			3		—		17
Balance at December 31, 2023 (1)	$	327		$	483	$	752	$	1,562

(1)

Accumulated goodwill impairment was $7,261 million as of December 31, 2023.

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 $39 million, $36 million, $34 million, $31 million, and $25 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, 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
Additions to intangible assets		2			—			—			2
Amortization		(17	)		(5	)		(21	)		(43	)
Currency translation adjustments		—			—			1			1
Balance at December 31, 2023	$	267		$	32		$	151		$	450

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


	Gross		Accumulated Amortization			Net Book Value
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
December 31, 2023:
Customer relationships	$	494	$	(369	)	$	125
Trademarks		174		(133	)		41
Patents		129		(75	)		54
Indefinite-lived trade names		196		—			196
Other		105		(71	)		34
Total identified intangibles	$	1,098	$	(648	)	$	450

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 2023, the Company performed its annual impairment test, as described in ASC Topic 350, as of October 1, 2023. 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.

No impairment of goodwill or indefinite-lived intangible assets was recorded in 2023 or 2022.

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

9. Debt

Debt consists of (in millions):


	December 31,
	2023		2022
$1.1 billion in Senior Notes, interest at 3.95% payable semiannually, principal due on December 1, 2042		1,091		1,090
$0.5 billion in Senior Notes, interest at 3.60% payable semiannually, principal due on December 1, 2029		495		495
Other debt		139		145
Total Debt		1,725		1,730
Less current portion		13		13
Long-term debt	$	1,712	$	1,717

Principal payments of debt for years subsequent to 2023 are as follows (in millions):


2024		13
2025		21
2026		32
2027		12
2028		12
Thereafter		1,650
	$	1,740

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 SOFR, 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, 2023, the Company was in compliance with a debt-to-capitalization ratio of 23.9% 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 SOFR plus 1.40%. The bank line of credit contains a financial covenant regarding maximum debt-to-equity ratio of 75%. As of December 31, 2023, the joint venture was in compliance. The facility construction was completed in the fourth quarter of 2022, and the joint venture will not have future borrowings on the line of credit. The line of credit repayment schedule began in December 2022 with final payment no later than June 2032. As of December 31, 2023, the Company has a carrying value of $104 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, 2023 included $33 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 $495 million of outstanding letters of credit at December 31, 2023, 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, 2023 and 2022, the fair value of the Company's unsecured Senior Notes approximated $1,316 million and $1,215 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, 2023 and 2022, the carrying value of the Company's unsecured Senior Notes approximated $1,586 million and $1,585 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Foreign Currency Forward Contracts

Forward currency contracts consist of (in millions):

         
        Currency Denomination

        Currency

        December 31, 2023

        December 31, 2022

Colombian Peso

COP

57,487

COP

—

Norwegian Krone

NOK

2,179

NOK

2,741

Japanese Yen

JPY

1,118

JPY

460

U.S. Dollar

USD

677

USD

655

Brazilian Real

BRL

291

BRL

291

Mexican Peso

MXN

157

MXN

160

Euro

EUR

102

EUR

125

South African Rand

ZAR

25

ZAR

149

Singapore Dollar

SGD

23

SGD

27

British Pound Sterling

GBP

5

GBP

16

Danish Krone

DKK

2

DKK

13

Canadian Dollar

CAD

1

CAD

2

South Korean Won

KRW

—

KRW

65,980

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	2023		2022		Location	2023		2022
Derivatives designated as hedging instruments under ASC Topic 815
Foreign exchange contracts	Prepaid and other current assets	$	8	$	3	Accrued liabilities	$	2	$	3
Foreign exchange contracts	Other Assets		—		—	Other Liabilities		1		1
Total derivatives designated as hedging instruments under ASC Topic 815		$	8	$	3		$	3	$	4
Derivatives not designated as hedging instruments under ASC Topic 815
Foreign exchange contracts	Prepaid and other current assets	$	11	$	5	Accrued liabilities	$	17	$	10
Foreign exchange contracts	Other Assets		—		—	Other Liabilities		1		—
Total derivatives not designated as hedging instruments under ASC Topic 815		$	11	$	5		$	18	$	10
Total derivatives		$	19	$	8		$	21	$	14

Common Stock - Summary of Information Regarding Outstanding Restricted Shares (Detail) - Restricted Stock and Restricted Stock Units [Member] - $ / shares		12 Months Ended
	Feb. 23, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Shares Outstanding, Beginning balance		7,188,183	6,936,574	6,073,963
Restricted Stock Granted, Shares	2,228,226	2,792,465	3,509,425	3,772,842
Restricted Stock Vested, Shares		(3,045,126)	(2,863,385)	(2,672,507)
Restricted Stock Forfeited, Shares		(320,044)	(394,431)	(237,724)
Restricted Shares Outstanding, Ending balance		6,615,478	7,188,183	6,936,574
Weighted-Average Grant Date Fair Value of Restricted Stock, Beginning Balance		$ 18.30	$ 21.32	$ 31.85
Restricted Stock Granted, Weighted-Average Grant Date Fair Value	$ 21.76	22.70	17.67	15.03
Restricted Stock Vested, Weighted-Average Grant Date Fair Value		21.77	17.11	15.38
Restricted Stock Forfeited, Weighted-Average Grant Date Fair Value		23.89	26.00	63.65
Weighted-Average Grant Date Fair Value of Restricted Stock, Ending Balance		$ 19.86	$ 18.30	$ 21.32

Impairment and Other Items

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Impairment and Other Items

17. Impairment and Other Items

We recorded $51 million in other items for the year ended December 31, 2023, of which $52 million related to charges related to the VERP, $25 million related to a non-cash discount charge on royalty receivables, offset by credits related to the release of an earnout accrual of $25 million, and credits related to gains on sales of previously reserved inventory of $20 million. The other items are reported in "Cost of revenue" ($10 million for the year ended December 31, 2023) and "Selling, general and administrative" ($41 million for the year ended December 31, 2023) in our Consolidated Statement of Income (Loss).

As previously disclosed, in response to sanctions against Russia and Russian interests, 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. We expect to complete the sale of our Russian entities within the next 12 months, subject to regulatory approval. For the years ended December 31, 2023 and 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 recorded $114 million in other items for the year ended December 31, 2022, of which $127 million relates to impairments for Russia and Belarus. The other items are reported in "Cost of revenue" ($63 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 Statement of Income (Loss).

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Tax Credit Carryforward [Line Items]
Effective income tax rate		(60.90%)	34.90%
Increase (decrease) in valuation allowance		$ (574)
Unrecognized tax benefit	$ 67	67	$ 62	$ 60	$ 57
Income tax interest and penalties related to unrecognized tax benefit		5	8	$ 8
Increase in unrecognized tax position from completion of audits of domestic and foreign jurisdictions from prior years		19
Decrease in unrecognized tax benefits from resolutions of domestic foreign jurisdiction audit		4	1
Accrued income tax interest and penalties related to unrecognized tax benefit	20	20	23
Foreign tax credit	277	277
Net operating loss carry forward	1,216	1,216
Tax-deductible goodwill	70	70
Deferred tax assets, valuation allowances in numerous jurisdictions	$ 346	$ 346	$ 920
Maximum [Member]
Tax Credit Carryforward [Line Items]
Period of amortization of goodwill	8 years	8 years
Carry Forward Expiration Year 2027 [Member]
Tax Credit Carryforward [Line Items]
Net operating loss carry forward	$ 145	$ 145
Carry Forward Expiration Year 2028 [Member]
Tax Credit Carryforward [Line Items]
Net operating loss carry forward	92	92
Carry Forward Expiration Year 2030 [Member]
Tax Credit Carryforward [Line Items]
Net operating loss carry forward	12	12
Carry Forward Expiration Year 2031 [Member]
Tax Credit Carryforward [Line Items]
Net operating loss carry forward	11	11
Carry Forward Expiration Year 2032 [Member]
Tax Credit Carryforward [Line Items]
Net operating loss carry forward	10	10
Carry Forward Expiration Year 2033 [Member]
Tax Credit Carryforward [Line Items]
Net operating loss carry forward	7	7
Release Of Valuation Allowances In United States [Member]
Tax Credit Carryforward [Line Items]
Increase (decrease) in valuation allowance	299
Release of Valuation Allowances in Outsude United States [Member]
Tax Credit Carryforward [Line Items]
Increase (decrease) in valuation allowance	$ 186
Future Projections Taxable Income [Member]
Tax Credit Carryforward [Line Items]
Increase (decrease) in valuation allowance		(485)
Utilized NOLs and Other Timing Differences in United States [Member]
Tax Credit Carryforward [Line Items]
Increase (decrease) in valuation allowance		(68)
Current Year Changes In Carrying Value of Deferred Tax Assets [Member]
Tax Credit Carryforward [Line Items]
Increase (decrease) in valuation allowance		(6)
Utilized NOLs in Foreign Jurisdictions [Member]
Tax Credit Carryforward [Line Items]
Increase (decrease) in valuation allowance		(8)
FX [Member]
Tax Credit Carryforward [Line Items]
Increase (decrease) in valuation allowance		$ (7)

