NOV (NOV) 10-Q 26 Apr 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 18, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	NOV
Entity Registrant Name	NATIONAL OILWELL VARCO INC
Entity Central Index Key	0001021860
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		385,920,426
Entity Small Business	false
Entity Emerging Growth Company	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 1,270	$ 1,427
Receivables, net	1,793	2,101
Inventories, net	3,131	2,986
Contract assets	539	565
Prepaid and other current assets	205	200
Total current assets	6,938	7,279
Property, plant and equipment, net	2,605	2,797
Lease right-of-use assets	789
Deferred income taxes	11	11
Goodwill	6,292	6,264
Intangibles, net	2,942	3,020
Investment in unconsolidated affiliates	299	301
Other assets	126	124
Total assets	20,002	19,796
Current liabilities:
Accounts payable	679	722
Accrued liabilities	876	1,088
Contract liabilities	412	458
Current portion of lease liabilities	115	7
Accrued income taxes	21	66
Total current liabilities	2,103	2,341
Lease liabilities	728	222
Long-term debt	2,483	2,482
Deferred income taxes	565	564
Other liabilities	283	298
Total liabilities	6,162	5,907
Commitments and contingencies
Stockholders’ equity:
Common stock - par value $.01; 1 billion shares authorized; 385,932,098 and 383,426,654 shares issued and outstanding at March 31, 2019 and December 31, 2018	4	4
Additional paid-in capital	8,408	8,390
Accumulated other comprehensive loss	(1,413)	(1,437)
Retained earnings	6,766	6,862
Total Company stockholders' equity	13,765	13,819
Noncontrolling interests	75	70
Total stockholders’ equity	13,840	13,889
Total liabilities and stockholders’ equity	$ 20,002	$ 19,796

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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	385,932,098	383,426,654
Common stock, shares outstanding	385,932,098	383,426,654

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Revenue	$ 1,940	$ 1,795
Cost of revenue	1,684	1,508
Gross profit	256	287
Selling, general and administrative	304	288
Operating loss	(48)	(1)
Interest and financial costs	(25)	(24)
Interest income	6	7
Equity income in unconsolidated affiliates		2
Other income (expense), net	(18)	(47)
Loss before income taxes	(85)	(63)
Provision (benefit) for income taxes	(10)	3
Net loss	(75)	(66)
Net income attributable to noncontrolling interests	2	2
Net loss attributable to Company	$ (77)	$ (68)
Net loss attributable to Company per share:
Basic	$ (0.20)	$ (0.18)
Diluted	(0.20)	(0.18)
Cash dividends per share	$ 0.05	$ 0.05
Weighted average shares outstanding:
Basic	380	377
Diluted	380	377

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (75)	$ (66)
Currency translation adjustments	20	36
Changes in derivative financial instruments, net of tax	4	13
Comprehensive loss	(51)	(17)
Comprehensive income attributable to noncontrolling interest	2	2
Comprehensive loss attributable to Company	$ (53)	$ (19)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net loss	$ (75)	$ (66)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	177	173
Deferred income taxes	(9)	5
Equity income in unconsolidated affiliates		(2)
Other, net	35	19
Change in operating assets and liabilities, net of acquisitions:
Receivables	326	(79)
Inventories	(152)	(146)
Contract assets	26	80
Prepaid and other current assets	(4)	(20)
Accounts payable	(49)	14
Accrued liabilities	(234)	(279)
Contract liabilities	(46)	77
Income taxes payable	(45)	(46)
Other assets/liabilities, net	12	141
Net cash used by operating activities	(38)	(129)
Cash flows from investing activities:
Purchases of property, plant and equipment	(43)	(39)
Business acquisitions, net of cash acquired	(65)	(36)
Other	1	14
Net cash used in investing activities	(107)	(61)
Cash flows from financing activities:
Cash dividends paid	(19)	(19)
Other	(1)	1
Net cash used in financing activities	(20)	(18)
Effect of exchange rates on cash	8	7
Increase (decrease) in cash and cash equivalents	(157)	(201)
Cash and cash equivalents, beginning of period	1,427	1,437
Cash and cash equivalents, end of period	1,270	1,236
Cash payments during the period for:
Interest	5	3
Income taxes	$ 29	$ 42

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Additional Paid in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings (Loss) [Member]	Total Company Stockholders' Equity [Member]	Noncontrolling Interests [Member]
Beginning Balance at Dec. 31, 2017	$ 14,160	$ 4	$ 8,234	$ (1,110)	$ 6,966	$ 14,094	$ 66
Beginning Balance, Shares at Dec. 31, 2017		380
Net income (loss)	(66)
Net income (loss)	(68)				(68)	(68)
Other comprehensive income (loss), net	49			49		49
Cash dividends, $0.05 per common share	(19)				(19)	(19)
Adoption of new accounting standards	4				4	4
Noncontrolling interest	3						3
Stock-based compensation	19		19			19
Common stock issued	3		3			3
Common stock issued, shares		2
Ending Balance at Mar. 31, 2018	14,151	$ 4	8,256	(1,061)	6,883	14,082	69
Ending Balance, Shares at Mar. 31, 2018		382
Beginning Balance at Dec. 31, 2018	13,889	$ 4	8,390	(1,437)	6,862	13,819	70
Beginning Balance, Shares at Dec. 31, 2018		383
Net income (loss)	(75)				(77)	(77)	2
Net income (loss)	(77)
Other comprehensive income (loss), net	24			24		24
Cash dividends, $0.05 per common share	(19)				(19)	(19)
Noncontrolling interest	3						3
Stock-based compensation	12		12			12
Common stock issued	6		6			6
Common stock issued, shares		3
Ending Balance at Mar. 31, 2019	$ 13,840	$ 4	$ 8,408	$ (1,413)	$ 6,766	$ 13,765	$ 75
Ending Balance, Shares at Mar. 31, 2019		386

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Retained Earnings (Loss) [Member]
Cash dividends, per common share	$ 0.05	$ 0.05

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	1. 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 the Company’s 2018 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 current presentation, including the reclassification of $229 million from the December 31, 2018 debt balance to leases. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results to be expected for the full year. The fair values of cash and cash equivalents, receivables and payables was approximately the same as their presented carrying values because of the short maturities of these instruments. The fair value of long-term debt is provided in Note 8, and the fair values of derivative financial instruments are provided in Note 11.

