NOV (NOV) 10-Q 31 Jul 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 26, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
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 Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		385,896,425
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	1-12317
Entity Tax Identification Number	760475815
Entity Address, Address Line One	7909 Parkwood Circle Drive
Entity Address, City or Town	Houston
Entity Address, State or Province	Texas
Entity Address, Postal Zip Code	77036-6565
City Area Code	713
Local Phone Number	346-7500

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 1,121	$ 1,427
Receivables, net	1,973	2,101
Inventories, net	2,858	2,986
Contract assets	585	565
Prepaid and other current assets	229	200
Total current assets	6,766	7,279
Property, plant and equipment, net	2,356	2,797
Lease right-of-use assets, operating	452
Lease right-of-use assets, financing	246
Deferred income taxes		11
Goodwill	3,206	6,264
Intangibles, net	900	3,020
Investment in unconsolidated affiliates	294	301
Other assets	129	124
Total assets	14,349	19,796
Current liabilities:
Accounts payable	695	722
Accrued liabilities	955	1,088
Contract liabilities	455	458
Current portion of lease liabilities	116	7
Accrued income taxes		66
Total current liabilities	2,221	2,341
Lease liabilities	696	222
Long-term debt	2,483	2,482
Deferred income taxes	177	564
Other liabilities	285	298
Total liabilities	5,862	5,907
Commitments and contingencies
Stockholders’ equity:
Common stock - par value $.01; 1 billion shares authorized; 385,904,225 and 383,426,654 shares issued and outstanding at June 30, 2019 and December 31, 2018	4	4
Additional paid-in capital	8,441	8,390
Accumulated other comprehensive loss	(1,392)	(1,437)
Retained earnings	1,358	6,862
Total Company stockholders' equity	8,411	13,819
Noncontrolling interests	76	70
Total stockholders’ equity	8,487	13,889
Total liabilities and stockholders’ equity	$ 14,349	$ 19,796

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 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	385,904,225	383,426,654
Common stock, shares outstanding	385,904,225	383,426,654

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Revenue	$ 2,132	$ 2,106	$ 4,072	$ 3,901
Cost of revenue	2,070	1,751	3,754	3,259
Gross profit	62	355	318	642
Selling, general and administrative	417	303	721	591
Goodwill and indefinite-lived intangible asset impairment	3,186		3,186
Long-lived asset impairment	2,187		2,187
Operating profit (loss)	(5,728)	52	(5,776)	51
Interest and financial costs	(25)	(23)	(50)	(47)
Interest income	6	5	12	12
Equity income (loss) in unconsolidated affiliates	(2)	(1)	(2)	1
Other income (expense), net	(8)	(3)	(26)	(50)
Income (loss) before income taxes	(5,757)	30	(5,842)	(33)
Provision (benefit) for income taxes	(373)	5	(383)	8
Net income (loss)	(5,384)	25	(5,459)	(41)
Net income attributable to noncontrolling interests	5	1	7	3
Net income (loss) attributable to Company	$ (5,389)	$ 24	$ (5,466)	$ (44)
Net income (loss) attributable to Company per share:
Basic	$ (14.11)	$ 0.06	$ (14.35)	$ (0.12)
Diluted	(14.11)	0.06	(14.35)	(0.12)
Cash dividends per share	$ 0.05	$ 0.05	$ 0.10	$ 0.10
Weighted average shares outstanding:
Basic	382	378	381	377
Diluted	382	381	381	377

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ (5,384)	$ 25	$ (5,459)	$ (41)
Currency translation adjustments	18	(223)	38	(187)
Changes in derivative financial instruments, net of tax	3	(14)	7	(1)
Comprehensive loss	(5,363)	(212)	(5,414)	(229)
Comprehensive income attributable to noncontrolling interest	5	1	7	3
Comprehensive loss attributable to Company	$ (5,368)	$ (213)	$ (5,421)	$ (232)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income (loss)	$ (5,459)	$ (41)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	331	347
Provision for inventory losses	327	32
Deferred income taxes	(369)	17
Goodwill and indefinite-lived intangible asset impairment	3,186
Long-lived asset impairment	2,187
Other, net	75	41
Change in operating assets and liabilities, net of acquisitions:
Receivables	144	87
Inventories	(193)	(150)
Contract assets	(20)	49
Prepaid and other current assets	(29)	(30)
Accounts payable	(33)	88
Accrued liabilities	(172)	(313)
Contract liabilities	(3)	89
Income taxes payable	(66)	(71)
Other assets/liabilities, net	(17)	(35)
Net cash provided (used) by operating activities	(111)	110
Cash flows from investing activities:
Purchases of property, plant and equipment	(97)	(102)
Business acquisitions, net of cash acquired	(65)	(280)
Other	6	22
Net cash used in investing activities	(156)	(360)
Cash flows from financing activities:
Cash dividends paid	(38)	(38)
Other	(1)	18
Net cash used in financing activities	(39)	(20)
Effect of exchange rates on cash		(30)
Decrease in cash and cash equivalents	(306)	(300)
Cash and cash equivalents, beginning of period	1,427	1,437
Cash and cash equivalents, end of period	1,121	1,137
Cash payments during the period for:
Interest	41	46
Income taxes	$ 70	$ 50

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ 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
Net income (loss)	(68)				(68)	(68)
Other comprehensive income	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
Ending Balance at Mar. 31, 2018	14,151	4	8,256	(1,061)	6,883	14,082	69
Beginning Balance at Dec. 31, 2017	14,160	4	8,234	(1,110)	6,966	14,094	66
Net income (loss)	(41)
Cash dividends, $0.05 per common share	(38)
Ending Balance at Jun. 30, 2018	13,968	4	8,306	(1,298)	6,888	13,900	68
Beginning Balance at Mar. 31, 2018	14,151	4	8,256	(1,061)	6,883	14,082	69
Net income (loss)	25				24	24	1
Other comprehensive income	(237)			(237)		(237)
Cash dividends, $0.05 per common share	(19)				(19)	(19)
Noncontrolling interest	(2)						(2)
Stock-based compensation	30		30			30
Common stock issued	20		20			20
Ending Balance at Jun. 30, 2018	13,968	4	8,306	(1,298)	6,888	13,900	68
Beginning Balance at Dec. 31, 2018	13,889	4	8,390	(1,437)	6,862	13,819	70
Net income (loss)	(75)				(77)	(77)	2
Other comprehensive income	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
Ending Balance at Mar. 31, 2019	13,840	4	8,408	(1,413)	6,766	13,765	75
Beginning Balance at Dec. 31, 2018	13,889	4	8,390	(1,437)	6,862	13,819	70
Net income (loss)	(5,459)
Cash dividends, $0.05 per common share	(38)
Ending Balance at Jun. 30, 2019	8,487	4	8,441	(1,392)	1,358	8,411	76
Beginning Balance at Mar. 31, 2019	13,840	4	8,408	(1,413)	6,766	13,765	75
Net income (loss)	(5,384)				(5,389)	(5,389)	5
Other comprehensive income	21			21		21
Cash dividends, $0.05 per common share	(19)				(19)	(19)
Noncontrolling interest	(4)						(4)
Stock-based compensation	32		32			32
Common stock issued	1		1			1
Ending Balance at Jun. 30, 2019	$ 8,487	$ 4	$ 8,441	$ (1,392)	$ 1,358	$ 8,411	$ 76

