0000950170-24-087179 | 10-Q | XBRL Viewer

Basis of Presentation	6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying unaudited consolidated financial statements of NOV Inc. (“NOV” or the “Company”) present information in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and the instructions to Form 10-Q and applicable rules of Regulation S-X. They do not include all information or footnotes required by GAAP for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements and footnotes included in the Company’s 2023 Annual Report on Form 10-K. Certain reclassifications have been made to prior period financial information in order to conform with current period presentation. In our opinion, the consolidated financial statements include all adjustments, which are of a normal recurring nature unless otherwise disclosed, necessary for a fair presentation of the results for the interim periods. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported and contingent amounts of assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The fair values of cash and cash equivalents, receivables and payables were approximately the same as their presented carrying values because of the short maturities of these instruments. The fair value of long-term debt is provided in Note 9, and the fair values of derivative financial instruments are provided in Note 12.

Basis of Presentation

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

1. Basis of Presentation

The accompanying unaudited consolidated financial statements of NOV Inc. (“NOV” or the “Company”) present information in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and the instructions to Form 10-Q and applicable rules of Regulation S-X. They do not include all information or footnotes required by GAAP for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements and footnotes included in the Company’s 2023 Annual Report on Form 10-K. Certain reclassifications have been made to prior period financial information in order to conform with current period presentation.

In our opinion, the consolidated financial statements include all adjustments, which are of a normal recurring nature unless otherwise disclosed, necessary for a fair presentation of the results for the interim periods. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year.

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

The fair values of cash and cash equivalents, receivables and payables were approximately the same as their presented carrying values because of the short maturities of these instruments. The fair value of long-term debt is provided in Note 9, and the fair values of derivative financial instruments are provided in Note 12.

Income Taxes	6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes The effective tax rate for the three and six months ended June 30, 2024 was 23.9% and 24.9%, respectively, compared to 10.8% and 12.1% for the same period in 2023. The effective tax rate for 2024 was negatively impacted by a mix of earnings in higher tax rate jurisdictions, losses in certain jurisdictions with no tax benefit, and adjustments to the carrying value of deferred tax assets, partially offset by the reduction of valuation allowances related to U.S. and state deferred tax assets. The effective tax rate for 2023 was positively impacted by the utilization of previously unrealized loss carryforwards and tax credits as well as favorable adjustments related to changes in certain exchange rates, partially offset by current year losses in certain jurisdictions with no tax benefit.

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

10. Income Taxes

The effective tax rate for the three and six months ended June 30, 2024 was 23.9% and 24.9%, respectively, compared to 10.8% and 12.1% for the same period in 2023. The effective tax rate for 2024 was negatively impacted by a mix of earnings in higher tax rate jurisdictions, losses in certain jurisdictions with no tax benefit, and adjustments to the carrying value of deferred tax assets, partially offset by the reduction of valuation allowances related to U.S. and state deferred tax assets. The effective tax rate for 2023 was positively impacted by the utilization of previously unrealized loss carryforwards and tax credits as well as favorable adjustments related to changes in certain exchange rates, partially offset by current year losses in certain jurisdictions with no tax benefit.

- 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

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+ Details

Net Income Attributable to Company Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Anti-dilutive stock options outstanding	16	23	16	22

Segments - Operating Segments (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 2,216	$ 2,093	$ 4,371	$ 4,055
Total operating profit	313	181	475	307
Operating Segments [Member] \| Energy Products and Services [Member]
Segment Reporting Information [Line Items]
Total revenue	1,050	1,029	2,067	1,970
Total operating profit	128	156	249	268
Operating Segments [Member] \| Energy Equipment [Member]
Segment Reporting Information [Line Items]
Total revenue	1,204	1,117	2,382	2,169
Total operating profit	232	81	327	152
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Total revenue	(38)	(53)	(78)	(84)
Total operating profit	$ (47)	$ (56)	$ (101)	$ (113)

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 827	$ 816
Receivables, net	1,854	1,905
Inventories, net	2,157	2,151
Contract assets	772	739
Prepaid and other current assets	234	229
Total current assets	5,844	5,840
Property, plant and equipment, net	1,882	1,865
Lease right-of-use assets, operating	376	372
Lease right-of-use assets, financing	175	172
Deferred income taxes	396	488
Goodwill	1,618	1,562
Intangibles, net	498	450
Investment in unconsolidated affiliates	168	211
Other assets	340	334
Total assets	11,297	11,294
Current liabilities:
Accounts payable	809	904
Accrued liabilities	782	870
Contract liabilities	508	532
Current portion of lease liabilities	99	94
Current portion of long-term debt	24	13
Accrued income taxes	20	22
Total current liabilities	2,242	2,435
Long-term debt	1,724	1,712
Lease liabilities	553	558
Deferred income taxes	59	70
Other liabilities	287	277
Total liabilities	4,865	5,052
Commitments and contingencies
Stockholders’ equity:
Common stock - par value $.01; 1 billion shares authorized; 393,706,882 and 393,945,659 shares issued and outstanding at June 30, 2024 and December 31, 2023	4	4
Additional paid-in capital	8,784	8,812
Accumulated other comprehensive loss	(1,549)	(1,493)
Retained deficit	(860)	(1,155)
Total Company stockholders' equity	6,379	6,168
Noncontrolling interests	53	74
Total stockholders’ equity	6,432	6,242
Total liabilities and stockholders’ equity	$ 11,297	$ 11,294

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

12. Derivative Financial Instruments

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

The fair values of these derivative financial instruments are determined using level 2 inputs (inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability) in the fair value hierarchy as the fair value is based on publicly available foreign exchange and interest rates at each financial reporting date.

Forward currency contracts consist of (in millions):


	Currency Denomination
	June 30,		December 31,
Currency	2024		2023
Colombian Peso	COP	57,988	COP	57,487
South Korean Won	KRW	25,933	KRW	—
Norwegian Krone	NOK	2,348	NOK	2,179
Japanese Yen	JPY	1,118	JPY	1,118
U.S. Dollar	USD	930	USD	677
Brazilian Real	BRL	291	BRL	291
Mexican Peso	MXN	208	MXN	157
Euro	EUR	128	EUR	102
South African Rand	ZAR	25	ZAR	25
Singapore Dollar	SGD	22	SGD	23
Danish Krone	DKK	9	DKK	2
British Pound Sterling	GBP	4	GBP	5
Canadian Dollar	CAD	1	CAD	1

Cash Flow Hedging Strategy

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

The Company expects accumulated other comprehensive income of $2 million will be reclassified into earnings within the next twelve months.

Non-designated Hedging Strategy

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

The amount of gain (loss) recognized in other expense, net was $13 million and $10 million for the three and six months ended June 30, 2024, respectively, and ($5) million and ($10) million for the three and six months ended June 30, 2023, respectively.

