Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 03, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | NOV | ||
Entity Registrant Name | NOV INC. | ||
Entity Central Index Key | 0001021860 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 392,831,492 | ||
Entity Public Float | $ 6.6 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Security Exchange Name | NYSE | ||
Entity File Number | 1-12317 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 76-0475815 | ||
Entity Address, Address Line One | 10353 Richmond Avenue | ||
Entity Address, City or Town | Houston | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77042-4103 | ||
City Area Code | 346 | ||
Local Phone Number | 223-3000 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference [Text Block] | Portions of the Proxy Statement in connection with the 2023 Annual Meeting of Stockholders are incorporated in Part III of this report. | ||
Auditor Firm ID | 42 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Houston, Texas |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 1,069 | $ 1,591 |
Receivables, net | 1,739 | 1,321 |
Inventories, net | 1,813 | 1,331 |
Contract assets | 685 | 461 |
Prepaid and other current assets | 187 | 198 |
Total current assets | 5,493 | 4,902 |
Property, plant and equipment, net | 1,781 | 1,823 |
Lease right-of-use assets, operating | 346 | 361 |
Lease right-of-use assets, financing | 171 | 176 |
Goodwill | 1,505 | 1,527 |
Intangibles, net | 490 | 503 |
Investment in unconsolidated affiliates | 117 | 50 |
Other assets | 232 | 208 |
Total assets | 10,135 | 9,550 |
Current liabilities: | ||
Accounts payable | 906 | 612 |
Accrued liabilities | 959 | 778 |
Contract liabilities | 444 | 392 |
Current portion of lease liabilities | 87 | 99 |
Current portion of long-term debt | 13 | 5 |
Accrued income taxes | 28 | 24 |
Total current liabilities | 2,437 | 1,910 |
Long-term debt | 1,717 | 1,708 |
Lease liabilities | 549 | 576 |
Deferred income taxes | 68 | 66 |
Other liabilities | 230 | 226 |
Total liabilities | 5,001 | 4,486 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock - par value $.01; 1 billion shares authorized; 392,832,752 and 392,673,077 shares issued and outstanding at December 31, 2022 and December 31, 2021 | 4 | 4 |
Additional paid-in capital | 8,754 | 8,685 |
Accumulated other comprehensive loss | (1,593) | (1,546) |
Retained earnings | (2,069) | (2,146) |
Total Company stockholders' equity | 5,096 | 4,997 |
Noncontrolling interests | 38 | 67 |
Total stockholders’ equity | 5,134 | 5,064 |
Total liabilities and stockholders’ equity | $ 10,135 | $ 9,550 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 392,832,752 | 392,673,077 |
Common stock, shares outstanding | 392,832,752 | 392,673,077 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | |||
Revenue | $ 7,237 | $ 5,524 | $ 6,090 |
Cost of revenue | |||
Cost of revenue | 5,903 | 4,750 | 5,656 |
Gross profit | 1,334 | 774 | 434 |
Selling, general and administrative | 1,070 | 908 | 968 |
Goodwill and indefinite-lived intangible asset impairment | 1,378 | ||
Long-lived asset impairment | 513 | ||
Operating profit (loss) | 264 | (134) | (2,425) |
Interest and financial costs | (78) | (77) | (84) |
Interest income | 19 | 9 | 7 |
Equity income (loss) in unconsolidated affiliates | 68 | (5) | (260) |
Other income (expense), net | (35) | (23) | (17) |
Income (Loss) before income taxes | 238 | (230) | (2,779) |
Provision (benefit) for income taxes | 83 | 15 | (242) |
Net income (loss) | 155 | (245) | (2,537) |
Net income (loss) attributable to noncontrolling interests | 5 | 5 | |
Net income (loss) attributable to Company | $ 155 | $ (250) | $ (2,542) |
Net income (loss) attributable to Company per share: | |||
Basic | $ 0.40 | $ (0.65) | $ (6.62) |
Diluted | 0.39 | (0.65) | (6.62) |
Cash dividends per share | $ 0.20 | $ 0.05 | $ 0.05 |
Weighted average shares outstanding: | |||
Basic | 390 | 386 | 384 |
Diluted | 394 | 386 | 384 |
Sales [Member] | |||
Revenue | |||
Revenue | $ 4,873 | $ 3,769 | $ 4,409 |
Cost of revenue | |||
Cost of revenue | 4,146 | 3,369 | 4,313 |
Service [Member] | |||
Revenue | |||
Revenue | 1,482 | 1,114 | 1,091 |
Cost of revenue | |||
Cost of revenue | 1,186 | 951 | 929 |
Rental [Member] | |||
Revenue | |||
Revenue | 882 | 641 | 590 |
Cost of revenue | |||
Cost of revenue | $ 571 | $ 430 | $ 414 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 155 | $ (245) | $ (2,537) |
Other comprehensive income (loss): | |||
Currency translation adjustments | (30) | (34) | (78) |
Derivative financial instruments, net of tax | (11) | (12) | 23 |
Change in defined benefit plans, net of tax | (6) | 9 | (31) |
Comprehensive income (loss) | 108 | (282) | (2,623) |
Net income (loss) attributable to noncontrolling interests | 5 | 5 | |
Comprehensive income (loss) attributable to Company | $ 108 | $ (287) | $ (2,628) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 155 | $ (245) | $ (2,537) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 301 | 306 | 352 |
Russia/Belarus Impairment and loss on assets held for sale | 127 | ||
Deferred income taxes | (2) | 11 | (65) |
Stock-based compensation | 67 | 78 | 105 |
Loss on extinguishment of debt | 7 | 8 | |
Equity (income) loss in unconsolidated affiliates | (68) | 5 | 260 |
Goodwill and indefinite-lived intangible asset impairment | 1,378 | ||
Long-lived asset impairment | 513 | ||
Provision for inventory losses | (18) | 73 | 367 |
Other, net | 18 | 16 | 16 |
Change in operating assets and liabilities, net of acquisitions: | |||
Receivables | (440) | (52) | 574 |
Inventories | (480) | 17 | 429 |
Contract assets | (220) | 150 | 30 |
Prepaid and other current assets | 6 | 28 | 22 |
Accounts payable | 289 | 118 | (226) |
Accrued liabilities | 101 | (97) | (110) |
Contract liabilities | 52 | 27 | (74) |
Income taxes payable | 5 | (28) | 9 |
Other assets/liabilities, net | (72) | (123) | (125) |
Net cash provided by (used in) operating activities | (179) | 291 | 926 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (214) | (201) | (226) |
Business acquisitions, net of cash acquired | (49) | (52) | (14) |
Other, net | 25 | 57 | 96 |
Net cash used in investing activities | (238) | (196) | (144) |
Cash flows from financing activities: | |||
Borrowings against lines of credit and other debt | 20 | 60 | 36 |
Payments against lines of credit and other debt | (4) | (183) | (217) |
Financing leases | (24) | (26) | (31) |
Cash dividends paid | (78) | (20) | (19) |
Debt issuance and extinguishment costs | (7) | (8) | |
Other | (10) | (13) | (20) |
Net cash used in financing activities | (96) | (189) | (259) |
Effect of exchange rates on cash | (9) | (7) | (2) |
Increase (decrease) in cash and cash equivalents | (522) | (101) | 521 |
Cash and cash equivalents, beginning of period | 1,591 | 1,692 | 1,171 |
Cash and cash equivalents, end of period | 1,069 | 1,591 | 1,692 |
Cash payments (refunds) during the period for: | |||
Interest | 75 | 76 | 83 |
Income taxes | $ 117 | $ (78) | $ (9) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Revision of Prior Period Accounting Standards Update Adjustment [Member] | Common Stock [Member] | Additional Paid in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings (Loss) [Member] | Retained Earnings (Loss) [Member] Revision of Prior Period Accounting Standards Update Adjustment [Member] | Total Company Stockholders' Equity [Member] | Total Company Stockholders' Equity [Member] Revision of Prior Period Accounting Standards Update Adjustment [Member] | Noncontrolling Interests [Member] |
Beginning Balance at Dec. 31, 2019 | $ 7,846 | $ (5) | $ 4 | $ 8,507 | $ (1,423) | $ 690 | $ (5) | $ 7,778 | $ (5) | $ 68 |
Begining Balance, shares at Dec. 31, 2019 | 386 | |||||||||
Net income (loss) | (2,537) | (2,542) | (2,542) | 5 | ||||||
Other comprehensive income (loss) | (86) | (86) | (86) | |||||||
Cash dividends, per common share | (19) | (19) | (19) | |||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201802Member | us-gaap:AccountingStandardsUpdate201802Member | us-gaap:AccountingStandardsUpdate201802Member | |||||||
Stock-based compensation | 104 | 104 | 104 | |||||||
Stock-based compensation, shares | 2 | |||||||||
Withholding taxes | (20) | (20) | (20) | |||||||
Other | (4) | (4) | ||||||||
Ending Balance at Dec. 31, 2020 | 5,279 | $ 4 | 8,591 | (1,509) | (1,876) | 5,210 | 69 | |||
Ending Balance, shares at Dec. 31, 2020 | 388 | |||||||||
Net income (loss) | (245) | (250) | (250) | 5 | ||||||
Other comprehensive income (loss) | (37) | (37) | (37) | |||||||
Cash dividends, per common share | (20) | (20) | (20) | |||||||
Stock-based compensation | 78 | 78 | 78 | |||||||
Stock-based compensation, shares | 3 | |||||||||
Stock issued in acquisition | 29 | 29 | 29 | |||||||
Stock issued in acquisition, shares | 2 | |||||||||
Withholding taxes | (13) | (13) | (13) | |||||||
Other | (7) | (7) | ||||||||
Ending Balance at Dec. 31, 2021 | 5,064 | $ 4 | 8,685 | (1,546) | (2,146) | 4,997 | 67 | |||
Ending Balance, shares at Dec. 31, 2021 | 393 | |||||||||
Net income (loss) | 155 | 155 | 155 | |||||||
Other comprehensive income (loss) | (47) | (47) | (47) | |||||||
Cash dividends, per common share | (78) | (78) | (78) | |||||||
Stock-based compensation | 67 | 67 | 67 | |||||||
Withholding taxes | (12) | (12) | (12) | |||||||
Purchase of equity in non-controlling interest | (17) | 12 | 12 | (29) | ||||||
Other | 2 | 2 | 2 | |||||||
Ending Balance at Dec. 31, 2022 | $ 5,134 | $ 4 | $ 8,754 | $ (1,593) | $ (2,069) | $ 5,096 | $ 38 | |||
Ending Balance, shares at Dec. 31, 2022 | 393 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Retained Earnings (Loss) [Member] | |||
Cash dividends, per common share | $ 0.20 | $ 0.05 | $ 0.05 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | 1. Organization and Basis of Presentation Nature of Business We design, construct, manufacture and sell comprehensive systems, components, and products used in oil and gas drilling and production and certain industrial and renewable energy sectors. We also provide technology and oilfield services and supplies, distribute products and provide supply chain integration services to the upstream oil and gas industry. Our revenues and operating results are directly related to the level of worldwide oil and gas drilling and production activities and the profitability and cash flow of oil and gas companies, drilling contractors and oilfield service companies, which in turn are affected by current and anticipated prices of oil and gas. Oil and gas prices have been, and are likely to continue to be, volatile. Basis of Consolidation The accompanying Consolidated Financial Statements include the accounts of NOV Inc. and its consolidated subsidiaries. Certain reclassifications have been made to the prior year financial statements for them to conform with the 2022 presentation. All significant intercompany transactions and balances have been eliminated in consolidation. Investments that are not wholly owned, but where we exercise control, are fully consolidated with the equity held by minority owners and their portion of net income (loss) reflected as noncontrolling interests in the accompanying consolidated financial statements. Investments in unconsolidated affiliates, over which we exercise significant influence, but not control, are accounted for by the equity method. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Fair Value of Financial Instruments The carrying amounts of financial instruments including cash and cash equivalents, receivables, and payables approximated fair value because of the relatively short maturity of these instruments. Cash equivalents include only those investments having a maturity date of three months or less at the time of purchase. Derivative Financial Instruments The Company records all derivative financial instruments at their fair value in its Consolidated Balance Sheet. Except for certain non-designated hedges discussed in Note 3 below, all derivative financial instruments that the Company holds are designated as cash flow hedges and are highly effective in offsetting movements in the underlying risks. Such arrangements typically have terms between two and 24 months but may have longer terms depending on the underlying cash flows being hedged, typically related to the projects in our backlog. Inventories Inventories are stated at the lower of cost or estimated net realizable value using the first-in, first-out or average cost methods. Inventories consist of raw materials and supplies, work-in-process and finished goods and purchased products. The Company reviews historical usage of inventory on-hand, assumptions about future demand and market conditions, and estimates about potential alternative uses, which are limited, to estimate net realizable value. The Company evaluates inventory using the best information available at the time to inform our assumptions and estimates about future demand and resulting sales volumes, and records reserves as necessary. We recorded charges (credits) to inventory reserves of $( 18 ) million, $ 73 million, and $ 367 million for the years ended December 31, 2022, 2021, and 2020, respectively, consisting primarily of obsolete and surplus inventories. At December 31, 2022 and 2021 , inventory reserves totaled $ 378 million and $ 444 million, or 17.3 % and 25.0 % of gross inventory, respectively. Property, Plant and Equipment Property, plant and equipment are recorded at cost. Expenditures for major improvements that extend the lives of property and equipment are capitalized while minor replacements, maintenance and repairs are charged to operations as incurred. Disposals are removed at cost less accumulated depreciation with any resulting gain or loss reflected in operations. Depreciation is provided using the straight-line method over the estimated useful lives of individual items. Depreciation expense was $ 250 million, $ 264 million, and $ 302 million for the years ended December 31, 2022, 2021 and 2020, respectively. The estimated useful lives of the major classes of property, plant and equipment are included in Note 5 to the consolidated financial statements. We record impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets are impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. The carrying value of assets used in operations that are not recoverable is reduced to fair value if lower than carrying value. In determining the fair market value of the assets, we consider market trends and recent transactions involving sales of similar assets, or when not available, discounted cash flow analysis. Impairments of plant, property and equipment were $ 262 million for the year ended December 31, 2020. Acquisitions and Investments Acquisitions of businesses are accounted for using the acquisition method of accounting, and the financial statements include the results of the acquired operations from the respective dates of acquisition. The purchase price of the acquired entities is preliminarily allocated to the net assets acquired and liabilities assumed based on the estimated fair value at the dates of acquisition, with any excess of cost over the fair value of net assets acquired, including intangibles, recognized as goodwill. Subsequent changes to preliminary amounts are made prospectively. The Company paid cash of $ 49 million, $ 52 million, and $ 14 million for acquisitions for the years ended December 31, 2022, 2021 and 2020, respectively. Additionally, the Company paid $ 29 million in stock (consisting of 2 million shares) for acquisitions in 2021. These acquisitions did not have a material effect on the Company’s operating results, cash flows or financial position. Foreign Currency The functional currency for most of our foreign operations is the local currency. However, certain foreign operations, including our operations in Norway, use the U.S. dollar as the functional currency. The cumulative effects of translating the balance sheet accounts from the functional currency into the U.S. dollar at current exchange rates are included in accumulated other comprehensive income (loss). Revenues and expenses are translated at average exchange rates in effect during the period. Accordingly, financial statements of these foreign subsidiaries are remeasured to U.S. dollars for consolidation purposes using current rates of exchange for monetary assets and liabilities and historical rates of exchange for nonmonetary assets and related elements of expense. Revenue and expense elements are remeasured at rates that approximate the rates in effect on the transaction dates. For all operations, gains or losses from remeasuring foreign currency transactions into the functional currency are included in income. Net foreign currency transaction losses were $ 25 million, $ 16 million, and $ 2 million for the years ending December 31, 2022, 2021 and 2020, respectively, and are included in other income (expense) in the accompanying statement of income (loss). Revenue Recognition The majority of the Company’s revenue streams record revenue at a point in time when a performance obligation has been satisfied by transferring control of promised goods or services to a customer. Products are sold or rented and services are provided based upon a fixed or determinable price and do not generally include right of return or other significant post-delivery obligations. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Payment terms and conditions vary by contract type. We have elected to apply the practical expedient that does not require an adjustment for a financing component if, at contract inception, the period between when we transfer the promised goods or service to the customer and when the customer pays for the goods or service is one year or less. Shipping and handling costs are recognized when incurred and are treated as costs to fulfill the original performance obligation instead of as a separate performance obligation. Revenue is generated from contracts that may include multiple performance obligations. The Company considers the degree of customization, integration and interdependency of the related products and services when assessing distinct performance obligations within one contract. Stand-alone selling price (“SSP”) for each distinct performance obligation is generally determined using the price at which the products and services would be sold separately to the customer. Discounts, when provided, are allocated based on the relative SSP of the various products and services. For revenue that is not recognized at a point in time, the Company follows accounting guidance for revenue recognized over time, as follows: Revenue Recognition under Long-term Construction Contracts Revenue is recognized over-time for certain long-term construction contracts in the Completion & Production Solutions and Rig Technologies segments. These contracts include custom designs for customer-specific applications that are unique and require significant engineering efforts. Revenue is recognized as work progresses on each contract. Right to payment is enforceable for performance completed to date, including a reasonable profit. Because of control transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. We generally use the cost-to-cost (input) measure of progress for our contracts because it best depicts the transfer of assets to the customer which occurs as we incur costs. Under the cost-to-cost measure of progress, progress towards completion of each contract is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues, including estimated fees or profits, are recorded proportionally as costs are incurred. These costs include labor, materials, subcontractors’ costs, and other direct costs. Any expected losses on a project are recorded in full in the period in which the loss becomes probable. These long-term construction contracts generally include integrating a complex set of tasks and components into a single project or capability so they are accounted for as one performance obligation. Estimating total revenue and cost at completion of long-term construction contracts is complex, subject to many variables and requires significant judgement. It is common for our long-term contracts to contain late delivery fees, work performance guarantees, and other provisions that can either increase or decrease the transaction price. We estimate variable consideration as the most likely amount we expect to receive. We include variable consideration in the estimated transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur, or when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based on an assessment of our anticipated performance and historical, current and forecasted information that is reasonably available to us. Net revenue recognized from performance obligations satisfied in previous periods was $ 37 million and $ 38 million for the years ended December 31, 2022 and 2021 , respectively, primarily due to change orders. Service and Repair Work For service and repair contracts, revenue is recognized over time. We generally use the output method to measure progress on service contracts due to the manner in which the customer receives and derives value from the services provided. For repair contracts, we generally use the cost-to-cost measure of progress because it best depicts the transfer of assets to the customer. Remaining Performance Obligations Remaining performance obligations represent the transaction price of firm orders for all revenue streams for which work has not been performed on contracts with an original expected duration of one year or more. We do not disclose the remaining performance obligations of royalty contracts, service contracts for which there is a right to invoice, and short-term contracts that are expected to have a duration of one year or less. As of December 31, 2022 , the aggregate amount of the transaction price allocated to remaining performance obligations was $ 4,161 million. The Company expects to recognize approximately $ 1,286 million in revenue for the remaining performance obligations in 2023 and $ 2,875 million in 2024 and thereafter. Costs to Obtain and Fulfill a Contract We recognize an asset for the incremental costs of obtaining a contract, such as sales commissions, with a customer when we expect the benefit of those costs to be longer than one year. Costs to fulfill a contract, such as set-up and mobilization costs, are also capitalized when we expect to recover those costs. These contract costs are deferred and amortized over the period of contract performance. Total capitalized costs to obtain and fulfill a contract and the related amortization were immaterial during the periods presented and are included in other current and long-term assets on our consolidated balance sheets. We apply the practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. Service and Product Warranties The Company provides service and warranty policies on certain of its products. The Company accrues liabilities under service and warranty policies based upon specific claims and a review of historical warranty and service claim experience. Adjustments are made to accruals as claim data and historical experience change. In addition, the Company incurs discretionary costs to service its products in connection with product performance issues and accrues for them when they are encountered. The Company monitors the actual cost of performing these discretionary services and adjusts the accrual based on the most current information available. The changes in the carrying amount of service and product warranties are as follows (in millions): Balance at December 31, 2020 $ 87 Net provisions for warranties issued during the year 15 Amounts incurred ( 24 ) Currency translation adjustments ( 5 ) Balance at December 31, 2021 $ 73 Net provisions for warranties issued during the year 11 Amounts incurred ( 17 ) Currency translation adjustments and other 3 Balance at December 31, 2022 $ 70 Income Taxes The liability method is used to account for income taxes. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates that will be in effect when the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to amounts which are more likely than not to be realized. Concentration of Credit Risk We grant credit to our customers, which operate primarily in the oil and gas industry. Concentrations of credit risk are limited because we have many geographically diverse customers, thus spreading trade credit risk. We control credit risk through credit evaluations, credit limits and monitoring procedures. We perform periodic credit evaluations of our customers’ financial condition and generally do not require collateral but may require letters of credit for certain international sales. Credit losses are provided for in the financial statements. Allowances for credit losses are determined based on a continuous process of assessing the Company’s portfolio on an individual customer basis considering current market conditions and trends. This process consists of a review of historical collection experience, current aging status of the customer accounts, and financial condition of the Company’s customers. Based on a review of these factors, the Company will establish or adjust allowances for specific customers. As of December 31, 2022, and December 31, 2021, the allowance for credit losses totaled $ 71 million and $ 88 million, respectively. Stock-Based Compensation Compensation expense for the Company’s stock-based compensation plans is measured using the fair value method. The fair value of stock option grants and restricted stock is amortized to expense using the straight-line method over the shorter of the vesting period or the remaining employee service period. The Company provides compensation benefits to employees and non-employee directors under share-based payment arrangements, including various employee stock option plans. Environmental Liabilities When environmental assessments or remediations are probable and the costs can be reasonably estimated, remediation liabilities are recorded on an undiscounted basis and are adjusted as further information develops or circumstances change. