NOV (NOV) 10-Q 30 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 18, 2019
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	NOV
Security Exchange Name	NYSE
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 Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		385,832,119
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	1-12317
Entity Tax Identification Number	76-0475815
Entity Address, Address Line One	7909 Parkwood Circle Drive
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Incorporation, State or Country Code	DE
Entity Address, Postal Zip Code	77036-6565
City Area Code	713
Local Phone Number	346-7500
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 1,313	$ 1,427
Receivables, net	1,799	2,101
Inventories, net	2,537	2,986
Contract assets	615	565
Prepaid and other current assets	251	200
Total current assets	6,515	7,279
Property, plant and equipment, net	2,361	2,797
Lease right-of-use assets, operating	437
Lease right-of-use assets, financing	236
Deferred income taxes		11
Goodwill	3,236	6,264
Intangibles, net	866	3,020
Investment in unconsolidated affiliates	291	301
Other assets	63	124
Total assets	14,005	19,796
Current liabilities:
Accounts payable	716	722
Accrued liabilities	983	1,088
Contract liabilities	455	458
Current portion of lease liabilities	113	7
Accrued income taxes	9	66
Total current liabilities	2,276	2,341
Lease liabilities	673	222
Long-term debt	2,484	2,482
Deferred income taxes	174	564
Other liabilities	269	298
Total liabilities	5,876	5,907
Commitments and contingencies
Stockholders’ equity:
Common stock - par value $.01; 1 billion shares authorized; 385,850,007 and 383,426,654 shares issued and outstanding at September 30, 2019 and December 31, 2018	4	4
Additional paid-in capital	8,483	8,390
Accumulated other comprehensive loss	(1,524)	(1,437)
Retained earnings	1,094	6,862
Total Company stockholders' equity	8,057	13,819
Noncontrolling interests	72	70
Total stockholders’ equity	8,129	13,889
Total liabilities and stockholders’ equity	$ 14,005	$ 19,796

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 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	385,850,007	383,426,654
Common stock, shares outstanding	385,850,007	383,426,654

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Revenue	$ 2,126	$ 2,154	$ 6,198	$ 6,055
Cost of revenue	1,975	1,761	5,729	5,020
Gross profit	151	393	469	1,035
Selling, general and administrative	293	320	1,014	911
Goodwill and indefinite-lived intangible asset impairment			3,186
Long-lived asset impairment	12		2,199
Operating profit (loss)	(154)	73	(5,930)	124
Interest and financial costs	(25)	(24)	(75)	(71)
Interest income	4	6	16	18
Equity loss in unconsolidated affiliates	(4)	(2)	(6)	(1)
Other income (expense), net	(10)	(20)	(36)	(70)
Income (loss) before income taxes	(189)	33	(6,031)
Provision (benefit) for income taxes	60	29	(323)	37
Net income (loss)	(249)	4	(5,708)	(37)
Net income (loss) attributable to noncontrolling interests	(5)	3	2	6
Net income (loss) attributable to Company	$ (244)	$ 1	$ (5,710)	$ (43)
Net income (loss) attributable to Company per share:
Basic	$ (0.64)	$ 0	$ (14.95)	$ (0.11)
Diluted	(0.64)	0	(14.95)	(0.11)
Cash dividends per share	$ 0.05	$ 0.05	$ 0.15	$ 0.15
Weighted average shares outstanding:
Basic	382	379	382	378
Diluted	382	383	382	378

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ (249)	$ 4	$ (5,708)	$ (37)
Currency translation adjustments	(118)	(32)	(80)	(219)
Changes in derivative financial instruments, net of tax	(14)	2	(7)	1
Comprehensive loss	(381)	(26)	(5,795)	(255)
Comprehensive income (loss) attributable to noncontrolling interest	(5)	3	2	6
Comprehensive loss attributable to Company	$ (376)	$ (29)	$ (5,797)	$ (261)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income (loss)	$ (5,708)	$ (37)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	433	519
Provision for inventory losses	592	41
Deferred income taxes	(367)	15
Goodwill and indefinite-lived intangible asset impairment	3,186
Long-lived asset impairment	2,199
Other, net	125	89
Change in operating assets and liabilities, net of acquisitions:
Receivables	338	37
Inventories	(169)	(193)
Contract assets	(42)	12
Prepaid and other current assets	(49)	3
Accounts payable	(20)	152
Accrued liabilities	(182)	(239)
Contract liabilities	(7)	50
Income taxes payable	(58)	(81)
Other assets/liabilities, net	(30)	(68)
Net cash provided by operating activities	241	300
Cash flows from investing activities:
Purchases of property, plant and equipment	(166)	(173)
Business acquisitions, net of cash acquired	(180)	(280)
Other	78	61
Net cash used in investing activities	(268)	(392)
Cash flows from financing activities:
Cash dividends paid	(58)	(57)
Other	(15)	45
Net cash used in financing activities	(73)	(12)
Effect of exchange rates on cash	(14)	(40)
Decrease in cash and cash equivalents	(114)	(144)
Cash and cash equivalents, beginning of period	1,427	1,437
Cash and cash equivalents, end of period	1,313	1,293
Cash payments during the period for:
Interest	53	48
Income taxes	$ 81	$ 61

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	$ 14,159	$ 4	$ 8,234	$ (1,110)	$ 6,965	$ 14,093	$ 66
Net income (loss)	(66)				(68)	(68)	2
Other comprehensive income (loss)	49			49		49
Cash dividends, $0.05 per common share	(19)				(19)	(19)
Adoption of new accounting standards	4				4	4
Noncontrolling interest	1						1
Stock-based compensation	19		19			19
Common stock issued	3		3			3
Ending Balance at Mar. 31, 2018	14,150	4	8,256	(1,061)	6,882	14,081	69
Beginning Balance at Dec. 31, 2017	14,159	4	8,234	(1,110)	6,965	14,093	66
Net income (loss)	(37)
Cash dividends, $0.05 per common share	(57)
Ending Balance at Sep. 30, 2018	13,976	4	8,361	(1,328)	6,869	13,906	70
Beginning Balance at Mar. 31, 2018	14,150	4	8,256	(1,061)	6,882	14,081	69
Net income (loss)	25				24	24	1
Other comprehensive income (loss)	(237)			(237)		(237)
Cash dividends, $0.05 per common share	(19)				(19)	(19)
Stock-based compensation	30		30			30
Common stock issued	20		20			20
Ending Balance at Jun. 30, 2018	13,969	4	8,306	(1,298)	6,887	13,899	70
Net income (loss)	4				1	1	3
Other comprehensive income (loss)	(30)			(30)		(30)
Cash dividends, $0.05 per common share	(19)				(19)	(19)
Noncontrolling interest	(3)						(3)
Stock-based compensation	26		26			26
Common stock issued	29		29			29
Ending Balance at Sep. 30, 2018	13,976	4	8,361	(1,328)	6,869	13,906	70
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 (loss)	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)	(5,708)
Cash dividends, $0.05 per common share	(58)
Ending Balance at Sep. 30, 2019	8,129	4	8,483	(1,524)	1,094	8,057	72
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 (loss)	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
Net income (loss)	(249)				(244)	(244)	(5)
Other comprehensive income (loss)	(132)			(132)		(132)
Cash dividends, $0.05 per common share	(20)				(20)	(20)
Noncontrolling interest	1						1
Stock-based compensation	41		41			41
Common stock issued	1		1			1
Ending Balance at Sep. 30, 2019	$ 8,129	$ 4	$ 8,483	$ (1,524)	$ 1,094	$ 8,057	$ 72