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


	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
	Balance Sheet	June 30,		December 31,		Balance Sheet	June 30,		December 31,
	Location	2024		2023		Location	2024		2023

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

Inventories, net

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories, net

2. Inventories, net

Inventories consist of (in millions):


	June 30,			December 31,
	2024			2023
Raw materials and supplies	$	440		$	479
Work in process		235			230
Finished goods and purchased products		1,779			1,796
		2,454			2,505
Less: Inventory reserve		(297	)		(354	)
Total	$	2,157		$	2,151

Cash Dividends

6 Months Ended

Jun. 30, 2024

Dividends [Abstract]

Cash Dividends

14. Cash Dividends

Cash dividends were $30 million and $50 million for the three and six months ended June 30, 2024, compared to $20 million and $40 million for the three and six months ended June 30, 2023. 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.

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Additional Paid in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Deficit [Member]	Total Company Stockholders' Equity [Member]	Noncontrolling Interests [Member]
Beginning Balance at Dec. 31, 2022	$ 5,134	$ 4	$ 8,754	$ (1,593)	$ (2,069)	$ 5,096	$ 38
Beginning Balance, Shares at Dec. 31, 2022		393
Net income	125				126	126	(1)
Other comprehensive income (Loss), net	39			39		39
Cash dividends, per common share	(20)				(20)	(20)
Transactions with non-controlling interests	31		3			3	28
Stock-based compensation	15		15			15
Common stock issued, shares		2
Withholding taxes	(17)		(17)			(17)
Withholding taxes, shares		(1)
Other	1		1			1
Ending Balance at Mar. 31, 2023	5,308	$ 4	8,756	(1,554)	(1,963)	5,243	65
Ending Balance, Shares at Mar. 31, 2023		394
Beginning Balance at Dec. 31, 2022	5,134	$ 4	8,754	(1,593)	(2,069)	5,096	38
Beginning Balance, Shares at Dec. 31, 2022		393
Net income	282
Cash dividends, per common share	(40)
Ending Balance at Jun. 30, 2023	5,497	$ 4	8,773	(1,515)	(1,828)	5,434	63
Ending Balance, Shares at Jun. 30, 2023		394
Beginning Balance at Mar. 31, 2023	5,308	$ 4	8,756	(1,554)	(1,963)	5,243	65
Beginning Balance, Shares at Mar. 31, 2023		394
Net income	157				155	155	2
Other comprehensive income (Loss), net	39			39		39
Cash dividends, per common share	(20)				(20)	(20)
Stock-based compensation	17		17			17
Other	(4)						(4)
Ending Balance at Jun. 30, 2023	5,497	$ 4	8,773	(1,515)	(1,828)	5,434	63
Ending Balance, Shares at Jun. 30, 2023		394
Beginning Balance at Dec. 31, 2023	6,242	$ 4	8,812	(1,493)	(1,155)	6,168	74
Beginning Balance, Shares at Dec. 31, 2023		394
Net income	121				119	119	2
Other comprehensive income (Loss), net	(27)			(27)		(27)
Cash dividends, per common share	(20)				(20)	(20)
Transactions with non-controlling interests			1			1	(1)
Stock-based compensation	19		19			19
Common stock issued, shares		3
Withholding taxes	(15)		(15)			(15)
Withholding taxes, shares		(1)
Other	1		1			1
Ending Balance at Mar. 31, 2024	6,321	$ 4	8,818	(1,520)	(1,056)	6,246	75
Ending Balance, Shares at Mar. 31, 2024		396
Beginning Balance at Dec. 31, 2023	6,242	$ 4	8,812	(1,493)	(1,155)	6,168	74
Beginning Balance, Shares at Dec. 31, 2023		394
Net income	344
Cash dividends, per common share	(50)
Ending Balance at Jun. 30, 2024	6,432	$ 4	8,784	(1,549)	(860)	6,379	53
Ending Balance, Shares at Jun. 30, 2024		394
Beginning Balance at Mar. 31, 2024	6,321	$ 4	8,818	(1,520)	(1,056)	6,246	75
Beginning Balance, Shares at Mar. 31, 2024		396
Net income	223				226	226	(3)
Other comprehensive income (Loss), net	(29)			(29)		(29)
Cash dividends, per common share	(30)				(30)	(30)
Transactions with non-controlling interests	(36)		(17)			(17)	(19)
Stock-based compensation	17		17			17
Share Repurchases, shares		(2)
Share Repurchases, values	(37)		(37)			(37)
Other	3		3			3
Ending Balance at Jun. 30, 2024	$ 6,432	$ 4	$ 8,784	$ (1,549)	$ (860)	$ 6,379	$ 53
Ending Balance, Shares at Jun. 30, 2024		394

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	Jun. 30, 2024 EUR (€)	Jun. 30, 2024 JPY (¥)	Jun. 30, 2024 BRL (R$)	Jun. 30, 2024 MXN ($)	Jun. 30, 2024 CAD ($)	Jun. 30, 2024 KRW (₩)	Jun. 30, 2024 ZAR (R)	Jun. 30, 2024 SGD ($)	Jun. 30, 2024 GBP (£)	Jun. 30, 2024 DKK (kr)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 NOK (kr)	Jun. 30, 2024 COP ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 JPY (¥)	Dec. 31, 2023 BRL (R$)	Dec. 31, 2023 MXN ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 KRW (₩)	Dec. 31, 2023 ZAR (R)	Dec. 31, 2023 SGD ($)	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 DKK (kr)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 NOK (kr)	Dec. 31, 2023 COP ($)
Forward Contracts [Member]
Derivative [Line Items]
Foreign currency, Cash flow hedging	€ 128	¥ 1,118	R$ 291	$ 208	$ 1	₩ 25,933	R 25	$ 22	£ 4	kr 9	$ 930	kr 2,348	$ 57,988	€ 102	¥ 1,118	R$ 291	$ 157	$ 1	₩ 0	R 25	$ 23	£ 5	kr 2	$ 677	kr 2,179	$ 57,487

Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Accumulated Other Comprehensive Loss

4. Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive 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, 2023	$	(1,432	)	$	(5	)	$	(56	)	$	(1,493	)
Accumulated other comprehensive loss before reclassifications		(57	)		—			(1	)		(58	)
Amounts reclassified from accumulated other comprehensive loss		—			2			—			2
Balance at June 30, 2024	$	(1,489	)	$	(3	)	$	(57	)	$	(1,549	)

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


	Three Months Ended June 30,
	2024									2023
		Currency		Derivative		Employee				Currency		Derivative		Employee
		Translation		Financial		Benefit				Translation		Financial		Benefit
		Adjustments		Instruments		Plans		Total		Adjustments		Instruments		Plans		Total
Revenue		$	—	$	—	$	—	$	—	$	—	$	4	$	—	$	4
Cost of revenue			—		—		—		—		—		1		—		1
Other expense			—		—		—		—		—		—		—		—
Selling, general and administrative			—		—		—		—		—		—		—		—
		$	—	$	—	$	—	$	—	$	—	$	5	$	—	$	5


	Six Months Ended June 30,
	2024									2023
		Currency		Derivative		Employee				Currency		Derivative		Employee
		Translation		Financial		Benefit				Translation		Financial		Benefit
		Adjustments		Instruments		Plans		Total		Adjustments		Instruments		Plans		Total
Revenue		$	—	$	1	$	—	$	1	$	—	$	5	$	—	$	5
Cost of revenue			—		1		—		1		—		2		—		2
Other expense			—		—		—		—		2		—		—		2
Selling, general and administrative			—		—		—		—		—		—		1		1
		$	—	$	2	$	—	$	2	$	2	$	7	$	1	$	10

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

The effect of changes in the fair values of derivatives designated as cash flow hedges are accumulated in other comprehensive income (loss), net of tax, until the underlying transactions are realized. The movement in other comprehensive income (loss) from period to period will be the combination of: 1) changes in fair value of open derivatives of $2 million and zero during the three and six months ended June 30, 2024; and, 2) the outflow of other comprehensive loss related to cumulative changes in the fair value of derivatives that have settled in the current period, which were zero and $2 million the three and six months ended June 30, 2024.