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect reported and contingent amounts of assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Such estimates include but are not limited to, estimated losses on accounts receivable, estimated costs and related margins of projects accounted for over time, estimated realizable value on excess and obsolete inventory, contingencies, estimated liabilities for litigation and environmental exposures and liquidated damages, estimated warranty costs, estimates related to pension accounting, estimates related to the fair value of Reporting Units for purposes of assessing goodwill and other indefinite-lived intangible assets for impairment and estimates related to deferred tax assets and liabilities, including valuation allowances on deferred tax assets. Actual results could differ from those estimates. Contingencies The Company accrues for costs relating to litigation claims and other contingent matters, including liquidated damage liabilities, when such liabilities become probable and reasonably estimable. In circumstances where the most likely outcome of a contingency can be reasonably estimated, we accrue a liability for that amount. Where the most likely outcome cannot be estimated, a range of potential losses is established and if no one amount in that range is more likely than others, the low end of the range is accrued. Such estimates may be based on advice from third parties or on management’s judgement, as appropriate. Revisions to contingent liabilities are reflected in income in the period in which different facts or information become known or circumstances change that affect the Company’s previous judgements with respect to the likelihood or amount of loss. Amounts paid upon the ultimate resolution of contingent liabilities may be materially different from previous estimates and could require adjustments to the estimated reserves to be recognized in the period such new information becomes known. Net Income (Loss) Attributable to Company Per Share The following table sets forth the computation of weighted average basic and diluted shares outstanding (in millions, except per share data): Year Ended December 31, 2022 2021 2020 Numerator: Net income (loss) attributable to Company $ 155 $ ( 250 ) $ ( 2,542 ) Denominator: Basic—weighted average common shares outstanding 390 386 384 Dilutive effect of employee stock options and other unvested 4 — — Diluted outstanding shares 394 386 384 Basic income (loss) attributable to Company per share $ 0.40 $ ( 0.65 ) $ ( 6.62 ) Diluted income (loss) attributable to Company per share $ 0.39 $ ( 0.65 ) $ ( 6.62 ) Cash dividends per share $ 0.20 $ 0.05 $ 0.05 Net income (loss) attributable to Company allocated to participating securities was immaterial for the years ended December 31, 2022, 2021 and 2020 and therefore not excluded from net income (loss) attributable to Company per share calculation. The Company had stock options outstanding that were anti-dilutive totaling 20 million, 21 million, and 26 million at December 31, 2022, 2021 and 2020, respectively. Recently Issued Accounting Standards In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848).” ASU 2021-01 was issued in January 2021 to further clarify the scope of the standard, which applies only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2022-06 was issued in December 2022, which deferred the sunset date for applying the reference rate reform relief in Topic 848. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2024, except for hedging relationships existing as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management is currently assessing the impact of adopting ASU 2020-04 on the Company’s financial position, results of operations and cash flows. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 3. Derivative Financial Instruments The Company uses derivative financial instruments to manage its foreign currency exchange rate risk. Forward currency contracts are executed to manage the foreign currency exchange rate risk on forecasted revenues and expenses denominated in currencies other than the functional currency of the operating unit (cash flow hedge). The Company also executes forward currency contracts to manage the foreign currency exchange rate risk on recognized nonfunctional currency monetary accounts (non-designated hedge). At December 31, 2022 , the Company has determined the fair value of its derivative financial instruments representing assets of $ 8 million and liabilities of $ 14 million (currency related derivatives) using level 2 inputs (inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability) in the fair value hierarchy as the fair value is based on publicly available foreign exchange and interest rates at each financial reporting date. At December 31, 2022 , the net fair value of the Company’s foreign currency forward contracts totaled a net liability of $ 6 million. Forward currency contracts consist of (in millions): Currency Denomination Currency December 31, 2022 December 31, 2021 South Korean Won KRW 65,980 KRW 17,600 Norwegian Krone NOK 2,741 NOK 2,430 U.S. Dollar USD 655 USD 415 Japanese Yen JPY 460 JPY 476 Brazilian Real BRL 291 BRL — Mexican Peso MXN 160 MXN 637 South African Rand ZAR 149 ZAR 124 Euro EUR 125 EUR 106 Singapore Dollar SGD 27 SGD 36 British Pound Sterling GBP 16 GBP 14 Danish Krone DKK 13 DKK 7 Canadian Dollar CAD 2 CAD — Russian Ruble RUB — RUB 1,128 Cash Flow Hedging Strategy To protect against the volatility of forecasted foreign currency cash flows resulting from forecasted revenues and expenses, the Company maintains a cash flow hedging program. For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative instrument is recorded in accumulated other comprehensive loss and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings (e.g., in “revenues” when the hedged transactions are cash flows associated with forecasted revenues). The Company includes time value in hedge relationships. The Company does not expect a material amount to be reclassified into earnings within the next twelve months. Non-designated Hedging Strategy The Company enters into forward exchange contracts to hedge certain nonfunctional currency monetary accounts. The gain or loss on the derivative instrument is recognized in earnings in other income (expense), together with the changes in the hedged nonfunctional monetary accounts. The amount of gain (loss) recognized in other income (expense), net was $( 18 ) million, $( 9 ) million and $( 3 ) million for the years ended 2022, 2021 and 2020, respectively. The Company has the following fair values of its derivative instruments and their balance sheet classifications (in millions): Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives Fair Value Fair Value Balance Sheet December 31, Balance Sheet December 31, Location 2022 2021 Location 2022 2021 Derivatives designated as hedging Foreign exchange contracts Prepaid and other current assets $ 3 $ 11 Accrued liabilities $ 3 $ 2 Foreign exchange contracts Other Assets — — Other Liabilities 1 — Total derivatives designated as hedging $ 3 $ 11 $ 4 $ 2 Derivatives not designated as hedging Foreign exchange contracts Prepaid and other current assets $ 5 $ 7 Accrued liabilities $ 10 $ 6 Total derivatives $ 8 $ 18 $ 14 $ 8 |
Inventories, net
Inventories, net | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories, net | 4. Inventories, net Inventories consist of (in millions): December 31, 2022 2021 Raw materials and supplies $ 479 $ 350 Work in process 308 218 Finished goods and purchased products 1,404 1,207 2,191 1,775 Less: Inventory reserve ( 378 ) ( 444 ) Total $ 1,813 $ 1,331 |
Property, Plant and Equipment,
Property, Plant and Equipment, net | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, net | 5. Property, Plant and Equipment, net Property, plant and equipment consist of (in millions): Estimated December 31, Useful Lives 2022 2021 Land $ 176 $ 174 Buildings and improvements 5-35 Years 1,251 1,309 Operating equipment 2-20 Years 2,683 2,678 Rental equipment 2-15 Years 798 794 4,908 4,955 Less: Accumulated Depreciation ( 3,127 ) ( 3,132 ) $ 1,781 $ 1,823 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 6. Goodwill and Intangible Assets Goodwill and Other Indefinite-Lived Intangible Assets The Company has approximately $ 1.5 billion of goodwill and $ 490 million of identified intangible assets at December 31, 2022. Goodwill is identified by segment as follows (in millions): Wellbore Technologies Completion & Production Solutions Rig Technologies Total Balance at December 31, 2020 308 473 712 1,493 Goodwill acquired during period 34 — — 34 Balance at December 31, 2021 $ 342 $ 473 $ 712 $ 1,527 Goodwill acquired during period 3 7 — 10 Adjustment during the measurement period of assets acquired ( 32 ) — — ( 32 ) Balance at December 31, 2022 (1) $ 313 $ 480 $ 712 $ 1,505 (1) Accumulated goodwill impairment was $ 7,261 million as of December 31, 2022 . Identified intangible assets with determinable lives consist primarily of customer relationships, trademarks, trade names, patents, and technical drawings acquired in acquisitions, and are being amortized in a manner consistent with the underlying cash flows over the estimated useful lives of 2 - 40 years. Amortization expense of identified intangibles is expected to be approximately $ 44 million, $ 39 million, $ 36 million, $ 34 million, and $ 30 million for the next five years. The net book values of identified intangible assets are identified by segment as follows (in millions): Wellbore Technologies Completion & Production Solutions Rig Technologies Total Balance at December 31, 2020 $ 253 $ 47 $ 227 $ 527 Additions to intangible assets 22 — — 22 Amortization ( 10 ) ( 5 ) ( 28 ) ( 43 ) Currency translation adjustments ( 1 ) — ( 2 ) ( 3 ) Balance at December 31, 2021 $ 264 $ 42 $ 197 $ 503 Additions to intangible assets 3 — — 3 Adjustment during the measurement period of assets acquired 32 — — 32 Amortization ( 17 ) ( 5 ) ( 29 ) ( 51 ) Currency translation adjustments — — 3 3 Balance at December 31, 2022 $ 282 $ 37 $ 171 $ 490 Identified intangible assets by major classification consist of the following (in millions): Gross Accumulated Net Book Value December 31, 2021: Customer relationships $ 471 $ ( 323 ) $ 148 Trademarks 174 ( 122 ) 52 Patents 145 ( 59 ) 86 Indefinite-lived trade names 196 — 196 Other 82 ( 61 ) 21 Total identified intangibles $ 1,068 $ ( 565 ) $ 503 December 31, 2022: Customer relationships $ 499 $ ( 351 ) $ 148 Trademarks 173 ( 127 ) 46 Patents 128 ( 66 ) 62 Indefinite-lived trade names 196 — 196 Other 104 ( 66 ) 38 Total identified intangibles $ 1,100 $ ( 610 ) $ 490 Goodwill represents the excess of cost over the fair value of net assets acquired. Goodwill and intangibles with indefinite lives are not amortized. Goodwill is assigned to the reporting units that are expected to benefit from the synergies of a business combination. The recoverability of goodwill and indefinite-lived intangibles is assessed annually, or more frequently as needed when events or changes have occurred that would suggest an impairment of carrying value, by determining whether the fair values of the applicable reporting units exceed their carrying values. The impairment analysis compares the reporting unit’s carrying value to the respective fair value. Fair value of the reporting unit is determined using significant unobservable inputs, or level 3 in the fair value hierarchy. These inputs are based on internal management estimates, forecasts and judgments, using discounted cash flow. The discounted cash flow is based on management’s forecast of operating performance for the reporting unit. The two main assumptions used in measuring goodwill impairment, which bear the risk of change and could impact the Company’s goodwill impairment analysis, include the cash flow from operations from each reporting unit and its weighted average cost of capital. The starting point for each of the reporting unit’s cash flow from operations is the detailed annual plan or updated forecast. Cash flows beyond the updated forecasted operating plans are estimated using a terminal value calculation, which incorporates historical and forecasted financial cyclical trends for each reporting unit and considered long-term earnings growth rates. The financial and credit market volatility directly impacts our fair value measurement through our weighted average cost of capital that we use to determine our discount rate. During times of volatility, significant judgment must be applied to determine whether credit changes are a short-term or long-term trend. Management reviews finite-lived intangibles for indicators of impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Cash flows expected to be generated by the finite-lived intangibles are estimated over the intangible asset’s useful life based on updated projections on an undiscounted basis. If the evaluation indicates that the carrying value of the finite-lived intangible asset may not be recoverable, the potential impairment is measured at fair value. During the fourth quarter of 2022, the Company performed its annual impairment test, as described in ASC Topic 350, as of October 1, 2022 . Based on the Company’s annual impairment test, the calculated fair values for all of the Company’s reporting units with remaining goodwill were in excess of the respective reporting unit’s carrying value. During the first quarter of 2020, negative market indicators constituted a triggering event and the results of the Company’s test for impairment resulted in the Company recording $ 1,295 million in impairment charges to goodwill. Additionally , $ 83 million in charges to indefinite-lived intangible assets were recorded in 2020 for this triggering event. The goodwill and indefinite-lived intangible impairment during 2020 was a triggering event that indicated that the Company’s long-lived tangible assets and finite-lived intangible assets were also impaired. Impairment testing determined that certain long-lived assets associated with most of the Company’s asset groups were not recoverable. The estimated fair value of these asset groups was below the carrying value and as a result, during the first quarter of 2020, the Company recorded impairment charges of $ 209 million to customer relationships, patents, trademarks, tradenames, and other finite- lived intangible assets, $ 262 million to property, plant and equipment, and $ 42 million for right-of-use assets. Additionally, the Company recorded a $ 224 million impairment on its equity investment in unconsolidated affiliates. No impairment of goodwill or indefinite-lived intangible assets was recorded in 2022 or 2021. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | 7. Accrued Liabilities Accrued liabilities consist of (in millions): December 31, 2022 2021 Compensation $ 329 $ 209 Vendor costs 168 124 Taxes (non-income) 107 119 Warranty 70 73 Insurance 42 45 Commissions 18 17 Fair value of derivatives 13 8 Interest 7 6 Other 205 177 Total $ 959 $ 778 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | 8. Leases The Company leases certain facilities and equipment to support its operations around the world. These leases generally require the Company to pay maintenance, insurance, taxes and other operating costs in addition to rent. Renewal options are common in longer term leases; however, it is rare that the Company intends to exercise a lease option at inception due to the cyclical nature of the Company’s business. Residual value guarantees are not typically part of the Company’s leases. Occasionally, the Company sub-leases excess facility space, generally at terms similar to the source lease. The Company reviews new agreements to determine if they include a lease and, when they do, uses its incremental borrowing rate to determine the present value of the future lease payments as most do not include implicit interest rates. The Company recorded right-of-use asset impairment charges of $ 42 million for the year ended December 31, 2020. Components of leases are as follows (in millions): December 31, 2022 2021 Current portion of lease liabilities: Operating $ 67 $ 76 Financing 20 23 Total $ 87 $ 99 December 31, 2022 2021 Long-term portion of lease liability: Operating $ 334 $ 357 Financing 215 219 Total $ 549 $ 576 Components of lease expense were as follows (in millions): Year Ended December 31, 2022 December 31, 2021 Lease cost Finance lease cost Amortization of right-of-use assets $ 24 $ 26 Interest on lease liabilities 9 10 Operating lease cost 73 83 Short-term lease cost 90 74 Sub-lease income ( 8 ) ( 9 ) Total $ 188 $ 184 Supplemental information related to the Company’s leases is as follows (in millions): Years Ended December 31, 2022 December 31, 2021 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - finance leases $ 9 $ 10 Operating cash flows - operating leases 73 83 Financing cash flows - finance leases 24 26 Right-of-use assets obtained in exchange for new: Operating lease liabilities $ 57 $ 37 Finance lease liabilities 19 9 Weighted average remaining lease term at December 31, 2022: Operating leases 10 years 11 years Finance leases 17 years 18 years Weighted average discount rate at December 31, 2022: Operating leases 4.74 % 4.74 % Finance leases 3.95 % 3.86 % Future minimum lease commitments for leases with initial or remaining terms of one year or more at December 31, 2022, are payable as follows (in millions): Operating Finance 2023 $ 85 $ 30 2024 72 27 2025 60 24 2026 49 20 2027 39 17 Thereafter 197 200 Total lease payments 502 318 Less: Interest ( 101 ) ( 83 ) Present value of lease liabilities $ 401 $ 235 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 9. Debt Debt consists of (in millions): December 31, 2022 2021 $ 1.1 billion in Senior Notes, interest at 3.95 % payable December 1, 2042 1,090 1,090 $ 0.5 billion in Senior Notes, interest at 3.60 % payable December 1, 2029 495 494 Other debt 145 129 Total Debt 1,730 1,713 Less current portion 13 5 Long-term debt $ 1,717 $ 1,708 Principal payments of debt for years subsequent to 2022 are as follows (in millions): 2023 13 2024 10 2025 21 2026 29 2027 12 Thereafter 1,661 $ 1,746 The Company has a revolving credit facility with a borrowing capacity of $ 2.0 billion through October 30, 2024, and a borrowing capacity of $ 1.7 billion from October 31, 2024, to October 30, 2025. The Company has the right to increase the commitments under this agreement to an aggregate amount of up to $ 3.0 billion upon the consent of only those lenders holding any such increase. Interest under the multicurrency facility is based upon LIBOR, NIBOR or CDOR plus 1.25 % subject to a ratings-based grid or the U.S. prime rate. The credit facility contains a financial covenant regarding maximum debt-to-capitalization ratio of 60 %. As of December 31, 2022 , the Company was in compliance with a debt-to-capitalization ratio of 27.7 % and had no outstanding borrowings or letters of credit issued under the facility, resulting in $ 2.0 billion of available funds. Additionally, a consolidated joint venture of the Company borrowed $ 120 million against a $ 150 million bank line of credit for the construction of a facility in Saudi Arabia. Interest under the bank line of credit is based upon LIBOR plus 1.40 %. The bank line of credit contains a financial covenant regarding maximum debt-to-equity ratio of 75 %. As of December 31, 2022, the joint venture was in compliance. Upon completion of the facility construction in the fourth quarter of 2022, the Company will not have future borrowings on the line of credit, with repayments beginning December 2022 and final payment no later than June 2032 . As of December 31, 2022, the Company has a carrying value of $ 114 million in borrowings related to this line of credit. The carrying value of debt under the Company's consolidated joint venture approximates fair value because the interest rates are variable and reflective of current market rates. The Company has $ 10 million in payments related to this line of credit due in the next twelve months. The Company can repay the entire outstanding facility balance without penalty at its sole discretion. Other debt at December 31, 2022 included $ 31 million of funding provided by minority interest partners of NOV consolidated joint ventures, of which $ 3 million is due in the next twelve months. The Company had $ 504 million of outstanding letters of credit at December 31, 2022, primarily in the U.S. and Norway, that are under various bilateral letter of credit facilities. Letters of credit are issued as bid bonds, advanced payment bonds and performance bonds. At December 31, 2022 and 2021 , the fair value of the Company's unsecured Senior Notes approximated $ 1,215 million and $ 1,610 million, respectively. The fair value of the Company's debt is estimated using Level 2 inputs in the fair value hierarchy and is based on quoted prices for those of similar instruments. At December 31, 2022 and 2021 , the carrying value of the Company's unsecured Senior Notes approximated $ 1,585 million and $ 1,584 million, respectively. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 10. Employee Benefit Plans We have benefit plans covering substantially all our employees. Defined-contribution retirement plans cover most of the U.S. and Canadian employees, and benefits are generally based on employee deferrals and matching on those employee contributions. We also have defined contribution plans in Norway and the United Kingdom. For the years ended December 31, 2022, 2021 and 2020, expenses for defined-contribution retirement plans were $ 67 million, $ 34 million, and $ 51 million, respectively, and all funding is current. In 2021, NOV announced and filed for the defined benefit plan in the United States to be settled. As part of that process, the benefit accrual for the 20 employees represented by a collective bargaining agreement was ended as of November 30, 2021. The plan settlement, which would result in the full settlement of the Company’s obligations, is expected to be completed in early 2023. Plan participants will receive their full accrued benefits from plan assets through annuity contracts with a qualifying third-party annuity provider. Upon settlement, we expect to recognize pre-tax pension settlement charges that will include (1) a non-cash charge for the recognition of all pre-tax actuarial losses accumulated in accumulated other comprehensive loss ($ 8 million as of December 31, 2022) and (2) any cash contributions to settle the Plan’s obligations ($ 5 million net projected benefit obligation as of December 31, 2022). The actual amount of the settlement charges and any potential cash contribution will depend on various factors, including interest rates and plan asset returns. In the third quarter of 2022, the Company offered a new benefit plan providing retiree medical coverage in the United States, and approximately 8,600 employees are eligible for this coverage. In addition, approximately 1,000 U.S. retirees and/or spouses participate in plans that provide post-retirement healthcare and/or life insurance benefits. Net periodic benefit income (cost) for our Defined Benefit pension plans aggregated $ 1 million, $ 3 million, and $ 3 million for the years ended December 31, 2022, 2021 and 2020, respectively. The change in benefit obligation, plan assets and the funded status of the defined benefit pension plans in the United States, United Kingdom, Norway, Germany and the Netherlands and defined postretirement plans in the United States, using a measurement date of December 31, 2022 and 2021, is as follows (in millions): Pension benefits Postretirement benefits At year end 2022 2021 2022 2021 Benefit obligation at beginning of year $ 594 $ 641 $ 34 $ 43 Service cost 1 1 1 — Interest cost 9 11 1 1 Actuarial loss (gain) ( 135 ) ( 5 ) ( 5 ) 4 Benefits paid ( 62 ) ( 29 ) ( 8 ) ( 14 ) Exchange rate loss (gain) ( 25 ) ( 12 ) — — Plan amendments — — 27 — Settlements — ( 13 ) — — Benefit obligation at end of year $ 382 $ 594 $ 50 $ 34 Fair value of plan assets at beginning of year $ 571 $ 584 $ — $ — Actual return ( 105 ) 32 — — Benefits paid ( 62 ) ( 29 ) ( 8 ) ( 15 ) Company contributions 3 4 8 15 Exchange rate gain (loss) ( 26 ) ( 7 ) — — Settlements — ( 13 ) — — Fair value of plan assets at end of year $ 381 $ 571 $ — $ — Funded status $ ( 1 ) $ ( 23 ) $ ( 50 ) $ ( 34 ) Accumulated benefit obligation at end of year $ 381 $ 592 Liabilities associated with the funded status of the defined benefit pension plans are included in the balances of accrued liabilities and other liabilities in the Consolidated Balance Sheet. Defined Benefit Pension Plans Assumed long-term rates of return on plan assets, discount rates and rates of compensation increases vary for the different plans according to the local economic conditions. The assumption rates used for benefit obligations are as follows: Year Ended December 31, 2022 2021 Discount rate: United States plan 4.74 % - 5.20 % 1.80 % - 2.20 % International