NOV (NOV) 10-Q 27 Apr 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 20, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Trading Symbol	NOV
Entity Registrant Name	NATIONAL OILWELL VARCO INC
Entity Central Index Key	1,021,860
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		382,022,766

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 1,236	$ 1,437
Receivables, net	2,102	2,015
Inventories, net	3,146	3,003
Contract assets	415	495
Prepaid and other current assets	287	267
Total current assets	7,186	7,217
Property, plant and equipment, net	2,926	3,002
Deferred income taxes	13	13
Goodwill	6,217	6,227
Intangibles, net	3,215	3,301
Investment in unconsolidated affiliates	312	309
Other assets	141	137
Total assets	20,010	20,206
Current liabilities:
Accounts payable	528	510
Accrued liabilities	965	1,238
Contract liabilities	598	519
Current portion of long-term debt and short-term borrowings	6	6
Accrued income taxes	35	81
Total current liabilities	2,132	2,354
Long-term debt	2,707	2,706
Deferred income taxes	685	677
Other liabilities	335	309
Total liabilities	5,859	6,046
Commitments and contingencies
Stockholders' equity:
Common stock-par value $.01; 1 billion shares authorized; 381,900,610 and 380,104,970 shares issued and outstanding at March 31, 2018 and December 31, 2017	4	4
Additional paid-in capital	8,256	8,234
Accumulated other comprehensive loss	(1,061)	(1,110)
Retained earnings	6,883	6,966
Total Company stockholders' equity	14,082	14,094
Noncontrolling interests	69	66
Total stockholders' equity	14,151	14,160
Total liabilities and stockholders' equity	$ 20,010	$ 20,206

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
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	381,900,610	380,104,970
Common stock, shares outstanding	381,900,610	380,104,970

Consolidated Statements of Loss

Consolidated Statements of Loss (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Revenue	$ 1,795	$ 1,741
Cost of revenue	1,508	1,532
Gross profit	287	209
Selling, general and administrative	288	306
Operating loss	(1)	(97)
Interest and financial costs	(24)	(25)
Interest income	7	4
Equity income in unconsolidated affiliates	2
Other income (expense), net	(47)	(15)
Loss before income taxes	(63)	(133)
Provision for income taxes	3	(13)
Net loss	(66)	(120)
Net income attributable to noncontrolling interests	2	2
Net loss attributable to Company	$ (68)	$ (122)
Net loss attributable to Company per share:
Basic	$ (0.18)	$ (0.32)
Diluted	(0.18)	(0.32)
Cash dividends per share	$ 0.05	$ 0.05
Weighted average shares outstanding:
Basic	377	376
Diluted	377	376

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net loss	$ (66)	$ (120)
Currency translation adjustments	36	90
Changes in derivative financial instruments, net of tax	13	5
Comprehensive loss	(17)	(25)
Comprehensive income attributable to noncontrolling interest	2	2
Comprehensive loss attributable to Company	$ (19)	$ (27)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net loss	$ (66)	$ (120)
Adjustments to reconcile net loss to net cash provided (used) by operating activities:
Depreciation and amortization	173	175
Deferred income taxes	5	4
Equity income in unconsolidated affiliates	(2)
Other, net	19	55
Change in operating assets and liabilities, net of acquisitions:
Receivables	(79)	101
Inventories	(146)	65
Contract assets	80	12
Prepaid and other current assets	(20)	16
Accounts payable	14	(26)
Accrued liabilities	(279)	(72)
Contract liabilities	77	(66)
Income taxes payable	(46)	(41)
Other assets/liabilities, net	141	8
Net cash provided (used) by operating activities	(129)	111
Cash flows from investing activities:
Purchases of property, plant and equipment	(39)	(42)
Business acquisitions, net of cash acquired	(36)	(6)
Other	14	6
Net cash used in investing activities	(61)	(42)
Cash flows from financing activities:
Payments against lines of credit and other debt	(2)	(2)
Cash dividends paid	(19)	(19)
Activity under stock incentive plans	3	9
Other		(1)
Net cash used in financing activities	(18)	(13)
Effect of exchange rates on cash	7	15
Increase (decrease) in cash and cash equivalents	(201)	71
Cash and cash equivalents, beginning of period	1,437	1,408
Cash and cash equivalents, end of period	1,236	1,479
Cash payments during the period for:
Interest	3	3
Income taxes	$ 42	$ 56

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States requires management to make estimates and assumptions that affect reported and contingent amounts of assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying unaudited consolidated financial statements of National Oilwell Varco, Inc. (“NOV” or the “Company”) present information in accordance with GAAP in the United States for interim financial information and the instructions to Form 10-Q and applicable rules of Regulation S-X. They do not include all information or footnotes required by GAAP in the United States for complete consolidated financial statements and should be read in conjunction with our 2017 Annual Report on Form 10-K. In our opinion, the consolidated financial statements include all adjustments, which are of a normal recurring nature, unless otherwise disclosed, necessary for a fair presentation of the results for the interim periods. Certain reclassifications have been made to the prior year financial statements in order for them to conform with the 2018 presentation. See Note 6. The results of operations for the three months ended March 31, 2018 are not necessarily indicative of the results to be expected for the full year. Fair Value of Financial Instruments The carrying amounts of 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. See Note 7 for the fair value of long-term debt and Note 10 for the fair value of derivative financial instruments.

Inventories, net

Inventories, net	3 Months Ended
	Mar. 31, 2018
Inventory Disclosure [Abstract]
Inventories, net	2. Inventories, net Inventories consist of (in millions): March 31, December 31, 2018 2017 Raw materials and supplies $ 659 $ 656 Work in process 605 513 Finished goods and purchased products 1,882 1,834 Total $ 3,146 $ 3,003

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2018
Payables and Accruals [Abstract]
Accrued Liabilities	3. Accrued Liabilities Accrued liabilities consist of (in millions): March 31, December 31, 2018 2017 Compensation $ 214 $ 345 Vendor costs 142 150 Warranty 129 135 Taxes (non-income) 84 152 Insurance 72 74 Commissions 45 58 Fair value of derivative financial instruments 8 8 Interest 27 7 Other 244 309 Total $ 965 $ 1,238 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 in accordance with Accounting Standards Codification (“ASC”) Topic 450 “Contingencies”. 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 changes in the carrying amount of service and product warranties are as follows (in millions): Balance at December 31, 2017 $ 135 Net provisions for warranties issued during the year 5 Amounts incurred (12 ) Currency translation adjustments and other 1 Balance at March 31, 2018 $ 129

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	4. Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) are as follows (in millions): Derivative Defined Currency Financial Benefit Translation Instruments, Plans, Adjustments Net of Tax Net of Tax Total Balance at December 31, 2017 $ (1,104 ) $ 7 $ (13 ) $ (1,110 ) Accumulated other comprehensive income (loss) before reclassifications 36 16 — 52 Amounts reclassified from accumulated other comprehensive income (loss) — (3 ) — (3 ) Balance at March 31, 2018 $ (1,068 ) $ 20 $ (13 ) $ (1,061 ) The components of amounts reclassified from accumulated other comprehensive income (loss) are as follows (in millions): Three Months Ended March 31, 2018 2017 Currency Derivative Defined Total Currency Derivative Defined Total Revenue $ — $ (1 ) $ — $ (1 ) $ — $ (5 ) $ — $ (5 ) Cost of revenue — (4 ) — (4 ) — (4 ) — (4 ) Tax effect — 2 — 2 — 4 — 4 $ — $ (3 ) $ — $ (3 ) $ — $ (5 ) $ — $ (5 ) The Company’s reporting currency is the U.S. dollar. For a majority of the Company’s international entities in which there is a substantial investment, the local currency is 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 in accordance with ASC Topic 830 “Foreign Currency Matters” (“ASC Topic 830”). For the three months ended March 31, 2018, a majority of these local currencies strengthened against the U.S. dollar resulting in net other comprehensive income of $36 million, upon the translation from local currencies to the U.S. dollar. For the three months ended March 31, 2017, a majority of these local currencies strengthened against the U.S. dollar resulting in net other comprehensive income of $90 million upon the translation from local currencies to the U.S. dollar. The effect of changes in the fair values of derivatives designated as cash flow hedges are accumulated in other comprehensive income or loss, net of tax, until the underlying transactions to which they are designed to hedge are realized. The movement in other comprehensive income or loss from period to period will be the result of the combination of changes in fair value for open derivatives and the outflow of other comprehensive income or 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 of $13 million (net of tax of $4 million) and $5 million (net of tax of $1 million) for the three months ended March 31, 2018 and March 31, 2017, respectively.