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 1,562	$ 1,505	$ 1,527
Intangibles, net	$ 450	490
Estimated useful lives of intangible assets, minimum	2 years
Estimated useful lives of intangible assets, maximum	40 years
Amortization expense, 2024	$ 39
Amortization expense, 2025	36
Amortization expense, 2026	34
Amortization expense, 2027	31
Amortization expense, 2028	25
Impairment charge on goodwill	0	0
Impairment of intangible assets, indefinite-lived (excluding goodwill)	$ 0	$ 0

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Significant Accounting Policies [Line Items]
Maturity period of investments description	three months or less
Charges (credits) to inventory reserves	$ 28	$ (18)	$ 73
Inventory reserves total	$ 354	$ 378
Percentage of inventory reserve	14.10%	17.30%
Depreciation expense related to property, plant and equipment	$ 260	$ 250	264
Cash payment for acquisition	22	49	52
Net foreign currency transaction gains (losses)	(84)	(25)	$ (16)
Net revenue recognized from performance obligations satisfied in previous periods	39	37
Allowance for credit losses	72	$ 71
Remaining performance obligations	$ 4,492
Anti-dilutive stock options outstanding	18	20	21
2021 Acquisitions [Member]
Significant Accounting Policies [Line Items]
Additional cash payment for acquisitions (in stock)			$ 29
Business combinations number of shares issued			2
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

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

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


	Pension benefits						Postretirement benefits
At year end	2023			2022			2023			2022
Benefit obligation at beginning of year	$	382		$	594		$	50		$	34
Service cost		—			1			2			1
Interest cost		10			9			2			1
Actuarial loss (gain)		6			(135	)		(3	)		(5	)
Benefits paid		(16	)		(62	)		(6	)		(8	)
Exchange rate loss (gain)		8			(25	)		—			—
Plan amendments		—			—			—			27
Settlements		(184	)		—			—			—
Special Termination Benefits		—			—			3			—
Benefit obligation at end of year	$	206		$	382		$	48		$	50

Fair value of plan assets at beginning of year	$	381		$	571		$	—		$	—
Actual return		2			(105	)		—			—
Benefits paid		(16	)		(62	)		(6	)		(8	)
Company contributions		(11	)		3			6			8
Exchange rate gain (loss)		8			(26	)		—			—
Settlements		(184	)		—			—			—
Fair value of plan assets at end of year	$	180		$	381		$	—		$	—
Funded status	$	(26	)	$	(1	)	$	(48	)	$	(50	)

Accumulated benefit obligation at end of year	$	205		$	381

Assumption Rates Used for Benefit Obligations

The assumption rates used for benefit obligations are as follows:


	Year Ended December 31,
	2023	2022
Discount rate:
United States plan	5.50% - 5.60%	4.74% - 5.20%
International plans	3.20% - 4.50%	3.30% - 4.80%

Salary increase:
United States plan	N/A	N/A
International plans	2.50% - 3.75%	2.50% - 3.75%

Assumption Rates Used for Net Periodic Benefit Costs

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


	Year Ended December 31,
	2023	2022	2021
Discount rate:
United States plan	4.74% - 5.20%	1.80% - 2.20%	1.20% - 2.40%
International plans	3.30% - 4.80%	1.00% - 1.90%	0.70% - 1.80%
Salary increase:
United States plan	N/A	N/A	N/A
International plans	2.50% - 3.75%	2.50% - 3.40%	1.75% - 2.90%
Expected return on assets:
United States plan	4.74%	1.84%	3.90%
International plans	3.20% - 4.90%	1.00% - 4.00%	0.80% - 3.40%

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, 2022:
Equity securities	$	4	$	—	$	4	$	—
Bonds		79		—		79		—
Other (insurance contracts)		298		—		236		62
Total Fair Value Measurements	$	381	$	—	$	319	$	62
December 31, 2023:
Equity securities	$	—	$	—	$	—	$	—
Bonds		84		—		84		—
Other (insurance contracts)		96		—		31		65
Total Fair Value Measurements	$	180	$	—	$	115	$	65

Business Segments and Geographic Areas - Business Segments (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Operating profit (loss)	$ 651	$ 264	$ (134)
Wellbore Technologies [Member] \| Voluntary Early Retirement Program (VERP) [Member]
Segment Reporting Information [Line Items]
Operating profit (loss)	19
Wellbore Technologies [Member] \| Non-cash Discount Charge on Royalty Receivables [Member]
Segment Reporting Information [Line Items]
Operating profit (loss)	25
Completion & Production Solutions [Member] \| Voluntary Early Retirement Program (VERP) [Member]
Segment Reporting Information [Line Items]
Operating profit (loss)	18
Completion & Production Solutions [Member] \| Inventory Charges
Segment Reporting Information [Line Items]
Operating profit (loss)	(2)	(8)
Completion & Production Solutions [Member] \| Severance And Facility Closures Cost
Segment Reporting Information [Line Items]
Operating profit (loss)	10	5
Rig Technologies [Member] \| Voluntary Early Retirement Program (VERP) [Member]
Segment Reporting Information [Line Items]
Operating profit (loss)	11
Rig Technologies [Member] \| Inventory Charges
Segment Reporting Information [Line Items]
Operating profit (loss)	(18)	(27)
Rig Technologies [Member] \| Release of Earnout Accrual [Member]
Segment Reporting Information [Line Items]
Operating profit (loss)	25
Rig Technologies [Member] \| Severance And Facility Closures Cost
Segment Reporting Information [Line Items]
Operating profit (loss)	$ 1	3
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

Property, Plant and Equipment - Property, Plant and Equipment (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment Gross	$ 5,191	$ 4,908
Less: Accumulated Depreciation	(3,326)	(3,127)
Property, plant and equipment, net	1,865	1,781
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment Gross	180	176
Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment Gross	$ 1,285	$ 1,251
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeTermOfLeaseMember	us-gaap:UsefulLifeTermOfLeaseMember
Operating Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment Gross	$ 2,803	$ 2,683
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeTermOfLeaseMember	us-gaap:UsefulLifeTermOfLeaseMember
Rental Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment Gross	$ 923	$ 798
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeTermOfLeaseMember	us-gaap:UsefulLifeTermOfLeaseMember
Minimum [Member] \| Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	5 years
Minimum [Member] \| Operating Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	2 years
Minimum [Member] \| Rental Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	2 years
Maximum [Member] \| Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	35 years
Maximum [Member] \| Operating Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	20 years
Maximum [Member] \| Rental Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	15 years

Subsequent Event

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent Event

18. Subsequent Event

In an effort to drive further operational and financial efficiencies, the Company announced plans to consolidate its operational structure into two segments, Energy Equipment and Energy Products and Services. NOV’s new operational structure became effective January 1, 2024. The Company plans to begin reporting the new segment information beginning in the first quarter of 2024.

Subsequent to year end, NOV completed the acquisition of Extract, a leading provider of artificial lift technologies and services. Extract’s reputation for market-leading customer service and focus on maximizing run-time of electric submersible pumps has established the company as a key partner for operators looking to maximize the economic returns of their assets.