Inventories, net

Inventories, net	3 Months Ended
	Mar. 31, 2019
Inventory Disclosure [Abstract]
Inventories, net	2. Inventories consist of (in millions): March 31, December 31, 2019 2018 Raw materials and supplies $ 627 $ 614 Work in process 556 501 Finished goods and purchased products 1,948 1,871 Total $ 3,131 $ 2,986

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2019
Payables And Accruals [Abstract]
Accrued Liabilities	3 . Accrued liabilities consist of (in millions): March 31, December 31, 2019 2018 Compensation $ 189 $ 331 Vendor costs 119 127 Warranties 102 105 Taxes (non-income) 77 124 Insurance 54 55 Commissions 34 34 Interest 27 7 Fair value of derivatives 24 23 Other 250 282 Total $ 876 $ 1,088 Warranties The Company provides warranties on certain of its products and services. The Company accrues warranty liability based upon specific claims and a review of historical 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 warranty provision are as follows (in millions): Balance at December 31, 2018 $ 105 Net provisions for warranties during the period 9 Amounts incurred (12 ) Balance at March 31, 2019 $ 102

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Accumulated Other Comprehensive Loss	4 . The components of accumulated other comprehensive 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, 2018 $ (1,396 ) $ (14 ) $ (27 ) $ (1,437 ) Accumulated other comprehensive income (loss) before reclassifications 20 3 — 23 Amounts reclassified from accumulated other comprehensive income (loss) — 1 — 1 Balance at March 31, 2019 $ (1,376 ) $ (10 ) $ (27 ) $ (1,413 ) The components of amounts reclassified from accumulated other comprehensive income (loss) are as follows (in millions): Three Months Ended March 31, 2019 2018 Currency Derivative Defined Currency Derivative Defined Translation Financial Benefit Translation Financial Benefit Adjustments Instruments Plans Total Adjustments Instruments Plans Total Revenue $ — $ — $ — $ — $ — $ (1 ) $ — $ (1 ) Cost of revenue — 1 — 1 — (4 ) — (4 ) Tax effect — — — — — 2 — 2 $ — $ 1 $ — $ 1 $ — $ (3 ) $ — $ (3 ) The Company’s reporting currency is the U.S. dollar. A majority of the Company’s international entities in which there is a substantial investment have the local currency as their functional currency. As a result, currency translation adjustments resulting from the process of translating the entities’ financial statements into the reporting currency are reported in other comprehensive income (loss). For the three months ended March 31, 2019 and 2018, a majority of these local currencies strengthened against the U.S. dollar, resulting in other comprehensive income of $20 million and $36 million, respectively. 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 they hedge are realized. The movement in other comprehensive income (loss) from period to period will be the result of the combination of changes in fair value of open derivatives and the outflow of other comprehensive income (loss) related to cumulative changes in the fair value of derivatives that have settled in the current period. The accumulated effect was other comprehensive income of $4 million (net of tax of $1 million) and $13 million (net of tax of $4 million) for the three months ended March 31, 2019 and 2018, respectively.

Segments

Segments	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segments	5 . Segments Financial results by operating segment are as follows (in millions): Three Months Ended March 31, 2019 2018 Revenue: Wellbore Technologies $ 807 $ 711 Completion & Production Solutions 581 670 Rig Technologies 603 483 Eliminations (51 ) (69 ) Total revenue $ 1,940 $ 1,795 Operating profit (loss): Wellbore Technologies $ 19 12 Completion & Production Solutions (35 ) 16 Rig Technologies 31 18 Eliminations and corporate costs (63 ) (47 ) Total operating profit (loss) $ (48 ) $ (1 ) Operating profit (loss)%: Wellbore Technologies 2.4 % 1.7 % Completion & Production Solutions (6.0 %) 2.4 % Rig Technologies 5.1 % 3.7 % Total operating profit (loss)% (2.5 %) (0.1 %) Sales from one segment to another generally are priced at estimated equivalent commercial selling prices; however, segments originating an external sale are credited with the full profit to the Company. Eliminations include intercompany transactions conducted between the three reporting segments that are eliminated in consolidation. Intrasegment transactions are eliminated within each segment.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2019
Revenue From Contract With Customer [Abstract]
Revenue	6 . Revenue Disaggregation of Revenue The following table disaggregates the Company’s revenue by major geographic and market segment destination. In the table, North America includes the U.S. and Canada (in millions): Three Months Ended March 31, 2019 2018 Completion Completion Wellbore & Production Rig Wellbore & Production Rig Technologies Solutions Technologies Eliminations Total Technologies Solutions Technologies Eliminations Total North America $ 460 $ 269 $ 141 $ — $ 870 $ 415 $ 292 $ 135 $ — $ 842 International 331 296 443 — 1,070 282 358 313 — 953 Eliminations 16 16 19 (51 ) — 14 20 35 (69 ) — $ 807 $ 581 $ 603 $ (51 ) $ 1,940 $ 711 $ 670 $ 483 $ (69 ) $ 1,795 Land $ 665 $ 405 $ 215 $ — $ 1,285 $ 583 $ 446 $ 172 $ — $ 1,201 Offshore 126 160 369 — 655 114 204 276 — 594 Eliminations 16 16 19 (51 ) — 14 20 35 (69 ) — $ 807 $ 581 $ 603 $ (51 ) $ 1,940 $ 711 $ 670 $ 483 $ (69 ) $ 1,795 Performance Obligations Net revenue recognized from performance obligations partially satisfied in previous periods was $16 million for the three months ended March 31, 2019 primarily due to change orders. Remaining performance obligations represents the transaction price of firm orders for all revenue streams for which work has not been performed on contracts with original expected duration of one year or more. We do not disclose the remaining performance obligations of royalty contracts, service contracts for which there is a right to invoice, and short-term contracts that are expected to have a duration of one year or less. As of March 31, 2019, the aggregate amount of the transaction price allocated to remaining performance obligations was $1,681 million. The Company expects to recognize approximately $715 million in revenue for the remaining performance obligations in 2019 and $966 million in 2020 and thereafter. Contract Assets and Liabilities Contract assets include unbilled amounts when revenue recognized exceeds the amount billed to the customer under contracts where revenue is recognized over-time. Contract liabilities consist of customer billings in excess of revenue recognized under over-time contracts, customer advance payments and deferred revenue. The changes in the carrying amount of contract assets and contract liabilities are as follows (in millions): Contract Assets Contract Liabilities Balance at December 31, 2018 $ 565 $ 458 Billings (215 ) 93 Revenue recognized 223 (118 ) Currency translation adjustments and other (34 ) (21 ) Balance at March 31, 2019 $ 539 $ 412 There were no impairment losses recorded on contract assets for the periods ending March 31, 2019 or 2018.