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Business Segments	5. Business Segments Operating results by segment are as follows (in millions): Three Months Ended March 31, 2018 2017 Revenue: Wellbore Technologies $ 711 $ 555 Completion & Production Solutions 670 648 Rig Technologies 483 582 Eliminations (69 ) (44 ) Total revenue $ 1,795 $ 1,741 Operating profit (loss): Wellbore Technologies $ 12 $ (57 ) Completion & Production Solutions 16 8 Rig Technologies 18 13 Eliminations and corporate costs (47 ) (61 ) Total operating profit (loss) $ (1 ) $ (97 ) Operating profit (loss)%: Wellbore Technologies 1.7 % (10.3 %) Completion & Production Solutions 2.4 % 1.2 % Rig Technologies 3.7 % 2.2 % Total operating profit (loss) % (0.1 %) (5.6 %) Sales from one segment to another generally are priced at estimated equivalent commercial selling prices; however, segments originating an external sale are credited with the full profit to the Company. Eliminations include intercompany transactions conducted between the three reporting segments that are eliminated in consolidation. Intercompany transactions within each reporting segment are eliminated within each reporting segment. Included in operating profit (loss) are other items primarily related to costs associated with severance, facility closures, and credits for the reversal of certain accruals.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue Recognition	6. Revenue Recognition The Company’s products and services are sold based upon purchase orders or contracts with customers that include fixed or determinable prices and do not generally include right of return or other significant post-delivery obligations. The majority of our 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 the customer. 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. In instances where the timing of revenue recognition differs from the timing of invoicing on contracts with a duration of one year or longer, we have determined our contracts generally do not include a significant financing component, as they are structured to include progress billings commensurate with revenue recognized over time. We have elected to apply the practical expedient that does not require an adjustment for a significant 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. The Company elects to treat shipping and handling costs as costs to fulfill a performance obligation instead of as a separate performance obligation. We recognize the cost for shipping and handling when incurred, generally when control over the products has transferred to the customer, as an expense in cost of sales. Our contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. We take into consideration the degree of integration of the related products and services, the level of customization of the product for the customer, and the interdependency of the products and services. Judgment is also required to determine the stand-alone selling price (“SSP”) for each distinct performance obligation. To determine the SSP, the Company uses the price at which the products and services would be sold separately to the customer. We also review past sales transactions to confirm invoice prices for each distinct performance obligation reasonably approximate SSP and that there are no significant deviations. A discount, when provided, is also allocated based on the relative SSP of the various products and services. We may provide other credits or incentives, which are accounted for as variable consideration when determining the transaction price. These credits or incentives are estimated at contract inception and updated at the end of each reporting period as additional information becomes available and recognized only to the extent that it is probable that a significant reversal of any incremental revenue will not occur. 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 The Company uses the over-time method to account for certain long-term construction contracts in the Completion & Production Solutions and Rig Technologies segments. These long-term construction contracts include the following characteristics: • the contracts include custom designs for customer specific applications; • the structural design is unique and requires significant engineering efforts; and • the Company has an enforceable right to payment 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 on our contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion 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. Costs to fulfill include labor, materials and subcontractors’ costs, and other direct costs. If estimates of total costs to be incurred on a performance obligation exceed total estimates of revenue to be earned, a provision for the entire loss on the performance obligation is recognized in the period the loss is determined. For most of our contracts, the customer contracts with us to provide a significant service of integrating a complex set of tasks and components into a single project or capability. Hence, the entire contract is accounted for as one performance obligation. Due to the nature of the work required to be performed on many of our performance obligations, the estimation of total revenue and cost at completion is complex, subject to many variables and requires significant judgment. 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 at the most likely amount to which we expect to pay or be entitled to. 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 largely on an assessment of our anticipated performance and all information (historical, current and forecasted) that is reasonably available to us. Net revenue recognized from our performance obligations satisfied in previous periods was $22 million for the three months ended March 31, 2018 primarily due to change orders. Service and Repair Work For those contracts in which we are providing a service to the customer, the output method is utilized to measure progress due to the manner in which the customer receives and derives value from the services being provided. For repair contracts, we generally use the cost-to-cost measure of progress for our contracts because it best depicts the transfer of assets to the customer which occurs as we incur costs on our contracts. Remaining Performance Obligations Remaining performance obligations represents 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. The optional disclosures for 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 have not been disclosed. As of March 31, 2018, the aggregate amount of the transaction price allocated to remaining performance obligations was $2,523 million. The Company expects to recognize approximately $895 million in revenue for the remaining performance obligations in 2018 and $1,628 million in 2019 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. 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): Three Months Ended March 31, 2018 Wellbore Completion Rig Technologies Eliminations Total North America $ 415 $ 292 $ 135 $ — $ 842 International 282 358 313 — 953 Eliminations 14 20 35 (69 ) — $ 711 $ 670 $ 483 $ (69 ) $ 1,795 Land $ 583 $ 446 $ 172 $ — $ 1,201 Offshore 114 204 276 — 594 Eliminations 14 20 35 (69 ) — $ 711 $ 670 $ 483 $ (69 ) $ 1,795 Three Months Ended March 31, 2017 Wellbore Completion Rig Eliminations Total North America $ 295 $ 233 $ 120 $ — $ 648 International 248 402 443 — 1,093 Eliminations 12 13 19 (44 ) — $ 555 $ 648 $ 582 $ (44 ) $ 1,741 Land $ 436 $ 403 $ 161 $ — $ 1,000 Offshore 107 232 402 — 741 Eliminations 12 13 19 (44 ) — $ 555 $ 648 $ 582 $ (44 ) $ 1,741 Contract Assets and Liabilities Contract assets include unbilled amounts typically resulting from sales under long-term contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer, and right to payment is not only subject to the passage of time. There were no impairment losses recorded on contract assets for the periods ending March 31, 2018 or 2017. Contract liabilities consist of advance payments and billings in excess of revenue recognized and deferred revenue. For the balance at December 31, 2017, we reclassified $240 million of advance payments and deferred revenue from accrued liabilities to contract liabilities to conform with the 2018 presentation. The changes in the carrying amount of contract assets and contract liabilities are as follows (in millions): Contract Assets Balance at December 31, 2017 $ 495 Additions and Milestone Billings (213 ) Revenue Recognized 206 Currency translation adjustments and other (73 ) Balance at March 31, 2018 $ 415 Contract Liabilities Balance at December 31, 2017 $ 519 Additions 273 Revenue Recognized (205 ) Currency translation adjustments and other 11 Balance at March 31, 2018 $ 598

