NOV (NOV) 10-Q 28 Jul 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 17, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
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		388,283,695
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	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 1,447	$ 1,171
Receivables, net	1,502	1,855
Inventories, net	1,929	2,197
Contract assets	508	643
Prepaid and other current assets	204	247
Total current assets	5,590	6,113
Property, plant and equipment, net	2,010	2,354
Lease right-of-use assets, operating	398	444
Lease right-of-use assets, financing	207	230
Goodwill	1,493	2,807
Intangibles, net	525	852
Investment in unconsolidated affiliates	66	282
Other assets	158	67
Total assets	10,447	13,149
Current liabilities:
Accounts payable	556	715
Accrued liabilities	815	949
Contract liabilities	408	427
Current portion of lease liabilities	115	114
Accrued income taxes	60	42
Total current liabilities	1,954	2,247
Lease liabilities	637	674
Long-term debt	2,029	1,989
Deferred income taxes	71	140
Other liabilities	223	253
Total liabilities	4,914	5,303
Commitments and contingencies
Stockholders’ equity:
Common stock - par value $.01; 1 billion shares authorized; 388,265,636 and 385,886,682 shares issued and outstanding at June 30, 2020 and December 31, 2019	4	4
Additional paid-in capital	8,543	8,507
Accumulated other comprehensive loss	(1,613)	(1,423)
Retained earnings (deficit)	(1,474)	690
Total Company stockholders' equity	5,460	7,778
Noncontrolling interests	73	68
Total stockholders’ equity	5,533	7,846
Total liabilities and stockholders’ equity	$ 10,447	$ 13,149

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
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	388,265,636	385,886,682
Common stock, shares outstanding	388,265,636	385,886,682

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Revenue	$ 1,496	$ 2,132	$ 3,379	$ 4,072
Cost of revenue	1,359	2,070	3,018	3,754
Gross profit	137	62	361	318
Selling, general and administrative	237	417	520	721
Goodwill and indefinite-lived intangible asset impairment		3,186	1,378	3,186
Long-lived asset impairment		2,187	513	2,187
Operating loss	(100)	(5,728)	(2,050)	(5,776)
Interest and financial costs	(22)	(25)	(44)	(50)
Interest income	2	6	5	12
Equity loss in unconsolidated affiliates	(6)	(2)	(239)	(2)
Other income (expense), net	(8)	(8)	(11)	(26)
Loss before income taxes	(134)	(5,757)	(2,339)	(5,842)
Provision (benefit) for income taxes	(47)	(373)	(203)	(383)
Net loss	(87)	(5,384)	(2,136)	(5,459)
Net loss attributable to noncontrolling interests	6	5	4	7
Net loss attributable to Company	$ (93)	$ (5,389)	$ (2,140)	$ (5,466)
Net loss attributable to Company per share:
Basic	$ (0.24)	$ (14.11)	$ (5.57)	$ (14.35)
Diluted	$ (0.24)	(14.11)	(5.57)	(14.35)
Cash dividends per share		$ 0.05	$ 0.05	$ 0.10
Weighted average shares outstanding:
Basic	385	382	384	381
Diluted	385	382	384	381

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (87)	$ (5,384)	$ (2,136)	$ (5,459)
Currency translation adjustments	9	18	(171)	38
Changes in derivative financial instruments, net of tax	33	3	(19)	7
Comprehensive loss	(45)	(5,363)	(2,326)	(5,414)
Comprehensive income attributable to noncontrolling interest	6	5	4	7
Comprehensive loss attributable to Company	$ (51)	$ (5,368)	$ (2,330)	$ (5,421)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net loss	$ (2,136)	$ (5,459)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	187	331
Provision for inventory losses	152	327
Deferred income taxes	(64)	(369)
Equity loss in unconsolidated affiliates	239	2
Goodwill and indefinite-lived intangible asset impairment	1,378	3,186
Long-lived asset impairment	513	2,187
Other, net	71	73
Change in operating assets and liabilities, net of acquisitions:
Receivables	356	144
Inventories	123	(193)
Contract assets	127	(20)
Prepaid and other current assets	42	(29)
Accounts payable	(160)	(33)
Accrued liabilities	(174)	(172)
Contract liabilities	(20)	(3)
Income taxes payable	18	(66)
Other assets/liabilities, net	(235)	(17)
Net cash provided by (used in) operating activities	417	(111)
Cash flows from investing activities:
Purchases of property, plant and equipment	(124)	(97)
Business acquisitions, net of cash acquired		(65)
Other	13	6
Net cash used in investing activities	(111)	(156)
Cash flows from financing activities:
Borrowings against lines of credit and other debt	25
Cash dividends paid	(19)	(38)
Other	(33)	(1)
Net cash used in financing activities	(27)	(39)
Effect of exchange rates on cash	(3)
Increase (decrease) in cash and cash equivalents	276	(306)
Cash and cash equivalents, beginning of period	1,171	1,427
Cash and cash equivalents, end of period	1,447	1,121
Cash payments (refunds) during the period for:
Interest	42	41
Income taxes	$ (63)	$ 70

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Revision of Prior Period Accounting Standards Update Adjustment [Member]	Common Stock [Member]	Additional Paid in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings (Loss) [Member]	Retained Earnings (Loss) [Member]Revision of Prior Period Accounting Standards Update Adjustment [Member]	Total Company Stockholders' Equity [Member]	Total Company Stockholders' Equity [Member]Revision of Prior Period Accounting Standards Update Adjustment [Member]	Noncontrolling Interests [Member]
Beginning Balance at Dec. 31, 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, per common share	(19)					(19)		(19)
Noncontrolling interest	3									3
Stock-based compensation	33			33				33
Common stock issued	3			3				3
Withholding taxes	(18)			(18)				(18)
Ending Balance at Mar. 31, 2019	13,840		4	8,408	(1,413)	6,766		13,765		75
Beginning Balance at Dec. 31, 2018	13,889		4	8,390	(1,437)	6,862		13,819		70
Net income (loss)	(5,459)
Cash dividends, per common share	(38)
Ending Balance at Jun. 30, 2019	8,487		4	8,441	(1,392)	1,358		8,411		76
Beginning Balance at Mar. 31, 2019	13,840		4	8,408	(1,413)	6,766		13,765		75
Net income (loss)	(5,384)					(5,389)		(5,389)		5
Other comprehensive income (loss)	21				21			21
Cash dividends, 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
Beginning Balance at Dec. 31, 2019	7,846	$ (5)	4	8,507	(1,423)	690	$ (5)	7,778	$ (5)	68
Net income (loss)	(2,049)					(2,047)		(2,047)		(2)
Other comprehensive income (loss)	(232)				(232)			(232)
Cash dividends, per common share	$ (19)					$ (19)		$ (19)
Accounting standards update [extensible list]	us-gaap:AccountingStandardsUpdate201802Member					us-gaap:AccountingStandardsUpdate201802Member		us-gaap:AccountingStandardsUpdate201802Member
Noncontrolling interest	$ 2									2
Stock-based compensation	27			27				$ 27
Withholding taxes	(18)			(18)				(18)
Ending Balance at Mar. 31, 2020	5,552		4	8,516	(1,655)	$ (1,381)		5,484		68
Beginning Balance at Dec. 31, 2019	7,846	$ (5)	4	8,507	(1,423)	690	$ (5)	7,778	$ (5)	68
Net income (loss)	(2,136)
Cash dividends, per common share	(19)
Ending Balance at Jun. 30, 2020	5,533		4	8,543	(1,613)	(1,474)		5,460		73
Beginning Balance at Mar. 31, 2020	5,552		4	8,516	(1,655)	(1,381)		5,484		68
Net income (loss)	(87)					(93)		(93)		6
Other comprehensive income (loss)	42				42			42
Cash dividends, per common share	0
Noncontrolling interest	(1)									(1)
Stock-based compensation	27			27				27
Ending Balance at Jun. 30, 2020	$ 5,533		$ 4	$ 8,543	$ (1,613)	$ (1,474)		$ 5,460		$ 73

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019
Retained Earnings (Loss) [Member]
Cash dividends, per common share	$ 0.05	$ 0.05	$ 0.05

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2020
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 2019 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. The results of operations for the three and six months ended June 30, 2020 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 were approximately the same as their presented carrying values because of the short maturities of these instruments. The fair value of long-term debt is provided in Note 8, and the fair values of derivative financial instruments are provided in Note 11.