Share Repurchase Program - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	6 Months Ended
	Apr. 25, 2024	Jun. 30, 2024	Jun. 30, 2024
Class of Stock [Line Items]
Share repurchases aggregate amount			$ 37
Common Stock [Member]
Class of Stock [Line Items]
Share repurchased under the program		2,000,000
Share repurchased average price per share		$ 18.5
Share repurchases aggregate amount		$ 37
Stock repurchase program period	36 months
Common Stock [Member] \| Maximum [Member]
Class of Stock [Line Items]
Share repurchase program authorized amount	$ 1,000

- Definition

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Debt - Debt (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Senior Notes	$ 1,587	$ 1,586
Other debt	161	139
Total Debt	1,748	1,725
Less current portion	24	13
Long-term debt	1,724	1,712
Senior Notes, Interest at 3.95% Payable Semiannually, Principal Due on December 1, 2042 [Member]
Debt Instrument [Line Items]
Senior Notes	1,091	1,091
Senior Notes, Interest at 3.60% Payable Semiannually, Principal Due on December 1, 2029 [Member]
Debt Instrument [Line Items]
Senior Notes	$ 496	$ 495

- Definition

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

+ References + Details

Acquisitions and Divestitures

6 Months Ended

Jun. 30, 2024

Business Combinations [Abstract]

Acquisitions and Divestitures

6. Acquisitions and Divestitures

During the first half of 2024, our Energy Products and Services segment made two strategic acquisitions to enhance and expand our existing portfolio for a total consideration of $245 million, net of cash acquired. One of the two acquisitions was a company owned by White Deer Energy, a middle market private equity fund focused on energy investments. As the transaction involved a related party at the time it was entered into (e.g., directors Ben A. Guill and Eric L. Mattson both had an investment interest in certain White Deer Energy funds), the acquisition was approved by the disinterested members of the Company’s Board of Directors.

As of June 30, 2024, we provisionally recorded $126 million of goodwill and amortizable intangible assets; $63 million of PP&E, including financing and operating lease right of use assets; $89 million of net working capital; $16 million of finance and operating lease liabilities, and $17 million in other liabilities. The fair values of the assets acquired and liabilities assumed are preliminary and subject to change until we finalize our accounting for these acquisitions.

On April 9, 2024, NOV completed the divestiture of its Pole Products business. Pole Products is a leading manufacturer of premium spun-cast concrete and tapered steel poles for diverse applications. We recorded a gain of $131 million, which is included as a reduction of Cost of Revenue on the Consolidated Statements of Income.

During the second quarter, the Company purchased the remaining noncontrolling interest in Keystone Tower Systems (KTS) for total consideration of $30 million.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Jul. 12, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	NOV
Security Exchange Name	NYSE
Entity Registrant Name	NOV INC.
Entity Central Index Key	0001021860
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		393,706,882
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	1-12317
Entity Tax Identification Number	76-0475815
Entity Address, Address Line One	10353 Richmond Avenue
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Incorporation, State or Country Code	DE
Entity Address, Postal Zip Code	77042-4103
City Area Code	346
Local Phone Number	223-3000
Document Quarterly Report	true
Document Transition Report	false

Revenue - Summary of Changes in Carrying Amount of Contract Assets and Contract Liabilities (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Balance at December 31, 2023	$ 739
Billings	(639)
Revenue recognized	710
Currency translation adjustments and other	(38)
Balance at June 30, 2024	772
Balance at December 31, 2023	532
Billings	582
Revenue recognized	(592)
Currency translation adjustments and other	(14)
Balance at June 30, 2024	$ 508

Income Taxes - Additional Information (Detail)	3 Months Ended		6 Months Ended
Income Taxes - Additional Information (Detail)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	23.90%	10.80%	24.90%	12.10%

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 223	$ 157	$ 344	$ 282
Currency translation adjustments	(31)	43	(57)	82
Changes in derivative financial instruments, net of tax	2	(1)	2	(11)
Changes in defined benefit plans, net of tax	0	(3)	(1)	7
Comprehensive income	194	196	288	360
Comprehensive income (loss) attributable to noncontrolling interest	(3)	2	(1)	1
Comprehensive income attributable to Company	$ 197	$ 194	$ 289	$ 359

- 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.

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- Definition

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

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- Definition

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

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+ Details

Inventories, net (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories consist of (in millions):


	June 30,			December 31,
	2024			2023
Raw materials and supplies	$	440		$	479
Work in process		235			230
Finished goods and purchased products		1,779			1,796
		2,454			2,505
Less: Inventory reserve		(297	)		(354	)
Total	$	2,157		$	2,151

Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

11. Stock-Based Compensation

The Company’s stock-based compensation plan, known as the NOV Inc. Long-Term Incentive Plan (the “NOV Plan”), was approved by shareholders on May 11, 2018 and amended and restated on May 24, 2022. The NOV Plan provides for the granting of stock options, restricted stock, restricted stock units, performance awards, phantom shares, stock appreciation rights, stock payments and substitute awards. The number of shares authorized under the NOV Plan is 55.7 million. The NOV Plan is also subject to a fungible ratio concept, such that the issuance of stock options and stock appreciation rights reduces the number of available shares under the NOV Plan on a 1-for-1 basis, and the issuance of other awards reduces the number of available shares under the NOV Plan on a 1.5-for-1 basis. At June 30, 2024, approximately 7.7 million shares remained available for future grants under the NOV Plan. The Company also has outstanding awards under its former stock-based compensation plan known as the National Oilwell Varco, Inc. Long-Term Incentive Plan (the “Former Plan”), however the Company is no longer granting new awards under the Former Plan.

On May 15, 2024, the Company granted 85,950 restricted stock units with a fair value of $18.85 per share. The awards were granted to non-employee members of the board of directors and vest on the first anniversary of the grant date.

On May 13, 2024, the Company granted 2,667 restricted stock units with a fair value of $18.76 per share. On May 30, 2024, the Company granted 13,639 restricted stock units with a fair value of $18.33 per share. The awards were granted to employees and vest in three equal annual installments commencing on the first anniversary of grant date.