Consolidated Statements of St_2

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

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 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 management’s 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 period 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 nine months ended September 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	9 Months Ended
	Sep. 30, 2019
Inventory Disclosure [Abstract]
Inventories, net	2. Inventories consist of (in millions): September 30, December 31, 2019 2018 Raw materials and supplies $ 676 $ 614 Work in process 512 501 Finished goods and purchased products 2,396 2,505 3,584 3,620 Less: Inventory reserve (1,047 ) (634 ) Total $ 2,537 $ 2,986

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2019
Payables And Accruals [Abstract]
Accrued Liabilities	3 . Accrued liabilities consist of (in millions): September 30, December 31, 2019 2018 Compensation $ 256 $ 331 Vendor costs 117 127 Taxes (non-income) 101 124 Warranties 97 105 Fair value of derivatives 38 23 Interest 27 7 Other 347 371 Total $ 983 $ 1,088

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 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 (80 ) (13 ) — (93 ) Amounts reclassified from accumulated other comprehensive income (loss) — 6 — 6 Balance at September 30, 2019 $ (1,476 ) $ (21 ) $ (27 ) $ (1,524 ) The components of amounts reclassified from accumulated other comprehensive income (loss) are as follows (in millions): Three Months Ended September 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 — 4 — 4 — 2 — 2 Other income (expense), net — — — — 6 — — 6 Tax effect — (1 ) — (1 ) — (1 ) — (1 ) $ — $ 3 $ — $ 3 $ 6 $ 2 $ — $ 8 Nine Months Ended September 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 — 7 — 7 — (3 ) — (3 ) Other income (expense), net — — — — 6 — — 6 Tax effect — (2 ) — (2 ) — 1 — 1 $ — $ 6 $ — $ 6 $ 6 $ (2 ) $ — $ 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 losses of $118 million and $80 million for the three and nine months ended September 30, 2019, respectively and losses of $32 million and $219 million for the three and nine months ended September 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 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 loss of $14 million (net of tax of $4 million) and $7 million (net of tax of $2 million) for the three and nine months ended September 30, 2019, respectively. The accumulated effect was other comprehensive loss of $2 million (net of tax of $0 million) and $1 million (net of tax of $0 million) for the three and nine months ended September 30, 2018, respectively.

Segments

Segments	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Segments	5 . Segments Financial results by operating segment are as follows (in millions): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Revenue: Wellbore Technologies $ 793 $ 847 $ 2,450 $ 2,351 Completion & Production Solutions 728 735 1,972 2,143 Rig Technologies 649 637 1,923 1,771 Eliminations (44 ) (65 ) (147 ) (210 ) Total revenue $ 2,126 $ 2,154 $ 6,198 $ 6,055 Operating profit (loss): Wellbore Technologies $ 42 40 $ (3,234 ) $ 90 Completion & Production Solutions (24 ) 46 (1,991 ) 102 Rig Technologies (110 ) 58 (501 ) 138 Eliminations and corporate costs (62 ) (71 ) (204 ) (206 ) Total operating profit (loss) $ (154 ) $ 73 $ (5,930 ) $ 124 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 Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Other Significant Items: Wellbore Technologies $ 41 $ — $ 3,384 $ (3 ) Completion & Production Solutions 79 — 2,029 3 Rig Technologies 194 — 670 6 Eliminations and corporate costs — — 11 (18 ) For the three months ended September 30, 2019, operating profit (loss) includes pre-tax inventory charges ($265 million); impairment of long-lived tangible assets ($12 million); and severance, facility closure and other items ($37 million). For the nine months ended September 30, 2019, operating profit (loss) includes pre-tax charges for impairment of goodwill, indefinite-lived and finite-lived intangible and long-lived tangible assets ($5,385 million); inventory charges ($571 million); a Voluntary Early Retirement Program ($87 million); and severance, facility closures and other items ($51 million). For the nine months ended September 30, 2018, operating profit (loss) includes a pre-tax net credit for severance, facility closures and reserve adjustments ($12 million).

Revenue

Revenue	9 Months Ended
	Sep. 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 September 30, 2019 2018 Completion Completion Wellbore & Production Rig Wellbore & Production Rig Technologies Solutions Technologies Elims. Total Technologies Solutions Technologies Elims. Total North America $ 422 $ 295 $ 113 $ — $ 830 $ 469 $ 343 $ 189 $ — $ 1,001 International 355 420 521 — 1,296 362 372 419 — 1,153 Eliminations 16 13 15 (44 ) — 16 20 29 (65 ) — $ 793 $ 728 $ 649 $ (44 ) $ 2,126 $ 847 $ 735 $ 637 $ (65 ) $ 2,154 Land $ 616 $ 479 $ 151 $ — $ 1,246 $ 707 $ 521 $ 206 $ — $ 1,434 Offshore 161 236 483 — 880 124 194 402 — 720 Eliminations 16 13 15 (44 ) — 16 20 29 (65 ) — $ 793 $ 728 $ 649 $ (44 ) $ 2,126 $ 847 $ 735 $ 637 $ (65 ) $ 2,154 Nine Months Ended September 30, 2019 2018 Completion Completion Wellbore & Production Rig Wellbore & Production Rig Technologies Solutions Technologies Elims. Total Technologies Solutions Technologies Elims. Total North America $ 1,343 $ 846 $ 381 $ — $ 2,570 $ 1,333 $ 977 $ 467 $ — $ 2,777 International 1,061 1,080 1,487 — 3,628 970 1,104 1,204 — 3,278 Eliminations 46 46 55 (147 ) — 48 62 100 (210 ) — $ 2,450 $ 1,972 $ 1,923 $ (147 ) $ 6,198 $ 2,351 $ 2,143 $ 1,771 $ (210 ) $ 6,055 Land $ 1,960 $ 1,340 $ 537 $ — $ 3,837 $ 1,950 $ 1,476 $ 586 $ — $ 4,012 Offshore 444 586 1,331 — 2,361 353 605 1,085 — 2,043 Eliminations 46 46 55 (147 ) — 48 62 100 (210 ) — $ 2,450 $ 1,972 $ 1,923 $ (147 ) $ 6,198 $ 2,351 $ 2,143 $ 1,771 $ (210 ) $ 6,055 Performance Obligations Net revenue recognized from performance obligations partially satisfied in previous periods was $54 million and $56 million for the nine months ended September 30, 2019 and September 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 September 30, 2019, the aggregate amount of the transaction price allocated to remaining performance obligations was $2,603 million. The Company expects to recognize approximately 12 percent of the remaining performance obligations in the fourth quarter of 2019 and the remainder 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 (591 ) 548 Revenue recognized 661 (560 ) Currency translation adjustments and other (20 ) 9 Balance at September 30, 2019 $ 615 $ 455 There were no impairment losses recorded on contract assets for each of the periods ending September 30, 2019 or 2018.

