NOV (NOV) 10-K 12 Feb 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2020	Feb. 05, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Trading Symbol	NOV
Entity Registrant Name	NOV INC.
Entity Central Index Key	0001021860
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		388,211,247
Entity Public Float			$ 4.2
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	true
Title of 12(b) Security	Common Stock, par value $.01 per share
Security Exchange Name	NYSE
Entity File Number	1-12317
Entity Incorporation, State or Country Code	DE
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 Address, Postal Zip Code	77036-6565
City Area Code	713
Local Phone Number	346-7500
Document Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference [Text Block]	Portions of the Proxy Statement in connection with the 2020 Annual Meeting of Stockholders are incorporated in Part III of this report.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 1,692	$ 1,171
Receivables, net	1,274	1,855
Inventories, net	1,408	2,197
Contract assets	611	643
Prepaid and other current assets	224	247
Total current assets	5,209	6,113
Property, plant and equipment, net	1,927	2,354
Lease right-of-use assets, operating	371	444
Lease right-of-use assets, financing	195	230
Goodwill	1,493	2,807
Intangibles, net	527	852
Investment in unconsolidated affiliates	51	282
Other assets	156	67
Total assets	9,929	13,149
Current liabilities:
Accounts payable	489	715
Accrued liabilities	863	949
Contract liabilities	354	427
Current portion of lease liabilities	110	114
Accrued income taxes	51	42
Total current liabilities	1,867	2,247
Long-term debt	1,834	1,989
Lease liabilities	612	674
Deferred income taxes	78	140
Other liabilities	259	253
Total liabilities	4,650	5,303
Commitments and contingencies
Stockholders’ equity:
Common stock - par value $.01; 1 billion shares authorized; 388,255,374 and 385,886,682 shares issued and outstanding at December 31, 2020 and December 31, 2019	4	4
Additional paid-in capital	8,591	8,507
Accumulated other comprehensive loss	(1,509)	(1,423)
Retained earnings	(1,876)	690
Total Company stockholders' equity	5,210	7,778
Noncontrolling interests	69	68
Total stockholders’ equity	5,279	7,846
Total liabilities and stockholders’ equity	$ 9,929	$ 13,149

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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	388,255,374	385,886,682
Common stock, shares outstanding	388,255,374	385,886,682

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue
Revenue	$ 6,090	$ 8,479	$ 8,453
Cost of revenue
Cost of revenue	5,656	7,634	7,009
Gross profit	434	845	1,444
Selling, general and administrative	968	1,303	1,233
Goodwill and indefinite-lived intangible asset impairment	1,378	3,612
Long-lived asset impairment	513	2,209
Operating profit (loss)	(2,425)	(6,279)	211
Interest and financial costs	(84)	(100)	(93)
Interest income	7	20	25
Equity loss in unconsolidated affiliates	(260)	(13)	(3)
Other income (expense), net	(17)	(90)	(99)
Income (loss) before income taxes	(2,779)	(6,462)	41
Provision (benefit) for income taxes	(242)	(369)	63
Net loss	(2,537)	(6,093)	(22)
Net income attributable to noncontrolling interests	5	2	9
Net loss attributable to Company	$ (2,542)	$ (6,095)	$ (31)
Net loss attributable to Company per share:
Basic	$ (6.62)	$ (15.96)	$ (0.08)
Diluted	(6.62)	(15.96)	(0.08)
Cash dividends per share	$ 0.05	$ 0.20	$ 0.20
Weighted average shares outstanding:
Basic	384	382	378
Diluted	384	382	378
Sales [Member]
Revenue
Revenue	$ 4,409	$ 5,862	$ 5,699
Cost of revenue
Cost of revenue	4,313	5,696	4,883
Service [Member]
Revenue
Revenue	1,091	1,517	1,612
Cost of revenue
Cost of revenue	929	1,188	1,257
Rental [Member]
Revenue
Revenue	590	1,100	1,142
Cost of revenue
Cost of revenue	$ 414	$ 750	$ 869

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (2,537)	$ (6,093)	$ (22)
Other comprehensive income (loss):
Currency translation adjustments	(78)	(7)	(292)
Derivative financial instruments, net of tax	23	10	(21)
Change in defined benefit plans, net of tax	(31)	11	(14)
Comprehensive loss	(2,623)	(6,079)	(349)
Net income attributable to noncontrolling interests	5	2	9
Comprehensive loss attributable to Company	$ (2,628)	$ (6,081)	$ (358)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net loss	$ (2,537)	$ (6,093)	$ (22)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	352	533	690
Deferred income taxes	(65)	(426)	(63)
Stock-based compensation	105	130	110
Loss on extinguishment of debt	8	26
Equity loss in unconsolidated affiliates	260	13	3
Goodwill and indefinite-lived intangible asset impairment	1,378	3,612
Long-lived asset impairment	513	2,209
Provision for inventory losses	367	659	49
Other, net	16	16	(7)
Change in operating assets and liabilities, net of acquisitions:
Receivables	574	275	(72)
Inventories	429	104	(7)
Contract assets	30	(70)	(68)
Prepaid and other current assets	22	(45)	67
Accounts payable	(226)	(19)	196
Accrued liabilities	(110)	(194)	(186)
Contract liabilities	(74)	(34)	(62)
Income taxes payable	9	(25)	(15)
Other assets/liabilities, net	(125)	43	(92)
Net cash provided by operating activities	926	714	521
Cash flows from investing activities:
Purchases of property, plant and equipment	(226)	(233)	(244)
Business acquisitions, net of cash acquired	(14)	(180)	(280)
Other, net	96	98	67
Net cash used in investing activities	(144)	(315)	(457)
Cash flows from financing activities:
Borrowings against lines of credit and other debt	36	511
Payments against lines of credit and other debt	(217)	(1,000)
Financing leases	(31)	(32)	(8)
Cash dividends paid	(19)	(77)	(76)
Debt issuance and extinguishment costs	(8)	(36)
Other	(20)	(13)	54
Net cash used in financing activities	(259)	(647)	(30)
Effect of exchange rates on cash	(2)	(8)	(44)
Increase (decrease) in cash and cash equivalents	521	(256)	(10)
Cash and cash equivalents, beginning of period	1,171	1,427	1,437
Cash and cash equivalents, end of period	1,692	1,171	1,427
Cash payments during the period for:
Interest	83	85	90
Income taxes	$ (9)	$ 144	$ 64

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ 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, 2017	$ 14,160	$ 3	$ 4	$ 8,234	$ (1,110)	$ 6,966	$ 3	$ 14,094	$ 3	$ 66
Begining Balance, shares at Dec. 31, 2017			380
Net income (loss)	(22)					(31)		(31)		9
Other comprehensive income (loss), net	(327)				(327)			(327)
Cash dividends, per common share	$ (76)					$ (76)		$ (76)
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201802Member					us-gaap:AccountingStandardsUpdate201802Member		us-gaap:AccountingStandardsUpdate201802Member
Noncontrolling interest	$ (5)									(5)
Stock-based compensation	110			110				$ 110
Common stock issued	54			54				54
Common stock issued, shares			3
Withholding taxes	(8)			(8)				(8)
Ending Balance at Dec. 31, 2018	13,889		$ 4	8,390	(1,437)	$ 6,862		13,819		70
Ending Balance, shares at Dec. 31, 2018			383
Net income (loss)	(6,093)					(6,095)		(6,095)		2
Other comprehensive income (loss), net	14				14			14
Cash dividends, per common share	$ (77)					$ (77)		$ (77)
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201802Member					us-gaap:AccountingStandardsUpdate201802Member		us-gaap:AccountingStandardsUpdate201802Member
Noncontrolling interest	$ (4)									(4)
Stock-based compensation	130			130				$ 130
Common stock issued	7			7				7
Common stock issued, shares			3
Withholding taxes	(20)			(20)				(20)
Ending Balance at Dec. 31, 2019	7,846	$ (5)	$ 4	8,507	(1,423)	$ 690	$ (5)	7,778	$ (5)	68
Ending Balance, shares at Dec. 31, 2019			386
Net income (loss)	(2,537)					(2,542)		(2,542)		5
Other comprehensive income (loss), net	(86)				(86)			(86)
Cash dividends, per common share	$ (19)					$ (19)		$ (19)
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201802Member					us-gaap:AccountingStandardsUpdate201802Member		us-gaap:AccountingStandardsUpdate201802Member
Noncontrolling interest	$ (4)									(4)
Stock-based compensation	104			104				$ 104
Common stock issued, shares			2
Withholding taxes	(20)			(20)				(20)
Ending Balance at Dec. 31, 2020	$ 5,279		$ 4	$ 8,591	$ (1,509)	$ (1,876)		$ 5,210		$ 69
Ending Balance, shares at Dec. 31, 2020			388