Total expense for all stock-based compensation arrangements was $17 million and $36 million for the three and six months ended June 30, 2024, respectively, and $17 million and $32 million for the three and six months ended June 30, 2023, respectively.

The total income tax expense/(benefit) recognized in the Consolidated Statements of Income for stock-based compensation arrangements was ($1) million and $3 million for the three and six months ended June 30, 2024, respectively. There was no income tax benefit recognized in the Consolidated Statements of Income for stock-based compensation arrangements under the NOV Plan for the three and six months ended June 30, 2023.

Revenue (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Summary of Disaggregate Revenue by Destinations

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


	Three Months Ended June 30,
	2024									2023
	Energy									Energy
	Products		Energy							Products		Energy
	and Services		Equipment		Elims.			Total		and Services		Equipment		Elims.			Total
North America	$	534	$	301	$	—		$	835	$	519	$	326	$	—		$	845
International		493		888		—			1,381		471		777		—			1,248
Eliminations		23		15		(38	)		—		39		14		(53	)		—
	$	1,050	$	1,204	$	(38	)	$	2,216	$	1,029	$	1,117	$	(53	)	$	2,093

Land	$	777	$	460	$	—		$	1,237	$	729	$	443	$	—		$	1,172
Offshore		250		729		—			979		261		660		—			921
Eliminations		23		15		(38	)		—		39		14		(53	)		—
	$	1,050	$	1,204	$	(38	)	$	2,216	$	1,029	$	1,117	$	(53	)	$	2,093


	Six Months Ended June 30,
	2024									2023
	Energy									Energy
	Products		Energy							Products		Energy
	and Services		Equipment		Elims.			Total		and Services		Equipment		Elims.			Total
North America	$	1,071	$	597	$	—		$	1,668	$	1,021	$	638	$	—		$	1,659
International		949		1,754		—			2,703		892		1,504		—			2,396
Eliminations		47		31		(78	)		—		57		27		(84	)		—
	$	2,067	$	2,382	$	(78	)	$	4,371	$	1,970	$	2,169	$	(84	)	$	4,055

Land	$	1,549	$	887	$	—		$	2,436	$	1,426	$	928	$	—		$	2,354
Offshore		471		1,464		—			1,935		487		1,214		—			1,701
Eliminations		47		31		(78	)		—		57		27		(84	)		—
	$	2,067	$	2,382	$	(78	)	$	4,371	$	1,970	$	2,169	$	(84	)	$	4,055

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, 2023	$	739		$	532
Billings		(639	)		582
Revenue recognized		710			(592	)
Currency translation adjustments and other		(38	)		(14	)
Balance at June 30, 2024	$	772		$	508

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, 2023	$	72
Provision for expected credit losses		24
Recoveries collected		(8	)
Other		(15	)
Balance at June 30, 2024	$	73

Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued liabilities consist of (in millions):


	June 30,		December 31,
	2024		2023
Compensation	$	205	$	294
Vendor costs		144		133
Taxes (non-income)		93		112
Warranties		74		72
Insurance		62		44
Commissions		16		17
Fair value of derivatives		10		19
Interest		9		8
Other		169		171
Total	$	782	$	870

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 6,242
Ending Balance	6,432
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(1,432)
Accumulated other comprehensive income (loss) before reclassifications	(57)
Ending Balance	(1,489)
Derivative Financial Instruments, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(5)
Amounts reclassified from accumulated other comprehensive loss	2
Ending Balance	(3)
Employee Benefit Plans, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(56)
Accumulated other comprehensive income (loss) before reclassifications	(1)
Ending Balance	(57)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(1,493)
Accumulated other comprehensive income (loss) before reclassifications	(58)
Amounts reclassified from accumulated other comprehensive loss	2
Ending Balance	$ (1,549)

- 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

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+ Details

Accumulated Other Comprehensive Loss - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Statement of Comprehensive Income [Abstract]
Changes in fair value of open derivatives	$ 2	$ 0
Cumulative changes in the fair value of derivatives	$ 0	$ 2

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

Debt consists of (in millions):


	June 30,		December 31,
	2024		2023
$1.1 billion in Senior Notes, interest at 3.95% payable semiannually, principal due on December 1, 2042	$	1,091	$	1,091
$0.5 billion in Senior Notes, interest at 3.60% payable semiannually, principal due on December 1, 2029		496		495
Other debt		161		139
Total Debt		1,748		1,725
Less current portion		24		13
Long-term debt	$	1,724	$	1,712

- Definition

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

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+ Details

Leases

6 Months Ended

Jun. 30, 2024

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 initially intends that a lease option will be exercised due to the cyclical nature of the Company’s business. Residual value guarantees are not typically part of the Company’s leases. Occasionally, the Company sub-leases excess facility space, generally at terms similar to the source lease. The Company reviews agreements at inception to determine if they include a lease and, when they do, uses its incremental borrowing rate to determine the present value of the future lease payments as most do not include implicit interest rates.

Components of leases are as follows (in millions):


	June 30,		December 31,
	2024		2023
Current portion of lease liabilities:
Operating	$	72	$	70
Financing		27		24
Total	$	99	$	94

	June 30,		December 31,
	2024		2023
Long-term portion of lease liabilities:
Operating	$	339	$	343
Financing		214		215
Total	$	553	$	558

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Accumulated other comprehensive income reclassified into earnings within the next twelve months			$ 2
Gain (loss) recognized in other income (expense), net	$ 13	$ (5)	$ 10	$ (10)

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

15. 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 Assets Control, 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 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 may arise from the Company’s business activities. These regulatory matters and disputes may involve private parties and/or government authorities who may assert a broad variety of potential claims against the Company, such as employment law claims, collective actions or class action claims, 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 may include negligence, breach of contract, strict liability, product liability, and others. 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 June 30, 2024, 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 periodically assesses the potential for 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 and 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 companies agreed to pay the royalties for the right to use the portfolio of patents, whether they used some, all or none of the specific patented claims in any particular patent. The license agreements 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 claim to not 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 making payments. The Company has sued asserting 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 licensees have responded with a number of alleged defenses and requests for declaratory judgment all focused on avoiding the payments called for under 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 7 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 disputes related to 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 purchasers of our products and services or members of our supply chain or sales 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 purchasers of our products, entities providing financial support to such consumers or entities in the supply chain or sales 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, alleged violation of those laws or 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 regarding the 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 and other business risks. The Company’s ability to manufacture equipment and perform services could be impaired by such disruptions and the Company could be exposed to liabilities resulting from additional interruption or delay in its ability to perform due to factors such as materials shortages, inflationary pressures, limited manpower or otherwise. 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 from a variety of causes, including weather impacts, cyber, geopolitical, regulatory or other business risks, triggering 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.