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018
Retained Earnings (Loss) [Member]
Cash dividends, per common share	$ 0.05	$ 0.05	$ 0.05	$ 0.05

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 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 lease liabilities. The results of operations for the three and six months ended June 30, 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	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Inventories, net	2. Inventories consist of (in millions): June 30, December 31, 2019 2018 Raw materials and supplies $ 637 $ 614 Work in process 522 501 Finished goods and purchased products 2,606 2,505 3,765 3,620 Less: Inventory reserve (907 ) (634 ) Total $ 2,858 $ 2,986

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2019
Payables And Accruals [Abstract]
Accrued Liabilities	3 . Accrued liabilities consist of (in millions): June 30, December 31, 2019 2018 Compensation $ 258 $ 331 Vendor costs 135 127 Warranties 101 105 Taxes (non-income) 99 124 Fair value of derivatives 20 23 Interest 7 7 Other 335 371 Total $ 955 $ 1,088

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Accumulated Other Comprehensive Income (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 38 4 — 42 Amounts reclassified from accumulated other comprehensive income (loss) — 3 — 3 Balance at June 30, 2019 $ (1,358 ) $ (7 ) $ (27 ) $ (1,392 ) The components of amounts reclassified from accumulated other comprehensive income (loss) are as follows (in millions): Three Months Ended June 30, 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 — 2 — 2 — (1 ) — (1 ) Tax effect — (1 ) — (1 ) — — — — $ — $ 2 $ — $ 2 $ — $ (1 ) $ — $ (1 ) Six Months Ended June 30, 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 $ — $ (1 ) $ — $ (1 ) Cost of revenue — 3 — 3 — (5 ) — (5 ) Tax effect — (1 ) — (1 ) — 2 — 2 $ — $ 3 $ — $ 3 $ — $ (4 ) $ — $ (4 ) The Company’s reporting currency is the U.S. dollar. A majority of the Company’s international entities in which there is a substantial investment have the local currency as their functional currency. As a result, currency translation adjustments resulting from the process of translating the entities’ financial statements into the reporting currency are reported in other comprehensive income (loss). The Company recorded income of $18 million and $38 million for the three and six months ended June 30, 2019, respectively and loss of $223 million and $187 million for the three and six months ended June 30, 2018, respectively. The effect of changes in the fair values of derivatives designated as cash flow hedges are accumulated in other comprehensive income (loss), net of tax, until the underlying transactions 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 $3 million (net of tax of $1 million) and $7 million (net of tax of $2 million) for the three and six months ended June 30, 2019, respectively. The accumulated effect was other comprehensive loss of $14 million (net of tax of $5 million) and $1 million (net of tax of $0 million) for the three and six months ended June 30, 2018, respectively.

Segments

Segments	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segments	5 . Segments Financial results by operating segment are as follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Revenue: Wellbore Technologies $ 850 $ 793 $ 1,657 $ 1,504 Completion & Production Solutions 663 738 1,244 1,408 Rig Technologies 671 651 1,274 1,134 Eliminations (52 ) (76 ) (103 ) (145 ) Total revenue $ 2,132 $ 2,106 $ 4,072 $ 3,901 Operating profit (loss): Wellbore Technologies $ (3,295 ) 38 $ (3,276 ) $ 50 Completion & Production Solutions (1,932 ) 40 (1,967 ) 56 Rig Technologies (422 ) 62 (391 ) 80 Eliminations and corporate costs (79 ) (88 ) (142 ) (135 ) Total operating profit (loss) $ (5,728 ) $ 52 $ (5,776 ) $ 51 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. Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Other Items: Wellbore Technologies $ 3,345 $ — $ 3,343 $ (3 ) Completion & Production Solutions 1,939 — 1,950 3 Rig Technologies 474 — 476 6 Eliminations and corporate costs 11 — 11 (18 ) Total other items $ 5,769 $ — $ 5,780 $ (12 ) Second quarter 2019 operating profit (loss) includes pre-tax charges for impairment of goodwill, indefinite-lived and finite-lived intangible and long-lived tangible assets ($5,373 million); inventory charges ($302 million); a Voluntary Early Retirement Program ($89 million); and, severance, facility closures and other items ($5 million). First quarter 2019 operating profit includes pre-tax charges for severance, facility closure and other items ($11 million). First quarter 2018 operating profit includes a pre-tax net credit for severance, facility closures and reserve adjustments ($12 million).

Revenue

Revenue	6 Months Ended
	Jun. 30, 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 June 30, 2019 2018 Completion Completion Wellbore & Production Rig Wellbore & Production Rig Technologies Solutions Technologies Eliminations Total Technologies Solutions Technologies Eliminations Total North America $ 461 $ 282 $ 127 $ — $ 870 $ 449 $ 342 $ 143 $ — $ 934 International 375 364 523 — 1,262 326 374 472 — 1,172 Eliminations 14 17 21 (52 ) — 18 22 36 (76 ) — $ 850 $ 663 $ 671 $ (52 ) $ 2,132 $ 793 $ 738 $ 651 $ (76 ) $ 2,106 Land $ 679 $ 456 $ 171 $ — $ 1,306 $ 660 $ 509 $ 208 $ — $ 1,377 Offshore 157 190 479 — 826 115 207 407 — 729 Eliminations 14 17 21 (52 ) — 18 22 36 (76 ) — $ 850 $ 663 $ 671 $ (52 ) $ 2,132 $ 793 $ 738 $ 651 $ (76 ) $ 2,106 Six Months Ended June 30, 2019 2018 Completion Completion Wellbore & Production Rig Wellbore & Production Rig Technologies Solutions Technologies Eliminations Total Technologies Solutions Technologies Eliminations Total North America $ 921 $ 551 $ 268 $ — $ 1,740 $ 864 $ 634 $ 278 $ 1,776 International 706 660 966 — 2,332 608 732 785 2,125 Eliminations 30 33 40 (103 ) — 32 42 71 (145 ) — $ 1,657 $ 1,244 $ 1,274 $ (103 ) $ 4,072 $ 1,504 $ 1,408 $ 1,134 $ (145 ) $ 3,901 Land $ 1,344 $ 861 $ 386 $ — $ 2,591 $ 1,243 $ 955 $ 380 $ 2,578 Offshore 283 350 848 — 1,481 229 411 683 1,323 Eliminations 30 33 40 (103 ) — 32 42 71 (145 ) — $ 1,657 $ 1,244 $ 1,274 $ (103 ) $ 4,072 $ 1,504 $ 1,408 $ 1,134 $ (145 ) $ 3,901 Performance Obligations Net revenue recognized from performance obligations partially satisfied in previous periods was $34 million and $47 million for the six months ended June 30, 2019 and June 30, 2018, respectively, 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. The Company does not disclose the remaining performance obligations of royalty contracts, service contracts for which there is a right to invoice, and short-term contracts that are expected to have a duration of one year or less. As of June 30, 2019, the aggregate amount of the transaction price allocated to remaining performance obligations was $2,545 million. The Company expects to recognize approximately 23 percent of the remaining performance obligations in 2019 and 77 percent 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 (478 ) 278 Revenue recognized 557 (279 ) Currency translation adjustments and other (59 ) (2 ) Balance at June 30, 2019 $ 585 $ 455 There were no impairment losses recorded on contract assets for the periods ending June 30, 2019 or 2018.