Revenue - Summary of Disaggregate Revenue by Destinations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Disaggregate revenue	$ 8,583	$ 7,237	$ 5,524
Continental [Member] \| North America [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	3,256	2,879	1,968
Continental [Member] \| International [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	5,327	4,358	3,556
Land and Offshore [Member] \| Land Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	4,785	4,147	3,063
Land and Offshore [Member] \| Offshore Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	3,798	3,090	2,461
Operating Segments [Member] \| Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	3,172	2,777	1,959
Operating Segments [Member] \| Wellbore Technologies [Member] \| Continental [Member] \| North America [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,530	1,407	904
Operating Segments [Member] \| Wellbore Technologies [Member] \| Continental [Member] \| International [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,547	1,306	991
Operating Segments [Member] \| Wellbore Technologies [Member] \| Continental [Member] \| Intersubsegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	95	64	64
Operating Segments [Member] \| Wellbore Technologies [Member] \| Land and Offshore [Member] \| Land Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	2,295	2,066	1,423
Operating Segments [Member] \| Wellbore Technologies [Member] \| Land and Offshore [Member] \| Offshore Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	782	647	472
Operating Segments [Member] \| Wellbore Technologies [Member] \| Land and Offshore [Member] \| Intersubsegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	95	64	64
Operating Segments [Member] \| Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	3,034	2,588	1,963
Operating Segments [Member] \| Completion & Production Solutions [Member] \| Continental [Member] \| North America [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,238	1,024	789
Operating Segments [Member] \| Completion & Production Solutions [Member] \| Continental [Member] \| International [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,704	1,511	1,131
Operating Segments [Member] \| Completion & Production Solutions [Member] \| Continental [Member] \| Intersubsegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	92	53	43
Operating Segments [Member] \| Completion & Production Solutions [Member] \| Land and Offshore [Member] \| Land Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,784	1,538	1,250
Operating Segments [Member] \| Completion & Production Solutions [Member] \| Land and Offshore [Member] \| Offshore Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,158	997	670
Operating Segments [Member] \| Completion & Production Solutions [Member] \| Land and Offshore [Member] \| Intersubsegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	92	53	43
Operating Segments [Member] \| Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	2,608	2,034	1,739
Operating Segments [Member] \| Rig Technologies [Member] \| Continental [Member] \| North America [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	488	448	275
Operating Segments [Member] \| Rig Technologies [Member] \| Continental [Member] \| International [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	2,076	1,541	1,434
Operating Segments [Member] \| Rig Technologies [Member] \| Continental [Member] \| Intersubsegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	44	45	30
Operating Segments [Member] \| Rig Technologies [Member] \| Land and Offshore [Member] \| Land Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	706	543	390
Operating Segments [Member] \| Rig Technologies [Member] \| Land and Offshore [Member] \| Offshore Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,858	1,446	1,319
Operating Segments [Member] \| Rig Technologies [Member] \| Land and Offshore [Member] \| Intersubsegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	44	45	30
Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(231)	(162)	(137)
Intersegment Eliminations [Member] \| Continental [Member] \| Intersubsegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(231)	(162)	(137)
Intersegment Eliminations [Member] \| Land and Offshore [Member] \| Intersubsegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	$ (231)	$ (162)	$ (137)

Derivative Financial Instruments - Derivative Instruments and their Balance Sheet Classifications (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivatives Fair Value [Line Items]
Asset Derivatives	$ 19	$ 8
Liability Derivatives	21	14
Designated as Hedging Instruments [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives	8	3
Liability Derivatives	3	4
Not Designated as Hedging Instruments [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives	11	5
Liability Derivatives	18	10
Foreign Exchange Contracts [Member] \| Designated as Hedging Instruments [Member] \| Accrued liabilities [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives	2	3
Foreign Exchange Contracts [Member] \| Not Designated as Hedging Instruments [Member] \| Accrued liabilities [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives	17	10
Foreign Exchange Contracts [Member] \| Prepaid and Other Current Assets [Member] \| Designated as Hedging Instruments [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives	8	3
Foreign Exchange Contracts [Member] \| Prepaid and Other Current Assets [Member] \| Not Designated as Hedging Instruments [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives	11	5
Foreign Exchange Contracts [Member] \| Other Liabilities [Member] \| Designated as Hedging Instruments [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives	1	$ 1
Foreign Exchange Contracts [Member] \| Other Liabilities [Member] \| Not Designated as Hedging Instruments [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives	$ 1

Common Stock - Summary of Information Regarding Outstanding SARs (Detail) - Stock Appreciation Rights (SARs) [Member] - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Shares Outstanding, Beginning balance	1,105,106	1,193,934
Forfeited	(48,301)	(88,828)
Restricted Shares Outstanding, Ending balance	1,056,805	1,105,106
Exercisable at end of year	1,056,805	1,105,106
Weighted-Average Grant Date Fair Value of Restricted Stock, Beginning Balance	$ 28.39	$ 28.40
Forfeited	28.83	28.61
Weighted-Average Grant Date Fair Value of Restricted Stock, Ending Balance	28.37	28.39
Average Exercise Price, Exercisable at end of year	$ 28.37	$ 28.39

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

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, 2021	$	73
Net provisions for warranties issued during the year		11
Amounts incurred		(17	)
Currency translation adjustments		3
Balance at December 31, 2022	$	70
Net provisions for warranties issued during the year		16
Amounts incurred		(16	)
Currency translation adjustments and other		2
Balance at December 31, 2023	$	72

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,
	2023		2022		2021
Numerator:
Net income (loss) attributable to Company	$	993	$	155	$	(250	)
Denominator:
Basic—weighted average common shares outstanding		393		390		386
Dilutive effect of employee stock options and other unvested stock awards		4		4		—
Diluted outstanding shares		397		394		386
Basic income (loss) attributable to Company per share	$	2.53	$	0.40	$	(0.65	)
Diluted income (loss) attributable to Company per share	$	2.50	$	0.39	$	(0.65	)
Cash dividends per share	$	0.20	$	0.20	$	0.05

Debt - Debt (Parenthetical) (Detail) - USD ($)	12 Months Ended
Debt - Debt (Parenthetical) (Detail) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Income Taxes - Components of Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ (4)	$ (1)	$ 4
State	2		(1)
Foreign	118	86	23
Total current income tax provision	116	85	26
Deferred:
Federal	(252)	3	(1)
State	(47)
Foreign	(190)	(5)	(10)
Total deferred income tax provision	(489)	(2)	(11)
Total income tax provision (benefit)	$ (373)	$ 83	$ 15

Revenue - Additional Information (Detail)	12 Months Ended
Revenue - Additional Information (Detail)	Dec. 31, 2023 USD ($) Customer	Dec. 31, 2022 USD ($) Customer	Dec. 31, 2021 USD ($) Customer
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Impairment losses on contract assets	$ 0	$ 0	$ 0
Revenue	8,583,000,000	7,237,000,000	$ 5,524,000,000
Allowance for credit losses	72,000,000	71,000,000
Royalty Revenue
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue	78,000,000	$ 80,000,000
Conversion of royalty receivables	25,000,000
Receivables allowances for credit losses	72,000,000
Receivable remaining allowance for Credit Loss	22,000,000
Net of related allowances for credit losses	$ 9,000,000
Customers [Member] \| Customer Concentration Risk [Member] \| Revenue [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Concentration risk, number of customers \| Customer	0	0	0
Concentration risk, percentage	10.00%	10.00%	10.00%

Income Taxes - Significant Components of Deferred Tax Assets and Liability (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Allowances and operating liabilities	$ 264	$ 276
Net operating loss carryforwards	249	324
Stock Compensation	48	51
Tax credit carryforwards	301	292
Other	121	119
Valuation allowance	(346)	(920)
Total deferred tax assets	637	142
Deferred tax liabilities:
Tax over book depreciation	43	49
Capital leases	67	73
Intangible assets	39	34
Deferred income	24	16
Accrued tax on unremitted earnings	38	32
Other	8	6
Total deferred tax liabilities	219	210
Net deferred tax liability		$ (68)
Net deferred tax asset	$ 418

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

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, 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	$	313		$	480	$	712	$	1,505
Goodwill acquired during period		—			—		40		40
Adjustment during the measurement period of assets acquired		14			3		—		17
Balance at December 31, 2023 (1)	$	327		$	483	$	752	$	1,562

(1)

Accumulated goodwill impairment was $7,261 million as of December 31, 2023.