Revenue - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Net revenue recognized from performance obligations satisfied in previous periods	$ 8
Remaining performance obligations	4,691		$ 4,691
Revenue	2,216	$ 2,093	4,371	$ 4,055
Allowance for credit losses	73		73		$ 72
Royalty Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	17	$ 21	33	$ 41
Receivables allowances for credit losses	96		96
Net of related allowances for credit losses	17		17
Receivable remaining allowance for Credit Loss	$ 18		$ 18

- Definition

+ References

+ Details

Share Repurchase Program

6 Months Ended

Jun. 30, 2024

Class of Stock Disclosures [Abstract]

Share Repurchase Program

16. Share Repurchase Program

On April 25, 2024, the Company established a share repurchase program for up to $1 billion of the currently outstanding shares of the Company’s common stock over a period of 36 months. Under the share repurchase program, the Company may repurchase shares from time to time through open market purchases, in privately negotiated transactions or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934 (the “Exchange Act”), as amended, in accordance with applicable securities laws and other restrictions, including Rule 10b-18. The timing and total amount of any stock repurchases will depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices and other considerations.

The Company intends to fund the repurchases using its available U.S. cash balances, which may involve the repatriation of foreign earnings not indefinitely reinvested. However, depending on U.S cash balances, the Company may choose to borrow against its revolving credit facility or issue new debt to finance the repurchases. As shares are repurchased, they are constructively retired and returned to an unissued state. During the three months ended June 30, 2024, the Company repurchased 2.0 million shares of common stock under the program for an average price of $18.50 per share for an aggregate amount of $37 million.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Derivative Financial Instruments - Derivative Instruments and their Balance Sheet Classifications (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivatives Fair Value [Line Items]
Asset Derivatives	$ 10	$ 19
Liability Derivatives	10	21
Designated as Hedging Instruments [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives		8
Liability Derivatives	2	3
Not Designated as Hedging Instruments [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives	10	11
Liability Derivatives	8	18
Foreign Exchange Contracts [Member] \| Designated as Hedging Instruments [Member] \| Accrued liabilities [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives	2	2
Foreign Exchange Contracts [Member] \| Not Designated as Hedging Instruments [Member] \| Accrued liabilities [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives	8	17
Foreign Exchange Contracts [Member] \| Prepaid and Other Current Assets [Member] \| Designated as Hedging Instruments [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives		8
Foreign Exchange Contracts [Member] \| Prepaid and Other Current Assets [Member] \| Not Designated as Hedging Instruments [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives	$ 10	11
Foreign Exchange Contracts [Member] \| Other Liabilities [Member] \| Designated as Hedging Instruments [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives		1
Foreign Exchange Contracts [Member] \| Other Liabilities [Member] \| Not Designated as Hedging Instruments [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives		$ 1

Accumulated Other Comprehensive Loss - Components of Amounts Reclassified from Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue	$ 2,216	$ 2,093	$ 4,371	$ 4,055
Selling, general and administrative	(277)	(276)	(573)	(561)
Tax effect	(70)	(19)	(114)	(39)
Net income attributable to Company	$ 226	155	345	281
Reclassification out of Accumulated Other Comprehensive Loss [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue		4	1	5
Cost of revenue		1	1	2
Other expense				2
Selling, general and administrative				1
Net income attributable to Company		5	2	10
Currency Translation Adjustments [Member] \| Reclassification out of Accumulated Other Comprehensive Loss [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other expense				2
Net income attributable to Company				2
Derivative Financial Instruments, Net of Tax [Member] \| Reclassification out of Accumulated Other Comprehensive Loss [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue		4	1	5
Cost of revenue		1	1	2
Net income attributable to Company		$ 5	$ 2	7
Employee Benefit Plans [Member] \| Reclassification out of Accumulated Other Comprehensive Loss [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Selling, general and administrative				1
Net income attributable to Company				$ 1

Segments

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segments

5. Segments

Effective January 1, 2024, NOV consolidated its reporting structure into two segments: Energy Products and Services, and Energy Equipment. Segment disclosures pertaining to prior periods have been restated to reflect the change in reportable segments.

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


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2024			2023			2024			2023
Revenue:
Energy Products and Services	$	1,050		$	1,029		$	2,067		$	1,970
Energy Equipment		1,204			1,117			2,382			2,169
Eliminations		(38	)		(53	)		(78	)		(84	)
Total revenue	$	2,216		$	2,093		$	4,371		$	4,055

Operating profit:
Energy Products and Services	$	128		$	156		$	249		$	268
Energy Equipment		232			81			327			152
Eliminations and corporate costs		(47	)		(56	)		(101	)		(113	)
Total operating profit	$	313		$	181		$	475		$	307

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

Total other items included in operating profit were a credit of $118 million and $121 million for the three and six months ended June 30, 2024, primarily related to gains from divestiture of its Pole Products business, and a credit of $7 million and $11 million for the three and six months ended June 30, 2023, primarily related to gains on the sale of previously reserved inventory.

- 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

Accrued Liabilities - Accrued Liabilities (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Compensation	$ 205	$ 294
Vendor costs	144	133
Taxes (non-income)	93	112
Warranties	74	72
Insurance	62	44
Commissions	16	17
Fair value of derivatives	10	19
Interest	9	8
Other	169	171
Total	$ 782	$ 870

Inventories, net - Inventories (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 440	$ 479
Work in process	235	230
Finished goods and purchased products	1,779	1,796
Inventory, Gross	2,454	2,505
Less: Inventory reserve	(297)	(354)
Total	$ 2,157	$ 2,151

Revenue - Summary of Changes Carrying Amount of Allowance for Credit Losses (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Balance at December 31, 2023	$ 72
Provision for expected credit losses	24
Recoveries collected	(8)
Other	(15)
Balance at June 30, 2024	$ 73

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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	393,706,882	393,945,659
Common stock, shares outstanding	393,706,882	393,945,659

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 344	$ 282
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	169	148
Provision for inventory losses	11	14
Deferred income taxes	76	(3)
Equity income in unconsolidated affiliates	(37)	(85)
Dividend from unconsolidated affiliate	84
Stock-based compensation	36	32
Gain on business divestiture	(131)
Other, net	24	(18)
Change in operating assets and liabilities, net of acquisitions:
Receivables	62	(161)
Inventories	62	(393)
Contract assets	(33)	(19)
Prepaid and other current assets	(5)	(36)
Accounts payable	(113)	99
Accrued liabilities	(112)	(207)
Contract liabilities	(26)	44
Income taxes payable	(3)	(17)
Other assets/liabilities, net	(54)	46
Net cash provided by (used in) operating activities	354	(274)
Cash flows from investing activities:
Purchases of property, plant and equipment	(151)	(133)
Business acquisitions, net of cash acquired	(252)
Business divestitures, net of cash disposed	176
Other	1	5
Net cash used in investing activities	(226)	(128)
Cash flows from financing activities:
Borrowings against lines of credit and other debt	419	2
Payments against lines of credit and other debt	(422)	(5)
Cash dividends paid	(50)	(40)
Share repurchases	(37)
Financing leases	(13)	(11)
Other	(10)	(19)
Net cash used in financing activities	(113)	(73)
Effect of exchange rates on cash	(4)	(2)
Increase (decrease) in cash and cash equivalents	11	(477)
Cash and cash equivalents, beginning of period	816	1,069
Cash and cash equivalents, end of period	827	592
Cash payments during the period for:
Interest	45	41
Income taxes	$ 77	$ 52