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Retained Earnings (Loss) [Member]
Cash dividends, per common share	$ 0.05	$ 0.20	$ 0.20

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements Abstract
Organization and Basis of Presentation	1. Organization and Basis of Presentation Nature of Business We design, construct, manufacture and sell comprehensive systems, components, and products used in oil and gas drilling and production and certain industrial and renewable energy sectors. We also provide technology, oilfield services and supplies, and distribute products and provide supply chain integration services to the upstream oil and gas industry. Our revenues and operating results are directly related to the level of worldwide oil and gas drilling and production activities and the profitability and cash flow of oil and gas companies, drilling contractors and oilfield service companies, which in turn are affected by current and anticipated prices of oil and gas. Oil and gas prices have been, and are likely to continue to be, volatile. Basis of Consolidation The accompanying Consolidated Financial Statements include the accounts of NOV Inc. and its consolidated subsidiaries. Certain reclassifications have been made to the prior year financial statements in order for them to conform with the 2020 presentation.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Fair Value of Financial Instruments The carrying amounts of financial instruments including cash and cash equivalents, receivables, and payables approximated fair value because of the relatively short maturity of these instruments. Cash equivalents include only those investments having a maturity date of three months or less at the time of purchase. Derivative Financial Instruments The Company records all derivative financial instruments at their fair value in its Consolidated Balance Sheet. Except for certain non-designated hedges discussed below, all derivative financial instruments that the Company holds are designated as cash flow hedges and are highly effective in offsetting movements in the underlying risks. Such arrangements typically have terms between two and 24 months Inventories Inventories are stated at the lower of cost or estimated net realizable value using the first-in, first-out or average cost methods. Inventories consist of raw materials and supplies, work-in-process and finished goods and purchased products. The Company reviews historical usage of inventory on-hand, assumptions about future demand and market conditions, and estimates about potential alternative uses, which are limited, to estimate net realizable value. The Company evaluates inventory quarterly using the best information available at the time to inform our assumptions and estimates about future demand and resulting sales volumes, and recognizes reserves as necessary to properly state inventory. Based on an update of our assumptions at each point in time related to estimates of future demand, we recorded charges for additions to inventory reserves of $356 million, $659 million, and $49 million for the years ended December 31, 2020, 2019, and 2018, respectively, consisting primarily of obsolete and surplus inventories. At December 31, 2020 and 2019, inventory reserves totaled $577 million and $843 million, or 29.0% and 27.7% of gross inventory, respectively. Property, Plant and Equipment Property, plant and equipment are recorded at cost. Expenditures for major improvements that extend the lives of property and equipment are capitalized while minor replacements, maintenance and repairs are charged to operations as incurred. Disposals are removed at cost less accumulated depreciation with any resulting gain or loss reflected in operations. Depreciation is provided using the straight-line method over the estimated useful lives of individual items. Depreciation expense was $302 million, $355 million and $349 million for the years ended December 31, 2020, 2019 and 2018, respectively. The estimated useful lives of the major classes of property, plant and equipment are included in Note 5 to the consolidated financial statements. We record impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets are impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. The carrying value of assets used in operations that are not recoverable is reduced to fair value if lower than carrying value. In determining the fair market value of the assets, we consider market trends and recent transactions involving sales of similar assets, or when not available, discounted cash flow analysis. Impairments of plant, property and equipment were $262 million, $252 million and $21 million for the years ended December 31, 2020, 2019 and 2018, respectively. Lease Right-of-Use Assets The Company leases certain facilities and equipment to support its operations around the world. These leases generally require the Company to pay maintenance, insurance, taxes and other operating costs in addition to rent. Renewal options are common in longer term leases; however, it is rare that the Company intends to exercise a lease option at inception due to the cyclical nature of the Company’s business. Residual value guarantees are not typically part of the Company’s leases. Occasionally, the Company sub-leases excess facility space, generally at terms similar to the source lease. The Company reviews new agreements to determine if they include a lease and, when they do, uses its incremental borrowing rate to determine the present value of the future lease payments as most do not include implicit interest rates. The Company recorded impairment charges of $42 million, $56 million and zero for the years ended December 31, 2020, 2019 and 2018, respectively. Acquisitions and Investments Acquisitions of businesses are accounted for using the acquisition method of accounting, and the financial statements include the results of the acquired operations from the respective dates of acquisition. The purchase price of the acquired entities is preliminarily allocated to the net assets acquired and liabilities assumed based on the estimated fair value at the dates of acquisition, with any excess of cost over the fair value of net assets acquired, including intangibles, recognized as goodwill. Subsequent changes to preliminary amounts are made prospectively. The Company paid cash of $14 million, $180 million and $280 million for acquisitions for the years ended December 31, 2020, 2019 and 2018, respectively. These acquisitions did not have a material effect on the Company’s operating results, cash flows or financial position Foreign Currency The functional currency for most of our foreign operations is the local currency. However, c ertain foreign operations, including our operations in Norway, use the U.S. dollar as the functional currency. The cumulative effects of translating the balance sheet accounts from the functional currency into the U.S. dollar at current exchange rates are included in accumulated other comprehensive income (loss). Revenues and expenses are translated at average exchange rates in effect during the period. Accordingly, financial statements of these foreign subsidiaries are remeasured to U.S. dollars for consolidation purposes using current rates of exchange for monetary assets and liabilities and historical rates of exchange for nonmonetary assets and related elements of expense. Revenue and expense elements are remeasured at rates that approximate the rates in effect on the transaction dates. For all operations, gains or losses from remeasuring foreign currency transactions into the functional currency are included in income. Net foreign currency transaction losses were $2 million, $36 million and $52 million for the years ending December 31, 2020, 2019 and 2018, respectively, and are included in other income (expense) in the accompanying statement of income Revenue Recognition The majority of the Company’s revenue streams record revenue at a point in time when a performance obligation has been satisfied by transferring control of promised goods or services to a customer. Products are sold or rented and services are provided based upon a fixed or determinable price and do not generally include right of return or other significant post-delivery obligations. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Payment terms and conditions vary by contract type. We have elected to apply the practical expedient that does not require an adjustment for a financing component if, at contract inception, the period between when we transfer the promised goods or service to the customer and when the customer pays for the goods or service is one year or less. Shipping and handling costs are recognized when incurred and are treated as costs to fulfill the original performance obligation instead of as a separate performance obligation. Revenue is generated from contracts that may include multiple performance obligations. Using significant judgement, the Company considers the degree of customization, integration and interdependency of the related products and services when assessing distinct performance obligations within one contract. Stand-alone selling price (“SSP”) for each distinct performance obligation is generally determined using the price at which the products and services would be sold separately to the customer. Discounts, when provided, are allocated based on the relative SSP of the various products and services. For revenue that is not recognized at a point in time, the Company follows accounting guidance for revenue recognized over time, as follows: Revenue Recognition under Long-term Construction Contracts Revenue is recognized over-time for certain long-term construction contracts in the Completion & Production Solutions and Rig Technologies segments. These contracts include custom designs for customer-specific applications that are unique and require significant engineering efforts. Revenue is recognized as work progresses on each contract. Right to payment is enforceable for performance completed to date, including a reasonable profit. Because of control transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. We generally use the cost-to-cost (input) measure of progress for our contracts because it best depicts the transfer of assets to the customer which occurs as we incur costs. Under the cost-to-cost measure of progress, progress towards completion of each contract is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues, including estimated fees or profits, are recorded proportionally as costs are incurred. These costs include labor, materials, subcontractors’ costs, and other direct costs. Any expected losses on a project are recorded in full in the period in which the loss becomes probable. These long-term construction contracts generally include a significant service of integrating a complex set of tasks and components into a single project or capability, so are accounted for as one performance obligation. Estimating total revenue and cost at completion of long-term construction contracts is complex, subject to many variables and requires significant judgement. It is common for our long-term contracts to contain late delivery fees, work performance guarantees, and other provisions that can either increase or decrease the transaction price. We estimate variable consideration as the most likely amount we expect to receive. We include variable consideration in the estimated transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur, or when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based on an assessment of our anticipated performance and historical, current and forecasted information that is reasonably available to us. Net revenue recognized from performance obligations satisfied in previous periods was $41 million and $62 million for the years ended December 31, 2020 and 2019, respectively, primarily due to change orders. Service and Repair Work For service and repair contracts, revenue is recognized over time. We generally use the output method to measure progress on service contracts due to the manner in which the customer receives and derives value from the services provided. For repair contracts, we generally use the cost-to-cost measure of progress because it best depicts the transfer of assets to the customer. Remaining Performance Obligations Remaining performance obligations represent the transaction price of firm orders for all revenue streams for which work has not been performed on contracts with an original expected duration of one year or more. 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 December 31, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was $3,693 million. The Company expects to recognize approximately $905 million in revenue for the remaining performance obligations in 2021 and $2,787 million in 2022 and thereafter. Costs to Obtain and Fulfill a Contract We recognize an asset for the incremental costs of obtaining a contract, such as sales commissions, with a customer when we expect the benefit of those costs to be longer than one year. Costs to fulfill a contract, such as set-up and mobilization costs, are also capitalized when we expect to recover those costs. These contract costs are deferred and amortized over the period of contract performance. Total capitalized costs to obtain and fulfill a contract and the related amortization were immaterial during the periods presented and are included in other current and long-term assets on our consolidated balance sheets. We apply the practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. Service and Product Warranties The Company provides service and warranty policies on certain of its products. The Company accrues liabilities under service and warranty policies based upon specific claims and a review of historical warranty and service claim experience. Adjustments are made to accruals as claim data and historical experience change. In addition, the Company incurs discretionary costs to service its products in connection with product performance issues and accrues for them when they are encountered. The Company monitors the actual cost of performing these discretionary services and adjusts the accrual based on the most current information available. The changes in the carrying amount of service and product warranties are as follows (in millions): Balance at December 31, 2018 $ 105 Net provisions for warranties issued during the year 41 Amounts incurred (56 ) Currency translation adjustments — Balance at December 31, 2019 $ 90 Net provisions for warranties issued during the year 22 Amounts incurred (26 ) Currency translation adjustments 1 Balance at December 31, 2020 $ 87 Income Taxes The liability method is used to account for income taxes. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates that will be in effect when the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to amounts which are more likely than not to be realized. Concentration of Credit Risk We grant credit to our customers, which operate primarily in the oil and gas industry. Concentrations of credit risk are limited because we have a large number of geographically diverse customers, thus spreading trade credit risk. We control credit risk through credit evaluations, credit limits and monitoring procedures. We perform periodic credit evaluations of our customers’ financial condition and generally do not require collateral, but may require letters of credit for certain international sales. Credit losses are provided for in the financial statements. Allowances for doubtful accounts are determined based on a continuous process of assessing the Company’s portfolio on an individual customer basis taking into account current market conditions and trends. This process consists of a thorough review of historical collection experience, current aging status of the customer accounts, and financial condition of the Company’s customers. Based on a review of these factors, the Company will establish or adjust allowances for specific customers. Accounts receivable are net of allowances for doubtful accounts of approximately $100 million and $132 million at December 31, 2020 and 2019, respectively. Stock-Based Compensation Compensation expense for the Company’s stock-based compensation plans is measured using the fair value method. The fair value of stock option grants and restricted stock is amortized to expense using the straight-line method over the shorter of the vesting period or the remaining employee service period. The Company provides compensation benefits to employees and non-employee directors under share-based payment arrangements, including various employee stock option plans. Environmental Liabilities When environmental assessments or remediations are probable and the costs can be reasonably estimated, remediation liabilities are recorded on an undiscounted basis and are adjusted as further information develops or circumstances change. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted 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. Such estimates include but are not limited to, estimated losses on accounts receivable, estimated costs and related margins of projects accounted for over time, estimated realizable value on excess and obsolete inventory, contingencies, estimated liabilities for litigation exposures and liquidated damages, estimated warranty costs, estimates related to pension accounting, estimates related to the fair value of Reporting Units for purposes of assessing goodwill and other indefinite-lived intangible assets for impairment and estimates related to deferred tax assets and liabilities, including valuation allowances on deferred tax assets. Actual results could differ from those estimates. Contingencies The Company accrues for costs relating to litigation claims and other contingent matters, including liquidated damage liabilities, when such liabilities become probable and reasonably estimable. In circumstances where the most likely outcome of a contingency can be reasonably estimated, we accrue a liability for that amount. Where the most likely outcome cannot be estimated, a range of potential losses is established and if no one amount in that range is more likely than others, the low end of the range is accrued. Such estimates may be based on advice from third parties or on management’s judgement, as appropriate. Revisions to contingent liabilities are reflected in income in the period in which different facts or information become known or circumstances change that affect the Company’s previous judgements with respect to the likelihood or amount of loss. Amounts paid upon the ultimate resolution of contingent liabilities may be materially different from previous estimates and could require adjustments to the estimated reserves to be recognized in the period such new information becomes known. Net Loss Attributable to Company Per Share The following table sets forth the computation of weighted average basic and diluted shares outstanding (in millions, except per share data): Years Ended December 31, 2020 2019 2018 Numerator: Net loss attributable to Company $ (2,542 ) $ (6,095 ) $ (31 ) Denominator: Basic—weighted average common shares outstanding 384 382 378 Dilutive effect of employee stock options and other unvested stock awards — — — Diluted outstanding shares 384 382 378 Basic loss attributable to Company per share $ (6.62 ) $ (15.96 ) $ (0.08 ) Diluted loss attributable to Company per share $ (6.62 ) $ (15.96 ) $ (0.08 ) Cash dividends per share $ 0.05 $ 0.20 $ 0.20 Net loss attributable to Company allocated to participating securities was immaterial for the years ended December 31, 2020, 2019 and 2018 and therefore not excluded from net loss attributable to Company per share calculation. The Company had stock options outstanding that were anti-dilutive totaling 26 million, 20 million, and 20 million at December 31, 2020, 2019 and 2018, respectively. 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 forecast 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 December 31, 2020, allowance for bad debts and contract assets totaled $102 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 .