plans 3.30 % - 4.80 % 1.00 % - 1.90 % Salary increase: United States plan N/A N/A International plans 2.50 % - 3.75 % 2.50 % - 3.40 % The assumption rates used for net periodic benefit costs are as follows: Year Ended December 31, 2022 2021 2020 Discount rate: United States plan 1.80 % - 2.20 % 1.20 % - 2.40 % 2.50 % - 3.20 % International plans 1.00 % - 1.90 % 0.70 % - 1.80 % 0.00 % - 2.30 % Salary increase: United States plan N/A N/A N/A International plans 2.50 % - 3.40 % 1.75 % - 2.90 % 1.80 % - 3.10 % Expected return on assets: United States plan 1.84 % 3.90 % 4.80 % International plans 1.00 % - 4.00 % 0.80 % - 3.40 % 0.00 % - 4.50 % In determining the overall expected long-term rate of return for plan assets, the Company takes into consideration the historical experience as well as future expectations of the asset mix involved. As different investments yield different returns, each asset category is reviewed individually and then weighted for significance in relation to the total portfolio. The majority of our plans have projected benefit obligations in excess of plan assets. The Company expects to pay future benefit amounts on its pension plans of approximately $ 11 million for each of the next five years and aggregate payments of $ 114 million. Plan Assets The Company and its investment advisers collaboratively reviewed market opportunities using historic and statistical data, as well as the actuarial valuation reports for the plans, to ensure that the levels of acceptable return and risk are well-defined and monitored. Currently, the Company’s management believes that there are no significant concentrations of risk associated with plan assets. Our pension investment strategy worldwide prohibits a direct investment in our own stock. The following table sets forth by level, within the fair value hierarchy, the plan’s assets carried at fair value (in millions): Fair Value Measurements Total Level 1 Level 2 Level 3 December 31, 2021: Equity securities $ 8 $ — $ 8 $ — Bonds 372 — 372 — Other (insurance contracts) 191 — 132 59 Total Fair Value Measurements $ 571 $ — $ 512 $ 59 December 31, 2022: Equity securities $ 4 $ — $ 4 $ — Bonds 79 — 79 — Other (insurance contracts) 298 — 260 38 Total Fair Value Measurements $ 381 $ — $ 343 $ 38 Level 3 inputs are unobservable (i.e., supported by little or no market activity). Level 3 inputs include management’s own judgement about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). The following table sets forth a summary of changes in the fair value of the plan’s Level 3 assets (in millions): Level 3 Plan Balance at December 31, 2020 $ 66 Actual return on plan assets still held at ( 2 ) Purchases, sales and settlements ( 1 ) Currency translation adjustments ( 4 ) Balance at December 31, 2021 $ 59 Actual return on plan assets still held at ( 16 ) Purchases, sales and settlements ( 1 ) Currency translation adjustments ( 4 ) Balance at December 31, 2022 $ 38 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 11. Accumulated Other Comprehensive Loss The components of accumulated other comprehensive income (loss) are as follows (in millions): Derivative Employee Currency Financial Benefit Translation Instruments, Plans, Adjustments Net of Tax Net of Tax Total Balance at December 31, 2019 $ ( 1,403 ) $ ( 4 ) $ ( 16 ) $ ( 1,423 ) Accumulated other comprehensive income ( 78 ) 4 ( 30 ) ( 104 ) Amounts reclassified from accumulated other — 19 ( 1 ) 18 Balance at December 31, 2020 $ ( 1,481 ) $ 19 $ ( 47 ) $ ( 1,509 ) Accumulated other comprehensive income ( 34 ) ( 5 ) 10 ( 29 ) Amounts reclassified from accumulated other — ( 7 ) ( 1 ) ( 8 ) Balance at December 31, 2021 $ ( 1,515 ) $ 7 $ ( 38 ) $ ( 1,546 ) Accumulated other comprehensive income ( 30 ) ( 17 ) ( 4 ) ( 51 ) Amounts reclassified from accumulated other — 6 ( 2 ) 4 Balance at December 31, 2022 $ ( 1,545 ) $ ( 4 ) $ ( 44 ) $ ( 1,593 ) The components of amounts reclassified from accumulated other comprehensive income (loss) are as follows (in millions): Year Ended December 31, 2022 2021 2020 Derivative Employee Derivative Employee Derivative Employee Financial Benefit Financial Benefit Financial Benefit Instruments Plans Total Instruments Plans Total Instruments Plans Total Revenue $ 3 $ — $ 3 $ ( 1 ) $ — ( 1 ) $ 17 $ — $ 17 Cost of revenue 6 — 6 ( 8 ) — ( 8 ) 6 — 6 Selling, general, — ( 2 ) ( 2 ) — ( 1 ) ( 1 ) — ( 1 ) ( 1 ) Tax effect ( 3 ) — ( 3 ) 2 — 2 ( 4 ) — ( 4 ) $ 6 $ ( 2 ) $ 4 $ ( 7 ) $ ( 1 ) $ ( 8 ) $ 19 $ ( 1 ) $ 18 The Company’s reporting currency is the U.S. dollar. A majority of the Company’s international entities in which there is a substantial investment have the local currency as their functional currency. As a result, currency translation adjustments resulting from the process of translating the entities’ financial statements into the reporting currency are reported in other comprehensive income or (loss). The Company recorded other comprehensive loss of $ 30 million, $ 34 million and $ 78 million for the years ended December 31, 2022, 2021 and 2020, respectively. The effect of changes in the fair values of derivatives designated as cash flow hedges are accumulated in other comprehensive income (loss), net of tax, until the underlying transactions are realized. The movement in other comprehensive income (loss) from period to period will be the result of the combination of changes in fair value of open derivatives and the outflow of other comprehensive income (loss) related to cumulative changes in the fair value of derivatives that have settled in the current period. The accumulated effect was other comprehensive income (loss) of $( 11 ) million (net of $( 3 ) million tax), $( 12 ) million (net of $ 2 million tax) and $ 23 million (net of $ 5 million tax) for the years ended December 31, 2022, 2021 and 2020. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Our business is governed by laws and regulations, including those directed to the oilfield service industry, promulgated by U.S. federal and state governments and regulatory agencies, as well as international governmental authorities in the many countries in which we conduct business. In the United States these governmental authorities include: the U.S. Department of Labor, the Occupational Safety and Health Administration, the Environmental Protection Agency, the Bureau of Land Management, the Department of Treasury, Office of Foreign Asset Controls, state environmental agencies and many others. We are unaware of any material liabilities in connection with our compliance with such laws. New laws, regulations and enforcement policies may result in additional, presently unquantifiable, or unknown, costs or liabilities. The Company is involved in various claims, regulatory agency audits and pending or threatened legal actions involving a variety of matters. The Company maintains insurance that covers many of the claims arising from risks associated with the business activities of the Company, including claims for premises liability, product liability, personal injury and other such claims. The Company carries substantial insurance to cover such risks above a self-insured retention. The Company believes, and the Company’s experience has been, that such insurance has been enough to cover any such material risks. The Company is also a party to claims, threatened and actual litigation, private arbitration, internal investigations of potential regulatory and compliance matters which arise both from legacy businesses that the Company has acquired over many years and from the Company’s current ordinary day-to-day business activities. These regulatory matters and disputes involve private parties and/or government authorities, which assert claims against the Company for a broad spectrum of potential claims including: employment law claims, collective actions or class action claims under employment laws, intellectual property claims, (such as alleged patent infringement, and/or misappropriation of trade secrets by the company), premises liability claims, environmental claims, product liability claims, warranty claims, personal injury claims arising from exposure to or use of allegedly defective products, alleged regulatory violations, alleged violations of anti-corruption and anti-bribery laws and other commercial and/or regulatory claims seeking recovery for alleged actual or exemplary damages or fines and penalties. Such claims involve various theories of liability which include: negligence, strict liability, product liability, and other theories of liability. For some of these contingent claims, the Company’s insurance coverage is inapplicable or an exclusion to coverage may apply. In such instances, settlement or other resolution of such claims, individually or collectively, could have a material financial or reputational impact on the Company. As of December 31, 2022, the Company recorded reserves in an amount believed to be sufficient, given the range of potential outcomes, for contingent liabilities representing all contingencies believed to be probable. These reserves include all costs expected for reclamation of a closed barite mine and product liability claims, as well as other circumstances involving material claims. The Company has assessed the potential for additional losses above the amounts accrued as well as potential losses for matters that are believed to be not probable, but are reasonably possible. The Company sets accruals in accordance with GAAP based on its best judgment about the probable results of disputed claims, regulatory enforcement actions, tax and other governmental audits, and other contingencies. The litigation process as well as the outcome of regulatory oversight is inherently uncertain, and our best judgment concerning the probable outcome of litigation or regulatory enforcement matters may prove to be incorrect. No assurance can be given as to the outcome of these matters. The total potential loss on these matters cannot be determined; however, in our opinion, any ultimate liability, to the extent not otherwise provided for, will not materially affect our financial position, cash flow or results of operations. These estimated liabilities are based on the Company’s assessment of the nature of these matters, their progress toward resolution, the advice of legal counsel and outside experts as well as management’s experience. Because of uncertainty and risk inherent to litigation, arbitration, audits, governmental investigations and enforcement actions, the Company’s actual liabilities incurred may exceed our estimated liabilities and reserves, which could have a material financial or reputational impact on the Company. In 2022, the Company received and paid a $ 51 million transfer pricing tax assessment in Denmark. The Company and its advisors believe the assessment is without merit. The Company is presently appealing and believes it will be reimbursed following a successful appeals process. The payment has been recorded as a long-term receivable. In many instances, the Company’s products and services embody or incorporate trade secrets or patented inventions. From time to time, we are engaged i n disputes concerning protection of the Company’s trade secrets and confidential information, patents, and other intellectual property rights. Such disputes frequently involve complex, factual, technical and/or legal issues which result in high costs to adjudicate our rights and for which it may be difficult to predict the ultimate outcome. At any given time, the Company may be a plaintiff or defendant in disputes involving disputed intellectual property rights. The Company is currently pursuing, and intends to pursue future claims involving revenue recognized for technology related to drill bits. The Company is suing for breach of agreements pursuant to which certain drill bit manufacturers have licensed the Company’s intellectual property. The amount of the Company's claims for outstanding receivables exceeds $ 30 million dollars, and is likely to increase over time until we achieve resolution of such claims. Because of the importance of the Company’s intellectual property to the Company’s performance, an adverse result in such disputes could result in a material loss of revenue from royalties or a decline in sales of products protected by patents, which could materially and adversely impact our financial performance. Further, in some instances, direct or indirect consumers of our products and services or members of the supply chain for our products and services become involved in governmental investigations, internal investigations, political or other enforcement matters. In such circumstances, such investigations may adversely impact the ability of consumers of our products, entities providing financial support to such consumers or entities in the supply chain to timely perform their business plans or to timely perform under agreements with us. We may, from time to time, become involved in these investigations, at substantial cost to the Company. We also are subject to trade regulations, supply chain regulations, and other regulatory compliance in which the laws and regulations of different jurisdictions conflict or these regulations may conflict with contractual terms. In such circumstances, our compliance with U.S. laws and regulations may subject us to risk of fines, penalties, or contractual liability in other jurisdictions. Our efforts to actively manage such risks may not always be successful which could lead to negative impacts on revenue or earnings. The Company is exposed to customs and trade regulation risk in the countries in which we do business and countries from which or to which we import or export goods. Such trade regulations can be complex and conflicting, as different countries use trade regulation to promote conflicting policy objectives. Compliance with these laws and regulations present challenges which could result in future liabilities (for example, when laws conflict between countries). The Company may face increased tariffs and trade costs, loss of revenue, loss of customers, increased costs, the need for renegotiation of agreements, and other business disruptions. In addition, trade regulations, export controls, and other laws adversely impact our ability to do business in certain countries, e.g., Iran, Syria, Russia, China and Venezuela. In response to additional sanctions enacted by governments in the European Union, the United States, the United Kingdom, Switzerland, and other countries as a result of active armed conflict in Ukraine, we ceased new investments in Russia and have curtailed our activities in Russia. During the third quarter of 2022, we sold our business in Belarus and committed to a plan to sell our business in Russia. The sale is subject to government approval under Russian law. Litigation may result from the confluence of these events in Russia and Belarus and our response to the various sanctions as we work to comply with applicable laws and regulations. We also may incur severance costs as a result of conditions in Russia if we are unable to obtain government approval. Uncertainty arising from the COVID-19 pandemic continues to adversely impact many jurisdictions and disrupt normal economic activities. For example, lockdowns in China have disrupted supply chains for the Company’s vendors and products. The Company’s ability to manufacture equipment and perform services could also be impaired and the Company could be exposed to liabilities resulting from additional interruption or delay in its ability to perform due to limited manpower, travel restrictions, difficulty obtaining visas, adverse health consequences to employees, supply chain disruption, inflationary pressures, and materials shortages. The Company continues to see operational delays due to supply chain disruption and closure or limitations imposed on our facilities and work force regulations. We also face sometimes conflicting regulatory and legal regulations, for example, vaccine mandates and prohibitions of vaccine mandates. We may face loss of workers, labor shortages, litigation, fines and/or other adverse consequences resulting from vaccine mandates and enforcement of other COVID-19 regulations. Disputes may arise regarding application of force majeure contract provisions and allocation of responsibility among customers, the Company, and suppliers, resulting in material added cost and/or litigation. Our customers may attempt to cancel or delay projects, cancel contracts, or may invoke force majeure clauses. Our customers may also seek to delay or may default on their payments to us. As a result, the Company may be exposed to additional costs, liabilities and risks which could materially, adversely impact our financial performance and results. These potential operational and service delays resulting from the COVID-19 pandemic could result in contractual or other legal claims from our customers. At this time, it is not possible to quantify all these risks, but the combination of these factors could have a material impact on our financial results. Due to market conditions and ongoing concerns about the energy transition, demand for our products and services may decline. Legal restrictions on exploration and production may impede our customer’s ability to do business in certain jurisdictions. The political environment may adversely impact demand for hydrocarbons in different jurisdictions or world wide. The demand for energy may be constrained with adverse consequences for our customers and for the company. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Common Stock | 13. Common Stock NOV has authorized 1 billion shares of $ 0.01 par value common stock. The Company also has authorized 10 million shares of $ 0.01 par value preferred stock, none of which is issued or outstanding. Cash dividends aggregated $ 78 million and $ 20 million for the years ended December 31, 2022 and 2021, respectively. The declaration and payment of future dividends is at the discretion of the Company’s Board of Directors and will be dependent upon the Company’s results of operations, financial condition, capital requirements and other factors deemed relevant by the Company’s Board of Directors. Total compensation cost that has been charged against income for all share-based compensation arrangements was $ 67 million, $ 78 million and $ 105 million for 2022, 2021 and 2020, respectively. The total income tax benefit recognized before consideration of valuation allowance in the consolidated statements of income for all share-based compensation arrangements was $ 3 million, $ 2 million and $ 3 million for 2022, 2021 and 2020, respectively. The Company’s stock-based compensation plan, known as the NOV Inc. Long-Term Incentive Plan (the “NOV Plan”), was approved by shareholders on May 11, 2018 and amended and restated on May 24, 2022. The NOV Plan provides for the granting of stock options, restricted stock, restricted stock units, performance awards, phantom shares, stock appreciation rights, stock payments and substitute awards. The number of shares authorized under the NOV Plan is 55.7 million. The NOV Plan is also subject to a fungible ratio concept, such that the issuance of stock options and stock appreciation rights reduces the number of available shares under the NOV Plan on a 1-for-1 basis, and the issuance of other awards reduces the number of available shares under the NOV Plan on a 1.5-for-1 basis. At December 31, 2022, approximately 17.3 million shares remained available for future grants under the NOV Plan. The Company also has outstanding awards under its other stock-based compensation plan known as the National Oilwell Varco, Inc. Long-Term Incentive Plan (the “Plan”), however the Company is no longer granting new awards under the Plan. The Plan provides for the granting of stock options, performance-based share awards, restricted stock, phantom shares, stock payments and stock appreciation rights (“SARs”). The number of shares authorized under the Plan is 69.4 million. The Plan is subject to a fungible ratio concept, such that the issuance of stock options and SARs reduces the number of available shares under the Plan on a 1-for-1 basis, and the issuance of other awards reduces the number of available shares under the Plan on a 3-for-1 basis. Stock Options Options granted under our stock-based compensation plans generally vest over a three-year period starting one year from the date of grant and expire ten years from the date of grant. The purchase price of options granted may not be less than the closing market price of NOV common stock on the date of grant. Stock option information summarized below includes amounts for the NOV Plan and the Plan and stock plans of acquired companies. Options outstanding at December 31, 2022 under the stock option plans have exercise prices between $ 15.00 and $ 72.66 per share, and expire at various dates from February 16, 2023 to February 16, 2032. The following summarizes options activity: Year Ended December 31, 2022 2021 2020 Number Average Number Average Number Average of Exercise of Exercise of Exercise Shares Price Shares Price Shares Price Shares under option at beginning 21,276,961 $ 42.09 21,005,502 $ 45.70 21,310,099 $ 47.68 Granted 1,492,020 16.73 1,669,511 15.00 1,650,262 20.23 Forfeited ( 1,574,642 ) 65.44 ( 1,398,052 ) 63.65 ( 1,954,859 ) 45.75 Exercised ( 113,951 ) 17.77 — — — — Shares under option at end of year 21,080,388 $ 38.68 21,276,961 $ 42.09 21,005,502 $ 45.70 Exercisable at end of year 17,988,842 $ 42.46 18,039,330 $ 46.27 17,893,434 $ 49.25 The following summarizes information about stock options outstanding at December 31, 2022: Weighted-Avg Options Outstanding Options Exercisable Remaining Weighted-Avg Weighted-Avg Range of Exercise Price Contractual Life Shares Exercise Price Shares Exercise Price $ 15.00 - $ 30.00 6.42 7,741,072 $ 21.81 4,649,526 $ 25.19 $ 30.01 - $ 50.00 3.81 6,525,740 36.26 6,525,740 36.26 $ 50.01 - $ 72.66 1.47 6,813,576 60.18 6,813,576 60.18 Total 4.01 21,080,388 $ 38.68 17,988,842 $ 42.46 The weighted-average fair value of options granted during 2022, 2021 and 2020, was approximately $ 6.28 , $ 5.75 and $ 5.83 per share, respectively, as determined using the Black-Scholes option-pricing model. The total intrinsic value of options exercised during 2022 and 2021 was $ 1 million and zero , respectively. The determination of fair value of share-based payment awards on the date of grant using an option-pricing model is affected by our stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise activity. The use of the Black Scholes model requires the use of actual employee exercise activity data and the use of a number of complex assumptions including expected volatility, risk-free interest rate, expected dividends and expected term. Year Ended December 31, Valuation Assumptions: 2022 2021 2020 Expected volatility 43.6 % 43.4 % 35.0 % Risk-free interest rate 1.9 % 0.6 % 1.2 % Expected dividend yield 1.2 % 0.0 % 1.0 % Expected term (in years) 5.4 5.1 4.8 The Company used the actual volatility for traded options for the past 10 years prior to option date as the expected volatility assumption required in the Black Scholes model. The risk-free interest rate assumption is based upon observed interest rates appropriate for the term of our employee stock options. The dividend yield assumption is based on the history and expectation of dividend payouts. The estimated expected term is based on actual employee exercise activity for the past ten years. Forfeitures are accounted for as they occur. The following summary presents information regarding outstanding options at December 31, 2022 and changes during 2022 with regard to options under all stock option plans: Weighted- Weighted Aggregate Shares Exercise Term Intrinsic Outstanding at December 31, 2021 21,276,961 $ 42.09 4.49 $ — Granted 1,492,020 $ 16.73 Forfeited ( 1,574,642 ) $ 65.44 Exercised ( 113,951 ) $ 17.77 Outstanding at December 31, 2022 21,080,388 $ 38.68 4.01 $ — Exercisable at December 31, 2022 17,988,842 $ 42.46 3.28 $ — At December 31, 2022 , total unrecognized compensation cost related to nonvested stock options was $ 10 million. This cost is expected to be recognized over a weighted-average period of three years . The total fair value of stock options vested in 2022, 2021 and 2020 was approximately $ 10 million, $ 12 million and $ 18 million, respectively. Cash received from option exercises for 2022 was $ 2 million. Cash received from option exercises in 2021 and 2020 was zero . The actual tax benefit (expense) realized for the tax deductions from option exercises was zero for in 2022, 2021, and 2020. Stock Appreciation Rights On December 20, 2017, the Company made a tender offer to exchange SARs issued to certain employees on February 24, 2016 (“2016 SARs”) for cash, amended SARs, and new stock options. The transaction was structured to provide the employees an equal long-term incentive compensation value, while alleviating volatility in the Company’s earnings caused by required mark-to-market accounting on outstanding SARS. Of the outstanding 2016 SARs, 94.75 % were exchanged resulting in a total cash payment of $ 14 million and granting of 3,613,707 new stock options on the exchange date with an exercise price of $ 34.32 and a fair value of $ 8.47 , with vesting matched to the exchanged 2016 SARs. The following summary presents information regarding outstanding SARs: Year Ended December 31, 2022 2021 Number Average Number Average of Exercise of Exercise Shares Price Shares Price Shares under SARs at beginning of year 1,193,934 $ 28.40 