Inventories, net

Inventories, net	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Inventories, net	2. Inventories consist of (in millions): June 30, December 31, 2020 2019 Raw materials and supplies $ 478 $ 577 Work in process 334 364 Finished goods and purchased products 1,860 2,099 2,672 3,040 Less: Inventory reserve (743 ) (843 ) Total $ 1,929 $ 2,197

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2020
Payables And Accruals [Abstract]
Accrued Liabilities	3 . Accrued liabilities consist of (in millions): June 30, December 31, 2020 2019 Compensation $ 158 $ 270 Vendor costs 110 121 Taxes (non-income) 109 112 Warranties 84 90 Insurance 58 57 Fair value of derivatives 49 24 Interest 7 8 Other 240 267 Total $ 815 $ 949

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Accumulated Other Comprehensive Loss	4 . The components of accumulated other comprehensive loss are as follows (in millions): Derivative Defined Currency Financial Benefit Translation Instruments, Plans, Adjustments Net of Tax Net of Tax Total Balance at December 31, 2019 $ (1,403 ) $ (4 ) $ (16 ) $ (1,423 ) Accumulated other comprehensive income (loss) before reclassifications (171 ) (33 ) — (204 ) Amounts reclassified from accumulated other comprehensive income (loss) — 14 — 14 Balance at June 30, 2020 $ (1,574 ) $ (23 ) $ (16 ) $ (1,613 ) The components of amounts reclassified from accumulated other comprehensive income (loss) are as follows (in millions): Three Months Ended June 30, 2020 2019 Currency Derivative Defined Currency Derivative Defined Translation Financial Benefit Translation Financial Benefit Adjustments Instruments Plans Total Adjustments Instruments Plans Total Revenue $ — $ 2 $ — $ 2 $ — $ 1 $ — $ 1 Cost of revenue — 10 — 10 — 2 — 2 Tax effect — (2 ) — (2 ) — (1 ) — (1 ) $ — $ 10 $ — $ 10 $ — $ 2 $ — $ 2 Six Months Ended June 30, 2020 2019 Currency Derivative Defined Currency Derivative Defined Translation Financial Benefit Translation Financial Benefit Adjustments Instruments Plans Total Adjustments Instruments Plans Total Revenue $ — $ 2 $ — $ 2 $ — $ 1 $ — $ 1 Cost of revenue — 15 — 15 — 3 — 3 Tax effect — (3 ) — (3 ) — (1 ) — (1 ) $ — $ 14 $ — $ 14 $ — $ 3 $ — $ 3 The Company’s reporting currency is the U.S. dollar. A majority of the Company’s international entities in which there is a substantial investment have the local currency as their functional currency. As a result, currency translation adjustments resulting from the process of translating the entities’ financial statements into the reporting currency are reported in other comprehensive income (loss). The Company recorded income of $9 million and a loss of $171 million for the three and six months ended June 30, 2020, respectively and income of $18 million and $38 million for the three and six months ended June 30, 2019, 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 combination of: 1) changes in fair value of open derivatives of $23 million and ($33) million during the three and six months ended June 30, 2020; and, 2) the outflow of other comprehensive income (loss) related to cumulative changes in the fair value of derivatives that have settled in the current period ($10 million and $14 million during the three and six months ended June 30, 2020).

Segments

Segments	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segments	5 . Segments Financial results by operating segment are as follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Revenue: Wellbore Technologies $ 442 $ 850 $ 1,133 $ 1,657 Completion & Production Solutions 611 663 1,286 1,244 Rig Technologies 476 671 1,033 1,274 Eliminations (33 ) (52 ) (73 ) (103 ) Total revenue $ 1,496 $ 2,132 $ 3,379 $ 4,072 Operating profit (loss): Wellbore Technologies $ (67 ) (3,295 ) $ (730 ) $ (3,276 ) Completion & Production Solutions 42 (1,932 ) (971 ) (1,967 ) Rig Technologies (25 ) (422 ) (227 ) (391 ) Eliminations and corporate costs (50 ) (79 ) (122 ) (142 ) Total operating profit (loss) $ (100 ) $ (5,728 ) $ (2,050 ) $ (5,776 ) Sales from one segment to another generally are priced at estimated equivalent commercial selling prices; however, segments originating an external sale are credited with the full profit to the Company. Eliminations include intercompany transactions conducted between the three reporting segments that are eliminated in consolidation. Intrasegment transactions are eliminated within each segment. Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Other Significant Items: Wellbore Technologies $ 62 $ 3,345 $ 777 $ 3,343 Completion & Production Solutions 12 1,939 1,066 1,950 Rig Technologies 20 474 258 476 Eliminations and corporate costs 8 11 24 11 Second quarter 2020 operating profit (loss) includes pre-tax charges for severance, inventory impairments, facility closures and other items ($102 million). First quarter 2020 operating profit (loss) includes pre-tax charges for impairment of goodwill, indefinite-lived and finite-lived intangible and long-lived tangible assets ($1,891 million); inventory charges ($114 million); and, severance, facility closures and other items ($18 million). Second quarter 2019 operating profit (loss) includes pre-tax charges for impairment of goodwill, indefinite-lived and finite-lived intangible and long-lived tangible assets ($5,373 million); inventory charges ($302 million); a Voluntary Early Retirement Program ($89 million); and, severance, facility closures and other items ($5 million). First quarter 2019 operating profit includes pre-tax charges for severance, facility closures and other items ($11 million).

Revenue

Revenue	6 Months Ended
	Jun. 30, 2020
Revenue From Contract With Customer [Abstract]
Revenue	6 . Revenue Disaggregation of Revenue The following table disaggregates the Company’s revenue by major geographic and market segment destination. In the table, North America includes the U.S. and Canada (in millions): Three Months Ended June 30, 2020 2019 Completion Completion Wellbore & Production Rig Wellbore & Production Rig Technologies Solutions Technologies Elims. Total Technologies Solutions Technologies Elims. Total North America $ 183 $ 181 $ 53 $ — $ 417 $ 461 $ 282 $ 127 $ — $ 870 International 246 419 414 — 1,079 375 364 523 — 1,262 Eliminations 13 11 9 (33 ) — 14 17 21 (52 ) — $ 442 $ 611 $ 476 $ (33 ) $ 1,496 $ 850 $ 663 $ 671 $ (52 ) $ 2,132 Land $ 296 $ 345 $ 113 $ — $ 754 $ 679 $ 456 $ 171 $ — $ 1,306 Offshore 133 255 354 — 742 157 190 479 — 826 Eliminations 13 11 9 (33 ) — 14 17 21 (52 ) — $ 442 $ 611 $ 476 $ (33 ) $ 1,496 $ 850 $ 663 $ 671 $ (52 ) $ 2,132 Six Months Ended June 30, 2020 2019 Completion Completion Wellbore & Production Rig Wellbore & Production Rig Technologies Solutions Technologies Elims. Total Technologies Solutions Technologies Elims. Total North America $ 544 $ 406 $ 130 $ — $ 1,080 $ 921 $ 551 $ 268 $ — $ 1,740 International 559 856 884 — 2,299 706 660 966 — 2,332 Eliminations 30 24 19 (73 ) — 30 33 40 (103 ) — $ 1,133 $ 1,286 $ 1,033 $ (73 ) $ 3,379 $ 1,657 $ 1,244 $ 1,274 $ (103 ) $ 4,072 Land $ 825 $ 761 $ 264 $ — $ 1,850 $ 1,344 $ 861 $ 386 $ — $ 2,591 Offshore 278 501 750 — 1,529 283 350 848 — 1,481 Eliminations 30 24 19 (73 ) — 30 33 40 (103 ) — $ 1,133 $ 1,286 $ 1,033 $ (73 ) $ 3,379 $ 1,657 $ 1,244 $ 1,274 $ (103 ) $ 4,072 Performance Obligations Net revenue recognized from performance obligations satisfied in previous periods was $8 million for the three months ended June 30, 2020 primarily due to change orders. Remaining performance obligations represents the transaction price of firm orders for all revenue streams for which work has not been performed on contracts with original expected duration of one year or more. We do not disclose the remaining performance obligations of royalty contracts, service contracts for which there is a right to invoice, and short-term contracts that are expected to have a duration of one year or less. As of June 30, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was $3,919 million. The Company expects to recognize approximately $591 million in revenue for the remaining performance obligations in 2020 and $3,328 million in 2021 and thereafter. Contract Assets and Liabilities Contract assets include unbilled amounts when revenue recognized exceeds the amount billed to the customer under contracts where revenue is recognized over-time. Contract liabilities consist of customer billings in excess of revenue recognized under over-time contracts, customer advance payments and deferred revenue. The changes in the carrying amount of contract assets and contract liabilities are as follows (in millions): Contract Assets Contract Liabilities Balance at December 31, 2019 $ 643 $ 427 Provision (4 ) — Billings (373 ) 598 Revenue recognized 253 (609 ) Currency translation adjustments and other (11 ) (8 ) Balance at June 30, 2020 $ 508 $ 408