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, 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
Additions to intangible assets		2			—			—			2
Amortization		(17	)		(5	)		(21	)		(43	)
Currency translation adjustments		—			—			1			1
Balance at December 31, 2023	$	267		$	32		$	151		$	450

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, 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
December 31, 2023:
Customer relationships	$	494	$	(369	)	$	125
Trademarks		174		(133	)		41
Patents		129		(75	)		54
Indefinite-lived trade names		196		—			196
Other		105		(71	)		34
Total identified intangibles	$	1,098	$	(648	)	$	450

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 20
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-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Schedule II Nov Inc. Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2023

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, 2023, 2022 and 2021

(in millions)


	Balance beginning of year		Additions (Deductions) charged to costs and expenses			Charge off's and other			Balance end of year
Reserve for excess and obsolete inventories:
2023	$	378	$	28		$	(52	)	$	354
2022		444		(18	)		(48	)		378
2021		577		73			(206	)		444
Valuation allowance for deferred tax assets:
2023	$	920	$	(564	)	$	(10	)	$	346
2022		1,127		24			(231	)		920
2021		1,093		31			3			1,127

Revenue

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

14. Revenue

Disaggregation of Revenue


	Year Ended December 31, 2023
			Completion
	Wellbore		& Production		Rig
	Technologies		Solutions		Technologies		Eliminations			Total
North America	$	1,530	$	1,238	$	488	$	—		$	3,256
International		1,547		1,704		2,076		—			5,327
Eliminations		95		92		44		(231	)		—
	$	3,172	$	3,034	$	2,608	$	(231	)	$	8,583

Land	$	2,295	$	1,784	$	706	$	—		$	4,785
Offshore		782		1,158		1,858		—			3,798
Eliminations		95		92		44		(231	)		—
	$	3,172	$	3,034	$	2,608	$	(231	)	$	8,583


	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

The Company did not have any customers with revenues greater than 10% of total revenue for the years ended December 31, 2023, 2022, or 2021.

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, 2023, 2022 and 2021.

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, 2022	$	685		$	444
Provision, net		(1	)		—
Billings		(1,396	)		1,386
Revenue recognized		1,403			(1,315	)
Currency translation adjustments and other		48			17
Balance at December 31, 2023	$	739		$	532

Royalty Revenue

The Company recognizes royalty revenue due under various licenses for the Company's intellectual property, including for technology related to drill bits. The Company accrued revenue for drill bit licenses of approximately $78 million and $80 million for years ended December 31, 2023 and 2022, respectively. As previously disclosed above, the Company is currently pursuing litigation against certain non-paying licensees, which will impact our ability to collect the receivables timely. As such, during the fourth quarter of 2023, the Company reclassified the royalty receivables from short-term to long-term, recognizing a non-cash discount charge of approximately $25 million to reflect the delayed timing of future cash collection. As of December 31, 2023, the receivables of $72 million, net of related allowances for credit losses of $9 million and $22 million for the remaining timing related discount, are included in Other Assets on the Consolidated Balance Sheets. These GAAP adjustments do not impact the amount the Company is entitled to recover on its claims from the licensees in litigation. While we continue to believe it is probable the Company will collect all or substantially all of the consideration to which it is entitled pursuant to the terms of the licensing agreements, the Company will also continue to evaluate the credit quality of the receivables in accordance with the policy described in Note 2. Also see Note 12 to the Consolidated Financial Statements for discussion of the ongoing litigation.

Allowance for Credit Losses

The Company estimates its allowance for credit losses using information about past events, current conditions and risk characteristics of each customer, and reasonable and supportable forecasts relevant to assessing risk associated with the collectability of receivables and contract assets. See Note 2 to the Consolidated Financial Statements for discussion of credit risk. As of December 31, 2023, the allowance for credit losses totaled $72 million.

The changes in the carrying amount of the allowance for credit losses are as follows (in millions):


Balance at December 31, 2022	$	71
Provision for expected credit losses		28
Recoveries collected		(15	)
Other		(12	)
Balance at December 31, 2023	$	72

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Subsequent Event - Additional Information (Details)	Jan. 01, 2024 Segment
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of operating segments	2

Revenue - Summary of Changes in Carrying Amount of Contract Assets and Contract Liabilities (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Balance at December 31, 2022	$ 685
Provision, net	(1)
Billings	(1,396)
Revenue recognized	1,403
Currency translation adjustments and other	48
Balance at December 31, 2023	739
Balance at December 31, 2022	444
Billings	1,386
Revenue recognized	(1,315)
Currency translation adjustments and other	17
Balance at December 31, 2023	$ 532

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 8,583	$ 7,237	$ 5,524
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	2,933	2,603	1,760
Saudi Arabia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	729	488	316
Brazil [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	605	495	316
Norway [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	473	351	365
Canada [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	324	277	207
United Kingdom [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	277	199	204
China [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	248	296	222
Argentina [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	247	211	151
United Arab Emirates [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	224	157	130
Australia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	211	229	88
Denmark [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	160	78
Other Countries [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 2,152	$ 1,853	$ 1,765

Revenue - Summary of Changes Carrying Amount of Allowance for Credit Losses (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Balance at December 31, 2022	$ 71
Provision for expected credit losses	28
Recoveries collected	(15)
Other	(12)
Balance at December 31, 2023	$ 72

Business Segments and Geographic Areas

12 Months Ended

Dec. 31, 2023

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, managed pressure drilling, drilling fluids, premium drillpipe, wired pipe, drilling optimization services, tubular inspection and coating services, instrumentation, downhole tools, 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 integrates technologies for well completions, oil and gas production, and industrial markets. This includes equipment and technologies needed for hydraulic fracture stimulation, including 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; cementing products for pumping, mixing, transport, and storage; onshore production, including fluid processing, composite pipe, surface transfer and progressive cavity pumps, and artificial lift systems; and offshore production, including integrated production systems and subsea production technologies.

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,
	2023		2022		2021
United States	$	2,933	$	2,603	$	1,760
Saudi Arabia		729		488		316
Brazil		605		495		316
Norway		473		351		365
Canada		324		277		207
United Kingdom		277		199		204
China		248		296		222
Argentina		247		211		151
United Arab Emirates		224		157		130
Australia		211		229		88
Denmark		160		78		—
Other Countries		2,152		1,853		1,765
Total	$	8,583	$	7,237	$	5,524

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


	December 31,
	2023		2022
United States	$	906	$	883
Saudi Arabia		258		240
Brazil		101		94
United Kingdom		80		72
United Arab Emirates		73		64
Denmark		72		68
South Korea		66		66
Norway		60		56
Canada		51		50
Mexico		31		27
Indonesia		20		18
Other Countries		147		143
Total	$	1,865	$	1,781

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, 2023
Revenue	$	3,172	$	3,034		$	2,608	$	(231	)	$	8,583
Operating profit (2)		423		188			314		(274	)		651
Capital expenditures		174		63			29		17			283
Depreciation and amortization		155		66			66		15			302
Goodwill		327		483			752		—			1,562
Total assets		3,419		2,973			3,675		1,227			11,294
December 31, 2022
Revenue	$	2,777	$	2,588		$	2,034	$	(162	)	$	7,237
Operating profit (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		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

(1)

(2)

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income (Loss)	$ 985	$ 155	$ (245)
Adjustments to reconcile net income (loss) to net cash provided (used in) by operating activities:
Depreciation and amortization	302	301	306
Russia/Belarus Impairment and loss on assets held for sale	4	127
Deferred income taxes	(489)	(2)	11
Stock-based compensation	66	67	78
Loss on extinguishment of debt			7
Equity (income) loss in unconsolidated affiliates	(119)	(68)	5
Provision for inventory losses	28	(18)	73
Other, net	(50)	18	16
Change in operating assets and liabilities, net of acquisitions:
Receivables	(269)	(440)	(52)
Inventories	(361)	(480)	17
Contract assets	(55)	(220)	150
Prepaid and other current assets	(40)	6	28
Accounts payable	(4)	289	118
Accrued liabilities	(116)	101	(97)
Contract liabilities	82	52	27
Income taxes payable	(6)	5	(28)
Other assets/liabilities, net	185	(72)	(123)
Net cash provided by (used in) operating activities	143	(179)	291
Cash flows from investing activities:
Purchases of property, plant and equipment	(283)	(214)	(201)
Business acquisitions, net of cash acquired	(22)	(49)	(52)
Other, net	12	25	57
Net cash used in investing activities	(293)	(238)	(196)
Cash flows from financing activities:
Borrowings against lines of credit and other debt	2	20	60
Payments against lines of credit and other debt	(10)	(4)	(183)
Financing leases	(23)	(24)	(26)
Cash dividends paid	(79)	(78)	(20)
Debt issuance and extinguishment costs			(7)
Other	7	(10)	(13)
Net cash used in financing activities	(103)	(96)	(189)
Effect of exchange rates on cash		(9)	(7)
Increase (decrease) in cash and cash equivalents	(253)	(522)	(101)
Cash and cash equivalents, beginning of period	1,069	1,591	1,692
Cash and cash equivalents, end of period	816	1,069	1,591
Cash payments (refunds) during the period for:
Interest	85	75	76
Income taxes	$ 114	$ 117	$ (78)