1,234,565 $ 28.40 Granted — — — — Forfeited ( 88,828 ) 28.61 ( 40,631 ) 28.32 Exercised — — — — Shares under SARs at end of year 1,105,106 $ 28.39 1,193,934 $ 28.40 Exercisable at end of year 1,105,106 $ 28.39 1,186,296 $ 28.44 The Company recognized no expense in 2022, 2021 , or 2020. There was no liability for cash-settled SARs at December 31, 2022. Restricted Shares The Company issues restricted stock awards and restricted stock units to officers and key employees in addition to stock options. On February 15, 2022, under the NOV Plan, the Company granted 1,492,020 stock options with a fair value of $ 6.28 per option and an exercise price of $ 16.73 per share; 2,877,894 restricted stock units with a fair value of $ 16.73 per share; and performance share awards (PSAs) to senior management employees with potential payouts varying from zero to 1,188,884 shares. The stock options vest over a three-year period from the grant date. The restricted stock units vest in three equal annual installments commencing on the first anniversary of the grant date. The 2022 PSAs can be earned based on performance against two established goals over a three-year period : 85 % with a TSR (total shareholder return) goal and 15 % with an internal NVA (“NOV Value Added”, a return on capital metric) goal. TSR performance is determined by comparing the Company’s TSR with the TSR of the members of the Philadelphia Stock Exchange’s Oil Services Sector Index (OSX) for the three-year performance period. The TSR portion of the performance share awards is subject to a vesting cap equal to 100% of Target Level if the Company’s absolute TSR is negative, regardless of relative TSR results. Conversely, if the Company’s absolute TSR is greater than 15% annualized over the three-year performance period the payout amount shall not be less than 50% of Target Level, regardless of relative TSR results. The NVA goal is based on the Company’s improvement in NVA from the beginning of the performance period until the end of the performance period. NVA is calculated as an amount equal to the Company’s (a) gross cash earnings less (b) average gross operating assets times an amount equal to a required return on assets, with certain adjustments. On May 24, 2022 the Company granted 76,257 restricted stock units with a fair value of $ 19.12 per share. The restricted stock units were granted to non-employee members of the board of directors and vest on the first anniversary of the grant date. The following summary presents information regarding outstanding restricted shares: Year Ended December 31, 2022 2021 2020 Weighted- Weighted- Weighted- Number Average Number Average Number Average of Grant Date of Grant Date of Grant Date Units Fair Value Units Fair Value Units Fair Value Nonvested at beginning of year 6,936,574 $ 21.32 6,073,963 $ 31.85 6,274,308 $ 33.10 Granted 3,509,425 $ 17.67 3,772,842 $ 15.03 3,166,402 $ 19.98 Vested ( 2,863,385 ) $ 17.11 ( 2,672,507 ) $ 15.38 ( 3,229,624 ) $ 20.09 Forfeited ( 394,431 ) $ 26.00 ( 237,724 ) $ 63.65 ( 137,123 ) $ 45.75 Nonvested at end of year 7,188,183 $ 18.30 6,936,574 $ 21.32 6,073,963 $ 31.85 At December 31, 2022 , there was approximately $ 66 million of unrecognized compensation cost related to nonvested restricted stock awards and restricted stock units, which is expected to be recognized over a weighted-average period of two years . |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 14. Revenue Disaggregation of Revenue The following tables disaggregate our revenue by destinations, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. In the tables below, North America includes only the U.S. and Canada (in millions): Year Ended December 31, 2022 Completion Wellbore & Production Rig Technologies Solutions Technologies Eliminations Total North America $ 1,407 $ 1,024 $ 448 $ — $ 2,879 International 1,306 1,511 1,541 — 4,358 Eliminations 64 53 45 ( 162 ) — $ 2,777 $ 2,588 $ 2,034 $ ( 162 ) $ 7,237 Land $ 2,066 $ 1,538 $ 543 $ — $ 4,147 Offshore 647 997 1,446 — 3,090 Eliminations 64 53 45 ( 162 ) — $ 2,777 $ 2,588 $ 2,034 $ ( 162 ) $ 7,237 Year Ended December 31, 2021 Completion Wellbore & Production Rig Technologies Solutions Technologies Eliminations Total North America $ 904 $ 789 $ 275 $ — $ 1,968 International 991 1,131 1,434 — 3,556 Eliminations 64 43 30 ( 137 ) — $ 1,959 $ 1,963 $ 1,739 $ ( 137 ) $ 5,524 Land $ 1,423 $ 1,250 $ 390 $ — $ 3,063 Offshore 472 670 1,319 — 2,461 Eliminations 64 43 30 ( 137 ) — $ 1,959 $ 1,963 $ 1,739 $ ( 137 ) $ 5,524 Year Ended December 31, 2020 Completion Wellbore & Production Rig Technologies Solutions Technologies Eliminations Total North America $ 824 $ 751 $ 227 $ — $ 1,802 International 988 1,639 1,661 — 4,288 Eliminations 55 43 31 ( 129 ) — $ 1,867 $ 2,433 $ 1,919 $ ( 129 ) $ 6,090 Land $ 1,308 $ 1,426 $ 473 $ — $ 3,207 Offshore 504 964 1,415 — 2,883 Eliminations 55 43 31 ( 129 ) — $ 1,867 $ 2,433 $ 1,919 $ ( 129 ) $ 6,090 The Company did no t have any customers with revenues greater than 10 % of total revenue for the years ended December 31, 2022, 2021, or 2020. Contract Assets and Liabilities Contract assets include unbilled amounts when revenue recognized exceeds the amount billed to the customer under contracts where revenue is recognized over-time. There were no impairment losses recorded on contract assets for the years ending December 31, 2022, 2021 and 2020. Contract liabilities consist of advance payments, billings in excess of revenue recognized and deferred revenue. The changes in the carrying amount of contract assets and contract liabilities are as follows (in millions): Contract Contract Balance at December 31, 2021 $ 461 $ 392 Provision, net ( 1 ) — Billings ( 1,062 ) 1,123 Revenue recognized 1,265 ( 1,071 ) Currency translation adjustments and other 22 — Balance at December 31, 2022 $ 685 $ 444 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 15. Income Taxes The domestic and foreign components of income (loss) before income taxes were as follows (in millions): Year Ended December 31, 2022 2021 2020 Domestic $ 113 $ ( 257 ) $ ( 2,169 ) Foreign 125 27 ( 610 ) $ 238 $ ( 230 ) $ ( 2,779 ) The components of the provision for income taxes consisted of (in millions): Year Ended December 31, 2022 2021 2020 Current: Federal $ ( 1 ) $ 4 $ ( 279 ) State - ( 1 ) ( 4 ) Foreign 86 23 106 Total current income tax provision 85 26 ( 177 ) Deferred: Federal 3 ( 1 ) 7 State — — — Foreign ( 5 ) ( 10 ) ( 72 ) Total deferred income tax provision ( 2 ) ( 11 ) ( 65 ) Total income tax provision $ 83 $ 15 $ ( 242 ) The difference between the effective tax rate reflected in the provision for income taxes and the U.S. federal statutory rate was as follows (in millions): Year Ended December 31, 2022 2021 2020 Federal income tax at U.S. statutory rate $ 50 $ ( 48 ) $ ( 584 ) Foreign income tax rate differential 1 ( 9 ) ( 30 ) Goodwill impairment — — 271 Reduction of FTC carryforwards — — 184 Tax Benefit from CARES Act — — ( 83 ) Change in deferred tax valuation allowance 24 31 ( 83 ) Nondeductible expenses 18 17 44 Foreign dividends, net of foreign tax credits 27 54 28 Change in uncertain tax positions 4 13 20 State income taxes - net of federal benefit — ( 1 ) ( 4 ) Income tax credits ( 5 ) ( 11 ) — Other ( 36 ) ( 31 ) ( 5 ) Total income tax provision $ 83 $ 15 $ ( 242 ) The effective tax rate for the year ended December 31, 2022 was 34.9 %, compared to ( 6.5 %) for 2021. For the year-ended 2022, the effective tax rate was negatively impacted by current year losses in certain jurisdictions with no tax benefit, partially offset by favorable adjustments related to foreign currency translation gains and the utilization of losses and tax credits for prior year tax returns. For the year ended December 31, 2021 the effective tax rate was negatively impacted by losses in certain jurisdictions with no tax benefit, partially offset by favorable adjustments related to utilization of losses and tax credits for prior year tax returns. Significant components of our deferred tax assets and liabilities were as follows (in millions): December 31, 2022 2021 Deferred tax assets: Allowances and operating liabilities $ 276 $ 297 Net operating loss carryforwards 324 446 Stock Compensation 51 56 Tax credit carryforwards 292 398 Other 119 135 Valuation allowance ( 920 ) ( 1,127 ) Total deferred tax assets 142 205 Deferred tax liabilities: Tax over book depreciation 49 56 Capital leases 73 76 Intangible assets 34 52 Deferred income 16 51 Accrued tax on unremitted earnings 32 33 Other 6 3 Total deferred tax liabilities 210 271 Net deferred tax liability $ 68 $ 66 The valuation allowance decreased by $ 207 million during 2022. This decrease is comprised of $ 128 million due to the expiration of foreign tax credit carryforwards in the US, $ 62 million for the removal of deferred tax assets for operations in Russia and Belarus, $ 25 million to remove other forfeited NOLs resulting from legal entity mergers and dissolutions, $ 13 million related to FX and $ 3 million related to changes in Other Comprehensive Income, partially offset by an increase of $ 24 million related to current year changes in the carrying value of deferred tax assets. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions): 2022 2021 2020 Unrecognized tax benefit at beginning of year $ 60 $ 57 $ 38 Gross increase for tax positions in prior years 9 8 25 Gross decrease for tax positions in prior years ( 1 ) ( 1 ) ( 2 ) Cash Settlements ( 1 ) ( 1 ) ( 1 ) Lapse of statute of limitations ( 5 ) ( 3 ) ( 3 ) Unrecognized tax benefit at end of year $ 62 $ 60 $ 57 The balance of unrecognized tax benefits at December 31, 2022, 2021 and 2020 was $ 62 million, $ 60 million and $ 57 million, respectively. Accruals related to prior year domestic and foreign jurisdiction issues resulted in uncertain tax position increases of $ 9 million in 2022 . Resolutions of domestic and foreign jurisdiction audits resulted in a $ 1 million decrease in uncertain tax provisions for both the years ended December 31, 2022 and 2021. Substantially all of the unrecognized tax benefits, if ultimately realized, would be recorded as a benefit to the effective tax rate. The Company does not anticipate any material change within the next twelve months due to settlements and conclusions of tax examinations. To the extent penalties and interest would be assessed on any underpayment of income tax, such accrued amounts have been classified as a component of income tax expense in the financial statements consistent with the Company’s policy. For the years ended December 31, 2022, 2021 and 2020, we recorded income tax expense of $ 8 million, $ 8 million and $ 2 million, respectively, for interest and penalty related to unrecognized tax benefits. As of December 31, 2022 and 2021 , the Company had accrued $ 23 million and $ 20 million, respectively, of interest and penalty relating to unrecognized tax benefits. The Company is subject to taxation in the United States as well as various states and foreign jurisdictions. The Company has significant operations in the United States, Norway, Saudi Arabia, Brazil, China, the United Kingdom, the Netherlands, Denmark, and Mexico. Tax years that remain subject to examination by major tax jurisdictions vary by legal entity, but are generally open in the U.S. for tax years ending after 2013 and outside the U.S. for tax years ending after 2017. Net operating loss carryforwards by jurisdiction and expiration as of December 31, 2022 were as follows (in millions): Federal State Foreign Total 2023 - 2027 Expiration $ 15 $ 4 $ 63 $ 82 2028 - 2042 Expiration 16 425 314 755 Unlimited Expiration 320 — 498 818 Total Net Operating Loss (NOL) $ 351 $ 429 $ 875 $ 1,655 Tax Effected NOL $ 74 $ 28 $ 222 $ 324 The Company has $ 273 million of excess foreign tax credits in the United States as of December 31, 2022 , of which $ 144 million, $ 96 million, $ 12 million, $ 11 million, and $ 10 million will expire in 2027, 2028, 2030, 2031, and 2032 respectively. As of December 31, 2022 , the Company has remaining tax-deductible goodwill of $ 83 million, resulting from acquisitions. The amortization of this goodwill is deductible over various periods ranging up to 9 years. |
Business Segments and Geographi
Business Segments and Geographic Areas | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Business Segments and Geographic Areas | 16. Business Segments. and Geographic Areas The Company’s operations are organized into three operating segments: Wellbore Technologies, Completion & Production Solutions and Rig Technologies. Wellbore Technologies The Company’s Wellbore Technologies segment designs, manufactures, rents, and sells a variety of equipment and technologies used to perform drilling operations, and offers services that optimize their performance, including: solids control and waste management equipment and services; portable power generation; drill pipe; wired pipe; drilling optimization and automation services; tubular inspection, repair and coating services; instrumentation; measuring and monitoring; downhole and fishing tools; steerable technologies; and drill bits. Wellbore Technologies focuses on oil and gas companies and supports drilling contractors, oilfield service companies, and oilfield equipment rental companies. Demand for the segment’s products and services depends on the level of oilfield drilling activity by oil and gas companies, drilling contractors, and oilfield service companies. Completion & Production Solutions The Company’s Completion & Production Solutions segment integrates technologies for well completions and oil and gas production. The segment designs, manufactures, and services equipment and technologies needed for hydraulic fracture stimulation, including downhole multistage fracturing tools, pressure pumping trucks, blenders, sanders, hydration units, injection units, flowline, and manifolds; well intervention, including coiled tubing units, coiled tubing, and wireline units and tools; well construction, including premium connections and liner hangers; onshore production, including composite pipe, surface transfer and progressive cavity pumps, and artificial lift systems; and, offshore production, including floating production systems and subsea production technologies. The segment also manufactures industrial pumps and mixers. Completion & Production Solutions supports service companies and oil and gas companies. Demand for the segment’s products depends on the level of oilfield completions and workover activity by oilfield service companies and drilling contractors, and capital spending plans by oil and gas companies and oilfield service companies. The segment also designs and manufactures equipment for industrial markets. This includes specialized, technology-driven progressive cavity pumps and mixers for a wide breadth of industrial end markets with high failure costs, premium pole products to support connectivity, lighting, and power for municipal and residential applications including 5G, smart-city infrastructure, roads and highways, and energy-grid modernization. Demand for these products is driven by general industrial activity and infrastructure spend. Rig Technologies The Company’s Rig Technologies segment manufactures and supports the capital equipment and integrated systems needed to drill oil and gas wells on land and offshore as well as other marine-based markets, including offshore wind vessels. The segment designs, manufactures and sells land rigs, offshore drilling equipment packages, including installation and commissioning services, and drilling rig components that mechanize and automate the drilling process and rig functionality. Equipment and technologies the segment provides to customers include: substructures, derricks, and masts; cranes; jacking systems; pipe lifting, racking, rotating, and assembly systems; fluid transfer technologies, such as mud pumps; pressure control equipment, including blowout preventers; power transmission systems, including drives and generators; rig instrumentation and control systems; mooring, anchor, and deck handling machinery; major equipment components for offshore wind construction vessels; and pipelay and construction systems. The segment also provides spare parts, repair, and rentals as well as comprehensive remote equipment monitoring, technical support, field service, and customer training through an extensive network of aftermarket service and repair facilities strategically located in major areas of drilling operations around the world. Rig Technologies supports land and offshore drillers. Demand for the segment’s products depends on drilling contractors’ and oil and gas companies’ capital spending plans, specifically capital expenditures on rig construction and refurbishment; and secondarily on the overall level of oilfield drilling activity, which drives demand for spare parts, service, and repair for the segment’s large installed base of equipment. The segment also designs and builds equipment for wind turbine installation companies, where demand is dependent on global investment into offshore wind energy developments. Geographic Areas: The following table presents consolidated revenues by country based on sales destination of the products or services (in millions): Year Ended December 31, 2022 2021 2020 United States $ 2,603 $ 1,760 $ 1,634 Brazil 495 316 224 Saudi Arabia 488 316 343 Norway 351 365 464 China 296 222 288 Canada 277 207 168 United Kingdom 199 204 222 United Arab Emirates 157 130 221 Singapore 131 143 242 South Korea 88 32 33 Other Countries 2,152 1,829 2,251 Total $ 7,237 $ 5,524 $ 6,090 The following table presents plant, property and equipment by country based on the location (in millions): December 31, 2022 2021 United States $ 883 $ 898 Saudi Arabia 240 231 Brazil 94 87 United Kingdom 72 84 Denmark 68 72 South Korea 66 60 United Arab Emirates 64 65 Canada 50 59 Mexico 27 28 Singapore 13 14 Russia - 10 Other Countries 204 215 Total $ 1,781 $ 1,823 Business Segments: The following table presents selected financial data by business segment (in millions): Wellbore Technologies Completion & Production Solutions Rig Technologies Eliminations and Total December 31, 2022 Revenue $ 2,777 $ 2,588 $ 2,034 $ ( 162 ) $ 7,237 Operating profit (loss) (2) 304 69 144 ( 253 ) 264 Capital expenditures 109 59 34 12 214 Depreciation and amortization 150 62 73 16 301 Goodwill 313 480 712 — 1,505 Total assets 2,992 2,748 3,074 1,321 10,135 December 31, 2021 Revenue $ 1,959 $ 1,963 $ 1,739 $ ( 137 ) $ 5,524 Operating profit (loss) (2) 74 ( 65 ) 43 ( 186 ) ( 134 ) Capital expenditures 77 46 74 4 201 Depreciation and amortization 158 62 71 15 306 Goodwill 342 473 712 - 1,527 Total assets 2,670 2,465 2,621 1,794 9,550 December 31, 2020 Revenue $ 1,867 $ 2,433 $ 1,919 $ ( 129 ) $ 6,090 Operating profit (loss) (2) ( 858 ) ( 977 ) ( 362 ) ( 228 ) ( 2,425 ) Capital expenditures 87 48 80 11 226 Depreciation and amortization 187 75 77 13 352 Goodwill 308 473 712 — 1,493 Total assets 2,665 2,472 2,923 1,869 9,929 (1) Sales from one segment to another generally are priced at estimated equivalent commercial selling prices; however, segments originating an external sale are credited with the full profit to the Company. Eliminations and corporate costs include intercompany transactions conducted between the three reporting segments that are eliminated in consolidation, as well as corporate costs not allocated to the segments. Intercompany transactions within each reporting segment are eliminated within each reporting segment. Also included in the eliminations and corporate costs column are capital expenditures and total assets related to corporate. Corporate assets consist primarily of cash and fixed assets. (2) Segment operating profit for 2022 includes charges, net of related credits, for: Russia impairment and other charges (Wellbore Technologies $ 60 million; Completion & Production Solutions $ 39 million; and, Rig Technologies $ 24 million); credits related to gains on sales of previously reserved inventory (Wellbore Technologies zero ; Completion & Production Solutions $( 8 ) million; and, Rig Technologies $( 27 ) million); and severance and other restructuring costs (Wellbore Technologies zero ; Completion & Production Solutions $ 5 million; and, Rig Technologies $ 3 million). Segment operating loss for 2021 includes charges, net of related credits, for: inventory write-downs net of gains on sales of previously reserved inventory (Wellbore Technologies $( 2 ) million; Completion & Production Solutions $( 12 ) million; and, Rig Technologies $ 1 million); and severance and other restructuring costs (Wellbore Technologies $ 32 million; Completion & Production Solutions $ 12 million; and, Rig Technologies $ 19 million). |
Impairment and Other Charges
Impairment and Other Charges | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Impairment and Other Charges | 17. Impairment and Other Charges Beginning February 2022, as a result of armed conflict in Ukraine, governments in the European Union, the United States, the United Kingdom, Switzerland, and other countries have enacted sanctions against Russia and Russian interests. Among other things, these sanctions include controls on the export, re-export, and in-country transfer in Russia of certain goods, supplies, and technologies, including some that we use in our business in Russia. They also impose restrictions on doing business with specially designated nationals, including certain state-owned Russian customers, certain financial institutions and certain individuals and restrict or prohibit new investments and business activities in Russia. As previously disclosed, in response to these sanctions, the Company ceased new investments and curtailed our activities in Russia. Further, during the third quarter of 2022, the Company sold its business in Belarus and committed to a plan to sell its businesses in Russia. The sale is subject to government approval under Russian law. As a result of these actions, we recorded $ 127 million in impairment and other charges for the year ended December 31, 2022, of which $ 51 million relates to accumulated foreign currency translation adjustment losses for Russia and Belarus. The impairment and other charges are reported in “Cost of revenue” ($ 76 million for the year ended December 31, 2022) and “Selling, general and administrative” ($ 51 million for the year ended December 31, 2022) in our Consolidated Statements of Income (Loss). As of December 31, 2022, all our Russian assets and liabilities were classified as held for sale and reported in “Prepaid and Other Current Assets” and “Accrued Liabilities”, respectively, in our Consolidated Balance Sheet. We expect to complete the sale of our Russian entities within the next 12 months, subject to regulatory approval. |
Schedule II Nov Inc. Valuation
Schedule II Nov Inc. Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II Nov Inc. Valuation and Qualifying Accounts | SCHEDU LE II NOV INC. VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2022, 2021 and 2020 (in millions) Balance Additions Charge off's Balance Allowance for credit losses: 2022 $ 88 $ 5 $ ( 22 ) $ 71 2021 100 5 ( 17 ) 88 2020 132 7 ( 39 ) 100 Reserve for excess and obsolete inventories: 2022 $ 444 $ ( 18 ) $ ( 48 ) $ 378 2021 577 73 ( 206 ) 444 2020 843 367 ( 633 ) 577 Valuation allowance for deferred tax assets: 2022 $ 1,127 $ 24 $ ( 231 ) $ 920 2021 1,093 31 3 1,127 2020 1,175 ( 83 ) 1 1,093 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts of financial instruments including cash and cash equivalents, receivables, and payables approximated fair value because of the relatively short maturity of these instruments. Cash equivalents include only those investments having a maturity date of three months or less at the time of purchase. |
Derivative Financial Instruments | Derivative Financial Instruments The Company records all derivative financial instruments at their fair value in its Consolidated Balance Sheet. Except for certain non-designated hedges discussed in Note 3 below, all derivative financial instruments that the Company holds are designated as cash flow hedges and are highly effective in offsetting movements in the underlying risks. Such arrangements typically have terms between two and 24 months but may have longer terms depending on the underlying cash flows being hedged, typically related to the projects in our backlog. |
Inventories | Inventories Inventories are stated at the lower of cost or estimated net realizable value using the first-in, first-out or average cost methods. Inventories consist of raw materials and supplies, work-in-process and finished goods and purchased products. The Company reviews historical usage of inventory on-hand, assumptions about future demand and market conditions, and estimates about potential alternative uses, which are limited, to estimate net realizable value. The Company evaluates inventory using the best information available at the time to inform our assumptions and estimates about future demand and resulting sales volumes, and records reserves as necessary. We recorded charges (credits) to inventory reserves of $( 18 ) million, $ 73 million, and $ 367 million for the years ended December 31, 2022, 2021, and 2020, respectively, consisting primarily of obsolete and surplus inventories. At December 31, 2022 and 2021 , inventory reserves totaled $ 378 million and $ 444 million, or 17.3 % and 25.0 % of gross inventory, respectively. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost. Expenditures for major improvements that extend the lives of property and equipment are capitalized while minor replacements, maintenance and repairs are charged to operations as incurred. Disposals are removed at cost less accumulated depreciation with any resulting gain or loss reflected in operations. Depreciation is provided using the straight-line method over the estimated useful lives of individual items. Depreciation expense was $ 250 million, $ 264 million, and $ 302 million for the years ended December 31, 2022, 2021 and 2020, respectively. The estimated useful lives of the major classes of property, plant and equipment are included in Note 5 to the consolidated financial statements. We record impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets are impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. The carrying value of assets used in operations that are not recoverable is reduced to fair value if lower than carrying value. In determining the fair market value of the assets, we consider market trends and recent transactions involving sales of similar assets, or when not available, discounted cash flow analysis. Impairments of plant, property and equipment were $ 262 million for the year ended December 31, 2020. |