Debt

Debt	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt	7. Debt Debt consists of (in millions): March 31, December 31, $1.4 billion in Senior Notes, interest at 2.60% payable semiannually, principal due on December 1, 2022 $ 1,393 $ 1,392 $1.1 billion in Senior Notes, interest at 3.95% payable semiannually, principal due on December 1, 2042 1,088 1,088 Other 232 232 Total debt 2,713 2,712 Less current portion 6 6 Long-term debt $ 2,707 $ 2,706 The Company has a $3.0 billion, five-year unsecured revolving credit facility, which expires on June 27, 2022. The Company has the right to increase the aggregate commitments under this agreement to an aggregate amount of up to $4.0 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 1.125% 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 March 31, 2018, the Company was in compliance with a debt-to-capitalization ratio of 16.1%. The Company has a commercial paper program under which borrowings are classified as long-term since the program is supported by the $3.0 billion, five-year credit facility. At March 31, 2018, there were no commercial paper borrowings, and there were no outstanding letters of credit issued under the credit facility, resulting in $3.0 billion of funds available under this credit facility. The Company had $567 million of outstanding letters of credit at March 31, 2018, primarily in the U.S. and Norway, that are under various bilateral committed letter of credit facilities. Letters of credit are issued as bid bonds, advanced payment bonds and performance bonds. At March 31, 2018 and December 31, 2017, the fair value of the Company’s unsecured Senior Notes approximated $2,323 million and $2,346 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 or similar instruments. At March 31, 2018 and December 31, 2017, the carrying value of the Company’s unsecured Senior Notes approximated $2,481 million and $2,480 million, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	8. Income Taxes The Tax Cuts and Jobs Act (the “Act”) was enacted on December 22, 2017. The Act reduced the U.S. federal corporate tax rate from 35% to 21%, effective January 1, 2018. At March 31, 2018 and December 31, 2017, we had not completed our accounting for the tax effects of enactment of the Act; however, in certain cases, as described below, we made reasonable estimates of the effects and recorded provisional amounts. We will continue to make and refine our calculations as additional analysis is completed. We recognized an income tax benefit of $242 million in the year ended December 31, 2017 associated with the revaluation of our net deferred tax liability. Our provisional estimate of the one-time transition tax resulted in no additional tax expense. Our provisional estimate on Global Intangible Low Taxed Income (“GILTI”), Foreign Derived Intangible Income (“FDII”), Base Erosion and Anti-Abuse Tax (“BEAT”), and IRC Section 163(j) interest limitation do not impact our effective tax rate for the three months ended March 31, 2018. The accounting for the tax effects of the Act will be completed in 2018 as provided by the U.S. Securities and Exchange Commission’s SAB No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act. For the three months ended March 31, 2018, the Company utilized the discrete-period method to compute its interim tax provision due to significant variations in the relationship between income tax expense and pre-tax accounting loss. For the three months ended March 31, 2017, the Company estimated and recorded tax based on a full year effective tax rate. The effective tax rate for the three months ended March 31, 2018 and 2017 was (4.8)% and 9.8%, respectively. The change in effective tax rate was due primarily to the decrease in the U.S. federal corporate tax rate from 35% in 2017 to 21% in 2018. In addition, the Company established valuation allowances on deferred tax assets for losses and tax credits generated in each year, which, when applied to losses resulted in lower effective tax rates than the U.S. statutory rate.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	9. Stock-Based Compensation The Company has a stock-based compensation plan known as the National Oilwell Varco, Inc. Long-Term Incentive Plan (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. At March 31, 2018, 9,135,374 shares remain available for future grants under the Plan, all of which are available for grants of stock options, performance-based share awards, restricted stock awards, phantom shares, stock payments and SARs. On February 28, 2018, the Company granted 1,610,599 stock options with a fair value of $10.01 per share and an exercise price of $35.09 per share; 2,391,933 shares of restricted stock and restricted stock units with a fair value of $35.09 per share; performance share awards to senior management employees with potential payouts varying from zero to 449,532 shares; and 14,228 SARs. The stock options vest over a three-year period from the grant date. The restricted stock and restricted stock units vest in three equal annual installments commencing on the first anniversary of the date of grant. The performance share awards can be earned based on performance against established goals over a three-year performance period. The performance share awards are based entirely on a TSR (total shareholder return) goal. Performance against the TSR goal is determined by comparing the performance of the Company’s TSR with the TSR performance of the members of the OSX index for the three-year performance period. Total stock-based compensation for all stock-based compensation arrangements under the Plan was $27 million and $30 million for the three months ended March 31, 2018 and 2017, respectively. The total income tax benefit recognized in the Consolidated Statements of Loss for all stock-based compensation arrangements under the Plan was $2 million and $4 million for the three months ended March 31, 2018 and 2017, respectively.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	10. Derivative Financial Instruments The Company is exposed to certain risks relating to its ongoing business operations. The primary risk managed by using derivative instruments is foreign currency exchange rate risk. Forward contracts against various foreign currencies are entered into 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). In addition, the Company will enter into non-designated forward contracts against various foreign currencies to manage the foreign currency exchange rate risk on nonfunctional currency monetary accounts (non-designated hedge). The Company records all derivative financial instruments at their fair value in its Consolidated Balance Sheet. Except for certain non-designated hedges discussed 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 2 and 24 months, but may have longer terms depending on the underlying cash flows being hedged, typically related to the projects in our backlog. The Company may also use interest rate contracts to mitigate its exposure to changes in interest rates on anticipated long-term debt issuances. At March 31, 2018, the Company has determined that the fair value of its derivative financial instruments representing assets of $42 million and liabilities of $9 million (primarily currency related derivatives) are determined using level 2 inputs (inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability) in the fair value hierarchy as the fair value is based on publicly available foreign exchange and interest rates at each financial reporting date. At March 31, 2018, the net fair value of the Company’s foreign currency forward contracts totaled a net asset of $33 million. At March 31, 2018, the Company did not have any interest rate swaps and its financial instruments do not contain any credit-risk-related or other contingent features that could cause accelerated payments when the Company’s financial instruments are in net liability positions. We do not use derivative financial instruments for trading or speculative purposes. Cash Flow Hedging Strategy To protect against the volatility of forecasted foreign currency cash flows resulting from forecasted revenues and expenses, the Company has instituted a cash flow hedging program. The Company hedges portions of its forecasted revenues and expenses denominated in nonfunctional currencies with forward contracts. When the U.S. dollar strengthens or weakens against the foreign currencies, the change in present value of future foreign currency revenues and expenses is offset by changes in the fair value of the forward contracts designated as hedges. For derivative instruments that are designated and qualify as a cash flow hedge (i.e., hedging the exposure to variability in expected future cash flows that is subject to a particular currency risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss) and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings (e.g., in “revenues” when the hedged transactions are cash flows associated with forecasted revenues). The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item, if any (i.e., the ineffective portion), or hedge components excluded from the assessment of effectiveness, is recognized in the Consolidated Statements of Loss during the current period. For the three months ended March 31, 2018, the Company recognized no gains or losses as a result of the discontinuance of certain cash flow hedges when it became probable that the original forecasted transactions would not occur by the end of the originally specified time period. At March 31, 2018, there were $27 million in pre-tax losses recorded in accumulated other comprehensive income (loss). Significant changes in forecasted operating levels or delays in large capital construction projects, whereby certain hedged transactions associated with these projects are no longer probable of occurring by the end of the originally specified time period, could result in losses or gains due to the de-designation of existing hedge contracts. The Company had the following outstanding foreign currency forward contracts that were entered into to hedge nonfunctional currency cash flows from forecasted revenues and expenses (in millions): Currency Denomination Foreign Currency March 31, December 31, Norwegian Krone NOK 3,556 NOK 4,013 Japanese Yen JPY 968 JPY 982 U.S. Dollar USD 113 USD 163 Euro EUR 83 EUR 120 Danish Krone DKK 19 DKK 30 British Pound Sterling GBP 9 GBP 11 Non-designated Hedging Strategy The Company enters into forward exchange contracts to hedge certain nonfunctional currency monetary accounts. The purpose of the Company’s foreign currency hedging activities is to protect the Company from risk that the eventual U.S. dollar equivalent cash flows from the nonfunctional currency monetary accounts will be adversely affected by changes in the exchange rates. For derivative instruments that are non-designated, the gain or loss on the derivative instrument subject to the hedged risk (i.e., nonfunctional currency monetary accounts) is recognized in other income (expense), net in current earnings. The Company had the following outstanding foreign currency forward contracts that hedge the fair value of nonfunctional currency monetary accounts (in millions): Currency Denomination Foreign Currency March 31, December 31, Russian Ruble RUB 2,903 RUB 2,699 Norwegian Krone NOK 1,407 NOK 1,734 U.S. Dollar USD 469 USD 463 South African Rand ZAR 176 ZAR 150 Euro EUR 106 EUR 99 Danish Krone DKK 33 DKK 15 British Pound Sterling GBP 4 GBP 3 The Company has the following gross fair values of its derivative instruments and their balance sheet classifications: Asset Derivatives Liability Derivatives Fair Value Fair Value Balance Sheet Location March 31, December 31, Balance Sheet March 31, December 31, Derivatives designated as hedging instruments under ASC Topic 815 Foreign exchange contracts Prepaid and other current assets $ 23 $ 13 Accrued liabilities $ 3 $ 3 Foreign exchange contracts Other Assets 11 8 Other liabilities — 2 Total derivatives designated as hedging instruments under ASC Topic 815 $ 34 $ 21 $ 3 $ 5 Derivatives not designated as hedging instruments under ASC Topic 815 Foreign exchange contracts Prepaid and other $ 6 $ 10 Accrued liabilities $ 5 $ 5 Foreign exchange contracts Other Assets 2 2 Other Liabilities 1 1 Total derivatives not designated as hedging instruments under ASC Topic 815 $ 8 $ 12 $ 6 $ 6 Total derivatives $ 42 $ 33 $ 9 $ 11 The Effect of Derivative Instruments on the Consolidated Statements of Income ($ in millions) Derivatives in ASC Topic 815 Cash Flow Hedging Amount of Gain (Loss) Location of Amount of Location of Gain Amount of Gain Three Months Ended Three Three Months 2018 2017 2018 2017 2018 2017 Foreign exchange contracts 22 13 Revenue 1 5 (11 ) Cost of revenue 0 (1 ) 15 Total 22 13 5 (6 ) (1 ) 23 Derivatives Not Designated as Hedging Instruments Location of Income on Amount of Three 2018 2017 Foreign exchange contracts Other income (expense), net 11 9 Total 11 9 (a) The Company expects that $17 million of the accumulated other comprehensive income (loss) will be reclassified into earnings within the next twelve months with an offset by gains from the underlying transactions resulting in no impact to earnings or cash flow. (b) The amount of gain (loss) recognized in income represents nil and $15 million related to the ineffective portion of the hedging relationships for the three months ended March 31, 2018 and 2017, respectively, and $(1) million and $8 million related to the amount excluded from the assessment of the hedge effectiveness for the three months ended March 31, 2018 and 2017, respectively.