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	7 . Effective January 1, 2019 the Company adopted the new US GAAP accounting rules in ASC Topic 842, Leases (ASC 842), using the modified retrospective method. The Company elected to follow the package of practical expedients provided under the transition guidance within ASC 842, the practical expedient to account for lease and non-lease components as a single lease, and to not include leases with an initial term of less than 12 months in lease assets and liabilities. At adoption of ASC 842, January 1, 2019, the Company had lease right-of-use assets of $786 million ($537 million operating and $249 million financing) and lease liabilities of $839 million ($554 million operating and $285 million financing). The adoption had no material effect on retained earnings. The Company leases certain facilities and equipment to support its operations around the world. These leases generally require the Company to pay maintenance, insurance, taxes and other operating costs in addition to rent. Renewal options are common in longer term leases; however, it is rare that the Company initially intends that a lease option will be exercised due to the cyclical nature of the Company’s business. Residual value guarantees are not typically part of the Company’s leases. Occasionally, the Company sub-leases excess facility space, generally at terms similar to the source lease. The Company reviews agreements at inception to determine if they include a lease and, when they do, uses its incremental borrowing rate to determine the present value of the future lease payments as most do not include implicit interest rates. At adoption of ASC 842, for those existing leases that included a periodic rent adjustment based on an index (or a similar variable rate), the asset and liability balances were updated with the January 1, 2019 index. Going forward, new such leases are initially valued at the index rate in effect on the lease commencement date, and, for all continuing such leases, subsequent changes in variable rates will be recorded to expense. Components of leases are as follows (in millions): March 31, December 31, 2019 2018 Lease right-of-use assets: Operating $ 542 $ — Financing 247 — Total $ 789 $ — March 31, December 31, 2019 2018 Current portion of lease liabilities: Operating $ 91 $ — Financing 24 7 Total $ 115 $ 7 March 31, December 31, 2019 2018 Long-term portion of lease liability: Operating $ 468 $ — Financing 260 $ 222 Total $ 728 $ 222 Components of lease expense were as follows (in millions): Three Months Ended March 31, 2019 Lease cost Finance lease cost Amortization of right-of-use assets $ 8 Interest on lease liabilities 4 Operating lease cost 33 Short-term lease cost 16 Variable lease cost — Sub-lease income (3 ) Total $ 58 Supplemental information related to the Company’s leases for the three months ended March 31, 2019 was as follows (in millions): Three Months Ended March 31, 2019 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 4 Operating cash flows from operating leases 33 Financing cash flows from finance leases 7 Right-of-use assets obtained in exchange for new finance lease liabilities $ 6 Right-of-use assets obtained in exchange for new operating lease liabilities 31 Weighted average remaining lease term - finance leases 17 years Weighted average remaining lease term - operating leases 10 years Weighted average discount rate - finance leases 5.53% Weighted average remaining lease term - operating leases 5.03% Future minimum lease commitments for leases with initial or remaining terms of one year or more at March 31, 2019, are payable as follows (in millions): Undiscounted Cash Flows Finance Operating 04/01/2019 - 03/31/2020 $ 38 $ 121 04/01/2020 - 03/31/2021 34 100 04/01/2021 - 03/31/2022 28 84 04/01/2022 - 03/31/2023 21 64 04/01/2023 - 03/31/2024 17 50 04/01/2024 - beyond 254 302 Total lease payments 392 721 Less: Interest (108 ) (162 ) Present value of lease liabilities $ 284 $ 559

Debt

Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt	8. Debt consists of (in millions): March 31, December 31, 2019 2018 $1.4 billion in Senior Notes, interest at 2.60% payable semiannually, principal due on December 1, 2022 $ 1,395 $ 1,394 $1.1 billion in Senior Notes, interest at 3.95% payable semiannually, principal due on December 1, 2042 1,088 1,088 Total $ 2,483 $ 2,482 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, 2019, the Company was in compliance with a debt-to-capitalization ratio of 16.7%. 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, 2019, 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 $470 million of outstanding letters of credit at March 31, 2019, primarily in the U.S. and Norway, that are under various bilateral letter of credit facilities. Letters of credit are issued as bid bonds, advanced payment bonds and performance bonds. At March 31, 2019 and December 31, 2018, the fair value of the Company’s unsecured Senior Notes approximated $2,305 million and $2,211 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, 2019 and December 31, 2018, the carrying value of the Company’s unsecured Senior Notes approximated $2,483 million and $2,482 million, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	9 . The effective tax rate for the three months ended March 31, 2019 and 2018 was 11.8% and (4.8)%, respectively. The Company established valuation allowances on deferred tax assets for losses and tax credits generated in 2018 and established valuation allowances on deferred tax assets for losses generated in 2019. The change in the effective tax rate from 2018 to 2019 was impacted by a change in jurisdictional mix of income between the two periods and 2019 had less adverse impact from the establishment of valuation allowances. 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 income or loss. For the three months ended March 31, 2019, the Company estimated and recorded tax based on a full year effective tax rate.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	10 . The Company’s stock-based compensation plan, known as the National Oilwell Varco, Inc. 2018 Long-Term Incentive Plan (the “2018 Plan”), was approved by shareholders on May 11, 2018. The 2018 Plan provides for the granting of stock options, restricted stock, restricted stock units, performance awards, phantom shares, stock appreciation rights, stock payments and substitute awards. The number of shares authorized under the 2018 Plan is 17.8 million. The 2018 Plan is also subject to a fungible ratio concept, such that the issuance of stock options and stock appreciation rights reduces the number of available shares under the 2018 Plan on a 1-for-1 basis, and the issuance of other awards reduces the number of available shares under the 2018 Plan on a 2.5-for-1 basis. At March 31, 2019, 8,212,512 shares remain available for future grants under the 2018 Plan. The Company also has outstanding awards under its other stock-based compensation plan known as the National Oilwell Varco, Inc. Long-Term Incentive Plan (the “Plan”), however the Company is no longer granting awards under the Plan. The Plan provides for the granting of stock options, performance-based share awards, restricted stock, phantom shares, stock payments and stock appreciation rights. 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 stock appreciation rights 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. On February 27, 2019, under the 2018 Plan, the Company granted 1,493,576 stock options with a fair value of $9.06 per option and an exercise price of $28.72 per share; 2,895,086 shares of restricted stock and restricted stock units with a fair value of $28.72 per share; and performance share awards to senior management employees with potential payouts varying from zero to 665,740 shares. 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 grant date. The performance share awards can be earned based on performance against two established goals over a three-year performance period. The performance share awards are divided into two independent parts that are subject to two separate performance metrics: 85% with a TSR (total shareholder return) goal and 15% with an internal NVA (return on capital metric) goal. Total stock-based compensation for all stock-based compensation arrangements under the Plan and the 2018 Plan was $33 million and $27 million for the three months ended March 31, 2019 and 2018, respectively. The total income tax benefit recognized in the Consolidated Statements of Income (Loss) for all stock-based compensation arrangements under the Plan was $4 million and $2 million for the three months ended March 31, 2019 and 2018, respectively.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	1 1 . The Company is exposed to certain risks relating to its ongoing business operations. The primary risk managed by using derivative instruments is the foreign currency exchange rate risk associated with sourcing goods and services in a currency different than the currency of sale. Forward currency contracts are executed to manage the foreign exchange 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 executes forward currency contracts to manage the foreign currency risk on recognized nonfunctional currency monetary accounts (non-designated hedge ). The Company had the following outstanding foreign currency forward contracts at year end (in millions): Currency Denomination March 31, December 31, Foreign Currency 2019 2018 South Korean Won KRW 17,600 KRW - Norwegian Krone NOK 4,725 NOK 5,229 U.S. Dollar USD 699 USD 631 Mexican Peso MXN 193 MXN 204 Euro EUR 192 EUR 172 South African Rand ZAR 124 ZAR 124 Japanese Yen JPY 121 JPY 121 Danish Krone DKK 103 DKK 35 Singapore Dollar SGD 38 SGD - British Pound Sterling GBP 22 GBP 12 Canadian Dollar CAD 2 CAD — 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. For derivative instruments that are designated and qualify as a cash flow hedge 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). Any ineffectiveness in the hedge relationship and components excluded from the assessment of effectiveness are recognized in the Consolidated Statements of Income (Loss) during the current period. Upon the adoption of ASU 2017-12, the Company elected to include time value in hedge relationships. Non-designated Hedging Strategy The Company enters into forward exchange contracts to hedge certain nonfunctional currency monetary accounts. The gain or loss on the derivative instrument is recognized in other income (expense), net in the Consolidated Statement of Income (Loss), together with the changes in the hedged nonfunctional monetary accounts. The Company has the following fair values of its derivative instruments and their balance sheet classifications (in millions): Asset Derivatives Liability Derivatives Fair Value Fair Value Balance Sheet March 31, December 31, Balance Sheet March 31, December 31, Location 2019 2018 Location 2019 2018 Derivatives designated as hedging instruments under ASC Topic 815 Foreign exchange contracts Prepaid and other current assets $ 2 $ 2 Accrued liabilities $ 16 $ 17 Foreign exchange contracts Other Assets — — Other liabilities 7 11 Total derivatives designated as hedging instruments under ASC Topic 815 $ 2 $ 2 $ 23 $ 28 Derivatives not designated as hedging instruments under ASC Topic 815 Foreign exchange contracts Prepaid and other current assets $ 2 $ 4 Accrued liabilities $ 8 $ 6 Foreign exchange contracts Other Assets — — Other Liabilities — 2 Total derivatives not designated as hedging instruments under ASC Topic 815 $ 2 $ 4 $ 8 $ 8 Total derivatives $ 4 $ 6 $ 31 $ 36 The Effect of Derivative Instruments on the Consolidated Statements of Income (Loss) ($ in millions) Derivatives in Location of Gain (Loss) Amount of Gain (Loss) ASC Topic 815 Amount of Gain (Loss) Reclassified from Reclassified from Location of Gain (Loss) Amount of Gain (Loss) Cash Flow Hedging Recognized in Accumulated Accumulated OCI Recognized in Income on Recognized in Income on Relationships OCI on Derivative OCI into Income into Income Derivative Derivative Three Months Ended Three Months Ended Three Months Ended March 31, March 31, March 31, 2019 2018 2019 2018 2019 2018 Revenue — 1 Cost of revenue — — Foreign exchange contracts 3 22 Cost of revenue (1 ) 4 Other income(expense), net (3 ) (1 ) Total 3 22 (1 ) 5 (3 ) (1 ) Derivatives Not Designated as Location of Gain (Loss) Amount of Gain (Loss) Hedging Instruments under Recognized in Income Recognized in Income on ASC Topic 815 on Derivative Derivative Three Months Ended March 31, 2019 2018 Foreign exchange contracts Other income (expense), net 4 11 Total 4 11