Acquisitions and Investments | Acquisitions and Investments Acquisitions of businesses are accounted for using the acquisition method of accounting, and the financial statements include the results of the acquired operations from the respective dates of acquisition. The purchase price of the acquired entities is preliminarily allocated to the net assets acquired and liabilities assumed based on the estimated fair value at the dates of acquisition, with any excess of cost over the fair value of net assets acquired, including intangibles, recognized as goodwill. Subsequent changes to preliminary amounts are made prospectively. The Company paid cash of $ 49 million, $ 52 million, and $ 14 million for acquisitions for the years ended December 31, 2022, 2021 and 2020, respectively. Additionally, the Company paid $ 29 million in stock (consisting of 2 million shares) for acquisitions in 2021. These acquisitions did not have a material effect on the Company’s operating results, cash flows or financial position. |
Foreign Currency | Foreign Currency The functional currency for most of our foreign operations is the local currency. However, certain foreign operations, including our operations in Norway, use the U.S. dollar as the functional currency. The cumulative effects of translating the balance sheet accounts from the functional currency into the U.S. dollar at current exchange rates are included in accumulated other comprehensive income (loss). Revenues and expenses are translated at average exchange rates in effect during the period. Accordingly, financial statements of these foreign subsidiaries are remeasured to U.S. dollars for consolidation purposes using current rates of exchange for monetary assets and liabilities and historical rates of exchange for nonmonetary assets and related elements of expense. Revenue and expense elements are remeasured at rates that approximate the rates in effect on the transaction dates. For all operations, gains or losses from remeasuring foreign currency transactions into the functional currency are included in income. Net foreign currency transaction losses were $ 25 million, $ 16 million, and $ 2 million for the years ending December 31, 2022, 2021 and 2020, respectively, and are included in other income (expense) in the accompanying statement of income (loss). |
Revenue Recognition, Service and Repair Work, and Costs to Obtain and Fulfill a Contract | Revenue Recognition The majority of the Company’s revenue streams record revenue at a point in time when a performance obligation has been satisfied by transferring control of promised goods or services to a customer. Products are sold or rented and services are provided based upon a fixed or determinable price and do not generally include right of return or other significant post-delivery obligations. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Payment terms and conditions vary by contract type. We have elected to apply the practical expedient that does not require an adjustment for a financing component if, at contract inception, the period between when we transfer the promised goods or service to the customer and when the customer pays for the goods or service is one year or less. Shipping and handling costs are recognized when incurred and are treated as costs to fulfill the original performance obligation instead of as a separate performance obligation. Revenue is generated from contracts that may include multiple performance obligations. The Company considers the degree of customization, integration and interdependency of the related products and services when assessing distinct performance obligations within one contract. Stand-alone selling price (“SSP”) for each distinct performance obligation is generally determined using the price at which the products and services would be sold separately to the customer. Discounts, when provided, are allocated based on the relative SSP of the various products and services. For revenue that is not recognized at a point in time, the Company follows accounting guidance for revenue recognized over time, as follows: Revenue Recognition under Long-term Construction Contracts Revenue is recognized over-time for certain long-term construction contracts in the Completion & Production Solutions and Rig Technologies segments. These contracts include custom designs for customer-specific applications that are unique and require significant engineering efforts. Revenue is recognized as work progresses on each contract. Right to payment is enforceable for performance completed to date, including a reasonable profit. Because of control transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. We generally use the cost-to-cost (input) measure of progress for our contracts because it best depicts the transfer of assets to the customer which occurs as we incur costs. Under the cost-to-cost measure of progress, progress towards completion of each contract is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues, including estimated fees or profits, are recorded proportionally as costs are incurred. These costs include labor, materials, subcontractors’ costs, and other direct costs. Any expected losses on a project are recorded in full in the period in which the loss becomes probable. These long-term construction contracts generally include integrating a complex set of tasks and components into a single project or capability so they are accounted for as one performance obligation. Estimating total revenue and cost at completion of long-term construction contracts is complex, subject to many variables and requires significant judgement. It is common for our long-term contracts to contain late delivery fees, work performance guarantees, and other provisions that can either increase or decrease the transaction price. We estimate variable consideration as the most likely amount we expect to receive. We include variable consideration in the estimated transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur, or when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based on an assessment of our anticipated performance and historical, current and forecasted information that is reasonably available to us. Net revenue recognized from performance obligations satisfied in previous periods was $ 37 million and $ 38 million for the years ended December 31, 2022 and 2021 , respectively, primarily due to change orders. Service and Repair Work For service and repair contracts, revenue is recognized over time. We generally use the output method to measure progress on service contracts due to the manner in which the customer receives and derives value from the services provided. For repair contracts, we generally use the cost-to-cost measure of progress because it best depicts the transfer of assets to the customer. Costs to Obtain and Fulfill a Contract We recognize an asset for the incremental costs of obtaining a contract, such as sales commissions, with a customer when we expect the benefit of those costs to be longer than one year. Costs to fulfill a contract, such as set-up and mobilization costs, are also capitalized when we expect to recover those costs. These contract costs are deferred and amortized over the period of contract performance. Total capitalized costs to obtain and fulfill a contract and the related amortization were immaterial during the periods presented and are included in other current and long-term assets on our consolidated balance sheets. We apply the practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. |
Remaining Performance Obligations | Remaining Performance Obligations Remaining performance obligations represent the transaction price of firm orders for all revenue streams for which work has not been performed on contracts with an original expected duration of one year or more. We do not disclose the remaining performance obligations of royalty contracts, service contracts for which there is a right to invoice, and short-term contracts that are expected to have a duration of one year or less. As of December 31, 2022 , the aggregate amount of the transaction price allocated to remaining performance obligations was $ 4,161 million. The Company expects to recognize approximately $ 1,286 million in revenue for the remaining performance obligations in 2023 and $ 2,875 million in 2024 and thereafter. |
Service and Product Warranties | Service and Product Warranties The Company provides service and warranty policies on certain of its products. The Company accrues liabilities under service and warranty policies based upon specific claims and a review of historical warranty and service claim experience. Adjustments are made to accruals as claim data and historical experience change. In addition, the Company incurs discretionary costs to service its products in connection with product performance issues and accrues for them when they are encountered. The Company monitors the actual cost of performing these discretionary services and adjusts the accrual based on the most current information available. The changes in the carrying amount of service and product warranties are as follows (in millions): Balance at December 31, 2020 $ 87 Net provisions for warranties issued during the year 15 Amounts incurred ( 24 ) Currency translation adjustments ( 5 ) Balance at December 31, 2021 $ 73 Net provisions for warranties issued during the year 11 Amounts incurred ( 17 ) Currency translation adjustments and other 3 Balance at December 31, 2022 $ 70 |
Income Taxes | Income Taxes The liability method is used to account for income taxes. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates that will be in effect when the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to amounts which are more likely than not to be realized. |
Concentration of Credit Risk | Concentration of Credit Risk We grant credit to our customers, which operate primarily in the oil and gas industry. Concentrations of credit risk are limited because we have many geographically diverse customers, thus spreading trade credit risk. We control credit risk through credit evaluations, credit limits and monitoring procedures. We perform periodic credit evaluations of our customers’ financial condition and generally do not require collateral but may require letters of credit for certain international sales. Credit losses are provided for in the financial statements. Allowances for credit losses are determined based on a continuous process of assessing the Company’s portfolio on an individual customer basis considering current market conditions and trends. This process consists of a review of historical collection experience, current aging status of the customer accounts, and financial condition of the Company’s customers. Based on a review of these factors, the Company will establish or adjust allowances for specific customers. As of December 31, 2022, and December 31, 2021, the allowance for credit losses totaled $ 71 million and $ 88 million, respectively. |
Stock-Based Compensation | Stock-Based Compensation Compensation expense for the Company’s stock-based compensation plans is measured using the fair value method. The fair value of stock option grants and restricted stock is amortized to expense using the straight-line method over the shorter of the vesting period or the remaining employee service period. The Company provides compensation benefits to employees and non-employee directors under share-based payment arrangements, including various employee stock option plans. |
Environmental Liabilities | Environmental Liabilities When environmental assessments or remediations are probable and the costs can be reasonably estimated, remediation liabilities are recorded on an undiscounted basis and are adjusted as further information develops or circumstances change. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect reported and contingent amounts of assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Such estimates include but are not limited to, estimated losses on accounts receivable, estimated costs and related margins of projects accounted for over time, estimated realizable value on excess and obsolete inventory, contingencies, estimated liabilities for litigation and environmental exposures and liquidated damages, estimated warranty costs, estimates related to pension accounting, estimates related to the fair value of Reporting Units for purposes of assessing goodwill and other indefinite-lived intangible assets for impairment and estimates related to deferred tax assets and liabilities, including valuation allowances on deferred tax assets. Actual results could differ from those estimates. |
Contingencies | Contingencies The Company accrues for costs relating to litigation claims and other contingent matters, including liquidated damage liabilities, when such liabilities become probable and reasonably estimable. In circumstances where the most likely outcome of a contingency can be reasonably estimated, we accrue a liability for that amount. Where the most likely outcome cannot be estimated, a range of potential losses is established and if no one amount in that range is more likely than others, the low end of the range is accrued. Such estimates may be based on advice from third parties or on management’s judgement, as appropriate. Revisions to contingent liabilities are reflected in income in the period in which different facts or information become known or circumstances change that affect the Company’s previous judgements with respect to the likelihood or amount of loss. Amounts paid upon the ultimate resolution of contingent liabilities may be materially different from previous estimates and could require adjustments to the estimated reserves to be recognized in the period such new information becomes known. |
Net Loss Attributable to Company Per Share | Net Income (Loss) Attributable to Company Per Share The following table sets forth the computation of weighted average basic and diluted shares outstanding (in millions, except per share data): Year Ended December 31, 2022 2021 2020 Numerator: Net income (loss) attributable to Company $ 155 $ ( 250 ) $ ( 2,542 ) Denominator: Basic—weighted average common shares outstanding 390 386 384 Dilutive effect of employee stock options and other unvested 4 — — Diluted outstanding shares 394 386 384 Basic income (loss) attributable to Company per share $ 0.40 $ ( 0.65 ) $ ( 6.62 ) Diluted income (loss) attributable to Company per share $ 0.39 $ ( 0.65 ) $ ( 6.62 ) Cash dividends per share $ 0.20 $ 0.05 $ 0.05 Net income (loss) attributable to Company allocated to participating securities was immaterial for the years ended December 31, 2022, 2021 and 2020 and therefore not excluded from net income (loss) attributable to Company per share calculation. The Company had stock options outstanding that were anti-dilutive totaling 20 million, 21 million, and 26 million at December 31, 2022, 2021 and 2020, respectively. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848).” ASU 2021-01 was issued in January 2021 to further clarify the scope of the standard, which applies only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2022-06 was issued in December 2022, which deferred the sunset date for applying the reference rate reform relief in Topic 848. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2024, except for hedging relationships existing as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management is currently assessing the impact of adopting ASU 2020-04 on the Company’s financial position, results of operations and cash flows. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Changes in Carrying Amount of Service and Product Warranties | The changes in the carrying amount of service and product warranties are as follows (in millions): Balance at December 31, 2020 $ 87 Net provisions for warranties issued during the year 15 Amounts incurred ( 24 ) Currency translation adjustments ( 5 ) Balance at December 31, 2021 $ 73 Net provisions for warranties issued during the year 11 Amounts incurred ( 17 ) Currency translation adjustments and other 3 Balance at December 31, 2022 $ 70 |
Computation of Weighted Average Basic and Diluted Shares Outstanding | The following table sets forth the computation of weighted average basic and diluted shares outstanding (in millions, except per share data): Year Ended December 31, 2022 2021 2020 Numerator: Net income (loss) attributable to Company $ 155 $ ( 250 ) $ ( 2,542 ) Denominator: Basic—weighted average common shares outstanding 390 386 384 Dilutive effect of employee stock options and other unvested 4 — — Diluted outstanding shares 394 386 384 Basic income (loss) attributable to Company per share $ 0.40 $ ( 0.65 ) $ ( 6.62 ) Diluted income (loss) attributable to Company per share $ 0.39 $ ( 0.65 ) $ ( 6.62 ) Cash dividends per share $ 0.20 $ 0.05 $ 0.05 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Outstanding Foreign Currency Forward Contracts | Forward currency contracts consist of (in millions): Currency Denomination Currency December 31, 2022 December 31, 2021 South Korean Won KRW 65,980 KRW 17,600 Norwegian Krone NOK 2,741 NOK 2,430 U.S. Dollar USD 655 USD 415 Japanese Yen JPY 460 JPY 476 Brazilian Real BRL 291 BRL — Mexican Peso MXN 160 MXN 637 South African Rand ZAR 149 ZAR 124 Euro EUR 125 EUR 106 Singapore Dollar SGD 27 SGD 36 British Pound Sterling GBP 16 GBP 14 Danish Krone DKK 13 DKK 7 Canadian Dollar CAD 2 CAD — Russian Ruble RUB — RUB 1,128 |
Derivative Instruments and their Balance Sheet Classifications | The Company has the following fair values of its derivative instruments and their balance sheet classifications (in millions): Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives Fair Value Fair Value Balance Sheet December 31, Balance Sheet December 31, Location 2022 2021 Location 2022 2021 Derivatives designated as hedging Foreign exchange contracts Prepaid and other current assets $ 3 $ 11 Accrued liabilities $ 3 $ 2 Foreign exchange contracts Other Assets — — Other Liabilities 1 — Total derivatives designated as hedging $ 3 $ 11 $ 4 $ 2 Derivatives not designated as hedging Foreign exchange contracts Prepaid and other current assets $ 5 $ 7 Accrued liabilities $ 10 $ 6 Total derivatives $ 8 $ 18 $ 14 $ 8 |
Inventories, net (Tables)
Inventories, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consist of (in millions): December 31, 2022 2021 Raw materials and supplies $ 479 $ 350 Work in process 308 218 Finished goods and purchased products 1,404 1,207 2,191 1,775 Less: Inventory reserve ( 378 ) ( 444 ) Total $ 1,813 $ 1,331 |
Property, Plant and Equipment_2
Property, Plant and Equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment consist of (in millions): Estimated December 31, Useful Lives 2022 2021 Land $ 176 $ 174 Buildings and improvements 5-35 Years 1,251 1,309 Operating equipment 2-20 Years 2,683 2,678 Rental equipment 2-15 Years 798 794 4,908 4,955 Less: Accumulated Depreciation ( 3,127 ) ( 3,132 ) $ 1,781 $ 1,823 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Identified, by Segment | Goodwill is identified by segment as follows (in millions): Wellbore Technologies Completion & Production Solutions Rig Technologies Total Balance at December 31, 2020 308 473 712 1,493 Goodwill acquired during period 34 — — 34 Balance at December 31, 2021 $ 342 $ 473 $ 712 $ 1,527 Goodwill acquired during period 3 7 — 10 Adjustment during the measurement period of assets acquired ( 32 ) — — ( 32 ) Balance at December 31, 2022 (1) $ 313 $ 480 $ 712 $ 1,505 (1) Accumulated goodwill impairment was $ 7,261 million as of December 31, 2022 . |
Identified Intangible Assets, by Segment | The net book values of identified intangible assets are identified by segment as follows (in millions): Wellbore Technologies Completion & Production Solutions Rig Technologies Total Balance at December 31, 2020 $ 253 $ 47 $ 227 $ 527 Additions to intangible assets 22 — — 22 Amortization ( 10 ) ( 5 ) ( 28 ) ( 43 ) Currency translation adjustments ( 1 ) — ( 2 ) ( 3 ) Balance at December 31, 2021 $ 264 $ 42 $ 197 $ 503 Additions to intangible assets 3 — — 3 Adjustment during the measurement period of assets acquired 32 — — 32 Amortization ( 17 ) ( 5 ) ( 29 ) ( 51 ) Currency translation adjustments — — 3 3 Balance at December 31, 2022 $ 282 $ 37 $ 171 $ 490 |
Identified Intangible Assets, by Major Classification | Identified intangible assets by major classification consist of the following (in millions): Gross Accumulated Net Book Value December 31, 2021: Customer relationships $ 471 $ ( 323 ) $ 148 Trademarks 174 ( 122 ) 52 Patents 145 ( 59 ) 86 Indefinite-lived trade names 196 — 196 Other 82 ( 61 ) 21 Total identified intangibles $ 1,068 $ ( 565 ) $ 503 December 31, 2022: Customer relationships $ 499 $ ( 351 ) $ 148 Trademarks 173 ( 127 ) 46 Patents 128 ( 66 ) 62 Indefinite-lived trade names 196 — 196 Other 104 ( 66 ) 38 Total identified intangibles $ 1,100 $ ( 610 ) $ 490 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued liabilities consist of (in millions): December 31, 2022 2021 Compensation $ 329 $ 209 Vendor costs 168 124 Taxes (non-income) 107 119 Warranty 70 73 Insurance 42 45 Commissions 18 17 Fair value of derivatives 13 8 Interest 7 6 Other 205 177 Total $ 959 $ 778 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Components of Leases | Components of leases are as follows (in millions): December 31, 2022 2021 Current portion of lease liabilities: Operating $ 67 $ 76 Financing 20 23 Total $ 87 $ 99 December 31, 2022 2021 Long-term portion of lease liability: Operating $ 334 $ 357 Financing 215 219 Total $ 549 $ 576 |
Components of Lease Expense | Components of lease expense were as follows (in millions): Year Ended December 31, 2022 December 31, 2021 Lease cost Finance lease cost Amortization of right-of-use assets $ 24 $ 26 Interest on lease liabilities 9 10 Operating lease cost 73 83 Short-term lease cost 90 74 Sub-lease income ( 8 ) ( 9 ) Total $ 188 $ 184 |
Schedule of Supplemental information Related to Leases | Supplemental information related to the Company’s leases is as follows (in millions): Years Ended December 31, 2022 December 31, 2021 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - finance leases $ 9 $ 10 Operating cash flows - operating leases 73 83 Financing cash flows - finance leases 24 26 Right-of-use assets obtained in exchange for new: Operating lease liabilities $ 57 $ 37 Finance lease liabilities 19 9 Weighted average remaining lease term at December 31, 2022: Operating leases 10 years 11 years Finance leases 17 years 18 years Weighted average discount rate at December 31, 2022: Operating leases 4.74 % 4.74 % Finance leases 3.95 % 3.86 % |
Future Minimum Lease Commitments for Leases with Initial or Remaining Terms of One Year or More | Future minimum lease commitments for leases with initial or remaining terms of one year or more at December 31, 2022, are payable as follows (in millions): Operating Finance 2023 $ 85 $ 30 2024 72 27 2025 60 24 2026 49 20 2027 39 17 Thereafter 197 200 Total lease payments 502 318 Less: Interest ( 101 ) ( 83 ) Present value of lease liabilities $ 401 $ 235 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt consists of (in millions): December 31, 2022 2021 $ 1.1 billion in Senior Notes, interest at 3.95 % payable December 1, 2042 1,090 1,090 $ 0.5 billion in Senior Notes, interest at 3.60 % payable December 1, 2029 495 494 Other debt 145 129 Total Debt 1,730 1,713 Less current portion 13 5 Long-term debt $ 1,717 $ 1,708 |
Principal Payments of Debt | Principal payments of debt for years subsequent to 2022 are as follows (in millions): 2023 13 2024 10 2025 21 2026 29 2027 12 Thereafter 1,661 $ 1,746 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Change in Benefit Obligation, Plan Assets and Funded Status of Defined Benefit Pension Plans | The change in benefit obligation, plan assets and the funded status of the defined benefit pension plans in the United States, United Kingdom, Norway, Germany and the Netherlands and defined postretirement plans in the United States, using a measurement date of December 31, 2022 and 2021, is as follows (in millions): Pension benefits Postretirement benefits At year end 2022 2021 2022 2021 Benefit obligation at beginning of year $ 594 $ 641 $ 34 $ 43 Service cost 1 1 1 — Interest cost 9 11 1 1 Actuarial loss (gain) ( 135 ) ( 5 ) ( 5 ) 4 Benefits paid ( 62 ) ( 29 ) ( 8 ) ( 14 ) Exchange rate loss (gain) ( 25 ) ( 12 ) — — Plan amendments — — 27 — Settlements — ( 13 ) — — Benefit obligation at end of year $ 382 $ 594 $ 50 $ 34 Fair value of plan assets at beginning of year $ 571 $ 584 $ — $ — Actual return ( 105 ) 32 — — Benefits paid ( 62 ) ( 29 ) ( 8 ) ( 15 ) Company contributions 3 4 8 15 Exchange rate gain (loss) ( 26 ) ( 7 ) — — Settlements — ( 13 ) — — Fair value of plan assets at end of year $ 381 $ 571 $ — $ — Funded status $ ( 1 ) $ ( 23 ) $ ( 50 ) $ ( 34 ) Accumulated benefit obligation at end of year $ 381 $ 592 |