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	3. Derivative Financial Instruments The Company uses derivative financial instruments to manage its foreign currency exchange rate risk. Forward currency contracts are executed to manage the foreign currency exchange rate risk on forecasted revenues and expenses denominated in currencies other than the functional currency of the operating unit (cash flow hedge). The Company also executes forward currency contracts to manage the foreign currency exchange rate risk on recognized nonfunctional currency monetary accounts (non-designated hedge). Forward currency contracts consist of (in millions): Currency Denomination Currency December 31, 2020 December 31, 2019 South Korean Won KRW 17,600 KRW 17,600 Norwegian Krone NOK 3,817 NOK 5,377 Russian Ruble RUB 1,118 RUB 1,012 Danish Krone DKK 875 DKK 21 Brazilian Real BRL 768 BRL — Mexican Peso MXN 402 MXN 115 U.S. Dollar USD 367 USD 686 Japanese Yen JPY 340 JPY 36 South African Rand ZAR 124 ZAR 124 Euro EUR 116 EUR 188 Singapore Dollar SGD 31 SGD 42 British Pound Sterling GBP 18 GBP 20 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 maintains 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 accumulated other comprehensive loss of $10 million 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 ($3) million, ($12) million and $2 million for the years ended 2020, 2019 and 2018, respectively. The Company has the following fair values of its derivative instruments and their balance sheet classifications (in millions): Fair Values of Derivative Instruments (In millions) Asset Derivatives Liability Derivatives Fair Value Fair Value Balance Sheet December 31, Balance Sheet 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 $ 17 $ 5 Accrued liabilities $ 11 $ 18 Foreign exchange contracts Other Assets 12 4 Other Liabilities — 2 Total derivatives designated as hedging instruments under ASC Topic 815 $ 29 $ 9 $ 11 $ 20 Derivatives not designated as hedging instruments under ASC Topic 815 Foreign exchange contracts Prepaid and other current assets $ 17 $ 8 Accrued liabilities $ 4 $ 6 Foreign exchange contracts Other Assets — 1 Other Liabilities — — Total derivatives not designated as hedging instruments under ASC Topic 815 $ 17 $ 9 $ 4 $ 6 Total derivatives $ 46 $ 18 $ 15 $ 26

Inventories, net

Inventories, net	12 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventories, net	4. Inventories, net Inventories consist of (in millions): December 31, 2020 2019 Raw materials and supplies $ 373 $ 577 Work in process 189 364 Finished goods and purchased products 1,423 2,099 1,985 3,040 Less: Inventory reserve (577 ) (843 ) Total $ 1,408 $ 2,197

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2020
Property Plant And Equipment [Abstract]
Property, Plant and Equipment	5. Property, Plant and Equipment, net Property, plant and equipment consist of (in millions): Estimated December 31, Useful Lives 2020 2019 Land $ 175 $ 231 Buildings and improvements 5-35 Years 1,343 1,309 Operating equipment 2-20 Years 2,660 2,946 Rental equipment 2-15 Years 799 851 4,977 5,337 Less: Accumulated Depreciation (3,050 ) (2,983 ) $ 1,927 $ 2,354