Leases

Leases	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases	7 . The Company leases certain facilities and equipment to support its operations around the world. These leases generally require the Company to pay maintenance, insurance, taxes and other operating costs in addition to rent. Renewal options are common in longer term leases; however, it is rare that the Company initially intends that a lease option will be exercised due to the cyclical nature of the Company’s business. Residual value guarantees are not typically part of the Company’s leases. Occasionally, the Company sub-leases excess facility space, generally at terms similar to the source lease. The Company reviews agreements at inception to determine if they include a lease and, when they do, uses its incremental borrowing rate to determine the present value of the future lease payments as most do not include implicit interest rates. Components of leases are as follows (in millions): June 30, December 31, 2020 2019 Current portion of lease liabilities: Operating $ 84 $ 84 Financing 31 30 Total $ 115 $ 114 June 30, December 31, 2020 2019 Long-term portion of lease liability: Operating $ 391 $ 424 Financing 246 $ 250 Total $ 637 $ 674

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	8. Debt consists of (in millions): June 30, December 31, 2020 2019 $1.1 billion in Senior Notes, interest at 3.95% payable semiannually, principal due on December 1, 2042 $ 1,089 $ 1,088 $0.5 billion in Senior Notes, interest at 3.60% payable semiannually, principal due on December 1, 2029 493 493 $0.4 billion in Senior Notes, interest at 2.60% payable semiannually, principal due on December 1, 2022 399 399 Other debt 48 9 Total $ 2,029 $ 1,989 The Company has a $2.0 billion, five-year Additionally, the Company has a $150 million bank line of credit for the construction of a facility in Saudi Arabia. Interest under the bank line of credit is based upon LIBOR plus 1.40%. The bank line of credit contains a financial covenant regarding maximum debt-to-equity ratio of 75%. As of June 30, 2020, the Company was in compliance. Other debt at June 30, 2020 included $17 million on the books of consolidated joint ventures due to the minority interest partner. The Company had $524 million of outstanding letters of credit at June 30, 2020, primarily in the U.S. and Norway, that are under various bilateral letter of credit facilities. Letters of credit are issued as bid bonds, advanced payment bonds and performance bonds. At June 30, 2020 and December 31, 2019, the fair value of the Company’s unsecured Senior Notes approximated $1,833 million and $1,947 million, respectively. The fair value of the Company’s debt is estimated using Level 2 inputs in the fair value hierarchy and is based on quoted prices for those of similar instruments. At June 30, 2020 and December 31, 2019, the carrying value of the Company’s unsecured Senior Notes approximated $1,981 million and $1,980 million, respectively.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	9 . The effective tax rate for the three and six months ended June 30, 2020 was 35.1% and 8.7%, respectively, compared to 6.5% and 6.6% for the same periods in 2019. The company’s 2019 and 2020 effective tax rates are negatively impacted by incremental valuation allowances primarily on net operating loss and tax attributes available in those years and the impairment of nondeductible goodwill. Furthermore, the Company revised its estimated income tax benefit related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) that was enacted on March 27, 2020 allowing net operating losses originating in 2018, 2019 or 2020 to be carried back five years. The Company recorded an income tax benefit of $123 million in the three months ended March 31, 2020 in anticipation of filing a refund claim to carryback its 2019 United States net operating loss to its 2014 tax year. The Company refined its estimated income tax benefit during the three months ended June 30, 2020, resulting in a reduction to the income tax benefit from $123 million to $100 million. The Company received a cash refund of $94 million in June 2020 and anticipates receiving an additional refund upon the filing of the final 2019 United States income tax return and final net operating loss carryback claim to 2014. The Company will complete these computations during the three months ended September 30, 2020. In addition, the effective tax rate in the three months and six months ended June 30, 2020 was favorably impacted by an income tax benefit of $90 million related to the Company’s decision to amend its 2016 United States income tax return in order to deduct foreign taxes paid rather than to claim foreign tax credits which would carryforward and be expected to expire unused in 2026. The resulting net operating loss in 2016 will be carried back to the Company’s 2014 tax return and will result in a net income tax refund of $90 million. The income tax receivable of $90 million is recorded in Other Assets on the balance sheet as the Company believes the refund will not be received within twelve months.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	10 . On May 20, 2020, the Company granted 99,696 restricted stock awards with a fair value of $13.00 per share. The awards were granted to non-employee members of the board of directors and vest on the first anniversary of the grant date. Total expense for all stock-based compensation arrangements was $28 million and $55 million for the three and six months ended June 30, 2020, respectively and $30 million and $63 million for the three and six months ended June 30, 2019, respectively. The total income tax benefit recognized in the Consolidated Statements of Income (Loss) for all stock-based compensation arrangements was nil for the three and six months ended June 30, 2020 and $4 million and $8 million for the three and six months ended June 30, 2019, respectively.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	1 1 . The Company uses forward currency contracts 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). Th e fair value of these derivative financial instruments are determined using level 2 inputs (inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability) in the fair value hierarchy as the fair value is based on publicly available foreign exchange and interest rates at each financial reporting dat e. Forward currency contracts consist of (in millions): Currency Denomination June 30, December 31, Foreign Currency 2020 2019 South Korean Won KRW 17,600 KRW 17,600 Norwegian Krone NOK 4,873 NOK 5,377 Russian Ruble RUB 1,042 RUB 1,012 U.S. Dollar USD 419 USD 686 Mexican Peso MXN 407 MXN 115 Euro EUR 207 EUR 188 Japanese Yen JPY 191 JPY 36 South African Rand ZAR 124 ZAR 124 British Pound Sterling GBP 38 GBP 20 Singapore Dollar SGD 16 SGD 42 Danish Krone DKK 8 DKK 21 Canadian Dollar CAD 1 CAD 3 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 $15 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 $5 million and ($38) million for the three and six months ended June 30, 2020, respectively, and ($7) million and ($3) million for the three and six months ended June 30, 2019, respectively. The Company has the following fair values of its derivative instruments and their balance sheet classifications (in millions): Asset Derivatives Liability Derivatives Fair Value Fair Value Balance Sheet June 30, December 31, Balance Sheet June 30, December 31, Location 2020 2019 Location 2020 2019 Derivatives designated as hedging instruments under ASC Topic 815 Foreign exchange contracts Prepaid and other current assets $ 3 $ 5 Accrued liabilities $ 35 $ 18 Foreign exchange contracts Other Assets 5 4 Other liabilities 7 2 Total derivatives designated as hedging instruments under ASC Topic 815 $ 8 $ 9 $ 42 $ 20 Derivatives not designated as hedging instruments under ASC Topic 815 Foreign exchange contracts Prepaid and other current assets $ 6 $ 8 Accrued liabilities $ 14 $ 6 Foreign exchange contracts Other Assets 1 1 Other Liabilities — — Total derivatives not designated as hedging instruments under ASC Topic 815 $ 7 $ 9 $ 14 $ 6 Total derivatives $ 15 $ 18 $ 56 $ 26