Net Loss Attributable to Compan

Net Loss Attributable to Company Per Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Net Loss Attributable to Company Per Share	11. Net Loss Attributable to Company Per Share The following table sets forth the computation of weighted average basic and diluted shares outstanding (in millions, except per share data): Three Months Ended 2018 2017 Numerator: Net loss attributable to Company $ (68 ) $ (122 ) Denominator: Basic—weighted average common shares outstanding 377 376 Dilutive effect of employee stock options and other unvested stock awards — — Diluted outstanding shares 377 376 Net loss attributable to Company per share: Basic $ (0.18 ) $ (0.32 ) Diluted $ (0.18 ) $ (0.32 ) Cash dividends per share $ 0.05 $ 0.05 ASC Topic 260, “Earnings Per Share” requires companies with unvested participating securities to utilize a two-class method for the computation of net income attributable to Company per share. The two-class method requires a portion of net income attributable to Company to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents, if declared. Net loss attributable to Company allocated to these participating securities was immaterial for the three months ended March 31, 2018 and 2017 and therefore not excluded from net income attributable to Company per share calculation. The Company had stock options outstanding that were anti-dilutive totaling 19 million and 13 million for the three months ended March 31, 2018 and 2017, respectively.

Cash Dividends

Cash Dividends	3 Months Ended
	Mar. 31, 2018
Text Block [Abstract]
Cash Dividends	12. Cash Dividends On February 23, 2018, the Company’s Board of Directors approved a cash dividend of $0.05 per share. The cash dividend was paid on March 30, 2018, to each stockholder of record on March 16, 2018. Cash dividends were $19 million for each of the three months ended March 31, 2018 and 2017, 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.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies Our business is affected both directly and indirectly by governmental laws and regulations relating to the oilfield service industry in general, as well as by environmental and safety regulations that specifically apply to our business. Our business is also subject to trade regulations that may restrict or prohibit trade with certain countries, companies and/or individuals, such as trade sanctions applicable to Russia, Syria and Iran. We are also subject to increasing local content and localization requirements in various jurisdictions and increasing trade tariff activities, all of which could result in material negative impacts to our business. Although we have not incurred material costs in connection with our compliance with such laws, there can be no assurance that other developments, such as new environmental laws, regulations and enforcement policies may not result in additional, presently unquantifiable, costs or liabilities to us. The Company is involved in various other claims, internal investigations, regulatory agency audits and pending or threatened legal actions involving a variety of matters. In many instances, the Company maintains insurance that covers claims arising from risks associated with the business activities of the Company, including claims for premises liability, product liability and other such claims. The Company carries substantial insurance to cover such risks above a self-insured retention. The Company believes and the Company’s experience has been that such insurance has been sufficient to cover such risks. See Item 1A. Risk Factors. The Company is also a party to claims, threatened and actual litigation, and private arbitration arising from ordinary day to day business activities, in which parties assert claims against the Company for a broad spectrum of potential liabilities, including: individual employment law claims, collective actions under federal employment laws, intellectual property claims, including alleged patent infringement, and/or misappropriation of trade secrets, premises liability claims, personal injuries arising from allegedly defective products, alleged improper payments under anti-corruption and anti-bribery laws and other commercial claims seeking recovery for alleged actual or exemplary damages. From time to time, in litigation adverse parties assert claims for large damages as a tactic to assert leverage to pressure the Company to pay to settle such claims. The Company staunchly resists such litigation tactics. Due to the inherent risks and uncertainty of litigation, an unexpected adverse result may occur from time to time. For many such 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 contingent claims could have a material financial or reputational impact on the Company. As of March 31, 2018, the Company recorded reserves in an amount believed to be sufficient for contingent liabilities representing all contingencies believed to be probable to cover liabilities. The Company has also assessed the potential for additional losses above the amounts accrued as well as potential losses for matters that are not probable but are reasonably possible. The total potential loss on these matters cannot be determined; however, in our opinion, any ultimate liability, to the extent not otherwise provided for and except for the specific cases referred to above, 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 intention and experience. Further, in some instances, direct or indirect consumers of our products and services, entities providing financing for purchases of our products and services or members of the supply chain for our products and services have 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 also become involved in these investigations, at substantial cost to the Company.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2018
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	14. New Accounting Pronouncements Recently Adopted Accounting Standards In March 2017, the FASB issued Accounting Standard Update No. 2017-07 “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (ASU 2017-07). This update requires that an employer report the service cost component in the same line item as other compensation costs and separately from other components of net benefit cost. ASU 2017-07 is effective for fiscal periods beginning after December 15, 2017, and for interim periods within those fiscal years. The Company adopted this update on January 1, 2018 with no material impact. In August 2016, the FASB issued Accounting Standard Update No. 2016-15 “Classification of Certain Cash Receipts and Cash Payments” (ASU 2016-15). This update amends Accounting Standard Codification Topic No. 230 “Statement of Cash Flows” and provides guidance and clarification on presentation of certain cash flow issues. ASU No. 2016-15 is effective for fiscal years beginning after December 15, 2017, and for interim periods within those fiscal years. The Company adopted this update on January 1, 2018 with no material impact. In May 2014, the FASB issued Accounting Standard Update No. 2014-09, “Revenue from Contracts with Customers” (ASU 2014-09), which supersedes the revenue recognition requirements in FASB ASC Topic 605, “Revenue Recognition,” and most industry-specific guidance. This ASU proscribes a five-step model for determining when and how revenue is recognized. Under the model, an entity will recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 is effective for fiscal periods beginning after December 15, 2017. The Company adopted this update on January 1, 2018, using the modified retrospective approach, in which an immaterial cumulative effect adjustment was made to retained earnings. The adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated financial position, results of operations, equity or cash flows as of the adoption date or for the three months ended March 31, 2018. See Note 6 for additional details of the adoption of this standard. Recently Issued Accounting Standards In August 2017, the FASB issued Accounting Standard Update No. 2017-12 “Derivatives and Hedging – Targeted Improvements to Accounting for Hedging Activities” (ASU 2017-12). This update improves the financial reporting of hedging relationships and simplifies the application of the hedge accounting guidance. ASU 2017-12 is effective for