Asset Impairments

Asset Impairments	12 Months Ended
	Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Asset Impairments	6. Asset Impairments 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 U.S. 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, further reducing levels of demand for capital equipment and oilfield services that the Company sells to its customers. Also, due to these prolonged poor market conditions, capital availability to many of the Company’s customers became even more limited and was 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 updated 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 flows. 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. During the fourth quarter, the Company’s Completion & Production Solutions segment reorganized its Reporting Units. The Company performed a goodwill impairment analysis prior and subsequent to the restructuring and concluded no impairment charges were necessary. The restructuring did not affect Completion & Production Solutions’ consolidated financial position and results of operations. The Company conducted its annual impairment test during the fourth quarter of 2020 and concluded no impairment charges were necessary. Further deterioration of market conditions, in management’s judgement, beyond those incorporated into the extended forecast by management, could result in additional impairment charges. The remaining goodwill balance for the Company’s Reporting Units at December 31, 2020 is as follows: Rig Equipment, $661 million; Marine Construction, $51 million; ReedHycalog, $124 million; Wellsite Services, $174 million; XL Systems, $64 million; M/D Totco, $10 million; PFT, $41 million; Fiberglass Systems, $346 million; and Industrial, $22 million. Of these, Rig Equipment, Marine Construction, MD Totco, Wellsite Services, Industrial and XL Systems did not have a fair value substantially in excess of their carrying value at December 31, 2020, making them more susceptible to additional impairment charges if market conditions fall further. The Company has approximately $1,493 million of goodwill, by segment as follows (in millions): Wellbore Technologies Completion & Production Solutions Rig Technologies Total Balance at December 31, 2018 $ 3,011 $ 2,041 $ 1,212 $ 6,264 Goodwill acquired and adjusted during period 9 40 13 62 Impairment (2,178 ) (1,019 ) (312 ) (3,509 ) Currency translation adjustments 1 (8 ) (3 ) (10 ) Balance at December 31, 2019 843 1,054 910 2,807 Goodwill acquired and adjusted during period 4 — — 4 Impairment (517 ) (580 ) (198 ) (1,295 ) Currency translation adjustments and other (22 ) (1 ) — (23 ) Balance at December 31, 2020 (1) $ 308 $ 473 $ 712 $ 1,493 (1) Accumulated goodwill impairment was $7,261 million as 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 finite-lived intangible assets, comprise a significant amount of the Company’s total assets. The Company makes judgements 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, $ 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 . Remaining identified intangible assets with determinable lives consist primarily of customer relationships, trademarks, trade names, patents, and technical drawings acquired in acquisitions, and are being amortized in a manner consistent with the underlying cash flows over the estimated useful lives of 2-30 years. Amortization expense of identified intangibles is expected to be approximately $43 million, $40 million, $33 million, $28 million, and $25 million for the next five years. The Company has approximately $527 million of identified intangible assets, by segment as follows (in millions): Wellbore Technologies Completion & Production Solutions Rig Technologies Total Balance at December 31, 2018 $ 1,735 $ 1,005 $ 280 $ 3,020 Additions to intangible assets 6 11 — 17 Impairment (1,314 ) (690 ) — (2,004 ) Amortization (94 ) (56 ) (28 ) (178 ) Currency translation adjustments (7 ) 5 (1 ) (3 ) Balance at December 31, 2019 $ 326 $ 275 $ 251 $ 852 Additions to intangible assets 20 — — 20 Impairment (78 ) (214 ) — (292 ) Amortization (12 ) (9 ) (28 ) (49 ) Currency translation adjustments (3 ) (5 ) 4 (4 ) Balance at December 31, 2020 $ 253 $ 47 $ 227 $ 527 Identified intangible assets by major classification consist of the following (in millions): Gross Accumulated Amortization Net Book Value December 31, 2019: Customer relationships $ 598 $ (305 ) $ 293 Trademarks 190 (123 ) 67 Patents 121 (47 ) 74 Indefinite-lived trade names 280 — 280 Other 283 (145 ) 138 Total identified intangibles $ 1,472 $ (620 ) $ 852 December 31, 2020: Customer relationships $ 475 $ (300 ) $ 175 Trademarks 175 (116 ) 59 Patents 115 (53 ) 62 Indefinite-lived trade names 196 — 196 Other 94 (59 ) 35 Total identified intangibles $ 1,055 $ (528 ) $ 527

Accrued Liabilities

Accrued Liabilities	12 Months Ended
	Dec. 31, 2020
Payables And Accruals [Abstract]
Accrued Liabilities	7. Accrued Liabilities Accrued liabilities consist of (in millions): December 31, 2020 2019 Vendor costs $ 118 $ 121 Compensation 196 270 Taxes (non income) 158 112 Warranty 87 90 Insurance 48 57 Fair value of derivatives 15 24 Commissions 19 31 Interest 7 8 Other 215 236 Total $ 863 $ 949

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	8. Leases The Company leases certain facilities and equipment to support its operations around the world. These leases generally require the Company to pay maintenance, insurance, taxes and other operating costs in addition to rent. Renewal options are common in longer term leases; however, it is rare that the Company intends to exercise a lease option at inception due to the cyclical nature of the Company’s business. Residual value guarantees are not typically part of the Company’s leases. Occasionally, the Company sub-leases excess facility space, generally at terms similar to the source lease. The Company reviews new agreements to determine if they include a lease and, when they do, uses its incremental borrowing rate to determine the present value of the future lease payments as most do not include implicit interest rates. Components of leases are as follows (in millions): December 31, 2020 2019 Current portion of lease liabilities: Operating $ 82 $ 84 Financing 28 30 Total $ 110 $ 114 December 31, 2020 2019 Long-term portion of lease liability: Operating $ 376 $ 424 Financing 236 250 Total $ 612 $ 674 Components of lease expense were as follows (in millions): Years Ended December 31, 2020 December 31, 2019 Lease cost Finance lease cost Amortization of right-of-use assets $ 31 $ 32 Interest on lease liabilities 11 13 Operating lease cost 96 115 Short-term lease cost 64 68 Sub-lease income (10 ) (11 ) Total $ 192 $ 217 Supplemental information related to the Company’s leases is as follows (in millions): Years Ended December 31, 2020 December 31, 2019 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - finance leases $ 11 $ 13 Operating cash flows - operating leases 96 115 Financing cash flows - finance leases 31 32 Right-of-use assets obtained in exchange for new: Operating lease liabilities 47 53 Finance lease liabilities $ 16 $ 12 Weighted average remaining lease term at December 31, 2020: Operating leases 11 years 10 years Finance leases 18 years 16 years Weighted average discount rate at December 31, 2020: Operating leases 4.93 % 4.48 % Finance leases 3.92 % 4.58 % Future minimum lease commitments for leases with initial or remaining terms of one year or more at December 31, 2020, are payable as follows (in millions): Operating Finance 2021 $ 101 $ 36 2022 81 30 2023 64 23 2024 55 19 2025 44 18 Thereafter 245 228 Total lease payments 590 354 Less: Interest (132 ) (90 ) Present value of lease liabilities $ 458 $ 264