Net Income (Loss) Attributable

Net Income (Loss) Attributable to Company Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Net Income (Loss) Attributable to Company Per Share	1 2 . The following table sets forth the computation of weighted average basic and diluted shares outstanding (in millions, except per share data): Three Months Ended March 31, 2019 2018 Numerator: Net loss attributable to Company $ (77 ) $ (68 ) Denominator: Basic—weighted average common shares outstanding 380 377 Dilutive effect of employee stock options and other unvested stock awards — — Diluted outstanding shares 380 377 Net loss attributable to Company per share: Basic $ (0.20 ) $ (0.18 ) Diluted $ (0.20 ) $ (0.18 ) 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 income (loss) attributable to Company allocated to these participating securities was immaterial for the three months ended March 31, 2019 and 2018 and therefore not excluded from net income attributable to Company per share calculation. The Company had stock options outstanding that were anti-dilutive totaling 21 million shares and 19 million shares for each of the three months ended March 31, 2019 and 2018, respectively.

Cash Dividends

Cash Dividends	3 Months Ended
	Mar. 31, 2019
Text Block [Abstract]
Cash Dividends	1 3 . On March 1, 2019, the Company announced that its Board of Directors declared a cash dividend of $0.05 per share. The cash dividend was paid on March 28, 2019, to each stockholder of record on March 15, 2019. Cash dividends were $19 million for both the three months ended March 31, 2019 and 2018. 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, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	1 4 . Our business is affected by governmental laws and regulations relating to the oilfield service industry, including, health, safety and environmental laws and regulations, as well as customs and trade laws and regulations. We have not incurred material unreserved costs in connection with our compliance with such laws. However, there can be no assurance that other developments, such as new laws, regulations and enforcement policies may not result in additional, presently unquantifiable, costs or liabilities to us. The Company is exposed to customs and regulatory risk in the countries in which we do business or to which we transport goods. For example, the effects of the United Kingdom’s withdrawal from the European Union, known as Brexit may have a negative impact on our results from operations. Uncertainty concerning the legal and regulatory risks of Brexit, include: (i) supply chain risks resulting from lack of trade agreements, potential changes in customs administrations or tariff; (ii) revenue risk, loss of customers or increased costs; (iii) delays in delivery of materials to the Company or delay in delivery by the Company; (iv) the need for renegotiation of agreements; and other business disruptions. In addition, trade regulations and laws may adversely impact our ability to do business in certain countries, e.g., Iran, Russia and Venezuela. Such trade regulations can be complex and present compliance challenges. The Company is involved in various 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 claims and theories of liability, 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, product liability claims, warranty 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. 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 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, from time to time, become involved in these investigations, at substantial cost to the Company. We also are subject to trade regulations and other regulatory compliance in which the laws and regulations of different jurisdictions conflict or trade regulations may conflict with contractual terms. In such circumstances, our compliance with U.S. laws and regulations may subject us to risk of fines, penalties or contractual liability in other jurisdictions. Our efforts to actively manage such risks may not always be successful which could lead to negative impacts on revenue or earnings.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2019
Accounting Changes And Error Corrections [Abstract]
New Accounting Pronouncements	1 5 . Recently Adopted 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. The Company adopted this update on January 1, 2019, with no material impact. 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. The Company adopted ASU Topic 842 on January 1, 2019. Refer to Note 7, Leases In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the U.S. Tax Cuts and Jobs Act (the “Tax Act”). The Company adopted ASU Topic 2018-02 on January 1, 2019 and elected not to reclassify stranded tax effects caused by tax reform from AOCI to retained earnings. Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments. This update improves financial reporting by requiring earlier recognition of credit losses on financing receivables and other financial assets in scope. ASU 2016-13 is effective for fiscal periods beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the effect of adopting this standard.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Fair Value of Financial Instruments	The fair values of cash and cash equivalents, receivables and payables was approximately the same as their presented carrying values because of the short maturities of these instruments. The fair value of long-term debt is provided in Note 8, and the fair values of derivative financial instruments are provided in Note 11.
Warranties	Warranties The Company provides warranties on certain of its products and services. The Company accrues warranty liability based upon specific claims and a review of historical 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.
Net Income (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 income (loss) attributable to Company allocated to these participating securities was immaterial for the three months ended March 31, 2019 and 2018 and therefore not excluded from net income attributable to Company per share calculation.
Recently Adopted and Issued Accounting Standards	Recently Adopted 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. The Company adopted this update on January 1, 2019, with no material impact. 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. The Company adopted ASU Topic 842 on January 1, 2019. Refer to Note 7, Leases In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the U.S. Tax Cuts and Jobs Act (the “Tax Act”). The Company adopted ASU Topic 2018-02 on January 1, 2019 and elected not to reclassify stranded tax effects caused by tax reform from AOCI to retained earnings. Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments. This update improves financial reporting by requiring earlier recognition of credit losses on financing receivables and other financial assets in scope. ASU 2016-13 is effective for fiscal periods beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the effect of adopting this standard.