Leases

Leases	6 Months Ended
	Jun. 30, 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): June 30, December 31, 2019 2018 Current portion of lease liabilities: Operating $ 88 $ — Financing 28 7 Total $ 116 $ 7 June 30, December 31, 2019 2018 Long-term portion of lease liability: Operating $ 431 $ — Financing 265 $ 222 Total $ 696 $ 222 Components of lease expense were as follows (in millions): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Lease cost Finance lease cost Amortization of right-of-use assets $ 9 $ 17 Interest on lease liabilities 3 7 Operating lease cost 27 60 Short-term lease cost 17 33 Sub-lease income (3 ) (6 ) Total $ 53 $ 111 Supplemental information related to the Company’s leases is as follows (in millions): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 3 $ 7 Operating cash flows from operating leases 28 61 Financing cash flows from finance leases 8 15 Right-of-use assets obtained in exchange for new: Operating lease liabilities — 31 Finance lease liabilities $ 5 $ 11 Weighted average remaining lease term: Operating leases 10 years Finance leases 17 years Weighted average discount rate: Operating leases 5.04 % Finance leases 5.46 % Future minimum lease commitments for leases with initial or remaining terms of one year or more at June 30, 2019, are payable as follows (in millions): Operating Finance 2019 $ 81 $ 27 2020 126 45 2021 88 37 2022 69 27 2023 53 19 Thereafter 281 263 Total lease payments 698 418 Less: Interest (179 ) (125 ) Present value of lease liabilities $ 519 $ 293

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt	8. June 30, 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 June 30, 2019, the Company was in compliance with a debt-to-capitalization ratio of 24.6%. 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 June 30, 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 $491 million of outstanding letters of credit at June 30, 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 June 30, 2019 and December 31, 2018, the fair value of the Company’s unsecured Senior Notes approximated $2,355 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 of similar instruments.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	9 . The effective tax rates for the three and six months ended June 30, 2019 were 6.5% and 6.6%, respectively, compared to 16.7% and (24.3)% for the same periods in 2018. The Company’s ability to realize deferred tax assets is now limited to items supported by reversing deferred tax liabilities as a result of recent losses. 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 was negatively impacted by the impairment of nondeductible goodwill and the establishment of additional valuation allowance partially offset by the reduction in uncertain tax positions due to a settlement. For the three and six months ended June 30, 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 and six months ended June 30, 2019, the Company estimated and recorded tax based on a full year effective tax rate.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	10 . On May 28, 2019, the Company granted 65,752 restricted stock awards with a fair value of $21.90 per share. The awards were granted to non-employee members of the board of directors and vest on the first anniversary of the grant date. Total stock-based compensation for all stock-based compensation arrangements under the Plan and the 2018 Plan was $30 million and $63 million for the three and six months ended June 30, 2019, respectively and $31 million and $58 million for the three and six months ended June 30, 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 $8 million for the three and six months ended June 30, 2019 and $4 million and $6 million for the three and six months ended June 30, 2018, respectively.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	1 1 . The Company uses derivative financial instruments to manage its foreign currency exchange rate risk. Forward currency contracts are executed to manage the foreign currency exchange rate risk on forecasted revenues and expenses denominated in currencies other than the functional currency of the operating unit (cash flow hedge). The Company also executes forward currency contracts to manage the foreign currency exchange rate risk on recognized nonfunctional currency monetary accounts (non-designated hedge). Forward currency contracts consist of (in millions): Currency Denomination June 30, December 31, Foreign Currency 2019 2018 South Korean Won KRW 17,600 KRW — Norwegian Krone NOK 4,199 NOK 5,229 U.S. Dollar USD 680 USD 631 Mexican Peso MXN 156 MXN 204 Euro EUR 171 EUR 172 South African Rand ZAR 124 ZAR 124 Japanese Yen JPY 121 JPY 121 Danish Krone DKK 15 DKK 35 Singapore Dollar SGD 38 SGD — British Pound Sterling GBP 23 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 instituted a cash flow hedging program. For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative instrument is recorded in accumulated other comprehensive income (loss) and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings (e.g., in “revenues” when the hedged transactions are cash flows associated with forecasted revenues). The Company includes time value in hedge relationships. The Company expects $9 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. Non-designated Hedging Strategy The Company enters into forward exchange contracts to hedge certain nonfunctional currency monetary accounts. The gain or loss on the derivative instrument is recognized in earnings in other income (expense), together with the changes in the hedged nonfunctional monetary accounts. The amount of gain (loss) recognized in other income (expense), net was ($7) million and ($3) million for the three and six months ended June 30, 2019, and ($19) million and ($8) million for the three and six months ended June 30, 2018, respectively. The Company has the following fair values of its derivative instruments and their balance sheet classifications (in millions): Asset Derivatives Liability Derivatives Fair Value Fair Value Balance Sheet June 30, December 31, Balance Sheet June 30, December 31, Location 2019 2018 Location 2019 2018 Derivatives designated as hedging instruments under ASC Topic 815 Foreign exchange contracts Prepaid and other current assets $ 1 $ 2 Accrued liabilities $ 16 $ 17 Foreign exchange contracts Other Assets — — Other liabilities 3 11 Total derivatives designated as hedging instruments under ASC Topic 815 $ 1 $ 2 $ 19 $ 28 Derivatives not designated as hedging instruments under ASC Topic 815 Foreign exchange contracts Prepaid and other current assets $ 4 $ 4 Accrued liabilities $ 4 $ 6 Foreign exchange contracts Other Assets 1 — Other Liabilities — 2 Total derivatives not designated as hedging instruments under ASC Topic 815 $ 5 $ 4 $ 4 $ 8 Total derivatives $ 6 $ 6 $ 23 $ 36

Net Income (Loss) Attributable

Net Income (Loss) Attributable to Company Per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Net Income (Loss) Attributable to Company Per Share	1 2 . Net Income (Loss) Attributable to Company Per Share The following table sets forth the computation of weighted average basic and diluted shares outstanding (in millions, except per share data): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Numerator: Net income (loss) attributable to Company $ (5,389 ) $ 24 $ (5,466 ) $ (44 ) Denominator: Basic—weighted average common shares outstanding 382 378 381 377 Dilutive effect of employee stock options and other unvested stock awards — 3 — — Diluted outstanding shares 382 381 381 377 Net income (loss) attributable to Company per share: Basic $ (14.11 ) $ 0.06 $ (14.35 ) $ (0.12 ) Diluted $ (14.11 ) $ 0.06 $ (14.35 ) $ (0.12 ) Cash dividends per share $ 0.05 $ 0.05 $ 0.10 $ 0.10 Companies with unvested participating securities are required to utilize a two-class method for the computation of net income attributable to Company per share. The two-class method requires a portion of net income attributable to Company to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents, if declared. Net income (loss) attributable to Company allocated to participating securities was immaterial for each of the three and six months ended June 30, 2019 and 2018. The Company had stock options outstanding that were anti-dilutive totaling 25 million and 21 million shares for the three and six months ended June 30, 2019, compared to 18 million shares for each of the three and six months ended June 30, 2018.