Employee Benefit Plans - Assumption Rates Used for Net Periodic Benefit Costs (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
United States [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate minimum	4.74%	1.80%	1.20%
Discount rate maximum	5.20%	2.20%	2.40%
Expected return on assets	4.74%	1.84%	3.90%
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate minimum	3.30%	1.00%	0.70%
Discount rate maximum	4.80%	1.90%	1.80%
Salary increase minimum	2.50%	1.00%	0.80%
Salary increase maximum	3.75%	4.00%	3.40%
Expected return on assets, minimum	3.20%	2.50%	1.75%
Expected return on assets, maximum	4.90%	3.40%	2.90%

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
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	393,945,659	392,832,752
Common stock, shares outstanding	393,945,659	392,832,752

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2023

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, 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	)
Accumulated other comprehensive income (loss) before reclassifications		101			(21	)		(13	)		67
Amounts reclassified from accumulated other comprehensive income (loss)		12			20			1			33
Balance at December 31, 2023	$	(1,432	)	$	(5	)	$	(56	)	$	(1,493	)

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


	Year Ended December 31,
	2023								2022											2021
	Currency		Derivative		Employee				Currency		Derivative			Employee						Currency		Derivative			Employee
	Translation		Financial		Benefit				Translation		Financial			Benefit						Translation		Financial			Benefit
	Adjustments		Instruments		Plans		Total		Adjustments		Instruments			Plans			Total			Adjustments		Instruments			Plans			Total
Revenue	$	—	$	11	$	—	$	11	$	—	$	3		$	—		$	3		$	—	$	(1	)	$	—		$	(1	)
Cost of revenue		—		9		—		9		—		6			—			6			—		(8	)		—			(8	)
Other expense		12		—		—		12		—		—			—			—			—		—			—			—
Selling, general, and administrative		—		—		1		1		—		—			(2	)		(2	)		—		—			(1	)		(1	)
Tax effect		—		—		—		—		—		(3	)		—			(3	)		—		2			—			2
	$	12	$	20	$	1	$	33	$	—	$	6		$	(2	)	$	4		$	—	$	(7	)	$	(1	)	$	(8	)

The Company’s reporting currency is the U.S. dollar. A majority of the Company’s international entities in which there is a substantial investment have the local currency as their functional currency. As a result, currency translation adjustments resulting from the process of translating the entities’ financial statements into the reporting currency are reported in other comprehensive income or (loss). The Company recorded other comprehensive income (loss) of $113 million, $(30) million and $(34) million for the years ended December 31, 2023, 2022 and 2021, 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 $(1) million (net of $3 million tax), $(11) million (net of $(3) million tax) and $(12) million (net of $2 million tax) for the years ended December 31, 2023, 2022 and 2021.

Income Taxes - Summary of Net Operating Loss Carryforwards (Detail) $ in Millions	Dec. 31, 2023 USD ($)
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	$ 1,216
Tax Effected NOL	249
Federal [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	54
Tax Effected NOL	11
State [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	353
Tax Effected NOL	24
Foreign [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	809
Tax Effected NOL	214
2024 - 2028 Expiration [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	60
2024 - 2028 Expiration [Member] \| State [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	9
2024 - 2028 Expiration [Member] \| Foreign [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	51
2029 - 2043 Expiration [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	569
2029 - 2043 Expiration [Member] \| Federal [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	13
2029 - 2043 Expiration [Member] \| State [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	344
2029 - 2043 Expiration [Member] \| Foreign [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	212
Unlimited Expiration [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	587
Unlimited Expiration [Member] \| Federal [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	41
Unlimited Expiration [Member] \| Foreign [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	$ 546

Accrued Liabilities

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Liabilities

7. Accrued Liabilities

Accrued liabilities consist of (in millions):


	December 31,
	2023		2022
Compensation	$	294	$	329
Vendor costs		133		168
Taxes (non-income)		112		107
Warranty		72		70
Insurance		44		42
Commissions		17		18
Fair value of derivatives		19		13
Interest		8		7
Other		171		205
Total	$	870	$	959

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 816	$ 1,069
Receivables, net	1,905	1,739
Inventories, net	2,151	1,813
Contract assets	739	685
Prepaid and other current assets	229	187
Total current assets	5,840	5,493
Property, plant and equipment, net	1,865	1,781
Lease right-of-use assets, operating	372	346
Lease right-of-use assets, financing	172	171
Deferred income taxes	488
Goodwill	1,562	1,505
Intangibles, net	450	490
Investment in unconsolidated affiliates	211	117
Other assets	334	232
Total assets	11,294	10,135
Current liabilities:
Accounts payable	904	906
Accrued liabilities	870	959
Contract liabilities	532	444
Current portion of lease liabilities	94	87
Current portion of long-term debt	13	13
Accrued income taxes	22	28
Total current liabilities	2,435	2,437
Long-term debt	1,712	1,717
Lease liabilities	558	549
Deferred income taxes	70	68
Other liabilities	277	230
Total liabilities	5,052	5,001
Commitments and contingencies
Stockholders’ equity:
Common stock - par value $.01; 1 billion shares authorized; 393,945,659 and 392,832,752 shares issued and outstanding at December 31, 2023 and December 31, 2022	4	4
Additional paid-in capital	8,812	8,754
Accumulated other comprehensive loss	(1,493)	(1,593)
Retained deficit	(1,155)	(2,069)
Total Company stockholders' equity	6,168	5,096
Noncontrolling interests	74	38
Total stockholders’ equity	6,242	5,134
Total liabilities and stockholders’ equity	$ 11,294	$ 10,135

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 5,134	$ 5,064	$ 5,279
Ending Balance	6,242	5,134	5,064
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(1,545)	(1,515)	(1,481)
Accumulated other comprehensive income (loss) before reclassifications	101	(30)	(34)
Amounts reclassified from accumulated other comprehensive income (loss)	12
Ending Balance	(1,432)	(1,545)	(1,515)
Derivative Financial Instruments, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(4)	7	19
Accumulated other comprehensive income (loss) before reclassifications	(21)	(17)	(5)
Amounts reclassified from accumulated other comprehensive income (loss)	20	6	(7)
Ending Balance	(5)	(4)	7
Employee Benefit Plans, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(44)	(38)	(47)
Accumulated other comprehensive income (loss) before reclassifications	(13)	(4)	10
Amounts reclassified from accumulated other comprehensive income (loss)	1	(2)	(1)
Ending Balance	(56)	(44)	(38)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(1,593)	(1,546)	(1,509)
Accumulated other comprehensive income (loss) before reclassifications	67	(51)	(29)
Amounts reclassified from accumulated other comprehensive income (loss)	33	4	(8)
Ending Balance	$ (1,493)	$ (1,593)	$ (1,546)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483421/250-10-45-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 23
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483421/250-10-45-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483421/250-10-45-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Topic 815
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (i)(3)
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-Topic 848
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Inventories, net - Inventories (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 479	$ 479
Work in process	230	308
Finished goods and purchased products	1,796	1,404
Inventory, Gross	2,505	2,191
Less: Inventory reserve	(354)	(378)
Total	$ 2,151	$ 1,813

Goodwill and Intangible Assets - Identified Intangible Assets, by Major Classification (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets Net Excluding Goodwill [Line Items]
Gross	$ 1,098	$ 1,100
Accumulated Amortization	(648)	(610)
Net Book Value	450	490	$ 503
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	494	499
Accumulated Amortization	(369)	(351)
Net Book Value	125	148
Trademarks [Member]
Intangible Assets Net Excluding Goodwill [Line Items]
Gross	174	173
Accumulated Amortization	(133)	(127)
Net Book Value	41	46
Patents [Member]
Intangible Assets Net Excluding Goodwill [Line Items]
Gross	129	128
Accumulated Amortization	(75)	(66)
Net Book Value	54	62
Other [Member]
Intangible Assets Net Excluding Goodwill [Line Items]
Gross	105	104
Accumulated Amortization	(71)	(66)
Net Book Value	$ 34	$ 38

Common Stock - Assumption Used in Determination of Fair Value of Share Based Payment Awards (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Expected volatility	45.70%	43.60%	43.40%
Risk-free interest rate	4.10%	1.90%	0.60%
Expected dividend yield	0.90%	1.20%	0.00%
Expected term (in years)	5 years 9 months 18 days	5 years 4 months 24 days	5 years 1 month 6 days

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income (loss) attributable to Company	$ 993	$ 155	$ (250)
Denominator:
Basic—weighted average common shares outstanding	393	390	386
Dilutive effect of employee stock options and other unvested stock awards	4	4	0
Diluted outstanding shares	397	394	386
Basic income (loss) attributable to Company per share	$ 2.53	$ 0.40	$ (0.65)
Diluted income (loss) attributable to Company per share	2.50	0.39	(0.65)
Cash dividends per share	$ 0.20	$ 0.20	$ 0.05

- Definition

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

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- Definition

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- Definition

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

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+ Details

Inventories, net

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories, net

4. Inventories, net

Inventories consist of (in millions):


	December 31,
	2023			2022
Raw materials and supplies	$	479		$	479
Work in process		230			308
Finished goods and purchased products		1,796			1,404
		2,505			2,191
Less: Inventory reserve		(354	)		(378	)
Total	$	2,151		$	1,813

Organization and Basis of Presentation

12 Months Ended

Dec. 31, 2023

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 2023 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.