Debt

Debt	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Debt	9. Debt Debt consists of (in millions): 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 $0.2 billion in Senior Notes, interest at 2.60% payable semiannually, principal due on December 1, 2022 182 399 Other debt 70 9 Long-term debt $ 1,834 $ 1,989 Principal payments of debt for years subsequent to 2020 are as follows (in millions): 2021 — 2022 183 2023 13 2024 4 2025 14 Thereafter 1,620 $ 1,834 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 December 31, 2020, the Company was in compliance. Other debt at December 31, 2020, included $24 million on the books of consolidated joint ventures due to the minority interest partner. On August 25, 2020, the Company completed a cash tender offer for $217.3 million of its 2.60% unsecured Senior Notes using available cash balances. The Company paid $226 million, which included a redemption premium of $7.6 million as well as accrued and unpaid interest of $1.3 million. As a result of the redemption, the Company recorded a loss on extinguishment of debt of $8.2 million, which included the redemption premium of $7.6 million and non-cash charges of $0.6 million attributable to write-off unamortized discount and debt issuance costs. The Company had $446 million of outstanding letters of credit at December 31, 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 December 31, 2020 and 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 or similar instruments. At December 31, 2020 and 2019, the carrying value of the Company’s unsecured Senior Notes approximated $ 1,764 million and $ 1,980 million, respectively.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Employee Benefit Plans	10. Employee Benefit Plans We have benefit plans covering substantially all of our employees. Defined-contribution benefit plans cover most of the U.S. and Canadian employees, and benefits are based on years of service, a percentage of current earnings and matching of employee contributions. We also have defined contribution plans in Norway and the United Kingdom. For the years ended December 31, 2020, 2019 and 2018, expenses for defined-contribution plans were $51 million, $70 million, and $68 million, respectively, and all funding is current. Certain retired or terminated employees of predecessor or acquired companies participate in a defined benefit plan in the United States. Approximately 21 employees represented by certain collective bargaining agreements continue to accrue benefits under the plan. In addition, approximately 1,594 U.S. retirees and spouses participate in plans that provide postretirement medical and/or life insurance benefits. Except for two locations represented by certain collective bargaining agreements, active employees are ineligible to participate in any of these U.S. defined benefit plans. Active employees based in the United Kingdom are ineligible to participate in any defined benefit plans. Net periodic benefit income (cost) for our defined benefit plans aggregated $3 million, $2 million and $3 million for the years ended December 31, 2020, 2019 and 2018, respectively. The change in benefit obligation, plan assets and the funded status of the defined benefit pension plans in the United States, United Kingdom, Norway, Germany and the Netherlands and defined postretirement plans in the United States, using a measurement date of December 31, 2020 and 2019, is as follows (in millions): Pension benefits Postretirement benefits At year end 2020 2019 2020 2019 Benefit obligation at beginning of year $ 600 $ 575 $ 53 $ 45 Service cost 1 1 — — Interest cost 14 18 — 2 Actuarial loss (gain) 54 42 5 (15 ) Benefits paid (29 ) (29 ) (17 ) (11 ) Participants contributions — — 2 2 Exchange rate loss (gain) 17 5 — — Special events — — — 30 Plan amendments — — — — Settlements (16 ) (12 ) — — Benefit obligation at end of year $ 641 $ 600 $ 43 $ 53 Fair value of plan assets at beginning of year $ 568 $ 517 $ — $ — Actual return 43 80 — — Benefits paid (29 ) (29 ) (17 ) (11 ) Company contributions 5 5 15 9 Participants contributions — — 2 2 Exchange rate gain (loss) 13 6 — — Settlements (16 ) (11 ) — — Fair value of plan assets at end of year $ 584 $ 568 $ — $ — Funded status $ (57 ) $ (32 ) $ (43 ) $ (53 ) Accumulated benefit obligation at end of year $ 637 $ 597 Liabilities associated with the funded status of the defined benefit pension plans are included in the balances of accrued liabilities and other liabilities in the Consolidated Balance Sheet. Defined Benefit Pension Plans Assumed long-term rates of return on plan assets, discount rates and rates of compensation increases vary for the different plans according to the local economic conditions. The assumption rates used for benefit obligations are as follows: Years Ended December 31, 2020 2019 Discount rate: United States plan 1.20% - 2.40% 2.50% - 3.20% International plans 0.70% - 1.80% 0.90% - 2.30% Salary increase: United States plan N/A N/A International plans 1.75% - 2.90% 1.80% - 3.10% The assumption rates used for net periodic benefit costs are as follows: Years Ended December 31, 2020 2019 2018 Discount rate: United States plan 2.50% - 3.20% 3.90% - 4.20% 3.00% - 3.60% International plans 0.00% - 2.30% 1.80% - 2.90% 1.80% - 2.40% Salary increase: United States plan N/A N/A N/A International plans 1.80% - 3.10% 1.80% - 3.40% 1.80% - 3.30% Expected return on assets: United States plan 4.80% 5.70% 5.60% International plans 0.00% - 4.50% 1.90% - 4.30% 1.80% - 4.00% In determining the overall expected long-term rate of return for plan assets, the Company takes into consideration the historical experience as well as future expectations of the asset mix involved. As different investments yield different returns, each asset category is reviewed individually and then weighted for significance in relation to the total portfolio. The majority of our plans have projected benefit obligations in excess of plan assets. The Company expects to pay future benefit amounts on its defined benefit plans of approximately $34 million for each of the next five years and aggregate payments of $325 million. Plan Assets The Company and its investment advisers collaboratively reviewed market opportunities using historic and statistical data, as well as the actuarial valuation reports for the plans, to ensure that the levels of acceptable return and risk are well-defined and monitored. Currently, the Company’s management believes that there are no significant concentrations of risk associated with plan assets. Our pension investment strategy worldwide prohibits a direct investment in our own stock. The following table sets forth by level, within the fair value hierarchy, the Plan’s assets carried at fair value (in millions): Fair Value Measurements Total Level 1 Level 2 Level 3 December 31, 2019: Equity securities $ 157 $ — $ 157 $ — Bonds 227 — 227 — Other (insurance contracts) 184 — 121 63 Total Fair Value Measurements $ 568 $ — $ 505 $ 63 December 31, 2020: Equity securities $ 108 $ — $ 108 $ — Bonds 253 — 253 — Other (insurance contracts) 221 — 155 66 Total Fair Value Measurements $ 582 $ — $ 516 $ 66 Level 3 inputs are unobservable (i.e., supported by little or no market activity). Level 3 inputs include management’s own judgement about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). The following table sets forth a summary of changes in the fair value of the Plan’s Level 3 assets (in millions): Level 3 Plan Assets Balance at December 31, 2018 $ 55 Actual return on plan assets still held at reporting date 10 Purchases, sales and settlements (1 ) Currency translation adjustments (1 ) Balance at December 31, 2019 $ 63 Actual return on plan assets still held at reporting date — Purchases, sales and settlements (3 ) Currency translation adjustments 6 Balance at December 31, 2020 $ 66

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	11. Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) are as follows (in millions): Derivative Defined Currency Financial Benefit Translation Instruments, Plans, Adjustments Net of Tax Net of Tax Total Balance at December 31, 2017 $ (1,104 ) $ 7 $ (13 ) $ (1,110 ) Accumulated other comprehensive income (loss) before reclassifications (298 ) (19 ) (13 ) (330 ) Amounts reclassified from accumulated other comprehensive income (loss) 6 (2 ) (1 ) 3 Balance at December 31, 2018 $ (1,396 ) $ (14 ) $ (27 ) $ (1,437 ) Accumulated other comprehensive income (loss) before reclassifications (7 ) (2 ) 12 3 Amounts reclassified from accumulated other comprehensive income (loss) — 12 (1 ) 11 Balance at December 31, 2019 $ (1,403 ) $ (4 ) $ (16 ) $ (1,423 ) Accumulated other comprehensive income (loss) before reclassifications (78 ) 4 (30 ) (104 ) Amounts reclassified from accumulated other comprehensive income (loss) — 19 (1 ) 18 Balance at December 31, 2020 $ (1,481 ) $ 19 $ (47 ) $ (1,509 ) The components of amounts reclassified from accumulated other comprehensive income (loss) are as follows (in millions): Years Ended December 31, 2020 2019 2018 Currency Derivative Defined Currency Derivative Defined Currency Derivative Defined Translation Financial Benefit Translation Financial Benefit Translation Financial Benefit Adjustments Instruments Plans Total Adjustments Instruments Plans Total Adjustments Instruments Plans Total Revenue $ — $ 17 $ — $ 17 $ — $ 1 $ — 1 $ — $ 2 $ — $ 2 Cost of revenue — 6 — 6 — 14 — 14 — (6 ) — (6 ) Selling, general, and administrative — — (1 ) (1 ) — — (1 ) (1 ) — — (1 ) (1 ) Other income (expense), net — — — — — — — — 6 — — 6 Tax effect — (4 ) — (4 ) — (3 ) — (3 ) — 2 — 2 $ — $ 19 $ (1 ) $ 18 $ — $ 12 $ (1 ) $ 11 $ 6 $ (2 ) $ (1 ) $ 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 or (loss). The Company recorded other comprehensive income (loss) of ($78) million, $(7) million and $(292) million for the years ended December 31, 2020, 2019 and 2018, respectively. The effect of changes in the fair values of derivatives designated as cash flow hedges are accumulated in other comprehensive income (loss), net of tax, until the underlying transactions are realized. The movement in other comprehensive income (loss) from period to period will be the result of the combination of changes in fair value of open derivatives and the outflow of other comprehensive income (loss) related to cumulative changes in the fair value of derivatives that have settled in the current period. The accumulated effect was other comprehensive loss of $23 million (net of $5 million tax), $10 million (net of $4 million tax) and $21 million (net of $2 million tax) for the years ended December 31, 2020, 2019 and 2018.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments And Contingencies Disclosure Abstract
Commitments and Contingencies	12. Commitments and Contingencies 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, 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 any such material 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 which arise from legacy businesses that the Company has acquired over many years and from the Company’s current ordinary day-to-day business activities. These regulatory matters and disputes involve private parties and/or government authorities, which assert claims against the Company for a broad spectrum of potential claims including: employment law claims, collective actions or class action claims under employment laws, intellectual property claims, (such as alleged patent infringement, and/or misappropriation of trade secrets), premises liability claims, environmental claims, product liability claims, warranty claims, personal injury claims arising from exposure to or use of allegedly defective products, 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. Such claims involve various theories of liability which include: negligence, strict liability, product liability, and other theories of liability. For some of these 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 claims, individually or collectively, could have a material financial or reputational impact on the Company. As of December 31, 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 result in the loss of revenue from royalties or a decline in sales of products protected by patents, which 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, supply chain regulations, and other regulatory compliance in which the laws and regulations of different jurisdictions conflict or these 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, the implementation of new trade agreements, and other 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, export controls, and other 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. COVID-19 illnesses or deaths could lead to claims against the Company. In addition, “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.