Net Income (Loss) Attributable

Net Income (Loss) Attributable to Company Per Share	6 Months Ended
	Jun. 30, 2020
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 Six Months Ended June 30, June 30, 2020 2019 2020 2019 Numerator: Net loss attributable to Company $ (93 ) $ (5,389 ) $ (2,140 ) $ (5,466 ) Denominator: Basic—weighted average common shares outstanding 385 382 384 381 Dilutive effect of employee stock options and other unvested stock awards — — — — Diluted outstanding shares 385 382 384 381 Net loss attributable to Company per share: Basic $ (0.24 ) $ (14.11 ) $ (5.57 ) $ (14.35 ) Diluted $ (0.24 ) $ (14.11 ) $ (5.57 ) $ (14.35 ) Cash dividends per share $ — $ 0.05 $ 0.05 $ 0.10 Companies with unvested participating securities are required to utilize a two-class method for the computation of net income attributable to Company per share. The two-class method requires a portion of net income attributable to Company to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents if declared. Net income (loss) attributable to Company allocated to participating securities was immaterial for each of the three and six months ended June 30, 2020 and 2019, respectively. The Company had stock options outstanding that were anti-dilutive totaling 28 million shares for the three and six months ended June 30, 2020, respectively, compared to 25 million and 21 million shares for each of the three and six months ended June 30, 2019, respectively.

Cash Dividends

Cash Dividends	6 Months Ended
	Jun. 30, 2020
Text Block [Abstract]
Cash Dividends	1 3 . Cash dividends were nil and $19 million for the three and six months ended June 30, 2020 compared to $19 million and $38 million for the three and six months ended June 30, 2019. 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	6 Months Ended
	Jun. 30, 2020
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, 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 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. During the first quarter of 2020 the coronavirus (COVID-19) outbreak rapidly spread across the world, driving sharp demand destruction for crude oil as whole economies ordered curtailed activity. Members of the Organization of the Petroleum Exporting Countries and other producing countries (OPEC+), including Russia, increased production into the already oversupplied market, decimating oil prices. The result was the Company’s stock price reaching a new low during the quarter and its market capitalization falling below its carrying value. West Texas Intermediate (WTI), a key benchmark for the US oil market, fell more than $40 per barrel from January 1, 2020 to March 31, 2020 (losing two thirds of its value in 90 days) to its lowest level in nearly two decades. As travel restrictions and government directives to shut down businesses increased, demand was expected to continue declining in the second quarter of 2020. Management reduced its forecast accordingly. In the Company’s view, falling rig count levels in the first quarter and a depressed outlook provided evidence to the equity markets that oil and gas producers were committed to reduced levels of capital investment in drilling, which will further reduce levels of demand for capital equipment and oilfield services that the Company sells to its customers. Also, due to the prolonged poor market conditions, capital availability to many of the Company’s customers became even more limited and is unlikely to improve near-term. In management’s judgement the facts and circumstances including those described above constituted a triggering event in the first quarter which indicated the Company’s goodwill and other long-lived assets may be impaired. The Company performed a detailed analysis under ASC 350, incorporating this refined outlook, which determined that the fair values were less than the respective carrying values for all of the Company’s business units (“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 judgements, using discounted cash flow. The inputs used in the test were updated to reflect management’s judgement, current market conditions and forecasts. The discounted cash flow was based on management’s forecast of operating performance for each Reporting Unit. The two main assumptions used, which bear the risk of change and could impact the test result, include the forecast cash flow from operations from each of the Company’s Reporting Units and their respective weighted average cost of capital. The starting point for each of the Reporting Unit’s cash flow from operations was the detailed forecast, 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 judgement must be applied to determine whether credit changes are a short-term or long-term trend. For the first quarter of 2020, the Company recorded $1,295 million in impairment charges to goodwill and $83 million in charges to indefinite-lived intangible assets. Following the impairment charges, several Reporting Units did not have a fair value substantially in excess of their book value. Further deterioration of market conditions, in management’s judgement, beyond those incorporated into the extended forecast by management, will likely result in additional impairment charges. The remaining goodwill balance for these Reporting Units at June 30, 2020 is as follows: Rig Equipment ($661 million), Marine Construction ($51 million), ReedHycalog ($124 million), M/D Totco ($10 million), Wellsite ($174 million), XL Systems ($64 million), Fiberglass Systems ($346 million), and Process and Flow Technologies ($63 million). At June 30, 2020, the Company has approximately $1.49 billion of goodwill, by segment, as follows (in millions): Wellbore Technologies Completion & Production Solutions Rig Technologies Total Balance at December 31, 2019 $ 843 $ 1,054 $ 910 $ 2,807 Impairment (517 ) (580 ) (198 ) (1,295 ) Additions 4 — — 4 Currency translation adjustments and other (22 ) (1 ) — (23 ) Balance at June 30, 2020 $ 308 $ 473 $ 712 $ 1,493 Accumulated goodwill impairment was $7,261 million at June 30, 2020. 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 first quarter of 2020, 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 finite-lived intangible assets were impaired. Impairment testing performed in the first quarter 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 first quarter of 2020, the Company recorded impairment charges of $209 million to customer relationships, patents, trademarks, tradenames, and other finite-lived intangible assets, $262 million to property, plant and equipment, and $42 million for right-of-use assets. Additionally, the Company recorded a $224 million impairment on its equity investment in unconsolidated affiliates. The Company has approximately $525 million of identified intangible assets, by segment, as follows (in millions): Wellbore Technologies Completion & Production Solutions Rig Technologies Total Balance at December 31, 2019 $ 326 $ 275 $ 251 $ 852 Impairment (78 ) (214 ) — (292 ) Additions — — — — Amortization (6 ) (7 ) (14 ) (27 ) Currency translation adjustments and other (3 ) (4 ) (1 ) (8 ) Balance at June 30, 2020 $ 239 $ 50 $ 236 $ 525