Inventories, net (Tables)

Inventories, net (Tables)	3 Months Ended
	Mar. 31, 2019
Inventory Disclosure [Abstract]
Inventories	Inventories consist of (in millions): March 31, December 31, 2019 2018 Raw materials and supplies $ 627 $ 614 Work in process 556 501 Finished goods and purchased products 1,948 1,871 Total $ 3,131 $ 2,986

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
Payables And Accruals [Abstract]
Accrued Liabilities	Accrued liabilities consist of (in millions): March 31, December 31, 2019 2018 Compensation $ 189 $ 331 Vendor costs 119 127 Warranties 102 105 Taxes (non-income) 77 124 Insurance 54 55 Commissions 34 34 Interest 27 7 Fair value of derivatives 24 23 Other 250 282 Total $ 876 $ 1,088
Changes in Warranty Provision	The changes in the warranty provision are as follows (in millions): Balance at December 31, 2018 $ 105 Net provisions for warranties during the period 9 Amounts incurred (12 ) Balance at March 31, 2019 $ 102

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Components of Accumulated Other Comprehensive Loss	The components of accumulated other comprehensive 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, 2018 $ (1,396 ) $ (14 ) $ (27 ) $ (1,437 ) Accumulated other comprehensive income (loss) before reclassifications 20 3 — 23 Amounts reclassified from accumulated other comprehensive income (loss) — 1 — 1 Balance at March 31, 2019 $ (1,376 ) $ (10 ) $ (27 ) $ (1,413 )
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, 2019 2018 Currency Derivative Defined Currency Derivative Defined Translation Financial Benefit Translation Financial Benefit Adjustments Instruments Plans Total Adjustments Instruments Plans Total Revenue $ — $ — $ — $ — $ — $ (1 ) $ — $ (1 ) Cost of revenue — 1 — 1 — (4 ) — (4 ) Tax effect — — — — — 2 — 2 $ — $ 1 $ — $ 1 $ — $ (3 ) $ — $ (3 )

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Operating Segments	Financial results by operating segment are as follows (in millions): Three Months Ended March 31, 2019 2018 Revenue: Wellbore Technologies $ 807 $ 711 Completion & Production Solutions 581 670 Rig Technologies 603 483 Eliminations (51 ) (69 ) Total revenue $ 1,940 $ 1,795 Operating profit (loss): Wellbore Technologies $ 19 12 Completion & Production Solutions (35 ) 16 Rig Technologies 31 18 Eliminations and corporate costs (63 ) (47 ) Total operating profit (loss) $ (48 ) $ (1 ) Operating profit (loss)%: Wellbore Technologies 2.4 % 1.7 % Completion & Production Solutions (6.0 %) 2.4 % Rig Technologies 5.1 % 3.7 % Total operating profit (loss)% (2.5 %) (0.1 %)

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue From Contract With Customer [Abstract]
Summary of Disaggregate Revenue by Destinations	The following table disaggregates the Company’s revenue by major geographic and market segment destination. In the table, North America includes the U.S. and Canada (in millions): Three Months Ended March 31, 2019 2018 Completion Completion Wellbore & Production Rig Wellbore & Production Rig Technologies Solutions Technologies Eliminations Total Technologies Solutions Technologies Eliminations Total North America $ 460 $ 269 $ 141 $ — $ 870 $ 415 $ 292 $ 135 $ — $ 842 International 331 296 443 — 1,070 282 358 313 — 953 Eliminations 16 16 19 (51 ) — 14 20 35 (69 ) — $ 807 $ 581 $ 603 $ (51 ) $ 1,940 $ 711 $ 670 $ 483 $ (69 ) $ 1,795 Land $ 665 $ 405 $ 215 $ — $ 1,285 $ 583 $ 446 $ 172 $ — $ 1,201 Offshore 126 160 369 — 655 114 204 276 — 594 Eliminations 16 16 19 (51 ) — 14 20 35 (69 ) — $ 807 $ 581 $ 603 $ (51 ) $ 1,940 $ 711 $ 670 $ 483 $ (69 ) $ 1,795
Summary of Changes in Carrying Amount of Contract Assets and Contract Liabilities	The changes in the carrying amount of contract assets and contract liabilities are as follows (in millions): Contract Assets Contract Liabilities Balance at December 31, 2018 $ 565 $ 458 Billings (215 ) 93 Revenue recognized 223 (118 ) Currency translation adjustments and other (34 ) (21 ) Balance at March 31, 2019 $ 539 $ 412

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Schedule of Components of Leases	Components of leases are as follows (in millions): March 31, December 31, 2019 2018 Lease right-of-use assets: Operating $ 542 $ — Financing 247 — Total $ 789 $ — March 31, December 31, 2019 2018 Current portion of lease liabilities: Operating $ 91 $ — Financing 24 7 Total $ 115 $ 7 March 31, December 31, 2019 2018 Long-term portion of lease liability: Operating $ 468 $ — Financing 260 $ 222 Total $ 728 $ 222
Components of Lease Expense	Components of lease expense were as follows (in millions): Three Months Ended March 31, 2019 Lease cost Finance lease cost Amortization of right-of-use assets $ 8 Interest on lease liabilities 4 Operating lease cost 33 Short-term lease cost 16 Variable lease cost — Sub-lease income (3 ) Total $ 58
Schedule of Supplemental information Related to Leases	Supplemental information related to the Company’s leases for the three months ended March 31, 2019 was as follows (in millions): Three Months Ended March 31, 2019 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 4 Operating cash flows from operating leases 33 Financing cash flows from finance leases 7 Right-of-use assets obtained in exchange for new finance lease liabilities $ 6 Right-of-use assets obtained in exchange for new operating lease liabilities 31 Weighted average remaining lease term - finance leases 17 years Weighted average remaining lease term - operating leases 10 years Weighted average discount rate - finance leases 5.53% Weighted average remaining lease term - operating leases 5.03%
Future Minimum Lease Commitments for Leases with Initial or Remaining Terms of One Year or More	Future minimum lease commitments for leases with initial or remaining terms of one year or more at March 31, 2019, are payable as follows (in millions): Undiscounted Cash Flows Finance Operating 04/01/2019 - 03/31/2020 $ 38 $ 121 04/01/2020 - 03/31/2021 34 100 04/01/2021 - 03/31/2022 28 84 04/01/2022 - 03/31/2023 21 64 04/01/2023 - 03/31/2024 17 50 04/01/2024 - beyond 254 302 Total lease payments 392 721 Less: Interest (108 ) (162 ) Present value of lease liabilities $ 284 $ 559