Cash Dividends

Cash Dividends	6 Months Ended
	Jun. 30, 2019
Text Block [Abstract]
Cash Dividends	1 3 . On May 29, 2019, the Company announced that its Board of Directors declared a cash dividend of $0.05 per share. The cash dividend was paid on June 28, 2019, to each stockholder of record on June 14, 2019. Cash dividends were $19

Asset Impairments

Asset Impairments	6 Months Ended
	Jun. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Asset Impairments	1 4 . Asset Impairment s Goodwill and Other Indefinite-Lived Intangible Assets The Company had approximately $6.3 billion of goodwill and $0.4 billion of other intangible assets with indefinite lives at May 31, 2019. The Company tests these intangible assets for impairment annually, or more frequently if events or circumstances indicate they could be impaired. Potential impairment indicators include (but are not limited to) a sustained increase in worldwide inventories of oil or gas or sustained reductions in: worldwide oil and gas prices or drilling activity; the profitability or cash flow of oil and gas companies or drilling contractors; available financing or other capital investment for oil and gas companies or drilling contractors; the market capitalization of the Company or its customers; or capital investments by drilling companies and oil and gas companies. The global oil and gas market downturn that began in 2014 has repeatedly exhibited brief signs of recovery that subsequently faded. During the second quarter of 2019, several market indicators hit new decade-lows, consistent with a more prolonged downturn for the industry and diminished probability of a stronger near-term recovery. The Company’s stock price reached a fourteen-year low during the quarter and its market capitalization was below its carrying value. Also, during the quarter, the Oil Services Index (OSX), an indicator of the health and the cost of capital of the oil and gas services industry (and of the Company’s primary customer base), hit a low not seen since 2004. The OSX traded down approximately 14 percent from the first quarter to the second quarter of 2019, reflecting a policy of capital discipline adopted by oil and gas producers during the quarter, diminished access to capital, and a higher cost of capital to oilfield services firms. Management reduced its outlook accordingly. In the Company’s view, falling rig count levels in the second quarter provided tangible proof to the equity markets that oil and gas producers were committed to reduced levels of capital investment in drilling, which will lead to reduced levels of demand for oilfield services, which will lead to reduced levels of demand for the capital equipment that the Company sells to its oilfield services customers. Additionally, the second quarter saw the number of oilfield services firms declaring bankruptcy grow, including one of the Company’s large-cap peers and substantial customers. In management’s judgement the current facts and circumstances including those described above constituted a triggering event in the second quarter which indicated the Company’s goodwill and other long-lived assets may be impaired. The Company performed a detailed Step 1 analysis under ASC 350, incorporating this refined outlook, which determined that the fair values were less than the respective carrying values for the following reporting units: Rig Equipment, Marine Construction, Downhole, ReedHycalog, IntelliServ, Grant Prideco, Tuboscope, Wellsite Services, Intervention & Stimulation Equipment, Floating Production Systems, XL Systems, Subsea Production Systems, Fiberglass Systems and Process & Flow Technologies (“Reporting Units”). The Company primarily uses the discounted cash flow method to estimate the fair value of its reporting units when conducting the impairment test, but also considers the comparable companies and representative transaction methods to validate the test result and management’s forecast and other expectations, where possible. The valuation techniques used in the test were consistent with those used during previous testing. Fair value of the reporting unit is determined using significant unobservable inputs, or level 3 in the fair value hierarchy. These inputs are based on internal management estimates, forecasts and judgments, using discounted cash flow.The inputs used in the test were updated to reflect management’s judgement, current market conditions and forecasts. The discounted cash flow was based on management’s forecast of operating performance for each reporting unit. The two main assumptions used, which bear the risk of change and could impact the test result, include the forecast cash flow from operations from each of the Company’s reporting units and their respective weighted average cost of capital. The starting point for each of the reporting unit’s cash flow from operations was the detailed mid-year plan, modified to incorporate our revised outlook, as appropriate. The reporting unit carrying values were adjusted based on the long-lived asset impairment assessment noted below. During the second quarter of 2019, the Company recorded a $3,099 million impairment charge to goodwill and a $87 million charge to indefinite-lived intangible assets. Following the impairment charge, the effected reporting units did not have a fair value substantially in excess of their book value. Further deterioration of market conditions, in management’s judgement, beyond those incorporated into the extended forecast by management, could result in additional charges. The remaining goodwill balance for these reporting units at June 30, 2019 is as follows: Rig Equipment ($851 million), Marine Construction ($154 million), Downhole ($265 million), ReedHycalog ($359 million), Grant Prideco ($194 million), Tuboscope ($37 million), WellSite Services ($305 million), Intervention and Stimulation Equipment ($7 million), Floating Production Systems ($60 million), XL Systems ($65 million), Fiber Glass Systems ($526 million), Process and Flow Technologies ($353 million), and Completion Tools ($25 million). Impairment of Long-Lived Assets (Excluding Goodwill and Other Indefinite-Lived Intangible Assets) The Company had approximately $2.6 billion of property, plant and equipment and $2.5 billion of other intangible assets with finite lives as of May 31, 2019. Long-lived assets, which include property, plant and equipment, right of use, and identified intangible assets, comprise a significant amount of the Company’s total assets. The Company makes judgments and estimates in conjunction with the carrying value of these assets, including amounts to be capitalized, depreciation and amortization methods and estimated useful lives . The Company identified its Reporting Units as individual asset groups. The carrying values of these asset groups are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. An impairment loss is recorded in the period in which it is determined that the carrying amount of the asset is not recoverable based on estimated future undiscounted cash flows. We estimate the fair value of these intangible and fixed assets using an income approach that requires the Company to make long-term forecasts of its future revenues and costs related to the assets subject to review. These forecasts require assumptions about demand for the Company’s products and services, future market conditions and technological developments. The forecasts are dependent upon assumptions including those regarding oil and gas prices, the general outlook for the global oil and gas industry, available financing for the Company’s customers, political stability in major oil and gas producing areas, and the potential obsolescence of various types of equipment we sell, among other factors. Financial and credit market volatility directly impacts our fair value measurement through our income forecast. Changes to these assumptions, including, but not limited to: sustained declines in worldwide rig counts below current analysts’ forecasts, collapse of spot and futures prices for oil and gas, significant deterioration of external financing for our customers, higher risk premiums or higher cost of equity, or any other significant adverse economic news could require a provision for impairment. During the second quarter of 2019, the results of the Company's test for impairment of goodwill and indefinite-lived intangible assets, and the other negative market indicators described above, were a triggering event that indicated that its long-lived tangible assets and definite-lived intangible assets were impaired. Recoverability testing was performed at certain asset groups and yielded an estimated undiscounted net cash flow below the carrying amount of the related assets, and impairment was indicated. Impairment testing performed as of June 1, 2019 resulted in the determination that certain long-lived assets associated with most of the Company’s asset groups were not recoverable. The estimated fair value of these asset groups was below the carrying value and as a result, during the second quarter of 2019, the Company recorded an impairment charge of $1,901 million to customer relationships, patents, trademarks, tradenames, and other finite-lived intangible assets, $230 million to property, plant and equipment, and $56 million for right-of-use assets. At June 30, 2019, the Company has approximately $3.2 billion of goodwill, by segment as follows (in millions): Wellbore Technologies Completion & Production Solutions Rig Technologies Total Balance at December 31, 2018 $ 3,011 $ 2,041 $ 1,212 $ 6,264 Impairment (1,866 ) (1,013 ) (220 ) (3,099 ) Additions 11 4 13 28 Currency translation adjustments and other 4 9 - 13 Balance at June 30, 2019 $ 1,160 $ 1,041 $ 1,005 $ 3,206 Accumulated goodwill impairment was $2,457 million at March 31, 2019, and $5,556 million at June 30, 2019. Additions during the second quarter 2019 were $4 million, adjustments were $8 million and impairments were $3,099 million. At June 30, 2019, the Company has approximately $900 million of identified intangible assets, by segment as follows (in millions): Wellbore Technologies Completion & Production Solutions Rig Technologies Total Balance at December 31, 2018 $ 1,735 $ 1,005 $ 280 $ 3,020 Impairment (1,298 ) (690 ) — (1,988 ) Additions 9 — — 9 Amortization (87 ) (45 ) (14 ) (146 ) Currency translation adjustments and other (10 ) 13 2 5 Balance at June 30, 2019 $ 349 $ 283 $ 268 $ 900 At June 30, 2019, the Company’s Wellbore Technology segment recorded $73 million, Completion and Production Solutions recorded $146 million and Rig Technology reported $67 million of the total $287 million impairment related to property, plant and equipment and right-of-use assets.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. 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 any known, material unreserved liabilities in connection with our compliance with such laws. New laws, regulations and enforcement policies may result in additional, presently unquantifiable or unknown, costs or liabilities. The Company is 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, Syria, Russia and Venezuela. Such trade regulations can be complex and present compliance challenges which could result in future liabilities. The Company is involved in various claims, 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, private arbitration, internal investigations of potential regulatory and compliance matters arising from ordinary day to day business activities, in which parties, including government authorities, 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, (such as alleged patent infringement, and/or misappropriation of trade secrets), premises liability claims, product liability claims, warranty claims, personal injury claims arising from allegedly defective products, alleged regulatory violations, 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	6 Months Ended
	Jun. 30, 2019
Accounting Changes And Error Corrections [Abstract]
New Accounting Pronouncements	1 6 . New Accounting Pronouncements 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)	6 Months Ended
	Jun. 30, 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.
Net Loss Attributable to Company Per Share	Companies with unvested participating securities are required to utilize a two-class method for the computation of net income attributable to Company per share. The two-class method requires a portion of net income attributable to Company to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents, if declared. Net income (loss) attributable to Company allocated to participating securities was immaterial for each of the three and six months ended June 30, 2019 and 2018.
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)	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Inventories	Inventories consist of (in millions): June 30, December 31, 2019 2018 Raw materials and supplies $ 637 $ 614 Work in process 522 501 Finished goods and purchased products 2,606 2,505 3,765 3,620 Less: Inventory reserve (907 ) (634 ) Total $ 2,858 $ 2,986