Leases

Leases	9 Months Ended
	Sep. 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, 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 intends to exercise a lease option at inception due to the cyclical nature of the Company’s business. Residual value guarantees are not typically part of the Company’s leases. Occasionally, the Company sub-leases excess facility space, generally at terms similar to the source lease. The Company reviews new agreements to determine if they include a lease and, when they do, uses its incremental borrowing rate to determine the present value of the future lease payments as most do not include implicit interest rates. 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. For all continuing such leases, subsequent changes in variable rates will be recorded to expense. Components of leases are as follows (in millions): September 30, December 31, 2019 2018 Current portion of lease liabilities: Operating $ 83 $ — Financing 30 7 Total $ 113 $ 7 September 30, December 31, 2019 2018 Long-term portion of lease liability: Operating $ 418 $ — Financing 255 $ 222 Total $ 673 $ 222 Components of lease expense were as follows (in millions): Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Lease cost Finance lease cost Amortization of right-of-use assets $ 7 $ 24 Interest on lease liabilities 3 10 Operating lease cost 28 88 Short-term lease cost 19 52 Sub-lease income (3 ) (8 ) Total $ 54 $ 166 Supplemental information related to the Company’s leases is as follows (in millions): Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 3 $ 10 Operating cash flows from operating leases 28 88 Financing cash flows from finance leases 7 22 Right-of-use assets obtained in exchange for new: Operating lease liabilities 10 41 Finance lease liabilities $ — $ 11 Weighted average remaining lease term at September 30, 2019: Operating leases 10 years Finance leases 16 years Weighted average discount rate at September 30, 2019: Operating leases 5.02 % Finance leases 5.41 % Future minimum lease commitments for leases with initial or remaining terms of one year or more at September 30, 2019, are payable as follows (in millions): Operating Finance 2019 $ 35 $ 14 2020 110 47 2021 87 39 2022 67 28 2023 50 20 Thereafter 282 253 Total lease payments 631 401 Less: Interest (130 ) (116 ) Present value of lease liabilities $ 501 $ 285

Debt

Debt	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt	8. September 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 1,089 1,088 Total $ 2,484 $ 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 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 September 30, 2019, the Company was in compliance with a debt-to-capitalization ratio of 25.4%. 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 September 30, 2019, there were no commercial paper borrowings and no outstanding letters of credit issued under the facility, resulting in $3.0 billion of funds available under this credit facility. The Company had $456 million of outstanding letters of credit at September 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 September 30, 2019 and December 31, 2018, the fair value of the Company’s unsecured Senior Notes approximated $2,422 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	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	9 . The provision (benefit) for income taxes for the three and nine months ended September 30, 2019 were $60 million and ($323) million, respectively, compared to $29 million and $37 million for the same periods in 2018. The Company’s ability to realize deferred tax assets is 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. This was partially offset by the reduction in uncertain tax positions due to a settlement. For the three and nine months ended September 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 nine months ended September 30, 2019, the Company estimated and recorded tax based on a full-year effective tax rate.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	10 . Total expense for all stock-based compensation arrangements was $41 million and $104 million for the three and nine months ended September 30, 2019, respectively and $30 million and $88 million for the three and nine months ended September 30, 2018, respectively. The total income tax benefit recognized in the Consolidated Statements of Income (Loss) for all stock-based compensation arrangements was $5 million and $13 million for the three and nine months ended September 30, 2019, respectively, and $6 million and $12 million for the three and nine months ended September 30, 2018, respectively.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 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 September 30, December 31, Foreign Currency 2019 2018 South Korean Won KRW 17,600 KRW — Norwegian Krone NOK 3,845 NOK 5,229 U.S. Dollar USD 635 USD 631 Euro EUR 167 EUR 172 South African Rand ZAR 124 ZAR 124 Mexican Peso MXN 119 MXN 204 Japanese Yen JPY 113 JPY 121 Singapore Dollar SGD 38 SGD — British Pound Sterling GBP 26 GBP 12 Danish Krone DKK 16 DKK 35 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 $20 million of the accumulated other comprehensive income (loss) will be reclassified into earnings within the next twelve months. Non-designated Hedging Strategy The Company enters into forward exchange contracts to hedge certain nonfunctional currency monetary accounts. The gain or loss on the derivative instrument is recognized in earnings in other income (expense), together with the changes in the hedged nonfunctional monetary accounts. The amount of gain (loss) recognized in other income (expense), net was ($7) million and ($10) million for the three and nine months ended September 30, 2019, respectively, and ($3) million and ($11) million for the three and nine months ended September 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 September 30, December 31, Balance Sheet September 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 $ 3 $ 2 Accrued liabilities $ 29 $ 17 Foreign exchange contracts Other Assets — — Other liabilities 9 11 Total derivatives designated as hedging instruments under ASC Topic 815 $ 3 $ 2 $ 38 $ 28 Derivatives not designated as hedging instruments under ASC Topic 815 Foreign exchange contracts Prepaid and other current assets $ 1 $ 4 Accrued liabilities $ 9 $ 6 Foreign exchange contracts Other Assets 1 — Other Liabilities — 2 Total derivatives not designated as hedging instruments under ASC Topic 815 $ 2 $ 4 $ 9 $ 8 Total derivatives $ 5 $ 6 $ 47 $ 36