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	1 5 . Our business is governed by laws and regulations promulgated by U.S. federal and state governments and regulatory agencies, as well as international governmental authorities in the many countries in which we conduct business, including those related to the oilfield service industry. In the United States these governmental authorities include: the U.S. Department of Labor, the Occupational Safety and Health Administration (“OSHA”), the Environmental Protection Agency, the Bureau of Land Management, the Department of Treasury, Office of Foreign Asset Controls, state and international environmental agencies and many others. We are unaware of any 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 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 enough 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, environmental, 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 some 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 June 30, 2020, the Company recorded reserves in an amount believed to be sufficient, given the range of potential outcomes, for contingent liabilities representing all contingencies believed to be probable. These reserves include all costs expected for reclamation of a closed barite mine and product liability claims, as well as other circumstances involving material claims. The Company has assessed the potential for additional losses above the amounts accrued as well as potential losses for matters that are not probable but are reasonably possible. The litigation process as well as the outcome of regulatory oversight is inherently uncertain, and our best judgement 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 information, patents and other intellectual property rights. Such disputes frequently involve complex, factual, technical and/or legal issues which result in high costs to adjudicate our rights and 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. 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, China and Venezuela. Such trade regulations can be complex and present compliance challenges which could result in future liabilities. As a result of the recent COVID-19 pandemic, the Company may be exposed to additional liabilities and risks. “Shelter-in-Place” and other governmental orders and restrictions in response to the COVID-19 pandemic have resulted in a severe slowdown in economic activity, and a sharp reduction in oil activity and a corresponding decline in demand for oil. This has and will lead to a sharp reduction in drilling activity in North America and reduction of activity internationally. The persistence of this supply/demand imbalance caused oil prices to drop precipitously, to the lowest prices in decades. The COVID-19 pandemic continues to adversely impact many jurisdictions and continues to disrupt normal economic activities. As a result, the demand for energy continues to be constrained with continued adverse consequences for our customers and for the Company. As a result of these market conditions, demand for our products and services has declined. Our customers may attempt to cancel or delay projects, cancel contracts or may invoke force majure clauses. Our customers may also seek to delay or may default on their payments to us. Further, we have seen, and expect to see, an increasing number of energy companies filing bankruptcy. Our collection of receivables could be materially delayed and/or impaired. The Company also may be exposed to liabilities resulting from operational delays due to supply chain disruption and closure or limitations imposed on our facilities and work force, from “shelter in place” orders around the world. The Company’s ability to perform services could also be impaired and the Company could be exposed to liabilities resulting from interruption in its ability to perform due to limited manpower and travel restrictions. These potential operational and service delays resulting from the COVID-19 pandemic could result in contractual or other legal claims from our customers. At this time, it is not possible to quantify these risks, but the combination of these factors could have a material impact on our financial results.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2020
Accounting Changes And Error Corrections [Abstract]
New Accounting Pronouncements	1 6 . Recently Adopted 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 adopted this update on January 1, 2020, with no material impact. The Company estimates its reserves using information about past events, current conditions and risk characteristics of each customer, and reasonable and supportable forecasts relevant to assessing risk associated with the collectability of Trade Accounts Receivables, Contract Assets, Unbilled Accounts Receivables, and Long-Term Receivables. The Company’s customer base, mostly in the oil and gas industry, have generally similar collectability risk characteristics, although larger and state-owned customers may have lower risk than smaller independent customers. As of June 30, 2020, allowance for bad debts and contract assets totaled $117 million. Recently Issued Accounting Standards In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes.” This ASU eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of accounting for income taxes. ASU 2019-12 is effective for interim and annual reporting periods beginning after December 15, 2020, with early adoption permitted. Management is currently assessing the impact of adopting ASU 2019-12 on the company’s financial position, results of operations and cash flows. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)” This ASU applies only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management is currently assessing the impact of adopting ASU 2020-04 on the company’s financial position, results of operations and cash flows.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Fair Value of Financial Instruments	The fair values of cash and cash equivalents, receivables and payables were 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 Income (Loss) Attributable to Company Per Share	Companies with unvested participating securities are required to utilize a two-class method for the computation of net income attributable to Company per share. The two-class method requires a portion of net income attributable to Company to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents if declared. Net income (loss) attributable to Company allocated to participating securities was immaterial for each of the three and six months ended June 30, 2020 and 2019, respectively.
Recently Adopted and Issued Accounting Standards	Recently Adopted 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 adopted this update on January 1, 2020, with no material impact. The Company estimates its reserves using information about past events, current conditions and risk characteristics of each customer, and reasonable and supportable forecasts relevant to assessing risk associated with the collectability of Trade Accounts Receivables, Contract Assets, Unbilled Accounts Receivables, and Long-Term Receivables. The Company’s customer base, mostly in the oil and gas industry, have generally similar collectability risk characteristics, although larger and state-owned customers may have lower risk than smaller independent customers. As of June 30, 2020, allowance for bad debts and contract assets totaled $117 million. Recently Issued Accounting Standards In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes.” This ASU eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of accounting for income taxes. ASU 2019-12 is effective for interim and annual reporting periods beginning after December 15, 2020, with early adoption permitted. Management is currently assessing the impact of adopting ASU 2019-12 on the company’s financial position, results of operations and cash flows. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)” This ASU applies only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management is currently assessing the impact of adopting ASU 2020-04 on the company’s financial position, results of operations and cash flows.

Inventories, net (Tables)

Inventories, net (Tables)	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories consist of (in millions): June 30, December 31, 2020 2019 Raw materials and supplies $ 478 $ 577 Work in process 334 364 Finished goods and purchased products 1,860 2,099 2,672 3,040 Less: Inventory reserve (743 ) (843 ) Total $ 1,929 $ 2,197

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
Payables And Accruals [Abstract]
Accrued Liabilities	Accrued liabilities consist of (in millions): June 30, December 31, 2020 2019 Compensation $ 158 $ 270 Vendor costs 110 121 Taxes (non-income) 109 112 Warranties 84 90 Insurance 58 57 Fair value of derivatives 49 24 Interest 7 8 Other 240 267 Total $ 815 $ 949

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2019 $ (1,403 ) $ (4 ) $ (16 ) $ (1,423 ) Accumulated other comprehensive income (loss) before reclassifications (171 ) (33 ) — (204 ) Amounts reclassified from accumulated other comprehensive income (loss) — 14 — 14 Balance at June 30, 2020 $ (1,574 ) $ (23 ) $ (16 ) $ (1,613 )
Components of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	The components of amounts reclassified from accumulated other comprehensive income (loss) are as follows (in millions): Three Months Ended June 30, 2020 2019 Currency Derivative Defined Currency Derivative Defined Translation Financial Benefit Translation Financial Benefit Adjustments Instruments Plans Total Adjustments Instruments Plans Total Revenue $ — $ 2 $ — $ 2 $ — $ 1 $ — $ 1 Cost of revenue — 10 — 10 — 2 — 2 Tax effect — (2 ) — (2 ) — (1 ) — (1 ) $ — $ 10 $ — $ 10 $ — $ 2 $ — $ 2 Six Months Ended June 30, 2020 2019 Currency Derivative Defined Currency Derivative Defined Translation Financial Benefit Translation Financial Benefit Adjustments Instruments Plans Total Adjustments Instruments Plans Total Revenue $ — $ 2 $ — $ 2 $ — $ 1 $ — $ 1 Cost of revenue — 15 — 15 — 3 — 3 Tax effect — (3 ) — (3 ) — (1 ) — (1 ) $ — $ 14 $ — $ 14 $ — $ 3 $ — $ 3

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Operating Segments	Financial results by operating segment are as follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Revenue: Wellbore Technologies $ 442 $ 850 $ 1,133 $ 1,657 Completion & Production Solutions 611 663 1,286 1,244 Rig Technologies 476 671 1,033 1,274 Eliminations (33 ) (52 ) (73 ) (103 ) Total revenue $ 1,496 $ 2,132 $ 3,379 $ 4,072 Operating profit (loss): Wellbore Technologies $ (67 ) (3,295 ) $ (730 ) $ (3,276 ) Completion & Production Solutions 42 (1,932 ) (971 ) (1,967 ) Rig Technologies (25 ) (422 ) (227 ) (391 ) Eliminations and corporate costs (50 ) (79 ) (122 ) (142 ) Total operating profit (loss) $ (100 ) $ (5,728 ) $ (2,050 ) $ (5,776 ) Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Other Significant Items: Wellbore Technologies $ 62 $ 3,345 $ 777 $ 3,343 Completion & Production Solutions 12 1,939 1,066 1,950 Rig Technologies 20 474 258 476 Eliminations and corporate costs 8 11 24 11

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue From Contract With Customer [Abstract]
Summary of Disaggregate Revenue by Destinations	The following table disaggregates the Company’s revenue by major geographic and market segment destination. In the table, North America includes the U.S. and Canada (in millions): Three Months Ended June 30, 2020 2019 Completion Completion Wellbore & Production Rig Wellbore & Production Rig Technologies Solutions Technologies Elims. Total Technologies Solutions Technologies Elims. Total North America $ 183 $ 181 $ 53 $ — $ 417 $ 461 $ 282 $ 127 $ — $ 870 International 246 419 414 — 1,079 375 364 523 — 1,262 Eliminations 13 11 9 (33 ) — 14 17 21 (52 ) — $ 442 $ 611 $ 476 $ (33 ) $ 1,496 $ 850 $ 663 $ 671 $ (52 ) $ 2,132 Land $ 296 $ 345 $ 113 $ — $ 754 $ 679 $ 456 $ 171 $ — $ 1,306 Offshore 133 255 354 — 742 157 190 479 — 826 Eliminations 13 11 9 (33 ) — 14 17 21 (52 ) — $ 442 $ 611 $ 476 $ (33 ) $ 1,496 $ 850 $ 663 $ 671 $ (52 ) $ 2,132 Six Months Ended June 30, 2020 2019 Completion Completion Wellbore & Production Rig Wellbore & Production Rig Technologies Solutions Technologies Elims. Total Technologies Solutions Technologies Elims. Total North America $ 544 $ 406 $ 130 $ — $ 1,080 $ 921 $ 551 $ 268 $ — $ 1,740 International 559 856 884 — 2,299 706 660 966 — 2,332 Eliminations 30 24 19 (73 ) — 30 33 40 (103 ) — $ 1,133 $ 1,286 $ 1,033 $ (73 ) $ 3,379 $ 1,657 $ 1,244 $ 1,274 $ (103 ) $ 4,072 Land $ 825 $ 761 $ 264 $ — $ 1,850 $ 1,344 $ 861 $ 386 $ — $ 2,591 Offshore 278 501 750 — 1,529 283 350 848 — 1,481 Eliminations 30 24 19 (73 ) — 30 33 40 (103 ) — $ 1,133 $ 1,286 $ 1,033 $ (73 ) $ 3,379 $ 1,657 $ 1,244 $ 1,274 $ (103 ) $ 4,072
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, 2019 $ 643 $ 427 Provision (4 ) — Billings (373 ) 598 Revenue recognized 253 (609 ) Currency translation adjustments and other (11 ) (8 ) Balance at June 30, 2020 $ 508 $ 408