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Common Stock	13. Common Stock NOV has authorized 1 billion shares of $0.01 par value common stock. The Company also has authorized 10 million shares of $0.01 par value preferred stock, none of which is issued or outstanding. Cash dividends aggregated $19 million and $77 million for the years ended December 31, 2020 and 2019, respectively. The declaration and payment of future dividends is at the discretion of the Company’s Board of Directors and will be dependent upon the Company’s results of operations, financial condition, capital requirements and other factors deemed relevant by the Company’s Board of Directors. Total compensation cost that has been charged against income for all share-based compensation arrangements was $ million, $ million and $ million for 20 20 , 201 9 and 201 8 , respectively. The total income tax benefit recognized before consideration of valuation allowance in the consolidated statements of income for all share-based compensation arrangements was $ 3 million, $ million and $ 16 million for 20 20 , 201 9 and 201 8 , respectively. The Company’s stock-based compensation plan, known as the National Oilwell Varco, Inc. 2018 Long-Term Incentive Plan (the “2018 Plan”), was approved by shareholders on May 11, 2018. The 2018 Plan provides for the granting of stock options, restricted stock, restricted stock units, performance awards, phantom shares, stock appreciation rights, stock payments and substitute awards. The number of shares authorized under the 2018 Plan is 42.7 million. The 2018 Plan is also subject to a fungible ratio concept, such that the issuance of stock options and stock appreciation rights reduces the number of available shares under the 2018 Plan on a 1-for-1 basis, and the issuance of other awards reduces the number of available shares under the 2018 Plan on a 2.5-for-1 basis. At December 31, 2020, approximately 24.0 million shares were available for future grants. The Company also has outstanding awards under its other stock-based compensation plan known as the National Oilwell Varco, Inc. Long-Term Incentive Plan (the “Plan”), however the Company is no longer granting new awards under the Plan. The Plan provides for the granting of stock options, performance-based share awards, restricted stock, phantom shares, stock payments and stock appreciation rights (“SARs”). The number of shares authorized under the Plan is 69.4 Stock Options Options granted under our stock-based compensation plans generally vest over a three-year period starting one year from the date of grant and expire ten years from the date of grant. The purchase price of options granted may not be less than the closing market price of NOV common stock on the date of grant. Stock option information summarized below includes amounts for the National Oilwell Varco Long-Term Incentive Plans and stock plans of acquired companies. Options outstanding at December 31, 2020 under the stock option plans have exercise prices between $20.23 and $77.99 per share, and expire at various dates from February 23, 2021 to February 26, 2030. The following summarizes options activity: Years Ended December 31, 2020 2019 2018 Number Average Number Average Number Average of Exercise of Exercise of Exercise Shares Price Shares Price Shares Price Shares under option at beginning of year 21,310,099 $ 47.68 21,009,508 $ 48.88 22,472,047 $ 48.99 Granted 1,650,262 20.23 1,493,576 28.72 1,610,599 35.09 Forfeited (1,954,859 ) 45.75 (944,917 ) 50.57 (1,318,380 ) 57.56 Exercised — — (248,068 ) 29.70 (1,754,758 ) 44.12 Shares under option at end of year 21,005,502 $ 45.70 21,310,099 $ 47.68 21,009,508 $ 48.88 Exercisable at end of year 17,893,434 $ 49.25 17,796,607 $ 50.49 15,223,029 $ 54.13 The following summarizes information about stock options outstanding at December 31, 2020: Weighted-Avg Options Outstanding Options Exercisable Remaining Weighted-Avg Weighted-Avg Range of Exercise Price Contractual Life Shares Exercise Price Shares Exercise Price $20.23 - $55.00 5.85 15,816,183 $ 37.65 12,704,115 $ 40.68 $55.01 - $70.00 2.68 3,252,338 66.82 3,252,338 66.82 $70.01 - $77.99 0.70 1,936,981 75.96 1,936,981 75.96 Total 4.89 21,005,502 $ 45.70 17,893,434 $ 49.25 The weighted-average fair value of options granted during 2020, 2019 and 2018, was approximately $5.83, $9.06 and $10.01 per share, respectively, as determined using the Black-Scholes option-pricing model. The total intrinsic value of options exercised during 2020 and 2019 was zero and $6 million, respectively. The determination of fair value of share-based payment awards on the date of grant using an option-pricing model is affected by our stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise activity. The use of the Black Scholes model requires the use of actual employee exercise activity data and the use of a number of complex assumptions including expected volatility, risk-free interest rate, expected dividends and expected term. Years Ended December 31, Valuation Assumptions: 2020 2019 2018 Expected volatility 35.0 % 35.9 % 31.8 % Risk-free interest rate 1.2 % 2.5 % 2.7 % Expected dividend yield 1.0 % 0.7 % 0.6 % Expected term (in years) 4.8 4.5 4.3 The Company used the actual volatility for traded options for the past 10 years prior to option date as the expected volatility assumption required in the Black Scholes model. The risk-free interest rate assumption is based upon observed interest rates appropriate for the term of our employee stock options. The dividend yield assumption is based on the history and expectation of dividend payouts. The estimated expected term is based on actual employee exercise activity for the past ten years. Forfeitures are accounted for as they occur. The following summary presents information regarding outstanding options at December 31, 2020 and changes during 2020 with regard to options under all stock option plans: Weighted- Average Weighted Average Remaining Contractual Aggregate Shares Exercise Price Term (years) Intrinsic Value Outstanding at December 31, 2019 21,310,099 $ 47.68 5.36 $ — Granted 1,650,262 $ 20.23 Forfeited (1,954,859 ) $ 45.75 Exercised — $ — Outstanding at December 31, 2020 21,005,502 $ 45.70 4.89 $ — Exercisable at December 31, 2020 17,893,434 $ 49.25 4.28 $ — At December 31, 2020, total unrecognized compensation cost related to nonvested stock options was $12 million. This cost is expected to be recognized over a weighted-average period of three years Stock Appreciation Rights On December 20, 2017, the Company made a tender offer to exchange SARs issued to certain employees on February 24, 2016 (“2016 SARs”) for cash, amended SARs, and new stock options. The transaction was structured to provide the employees an equal long-term incentive compensation value, while alleviating volatility in the Company’s earnings caused by required mark-to-market accounting on outstanding SARS. Of the outstanding 2016 SARs, 94.75% were exchanged resulting in a total cash payment of $14 million and granting of 3,613,707 new stock options on the exchange date with an exercise price of $34.32 and a fair value of $8.47, with vesting matched to the exchanged 2016 SARs. The following summary presents information regarding outstanding SARs: Year Ended December 31, 2020 2019 Number Average Number Average of Exercise of Exercise Shares Price Shares Price Shares under SARs at beginning of year 1,330,257 $ 28.45 1,399,302 $ 28.49 Granted 7,912 20.23 7,088 28.72 Forfeited (103,604 ) 28.38 (76,133 ) 29.18 Exercised — — — — Shares under SARs at end of year 1,234,565 $ 28.40 1,330,257 $ 28.45 Exercisable at end of year 1,219,555 $ 28.44 1,315,701 $ 28.40 The Company recognized no expense in 2020, 2019, or 2018. There was no liability for cash-settled SARs at December 31, 2020. Restricted Shares The Company issues restricted stock awards and restricted stock units to officers and key employees in addition to stock options. On February 25, 2020, the Company granted 2,535,174 shares of restricted stock and restricted stock units with a fair value of $20.23 per share; and performance share awards to senior management employees with potential payouts varying from zero to 1,063,274 shares. The restricted stock and restricted stock units vest in three equal annual installments commencing on the first anniversary of the date of grant. The performance share awards can be earned based on performance against established goals over a three-year performance period. The 2018 performance share awards are based entirely on a TSR (total shareholder return) goal. Performance against the TSR goal is determined by comparing the performance of the Company’s TSR with the TSR performance of the members of the OSX (Oil Service Sector) index for the three-year performance period. The 2019 and 2020 performance share awards are divided into two independent parts that are subject to two separate performance metrics: 85% with a TSR (total shareholder return) goal and 15% with an internal NVA (“National Oilwell Varco Value Added”) (return on capital metric) goal. Performance against the TSR goal is determined by comparing the performance of the Company’s TSR with the TSR performance of the members of the OSX index for the three-year performance period. The NVA goal is based on the Company’s improvement in NVA from the beginning of the performance period until the end of the performance period. NVA shall be calculated as an amount equal to the Company’s (a) gross cash earnings less (b) average gross operating assets times an amount equal to a required return on assets. 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. The following summary presents information regarding outstanding restricted shares: Years Ended December 31, 2020 2019 2018 Weighted- Weighted- Weighted- Number Average Number Average Number Average of Grant Date of Grant Date of Grant Date Units Fair Value Units Fair Value Units Fair Value Nonvested at beginning of year 6,274,308 $ 33.10 5,914,860 $ 34.41 4,889,678 $ 37.04 Granted 3,166,402 $ 19.98 3,335,315 $ 28.52 2,657,115 $ 35.17 Vested (3,229,624 ) $ 20.09 (2,901,945 ) $ 25.67 (1,242,682 ) $ 34.86 Forfeited (137,123 ) $ 45.75 (73,922 ) $ 50.57 (389,251 ) $ 57.56 Nonvested at end of year 6,073,963 $ 31.85 6,274,308 $ 33.10 5,914,860 $ 34.41 At December 31, 2020, there was approximately $80 million of unrecognized compensation cost related to nonvested restricted stock awards and restricted stock units, which is expected to be recognized over a weighted-average period of two years.