Common Stock - Summary of Stock Option Outstanding Information (Detail)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-Avg Remaining Contractual Life	3 years 6 months 21 days
Stock Options Outstanding, Shares \| shares	19,975,103
Stock Options Outstanding, Weighted - Average Exercise Price	$ 36.25
Stock Options Exercisable, Shares \| shares	17,437,459
Stock Options Exercisable, Weighted - Average Exercise Price	$ 38.85
Stock option, Minimum Range	15.00
Stock option, Maximum Range	$ 69.00
$15.00 - $30.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-Avg Remaining Contractual Life	5 years 9 months 29 days
Stock Options Outstanding, Shares \| shares	8,405,053
Stock Options Outstanding, Weighted - Average Exercise Price	$ 21.82
Stock Options Exercisable, Shares \| shares	5,867,409
Stock Options Exercisable, Weighted - Average Exercise Price	$ 23.32
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	2 years 9 months 25 days
Stock Options Outstanding, Shares \| shares	6,307,350
Stock Options Outstanding, Weighted - Average Exercise Price	$ 36.25
Stock Options Exercisable, Shares \| shares	6,307,350
Stock Options Exercisable, Weighted - Average Exercise Price	$ 36.25
Stock option, Minimum Range	30.01
Stock option, Maximum Range	$ 50.00
$50.01 - $69.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-Avg Remaining Contractual Life	9 months 21 days
Stock Options Outstanding, Shares \| shares	5,262,700
Stock Options Outstanding, Weighted - Average Exercise Price	$ 59.29
Stock Options Exercisable, Shares \| shares	5,262,700
Stock Options Exercisable, Weighted - Average Exercise Price	$ 59.29
Stock option, Minimum Range	50.01
Stock option, Maximum Range	$ 69.00

Common Stock

12 Months Ended

Dec. 31, 2023

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 $79 million and $78 million for the years ended December 31, 2023 and 2022, 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 $66 million, $67 million and $78 million for 2023, 2022 and 2021, 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 $7 million, $3 million and $2 million for 2023, 2022 and 2021, 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, 2023, approximately 12.9 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, 2023 under the stock option plans have exercise prices between $15.00 and $69.00 per share, and expire at various dates from February 26, 2024 to February 24, 2033.

The following summarizes options activity:


	Year Ended December 31,
	2023					2022					2021
	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		21,080,388		$	38.68		21,276,961		$	42.09		21,005,502		$	45.70
Granted		1,014,002			21.76		1,492,020			16.73		1,669,511			15.00
Forfeited		(1,908,768	)		57.61		(1,574,642	)		65.44		(1,398,052	)		63.65
Exercised		(210,519	)		16.68		(113,951	)		17.77		—			—
Shares under option at end of year		19,975,103		$	36.25		21,080,388		$	38.68		21,276,961		$	42.09
Exercisable at end of year		17,437,459		$	38.85		17,988,842		$	42.46		18,039,330		$	46.27

The following summarizes information about stock options outstanding at December 31, 2023:


	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		5.83		8,405,053	$	21.82		5,867,409	$	23.32
$30.01 - $50.00		2.82		6,307,350		36.25		6,307,350		36.25
$50.01 - $69.00		0.81		5,262,700		59.29		5,262,700		59.29
Total		3.56		19,975,103	$	36.25		17,437,459	$	38.85

The weighted-average fair value of options granted during 2023, 2022 and 2021, was approximately $9.75, $6.28, and $5.75 per share, respectively, as determined using the Black-Scholes option-pricing model. The total intrinsic value of options exercised was $1 million during 2023 and 2022.

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:	2023			2022			2021
Expected volatility		45.7	%		43.6	%		43.4	%
Risk-free interest rate		4.1	%		1.9	%		0.6	%
Expected dividend yield		0.9	%		1.2	%		0.0	%
Expected term (in years)		5.8			5.4			5.1

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, 2023 and changes during 2023 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, 2022		21,080,388		$	38.68		4.01	$	—
Granted		1,014,002		$	21.76
Forfeited		(1,908,768	)	$	57.61
Exercised		(210,519	)	$	16.68
Outstanding at December 31, 2023		19,975,103		$	36.25		3.56	$	—
Exercisable at December 31, 2023		17,437,459		$	38.85		2.90	$	—

At December 31, 2023, total unrecognized compensation cost related to nonvested stock options was $11 million. This cost is expected to be recognized over a weighted-average period of three years. The total fair value of stock options vested in 2023, 2022 and 2021 was approximately $9 million, $10 million and $12 million, respectively. Cash received from option exercises for 2023 was $4 million. Cash received from option exercises was $2 million and zero in 2022 and 2021, respectively. The actual tax benefit (expense) realized for the tax deductions from share based compensation was zero in 2023, 2022, and 2021.

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,
	2023					2022
	Number			Average		Number			Average
	of			Exercise		of			Exercise
	Shares			Price		Shares			Price
Shares under SARs at beginning of year		1,105,106		$	28.39		1,193,934		$	28.40
Granted		—			—		—			—
Forfeited		(48,301	)		28.83		(88,828	)		28.61
Exercised		—			—		—			—
Shares under SARs at end of year		1,056,805		$	28.37		1,105,106		$	28.39
Exercisable at end of year		1,056,805		$	28.37		1,105,106		$	28.39

The Company recognized no expense in 2023, 2022, or 2021. There was no liability for cash-settled SARs at December 31, 2023.

Restricted Shares

The Company issues restricted stock awards and restricted stock units to officers and key employees in addition to stock options. On February 23, 2023, under the NOV Plan, the Company granted 1,014,002 stock options with a fair value of $9.75 per option and an exercise price of $21.76 per share; 2,228,226 restricted stock units with a fair value of $21.76 per share; and performance share awards (PSAs) to senior management employees with potential payouts varying from zero to 960,478 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 2023 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 17, 2023 the Company granted 84,000 restricted stock units with a fair value of $15.00 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,
	2023					2022					2021
				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		7,188,183		$	18.30		6,936,574		$	21.32		6,073,963		$	31.85
Granted		2,792,465		$	22.70		3,509,425		$	17.67		3,772,842		$	15.03
Vested		(3,045,126	)	$	21.77		(2,863,385	)	$	17.11		(2,672,507	)	$	15.38
Forfeited		(320,044	)	$	23.89		(394,431	)	$	26.00		(237,724	)	$	63.65
Nonvested at end of year		6,615,478		$	19.86		7,188,183		$	18.30		6,936,574		$	21.32

At December 31, 2023, there was approximately $68 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 equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Summary of Significant Accounting Policies - Additional Information (Detail 1) $ in Millions	Dec. 31, 2023 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 4,492
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	$ 1,491
Remaining performance obligations, expected to be recognized, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 3,001
Remaining performance obligations, expected to be recognized, period	1 year

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of currency related derivatives, assets	$ 19
Fair value of currency related derivatives, liabilities	21
Fair value of foreign currency forward contracts, net asset	2
Accumulated other comprehensive loss reclassified into earnings within the next twelve months	3
Loss recognized in other expenses, net	$ 10	$ 18	$ 9

Accumulated Other Comprehensive Loss - Components of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue	$ 8,583	$ 7,237	$ 5,524
Selling, general, and administrative	(1,182)	(1,070)	(908)
Tax effect	373	(83)	(15)
Net income (loss) attributable to Company	993	155	(250)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue	11	3	(1)
Cost of revenue	9	6	(8)
Other expense	12
Selling, general, and administrative	1	(2)	(1)
Tax effect		(3)	2
Net income (loss) attributable to Company	33	4	(8)
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	11	3	(1)
Cost of revenue	9	6	(8)
Tax effect		(3)	2
Net income (loss) attributable to Company	20	6	(7)
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	1	(2)	(1)
Net income (loss) attributable to Company	1	$ (2)	$ (1)
Currency Translation Adjustments [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other expense	12
Net income (loss) attributable to Company	$ 12