Accrued Liabilities

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Accrued Liabilities

3. Accrued Liabilities

Accrued liabilities consist of (in millions):


	June 30,		December 31,
	2024		2023
Compensation	$	205	$	294
Vendor costs		144		133
Taxes (non-income)		93		112
Warranties		74		72
Insurance		62		44
Commissions		16		17
Fair value of derivatives		10		19
Interest		9		8
Other		169		171
Total	$	782	$	870

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Fair Value of Financial Instruments	The fair values of cash and cash equivalents, receivables and payables were approximately the same as their presented carrying values because of the short maturities of these instruments. The fair value of long-term debt is provided in Note 9, and the fair values of derivative financial instruments are provided in Note 12.
Net Income (Loss) Attributable to Company Per Share	Companies with unvested participating securities are required to utilize a two-class method for the computation of net income attributable to Company per share. The two-class method requires a portion of net income attributable to Company to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents if declared. Net income attributable to the Company allocated to these participating securities was immaterial for each of the three and six months ended June 30, 2024 and 2024, respectively.

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Foreign Currency Forward Contracts

Forward currency contracts consist of (in millions):


	Currency Denomination
	June 30,		December 31,
Currency	2024		2023
Colombian Peso	COP	57,988	COP	57,487
South Korean Won	KRW	25,933	KRW	—
Norwegian Krone	NOK	2,348	NOK	2,179
Japanese Yen	JPY	1,118	JPY	1,118
U.S. Dollar	USD	930	USD	677
Brazilian Real	BRL	291	BRL	291
Mexican Peso	MXN	208	MXN	157
Euro	EUR	128	EUR	102
South African Rand	ZAR	25	ZAR	25
Singapore Dollar	SGD	22	SGD	23
Danish Krone	DKK	9	DKK	2
British Pound Sterling	GBP	4	GBP	5
Canadian Dollar	CAD	1	CAD	1

Derivative Instruments and their Balance Sheet Classifications

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


	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
	Balance Sheet	June 30,		December 31,		Balance Sheet	June 30,		December 31,
	Location	2024		2023		Location	2024		2023

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

Acquisitions and Divestitures - Additional Information (Detail) $ in Millions		6 Months Ended
	Apr. 09, 2024 USD ($)	Jun. 30, 2024 USD ($) Acquisition
Business Acquisition [Line Items]
Number of strategic acquisition \| Acquisition		2
Total consideration, net of cash acquired		$ 252
Goodwill and amortizable intangible assets		126
Property, plant, and equipment		63
Net working capital		89
Finance and operating lease liabilities		16
Finance and other liabilities		17
Gain	$ 131
Energy Products and Services Segment [Member]
Business Acquisition [Line Items]
Total consideration, net of cash acquired		245
Keystone Tower Systems [Member]
Business Acquisition [Line Items]
Purchase of remaining noncontrolling interest		$ 30

Revenue

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

7. Revenue

Disaggregation of Revenue

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


	Three Months Ended June 30,
	2024									2023
	Energy									Energy
	Products		Energy							Products		Energy
	and Services		Equipment		Elims.			Total		and Services		Equipment		Elims.			Total
North America	$	534	$	301	$	—		$	835	$	519	$	326	$	—		$	845
International		493		888		—			1,381		471		777		—			1,248
Eliminations		23		15		(38	)		—		39		14		(53	)		—
	$	1,050	$	1,204	$	(38	)	$	2,216	$	1,029	$	1,117	$	(53	)	$	2,093

Land	$	777	$	460	$	—		$	1,237	$	729	$	443	$	—		$	1,172
Offshore		250		729		—			979		261		660		—			921
Eliminations		23		15		(38	)		—		39		14		(53	)		—
	$	1,050	$	1,204	$	(38	)	$	2,216	$	1,029	$	1,117	$	(53	)	$	2,093


	Six Months Ended June 30,
	2024									2023
	Energy									Energy
	Products		Energy							Products		Energy
	and Services		Equipment		Elims.			Total		and Services		Equipment		Elims.			Total
North America	$	1,071	$	597	$	—		$	1,668	$	1,021	$	638	$	—		$	1,659
International		949		1,754		—			2,703		892		1,504		—			2,396
Eliminations		47		31		(78	)		—		57		27		(84	)		—
	$	2,067	$	2,382	$	(78	)	$	4,371	$	1,970	$	2,169	$	(84	)	$	4,055

Land	$	1,549	$	887	$	—		$	2,436	$	1,426	$	928	$	—		$	2,354
Offshore		471		1,464		—			1,935		487		1,214		—			1,701
Eliminations		47		31		(78	)		—		57		27		(84	)		—
	$	2,067	$	2,382	$	(78	)	$	4,371	$	1,970	$	2,169	$	(84	)	$	4,055

Performance Obligations

Net revenue recognized from performance obligations satisfied in previous periods was $8 million for the three months ended June 30, 2024 primarily due to change orders.

Remaining performance obligations represent the transaction price of firm orders for all revenue streams for which work has not been performed on contracts with original expected duration of one year or more. We do not disclose the remaining performance obligations of royalty contracts, service contracts for which there is a right to invoice, and short-term contracts that are expected to have a duration of one year or less. As of June 30, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was $4,691 million. Although numerous factors can affect timing of revenue recognized on performance obligations, such as customer change orders and supplier accelerations or delays, the Company expects to recognize approximately $778 million in revenue for the remaining performance obligations in 2024, $1,316 million in 2025, $801 million in 2026, and $1,796 million thereafter.

Contract Assets and Liabilities

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

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


	Contract Assets			Contract Liabilities
Balance at December 31, 2023	$	739		$	532
Billings		(639	)		582
Revenue recognized		710			(592	)
Currency translation adjustments and other		(38	)		(14	)
Balance at June 30, 2024	$	772		$	508

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 recognized revenue for drill bit licenses of approximately $17 million and $33 million for the three and six months ended June 30, 2024, and $21 million and $41 million for the three and six months ended June 30, 2023. The Company is currently pursuing litigation against certain non-paying licensees, which will impact our ability to collect the receivables timely. As such, revenue and the related receivables are recorded at a discount to reflect the delayed timing of future cash collections. As of June 30, 2024, the receivables of $96 million, net of allowances of $17 million for credit losses and $18 million for the remaining timing related discount, are included in Other assets on the Consolidated Balance Sheets. These allowances 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. See Note 15 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. The Company’s customer base, mostly in the oil and gas industry, have generally similar collectability risk characteristics, although larger and state-owned customers may have lower risk than smaller independent customers. As of June 30, 2024, the allowance for credit losses totaled $73 million.