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2020
Revenue From Contract With Customer [Abstract]
Revenue Recognition	1 4 . Revenue Disaggregation of Revenue The following tables disaggregate our revenue by destinations, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. In the tables below, North America includes only the U.S. and Canada (in millions): Year Ended December 31, 2020 Completion Wellbore & Production Rig Technologies Solutions Technologies Eliminations Total North America $ 824 $ 751 $ 227 $ — $ 1,802 International 988 1,639 1,661 — 4,288 Eliminations 55 43 31 (129 ) — $ 1,867 $ 2,433 $ 1,919 $ (129 ) $ 6,090 Land $ 1,308 $ 1,426 $ 473 $ — $ 3,207 Offshore 504 964 1,415 — 2,883 Eliminations 55 43 31 (129 ) — $ 1,867 $ 2,433 $ 1,919 $ (129 ) $ 6,090 Year Ended December 31, 2019 Completion Wellbore & Production Rig Technologies Solutions Technologies Eliminations Total North America $ 1,710 $ 1,122 $ 529 $ — $ 3,361 International 1,441 1,590 2,087 — 5,118 Eliminations 63 59 66 (188 ) — $ 3,214 $ 2,771 $ 2,682 $ (188 ) $ 8,479 Land $ 2,531 $ 1,808 $ 758 $ — $ 5,097 Offshore 620 904 1,858 — 3,382 Eliminations 63 59 66 (188 ) — $ 3,214 $ 2,771 $ 2,682 $ (188 ) $ 8,479 Year Ended December 31, 2018 Completion Wellbore & Production Rig Technologies Solutions Technologies Eliminations Total North America $ 1,817 $ 1,302 $ 663 $ — $ 3,782 International 1,345 1,543 1,783 — 4,671 Eliminations 73 86 129 (288 ) — $ 3,235 $ 2,931 $ 2,575 $ (288 ) $ 8,453 Land $ 2,683 $ 1,985 $ 854 $ — $ 5,522 Offshore 479 860 1,592 — 2,931 Eliminations 73 86 129 (288 ) — $ 3,235 $ 2,931 $ 2,575 $ (288 ) $ 8,453 The Company did not have any customers with revenues greater than 10% 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. There were no impairment losses recorded on contract assets for the years ending December 31, 2020, 2019 and 2018. Contract liabilities consist of advance payments, billings in excess of revenue recognized 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 (2 ) — Billings (945 ) 1,130 Revenue recognized 953 (1,185 ) Currency translation adjustments and other (38 ) (18 ) Balance at December 31, 2020 $ 611 $ 354

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	15. Income Taxes The domestic and foreign components of income (loss) before income taxes were as follows (in millions): Years Ended December 31, 2020 2019 2018 Domestic $ (2,169 ) $ (4,501 ) $ (168 ) Foreign (610 ) (1,961 ) 209 $ (2,779 ) $ (6,462 ) $ 41 The components of the provision for income taxes consisted of (in millions): Years Ended December 31, 2020 2019 2018 Current: Federal $ (279 ) $ (7 ) $ (5 ) State (4 ) 4 (3 ) Foreign 106 60 134 Total current income tax provision (177 ) 57 126 Deferred: Federal 7 (344 ) 11 State — (18 ) — Foreign (72 ) (64 ) (74 ) Total deferred income tax provision (65 ) (426 ) (63 ) Total income tax provision $ (242 ) $ (369 ) $ 63 The difference between the effective tax rate reflected in the provision for income taxes and the U.S. federal statutory rate was as follows (in millions): Years Ended December 31, 2020 2019 2018 Federal income tax at U.S. statutory rate $ (584 ) $ (1,357 ) $ 9 Foreign income tax rate differential (30 ) (40 ) (3 ) Goodwill impairment 271 666 — Reduction of FTC carryforwards 184 — — Tax Benefit from CARES Act (83 ) — — Change in deferred tax valuation allowance (83 ) 218 49 Nondeductible expenses 44 61 20 Foreign dividends, net of foreign tax credits 28 163 27 Change in uncertain tax positions 20 (60 ) (5 ) Prior years taxes (6 ) 3 (13 ) State income taxes - net of federal benefit (4 ) (16 ) (3 ) Other 1 (7 ) (18 ) Total income tax provision $ (242 ) $ (369 ) $ 63 The effective tax rate for the year ended December 31, 2020 was 8.7%, compared to 5.7% for 2019. For the year ended December 31, 2020 the effective tax rate was negatively impacted by the impairment of nondeductible goodwill and the establishment of additional valuation allowances for current year losses and other tax attributes, partially offset by the release of valuation allowance as a result of (a) the carryback of $591 million of US net operating losses from 2019 to 2014 as a result of the CARES Act and (b) the filing of an amended US tax return to deduct foreign tax credits and carryback the resulting $287 million US net operating loss from 2016 to 2014. For the year ended December 31, 2019, the effective tax rate was negatively impacted by the impairment of nondeductible goodwill and the establishment of additional valuation allowance partially offset by the reduction in uncertain tax positions due to settlements. Significant components of our deferred tax assets and liabilities were as follows (in millions): December 31, 2020 2019 Deferred tax assets: Allowances and operating liabilities $ 318 $ 395 Net operating loss carryforwards 387 270 Stock Compensation 61 69 Tax credit carryforwards 411 702 Other 122 60 Valuation allowance (1,093 ) (1,175 ) Total deferred tax assets 206 321 Deferred tax liabilities: Tax over book depreciation 60 115 Capital leases 80 86 Intangible assets 49 110 Deferred income 47 65 Accrued tax on unremitted earnings 33 33 Other 15 52 Total deferred tax liabilities 284 461 Net deferred tax liability $ 78 $ 140 A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions): 2020 2019 2018 Unrecognized tax benefit at beginning of year $ 38 $ 98 $ 132 Gross increase for current period tax positions — — 15 Gross increase for tax positions in prior years 25 10 31 Gross decrease for tax positions in prior years (2 ) (60 ) (10 ) Cash Settlements (1 ) (3 ) (69 ) Lapse of statute of limitations (3 ) (7 ) (1 ) Unrecognized tax benefit at end of year $ 57 $ 38 $ 98 The balance of unrecognized tax benefits at December 31, 2020, 2019 and 2018 was $57 million, $38 million and $98 million, respectively. Accruals related to prior year domestic and foreign jurisdiction issues resulted in uncertain tax position increases of $25 million in 2020. Resolutions of domestic and foreign jurisdiction audits resulted in a $4 million and $60 million decrease in uncertain tax provisions for the years ended December 31, 2020 and 2019, respectively. Substantially all of the unrecognized tax benefits, if ultimately realized, would be recorded as a benefit to the effective tax rate. The Company does not anticipate any material change within the next twelve months due to settlements and conclusions of tax examinations. To the extent penalties and interest would be assessed on any underpayment of income tax, such accrued amounts have been classified as a component of income tax expense in the financial statements consistent with the Company’s policy. For the years ended December 31, 2020, 2019 and 2018, we recorded income tax expense of $2 million, nil and nil, respectively, for interest and penalty related to unrecognized tax benefits. As of December 31, 2020 and 2019, the Company had accrued $11 million and $12 million, respectively, of interest and penalty relating to unrecognized tax benefits. The Company is subject to taxation in the United States as well as various states and foreign jurisdictions. The Company has significant operations in the United States, Norway, Canada, the United Kingdom, the Netherlands, France and Denmark. Tax years that remain subject to examination by major tax jurisdictions vary by legal entity, but are generally open in the U.S. for tax years ending after 2013 and outside the U.S. for tax years ending after 2015. Net operating loss carryforwards by jurisdiction and expiration as of December 31, 2020 were as follows (in millions): Federal State Foreign Total 2020 - 2024 Expiration $ 6 $ 2 $ 148 $ 156 2025 - 2039 Expiration 45 303 428 776 Unlimited Expiration 368 — 557 925 Total Net Operating Loss (NOL) $ 419 $ 305 $ 1,133 $ 1,857 Tax Effected NOL $ 88 $ 17 $ 282 $ 387 Valuation Allowance (VA) (88 ) (17 ) (279 ) (384 ) Tax Effected NOL Net of VA $ — $ — $ 3 $ 3 The Company has $404 million of excess foreign tax credits in the United States as of December 31, 2020, of which $141 million, $145 million, $95 million, and $23 million will expire in 2022, 2027, 2028 and 2030 respectively. As of December 31, 2020, the Company has remaining tax-deductible goodwill of $118 million, resulting from acquisitions. The amortization of this goodwill is deductible over various periods ranging up to 10 years. After considering the impact of losses incurred in 2020, the Company has determined that it no longer has net undistributed earnings subject to a permanent reinvestment assertion.