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Schedule of Components of Leases	Components of leases are as follows (in millions): June 30, December 31, 2020 2019 Current portion of lease liabilities: Operating $ 84 $ 84 Financing 31 30 Total $ 115 $ 114 June 30, December 31, 2020 2019 Long-term portion of lease liability: Operating $ 391 $ 424 Financing 246 $ 250 Total $ 637 $ 674

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt consists of (in millions): June 30, December 31, 2020 2019 $1.1 billion in Senior Notes, interest at 3.95% payable semiannually, principal due on December 1, 2042 $ 1,089 $ 1,088 $0.5 billion in Senior Notes, interest at 3.60% payable semiannually, principal due on December 1, 2029 493 493 $0.4 billion in Senior Notes, interest at 2.60% payable semiannually, principal due on December 1, 2022 399 399 Other debt 48 9 Total $ 2,029 $ 1,989

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Outstanding Foreign Currency Forward Contracts	Forward currency contracts consist of (in millions): Currency Denomination June 30, December 31, Foreign Currency 2020 2019 South Korean Won KRW 17,600 KRW 17,600 Norwegian Krone NOK 4,873 NOK 5,377 Russian Ruble RUB 1,042 RUB 1,012 U.S. Dollar USD 419 USD 686 Mexican Peso MXN 407 MXN 115 Euro EUR 207 EUR 188 Japanese Yen JPY 191 JPY 36 South African Rand ZAR 124 ZAR 124 British Pound Sterling GBP 38 GBP 20 Singapore Dollar SGD 16 SGD 42 Danish Krone DKK 8 DKK 21 Canadian Dollar CAD 1 CAD 3
Derivative Instruments and their Balance Sheet Classifications	The Company has the following fair values of its derivative instruments and their balance sheet classifications (in millions): Asset Derivatives Liability Derivatives Fair Value Fair Value Balance Sheet June 30, December 31, Balance Sheet June 30, December 31, Location 2020 2019 Location 2020 2019 Derivatives designated as hedging instruments under ASC Topic 815 Foreign exchange contracts Prepaid and other current assets $ 3 $ 5 Accrued liabilities $ 35 $ 18 Foreign exchange contracts Other Assets 5 4 Other liabilities 7 2 Total derivatives designated as hedging instruments under ASC Topic 815 $ 8 $ 9 $ 42 $ 20 Derivatives not designated as hedging instruments under ASC Topic 815 Foreign exchange contracts Prepaid and other current assets $ 6 $ 8 Accrued liabilities $ 14 $ 6 Foreign exchange contracts Other Assets 1 1 Other Liabilities — — Total derivatives not designated as hedging instruments under ASC Topic 815 $ 7 $ 9 $ 14 $ 6 Total derivatives $ 15 $ 18 $ 56 $ 26

Net Income (Loss) Attributabl_2

Net Income (Loss) Attributable to Company Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Computation of Weighted Average Basic and Diluted Shares Outstanding	The following table sets forth the computation of weighted average basic and diluted shares outstanding (in millions, except per share data): Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Numerator: Net loss attributable to Company $ (93 ) $ (5,389 ) $ (2,140 ) $ (5,466 ) Denominator: Basic—weighted average common shares outstanding 385 382 384 381 Dilutive effect of employee stock options and other unvested stock awards — — — — Diluted outstanding shares 385 382 384 381 Net loss attributable to Company per share: Basic $ (0.24 ) $ (14.11 ) $ (5.57 ) $ (14.35 ) Diluted $ (0.24 ) $ (14.11 ) $ (5.57 ) $ (14.35 ) Cash dividends per share $ — $ 0.05 $ 0.05 $ 0.10

Asset Impairments (Tables)

Asset Impairments (Tables)	6 Months Ended
	Jun. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill Identified, by Segment	At June 30, 2020, the Company has approximately $1.49 billion of goodwill, by segment, as follows (in millions): Wellbore Technologies Completion & Production Solutions Rig Technologies Total Balance at December 31, 2019 $ 843 $ 1,054 $ 910 $ 2,807 Impairment (517 ) (580 ) (198 ) (1,295 ) Additions 4 — — 4 Currency translation adjustments and other (22 ) (1 ) — (23 ) Balance at June 30, 2020 $ 308 $ 473 $ 712 $ 1,493
Identified Intangible Assets, by Segment	The Company has approximately $525 million of identified intangible assets, by segment, as follows (in millions): Wellbore Technologies Completion & Production Solutions Rig Technologies Total Balance at December 31, 2019 $ 326 $ 275 $ 251 $ 852 Impairment (78 ) (214 ) — (292 ) Additions — — — — Amortization (6 ) (7 ) (14 ) (27 ) Currency translation adjustments and other (3 ) (4 ) (1 ) (8 ) Balance at June 30, 2020 $ 239 $ 50 $ 236 $ 525

Inventories, net - Inventories

Inventories, net - Inventories (Detail) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 478	$ 577
Work in process	334	364
Finished goods and purchased products	1,860	2,099
Inventory, Gross	2,672	3,040
Less: Inventory reserve	(743)	(843)
Total	$ 1,929	$ 2,197

Accrued Liabilities - Accrued L

Accrued Liabilities - Accrued Liabilities (Detail) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Compensation	$ 158	$ 270
Vendor costs	110	121
Taxes (non-income)	109	112
Warranties	84	90
Insurance	58	57
Fair value of derivatives	49	24
Interest	7	8
Other	240	267
Total	$ 815	$ 949

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 7,846
Ending Balance	5,533
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(1,403)
Accumulated other comprehensive income (loss) before reclassifications	(171)
Amounts reclassified from accumulated other comprehensive income (loss)	0
Ending Balance	(1,574)
Derivative Financial Instruments, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(4)
Accumulated other comprehensive income (loss) before reclassifications	(33)
Amounts reclassified from accumulated other comprehensive income (loss)	14
Ending Balance	(23)
Defined Benefit Plans, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(16)
Accumulated other comprehensive income (loss) before reclassifications	0
Amounts reclassified from accumulated other comprehensive income (loss)	0
Ending Balance	(16)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(1,423)
Accumulated other comprehensive income (loss) before reclassifications	(204)
Amounts reclassified from accumulated other comprehensive income (loss)	14
Ending Balance	$ (1,613)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Components of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Reclassification Adjusactment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue	$ 1,496	$ 2,132	$ 3,379	$ 4,072
Tax effect	47	373	203	383
Net loss attributable to Company	(93)	(5,389)	(2,140)	(5,466)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjusactment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue	2	1	2	1
Cost of revenue	10	2	15	3
Tax effect	(2)	(1)	(3)	(1)
Net loss attributable to Company	10	2	14	3
Derivative Financial Instruments, Net of Tax [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjusactment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue	2	1	2	1
Cost of revenue	10	2	15	3
Tax effect	(2)	(1)	(3)	(1)
Net loss attributable to Company	$ 10	$ 2	$ 14	$ 3