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


Balance at December 31, 2023	$	72
Provision for expected credit losses		24
Recoveries collected		(8	)
Other		(15	)
Balance at June 30, 2024	$	73

- 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
-SubTopic 10
-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
-SubTopic 10
-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

Net Income Attributable to Company Per Share - Computation of Weighted Average Basic and Diluted Shares Outstanding (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income attributable to Company	$ 226	$ 155	$ 345	$ 281
Denominator:
Basic—weighted average common shares outstanding	395	393	394	392
Dilutive effect of employee stock options and other unvested stock awards	2	2	4	4
Diluted outstanding shares	397	395	398	396
Basic	$ 0.57	$ 0.39	$ 0.88	$ 0.72
Diluted	0.57	0.39	0.87	0.71
Cash dividends per share	$ 0.075	$ 0.05	$ 0.125	$ 0.1

- 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

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

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+ Details

- Definition

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

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+ Details

Net Income Attributable to Company Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Income Attributable to Company Per Share

13. Net Income Attributable to Company Per Share

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Numerator:
Net income attributable to Company	$	226	$	155	$	345	$	281
Denominator:
Basic—weighted average common shares outstanding		395		393		394		392
Dilutive effect of employee stock options and other unvested stock awards		2		2		4		4
Diluted outstanding shares		397		395		398		396

Net income attributable to Company per share:
Basic	$	0.57	$	0.39	$	0.88	$	0.72
Diluted	$	0.57	$	0.39	$	0.87	$	0.71

Cash dividends per share	$	0.075	$	0.05	$	0.125	$	0.10

Companies with unvested participating securities are required to utilize a two-class method for the computation of net income attributable to Company per share. The two-class method requires a portion of net income attributable to Company to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents if declared. Net income attributable to the Company allocated to these participating securities was immaterial for each of the three and six months ended June 30, 2024 and 2024, respectively.

The Company had stock options outstanding that were anti-dilutive totaling 16 million shares for each of the three and six months ended June 30, 2024, respectively, compared to 23 million and 22 million shares for the three and six months ended June 30, 2023, respectively.

Debt - Additional Information (Detail) - USD ($)	6 Months Ended
Debt - Additional Information (Detail) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Funds available under revolving credit facility	$ 2,000,000,000
Capitalization ratio, Maximum	60.00%
Capitalization ratio, Actual	23.60%
Other debt	$ 161,000,000	$ 139,000,000
Outstanding letters of credit under various bilateral letter of credit facilities	457,000,000
Carrying value of Unsecured Senior Notes	1,587,000,000	1,586,000,000
Unsecured Debt [Member] \| Fair Value, Inputs, Level 2 [Member]
Debt Instrument [Line Items]
Fair value of Unsecured Senior Notes	1,288,000,000	$ 1,316,000,000
Noncontrolling Interests [Member]
Debt Instrument [Line Items]
Other debt	61,000,000
Other debt due in next twelve months	$ 14,000,000
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
Funds available under revolving credit facility	1,800,000,000
Credit facility, extendable borrowing capacity	$ 3,000,000,000
Variable rate basis	Secured Overnight Financing Rate (SOFR), NIBOR or CDOR
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	$ 99,000,000
First payment	$ 11,000,000
Line of credit repayments beginning date	2022-12
Line of credit repayments ending date	2032-06

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Components of Leases

Components of leases are as follows (in millions):


	June 30,		December 31,
	2024		2023
Current portion of lease liabilities:
Operating	$	72	$	70
Financing		27		24
Total	$	99	$	94

	June 30,		December 31,
	2024		2023
Long-term portion of lease liabilities:
Operating	$	339	$	343
Financing		214		215
Total	$	553	$	558

Revenue - Summary of Disaggregate Revenue by Destinations (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Disaggregate revenue	$ 2,216	$ 2,093	$ 4,371	$ 4,055
Operating Segments [Member] \| Energy Products and Services [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,050	1,029	2,067	1,970
Operating Segments [Member] \| Energy Equipment [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,204	1,117	2,382	2,169
Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(38)	(53)	(78)	(84)
Continental [Member] \| Eliminations [Member] \| Operating Segments [Member] \| Energy Products and Services [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	23	39	47	57
Continental [Member] \| Eliminations [Member] \| Operating Segments [Member] \| Energy Equipment [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	15	14	31	27
Continental [Member] \| Eliminations [Member] \| Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(38)	(53)	(78)	(84)
Continental [Member] \| North America [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	835	845	1,668	1,659
Continental [Member] \| North America [Member] \| Operating Segments [Member] \| Energy Products and Services [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	534	519	1,071	1,021
Continental [Member] \| North America [Member] \| Operating Segments [Member] \| Energy Equipment [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	301	326	597	638
Continental [Member] \| International [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,381	1,248	2,703	2,396
Continental [Member] \| International [Member] \| Operating Segments [Member] \| Energy Products and Services [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	493	471	949	892
Continental [Member] \| International [Member] \| Operating Segments [Member] \| Energy Equipment [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	888	777	1,754	1,504
Land and Offshore [Member] \| Eliminations [Member] \| Operating Segments [Member] \| Energy Products and Services [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	23	39	47	57
Land and Offshore [Member] \| Eliminations [Member] \| Operating Segments [Member] \| Energy Equipment [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	15	14	31	27
Land and Offshore [Member] \| Eliminations [Member] \| Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(38)	(53)	(78)	(84)
Land and Offshore [Member] \| Land Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,237	1,172	2,436	2,354
Land and Offshore [Member] \| Land Destination [Member] \| Operating Segments [Member] \| Energy Products and Services [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	777	729	1,549	1,426
Land and Offshore [Member] \| Land Destination [Member] \| Operating Segments [Member] \| Energy Equipment [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	460	443	887	928
Land and Offshore [Member] \| Offshore Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	979	921	1,935	1,701
Land and Offshore [Member] \| Offshore Destination [Member] \| Operating Segments [Member] \| Energy Products and Services [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	250	261	471	487
Land and Offshore [Member] \| Offshore Destination [Member] \| Operating Segments [Member] \| Energy Equipment [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	$ 729	$ 660	$ 1,464	$ 1,214

Segments (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Operating Segments

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


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2024			2023			2024			2023
Revenue:
Energy Products and Services	$	1,050		$	1,029		$	2,067		$	1,970
Energy Equipment		1,204			1,117			2,382			2,169
Eliminations		(38	)		(53	)		(78	)		(84	)
Total revenue	$	2,216		$	2,093		$	4,371		$	4,055

Operating profit:
Energy Products and Services	$	128		$	156		$	249		$	268
Energy Equipment		232			81			327			152
Eliminations and corporate costs		(47	)		(56	)		(101	)		(113	)
Total operating profit	$	313		$	181		$	475		$	307

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Cash dividends, per common share	$ 0.075	$ 0.05	$ 0.05	$ 0.05

Net Income Attributable to Company Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Computation of Weighted Average Basic and Diluted Shares Outstanding