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2019
Payables And Accruals [Abstract]
Accrued Liabilities	Accrued liabilities consist of (in millions): June 30, December 31, 2019 2018 Compensation $ 258 $ 331 Vendor costs 135 127 Warranties 101 105 Taxes (non-income) 99 124 Fair value of derivatives 20 23 Interest 7 7 Other 335 371 Total $ 955 $ 1,088

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 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 38 4 — 42 Amounts reclassified from accumulated other comprehensive income (loss) — 3 — 3 Balance at June 30, 2019 $ (1,358 ) $ (7 ) $ (27 ) $ (1,392 )
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 June 30, 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 — 2 — 2 — (1 ) — (1 ) Tax effect — (1 ) — (1 ) — — — — $ — $ 2 $ — $ 2 $ — $ (1 ) $ — $ (1 ) Six Months Ended June 30, 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 $ — $ (1 ) $ — $ (1 ) Cost of revenue — 3 — 3 — (5 ) — (5 ) Tax effect — (1 ) — (1 ) — 2 — 2 $ — $ 3 $ — $ 3 $ — $ (4 ) $ — $ (4 )

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Operating Segments	Financial results by operating segment are as follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Revenue: Wellbore Technologies $ 850 $ 793 $ 1,657 $ 1,504 Completion & Production Solutions 663 738 1,244 1,408 Rig Technologies 671 651 1,274 1,134 Eliminations (52 ) (76 ) (103 ) (145 ) Total revenue $ 2,132 $ 2,106 $ 4,072 $ 3,901 Operating profit (loss): Wellbore Technologies $ (3,295 ) 38 $ (3,276 ) $ 50 Completion & Production Solutions (1,932 ) 40 (1,967 ) 56 Rig Technologies (422 ) 62 (391 ) 80 Eliminations and corporate costs (79 ) (88 ) (142 ) (135 ) Total operating profit (loss) $ (5,728 ) $ 52 $ (5,776 ) $ 51 Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Other Items: Wellbore Technologies $ 3,345 $ — $ 3,343 $ (3 ) Completion & Production Solutions 1,939 — 1,950 3 Rig Technologies 474 — 476 6 Eliminations and corporate costs 11 — 11 (18 ) Total other items $ 5,769 $ — $ 5,780 $ (12 )

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2019 2018 Completion Completion Wellbore & Production Rig Wellbore & Production Rig Technologies Solutions Technologies Eliminations Total Technologies Solutions Technologies Eliminations Total North America $ 461 $ 282 $ 127 $ — $ 870 $ 449 $ 342 $ 143 $ — $ 934 International 375 364 523 — 1,262 326 374 472 — 1,172 Eliminations 14 17 21 (52 ) — 18 22 36 (76 ) — $ 850 $ 663 $ 671 $ (52 ) $ 2,132 $ 793 $ 738 $ 651 $ (76 ) $ 2,106 Land $ 679 $ 456 $ 171 $ — $ 1,306 $ 660 $ 509 $ 208 $ — $ 1,377 Offshore 157 190 479 — 826 115 207 407 — 729 Eliminations 14 17 21 (52 ) — 18 22 36 (76 ) — $ 850 $ 663 $ 671 $ (52 ) $ 2,132 $ 793 $ 738 $ 651 $ (76 ) $ 2,106 Six Months Ended June 30, 2019 2018 Completion Completion Wellbore & Production Rig Wellbore & Production Rig Technologies Solutions Technologies Eliminations Total Technologies Solutions Technologies Eliminations Total North America $ 921 $ 551 $ 268 $ — $ 1,740 $ 864 $ 634 $ 278 $ 1,776 International 706 660 966 — 2,332 608 732 785 2,125 Eliminations 30 33 40 (103 ) — 32 42 71 (145 ) — $ 1,657 $ 1,244 $ 1,274 $ (103 ) $ 4,072 $ 1,504 $ 1,408 $ 1,134 $ (145 ) $ 3,901 Land $ 1,344 $ 861 $ 386 $ — $ 2,591 $ 1,243 $ 955 $ 380 $ 2,578 Offshore 283 350 848 — 1,481 229 411 683 1,323 Eliminations 30 33 40 (103 ) — 32 42 71 (145 ) — $ 1,657 $ 1,244 $ 1,274 $ (103 ) $ 4,072 $ 1,504 $ 1,408 $ 1,134 $ (145 ) $ 3,901
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 (478 ) 278 Revenue recognized 557 (279 ) Currency translation adjustments and other (59 ) (2 ) Balance at June 30, 2019 $ 585 $ 455