Net Income (Loss) Attributable

Net Income (Loss) Attributable to Company Per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Net Income (Loss) Attributable to Company Per Share	1 2 . The following table sets forth the computation of weighted average basic and diluted shares outstanding (in millions, except per share data): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Numerator: Net income (loss) attributable to Company $ (244 ) $ 1 $ (5,710 ) $ (43 ) Denominator: Basic—weighted average common shares outstanding 382 379 382 378 Dilutive effect of employee stock options and other unvested stock awards — 4 — — Diluted outstanding shares 382 383 382 378 Net income (loss) attributable to Company per share: Basic $ (0.64 ) $ 0.00 $ (14.95 ) $ (0.11 ) Diluted $ (0.64 ) $ 0.00 $ (14.95 ) $ (0.11 ) Cash dividends per share $ 0.05 $ 0.05 $ 0.15 $ 0.15 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 nine months ended September 30, 2019 and 2018, respectively. The Company had stock options outstanding that were anti-dilutive totaling 25 million and 21 million shares for the three and nine months ended September 30, 2019, respectively, compared to 11 million and 17 million shares for each of the three and nine months ended September 30, 2018, respectively.

Cash Dividends

Cash Dividends	9 Months Ended
	Sep. 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 September 27, 2019, to each stockholder of record on September 13, 2019. Cash dividends were $20 million and $58 million for the three and nine months ended September 30, 2019 compared to $19 million and $57 million for the three and nine months ended September 30, 2018. The declaration and payment of future dividends is at the discretion of the Company’s Board of Directors and will be dependent upon the Company’s results of operations, financial condition, capital requirements and other factors deemed relevant by the Company’s Board of Directors.

Asset Impairments

Asset Impairments	9 Months Ended
	Sep. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Asset Impairments	1 4 . Goodwill and Other Indefinite-Lived Intangible Assets The Company tests 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 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, and 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 increase, 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 R eporting U nits 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. Cash flows beyond the plan or forecast were estimated using a terminal value calculation which incorporated historical and forecasted financial cyclical trends for each reporting unit and considered long-term earnings growth rates. Financial and credit market volatility directly impacts our fair value measurement through the weighted average cost of capital used to determine a discount rate. During times of volatility, significant judgment must be applied to determine whether credit changes are a short-term or long-term trend. During the second quarter of 2019, the Company recorded a $3,099 million impairment charge to goodwill and an $87 million charge to indefinite-lived intangible assets. During the third quarter, the Company combined two Reporting Units within the Completion & Production Solutions segment, Floating Production and Process & Flow Technologies. The restructuring better aligns operations with the current and anticipated market environments and reduces administrative burden. The Company tested the two Reporting Units for goodwill impairment prior to, and after, combining them and concluded no impairment charge was necessary. Also, during the third quarter, the Company’s Wellbore Technologies segment reorganized two of its Reporting Units. The Company performed a goodwill impairment analysis prior and subsequent to the restructuring and concluded that the calculated fair values of these Reporting Units were substantially in excess of their carrying value, with the exception of Wellsite Services which has a goodwill balance of $174 million at September 30, 2019. Further deterioration of market conditions, in management’s judgement, could result in additional impairment. The restructuring did not effect Wellbore Technologies’ consolidated financial position and results of operations. At September 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 58 14 83 Currency translation adjustments and other 1 (8 ) (5 ) (12 ) Balance at September 30, 2019 $ 1,157 $ 1,078 $ 1,001 $ 3,236 Accumulated goodwill impairment was $5,556 million at September 30, 2019. Additions during the third quarter 2019 were $55 million. Impairment of Long-Lived Assets (Excluding Goodwill and Other Indefinite-Lived Intangible Assets) 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. During the third quarter of 2019, the Company recorded a $12 million impairment charge to property, plant and equipment ($5 million in the Wellbore Technologies segment and $7 million in the Completion & Production Solutions segment). At September 30, 2019, the Company has approximately $866 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 6 — — 6 Amortization (90 ) (51 ) (22 ) (163 ) Currency translation adjustments and other (7 ) — (2 ) (9 ) Balance at September 30, 2019 $ 346 $ 264 $ 256 $ 866

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	1 5 . Our business is affected by governmental laws and regulations relating to the oilfield service industry, including, health, safety, environmental, customs and trade. 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 tariffs; (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; and (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. The Company maintains insurance that covers many of the claims arising from risks associated with the business activities of the Company, including claims for premises liability, product liability 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 or class actions under 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, negligence or other theories of liability, alleged regulatory violations, alleged violations of anti-corruption and anti-bribery laws and other commercial claims seeking recovery for alleged actual or exemplary damages or fines and penalties. For many such contingent claims, the Company’s insurance coverage is inapplicable or an exclusion to coverage may apply. In such instances, settlement or other resolution of such contingent claims could have a material financial or reputational impact on the Company. As of September 3 0 , 201 9 , the Company recorded reserves in an amount believed to be sufficient given the range of potential outcomes for contingent liabilities representing all contingencies believed to be probable. The Company has assessed the potential for additional losses above the amounts accrued as well as potential losses for matters that are not probable but are reasonably possible. The litigation process as well as the final outcome of regulatory oversight is inherently uncertain, and our best judgment concerning the probable outcome of litigation or regulatory enforcement matters may prove to be incorrect in some instances. The total potential loss on these matters cannot be determined; however, in our opinion, any ultimate liability, to the extent not otherwise provided for, will not materially affect our financial position, cash flow or results of operations. These estimated liabilities are based on the Company’s assessment of the nature of these matters, their progress toward resolution, the advice of legal counsel and outside experts as well as management’s experience. Of course, because of uncertainty and risk inherent to litigation and arbitration, the actual liabilities incurred may exceed our estimated liabilities and reserves, which could have a material financial or reputational impact on the Company. In many instances, the Company’s products and services embody or incorporate trade secrets or patented inventions. From time to time, we are engaged in disputes concerning protection of trade secrets and confidential informati o n, patents and other intellectual property rights. Such disputes frequently involve complex, factual, technical and/or legal issues which result in high costs to adjudicate our rights and difficulty in predicting the ultimate outcome. Because of the importance of the Company’s intellectual property to the Company’s performance, an adverse result in such disputes could materially and adversely impact our financial performance. 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	9 Months Ended
	Sep. 30, 2019
Accounting Changes And Error Corrections [Abstract]
New Accounting Pronouncements	16. 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 (AOCI) 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2019 and 2018, respectively.
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 (AOCI) 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)	9 Months Ended
	Sep. 30, 2019
Inventory Disclosure [Abstract]
Inventories	Inventories consist of (in millions): September 30, December 31, 2019 2018 Raw materials and supplies $ 676 $ 614 Work in process 512 501 Finished goods and purchased products 2,396 2,505 3,584 3,620 Less: Inventory reserve (1,047 ) (634 ) Total $ 2,537 $ 2,986