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt	Debt consists of (in millions): March 31, December 31, 2019 2018 $1.4 billion in Senior Notes, interest at 2.60% payable semiannually, principal due on December 1, 2022 $ 1,395 $ 1,394 $1.1 billion in Senior Notes, interest at 3.95% payable semiannually, principal due on December 1, 2042 1,088 1,088 Total $ 2,483 $ 2,482

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Outstanding Foreign Currency Forward Contracts	The Company had the following outstanding foreign currency forward contracts at year end (in millions): Currency Denomination March 31, December 31, Foreign Currency 2019 2018 South Korean Won KRW 17,600 KRW - Norwegian Krone NOK 4,725 NOK 5,229 U.S. Dollar USD 699 USD 631 Mexican Peso MXN 193 MXN 204 Euro EUR 192 EUR 172 South African Rand ZAR 124 ZAR 124 Japanese Yen JPY 121 JPY 121 Danish Krone DKK 103 DKK 35 Singapore Dollar SGD 38 SGD - British Pound Sterling GBP 22 GBP 12 Canadian Dollar CAD 2 CAD —
Derivative Instruments and their Balance Sheet Classifications	The Company has the following fair values of its derivative instruments and their balance sheet classifications (in millions): Asset Derivatives Liability Derivatives Fair Value Fair Value Balance Sheet March 31, December 31, Balance Sheet March 31, December 31, Location 2019 2018 Location 2019 2018 Derivatives designated as hedging instruments under ASC Topic 815 Foreign exchange contracts Prepaid and other current assets $ 2 $ 2 Accrued liabilities $ 16 $ 17 Foreign exchange contracts Other Assets — — Other liabilities 7 11 Total derivatives designated as hedging instruments under ASC Topic 815 $ 2 $ 2 $ 23 $ 28 Derivatives not designated as hedging instruments under ASC Topic 815 Foreign exchange contracts Prepaid and other current assets $ 2 $ 4 Accrued liabilities $ 8 $ 6 Foreign exchange contracts Other Assets — — Other Liabilities — 2 Total derivatives not designated as hedging instruments under ASC Topic 815 $ 2 $ 4 $ 8 $ 8 Total derivatives $ 4 $ 6 $ 31 $ 36
Effect of Derivative Instruments on Consolidated Statements of Income (Loss)	The Effect of Derivative Instruments on the Consolidated Statements of Income (Loss) ($ in millions) Derivatives in Location of Gain (Loss) Amount of Gain (Loss) ASC Topic 815 Amount of Gain (Loss) Reclassified from Reclassified from Location of Gain (Loss) Amount of Gain (Loss) Cash Flow Hedging Recognized in Accumulated Accumulated OCI Recognized in Income on Recognized in Income on Relationships OCI on Derivative OCI into Income into Income Derivative Derivative Three Months Ended Three Months Ended Three Months Ended March 31, March 31, March 31, 2019 2018 2019 2018 2019 2018 Revenue — 1 Cost of revenue — — Foreign exchange contracts 3 22 Cost of revenue (1 ) 4 Other income(expense), net (3 ) (1 ) Total 3 22 (1 ) 5 (3 ) (1 ) Derivatives Not Designated as Location of Gain (Loss) Amount of Gain (Loss) Hedging Instruments under Recognized in Income Recognized in Income on ASC Topic 815 on Derivative Derivative Three Months Ended March 31, 2019 2018 Foreign exchange contracts Other income (expense), net 4 11 Total 4 11

Net Income (Loss) Attributabl_2

Net Income (Loss) Attributable to Company Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 2018 Numerator: Net loss attributable to Company $ (77 ) $ (68 ) Denominator: Basic—weighted average common shares outstanding 380 377 Dilutive effect of employee stock options and other unvested stock awards — — Diluted outstanding shares 380 377 Net loss attributable to Company per share: Basic $ (0.20 ) $ (0.18 ) Diluted $ (0.20 ) $ (0.18 ) Cash dividends per share $ 0.05 $ 0.05

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Accounting Policies [Abstract]
Reclassification of debt balance to leases	$ 229

Inventories, net - Inventories

Inventories, net - Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 627	$ 614
Work in process	556	501
Finished goods and purchased products	1,948	1,871
Total	$ 3,131	$ 2,986

Accrued Liabilities - Accrued L

Accrued Liabilities - Accrued Liabilities (Detail) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Payables And Accruals [Abstract]
Compensation	$ 189	$ 331
Vendor costs	119	127
Warranties	102	105
Taxes (non-income)	77	124
Insurance	54	55
Commissions	34	34
Interest	27	7
Fair value of derivatives	24	23
Other	250	282
Total	$ 876	$ 1,088

Accrued Liabilities - Changes i

Accrued Liabilities - Changes in Warranty Provision (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Product Warranties Disclosures [Abstract]
Beginning Balance	$ 105
Net provisions for warranties during the period	9
Amounts incurred	(12)
Ending Balance	$ 102

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 13,889
Accumulated other comprehensive income (loss) before reclassifications	23
Amounts reclassified from accumulated other comprehensive income (loss)	1
Ending Balance	13,840
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(1,396)
Accumulated other comprehensive income (loss) before reclassifications	20
Amounts reclassified from accumulated other comprehensive income (loss)	0
Ending Balance	(1,376)
Derivative Financial Instruments, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(14)
Accumulated other comprehensive income (loss) before reclassifications	3
Amounts reclassified from accumulated other comprehensive income (loss)	1
Ending Balance	(10)
Defined Benefit Plans, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(27)
Accumulated other comprehensive income (loss) before reclassifications	0
Amounts reclassified from accumulated other comprehensive income (loss)	0
Ending Balance	(27)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(1,437)
Ending Balance	$ (1,413)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Components of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue	$ 1,940	$ 1,795
Tax effect	10	(3)
Net loss attributable to Company	(77)	(68)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue		(1)
Cost of revenue	1	(4)
Tax effect		2
Net loss attributable to Company	1	(3)
Derivative Financial Instruments, Net of Tax [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue		(1)
Cost of revenue	1	(4)
Tax effect		2
Net loss attributable to Company	$ 1	$ (3)

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Loss - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement Of Income And Comprehensive Income [Abstract]
Other comprehensive income (loss) before reclassifications	$ 20	$ 36
Changes in derivative financial instruments, net of tax	4	13
Changes in derivative financial instruments, tax	$ 1	$ 4