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Loss - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Other comprehensive income (loss) before reclassifications	$ 9	$ 18	$ (171)	$ 38
Changes in fair value of open derivatives	23		(33)
Cumulative changes in the fair value of derivatives	$ 10		$ 14

Segments - Operating Segments (

Segments - Operating Segments (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Total revenue	$ 1,496	$ 2,132	$ 3,379	$ 4,072
Total operating profit (loss)	(100)	(5,728)	(2,050)	(5,776)
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Total revenue	(33)	(52)	(73)	(103)
Total operating profit (loss)	(50)	(79)	(122)	(142)
Other significant items	8	11	24	11
Operating Segments [Member] | Wellbore Technologies [Member]
Segment Reporting Information [Line Items]
Total revenue	442	850	1,133	1,657
Total operating profit (loss)	(67)	(3,295)	(730)	(3,276)
Other significant items	62	3,345	777	3,343
Operating Segments [Member] | Completion & Production Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	611	663	1,286	1,244
Total operating profit (loss)	42	(1,932)	(971)	(1,967)
Other significant items	12	1,939	1,066	1,950
Operating Segments [Member] | Rig Technologies [Member]
Segment Reporting Information [Line Items]
Total revenue	476	671	1,033	1,274
Total operating profit (loss)	(25)	(422)	(227)	(391)
Other significant items	$ 20	$ 474	$ 258	$ 476

Segments - Additional Informati

Segments - Additional Information (Detail) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Jun. 30, 2020Segment
Segment Reporting Information [Line Items]
Number of reportable segments | Segment					3
Severance, Inventory Impairments, Facility Closures and Other Items [Member]
Segment Reporting Information [Line Items]
Charges/ (reversals)	$ 102
Goodwill, Indefinite-lived and Finite-Lived Intangible and Long-Lived Tangible Assets [Member]
Segment Reporting Information [Line Items]
Charges/ (reversals)		$ 1,891	$ 5,373
Inventory Charges [Member]
Segment Reporting Information [Line Items]
Charges/ (reversals)		114	302
Severance, Facility Closures And Other Items [Member]
Segment Reporting Information [Line Items]
Charges/ (reversals)		$ 18	5	$ 11
Voluntary Early Retirement Program [Member]
Segment Reporting Information [Line Items]
Charges/ (reversals)			$ 89

Revenue - Summary of Disaggrega

Revenue - Summary of Disaggregate Revenue by Destinations (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Disaggregate revenue	$ 1,496	$ 2,132	$ 3,379	$ 4,072
Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	442	850	1,133	1,657
Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	611	663	1,286	1,244
Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	476	671	1,033	1,274
Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(33)	(52)	(73)	(103)
Continental [Member] | Intersubsegment Eliminations [Member] | Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	13	14	30	30
Continental [Member] | Intersubsegment Eliminations [Member] | Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	11	17	24	33
Continental [Member] | Intersubsegment Eliminations [Member] | Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	9	21	19	40
Continental [Member] | Intersubsegment Eliminations [Member] | Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(33)	(52)	(73)	(103)
Continental [Member] | North America [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	417	870	1,080	1,740
Continental [Member] | North America [Member] | Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	183	461	544	921
Continental [Member] | North America [Member] | Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	181	282	406	551
Continental [Member] | North America [Member] | Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	53	127	130	268
Continental [Member] | International [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,079	1,262	2,299	2,332
Continental [Member] | International [Member] | Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	246	375	559	706
Continental [Member] | International [Member] | Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	419	364	856	660
Continental [Member] | International [Member] | Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	414	523	884	966
Land and Offshore [Member] | Intersubsegment Eliminations [Member] | Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	13	14	30	30
Land and Offshore [Member] | Intersubsegment Eliminations [Member] | Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	11	17	24	33
Land and Offshore [Member] | Intersubsegment Eliminations [Member] | Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	9	21	19	40
Land and Offshore [Member] | Intersubsegment Eliminations [Member] | Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(33)	(52)	(73)	(103)
Land and Offshore [Member] | Land Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	754	1,306	1,850	2,591
Land and Offshore [Member] | Land Destination [Member] | Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	296	679	825	1,344
Land and Offshore [Member] | Land Destination [Member] | Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	345	456	761	861
Land and Offshore [Member] | Land Destination [Member] | Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	113	171	264	386
Land and Offshore [Member] | Offshore Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	742	826	1,529	1,481
Land and Offshore [Member] | Offshore Destination [Member] | Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	133	157	278	283
Land and Offshore [Member] | Offshore Destination [Member] | Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	255	190	501	350
Land and Offshore [Member] | Offshore Destination [Member] | Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	$ 354	$ 479	$ 750	$ 848

Revenue - Additional Informatio

Revenue - Additional Information (Detail) $ in Millions	3 Months Ended
	Jun. 30, 2020USD ($)
Revenue From Contract With Customer [Abstract]
Net revenue recognized from performance obligations	$ 8
Remaining performance obligations	$ 3,919

Revenue - Additional Informat_2

Revenue - Additional Information (Detail 1) $ in Millions	Jun. 30, 2020USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 3,919
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 591
Remaining performance obligations, expected to be recognized, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 3,328
Remaining performance obligations, expected to be recognized, period	1 year

Revenue - Summary of Changes in

Revenue - Summary of Changes in Carrying Amount of Contract Assets and Contract Liabilities (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Revenue From Contract With Customer [Abstract]
Balance at December 31, 2019	$ 643
Provision	(4)
Billings	(373)
Revenue recognized	253
Currency translation adjustments and other	(11)
Balance at June 30, 2020	508
Balance at December 31, 2019	427
Billings	598
Revenue recognized	(609)
Currency translation adjustments and other	(8)
Balance at June 30, 2020	$ 408

Leases - Schedule of Components

Leases - Schedule of Components of Leases (Detail) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Current portion of lease liabilities:
Operating	$ 84	$ 84
Financing	31	30
Total	115	114
Long-term portion of lease liability:
Operating	391	424
Financing	246	250
Total	$ 637	$ 674

Debt - Debt (Detail)

Debt - Debt (Detail) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Senior Notes	$ 1,981	$ 1,980
Other debt	48	9
Total	2,029	1,989
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
Senior Notes, Interest at 3.60% Payable Semiannually, Principal Due on December 1, 2029 [Member]
Debt Instrument [Line Items]
Senior Notes	493	493
Senior Notes, Interest at 2.60% Payable Semiannually, Principal Due on December 1, 2022 [Member]
Debt Instrument [Line Items]
Senior Notes	$ 399	$ 399

Debt - Debt (Parenthetical) (De

Debt - Debt (Parenthetical) (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Senior Notes, Interest at 2.60% Payable Semiannually, Principal Due on December 1, 2022 [Member]
Debt Instrument [Line Items]
Senior note face amount	$ 400,000,000	$ 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 3.60% Payable Semiannually, Principal Due on December 1, 2029 [Member]
Debt Instrument [Line Items]
Senior note face amount	$ 500,000,000	$ 500,000,000
Senior notes interest rate	3.60%	3.60%
Senior note due date	Dec. 1, 2029	Dec. 1, 2029
Senior Notes, Interest at 3.95% Payable Semiannually, Principal Due on December 1, 2042 [Member]
Debt Instrument [Line Items]
Senior note face amount	$ 1,100,000,000	$ 1,100,000,000
Senior notes interest rate	3.95%	3.95%
Senior note due date	Dec. 1, 2042	Dec. 1, 2042