Business Segments and Geographic Areas - Net Property, Plant and Equipment by Country Based on the Location (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Property, plant and equipment, net	$ 1,865	$ 1,781
United States [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	906	883
Saudi Arabia [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	258	240
Brazil [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	101	94
United Kingdom [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	80	72
United Arab Emirates [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	73	64
Denmark [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	72	68
South Korea [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	66	66
Norway [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	60	56
Canada [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	51	50
Mexico [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	31	27
Indonesia [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	20	18
Other Countries [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	$ 147	$ 143

Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Additional Paid in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Deficit [Member]	Total Company Stockholders' Equity [Member]	Noncontrolling Interests [Member]
Beginning Balance at Dec. 31, 2020	$ 5,279	$ 4	$ 8,591	$ (1,509)	$ (1,876)	$ 5,210	$ 69
Begining 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/Transactions with 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
Net income (Loss)	985				993	993	(8)
Other comprehensive income (loss)	100			100		100
Cash dividends, per common share	(79)				(79)	(79)
Stock-based compensation	66		66			66
Common stock issued		2
Withholding taxes	(18)		(18)			(18)
Withholding taxes, shares		(1)
Purchase of equity/Transactions with non-controlling interest	52		7			7	45
Other	2		3			3	(1)
Ending Balance at Dec. 31, 2023	$ 6,242	$ 4	$ 8,812	$ (1,493)	$ (1,155)	$ 6,168	$ 74
Ending Balance, shares at Dec. 31, 2023		394

Inventories, net (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories consist of (in millions):


	December 31,
	2023			2022
Raw materials and supplies	$	479		$	479
Work in process		230			308
Finished goods and purchased products		1,796			1,404
		2,505			2,191
Less: Inventory reserve		(354	)		(378	)
Total	$	2,151		$	1,813

Leases - Future Minimum Lease Commitments for Leases with Initial or Remaining Terms of One Year or More (Detail) $ in Millions	Dec. 31, 2023 USD ($)
Operating
Operating lease, 2024	$ 97
Operating lease, 2025	82
Operating lease, 2026	69
Operating lease, 2027	56
Operating lease, 2028	47
Operating lease, Thereafter	237
Total lease payments	588
Less: Interest	(175)
Present value of lease liabilities	$ 413
Operating Lease Liability Statement Of Financial Position [Extensible List]	us-gaap:OtherLiabilities
Finance
Finance leases, 2024	$ 34
Finance leases, 2025	31
Finance leases, 2026	27
Finance leases, 2027	21
Finance leases, 2028	17
Finance leases, Thereafter	185
Total lease payments	315
Less: Interest	(76)
Present value of lease liabilities	$ 239
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	us-gaap:OtherLiabilities

Leases - Schedule of Components of Leases (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current portion of lease liabilities:
Operating	$ 70	$ 67
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total	Total
Financing	$ 24	$ 20
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total	Total
Total	$ 94	$ 87
Long-term portion of lease liability:
Operating	$ 343	$ 334
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total	Total
Financing	$ 215	$ 215
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total	Total
Total	$ 558	$ 549

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

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, investigations, regulations and enforcement policies may result in additional, presently unquantifiable, or unknown, costs or liabilities.

From time to time, the Company is involved in various claims, regulatory agency audits, investigations and legal actions involving a variety of matters. The Company maintains insurance that covers claims such as third-party personal injuries or property damage arising from risks associated with the business activities of the Company, such as premises liability, product liability, personal injury, marine risk, property damage, and other such insurable losses. The Company carries substantial insurance to cover insurable risks above a self-insured retention. The Company believes, and the Company’s experience has been, that such insurance has been sufficient to cover any such material risks.

The Company is also a party to claims, threatened and actual litigation, arbitration, and 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 who may assert a broad spectrum of potential claims against the Company, 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 or from activities of the Company, alleged regulatory violations, alleged violations of anti-corruption and anti-bribery, trade, customs or other 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, breach of contract, strict liability, product liability, and other theories of liability. For some of these contingent claims and potential liabilities, the Company’s insurance coverage may not apply, or exclusions to coverage or legal impediments 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, 2023, the Company recorded reserves in an amount believed to be sufficient, given the estimated range of potential outcomes, for contingent liabilities believed to be probable. These reserves include costs currently and reasonably estimated to be incurred 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 which 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 the uncertainty and risk inherent to litigation, arbitration, audits, governmental investigations, enforcement actions, and similar matters, the Company’s actual liabilities incurred may materially exceed our estimated liabilities and reserves, which could have a material financial or reputational impact on the Company.

In many instances, the Company’s products and services embody or incorporate trade secrets or patented inventions. From time to time, we are engaged in disputes concerning protection of the Company’s trade secrets and confidential information, patents, and other intellectual property rights. Such disputes frequently involve complex, factual, technical and/or legal issues which result in high costs to adjudicate our rights and for which it may be difficult to predict the ultimate outcome. At any given time, the Company may be a plaintiff or defendant in disputes involving disputed intellectual property rights.

The Company is currently pursuing litigation against several companies involving royalties due under licenses for technology related to drill bits. This technology resulted in a portfolio of patents related to leaching technology, a revolutionary technology owned by the Company that improves the performance of drill bits and other products utilizing certain synthetic diamond parts. The Company previously sued several drill bit manufacturers for patent infringement and those lawsuits were resolved by a series of licensing agreements with various drill bit manufacturers. To settle and end litigation or to avoid litigation, the licensees were provided access to the portfolio of leaching patents owned by the Company in exchange for a royalty payment, as defined in each license agreement. The license agreements each provide that they terminate on the date of the last to expire of the patents in the licensed portfolio. Having obtained the benefit of these licenses for more than a decade, all of the drill bit manufacturer licensees unilaterally stopped making royalty payments even though all of the patents in the portfolio have not expired. These companies have asserted, among other reasons, that they are entitled to stop making these payments because they have not elected to manufacture products covered by the unexpired

patents. Some of these companies stopped making payments after the expiration of what are allegedly the patents in the portfolio that they elected to use. Others paid for some period of time after that date but have since stopped payment. The Company believes that failure to pay the royalties is a breach of the license agreements at issue. The Company is in litigation with most of the licensees seeking a judicial determination that it is entitled to be paid royalties pursuant to the terms of the licenses. The parties’ legal filings to date can be found in two cases currently pending in the United States District Court for the Southern District of Texas: Grant Prideco, Inc., et al. v. Schlumberger Tech. Corp., et al., No. 4:23-cv-00730; and Halliburton Energy Serv, Inc. v. Grant Prideco, Inc., et al., No. 4:23-cv-01789. While the Company strongly believes that the royalties for which it has sued are due and owing pursuant to the terms of the licensing agreements, there is inherent risk with the related litigation and the Company makes no assurances as to the outcome of such litigation. See Note 14 to the Consolidated Financial Statements for discussion of the financial impact of royalties.

The protection of intellectual property is important to the Company’s performance, and as such, an adverse result in the above dispute or any future dispute related to any of our intellectual property could result in materially adverse financial consequences such as a decline in sales of products protected by patents, which could materially and adversely impact our financial performance.

From time-to-time consumers of our products and services or members of our supply chain become involved in litigation, governmental investigations, internal investigations, political or other enforcement matters, or other dispute proceedings. In such circumstances, such proceedings may adversely impact the ability of consumers of our products, entities providing financial support to such consumers or entities in the supply chain to timely perform their business plans or to timely perform under agreements with us. We may, from time to time, become involved in these proceedings, at substantial cost to the Company.

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 presents 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, fines, penalties, increased costs, the need for renegotiation of agreements, and other business disruptions. Trade regulations, supply chain regulations, and other regulatory compliance in different jurisdictions may conflict with one another or with contractual terms with our various counterparties. 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 and this could lead to negative impacts on revenue or earnings. 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 there. During the third quarter of 2022, we sold our business in Belarus and entered into an agreement to sell our business in Russia. The sale is subject to various government approvals in Russia and other jurisdictions. The Russian government continues to enact new laws impacting the exit of western companies from Russia, including some instances of expropriation of western businesses. We may incur additional costs as a result of conditions in Russia if we are unable to complete the transaction to sell our Russian business on the terms of the agreements.