Assumption Rates Used for Benefit Obligations | The assumption rates used for benefit obligations are as follows: Year Ended December 31, 2022 2021 Discount rate: United States plan 4.74 % - 5.20 % 1.80 % - 2.20 % International plans 3.30 % - 4.80 % 1.00 % - 1.90 % Salary increase: United States plan N/A N/A International plans 2.50 % - 3.75 % 2.50 % - 3.40 % |
Assumption Rates Used for Net Periodic Benefit Costs | The assumption rates used for net periodic benefit costs are as follows: Year Ended December 31, 2022 2021 2020 Discount rate: United States plan 1.80 % - 2.20 % 1.20 % - 2.40 % 2.50 % - 3.20 % International plans 1.00 % - 1.90 % 0.70 % - 1.80 % 0.00 % - 2.30 % Salary increase: United States plan N/A N/A N/A International plans 2.50 % - 3.40 % 1.75 % - 2.90 % 1.80 % - 3.10 % Expected return on assets: United States plan 1.84 % 3.90 % 4.80 % International plans 1.00 % - 4.00 % 0.80 % - 3.40 % 0.00 % - 4.50 % |
Plan's Assets Carried at Fair Value | The following table sets forth by level, within the fair value hierarchy, the plan’s assets carried at fair value (in millions): Fair Value Measurements Total Level 1 Level 2 Level 3 December 31, 2021: Equity securities $ 8 $ — $ 8 $ — Bonds 372 — 372 — Other (insurance contracts) 191 — 132 59 Total Fair Value Measurements $ 571 $ — $ 512 $ 59 December 31, 2022: Equity securities $ 4 $ — $ 4 $ — Bonds 79 — 79 — Other (insurance contracts) 298 — 260 38 Total Fair Value Measurements $ 381 $ — $ 343 $ 38 |
Summary of Changes in Fair Value of Plan's Level Three Assets | The following table sets forth a summary of changes in the fair value of the plan’s Level 3 assets (in millions): Level 3 Plan Balance at December 31, 2020 $ 66 Actual return on plan assets still held at ( 2 ) Purchases, sales and settlements ( 1 ) Currency translation adjustments ( 4 ) Balance at December 31, 2021 $ 59 Actual return on plan assets still held at ( 16 ) Purchases, sales and settlements ( 1 ) Currency translation adjustments ( 4 ) Balance at December 31, 2022 $ 38 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) are as follows (in millions): Derivative Employee Currency Financial Benefit Translation Instruments, Plans, Adjustments Net of Tax Net of Tax Total Balance at December 31, 2019 $ ( 1,403 ) $ ( 4 ) $ ( 16 ) $ ( 1,423 ) Accumulated other comprehensive income ( 78 ) 4 ( 30 ) ( 104 ) Amounts reclassified from accumulated other — 19 ( 1 ) 18 Balance at December 31, 2020 $ ( 1,481 ) $ 19 $ ( 47 ) $ ( 1,509 ) Accumulated other comprehensive income ( 34 ) ( 5 ) 10 ( 29 ) Amounts reclassified from accumulated other — ( 7 ) ( 1 ) ( 8 ) Balance at December 31, 2021 $ ( 1,515 ) $ 7 $ ( 38 ) $ ( 1,546 ) Accumulated other comprehensive income ( 30 ) ( 17 ) ( 4 ) ( 51 ) Amounts reclassified from accumulated other — 6 ( 2 ) 4 Balance at December 31, 2022 $ ( 1,545 ) $ ( 4 ) $ ( 44 ) $ ( 1,593 ) |
Components of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | The components of amounts reclassified from accumulated other comprehensive income (loss) are as follows (in millions): Year Ended December 31, 2022 2021 2020 Derivative Employee Derivative Employee Derivative Employee Financial Benefit Financial Benefit Financial Benefit Instruments Plans Total Instruments Plans Total Instruments Plans Total Revenue $ 3 $ — $ 3 $ ( 1 ) $ — ( 1 ) $ 17 $ — $ 17 Cost of revenue 6 — 6 ( 8 ) — ( 8 ) 6 — 6 Selling, general, — ( 2 ) ( 2 ) — ( 1 ) ( 1 ) — ( 1 ) ( 1 ) Tax effect ( 3 ) — ( 3 ) 2 — 2 ( 4 ) — ( 4 ) $ 6 $ ( 2 ) $ 4 $ ( 7 ) $ ( 1 ) $ ( 8 ) $ 19 $ ( 1 ) $ 18 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Summary of Stock Options | The following summarizes options activity: Year Ended December 31, 2022 2021 2020 Number Average Number Average Number Average of Exercise of Exercise of Exercise Shares Price Shares Price Shares Price Shares under option at beginning 21,276,961 $ 42.09 21,005,502 $ 45.70 21,310,099 $ 47.68 Granted 1,492,020 16.73 1,669,511 15.00 1,650,262 20.23 Forfeited ( 1,574,642 ) 65.44 ( 1,398,052 ) 63.65 ( 1,954,859 ) 45.75 Exercised ( 113,951 ) 17.77 — — — — Shares under option at end of year 21,080,388 $ 38.68 21,276,961 $ 42.09 21,005,502 $ 45.70 Exercisable at end of year 17,988,842 $ 42.46 18,039,330 $ 46.27 17,893,434 $ 49.25 |
Summary of Stock Option Outstanding Information | The following summarizes information about stock options outstanding at December 31, 2022: Weighted-Avg Options Outstanding Options Exercisable Remaining Weighted-Avg Weighted-Avg Range of Exercise Price Contractual Life Shares Exercise Price Shares Exercise Price $ 15.00 - $ 30.00 6.42 7,741,072 $ 21.81 4,649,526 $ 25.19 $ 30.01 - $ 50.00 3.81 6,525,740 36.26 6,525,740 36.26 $ 50.01 - $ 72.66 1.47 6,813,576 60.18 6,813,576 60.18 Total 4.01 21,080,388 $ 38.68 17,988,842 $ 42.46 |
Assumption Used in Determination of Fair Value of Share Based Payment Awards | The use of the Black Scholes model requires the use of actual employee exercise activity data and the use of a number of complex assumptions including expected volatility, risk-free interest rate, expected dividends and expected term. Year Ended December 31, Valuation Assumptions: 2022 2021 2020 Expected volatility 43.6 % 43.4 % 35.0 % Risk-free interest rate 1.9 % 0.6 % 1.2 % Expected dividend yield 1.2 % 0.0 % 1.0 % Expected term (in years) 5.4 5.1 4.8 |
Summary of Information and Changes in Stock Options with Regard to Stock Option Plans | The following summary presents information regarding outstanding options at December 31, 2022 and changes during 2022 with regard to options under all stock option plans: Weighted- Weighted Aggregate Shares Exercise Term Intrinsic Outstanding at December 31, 2021 21,276,961 $ 42.09 4.49 $ — Granted 1,492,020 $ 16.73 Forfeited ( 1,574,642 ) $ 65.44 Exercised ( 113,951 ) $ 17.77 Outstanding at December 31, 2022 21,080,388 $ 38.68 4.01 $ — Exercisable at December 31, 2022 17,988,842 $ 42.46 3.28 $ — |
Summary of Information Regarding Outstanding SARs | The following summary presents information regarding outstanding SARs: Year Ended December 31, 2022 2021 Number Average Number Average of Exercise of Exercise Shares Price Shares Price Shares under SARs at beginning of year 1,193,934 $ 28.40 1,234,565 $ 28.40 Granted — — — — Forfeited ( 88,828 ) 28.61 ( 40,631 ) 28.32 Exercised — — — — Shares under SARs at end of year 1,105,106 $ 28.39 1,193,934 $ 28.40 Exercisable at end of year 1,105,106 $ 28.39 1,186,296 $ 28.44 |
Summary of Information Regarding Outstanding Restricted Shares | The following summary presents information regarding outstanding restricted shares: Year Ended December 31, 2022 2021 2020 Weighted- Weighted- Weighted- Number Average Number Average Number Average of Grant Date of Grant Date of Grant Date Units Fair Value Units Fair Value Units Fair Value Nonvested at beginning of year 6,936,574 $ 21.32 6,073,963 $ 31.85 6,274,308 $ 33.10 Granted 3,509,425 $ 17.67 3,772,842 $ 15.03 3,166,402 $ 19.98 Vested ( 2,863,385 ) $ 17.11 ( 2,672,507 ) $ 15.38 ( 3,229,624 ) $ 20.09 Forfeited ( 394,431 ) $ 26.00 ( 237,724 ) $ 63.65 ( 137,123 ) $ 45.75 Nonvested at end of year 7,188,183 $ 18.30 6,936,574 $ 21.32 6,073,963 $ 31.85 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Disaggregate Revenue by Destinations | The following tables disaggregate our revenue by destinations, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. In the tables below, North America includes only the U.S. and Canada (in millions): Year Ended December 31, 2022 Completion Wellbore & Production Rig Technologies Solutions Technologies Eliminations Total North America $ 1,407 $ 1,024 $ 448 $ — $ 2,879 International 1,306 1,511 1,541 — 4,358 Eliminations 64 53 45 ( 162 ) — $ 2,777 $ 2,588 $ 2,034 $ ( 162 ) $ 7,237 Land $ 2,066 $ 1,538 $ 543 $ — $ 4,147 Offshore 647 997 1,446 — 3,090 Eliminations 64 53 45 ( 162 ) — $ 2,777 $ 2,588 $ 2,034 $ ( 162 ) $ 7,237 Year Ended December 31, 2021 Completion Wellbore & Production Rig Technologies Solutions Technologies Eliminations Total North America $ 904 $ 789 $ 275 $ — $ 1,968 International 991 1,131 1,434 — 3,556 Eliminations 64 43 30 ( 137 ) — $ 1,959 $ 1,963 $ 1,739 $ ( 137 ) $ 5,524 Land $ 1,423 $ 1,250 $ 390 $ — $ 3,063 Offshore 472 670 1,319 — 2,461 Eliminations 64 43 30 ( 137 ) — $ 1,959 $ 1,963 $ 1,739 $ ( 137 ) $ 5,524 Year Ended December 31, 2020 Completion Wellbore & Production Rig Technologies Solutions Technologies Eliminations Total North America $ 824 $ 751 $ 227 $ — $ 1,802 International 988 1,639 1,661 — 4,288 Eliminations 55 43 31 ( 129 ) — $ 1,867 $ 2,433 $ 1,919 $ ( 129 ) $ 6,090 Land $ 1,308 $ 1,426 $ 473 $ — $ 3,207 Offshore 504 964 1,415 — 2,883 Eliminations 55 43 31 ( 129 ) — $ 1,867 $ 2,433 $ 1,919 $ ( 129 ) $ 6,090 |
Summary of Changes in Carrying Amount of Contract Assets and Contract Liabilities | The changes in the carrying amount of contract assets and contract liabilities are as follows (in millions): Contract Contract Balance at December 31, 2021 $ 461 $ 392 Provision, net ( 1 ) — Billings ( 1,062 ) 1,123 Revenue recognized 1,265 ( 1,071 ) Currency translation adjustments and other 22 — Balance at December 31, 2022 $ 685 $ 444 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Domestic and Foreign Components of Income (Loss) Before Income Taxes | The domestic and foreign components of income (loss) before income taxes were as follows (in millions): Year Ended December 31, 2022 2021 2020 Domestic $ 113 $ ( 257 ) $ ( 2,169 ) Foreign 125 27 ( 610 ) $ 238 $ ( 230 ) $ ( 2,779 ) |
Components of Provision for Income Taxes | The components of the provision for income taxes consisted of (in millions): Year Ended December 31, 2022 2021 2020 Current: Federal $ ( 1 ) $ 4 $ ( 279 ) State - ( 1 ) ( 4 ) Foreign 86 23 106 Total current income tax provision 85 26 ( 177 ) Deferred: Federal 3 ( 1 ) 7 State — — — Foreign ( 5 ) ( 10 ) ( 72 ) Total deferred income tax provision ( 2 ) ( 11 ) ( 65 ) Total income tax provision $ 83 $ 15 $ ( 242 ) |
Difference Between Effective Tax Rate | The difference between the effective tax rate reflected in the provision for income taxes and the U.S. federal statutory rate was as follows (in millions): Year Ended December 31, 2022 2021 2020 Federal income tax at U.S. statutory rate $ 50 $ ( 48 ) $ ( 584 ) Foreign income tax rate differential 1 ( 9 ) ( 30 ) Goodwill impairment — — 271 Reduction of FTC carryforwards — — 184 Tax Benefit from CARES Act — — ( 83 ) Change in deferred tax valuation allowance 24 31 ( 83 ) Nondeductible expenses 18 17 44 Foreign dividends, net of foreign tax credits 27 54 28 Change in uncertain tax positions 4 13 20 State income taxes - net of federal benefit — ( 1 ) ( 4 ) Income tax credits ( 5 ) ( 11 ) — Other ( 36 ) ( 31 ) ( 5 ) Total income tax provision $ 83 $ 15 $ ( 242 ) |
Significant Components of Deferred Tax Assets and Liability | Significant components of our deferred tax assets and liabilities were as follows (in millions): December 31, 2022 2021 Deferred tax assets: Allowances and operating liabilities $ 276 $ 297 Net operating loss carryforwards 324 446 Stock Compensation 51 56 Tax credit carryforwards 292 398 Other 119 135 Valuation allowance ( 920 ) ( 1,127 ) Total deferred tax assets 142 205 Deferred tax liabilities: Tax over book depreciation 49 56 Capital leases 73 76 Intangible assets 34 52 Deferred income 16 51 Accrued tax on unremitted earnings 32 33 Other 6 3 Total deferred tax liabilities 210 271 Net deferred tax liability $ 68 $ 66 |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions): 2022 2021 2020 Unrecognized tax benefit at beginning of year $ 60 $ 57 $ 38 Gross increase for tax positions in prior years 9 8 25 Gross decrease for tax positions in prior years ( 1 ) ( 1 ) ( 2 ) Cash Settlements ( 1 ) ( 1 ) ( 1 ) Lapse of statute of limitations ( 5 ) ( 3 ) ( 3 ) Unrecognized tax benefit at end of year $ 62 $ 60 $ 57 |
Summary of Net Operating Loss Carryforwards | Net operating loss carryforwards by jurisdiction and expiration as of December 31, 2022 were as follows (in millions): Federal State Foreign Total 2023 - 2027 Expiration $ 15 $ 4 $ 63 $ 82 2028 - 2042 Expiration 16 425 314 755 Unlimited Expiration 320 — 498 818 Total Net Operating Loss (NOL) $ 351 $ 429 $ 875 $ 1,655 Tax Effected NOL $ 74 $ 28 $ 222 $ 324 |
Business Segments and Geograp_2
Business Segments and Geographic Areas (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Revenues by Country Based on Sales Destination of Products or Services | The following table presents consolidated revenues by country based on sales destination of the products or services (in millions): Year Ended December 31, 2022 2021 2020 United States $ 2,603 $ 1,760 $ 1,634 Brazil 495 316 224 Saudi Arabia 488 316 343 Norway 351 365 464 China 296 222 288 Canada 277 207 168 United Kingdom 199 204 222 United Arab Emirates 157 130 221 Singapore 131 143 242 South Korea 88 32 33 Other Countries 2,152 1,829 2,251 Total $ 7,237 $ 5,524 $ 6,090 |
Plant, Property and Equipment by Country Based on the Location | The following table presents plant, property and equipment by country based on the location (in millions): December 31, 2022 2021 United States $ 883 $ 898 Saudi Arabia 240 231 Brazil 94 87 United Kingdom 72 84 Denmark 68 72 South Korea 66 60 United Arab Emirates 64 65 Canada 50 59 Mexico 27 28 Singapore 13 14 Russia - 10 Other Countries 204 215 Total $ 1,781 $ 1,823 |
Business Segments | The following table presents selected financial data by business segment (in millions): Wellbore Technologies Completion & Production Solutions Rig Technologies Eliminations and Total December 31, 2022 Revenue $ 2,777 $ 2,588 $ 2,034 $ ( 162 ) $ 7,237 Operating profit (loss) (2) 304 69 144 ( 253 ) 264 Capital expenditures 109 59 34 12 214 Depreciation and amortization 150 62 73 16 301 Goodwill 313 480 712 — 1,505 Total assets 2,992 2,748 3,074 1,321 10,135 December 31, 2021 Revenue $ 1,959 $ 1,963 $ 1,739 $ ( 137 ) $ 5,524 Operating profit (loss) (2) 74 ( 65 ) 43 ( 186 ) ( 134 ) Capital expenditures 77 46 74 4 201 Depreciation and amortization 158 62 71 15 306 Goodwill 342 473 712 - 1,527 Total assets 2,670 2,465 2,621 1,794 9,550 December 31, 2020 Revenue $ 1,867 $ 2,433 $ 1,919 $ ( 129 ) $ 6,090 Operating profit (loss) (2) ( 858 ) ( 977 ) ( 362 ) ( 228 ) ( 2,425 ) Capital expenditures 87 48 80 11 226 Depreciation and amortization 187 75 77 13 352 Goodwill 308 473 712 — 1,493 Total assets 2,665 2,472 2,923 1,869 9,929 (1) Sales from one segment to another generally are priced at estimated equivalent commercial selling prices; however, segments originating an external sale are credited with the full profit to the Company. Eliminations and corporate costs include intercompany transactions conducted between the three reporting segments that are eliminated in consolidation, as well as corporate costs not allocated to the segments. Intercompany transactions within each reporting segment are eliminated within each reporting segment. Also included in the eliminations and corporate costs column are capital expenditures and total assets related to corporate. Corporate assets consist primarily of cash and fixed assets. (2) Segment operating profit for 2022 includes charges, net of related credits, for: Russia impairment and other charges (Wellbore Technologies $ 60 million; Completion & Production Solutions $ 39 million; and, Rig Technologies $ 24 million); credits related to gains on sales of previously reserved inventory (Wellbore Technologies zero ; Completion & Production Solutions $( 8 ) million; and, Rig Technologies $( 27 ) million); and severance and other restructuring costs (Wellbore Technologies zero ; Completion & Production Solutions $ 5 million; and, Rig Technologies $ 3 million). Segment operating loss for 2021 includes charges, net of related credits, for: inventory write-downs net of gains on sales of previously reserved inventory (Wellbore Technologies $( 2 ) million; Completion & Production Solutions $( 12 ) million; and, Rig Technologies $ 1 million); and severance and other restructuring costs (Wellbore Technologies $ 32 million; Completion & Production Solutions $ 12 million; and, Rig Technologies $ 19 million). |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Significant Accounting Policies [Line Items] | |||
Maturity period of investments description | three months or less | ||
Charges (credits) to inventory reserves | $ (18) | $ 73 | $ 367 |
Inventory reserves total | $ 378 | $ 444 | |
Percentage of inventory reserve | 17.30% | 25% | |
Depreciation expense related to property, plant and equipment | $ 250 | $ 264 | 302 |
Impairment of long-lived assets | 513 | ||
Cash payment for acquisition | 49 | 52 | 14 |
Net foreign currency transaction gains (losses) | 25 | (16) | $ (2) |
Net revenue recognized from performance obligations satisfied in previous periods | 37 | 38 | |
Allowance for credit losses | 71 | $ 88 | |
Remaining performance obligations | $ 4,161 | ||
Anti-dilutive stock options outstanding | 20 | 21 | 26 |
2021 Acquisitions [Member] | |||
Significant Accounting Policies [Line Items] | |||
Additional cash payment for acquisitions (in stock) | $ 29 | ||
Business combinations number of shares issued | 2 | ||
Property, Plant and Equipment [Member] | |||
Significant Accounting Policies [Line Items] | |||
Impairment of long-lived assets | $ 262 | ||
Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Derivative, term of contract | 2 months | ||
Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Derivative, term of contract | 24 months |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail 1) $ in Millions | Dec. 31, 2022 USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | $ 4,161 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | $ 1,286 |
Remaining performance obligations, expected to be recognized, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | $ 2,875 |
Remaining performance obligations, expected to be recognized, period | 1 year |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Changes in Carrying Amount of Service and Product Warranties (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Product Warranties Disclosures [Abstract] | ||
Beginning Balance | $ 73 | $ 87 |
Net provisions for warranties issued during the year | 11 | 15 |
Amounts incurred | (17) | (24) |
Currency translation adjustments and other | 3 | (5) |
Ending Balance | $ 70 | $ 73 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Computation of Weighted Average Basic and Diluted Shares Outstanding (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator: | |||
Net income (loss) attributable to Company | $ 155 | $ (250) | $ (2,542) |
Denominator: | |||
Basic—weighted average common shares outstanding | 390 | 386 | 384 |
Dilutive effect of employee stock options and other unvested stock awards | 4 | 0 | 0 |
Diluted outstanding shares | 394 | 386 | 384 |
Basic income (loss) attributable to Company per share | $ 0.40 | $ (0.65) | $ (6.62) |
Diluted income (loss) attributable to Company per share | 0.39 | (0.65) | (6.62) |
Cash dividends per share | $ 0.20 | $ 0.05 | $ 0.05 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Fair value of currency related derivatives, assets | $ 8 | ||
Fair value of currency related derivatives, liabilities | 14 | ||
Fair value of foreign currency forward contracts, net asset | 6 | ||
Gain (loss) recognized in other income (expense), net | $ (18) | $ (9) | $ (3) |
Derivative Financial Instrume_4
Derivative Financial Instruments - Outstanding Foreign Currency Forward Contracts (Detail) ₽ in Millions, € in Millions, ₩ in Millions, ¥ in Millions, £ in Millions, kr in Millions, kr in Millions, R$ in Millions, R in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2022 KRW (₩) | Dec. 31, 2022 NOK (kr) | Dec. 31, 2022 JPY (¥) | Dec. 31, 2022 BRL (R$) | Dec. 31, 2022 MXN ($) | Dec. 31, 2022 ZAR (R) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 SGD ($) | Dec. 31, 2022 GBP (£) | Dec. 31, 2022 DKK (kr) | Dec. 31, 2022 CAD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 KRW (₩) | Dec. 31, 2021 NOK (kr) | Dec. 31, 2021 JPY (¥) | Dec. 31, 2021 MXN ($) | Dec. 31, 2021 ZAR (R) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 SGD ($) | Dec. 31, 2021 GBP (£) | Dec. 31, 2021 DKK (kr) | Dec. 31, 2021 RUB (₽) |
Derivative [Line Items] | |||||||||||||||||||||||
Foreign currency, Cash flow hedging | $ 6 | ||||||||||||||||||||||
Forward Contracts [Member] | |||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||
Foreign currency, Cash flow hedging | $ 655 | ₩ 65,980 | kr 2,741 | ¥ 460 | R$ 291 | $ 160 | R 149 | € 125 | $ 27 | £ 16 | kr 13 | $ 2 | $ 415 | ₩ 17,600 | kr 2,430 | ¥ 476 | $ 637 | R 124 | € 106 | $ 36 | £ 14 | kr 7 | ₽ 1,128 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Derivative Instruments and their Balance Sheet Classifications (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivatives Fair Value [Line Items] | ||
Asset Derivatives | $ 8 | $ 18 |
Liability Derivatives | 14 | 8 |
Designated as Hedging Instruments [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives | 3 | 11 |
Liability Derivatives | 4 | 2 |
Foreign Exchange Contracts [Member] | Designated as Hedging Instruments [Member] | Accrued liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Liability Derivatives | 3 | 2 |
Foreign Exchange Contracts [Member] | Not Designated as Hedging Instruments [Member] | Accrued liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Liability Derivatives | 10 | 6 |
Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | Designated as Hedging Instruments [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives | 3 | 11 |
Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | Not Designated as Hedging Instruments [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives | 5 | $ 7 |
Foreign Exchange Contracts [Member] | Other Liabilities [Member] | Designated as Hedging Instruments [Member] | ||
Derivatives Fair Value [Line Items] | ||
Liability Derivatives | $ 1 |
Inventories, net - Inventories
Inventories, net - Inventories (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 479 | $ 350 |
Work in process | 308 | 218 |
Finished goods and purchased products | 1,404 | 1,207 |
Inventory, Gross | 2,191 | 1,775 |
Less: Inventory reserve | (378) | (444) |
Total | $ 1,813 | $ 1,331 |
Property, Plant and Equipment -
Property, Plant and Equipment - Property, Plant and Equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment Gross | $ 4,908 | $ 4,955 |
Less: Accumulated Depreciation | (3,127) | (3,132) |
Property, plant and equipment, net | 1,781 | 1,823 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment Gross | 176 | 174 |
Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment Gross | $ 1,251 | 1,309 |
Estimated Useful Lives | 5-35 Years | |
Operating Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment Gross | $ 2,683 | 2,678 |
Estimated Useful Lives | 2-20 Years | |
Rental Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment Gross | $ 798 | $ 794 |
Estimated Useful Lives | 2-15 Years |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Indefinite-lived Intangible Assets [Line Items] | |||||
Goodwill | $ 1,505 | $ 1,527 | $ 1,493 | ||
Intangibles, net | $ 490 | 503 | |||
Impairment on equity investment | $ 224 | ||||
Impairment of Intangible Assets, Finite-lived | $ 209 | ||||
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration] | Goodwill And Indefinite Lived Intangible Asset Impairment | ||||
Impairment of property, plant and equipment | $ 262 | ||||
Impairment of right-of-use assets | $ 42 | 42 | |||
Estimated useful lives of intangible assets, minimum | 2 years | ||||
Estimated useful lives of intangible assets, maximum | 40 years | ||||
Amortization expense, 2022 | $ 44 | ||||
Amortization expense, 2023 | 39 | ||||
Amortization expense, 2024 | 36 | ||||
Amortization expense, 2025 | 34 | ||||
Amortization expense, 2026 | 30 | ||||
Impairment charge on goodwill | 0 | 0 | 1,295 | ||
Impairment of intangible assets, indefinite-lived (excluding goodwill) | 0 | $ 0 | $ 83 | $ 83 | |
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] | Goodwill And Indefinite Lived Intangible Asset Impairment | Goodwill And Indefinite Lived Intangible Asset Impairment | |||
Russia Belarus And Ukraine [Member] | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Other asset impairment charges | 127 | ||||
Russia and Belarus [Member] | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Accumulated other comprehensive income foreign currency translation loss | 51 | ||||
Cost of Sales [Member] | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Other asset impairment charges | 76 | ||||
Selling, General and Administrative Expenses [Member] | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Other asset impairment charges | $ 51 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Goodwill Identified, by Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Line Items] | ||
Beginning Balance | $ 1,527 | $ 1,493 |
Goodwill acquired during period | 10 | 34 |
Adjustment during the measurement period of assets acquired | (32) | |
Ending Balance | 1,505 | 1,527 |