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Interest rate under multi currency facility	LIBOR, NIBOR or CDOR plus 1.125%
Capitalization ratio, Maximum	60.00%
Capitalization ratio, Actual	29.40%
Funds available under revolving credit facility	$ 2,000,000,000
Other debt	48,000,000	$ 9,000,000
Outstanding letters of credit under various bilateral letter of credit facilities	524,000,000
Carrying value of Unsecured Senior Notes	1,981,000,000	1,980,000,000
Unsecured Debt [Member] | Fair Value, Inputs, Level 2 [Member]
Debt Instrument [Line Items]
Fair value of Unsecured Senior Notes	1,833,000,000	$ 1,947,000,000
Noncontrolling Interests [Member]
Debt Instrument [Line Items]
Other debt	$ 17,000,000
Canadian Dollar Offered Rate (CDOR) [Member]
Debt Instrument [Line Items]
Variable rate	1.125%
Five Year Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, borrowing capacity	$ 2,000,000,000
Credit facility, maturity date	Oct. 30, 2024
Credit facility, extendable borrowing capacity	$ 3,000,000,000
Variable rate basis	LIBOR, NIBOR or CDOR plus
Outstanding letters of credit issued	$ 0
Unsecured Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, Period	5 years
Foreign Line of Credit [Member]
Debt Instrument [Line Items]
Variable rate	1.40%
Additional line of credit facility borrowing capacity	$ 150,000,000
Debt to equity ratio maximum	75.00%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating Loss Carryforwards [Line Items]
Effective income tax rate	35.10%		6.50%	8.70%	6.60%
Income Tax Benefit Offset Amount From Cares Act 2020 Aid	$ 100	$ 123
Net operating losses carried back term due to cares act				5 years
Refund claim to carryback net operating loss from Settlement with Taxing Authority	94			$ 94
Favorably impacted by an income tax benefit	90			90
Income tax receivable recorded in other assets	90			90
Tax Year 2014 [Member]
Operating Loss Carryforwards [Line Items]
Refund claim to carryback net operating loss from Settlement with Taxing Authority	$ 90			$ 90

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	May 20, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 28	$ 30	$ 55	$ 63
Income tax benefit recognized		$ 0	$ 4	$ 0	$ 8
Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	99,696
Restricted stock granted fair value	$ 13

Derivative Financial Instrume_3

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

Jun. 30, 2020USD ($)

Jun. 30, 2020KRW (₩)

Jun. 30, 2020NOK (kr)

Jun. 30, 2020RUB (₽)

Jun. 30, 2020MXN ($)

Jun. 30, 2020EUR (€)

Jun. 30, 2020JPY (¥)

Jun. 30, 2020ZAR (R)

Jun. 30, 2020GBP (£)

Jun. 30, 2020SGD ($)

Jun. 30, 2020DKK (kr)

Jun. 30, 2020CAD ($)

Dec. 31, 2019USD ($)

Dec. 31, 2019KRW (₩)

Dec. 31, 2019NOK (kr)

Dec. 31, 2019RUB (₽)

Dec. 31, 2019MXN ($)

Dec. 31, 2019EUR (€)

Dec. 31, 2019JPY (¥)

Dec. 31, 2019ZAR (R)

Dec. 31, 2019GBP (£)

Dec. 31, 2019SGD ($)

Dec. 31, 2019DKK (kr)

Dec. 31, 2019CAD ($)

Forward Contracts [Member]

Derivative [Line Items]

Foreign currency, Cash flow hedging

$ 419

₩ 17,600

kr 4,873

₽ 1,042

$ 407

€ 207

¥ 191

R 124

£ 38

$ 16

kr 8

$ 1

$ 686

₩ 17,600

kr 5,377

₽ 1,012

$ 115

€ 188

¥ 36

R 124

£ 20

$ 42

kr 21

$ 3

Derivative Financial Instrume_4

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Accumulated other comprehensive income (loss) reclassified into earnings within the next twelve months			$ 15
Gain (loss) recognized in other income (expense), net	$ 5	$ (7)	$ (38)	$ (3)

Derivative Financial Instrume_5

Derivative Financial Instruments - Derivative Instruments and their Balance Sheet Classifications (Detail) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 15	$ 18
Liability Derivatives	56	26
Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	8	9
Liability Derivatives	42	20
Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	7	9
Liability Derivatives	14	6
Foreign Exchange Contracts [Member] | Designated as Hedging Instruments [Member] | Accrued liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	35	18
Foreign Exchange Contracts [Member] | Not Designated as Hedging Instruments [Member] | Accrued liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	14	6
Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	3	5
Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	6	8
Foreign Exchange Contracts [Member] | Other Assets [Member] | Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	5	4
Foreign Exchange Contracts [Member] | Other Assets [Member] | Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	1	1
Foreign Exchange Contracts [Member] | Other Liabilities [Member] | Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 7	$ 2

Net Income (Loss) Attributabl_3

Net Income (Loss) Attributable to Company Per Share - Computation of Weighted Average Basic and Diluted Shares Outstanding (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Net loss attributable to Company	$ (93)	$ (5,389)	$ (2,140)	$ (5,466)
Denominator:
Basic—weighted average common shares outstanding	385	382	384	381
Diluted outstanding shares	385	382	384	381
Basic	$ (0.24)	$ (14.11)	$ (5.57)	$ (14.35)
Diluted	$ (0.24)	(14.11)	(5.57)	(14.35)
Cash dividends per share		$ 0.05	$ 0.05	$ 0.10

Net Income (Loss) Attributabl_4

Net Income (Loss) Attributable to Company Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Anti-dilutive stock options outstanding	28	25	28	21

Cash Dividends - Additional Inf

Cash Dividends - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Dividends [Abstract]
Cash dividends paid	$ 0	$ 19	$ 19	$ 19	$ 19	$ 38

Asset Impairments - Additional

Asset Impairments - Additional Information (Detail) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2020USD ($)$ / Barrel	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Indefinite Lived Intangible Assets By Major Class [Line Items]
Decrease in oil price per barrel | $ / Barrel	40
Impairment charge on goodwill	$ 1,295	$ 1,295
Impairment of intangible assets, indefinite-lived (excluding goodwill)	83
Goodwill		1,493	$ 2,807
Impairment of Intangible Assets, Finite-lived	209
Impairment of property, plant and equipment	262
Impairment of right-of-use assets	42
Impairment on equity investment	$ 224
Intangibles, net		525	$ 852
Marine Construction [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill		51
Rig Equipment [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill		661
ReedHycalog [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill		124
WellSite [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill		174
M/D Totco [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill		10
XL Systems [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill		64
Fiberglass Systems [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill		346
Process and Flow Technologies [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill		$ 63

Asset Impairments - Goodwill Id

Asset Impairments - Goodwill Identified, by Segment (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Jun. 30, 2020
Goodwill [Line Items]
Beginning Balance	$ 2,807	$ 2,807
Impairment	(1,295)	(1,295)
Additions		4
Currency translation adjustments and other		(23)
Ending Balance		1,493
Wellbore Technologies [Member]
Goodwill [Line Items]
Beginning Balance	843	843
Impairment		(517)
Additions		4
Currency translation adjustments and other		(22)
Ending Balance		308
Completion & Production Solutions [Member]
Goodwill [Line Items]
Beginning Balance	1,054	1,054
Impairment		(580)
Currency translation adjustments and other		(1)
Ending Balance		473
Rig Technologies [Member]
Goodwill [Line Items]
Beginning Balance	$ 910	910
Impairment		(198)
Ending Balance		$ 712

Asset Impairments - Goodwill _2

Asset Impairments - Goodwill Identified, by Segment (Parenthetical) (Detail) $ in Millions	Jun. 30, 2020USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Accumulated goodwill impairment	$ 7,261

Asset Impairments - Identified

Asset Impairments - Identified Intangible Assets, by Segment (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	$ 852
Impairment	(292)
Amortization	(27)
Currency translation adjustments and other	(8)
Ending Balance	525
Wellbore Technologies [Member]
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	326
Impairment	(78)
Amortization	(6)
Currency translation adjustments and other	(3)
Ending Balance	239
Completion & Production Solutions [Member]
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	275
Impairment	(214)
Amortization	(7)
Currency translation adjustments and other	(4)
Ending Balance	50
Rig Technologies [Member]
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	251
Amortization	(14)
Currency translation adjustments and other	(1)
Ending Balance	$ 236

New Accounting Pronouncements -

New Accounting Pronouncements - Additional Information (Detail) $ in Millions	Jun. 30, 2020USD ($)
ASU 2016-13 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for bad debts and contract assets	$ 117