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Schedule of Components of Leases	Components of leases are as follows (in millions): June 30, December 31, 2019 2018 Current portion of lease liabilities: Operating $ 88 $ — Financing 28 7 Total $ 116 $ 7 June 30, December 31, 2019 2018 Long-term portion of lease liability: Operating $ 431 $ — Financing 265 $ 222 Total $ 696 $ 222
Components of Lease Expense	Components of lease expense were as follows (in millions): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Lease cost Finance lease cost Amortization of right-of-use assets $ 9 $ 17 Interest on lease liabilities 3 7 Operating lease cost 27 60 Short-term lease cost 17 33 Sub-lease income (3 ) (6 ) Total $ 53 $ 111
Schedule of Supplemental information Related to Leases	Supplemental information related to the Company’s leases is as follows (in millions): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 3 $ 7 Operating cash flows from operating leases 28 61 Financing cash flows from finance leases 8 15 Right-of-use assets obtained in exchange for new: Operating lease liabilities — 31 Finance lease liabilities $ 5 $ 11 Weighted average remaining lease term: Operating leases 10 years Finance leases 17 years Weighted average discount rate: Operating leases 5.04 % Finance leases 5.46 %
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 June 30, 2019, are payable as follows (in millions): Operating Finance 2019 $ 81 $ 27 2020 126 45 2021 88 37 2022 69 27 2023 53 19 Thereafter 281 263 Total lease payments 698 418 Less: Interest (179 ) (125 ) Present value of lease liabilities $ 519 $ 293

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt	June 30, 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)	6 Months Ended
	Jun. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Outstanding Foreign Currency Forward Contracts	Forward currency contracts consist of (in millions): Currency Denomination June 30, December 31, Foreign Currency 2019 2018 South Korean Won KRW 17,600 KRW — Norwegian Krone NOK 4,199 NOK 5,229 U.S. Dollar USD 680 USD 631 Mexican Peso MXN 156 MXN 204 Euro EUR 171 EUR 172 South African Rand ZAR 124 ZAR 124 Japanese Yen JPY 121 JPY 121 Danish Krone DKK 15 DKK 35 Singapore Dollar SGD 38 SGD — British Pound Sterling GBP 23 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 June 30, December 31, Balance Sheet June 30, 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 $ 1 $ 2 Accrued liabilities $ 16 $ 17 Foreign exchange contracts Other Assets — — Other liabilities 3 11 Total derivatives designated as hedging instruments under ASC Topic 815 $ 1 $ 2 $ 19 $ 28 Derivatives not designated as hedging instruments under ASC Topic 815 Foreign exchange contracts Prepaid and other current assets $ 4 $ 4 Accrued liabilities $ 4 $ 6 Foreign exchange contracts Other Assets 1 — Other Liabilities — 2 Total derivatives not designated as hedging instruments under ASC Topic 815 $ 5 $ 4 $ 4 $ 8 Total derivatives $ 6 $ 6 $ 23 $ 36

Net Income (Loss) Attributabl_2

Net Income (Loss) Attributable to Company Per Share (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, June 30, 2019 2018 2019 2018 Numerator: Net income (loss) attributable to Company $ (5,389 ) $ 24 $ (5,466 ) $ (44 ) Denominator: Basic—weighted average common shares outstanding 382 378 381 377 Dilutive effect of employee stock options and other unvested stock awards — 3 — — Diluted outstanding shares 382 381 381 377 Net income (loss) attributable to Company per share: Basic $ (14.11 ) $ 0.06 $ (14.35 ) $ (0.12 ) Diluted $ (14.11 ) $ 0.06 $ (14.35 ) $ (0.12 ) Cash dividends per share $ 0.05 $ 0.05 $ 0.10 $ 0.10

Asset Impairments (Tables)

Asset Impairments (Tables)	6 Months Ended
	Jun. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill Identified, by Segment	At June 30, 2019, the Company has approximately $3.2 billion of goodwill, by segment as follows (in millions): Wellbore Technologies Completion & Production Solutions Rig Technologies Total Balance at December 31, 2018 $ 3,011 $ 2,041 $ 1,212 $ 6,264 Impairment (1,866 ) (1,013 ) (220 ) (3,099 ) Additions 11 4 13 28 Currency translation adjustments and other 4 9 - 13 Balance at June 30, 2019 $ 1,160 $ 1,041 $ 1,005 $ 3,206
Identified Intangible Assets, by Segment	At June 30, 2019, the Company has approximately $900 million of identified intangible assets, by segment as follows (in millions): Wellbore Technologies Completion & Production Solutions Rig Technologies Total Balance at December 31, 2018 $ 1,735 $ 1,005 $ 280 $ 3,020 Impairment (1,298 ) (690 ) — (1,988 ) Additions 9 — — 9 Amortization (87 ) (45 ) (14 ) (146 ) Currency translation adjustments and other (10 ) 13 2 5 Balance at June 30, 2019 $ 349 $ 283 $ 268 $ 900

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Accounting Policies [Abstract]
Reclassification of debt balance to leases	$ 229

Inventories, net - Inventories

Inventories, net - Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 637	$ 614
Work in process	522	501
Finished goods and purchased products	2,606	2,505
Inventory, Gross	3,765	3,620
Less: Inventory reserve	(907)	(634)
Total	$ 2,858	$ 2,986

Accrued Liabilities - Accrued L

Accrued Liabilities - Accrued Liabilities (Detail) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Payables And Accruals [Abstract]
Compensation	$ 258	$ 331
Vendor costs	135	127
Warranties	101	105
Taxes (non-income)	99	124
Fair value of derivatives	20	23
Interest	7	7
Other	335	371
Total	$ 955	$ 1,088

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 13,889
Accumulated other comprehensive income (loss) before reclassifications	42
Amounts reclassified from accumulated other comprehensive income (loss)	3
Ending Balance	8,487
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(1,396)
Accumulated other comprehensive income (loss) before reclassifications	38
Amounts reclassified from accumulated other comprehensive income (loss)	0
Ending Balance	(1,358)
Derivative Financial Instruments, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(14)
Accumulated other comprehensive income (loss) before reclassifications	4
Amounts reclassified from accumulated other comprehensive income (loss)	3
Ending Balance	(7)
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	$ (1,392)

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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue	$ 2,132	$ 2,106	$ 4,072	$ 3,901
Tax effect	373	(5)	383	(8)
Net income (loss) attributable to Company	(5,389)	24	(5,466)	(44)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue	1		1	(1)
Cost of revenue	2	(1)	3	(5)
Tax effect	(1)		(1)	2
Net income (loss) attributable to Company	2	(1)	3	(4)
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		1	(1)
Cost of revenue	2	(1)	3	(5)
Tax effect	(1)		(1)	2
Net income (loss) attributable to Company	$ 2	$ (1)	$ 3	$ (4)

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Loss - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]
Other comprehensive income (loss) before reclassifications	$ 18	$ (223)	$ 38	$ (187)
Changes in derivative financial instruments, net of tax	3	(14)	7	(1)
Changes in derivative financial instruments, tax	$ 1	$ 5	$ 2	$ 0

Segments - Operating Segments (

Segments - Operating Segments (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Total revenue	$ 2,132	$ 2,106	$ 4,072	$ 3,901
Total operating profit (loss)	(5,728)	52	(5,776)	51
Total other items	5,769		5,780	(12)
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Total revenue	(52)	(76)	(103)	(145)
Total operating profit (loss)	(79)	(88)	(142)	(135)
Total other items	11		11	(18)
Operating Segments [Member] | Wellbore Technologies [Member]
Segment Reporting Information [Line Items]
Total revenue	850	793	1,657	1,504
Total operating profit (loss)	(3,295)	38	(3,276)	50
Total other items	3,345		3,343	(3)
Operating Segments [Member] | Completion & Production Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	663	738	1,244	1,408
Total operating profit (loss)	(1,932)	40	(1,967)	56
Total other items	1,939		1,950	3
Operating Segments [Member] | Rig Technologies [Member]
Segment Reporting Information [Line Items]
Total revenue	671	651	1,274	1,134
Total operating profit (loss)	(422)	$ 62	(391)	80
Total other items	$ 474		$ 476	$ 6