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2019
Payables And Accruals [Abstract]
Accrued Liabilities	Accrued liabilities consist of (in millions): September 30, December 31, 2019 2018 Compensation $ 256 $ 331 Vendor costs 117 127 Taxes (non-income) 101 124 Warranties 97 105 Fair value of derivatives 38 23 Interest 27 7 Other 347 371 Total $ 983 $ 1,088

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 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 (80 ) (13 ) — (93 ) Amounts reclassified from accumulated other comprehensive income (loss) — 6 — 6 Balance at September 30, 2019 $ (1,476 ) $ (21 ) $ (27 ) $ (1,524 )
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 September 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 — 4 — 4 — 2 — 2 Other income (expense), net — — — — 6 — — 6 Tax effect — (1 ) — (1 ) — (1 ) — (1 ) $ — $ 3 $ — $ 3 $ 6 $ 2 $ — $ 8 Nine Months Ended September 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 — 7 — 7 — (3 ) — (3 ) Other income (expense), net — — — — 6 — — 6 Tax effect — (2 ) — (2 ) — 1 — 1 $ — $ 6 $ — $ 6 $ 6 $ (2 ) $ — $ 4

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Operating Segments	Financial results by operating segment are as follows (in millions): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Revenue: Wellbore Technologies $ 793 $ 847 $ 2,450 $ 2,351 Completion & Production Solutions 728 735 1,972 2,143 Rig Technologies 649 637 1,923 1,771 Eliminations (44 ) (65 ) (147 ) (210 ) Total revenue $ 2,126 $ 2,154 $ 6,198 $ 6,055 Operating profit (loss): Wellbore Technologies $ 42 40 $ (3,234 ) $ 90 Completion & Production Solutions (24 ) 46 (1,991 ) 102 Rig Technologies (110 ) 58 (501 ) 138 Eliminations and corporate costs (62 ) (71 ) (204 ) (206 ) Total operating profit (loss) $ (154 ) $ 73 $ (5,930 ) $ 124 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Other Significant Items: Wellbore Technologies $ 41 $ — $ 3,384 $ (3 ) Completion & Production Solutions 79 — 2,029 3 Rig Technologies 194 — 670 6 Eliminations and corporate costs — — 11 (18 )

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 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 September 30, 2019 2018 Completion Completion Wellbore & Production Rig Wellbore & Production Rig Technologies Solutions Technologies Elims. Total Technologies Solutions Technologies Elims. Total North America $ 422 $ 295 $ 113 $ — $ 830 $ 469 $ 343 $ 189 $ — $ 1,001 International 355 420 521 — 1,296 362 372 419 — 1,153 Eliminations 16 13 15 (44 ) — 16 20 29 (65 ) — $ 793 $ 728 $ 649 $ (44 ) $ 2,126 $ 847 $ 735 $ 637 $ (65 ) $ 2,154 Land $ 616 $ 479 $ 151 $ — $ 1,246 $ 707 $ 521 $ 206 $ — $ 1,434 Offshore 161 236 483 — 880 124 194 402 — 720 Eliminations 16 13 15 (44 ) — 16 20 29 (65 ) — $ 793 $ 728 $ 649 $ (44 ) $ 2,126 $ 847 $ 735 $ 637 $ (65 ) $ 2,154 Nine Months Ended September 30, 2019 2018 Completion Completion Wellbore & Production Rig Wellbore & Production Rig Technologies Solutions Technologies Elims. Total Technologies Solutions Technologies Elims. Total North America $ 1,343 $ 846 $ 381 $ — $ 2,570 $ 1,333 $ 977 $ 467 $ — $ 2,777 International 1,061 1,080 1,487 — 3,628 970 1,104 1,204 — 3,278 Eliminations 46 46 55 (147 ) — 48 62 100 (210 ) — $ 2,450 $ 1,972 $ 1,923 $ (147 ) $ 6,198 $ 2,351 $ 2,143 $ 1,771 $ (210 ) $ 6,055 Land $ 1,960 $ 1,340 $ 537 $ — $ 3,837 $ 1,950 $ 1,476 $ 586 $ — $ 4,012 Offshore 444 586 1,331 — 2,361 353 605 1,085 — 2,043 Eliminations 46 46 55 (147 ) — 48 62 100 (210 ) — $ 2,450 $ 1,972 $ 1,923 $ (147 ) $ 6,198 $ 2,351 $ 2,143 $ 1,771 $ (210 ) $ 6,055
Summary of Changes in Carrying Amount of Contract Assets and Contract Liabilities	The changes in the carrying amount of contract assets and contract liabilities are as follows (in millions): Contract Assets Contract Liabilities Balance at December 31, 2018 $ 565 $ 458 Billings (591 ) 548 Revenue recognized 661 (560 ) Currency translation adjustments and other (20 ) 9 Balance at September 30, 2019 $ 615 $ 455

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Schedule of Components of Leases	Components of leases are as follows (in millions): September 30, December 31, 2019 2018 Current portion of lease liabilities: Operating $ 83 $ — Financing 30 7 Total $ 113 $ 7 September 30, December 31, 2019 2018 Long-term portion of lease liability: Operating $ 418 $ — Financing 255 $ 222 Total $ 673 $ 222
Components of Lease Expense	Components of lease expense were as follows (in millions): Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Lease cost Finance lease cost Amortization of right-of-use assets $ 7 $ 24 Interest on lease liabilities 3 10 Operating lease cost 28 88 Short-term lease cost 19 52 Sub-lease income (3 ) (8 ) Total $ 54 $ 166
Schedule of Supplemental information Related to Leases	Supplemental information related to the Company’s leases is as follows (in millions): Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 3 $ 10 Operating cash flows from operating leases 28 88 Financing cash flows from finance leases 7 22 Right-of-use assets obtained in exchange for new: Operating lease liabilities 10 41 Finance lease liabilities $ — $ 11 Weighted average remaining lease term at September 30, 2019: Operating leases 10 years Finance leases 16 years Weighted average discount rate at September 30, 2019: Operating leases 5.02 % Finance leases 5.41 %
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 September 30, 2019, are payable as follows (in millions): Operating Finance 2019 $ 35 $ 14 2020 110 47 2021 87 39 2022 67 28 2023 50 20 Thereafter 282 253 Total lease payments 631 401 Less: Interest (130 ) (116 ) Present value of lease liabilities $ 501 $ 285