fiscal periods beginning after December 15, 2018, and for interim periods within those fiscal years. Early adoption is permitted in any interim period after issuance of ASU 2017-12. The Company is currently assessing the impact of the adoption of ASU No. 2017-12 on its consolidated financial position and results of operations. In March 2016, the FASB issued ASC Topic 842, “Leases” (ASC Topic 842), which supersedes the lease requirements in ASC Topic No. 840 “Leases” and most industry-specific guidance. This update increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASC Topic 842 is effective for fiscal years beginning after December 15, 2018, and for interim periods within those fiscal years. In preparing for the adoption of this new standard, the Company has established an internal team to centralize the implementation process as well as engaged external resources to assist in our approach. We are currently utilizing a software program to consolidate and accumulate leases with documentation as required by the new standard. We have assessed the changes to the Company’s current accounting practices and are investigating the related tax impact and process changes. We are also in process of quantifying the impact of the new standard on our balance sheet.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of 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. See Note 7 for the fair value of long-term debt and Note 10 for the fair value of derivative financial instruments.
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 in accordance with Accounting Standards Codification (“ASC”) Topic 450 “Contingencies”. 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 changes in the carrying amount of service and product warranties are as follows (in millions): Balance at December 31, 2017 $ 135 Net provisions for warranties issued during the year 5 Amounts incurred (12 ) Currency translation adjustments and other 1 Balance at March 31, 2018 $ 129
Net Loss Attributable to Company Per Share	ASC Topic 260, “Earnings Per Share” requires companies with unvested participating securities to utilize a two-class method for the computation of net income attributable to Company per share. The two-class method requires a portion of net income attributable to Company to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents, if declared. Net loss attributable to Company allocated to these participating securities was immaterial for the three months ended March 31, 2018 and 2017 and therefore not excluded from net income attributable to Company per share calculation.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards In March 2017, the FASB issued Accounting Standard Update No. 2017-07 “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (ASU 2017-07). This update requires that an employer report the service cost component in the same line item as other compensation costs and separately from other components of net benefit cost. ASU 2017-07 is effective for fiscal periods beginning after December 15, 2017, and for interim periods within those fiscal years. The Company adopted this update on January 1, 2018 with no material impact. In August 2016, the FASB issued Accounting Standard Update No. 2016-15 “Classification of Certain Cash Receipts and Cash Payments” (ASU 2016-15). This update amends Accounting Standard Codification Topic No. 230 “Statement of Cash Flows” and provides guidance and clarification on presentation of certain cash flow issues. ASU No. 2016-15 is effective for fiscal years beginning after December 15, 2017, and for interim periods within those fiscal years. The Company adopted this update on January 1, 2018 with no material impact. In May 2014, the FASB issued Accounting Standard Update No. 2014-09, “Revenue from Contracts with Customers” (ASU 2014-09), which supersedes the revenue recognition requirements in FASB ASC Topic 605, “Revenue Recognition,” and most industry-specific guidance. This ASU proscribes a five-step model for determining when and how revenue is recognized. Under the model, an entity will recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 is effective for fiscal periods beginning after December 15, 2017. The Company adopted this update on January 1, 2018, using the modified retrospective approach, in which an immaterial cumulative effect adjustment was made to retained earnings. The adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated financial position, results of operations, equity or cash flows as of the adoption date or for the three months ended March 31, 2018. See Note 6 for additional details of the adoption of this standard. Recently Issued Accounting Standards In August 2017, the FASB issued Accounting Standard Update No. 2017-12 “Derivatives and Hedging – Targeted Improvements to Accounting for Hedging Activities” (ASU 2017-12). This update improves the financial reporting of hedging relationships and simplifies the application of the hedge accounting guidance. ASU 2017-12 is effective for fiscal periods beginning after December 15, 2018, and for interim periods within those fiscal years. Early adoption is permitted in any interim period after issuance of ASU 2017-12. The Company is currently assessing the impact of the adoption of ASU No. 2017-12 on its consolidated financial position and results of operations. In March 2016, the FASB issued ASC Topic 842, “Leases” (ASC Topic 842), which supersedes the lease requirements in ASC Topic No. 840 “Leases” and most industry-specific guidance. This update increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASC Topic 842 is effective for fiscal years beginning after December 15, 2018, and for interim periods within those fiscal years. In preparing for the adoption of this new standard, the Company has established an internal team to centralize the implementation process as well as engaged external resources to assist in our approach. We are currently utilizing a software program to consolidate and accumulate leases with documentation as required by the new standard. We have assessed the changes to the Company’s current accounting practices and are investigating the related tax impact and process changes. We are also in process of quantifying the impact of the new standard on our balance sheet.

Inventories, net (Tables)

Inventories, net (Tables)	3 Months Ended
	Mar. 31, 2018
Inventory Disclosure [Abstract]
Inventories	Inventories consist of (in millions): March 31, December 31, 2018 2017 Raw materials and supplies $ 659 $ 656 Work in process 605 513 Finished goods and purchased products 1,882 1,834 Total $ 3,146 $ 3,003

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2018
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued liabilities consist of (in millions): March 31, December 31, 2018 2017 Compensation $ 214 $ 345 Vendor costs 142 150 Warranty 129 135 Taxes (non-income) 84 152 Insurance 72 74 Commissions 45 58 Fair value of derivative financial instruments 8 8 Interest 27 7 Other 244 309 Total $ 965 $ 1,238
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, 2017 $ 135 Net provisions for warranties issued during the year 5 Amounts incurred (12 ) Currency translation adjustments and other 1 Balance at March 31, 2018 $ 129

Accumulated Other Comprehensi24

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Components of Accumulated Other Comprehensive Income (Loss)	The components of accumulated other comprehensive income (loss) are as follows (in millions): Derivative Defined Currency Financial Benefit Translation Instruments, Plans, Adjustments Net of Tax Net of Tax Total Balance at December 31, 2017 $ (1,104 ) $ 7 $ (13 ) $ (1,110 ) Accumulated other comprehensive income (loss) before reclassifications 36 16 — 52 Amounts reclassified from accumulated other comprehensive income (loss) — (3 ) — (3 ) Balance at March 31, 2018 $ (1,068 ) $ 20 $ (13 ) $ (1,061 )
Components of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	The components of amounts reclassified from accumulated other comprehensive income (loss) are as follows (in millions): Three Months Ended March 31, 2018 2017 Currency Derivative Defined Total Currency Derivative Defined Total Revenue $ — $ (1 ) $ — $ (1 ) $ — $ (5 ) $ — $ (5 ) Cost of revenue — (4 ) — (4 ) — (4 ) — (4 ) Tax effect — 2 — 2 — 4 — 4 $ — $ (3 ) $ — $ (3 ) $ — $ (5 ) $ — $ (5 )