Segments - Additional Informati

Segments - Additional Information (Detail) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Jun. 30, 2019USD ($)Segment	Jun. 30, 2018USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | Segment				3
Charges/ (reversals)	$ 5,769			$ 5,780	$ (12)
Goodwill, Indefinite-lived and Finite-Lived Intangible and Long-Lived Tangible Assets [Member]
Segment Reporting Information [Line Items]
Charges/ (reversals)	5,373
Inventory Charges [Member]
Segment Reporting Information [Line Items]
Charges/ (reversals)	302
Voluntary Early Retirement Program [Member]
Segment Reporting Information [Line Items]
Charges/ (reversals)	89
Severance, Facility Closures And Other Items [Member]
Segment Reporting Information [Line Items]
Charges/ (reversals)	$ 5	$ 11
Severance, Facility Closures And Reserve Adjustments [Member]
Segment Reporting Information [Line Items]
Charges/ (reversals)			$ 12

Revenue - Summary of Disaggrega

Revenue - Summary of Disaggregate Revenue by Destinations (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Disaggregate revenue	$ 2,132	$ 2,106	$ 4,072	$ 3,901
Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	850	793	1,657	1,504
Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	663	738	1,244	1,408
Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	671	651	1,274	1,134
Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(52)	(76)	(103)	(145)
Continental [Member] | Intersubsegment Eliminations [Member] | Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	14	18	30	32
Continental [Member] | Intersubsegment Eliminations [Member] | Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	17	22	33	42
Continental [Member] | Intersubsegment Eliminations [Member] | Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	21	36	40	71
Continental [Member] | Intersubsegment Eliminations [Member] | Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(52)	(76)	(103)	(145)
Continental [Member] | North America [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	870	934	1,740	1,776
Continental [Member] | North America [Member] | Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	461	449	921	864
Continental [Member] | North America [Member] | Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	282	342	551	634
Continental [Member] | North America [Member] | Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	127	143	268	278
Continental [Member] | International [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,262	1,172	2,332	2,125
Continental [Member] | International [Member] | Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	375	326	706	608
Continental [Member] | International [Member] | Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	364	374	660	732
Continental [Member] | International [Member] | Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	523	472	966	785
Land and Offshore [Member] | Intersubsegment Eliminations [Member] | Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	14	18	30	32
Land and Offshore [Member] | Intersubsegment Eliminations [Member] | Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	17	22	33	42
Land and Offshore [Member] | Intersubsegment Eliminations [Member] | Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	21	36	40	71
Land and Offshore [Member] | Intersubsegment Eliminations [Member] | Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(52)	(76)	(103)	(145)
Land and Offshore [Member] | Land Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,306	1,377	2,591	2,578
Land and Offshore [Member] | Land Destination [Member] | Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	679	660	1,344	1,243
Land and Offshore [Member] | Land Destination [Member] | Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	456	509	861	955
Land and Offshore [Member] | Land Destination [Member] | Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	171	208	386	380
Land and Offshore [Member] | Offshore Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	826	729	1,481	1,323
Land and Offshore [Member] | Offshore Destination [Member] | Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	157	115	283	229
Land and Offshore [Member] | Offshore Destination [Member] | Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	190	207	350	411
Land and Offshore [Member] | Offshore Destination [Member] | Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	$ 479	$ 407	$ 848	$ 683

Revenue - Additional Informatio

Revenue - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Revenue From Contract With Customer [Abstract]
Net revenue recognized from performance obligations	$ 34,000,000	$ 47,000,000
Remaining performance obligations	2,545,000,000
Impairment losses on contract assets	$ 0	$ 0

Revenue - Additional Informat_2

Revenue - Additional Information (Detail 1)	Jun. 30, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	23.00%
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	77.00%

Revenue - Additional Informat_3

Revenue - Additional Information (Detail 2)	Jun. 30, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations, period	6 months

Revenue - Summary of Changes in

Revenue - Summary of Changes in Carrying Amount of Contract Assets and Contract Liabilities (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Revenue From Contract With Customer [Abstract]
Balance at December 31, 2018	$ 565
Billings	(478)
Revenue recognized	557
Currency translation adjustments and other	(59)
Balance at June 30, 2019	585
Balance at December 31, 2018	458
Billings	278
Revenue recognized	(279)
Currency translation adjustments and other	(2)
Balance at June 30, 2019	$ 455

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2019	Jan. 01, 2019
Leases [Abstract]
Lease right-of-use assets		$ 786
Lease right-of-use assets, operating	$ 452	537
Lease right-of-use assets, financing	246	249
Lease liabilities		839
Operating lease liabilities	519	554
Financing lease liabilities	$ 293	$ 285

Leases - Schedule of Components

Leases - Schedule of Components of Leases (Detail) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Current portion of lease liabilities:
Operating	$ 88
Financing	28	$ 7
Total	116	7
Long-term portion of lease liability:
Operating	431
Financing	265	222
Total	$ 696	$ 222

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Finance lease cost
Finance lease cost, amortization of right-of-use assets	$ 9	$ 17
Finance lease cost, interest on lease liabilities	3	7
Operating lease cost	27	60
Short-term lease cost	17	33
Sub-lease income	(3)	(6)
Total	$ 53	$ 111

Leases - Supplemental Informati

Leases - Supplemental Information Related to Leases (Detail) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities, operating cash flows from finance leases	$ 3	$ 7
Cash paid for amounts included in the measurement of lease liabilities, operating cash flows from operating leases	28	61
Cash paid for amounts included in the measurement of lease liabilities, financing cash flows from finance leases	8	15
Right-of-use assets obtained in exchange for new:
Right-of-use assets obtained in exchange for new operating lease liabilities		31
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 5	$ 11
Weighted average remaining lease term (years), operating leases	10 years	10 years
Weighted average remaining lease term (years), finance leases	17 years	17 years
Weighted average remaining lease term, operating leases	5.04%	5.04%
Weighted average discount rate, finance leases	5.46%	5.46%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Detail) - USD ($) $ in Millions	Jun. 30, 2019	Jan. 01, 2019
Operating leases, undiscounted cash flows
Operating lease, 2019	$ 81
Operating lease, 2020	126
Operating lease, 2021	88
Operating lease, 2022	69
Operating lease, 2023	53
Operating lease, Thereafter	281
Total lease payments	698
Less: Interest	(179)
Present value of lease liabilities	519	$ 554
Finance lease, undiscounted cash flows
Finance leases, 2019	27
Finance leases, 2020	45
Finance leases, 2021	37
Finance leases, 2022	27
Finance leases, 2023	19
Finance leases, Thereafter	263
Total lease payments	418
Less: Interest	(125)
Present value of lease liabilities	$ 293	$ 285

Debt - Debt (Details)