Segments - Operating Segments (

Segments - Operating Segments (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Total revenue	$ 1,940	$ 1,795
Total operating profit (loss)	$ (48)	$ (1)
Percentage as of operating profit (loss) to revenue	(2.50%)	(0.10%)
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Total revenue	$ (51)	$ (69)
Total operating profit (loss)	(63)	(47)
Operating Segments [Member]
Segment Reporting Information [Line Items]
Total revenue	603
Operating Segments [Member] | Wellbore Technologies [Member]
Segment Reporting Information [Line Items]
Total revenue	807	711
Total operating profit (loss)	$ 19	$ 12
Percentage as of operating profit (loss) to revenue	2.40%	1.70%
Operating Segments [Member] | Completion & Production Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	$ 581	$ 670
Total operating profit (loss)	$ (35)	$ 16
Percentage as of operating profit (loss) to revenue	(6.00%)	2.40%
Operating Segments [Member] | Rig Technologies [Member]
Segment Reporting Information [Line Items]
Total revenue	$ 603	$ 483
Total operating profit (loss)	$ 31	$ 18
Percentage as of operating profit (loss) to revenue	5.10%	3.70%

Segments - Additional Informati

Segments - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Revenue - Summary of Disaggrega

Revenue - Summary of Disaggregate Revenue by Destinations (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Disaggregate revenue	$ 1,940	$ 1,795
Operating Segments [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	603
Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	807	711
Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	581	670
Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	603	483
Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(51)	(69)
Continental [Member] | Intersubsegment Eliminations [Member] | Operating Segments [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	19
Continental [Member] | Intersubsegment Eliminations [Member] | Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	16	14
Continental [Member] | Intersubsegment Eliminations [Member] | Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	16	20
Continental [Member] | Intersubsegment Eliminations [Member] | Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue		35
Continental [Member] | Intersubsegment Eliminations [Member] | Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(51)	(69)
Continental [Member] | North America [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	870	842
Continental [Member] | North America [Member] | Operating Segments [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	141
Continental [Member] | North America [Member] | Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	460	415
Continental [Member] | North America [Member] | Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	269	292
Continental [Member] | North America [Member] | Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue		135
Continental [Member] | International [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,070	953
Continental [Member] | International [Member] | Operating Segments [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	443
Continental [Member] | International [Member] | Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	331	282
Continental [Member] | International [Member] | Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	296	358
Continental [Member] | International [Member] | Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue		313
Land and Offshore [Member] | Intersubsegment Eliminations [Member] | Operating Segments [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	19
Land and Offshore [Member] | Intersubsegment Eliminations [Member] | Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	16	14
Land and Offshore [Member] | Intersubsegment Eliminations [Member] | Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	16	20
Land and Offshore [Member] | Intersubsegment Eliminations [Member] | Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue		35
Land and Offshore [Member] | Intersubsegment Eliminations [Member] | Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(51)	(69)
Land and Offshore [Member] | Land Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,285	1,201
Land and Offshore [Member] | Land Destination [Member] | Operating Segments [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	215
Land and Offshore [Member] | Land Destination [Member] | Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	665	583
Land and Offshore [Member] | Land Destination [Member] | Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	405	446
Land and Offshore [Member] | Land Destination [Member] | Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue		172
Land and Offshore [Member] | Offshore Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	655	594
Land and Offshore [Member] | Offshore Destination [Member] | Operating Segments [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	369
Land and Offshore [Member] | Offshore Destination [Member] | Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	126	114
Land and Offshore [Member] | Offshore Destination [Member] | Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	$ 160	204
Land and Offshore [Member] | Offshore Destination [Member] | Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue		$ 276

Revenue - Additional Informatio

Revenue - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue From Contract With Customer [Abstract]
Net revenue recognized from performance obligations	$ 16,000,000
Remaining performance obligations	1,681,000,000
Impairment losses on contract assets	$ 0	$ 0

Revenue - Additional Informat_2

Revenue - Additional Information (Detail 1) $ in Millions	Mar. 31, 2019USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 1,681
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 715
Remaining performance obligations, period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 966
Remaining performance obligations, period

Revenue - Summary of Changes in

Revenue - Summary of Changes in Carrying Amount of Contract Assets and Contract Liabilities (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Revenue From Contract With Customer [Abstract]
Balance at December 31, 2018	$ 565
Billings	(215)
Revenue recognized	223
Currency translation adjustments and other	(34)
Balance at March 31, 2019	539
Balance at December 31, 2018	458
Billings	93
Revenue recognized	(118)
Currency translation adjustments and other	(21)
Balance at March 31, 2019	$ 412

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2019	Jan. 01, 2019
Leases [Abstract]
Lease right-of-use assets	$ 789	$ 786
Lease right-of-use assets, operating	542	537
Lease right-of-use assets, financing	247	249
Lease liabilities		839
Operating lease liabilities	559	554
Financing lease liabilities	$ 284	$ 285

Leases - Schedule of Components

Leases - Schedule of Components of Leases (Detail) - USD ($) $ in Millions	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Lease right-of-use assets:
Operating	$ 542	$ 537
Financing	247	249
Total	789	$ 786
Current portion of lease liabilities:
Operating	91
Financing	24		$ 7
Total	115		7
Long-term portion of lease liability:
Operating	468
Financing	260		222
Total	$ 728		$ 222

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Finance lease cost
Finance lease cost, amortization of right-of-use assets	$ 8
Finance lease cost, interest on lease liabilities	4
Operating lease cost	33
Short-term lease cost	16
Sub-lease income	3
Total	$ 58

Leases - Supplemental Informati

Leases - Supplemental Information Related to Leases (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities, operating cash flows from finance leases	$ 4
Cash paid for amounts included in the measurement of lease liabilities, operating cash flows from operating leases	33
Cash paid for amounts included in the measurement of lease liabilities, financing cash flows from finance leases	7
Right-of-use assets obtained in exchange for new finance lease liabilities	6
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 31
Weighted average remaining lease term (years), finance leases	17 years
Weighted average remaining lease term (years), operating leases	10 years
Weighted average discount rate, finance leases	5.53%
Weighted average remaining lease term, operating leases	5.03%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Detail) - USD ($) $ in Millions	Mar. 31, 2019	Jan. 01, 2019
Finance lease, undiscounted cash flows
Finance leases, 04/01/2019 - 03/31/2020	$ 38
Finance leases, 04/01/2020 - 03/31/2021	34
Finance leases, 04/01/2021 - 03/31/2022	28
Finance leases, 04/01/2022 - 03/31/2023	21
Finance leases, 04/01/2023 - 03/31/2024	17
Finance leases, 04/01/2024 - beyond	254
Total lease payments	392
Less: Interest	(108)
Present value of lease liabilities	284	$ 285
Operating leases, undiscounted cash flows
Operating leases, 04/01/2019 - 03/31/2020	121
Operating leases, 04/01/2020 - 03/31/2021	100
Operating leases, 04/01/2021 - 03/31/2022	84
Operating leases, 04/01/2022 - 03/31/2023	64
Operating leases, 04/01/2023 - 03/31/2024	50
Operating leases, 04/01/2024 - beyond	302
Total lease payments	721
Less: Interest	(162)
Present value of lease liabilities	$ 559	$ 554