Geopolitical events continue to pose supply chain risks even though the impacts of COVID-19 have largely dissipated . The Company’s ability to manufacture equipment and perform services could be impaired from such disruptions and the Company could be exposed to liabilities resulting from additional interruption or delay in its ability to perform due to materials shortages, inflationary pressures, and limited manpower. We may face loss of workers, labor shortages, litigation, fines and/or other adverse consequences resulting from ongoing labor impacts. The combined impact of supply chain and labor market disruptions along with the inflationary impacts of pandemic monetary and regulatory policies could have material adverse impacts on our financial results.

Disputes may arise regarding application of force majeure and other contract provisions concerning 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 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.

Accrued Liabilities - Accrued Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Compensation	$ 294	$ 329
Vendor costs	133	168
Taxes (non-income)	112	107
Warranty	72	70	$ 73
Insurance	44	42
Commissions	17	18
Fair value of derivatives	19	13
Interest	8	7
Other	171	205
Total	$ 870	$ 959

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2023

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, 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	)
Accumulated other comprehensive income (loss) before reclassifications		101			(21	)		(13	)		67
Amounts reclassified from accumulated other comprehensive income (loss)		12			20			1			33
Balance at December 31, 2023	$	(1,432	)	$	(5	)	$	(56	)	$	(1,493	)

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,
	2023								2022											2021
	Currency		Derivative		Employee				Currency		Derivative			Employee						Currency		Derivative			Employee
	Translation		Financial		Benefit				Translation		Financial			Benefit						Translation		Financial			Benefit
	Adjustments		Instruments		Plans		Total		Adjustments		Instruments			Plans			Total			Adjustments		Instruments			Plans			Total
Revenue	$	—	$	11	$	—	$	11	$	—	$	3		$	—		$	3		$	—	$	(1	)	$	—		$	(1	)
Cost of revenue		—		9		—		9		—		6			—			6			—		(8	)		—			(8	)
Other expense		12		—		—		12		—		—			—			—			—		—			—			—
Selling, general, and administrative		—		—		1		1		—		—			(2	)		(2	)		—		—			(1	)		(1	)
Tax effect		—		—		—		—		—		(3	)		—			(3	)		—		2			—			2
	$	12	$	20	$	1	$	33	$	—	$	6		$	(2	)	$	4		$	—	$	(7	)	$	(1	)	$	(8	)

Debt - Debt (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Senior Notes	$ 1,586	$ 1,585
Other debt	139	145
Total Debt	1,725	1,730
Less current portion	13	13
Long-term debt	1,712	1,717
Senior Notes, Interest at 3.95% Payable Semiannually, Principal Due on December 1, 2042 [Member]
Debt Instrument [Line Items]
Senior Notes	1,091	1,090
Senior Notes, Interest at 3.60% Payable Semiannually, Principal Due on December 1, 2029 [Member]
Debt Instrument [Line Items]
Senior Notes	$ 495	$ 495

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

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

+ References + Details

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, 2023	Dec. 31, 2022
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	$ 381
Fair value of plan assets at end of year	180	$ 381
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	382	594
Service cost		1
Interest cost	10	9
Actuarial loss (gain)	(6)	(135)
Benefits paid	(16)	(62)
Exchange rate loss (gain)	(8)	(25)
Settlements	(184)
Benefit obligation at end of year	206	382
Fair value of plan assets at beginning of year	381	571
Actual return	2	(105)
Benefits paid	(16)	(62)
Company contributions	(11)	3
Exchange rate gain (loss)	(8)	(26)
Settlements	(184)
Fair value of plan assets at end of year	180	381
Funded status	(26)	(1)
Accumulated benefit obligation at end of year	205	381
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	50	34
Service cost	2	1
Interest cost	2	1
Actuarial loss (gain)	(3)	5
Benefits paid	(6)	(8)
Plan amendments		27
Special Termination Benefits	3
Benefit obligation at end of year	48	50
Benefits paid	(6)	(8)
Company contributions	6	8
Funded status	$ (48)	$ (50)

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

Debt consists of (in millions):


	December 31,
	2023		2022
$1.1 billion in Senior Notes, interest at 3.95% payable semiannually, principal due on December 1, 2042		1,091		1,090
$0.5 billion in Senior Notes, interest at 3.60% payable semiannually, principal due on December 1, 2029		495		495
Other debt		139		145
Total Debt		1,725		1,730
Less current portion		13		13
Long-term debt	$	1,712	$	1,717

Principal Payments of Debt

Principal payments of debt for years subsequent to 2023 are as follows (in millions):


2024		13
2025		21
2026		32
2027		12
2028		12
Thereafter		1,650
	$	1,740

- 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://www.xbrl.org/2003/role/exampleRef
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+ Details

Impairment and Other Items - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Other asset impairment charges	$ 51	$ 114
VERP [Member]
Restructuring Cost and Reserve [Line Items]
Charges/ (reversals)	52
Non-cash Discount Charge on Royalty Receivables [Member]
Restructuring Cost and Reserve [Line Items]
Charges/ (reversals)	25
Release of Earnout Accrual [Member]
Restructuring Cost and Reserve [Line Items]
Charges/ (reversals)	25
Gains On Sales Of Previously Reserved Inventory [Member]
Restructuring Cost and Reserve [Line Items]
Charges/ (reversals)	20
Cost of Revenue [Member]
Restructuring Cost and Reserve [Line Items]
Other asset impairment charges	10	63
Selling, General and Administrative [Member]
Restructuring Cost and Reserve [Line Items]
Other asset impairment charges	$ 41	51
Russia and Belarus [Member]
Restructuring Cost and Reserve [Line Items]
Other asset impairment charges		$ 127

Employee Benefit Plans - Plan's Assets Carried at Fair Value (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	$ 180	$ 381
Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements		4
Bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	84	79
Other Contract [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	96	298
Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	115	319
Fair Value, Inputs, Level 2 [Member] \| Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements		4
Fair Value, Inputs, Level 2 [Member] \| Bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	84	79
Fair Value, Inputs, Level 2 [Member] \| Other Contract [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	31	236
Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	65	62
Fair Value, Inputs, Level 3 [Member] \| Other Contract [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	$ 65	$ 62

- 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

Common Stock - Summary of Stock Options (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Number of shares under stock option, Beginning of the year	21,080,388	21,276,961	21,005,502
Number of Shares Granted	1,014,002	1,492,020	1,669,511
Number of Shares Forfeited	(1,908,768)	(1,574,642)	(1,398,052)
Number of Shares Exercised	(210,519)	(113,951)
Number of shares under stock option, End of the year	19,975,103	21,080,388	21,276,961
Number of stock options vested and expected to be vest, exercisable	17,437,459	17,988,842	18,039,330
Weighted Average Exercise Price, Beginning of year	$ 38.68	$ 42.09	$ 45.70
Weighted Average Exercise Price, Stock Options Granted	21.76	16.73	15.00
Weighted Average Exercise Price, Stock Options Forfeited	57.61	65.44	63.65
Weighted Average Exercise Price, Stock Options Exercised	16.68	17.77
Weighted Average Exercise Price, End of the year	36.25	38.68	42.09
Weighted Average Exercise Price, Stock Options Exercisable	$ 38.85	$ 42.46	$ 46.27

Goodwill and Intangible Assets - Goodwill Identified, by Segment (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Beginning Balance	$ 1,505	$ 1,527
Goodwill acquired during period	40	10
Adjustment during the measurement period of assets acquired	17	(32)
Ending Balance	1,562	1,505
Wellbore Technologies [Member]
Goodwill [Line Items]
Beginning Balance	313	342
Goodwill acquired during period		3
Adjustment during the measurement period of assets acquired	14	(32)
Ending Balance	327	313
Completion & Production Solutions [Member]
Goodwill [Line Items]
Beginning Balance	480	473
Goodwill acquired during period		7
Adjustment during the measurement period of assets acquired	3
Ending Balance	483	480
Rig Technologies [Member]
Goodwill [Line Items]
Beginning Balance	712	712
Goodwill acquired during period	40
Ending Balance	$ 752	$ 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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued liabilities consist of (in millions):


	December 31,
	2023		2022
Compensation	$	294	$	329
Vendor costs		133		168
Taxes (non-income)		112		107
Warranty		72		70
Insurance		44		42
Commissions		17		18
Fair value of derivatives		19		13
Interest		8		7
Other		171		205
Total	$	870	$	959

Summary of Significant Accounting Policies - Changes in Carrying Amount of Service and Product Warranties (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Product Warranties Disclosures [Abstract]
Beginning Balance	$ 70	$ 73
Net provisions for warranties issued during the year	16	11
Amounts incurred	(16)	(17)
Currency translation adjustments and other	2	3
Ending Balance	$ 72	$ 70