Debt - Debt (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
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 ($)	6 Months Ended	12 Months Ended
	Jun. 30, 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 ($)	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Capitalization ratio, Maximum	60.00%
Capitalization ratio, Actual	24.60%
Outstanding letters of credit under various bilateral letter of credit facilities	$ 491,000,000
Unsecured Debt [Member] | Fair Value, Inputs, Level 2 [Member]
Debt Instrument [Line Items]
Fair value of Unsecured Senior Notes	2,355,000,000	$ 2,211,000,000
Five Year Unsecured Revolving 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
Interest rate under multi currency facility	LIBOR, NIBOR or CDOR plus 1.125%
Borrowings under commercial paper	$ 0
Outstanding letters of credit issued	0
Funds available under revolving credit facility	$ 3,000,000,000
Five Year Unsecured Revolving Credit Facility [Member] | Canadian Dollar Offered Rate (CDOR) [Member]
Debt Instrument [Line Items]
Variable rate	1.125%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Effective tax rate	6.50%	16.70%	6.60%	24.30%

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	May 28, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
2018 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 30	$ 31	$ 63	$ 58
Income tax benefit recognized		$ 4	$ 4	$ 8	$ 6
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	65,752
Restricted stock granted fair value	$ 21.90

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

Jun. 30, 2019USD ($)

Jun. 30, 2019KRW (₩)

Jun. 30, 2019NOK (kr)

Jun. 30, 2019MXN ($)

Jun. 30, 2019EUR (€)

Jun. 30, 2019ZAR (R)

Jun. 30, 2019JPY (¥)

Jun. 30, 2019DKK (kr)

Jun. 30, 2019SGD ($)

Jun. 30, 2019GBP (£)

Jun. 30, 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

$ 680

₩ 17,600

kr 4,199

$ 156

€ 171

R 124

¥ 121

kr 15

$ 38

£ 23

$ 2

$ 631

kr 5,229

$ 204

€ 172

R 124

¥ 121

kr 35

£ 12

Derivative Financial Instrume_4

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Accumulated other comprehensive income (loss) reclassified into earnings within the next twelve months			$ 9
Gain (loss) recognized in other income (expense), net	$ (7)	$ (19)	$ (3)	$ (8)

Derivative Financial Instrume_5

Derivative Financial Instruments - Derivative Instruments and their Balance Sheet Classifications (Detail) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 6	$ 6
Liability Derivatives	23	36
Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	1	2
Liability Derivatives	19	28
Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	5	4
Liability Derivatives	4	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	4	6
Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	1	2
Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	4	4
Foreign Exchange Contracts [Member] | Other Assets [Member] | Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	1
Foreign Exchange Contracts [Member] | Other Liabilities [Member] | Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 3	11
Foreign Exchange Contracts [Member] | Other Liabilities [Member] | Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives		$ 2

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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator:
Net income (loss) attributable to Company	$ (5,389)	$ 24	$ (5,466)	$ (44)
Denominator:
Basic—weighted average common shares outstanding	382	378	381	377
Dilutive effect of employee stock options and other unvested stock awards		3
Diluted outstanding shares	382	381	381	377
Basic	$ (14.11)	$ 0.06	$ (14.35)	$ (0.12)
Diluted	(14.11)	0.06	(14.35)	(0.12)
Cash dividends per share	$ 0.05	$ 0.05	$ 0.10	$ 0.10

Net Income (Loss) Attributabl_4

Net Income (Loss) Attributable to Company Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Anti-dilutive stock options outstanding	25	18	21	18

Cash Dividends - Additional Inf

Cash Dividends - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	May 29, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Dividends [Abstract]
Dividends payable, amount per share	$ 0.05
Dividends payable, declared date	May 29, 2019
Dividends payable, paid date	Jun. 28, 2019
Dividends payable, record date	Jun. 14, 2019
Cash dividends paid		$ 19	$ 19	$ 19	$ 19	$ 38	$ 38

Asset Impairments - Additional

Asset Impairments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	May 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	$ 3,206	$ 3,206	$ 6,300		$ 6,264
Identifiable intangible assets	900	$ 900	400		3,020
Decrease in trade percentage		14.00%
Impairment charge on goodwill		$ 3,099
Impairment of intangible assets, indefinite-lived (excluding goodwill)		87
Property, plant and equipment			2,600
Other finite-lived intangible assets			2,500
Impairment of Intangible Assets, Finite-lived	1,901
Impairment of property, plant and equipment	230
Impairment of right-of-use assets	56
Accumulated goodwill impairment	5,556	5,556		$ 2,457
Additional goodwill impaired accumulated impairment loss	4	4
Goodwill adjustments		8
Intangibles, net	900	900	$ 400		3,020
Impairment of property, plant and equipment and right-of-use assets		287
Rig Technologies [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	1,005	1,005			1,212
Impairment charge on goodwill		220
Impairment of property, plant and equipment and right-of-use assets		67
Rig Technologies [Member] | Rig Equipment [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	851	851
Rig Technologies [Member] | Marine Construction [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	154	154
Wellbore Technologies [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	1,160	1,160			3,011
Impairment charge on goodwill		1,866
Impairment of property, plant and equipment and right-of-use assets		73
Wellbore Technologies [Member] | Downhole [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	265	265
Wellbore Technologies [Member] | ReedHycalog [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	359	359
Wellbore Technologies [Member] | Grant Prideco [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	194	194
Wellbore Technologies [Member] | Tuboscope [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	37	37
Wellbore Technologies [Member] | WellSite [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	305	305
Completion & Production Solutions [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	1,041	1,041			$ 2,041
Impairment charge on goodwill		1,013
Impairment of property, plant and equipment and right-of-use assets		146
Completion & Production Solutions [Member] | Intervention and Stimulation Equipment [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	7	7
Completion & Production Solutions [Member] | Floating Production Systems [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	60	60
Completion & Production Solutions [Member] | XL Systems [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	65	65
Completion & Production Solutions [Member] | Fiber Glass Systems [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	526	526
Completion & Production Solutions [Member] | Process and Flow Technologies [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	353	353
Completion & Production Solutions [Member] | Completion Tools [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	$ 25	$ 25

Asset Impairments - Goodwill Id

Asset Impairments - Goodwill Identified by Segment (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Goodwill [Line Items]
Beginning Balance	$ 6,264
Impairment	(3,099)
Additions	28
Currency translation adjustments and other	13
Ending Balance	3,206
Wellbore Technologies [Member]
Goodwill [Line Items]
Beginning Balance	3,011
Impairment	(1,866)
Additions	11
Currency translation adjustments and other	4
Ending Balance	1,160
Completion & Production Solutions [Member]
Goodwill [Line Items]
Beginning Balance	2,041
Impairment	(1,013)
Additions	4
Currency translation adjustments and other	9
Ending Balance	1,041
Rig Technologies [Member]
Goodwill [Line Items]
Beginning Balance	1,212
Impairment	(220)
Additions	13
Ending Balance	$ 1,005

Asset Impairments - Identified

Asset Impairments - Identified Intangible Assets Identified by Segment (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	$ 3,020
Impairment	(1,988)
Additions	9
Amortization	(146)
Currency translation adjustments and other	5
Ending Balance	900
Wellbore Technologies [Member]
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	1,735
Impairment	(1,298)
Additions	9
Amortization	(87)
Currency translation adjustments and other	(10)
Ending Balance	349
Completion & Production Solutions [Member]
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	1,005
Impairment	(690)
Amortization	(45)
Currency translation adjustments and other	13
Ending Balance	283
Rig Technologies [Member]
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	280
Amortization	(14)
Currency translation adjustments and other	2
Ending Balance	$ 268