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Business Segments	Operating results by segment are as follows (in millions): Three Months Ended March 31, 2018 2017 Revenue: Wellbore Technologies $ 711 $ 555 Completion & Production Solutions 670 648 Rig Technologies 483 582 Eliminations (69 ) (44 ) Total revenue $ 1,795 $ 1,741 Operating profit (loss): Wellbore Technologies $ 12 $ (57 ) Completion & Production Solutions 16 8 Rig Technologies 18 13 Eliminations and corporate costs (47 ) (61 ) Total operating profit (loss) $ (1 ) $ (97 ) Operating profit (loss)%: Wellbore Technologies 1.7 % (10.3 %) Completion & Production Solutions 2.4 % 1.2 % Rig Technologies 3.7 % 2.2 % Total operating profit (loss) % (0.1 %) (5.6 %)

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2018
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): Three Months Ended March 31, 2018 Wellbore Completion Rig Technologies Eliminations Total North America $ 415 $ 292 $ 135 $ — $ 842 International 282 358 313 — 953 Eliminations 14 20 35 (69 ) — $ 711 $ 670 $ 483 $ (69 ) $ 1,795 Land $ 583 $ 446 $ 172 $ — $ 1,201 Offshore 114 204 276 — 594 Eliminations 14 20 35 (69 ) — $ 711 $ 670 $ 483 $ (69 ) $ 1,795 Three Months Ended March 31, 2017 Wellbore Completion Rig Eliminations Total North America $ 295 $ 233 $ 120 $ — $ 648 International 248 402 443 — 1,093 Eliminations 12 13 19 (44 ) — $ 555 $ 648 $ 582 $ (44 ) $ 1,741 Land $ 436 $ 403 $ 161 $ — $ 1,000 Offshore 107 232 402 — 741 Eliminations 12 13 19 (44 ) — $ 555 $ 648 $ 582 $ (44 ) $ 1,741
Summary of Changes in Carrying Amount of Contract Assets and Contract Liabilities	The changes in the carrying amount of contract assets and contract liabilities are as follows (in millions): Contract Assets Balance at December 31, 2017 $ 495 Additions and Milestone Billings (213 ) Revenue Recognized 206 Currency translation adjustments and other (73 ) Balance at March 31, 2018 $ 415 Contract Liabilities Balance at December 31, 2017 $ 519 Additions 273 Revenue Recognized (205 ) Currency translation adjustments and other 11 Balance at March 31, 2018 $ 598

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt	Debt consists of (in millions): March 31, December 31, $1.4 billion in Senior Notes, interest at 2.60% payable semiannually, principal due on December 1, 2022 $ 1,393 $ 1,392 $1.1 billion in Senior Notes, interest at 3.95% payable semiannually, principal due on December 1, 2042 1,088 1,088 Other 232 232 Total debt 2,713 2,712 Less current portion 6 6 Long-term debt $ 2,707 $ 2,706

Derivative Financial Instrume28

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Outstanding Foreign Currency Forward Contracts	The Company had the following outstanding foreign currency forward contracts that were entered into to hedge nonfunctional currency cash flows from forecasted revenues and expenses (in millions): Currency Denomination Foreign Currency March 31, December 31, Norwegian Krone NOK 3,556 NOK 4,013 Japanese Yen JPY 968 JPY 982 U.S. Dollar USD 113 USD 163 Euro EUR 83 EUR 120 Danish Krone DKK 19 DKK 30 British Pound Sterling GBP 9 GBP 11 The Company had the following outstanding foreign currency forward contracts that hedge the fair value of nonfunctional currency monetary accounts (in millions): Currency Denomination Foreign Currency March 31, December 31, Russian Ruble RUB 2,903 RUB 2,699 Norwegian Krone NOK 1,407 NOK 1,734 U.S. Dollar USD 469 USD 463 South African Rand ZAR 176 ZAR 150 Euro EUR 106 EUR 99 Danish Krone DKK 33 DKK 15 British Pound Sterling GBP 4 GBP 3
Derivative Instruments and their Balance Sheet Classifications	The Company has the following gross fair values of its derivative instruments and their balance sheet classifications: Asset Derivatives Liability Derivatives Fair Value Fair Value Balance Sheet Location March 31, December 31, Balance Sheet March 31, December 31, Derivatives designated as hedging instruments under ASC Topic 815 Foreign exchange contracts Prepaid and other current assets $ 23 $ 13 Accrued liabilities $ 3 $ 3 Foreign exchange contracts Other Assets 11 8 Other liabilities — 2 Total derivatives designated as hedging instruments under ASC Topic 815 $ 34 $ 21 $ 3 $ 5 Derivatives not designated as hedging instruments under ASC Topic 815 Foreign exchange contracts Prepaid and other $ 6 $ 10 Accrued liabilities $ 5 $ 5 Foreign exchange contracts Other Assets 2 2 Other Liabilities 1 1 Total derivatives not designated as hedging instruments under ASC Topic 815 $ 8 $ 12 $ 6 $ 6 Total derivatives $ 42 $ 33 $ 9 $ 11
Effect of Derivative Instruments on Consolidated Statements of Income	The Effect of Derivative Instruments on the Consolidated Statements of Income ($ in millions) Derivatives in ASC Topic 815 Cash Flow Hedging Amount of Gain (Loss) Location of Amount of Location of Gain Amount of Gain Three Months Ended Three Three Months 2018 2017 2018 2017 2018 2017 Foreign exchange contracts 22 13 Revenue 1 5 (11 ) Cost of revenue 0 (1 ) 15 Total 22 13 5 (6 ) (1 ) 23 Derivatives Not Designated as Hedging Instruments Location of Income on Amount of Three 2018 2017 Foreign exchange contracts Other income (expense), net 11 9 Total 11 9 (a) The Company expects that $17 million of the accumulated other comprehensive income (loss) will be reclassified into earnings within the next twelve months with an offset by gains from the underlying transactions resulting in no impact to earnings or cash flow. (b) The amount of gain (loss) recognized in income represents nil and $15 million related to the ineffective portion of the hedging relationships for the three months ended March 31, 2018 and 2017, respectively, and $(1) million and $8 million related to the amount excluded from the assessment of the hedge effectiveness for the three months ended March 31, 2018 and 2017, respectively.

Net Loss Attributable to Comp29

Net Loss Attributable to Company Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Computation of Weighted Average Basic and Diluted Shares Outstanding	The following table sets forth the computation of weighted average basic and diluted shares outstanding (in millions, except per share data): Three Months Ended 2018 2017 Numerator: Net loss attributable to Company $ (68 ) $ (122 ) Denominator: Basic—weighted average common shares outstanding 377 376 Dilutive effect of employee stock options and other unvested stock awards — — Diluted outstanding shares 377 376 Net loss attributable to Company per share: Basic $ (0.18 ) $ (0.32 ) Diluted $ (0.18 ) $ (0.32 ) Cash dividends per share $ 0.05 $ 0.05

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Maturity period of investments description	Three months or less

Inventories, net - Inventories

Inventories, net - Inventories (Detail) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 659	$ 656
Work in process	605	513
Finished goods and purchased products	1,882	1,834
Total	$ 3,146	$ 3,003

Accrued Liabilities - Accrued L

Accrued Liabilities - Accrued Liabilities (Detail) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Payables and Accruals [Abstract]
Compensation	$ 214	$ 345
Vendor costs	142	150
Warranty	129	135
Taxes (non-income)	84	152
Insurance	72	74
Commissions	45	58
Fair value of derivative financial instruments	8	8
Interest	27	7
Other	244	309
Total	$ 965	$ 1,238

Accrued Liabilities - Changes i

Accrued Liabilities - Changes in Carrying Amount of Service and Product Warranties (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Product Warranties Disclosures [Abstract]
Beginning Balance	$ 135
Net provisions for warranties issued during the year	5
Amounts incurred	(12)
Currency translation adjustments and other	1
Ending Balance	$ 129