Debt - Debt (Details)

Debt - Debt (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Senior Notes	$ 2,483	$ 2,482
Total	2,483	2,482
Senior Notes, Interest at 2.60% Payable Semiannually, Principal Due on December 1, 2022 [Member]
Debt Instrument [Line Items]
Senior Notes	1,395	1,394
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, 2019	Dec. 31, 2018
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, 2019	Dec. 31, 2018
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	16.70%
Funds available under revolving credit facility	$ 3,000,000,000
Outstanding letters of credit under various bilateral letter of credit facilities	470,000,000
Carrying value of Unsecured Senior Notes	2,483,000,000	$ 2,482,000,000
Unsecured Debt [Member] | Fair Value, Inputs, Level 2 [Member]
Debt Instrument [Line Items]
Fair value of Unsecured Senior Notes	$ 2,305,000,000	$ 2,211,000,000
Canadian Dollar Offered Rate (CDOR) [Member]
Debt Instrument [Line Items]
Variable rate	1.125%
Five Year Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, borrowing capacity	$ 3,000,000,000
Credit facility, maturity date	Jun. 27, 2022
Credit facility, extendable borrowing capacity	$ 4,000,000,000
Variable rate basis	LIBOR, NIBOR or CDOR plus
Unsecured Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, Period	5 years
Five Year Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, borrowing capacity	$ 3,000,000,000
Credit facility, Period	5 years
Borrowings under commercial paper	$ 0
Outstanding letters of credit issued	$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Effective tax rate	11.80%	4.80%

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions	Feb. 27, 2019Installment$ / sharesshares	Mar. 31, 2019USD ($)shares	Mar. 31, 2018USD ($)	May 11, 2018shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares under stock based compensation		69,400,000
Stock option granted	1,493,576
Stock options granted fair value | $ / shares	$ 9.06
Stock options exercise price | $ / shares	$ 28.72
Restricted Stock and Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	2,895,086
Restricted stock granted fair value | $ / shares	$ 28.72
Number of equal annual vesting installments | Installment	3
Vesting term		The restricted stock and restricted stock units vest in three equal annual installments commencing on the first anniversary of the grant date.
Performance-base restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Description of performance goal		The restricted stock and restricted stock units vest in three equal annual installments commencing on the first anniversary of the grant date.
Performance period		3 years
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
TSR Award [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 two established goals over a three-year performance period. The performance share awards are divided into two independent parts that are subject to two separate performance metrics: 85% with a TSR (total shareholder return) goal and 15% with an internal NVA (return on capital metric) 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. The NVA goal is based on the Company’s improvement in NVA (National Oilwell Varco Value Added) from the beginning of the performance period until the end of the performance period. NVA shall be calculated as an amount equal to the Company’s (a) gross cash earnings less (b) average gross operating assets times an amount equal to a required return on assets.
TSR [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance shares awarded		85.00%
NVA [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance shares awarded		15.00%
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	665,740
2018 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares under stock based compensation				17,800,000
Remaining shares available for future grants under the Plan		8,212,512
Stock-based compensation expense | $		$ 33	$ 27
Income tax benefit recognized | $		$ 4	$ 2

Derivative Financial Instrume_3

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

Mar. 31, 2019USD ($)

Mar. 31, 2019KRW (₩)

Mar. 31, 2019NOK (kr)

Mar. 31, 2019MXN ($)

Mar. 31, 2019EUR (€)

Mar. 31, 2019ZAR (R)

Mar. 31, 2019JPY (¥)

Mar. 31, 2019DKK (kr)

Mar. 31, 2019SGD ($)

Mar. 31, 2019GBP (£)

Mar. 31, 2019CAD ($)

Dec. 31, 2018USD ($)

Dec. 31, 2018NOK (kr)

Dec. 31, 2018MXN ($)

Dec. 31, 2018EUR (€)

Dec. 31, 2018ZAR (R)

Dec. 31, 2018JPY (¥)

Dec. 31, 2018DKK (kr)

Dec. 31, 2018GBP (£)

Forward Contracts [Member]

Derivative [Line Items]

Foreign currency, Cash flow hedging

$ 699

₩ 17,600

kr 4,725

$ 193

€ 192

R 124

¥ 121

kr 103

$ 38

£ 22

$ 2

$ 631

kr 5,229

$ 204

€ 172

R 124

¥ 121

kr 35

£ 12

Derivative Financial Instrume_4

Derivative Financial Instruments - Derivative Instruments and their Balance Sheet Classifications (Detail) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 4	$ 6
Liability Derivatives	31	36
Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	2	2
Liability Derivatives	23	28
Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	2	4
Liability Derivatives	8	8
Foreign Exchange Contracts [Member] | Designated as Hedging Instruments [Member] | Accrued liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	16	17
Foreign Exchange Contracts [Member] | Not Designated as Hedging Instruments [Member] | Accrued liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	8	6
Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	2	2
Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	2	4
Foreign Exchange Contracts [Member] | Other Liabilities [Member] | Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 7	11
Foreign Exchange Contracts [Member] | Other Liabilities [Member] | Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives		$ 2

Derivative Financial Instrume_5

Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative	$ 3	$ 22
Not Designated as Hedging Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivative	4	11
Foreign Exchange Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	(1)	5
Amount of Gain (Loss) Recognized in Income on Derivative	(3)	(1)
Foreign Exchange Contracts [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative	3	22
Foreign Exchange Contracts [Member] | Revenue [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income		1
Foreign Exchange Contracts [Member] | Cost of Revenue [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	(1)	4
Foreign Exchange Contracts [Member] | Other income (expense), net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivative	(3)	(1)
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	$ 4	$ 11

Net Income (Loss) Attributabl_3

Net Income (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, 2019	Mar. 31, 2018
Numerator:
Net loss attributable to Company	$ (77)	$ (68)
Denominator:
Basic—weighted average common shares outstanding	380	377
Diluted outstanding shares	380	377
Basic	$ (0.20)	$ (0.18)
Diluted	(0.20)	(0.18)
Cash dividends per share	$ 0.05	$ 0.05

Net Income (Loss) Attributabl_4

Net Income (Loss) Attributable to Company Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Anti-dilutive stock options outstanding	21	19

Cash Dividends - Additional Inf

Cash Dividends - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Mar. 01, 2019	Mar. 31, 2019	Mar. 31, 2018
Dividends [Abstract]
Dividends payable, amount per share	$ 0.05
Dividends payable, declared date	Mar. 1, 2019
Dividends payable, paid date	Mar. 28, 2019
Dividends payable, record date	Mar. 15, 2019
Cash dividends paid		$ 19	$ 19