Wellbore Technologies [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 342 | 308 |
Goodwill acquired during period | 3 | 34 |
Adjustment during the measurement period of assets acquired | (32) | |
Ending Balance | 313 | 342 |
Completion & Production Solutions [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 473 | 473 |
Goodwill acquired during period | 7 | |
Ending Balance | 480 | 473 |
Rig Technologies [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 712 | 712 |
Ending Balance | $ 712 | $ 712 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Goodwill Identified, by Segment (Parenthetical) (Detail) $ in Millions | Dec. 31, 2022 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Accumulated goodwill impairment | $ 7,261 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Identified Intangible Assets, by Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible Asset Excluding Goodwill [Line Items] | ||
Beginning Balance | $ 503 | $ 527 |
Additions to intangible assets | 3 | 22 |
Adjustment during the measurement period of assets acquired | 32 | |
Amortization | (51) | (43) |
Currency translation adjustments | 3 | (3) |
Ending Balance | 490 | 503 |
Wellbore Technologies [Member] | ||
Intangible Asset Excluding Goodwill [Line Items] | ||
Beginning Balance | 264 | 253 |
Additions to intangible assets | 3 | 22 |
Adjustment during the measurement period of assets acquired | 32 | |
Amortization | (17) | (10) |
Currency translation adjustments | (1) | |
Ending Balance | 282 | 264 |
Completion & Production Solutions [Member] | ||
Intangible Asset Excluding Goodwill [Line Items] | ||
Beginning Balance | 42 | 47 |
Amortization | (5) | (5) |
Ending Balance | 37 | 42 |
Rig Technologies [Member] | ||
Intangible Asset Excluding Goodwill [Line Items] | ||
Beginning Balance | 197 | 227 |
Amortization | (29) | (28) |
Currency translation adjustments | 3 | (2) |
Ending Balance | $ 171 | $ 197 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets - Identified Intangible Assets, by Major Classification (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Intangible Assets Net Excluding Goodwill [Line Items] | |||
Gross | $ 1,100 | $ 1,068 | |
Accumulated Amortization | (610) | (565) | |
Net Book Value | 490 | 503 | $ 527 |
Indefinite-lived Trade Names [Member] | |||
Intangible Assets Net Excluding Goodwill [Line Items] | |||
Gross | 196 | 196 | |
Net Book Value | 196 | 196 | |
Customer Relationships [Member] | |||
Intangible Assets Net Excluding Goodwill [Line Items] | |||
Gross | 499 | 471 | |
Accumulated Amortization | (351) | (323) | |
Net Book Value | 148 | 148 | |
Trademarks [Member] | |||
Intangible Assets Net Excluding Goodwill [Line Items] | |||
Gross | 173 | 174 | |
Accumulated Amortization | (127) | (122) | |
Net Book Value | 46 | 52 | |
Patents [Member] | |||
Intangible Assets Net Excluding Goodwill [Line Items] | |||
Gross | 128 | 145 | |
Accumulated Amortization | (66) | (59) | |
Net Book Value | 62 | 86 | |
Other [Member] | |||
Intangible Assets Net Excluding Goodwill [Line Items] | |||
Gross | 104 | 82 | |
Accumulated Amortization | (66) | (61) | |
Net Book Value | $ 38 | $ 21 |
Accrued Liabilities - Accrued L
Accrued Liabilities - Accrued Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | |||
Compensation | $ 329 | $ 209 | |
Vendor costs | 168 | 124 | |
Taxes (non-income) | 107 | 119 | |
Warranty | 70 | 73 | $ 87 |
Insurance | 42 | 45 | |
Commissions | 18 | 17 | |
Fair value of derivatives | 13 | 8 | |
Interest | 7 | 6 | |
Other | 205 | 177 | |
Total | $ 959 | $ 778 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Impairment of right-of-use assets | $ 42 | $ 42 |
Leases - Schedule of Components
Leases - Schedule of Components of Leases (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current portion of lease liabilities: | ||
Operating | $ 67 | $ 76 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Total | |
Financing | 20 | $ 23 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Total | |
Total | 87 | $ 99 |
Long-term portion of lease liability: | ||
Operating | 334 | $ 357 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Total | |
Financing | 215 | $ 219 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Total | |
Total | $ 549 | $ 576 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Finance lease cost, amortization of right-of-use assets | $ 24 | $ 26 |
Finance lease cost, interest on lease liabilities | 9 | 10 |
Operating lease cost | 73 | 83 |
Short-term lease cost | 90 | 74 |
Sub-lease income | (8) | (9) |
Total | $ 188 | $ 184 |
Leases - Supplemental Informati
Leases - Supplemental Information Related to Leases (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Cash paid for amounts included in the measurement of lease liabilities, operating cash flows from finance leases | $ 9 | $ 10 | |
Cash paid for amounts included in the measurement of lease liabilities, operating cash flows from operating leases | 73 | 83 | |
Cash paid for amounts included in the measurement of lease liabilities, financing cash flows from finance leases | 24 | 26 | $ 31 |
Right-of-use assets obtained in exchange for new: | |||
Right-of-use assets obtained in exchange for new operating lease liabilities | 57 | 37 | |
Right-of-use assets obtained in exchange for new finance lease liabilities | $ 19 | $ 9 | |
Weighted average remaining lease term at December 31, 2022: | |||
Weighted average remaining lease term (years), operating leases | 10 years | 11 years | |
Weighted average remaining lease term (years), finance leases | 17 years | 18 years | |
Weighted average discount rate at December 31, 2022: | |||
Weighted average discount rate, operating leases | 4.74% | 4.74% | |
Weighted average discount rate, finance leases | 3.95% | 3.86% |
Leases - Future Minimum Lease C
Leases - Future Minimum Lease Commitments for Leases with Initial or Remaining Terms of One Year or More (Detail) $ in Millions | Dec. 31, 2022 USD ($) |
Operating | |
Operating lease, 2023 | $ 85 |
Operating lease, 2024 | 72 |
Operating lease, 2025 | 60 |
Operating lease, 2026 | 49 |
Operating lease, 2027 | 39 |
Operating lease, Thereafter | 197 |
Total lease payments | 502 |
Less: Interest | (101) |
Present value of lease liabilities | $ 401 |
Operating Lease Liability Statement Of Financial Position [Extensible List] | us-gaap:OtherLiabilities |
Finance | |
Finance leases, 2023 | $ 30 |
Finance leases, 2024 | 27 |
Finance leases, 2025 | 24 |
Finance leases, 2026 | 20 |
Finance leases, 2027 | 17 |
Finance leases, Thereafter | 200 |
Total lease payments | 318 |
Less: Interest | (83) |
Present value of lease liabilities | $ 235 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | us-gaap:OtherLiabilities |
Debt - Debt (Detail)
Debt - Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Senior Notes | $ 1,585 | $ 1,584 |
Other debt | 145 | 129 |
Total Debt | 1,730 | 1,713 |
Less current portion | 13 | 5 |
Long-term debt | 1,717 | 1,708 |
Senior Notes, Interest at 3.95% Payable Semiannually, Principal Due on December 1, 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 1,090 | 1,090 |
Senior Notes, Interest at 3.60% Payable Semiannually, Principal Due on December 1, 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 495 | $ 494 |
Debt - Debt (Parenthetical) (De
Debt - Debt (Parenthetical) (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Senior Notes, Interest at 3.95% Payable Semiannually, Principal Due on December 1, 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Senior note face amount | $ 1,100,000,000 | $ 1,100,000,000 |
Senior notes interest rate | 3.95% | 3.95% |
Senior note due date | Dec. 01, 2042 | Dec. 01, 2042 |
Senior Notes, Interest at 3.60% Payable Semiannually, Principal Due on December 1, 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Senior note face amount | $ 500,000,000 | $ 500,000,000 |
Senior notes interest rate | 3.60% | 3.60% |
Senior note due date | Dec. 01, 2029 | Dec. 01, 2029 |
Debt - Principal Payments of De
Debt - Principal Payments of Debt (Detail) $ in Millions | Dec. 31, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 13 |
2024 | 10 |
2025 | 21 |
2026 | 29 |
2027 | 12 |
Thereafter | 1,661 |
Total Debt | $ 1,746 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Funds available under revolving credit facility | $ 2,000,000,000 | |
Interest rate under multi currency facility | LIBOR, NIBOR or CDOR plus 1.25% | |
Capitalization ratio, Maximum | 60% | |
Capitalization ratio, Actual | 27.70% | |
Other debt | $ 145,000,000 | $ 129,000,000 |
First payment | 13,000,000 | |
Outstanding letters of credit under various bilateral letter of credit facilities | 504,000,000 | |
Carrying value of Unsecured Senior Notes | 1,585,000,000 | 1,584,000,000 |
Unsecured Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Instrument [Line Items] | ||
Fair value of Unsecured Senior Notes | 1,215,000,000 | $ 1,610,000,000 |
Noncontrolling Interests [Member] | ||
Debt Instrument [Line Items] | ||
Other debt | 31,000,000 | |
Other debt due in next twelve months | $ 3,000,000 | |
Canadian Dollar Offered Rate (CDOR) [Member] | ||
Debt Instrument [Line Items] | ||
Variable rate | 1.25% | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility current borrowing capacity | $ 2,000,000,000 | |
Funds available under revolving credit facility | 1,700,000,000 | |
Credit facility, extendable borrowing capacity | $ 3,000,000,000 | |
Variable rate basis | LIBOR, NIBOR or CDOR plus | |
Outstanding letters of credit issued | $ 0 | |
Foreign Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility current borrowing capacity | $ 150,000,000 | |
Variable rate | 1.40% | |
Additional line of credit facility borrowing capacity | $ 120,000,000 | |
Debt to equity ratio maximum | 75% | |
Carrying value of borrowings | $ 114,000,000 | |
First payment | $ 10,000,000 | |
Line of credit repayments beginning date | 2022-12 | |
Line of credit repayments ending date | 2032-06 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 Employee | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) Employee | Dec. 31, 2020 USD ($) | |
Compensation Related Costs Disclosure [Line Items] | ||||
Expenses for defined-contribution retirement plans | $ 67 | $ 34 | $ 51 | |
Pre-tax actuarial losses accumulated in accumulated other comprehensive loss | 8 | |||
Net projected benefit obligation | 5 | |||
Pension plans, expected future benefit payments in year five | $ 11 | |||
Expected years of pension plans | 5 years | |||
Expected future pension plans amounts to pay, total | $ 114 | |||
United States [Member] | ||||
Compensation Related Costs Disclosure [Line Items] | ||||
Number of U.S. employees participate in defined benefit health care plans | Employee | 20 | |||
Number of U.S retirees and spouses participate in defined benefit health care plans | Employee | 8,600 | |||
Number of additional U.S retirees and spouses participate in defined benefit health care plans | Employee | 1,000 | |||
Pension Plan [Member] | ||||
Compensation Related Costs Disclosure [Line Items] | ||||
Net periodic benefit income (cost) | $ 1 | $ 3 | $ 3 |
Employee Benefit Plans - Change
Employee Benefit Plans - Change in Benefit Obligation, Plan Assets and Funded Status of Defined Benefit Pension Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
Fair value of plan assets at beginning of year | $ 571 | |
Fair value of plan assets at end of year | 381 | $ 571 |
Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation at beginning of year | 594 | 641 |
Service cost | 1 | 1 |
Interest cost | 9 | 11 |
Actuarial loss (gain) | (135) | (5) |
Benefits paid | (62) | (29) |
Exchange rate loss (gain) | (25) | (12) |
Settlements | (13) | |
Benefit obligation at end of year | 382 | 594 |
Fair value of plan assets at beginning of year | 571 | 584 |
Actual return | (105) | 32 |
Benefits paid | (62) | (29) |
Company contributions | 3 | 4 |
Exchange rate gain (loss) | (26) | (7) |
Settlements | (13) | |
Fair value of plan assets at end of year | 381 | 571 |
Funded status | (1) | (23) |
Accumulated benefit obligation at end of year | 381 | 592 |
Other Postretirement Benefits Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation at beginning of year | 34 | 43 |
Service cost | 1 | |
Interest cost | 1 | 1 |
Actuarial loss (gain) | (5) | 4 |
Benefits paid | (8) | (14) |
Plan amendments | 27 | |
Benefit obligation at end of year | 50 | 34 |
Benefits paid | (8) | (15) |
Company contributions | 8 | 15 |
Funded status | $ (50) | $ (34) |
Employee Benefit Plans - Assump
Employee Benefit Plans - Assumption Rates Used for Benefit Obligations (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
United States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate minimum | 4.74% | 1.80% |
Discount rate maximum | 5.20% | 2.20% |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate minimum | 3.30% | 1% |
Discount rate maximum | 4.80% | 1.90% |
Salary increase minimum | 2.50% | 2.50% |
Salary increase maximum | 3.75% | 3.40% |
Employee Benefit Plans - Assu_2
Employee Benefit Plans - Assumption Rates Used for Net Periodic Benefit Costs (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate minimum | 1.80% | 1.20% | 2.50% |
Discount rate maximum | 2.20% | 2.40% | 3.20% |
Expected return on assets | 1.84% | 3.90% | 4.80% |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate minimum | 1% | 0.70% | 0% |
Discount rate maximum | 1.90% | 1.80% | 2.30% |
Salary increase minimum | 2.50% | 0.80% | 0% |
Salary increase maximum | 3.40% | 3.40% | 4.50% |
Expected return on assets, minimum | 1% | 1.75% | 1.80% |
Expected return on assets, maximum | 4% | 2.90% | 3.10% |
Employee Benefit Plans - Plan's
Employee Benefit Plans - Plan's Assets Carried at Fair Value (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurements | $ 381 | $ 571 | |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurements | 4 | 8 | |
Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurements | 79 | 372 | |
Other Contract [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurements | 298 | 191 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurements | 343 | 512 | |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurements | 4 | 8 | |
Fair Value, Inputs, Level 2 [Member] | Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurements | 79 | 372 | |
Fair Value, Inputs, Level 2 [Member] | Other Contract [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurements | 260 | 132 | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurements | 38 | 59 | $ 66 |
Fair Value, Inputs, Level 3 [Member] | Other Contract [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurements | $ 38 | $ 59 |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Changes in Fair Value of Plan's Level Three Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | $ 571 | |
Fair value of plan assets at end of year | 381 | $ 571 |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 59 | 66 |
Actual return on plan assets still held at reporting date | (16) | (2) |
Purchases, sales and settlements | (1) | (1) |
Currency translation adjustments | (4) | (4) |
Fair value of plan assets at end of year | $ 38 | $ 59 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 5,064 | $ 5,279 | $ 7,846 |
Ending Balance | 5,134 | 5,064 | 5,279 |
Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (1,515) | (1,481) | (1,403) |
Accumulated other comprehensive income (loss) before reclassifications | (30) | (34) | (78) |
Ending Balance | (1,545) | (1,515) | (1,481) |
Derivative Financial Instruments, Net of Tax [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 7 | 19 | (4) |
Accumulated other comprehensive income (loss) before reclassifications | (17) | (5) | 4 |
Amounts reclassified from accumulated other comprehensive income (loss) | 6 | (7) | 19 |
Ending Balance | (4) | 7 | 19 |
Employee Benefit Plans, Net of Tax [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (38) | (47) | (16) |
Accumulated other comprehensive income (loss) before reclassifications | (4) | 10 | (30) |
Amounts reclassified from accumulated other comprehensive income (loss) | (2) | (1) | (1) |
Ending Balance | (44) | (38) | (47) |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (1,546) | (1,509) | (1,423) |
Accumulated other comprehensive income (loss) before reclassifications | (51) | (29) | (104) |
Amounts reclassified from accumulated other comprehensive income (loss) | 4 | (8) | 18 |
Ending Balance | $ (1,593) | $ (1,546) | $ (1,509) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Components of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Revenue | $ 7,237 | $ 5,524 | $ 6,090 |
Selling, general, and administrative | (1,070) | (908) | (968) |
Tax effect | (83) | (15) | 242 |
Net income (loss) attributable to Company | 155 | (250) | (2,542) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Revenue | 3 | (1) | 17 |
Cost of revenue | 6 | (8) | 6 |
Selling, general, and administrative | (2) | (1) | (1) |
Tax effect | (3) | 2 | (4) |
Net income (loss) attributable to Company | 4 | (8) | 18 |
Derivative Financial Instruments, Net of Tax [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Revenue | 3 | (1) | 17 |
Cost of revenue | 6 | (8) | 6 |
Tax effect | (3) | 2 | (4) |
Net income (loss) attributable to Company | 6 | (7) | 19 |
Employee Benefit Plans, Net of Tax [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Selling, general, and administrative | (2) | (1) | (1) |
Net income (loss) attributable to Company | $ (2) | $ (1) | $ (1) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Other comprehensive income (loss) before reclassifications | $ (30) | $ (34) | $ (78) |
Changes in derivative financial instruments, net of tax | (11) | (12) | 23 |
Changes in derivative financial instruments, tax | $ (3) | $ 2 | $ 5 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Minimum [Member] | |
Other Commitments [Line Items] | |
Amount of claims outstanding receivables | $ 30 |
Denmark [Member] | |
Other Commitments [Line Items] | |
Received and paid of transfer pricing tax assessment | $ 51 |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) $ / shares in Units, $ in Millions | 12 Months Ended | |||||
May 24, 2022 $ / shares shares | Feb. 15, 2022 $ / shares shares | Dec. 20, 2017 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) Installment $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of common stock, authorized | 1,000,000,000 | 1,000,000,000 | ||||
Number of preferred stock, authorized | 10,000,000 | |||||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | ||||
Preferred stock, par value | $ / shares | $ 0.01 | |||||
Preferred stock, shares issued | 0 | |||||
Preferred stock, shares outstanding | 0 | |||||
Aggregated cash dividends paid | $ | $ 78 | $ 20 | $ 19 | |||
Stock-based compensation expense | $ | 67 | 78 | 105 | |||
Income tax provision recognized | $ | $ 3 | $ 2 | $ 3 | |||
Earlier authorized shares under stock based compensation | shares | 69,400,000 | |||||
Duration of performance-based restricted stock awards, vested | Options granted under our stock-based compensation plans generally vest over a three-year period starting one year from the date of grant and expire ten years from the date of grant. | |||||
Weighted average grant-date fair value of options | $ / shares | $ 6.28 | $ 5.75 | $ 5.83 | |||
Total intrinsic value of options exercised | $ | $ 1 | $ 0 | ||||
Stock option, Minimum Range | $ / shares | $ 15 | |||||
Stock option, Maximum Range | $ / shares | $ 72.66 | |||||
Total unrecognized compensation cost related to nonvested stock options | $ | $ 10 | |||||
Compensation cost not yet recognized, period for recognition | 3 years | |||||
Total fair value of stock options vested | $ | $ 10 | 12 | $ 18 | |||
Cash received from option exercises | $ | 2 | 0 | 0 | |||
Tax benefit (expense) realized for the tax deductions from option exercises | $ | $ 0 | $ 0 | $ 0 | |||
Stock options granted | 1,492,020 | 1,669,511 | 1,650,262 | |||
Weighted average exercise price per share of options | $ / shares | $ 16.73 | $ 15 | $ 20.23 | |||
Stock Appreciation Rights (SARs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock appreciation rights exchange percentage | 94.75% | |||||
Cash payment of stock appreciation rights | $ | $ 14 | |||||
Cash paid to settle SARs | $ | $ 0 | |||||
Compensation cost recognized | $ | $ 0 | $ 0 | $ 0 | |||
Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted average grant-date fair value of options | $ / shares | $ 8.47 | |||||
Stock options granted | 3,613,707 | |||||
Weighted average exercise price per share of options | $ / shares | $ 34.32 | |||||
Restricted Stock and Restricted Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Duration of performance-based restricted stock awards, vested | The restricted stock units vest in three equal annual installments commencing on the first anniversary of the grant date. | |||||
Shares granted | 2,877,894 | 3,509,425 | 3,772,842 | 3,166,402 | ||
Restricted stock granted fair value | $ / shares | $ 16.73 | $ 17.67 | $ 15.03 | $ 19.98 | ||
Number of equal annual vesting installments | Installment | 3 | |||||
Performance-base restricted stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Description of performance goal | The 2022 PSAs can be earned based on performance against two established goals over a three-year period | |||||
Performance-base restricted stock [Member] | Senior Management Employees [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares granted | 0 | |||||
Performance-base restricted stock [Member] | Senior Management Employees [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares granted | 1,188,884 | |||||
TSR Award [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Description of performance goal | 85% with a TSR (total shareholder return) goal and 15% with an internal NVA (“NOV Value Added”, a return on capital metric) goal. TSR performance is determined by comparing the Company’s TSR with the TSR of the members of the Philadelphia Stock Exchange’s Oil Services Sector Index (OSX) for the three-year performance period. The TSR portion of the performance share awards is subject to a vesting cap equal to 100% of Target Level if the Company’s absolute TSR is negative, regardless of relative TSR results. Conversely, if the Company’s absolute TSR is greater than 15% annualized over the three-year performance period the payout amount shall not be less than 50% of Target Level, regardless of relative TSR results. The NVA goal is based on the Company’s improvement in NVA from the beginning of the performance period until the end of the performance period. NVA is calculated as an amount equal to the Company’s (a) gross cash earnings less (b) average gross operating assets times an amount equal to a required return on assets, with certain adjustments. | |||||
Restricted Stock Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total unrecognized compensation cost related to nonvested stock options | $ | $ 66 | |||||
Compensation cost not yet recognized, period for recognition | 2 years | |||||
TSR [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of performance shares awarded | 85% | |||||
NVA [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of performance shares awarded | 15% | |||||
2018 Plan [Member] | Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted average grant-date fair value of options | $ / shares | $ 6.28 | |||||
Stock options granted | 1,492,020 | |||||
Weighted average exercise price per share of options | $ / shares | $ 16.73 | |||||
2018 Plan [Member] | Restricted Stock Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares granted | 76,257 | |||||
Restricted stock granted fair value | $ / shares | $ 19.12 | |||||
NOV Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Authorized shares under stock based compensation | 55,700,000 | |||||
Remaining shares available for future grants under the Plan | 17,300,000 |
Common Stock - Summary of Stock
Common Stock - Summary of Stock Options (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement [Abstract] | |||
Number of shares under stock option, Beginning of the year | 21,276,961 | 21,005,502 | 21,310,099 |
Number of Shares Granted | 1,492,020 | 1,669,511 | 1,650,262 |
Number of Shares Forfeited | (1,574,642) | (1,398,052) | (1,954,859) |
Number of Shares Exercised | (113,951) | ||
Number of shares under stock option, End of the year | 21,080,388 | 21,276,961 | 21,005,502 |
Number of stock options vested and expected to be vest, exercisable | 17,988,842 | 18,039,330 | 17,893,434 |
Weighted Average Exercise Price, Beginning of year | $ 42.09 | $ 45.70 | $ 47.68 |
Weighted Average Exercise Price, Stock Options Granted | 16.73 | 15 | 20.23 |
Weighted Average Exercise Price, Stock Options Forfeited | 65.44 | 63.65 | 45.75 |
Weighted Average Exercise Price, Stock Options Exercised | 17.77 | ||
Weighted Average Exercise Price, End of the year | 38.68 | 42.09 | 45.70 |
Weighted Average Exercise Price, Stock Options Exercisable | $ 42.46 | $ 46.27 | $ 49.25 |
Common Stock - Summary of Sto_2
Common Stock - Summary of Stock Option Outstanding Information (Detail) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted-Avg Remaining Contractual Life | 4 years 3 days |
Stock Options Outstanding, Shares | shares | 21,080,388 |
Stock Options Outstanding, Weighted - Average Exercise Price | $ 38.68 |
Stock Options Exercisable, Shares | shares | 17,988,842 |
Stock Options Exercisable, Weighted - Average Exercise Price | $ 42.46 |
Stock option, Minimum Range | 15 |
Stock option, Maximum Range | $ 72.66 |
$15.00 - $30.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted-Avg Remaining Contractual Life | 6 years 5 months 1 day |