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt	September 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 1,089 1,088 Total $ 2,484 $ 2,482

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Outstanding Foreign Currency Forward Contracts	Forward currency contracts consist of (in millions): Currency Denomination September 30, December 31, Foreign Currency 2019 2018 South Korean Won KRW 17,600 KRW — Norwegian Krone NOK 3,845 NOK 5,229 U.S. Dollar USD 635 USD 631 Euro EUR 167 EUR 172 South African Rand ZAR 124 ZAR 124 Mexican Peso MXN 119 MXN 204 Japanese Yen JPY 113 JPY 121 Singapore Dollar SGD 38 SGD — British Pound Sterling GBP 26 GBP 12 Danish Krone DKK 16 DKK 35 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 September 30, December 31, Balance Sheet September 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 $ 3 $ 2 Accrued liabilities $ 29 $ 17 Foreign exchange contracts Other Assets — — Other liabilities 9 11 Total derivatives designated as hedging instruments under ASC Topic 815 $ 3 $ 2 $ 38 $ 28 Derivatives not designated as hedging instruments under ASC Topic 815 Foreign exchange contracts Prepaid and other current assets $ 1 $ 4 Accrued liabilities $ 9 $ 6 Foreign exchange contracts Other Assets 1 — Other Liabilities — 2 Total derivatives not designated as hedging instruments under ASC Topic 815 $ 2 $ 4 $ 9 $ 8 Total derivatives $ 5 $ 6 $ 47 $ 36

Net Income (Loss) Attributabl_2

Net Income (Loss) Attributable to Company Per Share (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Numerator: Net income (loss) attributable to Company $ (244 ) $ 1 $ (5,710 ) $ (43 ) Denominator: Basic—weighted average common shares outstanding 382 379 382 378 Dilutive effect of employee stock options and other unvested stock awards — 4 — — Diluted outstanding shares 382 383 382 378 Net income (loss) attributable to Company per share: Basic $ (0.64 ) $ 0.00 $ (14.95 ) $ (0.11 ) Diluted $ (0.64 ) $ 0.00 $ (14.95 ) $ (0.11 ) Cash dividends per share $ 0.05 $ 0.05 $ 0.15 $ 0.15

Asset Impairments (Tables)

Asset Impairments (Tables)	9 Months Ended
	Sep. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill Identified, by Segment	At September 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 58 14 83 Currency translation adjustments and other 1 (8 ) (5 ) (12 ) Balance at September 30, 2019 $ 1,157 $ 1,078 $ 1,001 $ 3,236
Identified Intangible Assets, by Segment	At September 30, 2019, the Company has approximately $866 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 6 — — 6 Amortization (90 ) (51 ) (22 ) (163 ) Currency translation adjustments and other (7 ) — (2 ) (9 ) Balance at September 30, 2019 $ 346 $ 264 $ 256 $ 866

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
Accounting Policies [Abstract]
Reclassification of debt balance to leases	$ 229

Inventories, net - Inventories

Inventories, net - Inventories (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 676	$ 614
Work in process	512	501
Finished goods and purchased products	2,396	2,505
Inventory, Gross	3,584	3,620
Less: Inventory reserve	(1,047)	(634)
Total	$ 2,537	$ 2,986

Accrued Liabilities - Accrued L

Accrued Liabilities - Accrued Liabilities (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Payables And Accruals [Abstract]
Compensation	$ 256	$ 331
Vendor costs	117	127
Taxes (non-income)	101	124
Warranties	97	105
Fair value of derivatives	38	23
Interest	27	7
Other	347	371
Total	$ 983	$ 1,088

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Loss (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 13,889
Accumulated other comprehensive income (loss) before reclassifications	(93)
Amounts reclassified from accumulated other comprehensive income (loss)	6
Ending Balance	8,129
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(1,396)
Accumulated other comprehensive income (loss) before reclassifications	(80)
Amounts reclassified from accumulated other comprehensive income (loss)	0
Ending Balance	(1,476)
Derivative Financial Instruments, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(14)
Accumulated other comprehensive income (loss) before reclassifications	(13)
Amounts reclassified from accumulated other comprehensive income (loss)	6
Ending Balance	(21)
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	$ (1,524)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Components of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue	$ 2,126	$ 2,154	$ 6,198	$ 6,055
Other income (expense), net	(10)	(20)	(36)	(70)
Tax effect	(60)	(29)	323	(37)
Net income (loss) attributable to Company	(244)	1	(5,710)	(43)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue	0	1	1	0
Cost of revenue	4	2	7	(3)
Other income (expense), net		6		6
Tax effect	(1)	(1)	(2)	1
Net income (loss) attributable to Company	3	8	6	4
Currency Translation Adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other income (expense), net		6		6
Net income (loss) attributable to Company		6		6
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
Cost of revenue	4	2	7	(3)
Tax effect	(1)	(1)	(2)	1
Net income (loss) attributable to Company	$ 3	$ 2	$ 6	$ (2)

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Equity [Abstract]
Other comprehensive income (loss) before reclassifications	$ (118)	$ (32)	$ (80)	$ (219)
Changes in derivative financial instruments, net of tax	(14)	2	(7)	1
Changes in derivative financial instruments, tax	$ 4	$ 0	$ 2	$ 0

Segments - Operating Segments (

Segments - Operating Segments (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Total revenue	$ 2,126	$ 2,154	$ 6,198	$ 6,055
Total operating profit (loss)	(154)	73	(5,930)	124
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Total revenue	(44)	(65)	(147)	(210)
Total operating profit (loss)	(62)	(71)	(204)	(206)
Other significant items			11	(18)
Operating Segments [Member] | Wellbore Technologies [Member]
Segment Reporting Information [Line Items]
Total revenue	793	847	2,450	2,351
Total operating profit (loss)	42	40	(3,234)	90
Other significant items	41		3,384	(3)
Operating Segments [Member] | Completion & Production Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	728	735	1,972	2,143
Total operating profit (loss)	(24)	46	(1,991)	102
Other significant items	79		2,029	3
Operating Segments [Member] | Rig Technologies [Member]
Segment Reporting Information [Line Items]
Total revenue	649	637	1,923	1,771
Total operating profit (loss)	(110)	$ 58	(501)	138
Other significant items	$ 194		$ 670	$ 6