Accumulated Other Comprehensi34

Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), Beginning balance	$ 14,160
Accumulated other comprehensive income (loss), Ending balance	14,151
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), Beginning balance	(1,104)
Accumulated other comprehensive income (loss) before reclassifications	36
Accumulated other comprehensive income (loss), Ending balance	(1,068)
Derivative Financial Instruments, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), Beginning balance	7
Accumulated other comprehensive income (loss) before reclassifications	16
Amounts reclassified from accumulated other comprehensive income (loss)	(3)
Accumulated other comprehensive income (loss), Ending balance	20
Defined Benefit Plans, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), Beginning balance	(13)
Accumulated other comprehensive income (loss), Ending balance	(13)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), Beginning balance	(1,110)
Accumulated other comprehensive income (loss) before reclassifications	52
Amounts reclassified from accumulated other comprehensive income (loss)	(3)
Accumulated other comprehensive income (loss), Ending balance	$ (1,061)

Accumulated Other Comprehensi35

Accumulated Other Comprehensive Income (Loss) - Components of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenue	$ 1,795	$ 1,741
Cost of revenue	1,508	1,532
Tax effect	3	(13)
Net loss	(68)	(122)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenue	(1)	(5)
Cost of revenue	(4)	(4)
Tax effect	2	4
Net loss	(3)	(5)
Derivative Financial Instruments, Net of Tax [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenue	(1)	(5)
Cost of revenue	(4)	(4)
Tax effect	2	4
Net loss	$ (3)	$ (5)

Accumulated Other Comprehensi36

Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net increase to other comprehensive income or loss upon the translation	$ 36	$ 90
Changes in derivative financial instruments, net of tax	13	5
Changes in derivative financial instruments, tax	$ 4	$ 1

Business Segments - Business Se

Business Segments - Business Segments (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information [Line Items]
Total revenue	$ 1,795	$ 1,741
Total operating profit (loss)	$ (1)	$ (97)
Percentage as of operating profit (loss) to revenue	(0.10%)	(5.60%)
Operating Segments [Member] | Wellbore Technologies [Member]
Segment Reporting Information [Line Items]
Total revenue	$ 711	$ 555
Total operating profit (loss)	$ 12	$ (57)
Percentage as of operating profit (loss) to revenue	1.70%	(10.30%)
Operating Segments [Member] | Completion & Production Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	$ 670	$ 648
Total operating profit (loss)	$ 16	$ 8
Percentage as of operating profit (loss) to revenue	2.40%	1.20%
Operating Segments [Member] | Rig Technologies [Member]
Segment Reporting Information [Line Items]
Total revenue	$ 483	$ 582
Total operating profit (loss)	$ 18	$ 13
Percentage as of operating profit (loss) to revenue	3.70%	2.20%
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Total revenue	$ (69)	$ (44)
Total operating profit (loss)	$ (47)	$ (61)

Business Segments - Additional

Business Segments - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2018Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Net revenue recognized from performance obligations	$ 22,000,000
Remaining performance obligations	2,523,000,000
Impairment losses on contract assets	0	$ 0
Advance payments and deferred revenue	240,000,000
2018 [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	895,000,000
2019 and Thereafter [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 1,628,000,000

Revenue Recognition - Summary o

Revenue Recognition - Summary of Disaggregate Revenue by Destinations (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Continental [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	$ 1,795	$ 1,741
Continental [Member] | North America [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	842	648
Continental [Member] | International [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	953	1,093
Land and Offshore [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,795	1,741
Land and Offshore [Member] | Land Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,201	1,000
Land and Offshore [Member] | Offshore Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	594	741
Operating Segments [Member] | Wellbore Technologies [Member] | Continental [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	711	555
Operating Segments [Member] | Wellbore Technologies [Member] | Continental [Member] | Intersubsegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	14	12
Operating Segments [Member] | Wellbore Technologies [Member] | Continental [Member] | North America [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	415	295
Operating Segments [Member] | Wellbore Technologies [Member] | Continental [Member] | International [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	282	248
Operating Segments [Member] | Wellbore Technologies [Member] | Land and Offshore [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	711	555
Operating Segments [Member] | Wellbore Technologies [Member] | Land and Offshore [Member] | Intersubsegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	14	12
Operating Segments [Member] | Wellbore Technologies [Member] | Land and Offshore [Member] | Land Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	583	436
Operating Segments [Member] | Wellbore Technologies [Member] | Land and Offshore [Member] | Offshore Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	114	107
Operating Segments [Member] | Completion & Production Solutions [Member] | Continental [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	670	648
Operating Segments [Member] | Completion & Production Solutions [Member] | Continental [Member] | Intersubsegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	20	13
Operating Segments [Member] | Completion & Production Solutions [Member] | Continental [Member] | North America [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	292	233
Operating Segments [Member] | Completion & Production Solutions [Member] | Continental [Member] | International [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	358	402
Operating Segments [Member] | Completion & Production Solutions [Member] | Land and Offshore [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	670	648
Operating Segments [Member] | Completion & Production Solutions [Member] | Land and Offshore [Member] | Intersubsegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	20	13
Operating Segments [Member] | Completion & Production Solutions [Member] | Land and Offshore [Member] | Land Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	446	403
Operating Segments [Member] | Completion & Production Solutions [Member] | Land and Offshore [Member] | Offshore Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	204	232
Operating Segments [Member] | Rig Technologies [Member] | Continental [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	483	582
Operating Segments [Member] | Rig Technologies [Member] | Continental [Member] | Intersubsegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	35	19
Operating Segments [Member] | Rig Technologies [Member] | Continental [Member] | North America [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	135	120
Operating Segments [Member] | Rig Technologies [Member] | Continental [Member] | International [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	313	443
Operating Segments [Member] | Rig Technologies [Member] | Land and Offshore [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	483	582
Operating Segments [Member] | Rig Technologies [Member] | Land and Offshore [Member] | Intersubsegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	35	19
Operating Segments [Member] | Rig Technologies [Member] | Land and Offshore [Member] | Land Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	172	161
Operating Segments [Member] | Rig Technologies [Member] | Land and Offshore [Member] | Offshore Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	276	402
Intersegment Eliminations [Member] | Continental [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(69)	(44)
Intersegment Eliminations [Member] | Continental [Member] | Intersubsegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(69)	(44)
Intersegment Eliminations [Member] | Land and Offshore [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(69)	(44)
Intersegment Eliminations [Member] | Land and Offshore [Member] | Intersubsegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	$ (69)	$ (44)

Revenue Recognition - Summary41

Revenue Recognition - Summary of Changes in Carrying Amount of Contract Assets and Contract Liabilities (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Change in Contract with Customer, Asset and Liability [Abstract]
Balance at December 31, 2017	$ 495
Additions and Milestone Billings	(213)
Revenue Recognized	206
Currency translation adjustments and other	(73)
Balance at March 31, 2018	415
Balance at December 31, 2017	519
Additions	273
Revenue Recognized	(205)
Currency translation adjustments and other	11
Balance at March 31, 2018	$ 598

Debt - Debt (Detail)

Debt - Debt (Detail) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Senior Notes	$ 2,481	$ 2,480
Other	232	232
Total debt	2,713	2,712
Current and Non-current debt
Total debt	2,713	2,712
Less current portion	6	6
Long-term debt	2,707	2,706
Senior Notes, Interest at 2.60% Payable Semiannually, Principal Due on December 1, 2022 [Member]
Debt Instrument [Line Items]
Senior Notes	1,393	1,392
Senior Notes, Interest at 3.95% Payable Semiannually, Principal Due on December 1, 2042 [Member]
Debt Instrument [Line Items]
Senior Notes	$ 1,088	$ 1,088