Stock Options Outstanding, Shares | shares | 7,741,072 |
Stock Options Outstanding, Weighted - Average Exercise Price | $ 21.81 |
Stock Options Exercisable, Shares | shares | 4,649,526 |
Stock Options Exercisable, Weighted - Average Exercise Price | $ 25.19 |
Stock option, Minimum Range | 15 |
Stock option, Maximum Range | $ 30 |
$30.01 - $50.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted-Avg Remaining Contractual Life | 3 years 9 months 21 days |
Stock Options Outstanding, Shares | shares | 6,525,740 |
Stock Options Outstanding, Weighted - Average Exercise Price | $ 36.26 |
Stock Options Exercisable, Shares | shares | 6,525,740 |
Stock Options Exercisable, Weighted - Average Exercise Price | $ 36.26 |
Stock option, Minimum Range | 30.01 |
Stock option, Maximum Range | $ 50 |
$50.01 - $72.66 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted-Avg Remaining Contractual Life | 1 year 5 months 19 days |
Stock Options Outstanding, Shares | shares | 6,813,576 |
Stock Options Outstanding, Weighted - Average Exercise Price | $ 60.18 |
Stock Options Exercisable, Shares | shares | 6,813,576 |
Stock Options Exercisable, Weighted - Average Exercise Price | $ 60.18 |
Stock option, Minimum Range | 50.01 |
Stock option, Maximum Range | $ 72.66 |
Common Stock - Assumption Used
Common Stock - Assumption Used in Determination of Fair Value of Share Based Payment Awards (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement [Abstract] | |||
Expected volatility | 43.60% | 43.40% | 35% |
Risk-free interest rate | 1.90% | 0.60% | 1.20% |
Expected dividend yield | 1.20% | 0% | 1% |
Expected term (in years) | 5 years 4 months 24 days | 5 years 1 month 6 days | 4 years 9 months 18 days |
Common Stock - Summary of Infor
Common Stock - Summary of Information and Changes in Stock Options with Regard to Stock Option Plans (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement [Abstract] | |||
Number of shares under stock option, Beginning of the year | 21,276,961 | 21,005,502 | 21,310,099 |
Number of Shares Granted | 1,492,020 | 1,669,511 | 1,650,262 |
Number of Shares Forfeited | (1,574,642) | (1,398,052) | (1,954,859) |
Number of Shares Exercised | (113,951) | ||
Number of shares under stock option, End of the year | 21,080,388 | 21,276,961 | 21,005,502 |
Number of stock options, Exercisable | 17,988,842 | 18,039,330 | 17,893,434 |
Weighted Average Exercise Price, Beginning of year | $ 42.09 | $ 45.70 | $ 47.68 |
Weighted Average Exercise Price, Stock Options Granted | 16.73 | 15 | 20.23 |
Weighted Average Exercise Price, Stock Options Forfeited | 65.44 | 63.65 | 45.75 |
Weighted Average Exercise Price, Stock Options Exercised | 17.77 | ||
Weighted Average Exercise Price, End of the year | 38.68 | 42.09 | 45.70 |
Weighted Average Exercise Price, Stock Options, Exercisable | $ 42.46 | $ 46.27 | $ 49.25 |
Weighted Average Remaining Contractual Term, Outstanding | 4 years 3 days | 4 years 5 months 26 days | |
Weighted Average Remaining Contractual Term, Exercisable | 3 years 3 months 10 days |
Common Stock - Summary of Inf_2
Common Stock - Summary of Information Regarding Outstanding SARs (Detail) - Stock Appreciation Rights (SARs) [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted Shares Outstanding, Beginning balance | 1,193,934 | 1,234,565 |
Forfeited | (88,828) | (40,631) |
Restricted Shares Outstanding, Ending balance | 1,105,106 | 1,193,934 |
Exercisable at end of year | 1,105,106 | 1,186,296 |
Weighted-Average Grant Date Fair Value of Restricted Stock, Beginning Balance | $ 28.40 | $ 28.40 |
Forfeited | 28.61 | 28.32 |
Weighted-Average Grant Date Fair Value of Restricted Stock, Ending Balance | 28.39 | 28.40 |
Average Exercise Price, Exercisable at end of year | $ 28.39 | $ 28.44 |
Common Stock - Summary of Inf_3
Common Stock - Summary of Information Regarding Outstanding Restricted Shares (Detail) - Restricted Stock and Restricted Stock Units [Member] - $ / shares | 12 Months Ended | |||
Feb. 15, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted Shares Outstanding, Beginning balance | 6,936,574 | 6,073,963 | 6,274,308 | |
Restricted Stock Granted, Shares | 2,877,894 | 3,509,425 | 3,772,842 | 3,166,402 |
Restricted Stock Vested, Shares | (2,863,385) | (2,672,507) | (3,229,624) | |
Restricted Stock Forfeited, Shares | (394,431) | (237,724) | (137,123) | |
Restricted Shares Outstanding, Ending balance | 7,188,183 | 6,936,574 | 6,073,963 | |
Weighted-Average Grant Date Fair Value of Restricted Stock, Beginning Balance | $ 21.32 | $ 31.85 | $ 33.10 | |
Restricted Stock Granted, Weighted-Average Grant Date Fair Value | $ 16.73 | 17.67 | 15.03 | 19.98 |
Restricted Stock Vested, Weighted-Average Grant Date Fair Value | 17.11 | 15.38 | 20.09 | |
Restricted Stock Forfeited, Weighted-Average Grant Date Fair Value | 26 | 63.65 | 45.75 | |
Weighted-Average Grant Date Fair Value of Restricted Stock, Ending Balance | $ 18.30 | $ 21.32 | $ 31.85 |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregate Revenue by Destinations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Disaggregate revenue | $ 7,237 | $ 5,524 | $ 6,090 |
Continental [Member] | North America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregate revenue | 2,879 | 1,968 | 1,802 |
Continental [Member] | International [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregate revenue | 4,358 | 3,556 | 4,288 |
Land and Offshore [Member] | Land Destination [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregate revenue | 4,147 | 3,063 | 3,207 |
Land and Offshore [Member] | Offshore Destination [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregate revenue | 3,090 | 2,461 | 2,883 |
Operating Segments [Member] | Wellbore Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregate revenue | 2,777 | 1,959 | 1,867 |
Operating Segments [Member] | Wellbore Technologies [Member] | Continental [Member] | North America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregate revenue | 1,407 | 904 | 824 |
Operating Segments [Member] | Wellbore Technologies [Member] | Continental [Member] | International [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregate revenue | 1,306 | 991 | 988 |
Operating Segments [Member] | Wellbore Technologies [Member] | Continental [Member] | Intersubsegment Eliminations [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregate revenue | 64 | 64 | 55 |
Operating Segments [Member] | Wellbore Technologies [Member] | Land and Offshore [Member] | Land Destination [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregate revenue | 2,066 | 1,423 | 1,308 |
Operating Segments [Member] | Wellbore Technologies [Member] | Land and Offshore [Member] | Offshore Destination [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregate revenue | 647 | 472 | 504 |
Operating Segments [Member] | Wellbore Technologies [Member] | Land and Offshore [Member] | Intersubsegment Eliminations [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregate revenue | 64 | 64 | 55 |
Operating Segments [Member] | Completion & Production Solutions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregate revenue | 2,588 | 1,963 | 2,433 |
Operating Segments [Member] | Completion & Production Solutions [Member] | Continental [Member] | North America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregate revenue | 1,024 | 789 | 751 |
Operating Segments [Member] | Completion & Production Solutions [Member] | Continental [Member] | International [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregate revenue | 1,511 | 1,131 | 1,639 |
Operating Segments [Member] | Completion & Production Solutions [Member] | Continental [Member] | Intersubsegment Eliminations [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregate revenue | 53 | 43 | 43 |
Operating Segments [Member] | Completion & Production Solutions [Member] | Land and Offshore [Member] | Land Destination [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregate revenue | 1,538 | 1,250 | 1,426 |
Operating Segments [Member] | Completion & Production Solutions [Member] | Land and Offshore [Member] | Offshore Destination [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregate revenue | 997 | 670 | 964 |
Operating Segments [Member] | Completion & Production Solutions [Member] | Land and Offshore [Member] | Intersubsegment Eliminations [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregate revenue | 53 | 43 | 43 |
Operating Segments [Member] | Rig Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregate revenue | 2,034 | 1,739 | 1,919 |
Operating Segments [Member] | Rig Technologies [Member] | Continental [Member] | North America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregate revenue | 448 | 275 | 227 |
Operating Segments [Member] | Rig Technologies [Member] | Continental [Member] | International [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregate revenue | 1,541 | 1,434 | 1,661 |
Operating Segments [Member] | Rig Technologies [Member] | Continental [Member] | Intersubsegment Eliminations [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregate revenue | 45 | 30 | 31 |
Operating Segments [Member] | Rig Technologies [Member] | Land and Offshore [Member] | Land Destination [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregate revenue | 543 | 390 | 473 |
Operating Segments [Member] | Rig Technologies [Member] | Land and Offshore [Member] | Offshore Destination [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregate revenue | 1,446 | 1,319 | 1,415 |
Operating Segments [Member] | Rig Technologies [Member] | Land and Offshore [Member] | Intersubsegment Eliminations [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregate revenue | 45 | 30 | 31 |
Intersegment Eliminations [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregate revenue | (162) | (137) | (129) |
Intersegment Eliminations [Member] | Continental [Member] | Intersubsegment Eliminations [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregate revenue | (162) | (137) | (129) |
Intersegment Eliminations [Member] | Land and Offshore [Member] | Intersubsegment Eliminations [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregate revenue | $ (162) | $ (137) | $ (129) |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Customer | Dec. 31, 2021 USD ($) Customer | Dec. 31, 2020 USD ($) Customer | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |||
Impairment losses on contract assets | $ | $ 0 | $ 0 | $ 0 |
Customers [Member] | Customer Concentration Risk [Member] | Revenue [Member] | |||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |||
Concentration risk, number of customers | Customer | 0 | 0 | 0 |
Concentration risk, percentage | 10% | 10% | 10% |
Revenue - Summary of Changes in
Revenue - Summary of Changes in Carrying Amount of Contract Assets and Contract Liabilities (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Balance at December 31, 2021 | $ 461 |
Provision, net | (1) |
Billings | (1,062) |
Revenue recognized | 1,265 |
Currency translation adjustments and other | 22 |
Balance at December 31, 2022 | 685 |
Balance at December 31, 2021 | 392 |
Billings | 1,123 |
Revenue recognized | 1,071 |
Balance at December 31, 2022 | $ 444 |
Income Taxes - Domestic and For
Income Taxes - Domestic and Foreign Components of Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Income before income taxes, Domestic | $ 113 | $ (257) | $ (2,169) |
Income before income taxes, Foreign | 125 | 27 | (610) |
Income before income taxes | $ 238 | $ (230) | $ (2,779) |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | |||
Federal | $ (1) | $ 4 | $ (279) |
State | (1) | (4) | |
Foreign | 86 | 23 | 106 |
Total current income tax provision | 85 | 26 | (177) |
Deferred: | |||
Federal | 3 | (1) | 7 |
Foreign | (5) | (10) | (72) |
Total deferred income tax provision | (2) | (11) | (65) |
Total income tax provision | $ 83 | $ 15 | $ (242) |
Income Taxes - Difference Betwe
Income Taxes - Difference Between Effective Tax Rate (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax at U.S. statutory rate | $ 50 | $ (48) | $ (584) |
Foreign income tax rate differential | 1 | (9) | (30) |
Goodwill impairment | 271 | ||
Reduction of FTC carryforwards | 184 | ||
Tax Benefit from CARES Act | (83) | ||
Change in deferred tax valuation allowance | 24 | 31 | (83) |
Nondeductible expenses | 18 | 17 | 44 |
Foreign dividends, net of foreign tax credits | 27 | 54 | 28 |
Change in uncertain tax positions | 4 | 13 | 20 |
State income taxes - net of federal benefit | (1) | (4) | |
Income tax credits | (5) | (11) | |
Other | (36) | (31) | (5) |
Total income tax provision | $ 83 | $ 15 | $ (242) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Tax Credit Carryforward [Line Items] | ||||
Effective income tax rate | 34.90% | (6.50%) | ||
Increase (decrease) in valuation allowance | $ (207) | |||
Unrecognized tax benefit | 62 | $ 60 | $ 57 | $ 38 |
Income tax interest and penalties related to unrecognized tax benefit | 8 | 8 | 2 | |
Increase in unrecognized tax position from completion of audits of domestic and foreign jurisdictions from prior years | 9 | 8 | $ 25 | |
Decrease in unrecognized tax benefits from resolutions of domestic foreign jurisdiction audit | 1 | 1 | ||
Accrued income tax interest and penalties related to unrecognized tax benefit | 23 | $ 20 | ||
Foreign tax credit | 273 | |||
Net operating loss carry forward | 1,655 | |||
Tax-deductible goodwill | $ 83 | |||
Maximum [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Period of amortization of goodwill | 9 years | |||
Carry Forward Expiration Year 2027 [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Net operating loss carry forward | $ 144 | |||
Carry Forward Expiration Year 2028 [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Net operating loss carry forward | 96 | |||
Carry Forward Expiration Year 2030 [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Net operating loss carry forward | 12 | |||
Carry Forward Expiration Year 2031 [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Net operating loss carry forward | 11 | |||
Carry Forward Expiration Year 2032 [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Net operating loss carry forward | 10 | |||
Expiration of Foreign Tax Credit Carryforwards in U.S [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Increase (decrease) in valuation allowance | (128) | |||
Removal of Deferred Tax Assets for Operations in Russia and Belarus [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Increase (decrease) in valuation allowance | (62) | |||
Current Year Changes In Carrying Value of Deferred Tax Assets [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Increase (decrease) in valuation allowance | 24 | |||
Changes in Other Comprehensive Income [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Increase (decrease) in valuation allowance | (3) | |||
FX [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Increase (decrease) in valuation allowance | (13) | |||
Remove of Other Forfeited NOLs [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Increase (decrease) in valuation allowance | $ (25) |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets and Liability (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Allowances and operating liabilities | $ 276 | $ 297 |
Net operating loss carryforwards | 324 | 446 |
Stock Compensation | 51 | 56 |
Tax credit carryforwards | 292 | 398 |
Other | 119 | 135 |
Valuation allowance | (920) | (1,127) |
Total deferred tax assets | 142 | 205 |
Deferred tax liabilities: | ||
Tax over book depreciation | 49 | 56 |
Capital leases | 73 | 76 |
Intangible assets | 34 | 52 |
Deferred income | 16 | 51 |
Accrued tax on unremitted earnings | 32 | 33 |
Other | 6 | 3 |
Total deferred tax liabilities | 210 | 271 |
Net deferred tax liability | $ 68 | $ 66 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefit at beginning of year | $ 60 | $ 57 | $ 38 |
Gross increase for tax positions in prior years | 9 | 8 | 25 |
Gross decrease for tax positions in prior years | (1) | (1) | (2) |
Cash Settlements | (1) | (1) | (1) |
Lapse of statute of limitations | (5) | (3) | (3) |
Unrecognized tax benefit at end of year | $ 62 | $ 60 | $ 57 |
Income Taxes - Summary of Net O
Income Taxes - Summary of Net Operating Loss Carryforwards (Detail) $ in Millions | Dec. 31, 2022 USD ($) |
Operating Loss Carryforwards [Line Items] | |
Total Net Operating Loss (NOL) | $ 1,655 |
Tax Effected NOL | 324 |
Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total Net Operating Loss (NOL) | 351 |
Tax Effected NOL | 74 |
State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total Net Operating Loss (NOL) | 429 |
Tax Effected NOL | 28 |
Foreign [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total Net Operating Loss (NOL) | 875 |
Tax Effected NOL | 222 |
2023 - 2027 Expiration [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total Net Operating Loss (NOL) | 82 |
2023 - 2027 Expiration [Member] | Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total Net Operating Loss (NOL) | 15 |
2023 - 2027 Expiration [Member] | State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total Net Operating Loss (NOL) | 4 |
2023 - 2027 Expiration [Member] | Foreign [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total Net Operating Loss (NOL) | 63 |
2028 - 2042 Expiration [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total Net Operating Loss (NOL) | 755 |
2028 - 2042 Expiration [Member] | Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total Net Operating Loss (NOL) | 16 |
2028 - 2042 Expiration [Member] | State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total Net Operating Loss (NOL) | 425 |
2028 - 2042 Expiration [Member] | Foreign [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total Net Operating Loss (NOL) | 314 |
Unlimited Expiration [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total Net Operating Loss (NOL) | 818 |
Unlimited Expiration [Member] | Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total Net Operating Loss (NOL) | 320 |
Unlimited Expiration [Member] | Foreign [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total Net Operating Loss (NOL) | $ 498 |
Business Segments and Geograp_3
Business Segments and Geographic Areas - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Business Segments and Geograp_4
Business Segments and Geographic Areas - Revenues by Country Based on Sales Destination of Products or Services (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $ 7,237 | $ 5,524 | $ 6,090 |
United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 2,603 | 1,760 | 1,634 |
Brazil [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 495 | 316 | 224 |
Saudi Arabia [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 488 | 316 | 343 |
Norway [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 351 | 365 | 464 |
China [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 296 | 222 | 288 |
Canada [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 277 | 207 | 168 |
United Kingdom [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 199 | 204 | 222 |
United Arab Emirates [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 157 | 130 | 221 |
Singapore [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 131 | 143 | 242 |
South Korea [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 88 | 32 | 33 |
Other Countries [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $ 2,152 | $ 1,829 | $ 2,251 |
Business Segments and Geograp_5
Business Segments and Geographic Areas - Plant, Property and Equipment by Country Based on the Location (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | $ 1,781 | $ 1,823 |
United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 883 | 898 |
Saudi Arabia [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 240 | 231 |
Brazil [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 94 | 87 |
United Kingdom [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 72 | 84 |
Denmark [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 68 | 72 |
Canada [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 50 | 59 |
South Korea [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 66 | 60 |
United Arab Emirates [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 64 | 65 |
Mexico [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 27 | 28 |
Singapore [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 13 | 14 |
Russia [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 10 | |
Other Countries [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | $ 204 | $ 215 |
Business Segments and Geograp_6
Business Segments and Geographic Areas - Business Segments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 7,237 | $ 5,524 | $ 6,090 |
Operating profit (loss) | 264 | (134) | (2,425) |
Capital expenditures | 214 | 201 | 226 |
Depreciation and amortization | 301 | 306 | 352 |
Goodwill | 1,505 | 1,527 | 1,493 |
Total assets | 10,135 | 9,550 | 9,929 |
Wellbore Technologies [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 313 | 342 | 308 |
Completion & Production Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 480 | 473 | 473 |
Rig Technologies [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 712 | 712 | 712 |
Operating Segments [Member] | Wellbore Technologies [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 2,777 | 1,959 | 1,867 |
Operating profit (loss) | 304 | 74 | (858) |
Capital expenditures | 109 | 77 | 87 |
Depreciation and amortization | 150 | 158 | 187 |
Goodwill | 313 | 342 | 308 |
Total assets | 2,992 | 2,670 | 2,665 |
Operating Segments [Member] | Completion & Production Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 2,588 | 1,963 | 2,433 |
Operating profit (loss) | 69 | (65) | (977) |
Capital expenditures | 59 | 46 | 48 |
Depreciation and amortization | 62 | 62 | 75 |
Goodwill | 480 | 473 | 473 |
Total assets | 2,748 | 2,465 | 2,472 |
Operating Segments [Member] | Rig Technologies [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 2,034 | 1,739 | 1,919 |
Operating profit (loss) | 144 | 43 | (362) |
Capital expenditures | 34 | 74 | 80 |
Depreciation and amortization | 73 | 71 | 77 |
Goodwill | 712 | 712 | 712 |
Total assets | 3,074 | 2,621 | 2,923 |
Eliminations and Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | (162) | (137) | (129) |
Operating profit (loss) | (253) | (186) | (228) |
Capital expenditures | 12 | 4 | 11 |
Depreciation and amortization | 16 | 15 | 13 |
Total assets | $ 1,321 | $ 1,794 | $ 1,869 |
Business Segments and Geograp_7
Business Segments and Geographic Areas - Business Segments (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Operating profit (loss) | $ 264 | $ (134) | $ (2,425) |
Wellbore Technologies [Member] | Inventory Charges | |||
Segment Reporting Information [Line Items] | |||
Operating profit (loss) | 0 | (2) | |
Wellbore Technologies [Member] | Severance And Facility Closures Cost | |||
Segment Reporting Information [Line Items] | |||
Operating profit (loss) | 0 | 32 | |
Completion & Production Solutions [Member] | Inventory Charges | |||
Segment Reporting Information [Line Items] | |||
Operating profit (loss) | (8) | (12) | |
Completion & Production Solutions [Member] | Severance And Facility Closures Cost | |||
Segment Reporting Information [Line Items] | |||
Operating profit (loss) | 5 | 12 | |
Rig Technologies [Member] | Inventory Charges | |||
Segment Reporting Information [Line Items] | |||
Operating profit (loss) | (27) | 1 | |
Rig Technologies [Member] | Severance And Facility Closures Cost | |||
Segment Reporting Information [Line Items] | |||
Operating profit (loss) | 3 | $ 19 | |
Russia [Member] | Wellbore Technologies [Member] | Impairment And Other Charges | |||
Segment Reporting Information [Line Items] | |||
Operating profit (loss) | 60 | ||
Russia [Member] | Completion & Production Solutions [Member] | Impairment And Other Charges | |||
Segment Reporting Information [Line Items] | |||
Operating profit (loss) | 39 | ||
Russia [Member] | Rig Technologies [Member] | Impairment And Other Charges | |||
Segment Reporting Information [Line Items] | |||
Operating profit (loss) | $ 24 |
Impairment and Other Charges -
Impairment and Other Charges - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Cost of Revenue [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Other asset impairment charges | $ 76 |
Selling, General and Administrative [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Other asset impairment charges | 51 |
Russia Belarus And Ukraine [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Other asset impairment charges | 127 |
Russia and Belarus [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Accumulated other comprehensive income foreign currency translation loss | $ 51 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Allowance for Credit Losses [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance beginning of year | $ 88 | $ 100 | $ 132 |
Additions (Deductions) charged to costs and expenses | 5 | 5 | 7 |
Charge off's and other | (22) | (17) | (39) |
Balance end of year | 71 | 88 | 100 |
Reserve for Excess and Obsolete Inventories [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance beginning of year | 444 | 577 | 843 |
Additions (Deductions) charged to costs and expenses | (18) | 73 | 367 |
Charge off's and other | (48) | (206) | (633) |
Balance end of year | 378 | 444 | 577 |
Valuation Allowance for Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance beginning of year | 1,127 | 1,093 | 1,175 |
Additions (Deductions) charged to costs and expenses | 24 | 31 | (83) |
Charge off's and other | (231) | 3 | 1 |
Balance end of year | $ 920 | $ 1,127 | $ 1,093 |