Segments - Additional Informati

Segments - Additional Information (Detail) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)Segment	Sep. 30, 2018USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | Segment		3
Goodwill, Indefinite-lived and Finite-Lived Intangible and Long-Lived Tangible Assets [Member]
Segment Reporting Information [Line Items]
Charges/ (reversals)		$ 5,385
Inventory Charges [Member]
Segment Reporting Information [Line Items]
Charges/ (reversals)	$ 265	571
Impairment of Long-Lived Tangible Assets [Member]
Segment Reporting Information [Line Items]
Charges/ (reversals)	12
Voluntary Early Retirement Program [Member]
Segment Reporting Information [Line Items]
Charges/ (reversals)		87
Severance, Facility Closures And Other Items [Member]
Segment Reporting Information [Line Items]
Charges/ (reversals)	$ 37	$ 51
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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Disaggregate revenue	$ 2,126	$ 2,154	$ 6,198	$ 6,055
Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	793	847	2,450	2,351
Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	728	735	1,972	2,143
Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	649	637	1,923	1,771
Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(44)	(65)	(147)	(210)
Continental [Member] | Intersubsegment Eliminations [Member] | Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	16	16	46	48
Continental [Member] | Intersubsegment Eliminations [Member] | Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	13	20	46	62
Continental [Member] | Intersubsegment Eliminations [Member] | Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	15	29	55	100
Continental [Member] | Intersubsegment Eliminations [Member] | Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(44)	(65)	(147)	(210)
Continental [Member] | North America [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	830	1,001	2,570	2,777
Continental [Member] | North America [Member] | Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	422	469	1,343	1,333
Continental [Member] | North America [Member] | Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	295	343	846	977
Continental [Member] | North America [Member] | Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	113	189	381	467
Continental [Member] | International [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,296	1,153	3,628	3,278
Continental [Member] | International [Member] | Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	355	362	1,061	970
Continental [Member] | International [Member] | Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	420	372	1,080	1,104
Continental [Member] | International [Member] | Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	521	419	1,487	1,204
Land and Offshore [Member] | Intersubsegment Eliminations [Member] | Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	16	16	46	48
Land and Offshore [Member] | Intersubsegment Eliminations [Member] | Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	13	20	46	62
Land and Offshore [Member] | Intersubsegment Eliminations [Member] | Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	15	29	55	100
Land and Offshore [Member] | Intersubsegment Eliminations [Member] | Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(44)	(65)	(147)	(210)
Land and Offshore [Member] | Land Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,246	1,434	3,837	4,012
Land and Offshore [Member] | Land Destination [Member] | Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	616	707	1,960	1,950
Land and Offshore [Member] | Land Destination [Member] | Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	479	521	1,340	1,476
Land and Offshore [Member] | Land Destination [Member] | Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	151	206	537	586
Land and Offshore [Member] | Offshore Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	880	720	2,361	2,043
Land and Offshore [Member] | Offshore Destination [Member] | Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	161	124	444	353
Land and Offshore [Member] | Offshore Destination [Member] | Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	236	194	586	605
Land and Offshore [Member] | Offshore Destination [Member] | Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	$ 483	$ 402	$ 1,331	$ 1,085

Revenue - Additional Informatio

Revenue - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Revenue From Contract With Customer [Abstract]
Net revenue recognized from performance obligations	$ 54,000,000	$ 56,000,000
Remaining performance obligations	2,603,000,000
Impairment losses on contract assets	$ 0	$ 0

Revenue - Additional Informat_2

Revenue - Additional Information (Detail 1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-10-01	Sep. 30, 2019
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	12.00%
Remaining performance obligations, expected to be recognized, period	3 months

Revenue - Summary of Changes in

Revenue - Summary of Changes in Carrying Amount of Contract Assets and Contract Liabilities (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
Revenue From Contract With Customer [Abstract]
Balance at December 31, 2018	$ 565
Billings	(591)
Revenue recognized	661
Currency translation adjustments and other	(20)
Balance at September 30, 2019	615
Balance at December 31, 2018	458
Billings	548
Revenue recognized	(560)
Currency translation adjustments and other	9
Balance at September 30, 2019	$ 455

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Jan. 01, 2019
Leases [Abstract]
Lease right-of-use assets		$ 786
Lease right-of-use assets, operating	$ 437	537
Lease right-of-use assets, financing	236	249
Lease liabilities		839
Operating lease liabilities	501	554
Financing lease liabilities	$ 285	$ 285

Leases - Schedule of Components

Leases - Schedule of Components of Leases (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Current portion of lease liabilities:
Operating	$ 83
Financing	30	$ 7
Total	113	7
Long-term portion of lease liability:
Operating	418
Financing	255	222
Total	$ 673	$ 222

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Finance lease cost
Finance lease cost, amortization of right-of-use assets	$ 7	$ 24
Finance lease cost, interest on lease liabilities	3	10
Operating lease cost	28	88
Short-term lease cost	19	52
Sub-lease income	(3)	(8)
Total	$ 54	$ 166

Leases - Supplemental Informati

Leases - Supplemental Information Related to Leases (Detail) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities, operating cash flows from finance leases	$ 3	$ 10
Cash paid for amounts included in the measurement of lease liabilities, operating cash flows from operating leases	28	88
Cash paid for amounts included in the measurement of lease liabilities, financing cash flows from finance leases	7	22
Right-of-use assets obtained in exchange for new:
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 10	41
Right-of-use assets obtained in exchange for new finance lease liabilities		$ 11
Weighted average remaining lease term (years), operating leases	10 years	10 years
Weighted average remaining lease term (years), finance leases	16 years	16 years
Weighted average remaining lease term, operating leases	5.02%	5.02%
Weighted average discount rate, finance leases	5.41%	5.41%

Leases - Future Minimum Lease C

Leases - Future Minimum Lease Commitments for Leases with Initial or Remaining Terms of One Year or More (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Jan. 01, 2019
Operating
Operating lease, 2019	$ 35
Operating lease, 2020	110
Operating lease, 2021	87
Operating lease, 2022	67
Operating lease, 2023	50
Operating lease, Thereafter	282
Total lease payments	631
Less: Interest	(130)
Present value of lease liabilities	501	$ 554
Finance
Finance leases, 2019	14
Finance leases, 2020	47
Finance leases, 2021	39
Finance leases, 2022	28
Finance leases, 2023	20
Finance leases, Thereafter	253
Total lease payments	401
Less: Interest	(116)
Present value of lease liabilities	$ 285	$ 285

Debt - Debt (Detail)

Debt - Debt (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total	$ 2,484	$ 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	$ 1,089	$ 1,088