Debt - Debt (Parenthetical) (De

Debt - Debt (Parenthetical) (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Senior Notes, Interest at 2.60% Payable Semiannually, Principal Due on December 1, 2022 [Member]
Debt Instrument [Line Items]
Senior note face amount	$ 1,400,000,000	$ 1,400,000,000
Senior notes interest rate	2.60%	2.60%
Senior note due date	Dec. 1, 2022	Dec. 1, 2022
Senior Notes, Interest at 3.95% Payable Semiannually, Principal Due on December 1, 2042 [Member]
Debt Instrument [Line Items]
Senior note face amount	$ 1,100,000,000	$ 1,100,000,000
Senior notes interest rate	3.95%	3.95%
Senior note due date	Dec. 1, 2042	Dec. 1, 2042

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Interest rate under multi currency facility	LIBOR, NIBOR or CDOR plus 1.125%
Capitalization ratio, Maximum	60.00%
Capitalization ratio, Actual	16.10%
Funds available under revolving credit facility	$ 3,000,000,000
Outstanding letters of credit under various bilateral letter of credit facilities	567,000,000
Fair value of Unsecured Senior Notes	2,323,000,000	$ 2,346,000,000
Carrying value of Unsecured Senior Notes	$ 2,481,000,000	$ 2,480,000,000
Canadian Dollar Offered Rate (CDOR) [Member]
Debt Instrument [Line Items]
Variable rate	1.125%
Five-year Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, borrowing capacity	$ 3,000,000,000
Credit facility, Period	5 years
Credit facility, maturity date	Jun. 27, 2022
Credit facility, extendable borrowing capacity	$ 4,000,000,000
Variable rate basis	LIBOR, NIBOR or CDOR plus
Borrowings under commercial paper	$ 0
Unsecured Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, Period	5 years

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%		35.00%
Income tax benefit related to revaluation of net deferred tax liability	$ 242
Effective income tax rate	(4.80%)	9.80%

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions	Feb. 28, 2018Installment$ / sharesshares	Mar. 31, 2018USD ($)shares	Mar. 31, 2017USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares under stock based compensation		69,400,000
Remaining shares available for future grants under the Plan		9,135,374
Shares granted	1,610,599
Restricted stock granted fair value | $ / shares	$ 10.01
Stock-based compensation expense | $		$ 27	$ 30
Income tax benefit recognized | $		$ 2	$ 4
Stock Options and Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fungible shares issuance ratio		1
Other Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fungible shares issuance ratio		3
Restricted Stock and Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	2,391,933
Restricted stock granted fair value | $ / shares	$ 35.09
Number of equal annual vesting installments | Installment	3
Period of option vested over grant date		The restricted stock and restricted stock units vest in three equal annual installments commencing on the first anniversary of the date of grant.
Performance-base restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Description of performance goal		The performance share awards can be earned based on performance against established goals over a three-year performance period.
Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of option vested over grant date		The stock options vest over a three-year period from the grant date. The restricted stock and restricted stock units vest in three equal annual installments commencing on the first anniversary of the date of grant.
TSR Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Description of performance goal		The performance share awards are based entirely on a TSR (total shareholder return) goal. Performance against the TSR goal is determined by comparing the performance of the Company’s TSR with the TSR performance of the members of the OSX index for the three-year performance period.
Senior Management Employees [Member] | Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option granted	14,228
Minimum [Member] | Senior Management Employees [Member] | Performance-base restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	0
Maximum [Member] | Senior Management Employees [Member] | Performance-base restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	449,532

Derivative Financial Instrume47

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Minimum derivative financial instrument's term (months)	2 months
Maximum derivative financial instrument's term (months)	24 months
Derivative Assets	$ 42,000,000	$ 33,000,000
Derivative Liabilities	9,000,000	$ 11,000,000
Fair value of the Company's foreign currency forward contracts	33,000,000
Gains (losses) recognized on discontinuation of cash flow hedges	0
Pre-tax losses recorded in accumulated other comprehensive income (loss)	27,000,000
Fair Value, Inputs, Level 2 [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	42,000,000
Derivative Liabilities	$ 9,000,000

Derivative Financial Instrume48

Derivative Financial Instruments - Outstanding Foreign Currency Forward Contracts (Detail) - Forward Contracts [Member] ₽ in Millions, € in Millions, ¥ in Millions, £ in Millions, kr in Millions, kr in Millions, R in Millions, $ in Millions

Mar. 31, 2018USD ($)

Mar. 31, 2018DKK (kr)

Mar. 31, 2018EUR (€)

Mar. 31, 2018GBP (£)

Mar. 31, 2018JPY (¥)

Mar. 31, 2018NOK (kr)

Mar. 31, 2018ZAR (R)

Mar. 31, 2018RUB (₽)

Dec. 31, 2017USD ($)

Dec. 31, 2017DKK (kr)

Dec. 31, 2017EUR (€)

Dec. 31, 2017GBP (£)

Dec. 31, 2017JPY (¥)

Dec. 31, 2017NOK (kr)

Dec. 31, 2017ZAR (R)

Dec. 31, 2017RUB (₽)

Derivative [Line Items]

Foreign currency, Cash flow hedging

$ 113

kr 19

€ 83

£ 9

¥ 968

kr 3,556

$ 163

kr 30

€ 120

£ 11

¥ 982

kr 4,013

Foreign currency, Non-designated hedging

$ 469

kr 33

€ 106

£ 4

kr 1,407

R 176

₽ 2,903

$ 463

kr 15

€ 99

£ 3

kr 1,734

R 150

₽ 2,699

Derivative Financial Instrume49

Derivative Financial Instruments - Derivative Instruments and their Balance Sheet Classifications (Detail) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 42	$ 33
Derivative Liabilities	9	11
Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	34	21
Derivative Liabilities	3	5
Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	8	12
Derivative Liabilities	6	6
Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	23	13
Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | Designated as Hedging Instruments [Member] | Accrued liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	3	3
Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	6	10
Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | Not Designated as Hedging Instruments [Member] | Accrued liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	5	5
Foreign Exchange Contracts [Member] | Other Liabilities [Member] | Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities		2
Foreign Exchange Contracts [Member] | Other Liabilities [Member] | Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	1	1
Foreign Exchange Contracts [Member] | Other Assets [Member] | Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	11	8
Foreign Exchange Contracts [Member] | Other Assets [Member] | Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 2	$ 2

Derivative Financial Instrume50

Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Income (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	$ (1)	$ 8
Not Designated as Hedging Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivative	11	9
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)	22	13
Foreign Exchange Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	5	(6)
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	(1)	23
Foreign Exchange Contracts [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)	22	13
Foreign Exchange Contracts [Member] | Other Income (Expense), Net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	(1)	8
Foreign Exchange Contracts [Member] | Other Income (Expense), Net [Member] | Not Designated as Hedging Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivative	11	9
Foreign Exchange Contracts [Member] | Cost of Revenue [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	4	(11)
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	0	15
Foreign Exchange Contracts [Member] | Revenue [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	$ 1	$ 5

Derivative Financial Instrume51

Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Income (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in income on derivative (ineffective portion)	$ 0	$ 15
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	$ (1)	$ 8
Scenario, Forecast [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive income (loss), reclassified			$ 17

Net Loss Attributable to Comp52

Net Loss Attributable to Company Per Share - Computation of Weighted Average Basic and Diluted Shares Outstanding (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Numerator:
Net loss attributable to Company	$ (68)	$ (122)
Denominator:
Basic-weighted average common shares outstanding	377	376
Dilutive effect of employee stock options and other unvested stock awards	0	0
Diluted outstanding shares	377	376
Cash dividends per share	$ 0.05	$ 0.05
Basic	(0.18)	(0.32)
Diluted	$ (0.18)	$ (0.32)

Net Loss Attributable to Comp53

Net Loss Attributable to Company Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Anti-dilutive stock options outstanding	19	13

Cash Dividends - Additional Inf

Cash Dividends - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Feb. 23, 2018
Dividends [Abstract]
Dividends payable, amount per share			$ 0.05
Cash dividends paid	$ 19	$ 19