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Numerator:
Net income attributable to Company	$	226	$	155	$	345	$	281
Denominator:
Basic—weighted average common shares outstanding		395		393		394		392
Dilutive effect of employee stock options and other unvested stock awards		2		2		4		4
Diluted outstanding shares		397		395		398		396

Net income attributable to Company per share:
Basic	$	0.57	$	0.39	$	0.88	$	0.72
Diluted	$	0.57	$	0.39	$	0.87	$	0.71

Cash dividends per share	$	0.075	$	0.05	$	0.125	$	0.10

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

9. Debt

Debt consists of (in millions):


	June 30,		December 31,
	2024		2023
$1.1 billion in Senior Notes, interest at 3.95% payable semiannually, principal due on December 1, 2042	$	1,091	$	1,091
$0.5 billion in Senior Notes, interest at 3.60% payable semiannually, principal due on December 1, 2029		496		495
Other debt		161		139
Total Debt		1,748		1,725
Less current portion		24		13
Long-term debt	$	1,724	$	1,712

The Company has a revolving credit facility with a borrowing capacity of $2.0 billion through October 30, 2024, and a borrowing capacity of $1.8 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 Secured Overnight Financing Rate (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 June 30, 2024, the Company was in compliance with a debt-to-capitalization ratio of 23.6% and had no outstanding borrowings or letters of credits issued under the facility, resulting in $2.0 billion of available funds.

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 June 30, 2024, 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 June 30, 2024, the Company has $99 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 $11 million in payments related to this line of credit due in the next twelve months. The Company can repay the entire outstanding facility balance without penalty at its sole discretion.

Other debt at June 30, 2024 included $61 million of amounts owed to current and former minority interest partners of NOV consolidated joint ventures, of which $14 million is due in the next twelve months.

The Company had $457 million of outstanding letters of credit at June 30, 2024, primarily in Norway and the United States, that are under various bilateral letter of credit facilities. Letters of credit are issued as bid bonds, advanced payment bonds and performance bonds.

At June 30, 2024 and December 31, 2023, the fair value of the Company’s unsecured Senior Notes approximated $1,288 million and $1,316 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 June 30, 2024 and December 31, 2023, the carrying value of the Company’s unsecured Senior Notes approximated $1,587 million and $1,586 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

Cash Dividends - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Dividends [Abstract]
Cash dividends paid	$ 30	$ 20	$ 20	$ 20	$ 50	$ 40

Leases - Schedule of Components of Leases (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current portion of lease liabilities:
Operating	$ 72	$ 70
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total	Total
Financing	$ 27	$ 24
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total	Total
Total	$ 99	$ 94
Long-term portion of lease liabilities:
Operating	$ 339	$ 343
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total	Total
Financing	$ 214	$ 215
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total	Total
Total	$ 553	$ 558

Segments - Additional Information (Detail) $ in Millions	3 Months Ended		6 Months Ended
Segments - Additional Information (Detail) $ in Millions	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Segment	Jun. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment			2
Operating profit	$ 313	$ 181	$ 475	$ 307
Pole Products Business [Member]
Segment Reporting Information [Line Items]
Pre-tax credit	$ 118		$ 121
Inventory Charges [Member]
Segment Reporting Information [Line Items]
Pre-tax credit		$ 7		$ 11

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Components of Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive 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, 2023	$	(1,432	)	$	(5	)	$	(56	)	$	(1,493	)
Accumulated other comprehensive loss before reclassifications		(57	)		—			(1	)		(58	)
Amounts reclassified from accumulated other comprehensive loss		—			2			—			2
Balance at June 30, 2024	$	(1,489	)	$	(3	)	$	(57	)	$	(1,549	)

Components of Amounts Reclassified from Accumulated Other Comprehensive Loss

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


	Three Months Ended June 30,
	2024									2023
		Currency		Derivative		Employee				Currency		Derivative		Employee
		Translation		Financial		Benefit				Translation		Financial		Benefit
		Adjustments		Instruments		Plans		Total		Adjustments		Instruments		Plans		Total
Revenue		$	—	$	—	$	—	$	—	$	—	$	4	$	—	$	4
Cost of revenue			—		—		—		—		—		1		—		1
Other expense			—		—		—		—		—		—		—		—
Selling, general and administrative			—		—		—		—		—		—		—		—
		$	—	$	—	$	—	$	—	$	—	$	5	$	—	$	5


	Six Months Ended June 30,
	2024									2023
		Currency		Derivative		Employee				Currency		Derivative		Employee
		Translation		Financial		Benefit				Translation		Financial		Benefit
		Adjustments		Instruments		Plans		Total		Adjustments		Instruments		Plans		Total
Revenue		$	—	$	1	$	—	$	1	$	—	$	5	$	—	$	5
Cost of revenue			—		1		—		1		—		2		—		2
Other expense			—		—		—		—		2		—		—		2
Selling, general and administrative			—		—		—		—		—		—		1		1
		$	—	$	2	$	—	$	2	$	2	$	7	$	1	$	10

Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 2,216	$ 2,093	$ 4,371	$ 4,055
Cost of revenue	1,626	1,636	3,323	3,187
Gross profit	590	457	1,048	868
Selling, general and administrative	277	276	573	561
Operating profit	313	181	475	307
Interest and financial costs	(22)	(21)	(46)	(42)
Interest income	8	8	16	16
Equity income in unconsolidated affiliates	8	37	37	85
Other expense, net	(14)	(29)	(24)	(45)
Net income before income taxes	293	176	458	321
Provision for income taxes	70	19	114	39
Net income	223	157	344	282
Net income (loss) attributable to noncontrolling interests	(3)	2	(1)	1
Net income attributable to Company	$ 226	$ 155	$ 345	$ 281
Net income attributable to Company per share:
Basic	$ 0.57	$ 0.39	$ 0.88	$ 0.72
Diluted	0.57	0.39	0.87	0.71
Cash dividends per share	$ 0.075	$ 0.05	$ 0.125	$ 0.1
Weighted average shares outstanding:
Basic	395	393	394	392
Diluted	397	395	398	396

Revenue - Additional Information (Detail 1) $ in Millions	Jun. 30, 2024 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 4,691
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 778
Remaining performance obligations, expected to be recognized, period	6 months
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	$ 1,316
Remaining performance obligations, expected to be recognized, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 801
Remaining performance obligations, expected to be recognized, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 1,796
Remaining performance obligations, expected to be recognized, period

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended		6 Months Ended
	May 30, 2024	May 15, 2024	May 13, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restricted Stock and Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted	13,639	85,950	2,667
Restricted stock granted fair value	$ 18.33	$ 18.85	$ 18.76
2018 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense				$ 17	$ 17	$ 36	$ 32
NOV Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized shares under stock based compensation				55,700,000		55,700,000
Remaining shares available for future grants under the Plan				7,700,000		7,700,000
Income tax expense/(benefit) recognized				$ (1)	$ 0	$ 3	$ 0

Debt - Debt (Parenthetical) (Detail) - USD ($)	6 Months Ended	12 Months Ended
Debt - Debt (Parenthetical) (Detail) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
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.

+ References

+ Details