Debt - Debt (Parenthetical) (De

Debt - Debt (Parenthetical) (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 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 ($)	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Capitalization ratio, Maximum	60.00%
Capitalization ratio, Actual	25.40%
Outstanding letters of credit under various bilateral letter of credit facilities	$ 456,000,000
Unsecured Debt [Member] | Fair Value, Inputs, Level 2 [Member]
Debt Instrument [Line Items]
Fair value of Unsecured Senior Notes	2,422,000,000	$ 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) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes	$ 60	$ 29	$ (323)	$ 37

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-based compensation expense	$ 41	$ 30	$ 104	$ 88
Income tax benefit recognized	$ 5	$ 6	$ 13	$ 12

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

Sep. 30, 2019USD ($)

Sep. 30, 2019KRW (₩)

Sep. 30, 2019NOK (kr)

Sep. 30, 2019EUR (€)

Sep. 30, 2019ZAR (R)

Sep. 30, 2019MXN ($)

Sep. 30, 2019JPY (¥)

Sep. 30, 2019SGD ($)

Sep. 30, 2019GBP (£)

Sep. 30, 2019DKK (kr)

Sep. 30, 2019CAD ($)

Dec. 31, 2018USD ($)

Dec. 31, 2018NOK (kr)

Dec. 31, 2018EUR (€)

Dec. 31, 2018ZAR (R)

Dec. 31, 2018MXN ($)

Dec. 31, 2018JPY (¥)

Dec. 31, 2018GBP (£)

Dec. 31, 2018DKK (kr)

Forward Contracts [Member]

Derivative [Line Items]

Foreign currency, Cash flow hedging

$ 635

₩ 17,600

kr 3,845

€ 167

R 124

$ 119

¥ 113

$ 38

£ 26

kr 16

$ 2

$ 631

kr 5,229

€ 172

R 124

$ 204

¥ 121

£ 12

kr 35

Derivative Financial Instrume_4

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Accumulated other comprehensive income (loss) reclassified into earnings within the next twelve months			$ 20
Gain (loss) recognized in other income (expense), net	$ (7)	$ (3)	$ (10)	$ (11)

Derivative Financial Instrume_5

Derivative Financial Instruments - Derivative Instruments and their Balance Sheet Classifications (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 5	$ 6
Liability Derivatives	47	36
Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	3	2
Liability Derivatives	38	28
Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	2	4
Liability Derivatives	9	8
Foreign Exchange Contracts [Member] | Designated as Hedging Instruments [Member] | Accrued liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	29	17
Foreign Exchange Contracts [Member] | Not Designated as Hedging Instruments [Member] | Accrued liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	9	6
Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	3	2
Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	1	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	$ 9	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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator:
Net income (loss) attributable to Company	$ (244)	$ 1	$ (5,710)	$ (43)
Denominator:
Basic—weighted average common shares outstanding	382	379	382	378
Dilutive effect of employee stock options and other unvested stock awards		4
Diluted outstanding shares	382	383	382	378
Basic	$ (0.64)	$ 0	$ (14.95)	$ (0.11)
Diluted	(0.64)	0	(14.95)	(0.11)
Cash dividends per share	$ 0.05	$ 0.05	$ 0.15	$ 0.15

Net Income (Loss) Attributabl_4

Net Income (Loss) Attributable to Company Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Anti-dilutive stock options outstanding	25	11	21	17

Cash Dividends - Additional Inf

Cash Dividends - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	May 29, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Dividends [Abstract]
Dividends payable, amount per share	$ 0.05
Dividends payable, declared date	May 29, 2019
Dividends payable, paid date	Sep. 27, 2019
Dividends payable, record date	Sep. 13, 2019
Cash dividends paid		$ 20	$ 19	$ 19	$ 19	$ 19	$ 19	$ 58	$ 57

Asset Impairments - Additional

Asset Impairments - Additional Information (Detail) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)Reporting_Unit	Jun. 30, 2019USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Indefinite Lived Intangible Assets By Major Class [Line Items]
Decrease in trade percentage			14.00%
Impairment charge on goodwill	$ 0	$ 3,099	$ 3,099
Impairment of intangible assets, indefinite-lived (excluding goodwill)		87
Goodwill	3,236		3,236	$ 6,264
Accumulated goodwill impairment	5,556		5,556
Additions	55		83
Impairment of Intangible Assets, Finite-lived		1,901
Impairment of property, plant and equipment	12	230
Impairment of right-of-use assets		$ 56
Identifiable intangible assets	$ 866		866	3,020
Wellbore Technologies [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment charge on goodwill			1,866
Reporting units reorganized | Reporting_Unit	2
Goodwill	$ 1,157		1,157	3,011
Additions			11
Impairment of property, plant and equipment	5
Wellbore Technologies [Member] | Wellsite Services [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	174		174
Completion & Production Solutions [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment charge on goodwill			1,013
Goodwill	1,078		1,078	$ 2,041
Additions			$ 58
Impairment of property, plant and equipment	$ 7

Asset Impairments - Goodwill Id

Asset Impairments - Goodwill Identified by Segment (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2019
Goodwill [Line Items]
Beginning Balance			$ 6,264
Impairment	$ 0	$ (3,099)	(3,099)
Additions	55		83
Currency translation adjustments and other			(12)
Ending Balance	3,236		3,236
Wellbore Technologies [Member]
Goodwill [Line Items]
Beginning Balance			3,011
Impairment			(1,866)
Additions			11
Currency translation adjustments and other			1
Ending Balance	1,157		1,157
Completion & Production Solutions [Member]
Goodwill [Line Items]
Beginning Balance			2,041
Impairment			(1,013)
Additions			58
Currency translation adjustments and other			(8)
Ending Balance	1,078		1,078
Rig Technologies [Member]
Goodwill [Line Items]
Beginning Balance			1,212
Impairment			(220)
Additions			14
Currency translation adjustments and other			(5)
Ending Balance	$ 1,001		$ 1,001

Asset Impairments - Identified

Asset Impairments - Identified Intangible Assets Identified by Segment (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	$ 3,020
Impairment	(1,988)
Additions	6
Amortization	(163)
Currency translation adjustments and other	(9)
Ending Balance	866
Wellbore Technologies [Member]
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	1,735
Impairment	(1,298)
Additions	6
Amortization	(90)
Currency translation adjustments and other	(7)
Ending Balance	346
Completion & Production Solutions [Member]
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	1,005
Impairment	(690)
Amortization	(51)
Ending Balance	264
Rig Technologies [Member]
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	280
Amortization	(22)
Currency translation adjustments and other	(2)
Ending Balance	$ 256