Business Segments and Geographi

Business Segments and Geographic Areas	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Business Segments and Geographic Areas	16. Business Segments. and Geographic Areas The Company’s operations are organized into three operating segments: Wellbore Technologies, Completion & Production Solutions and Rig Technologies. Wellbore Technologies The Company’s Wellbore Technologies segment designs, manufactures, rents, and sells a variety of equipment and technologies used to perform drilling operations, and offers services that optimize their performance, including: solids control and waste management equipment and services; portable power generation; drill pipe; wired pipe; drilling optimization and automation services; tubular inspection, repair and coating services; instrumentation; measuring and monitoring; downhole and fishing tools; steerable technologies; and drill bits. Wellbore Technologies focuses on oil and gas companies and supports drilling contractors, oilfield service companies, and oilfield equipment rental companies. Demand for the segment’s products and services depends on the level of oilfield drilling activity by oil and gas companies, drilling contractors, and oilfield service companies. Completion & Production Solutions The Company’s Completion & Production Solutions segment integrates technologies for well completions and oil and gas production. The segment designs, manufactures, and sells equipment and technologies needed for hydraulic fracture stimulation, including pressure pumping trucks, blenders, sanders, hydration units, injection units, flowline, and manifolds; well intervention, including coiled tubing units, coiled tubing, and wireline units, BOPs, and tools; onshore production, including fluid processing systems, composite pipe, surface transfer and progressive cavity pumps, and artificial lift systems; and, offshore production, including fluid processing systems, floating production systems, subsea production technologies, and connectors for conductor pipe. Completion & Production Solutions supports service companies and oil and gas companies. Demand for the segment’s products depends on the level of oilfield completions and workover activity by oilfield service companies and drilling contractors, and capital spending plans by oil and gas companies and oilfield service companies. Rig Technologies The Company’s Rig Technologies segment makes and supports the capital equipment and integrated systems needed to drill oil and gas wells on land and offshore as well as other marine-based markets, including offshore wind vessels. The segment designs, manufactures and sells land rigs, offshore drilling equipment packages, including installation and commissioning services, and drilling rig components that mechanize and automate the drilling process and rig functionality. Equipment and technologies in Rig Technologies include: substructures, derricks, and masts; cranes; jacking systems; pipe lifting, racking, rotating, and assembly systems; fluid transfer technologies, such as mud pumps; pressure control equipment, including blowout preventers; power transmission systems, including drives and generators; rig instrumentation and control systems; mooring, anchor, and deck handling machinery; major equipment components for offshore wind construction vessels; and pipelay and construction systems. The segment also provides spare parts, repair, and rentals as well as comprehensive remote equipment monitoring, technical support, field service, and customer training through an extensive network of aftermarket service and repair facilities strategically located in major areas of drilling operations around the world. Rig Technologies supports land and offshore drillers. Demand for the segment’s products depends on drilling contractors’ and oil and gas companies’ capital spending plans, specifically capital expenditures on rig construction and refurbishment; and secondarily on the overall level of oilfield drilling activity, which drives demand for spare parts, service, and repair for the segment’s large installed base of equipment. Geographic Areas: The following table presents consolidated revenues by country based on sales destination of the products or services (in millions): Years Ended December 31, 2020 2019 2018 United States $ 1,634 $ 3,112 $ 3,480 Norway 464 512 368 Saudi Arabia 343 436 444 China 288 285 231 Singapore 242 473 321 Brazil 224 269 415 United Kingdom 222 333 309 United Arab Emirates 221 224 248 Canada 168 247 302 South Korea 33 69 169 Other Countries 2,251 2,519 2,166 Total $ 6,090 $ 8,479 $ 8,453 The following table presents plant, property and equipment by country based on the location (in millions): December 31, 2020 2019 United States $ 1,011 $ 1,257 Saudi Arabia 176 87 Brazil 92 194 United Kingdom 86 112 Denmark 76 111 Canada 73 77 United Arab Emirates 68 52 South Korea 51 77 Mexico 30 43 Singapore 15 28 Russia 13 16 Other Countries 236 300 Total $ 1,927 $ 2,354 Business Segments: The following table presents selected financial data by business segment (in millions): Wellbore Technologies Completion & Production Solutions Rig Technologies Eliminations and corporate costs (1) Total December 31, 2020 Revenue $ 1,867 $ 2,433 $ 1,919 $ (129 ) $ 6,090 Operating profit (loss) (2) (858 ) (977 ) (362 ) (228 ) (2,425 ) Capital expenditures 87 48 80 11 226 Depreciation and amortization 187 75 77 13 352 Goodwill 308 473 712 — 1,493 Total assets 2,665 2,472 2,923 1,869 9,929 December 31, 2019 Revenue $ 3,214 $ 2,771 $ 2,682 $ (188 ) $ 8,479 Operating profit (loss) (2) (3,551 ) (1,934 ) (524 ) (270 ) (6,279 ) Capital expenditures 123 64 31 15 233 Depreciation and amortization 284 150 87 12 533 Goodwill 843 1,054 910 — 2,807 Total assets 4,078 3,826 3,758 1,487 13,149 December 31, 2018 Revenue $ 3,235 $ 2,931 $ 2,575 $ (288 ) $ 8,453 Operating profit (loss) (2) 131 166 213 (299 ) 211 Capital expenditures 135 87 17 5 244 Depreciation and amortization 374 212 90 14 690 Goodwill 3,011 2,041 1,212 — 6,264 Total assets 7,929 6,233 3,906 1,728 19,796 (1) Sales from one segment to another generally are priced at estimated equivalent commercial selling prices; however, segments originating an external sale are credited with the full profit to the Company. Eliminations and corporate costs include intercompany transactions conducted between the three reporting segments that are eliminated in consolidation, as well as corporate costs not allocated to the segments. Intercompany transactions within each reporting segment are eliminated within each reporting segment. Also included in the eliminations and corporate costs column are capital expenditures and total assets related to corporate. Corporate assets consist primarily of cash and fixed assets. (2) Segment operating loss for 2020 includes charges for: goodwill, other intangible asset and other long lived asset impairments (Wellbore Technologies $665 million; Completion and Production Solutions $1,010 million; and, Rig Technologies $198 million); inventory write-downs (Wellbore Technologies $50 million; Completion and Production Solutions $101 million; and, Rig Technologies $175 million); and severance and other restructuring costs (Wellbore Technologies $134 million; Completion and Production Solutions $21 million; and, Rig Technologies $29 million). Segment operating loss for 2019 includes charges for: goodwill, other intangible asset and other long lived asset impairments (Wellbore Technologies $3,565 million; Completion and Production Solutions $1,865 million; and, Rig Technologies $389 million); inventory write-downs (Wellbore Technologies $130 million; Completion and Production Solutions $148 million; and, Rig Technologies $355 million); and a voluntary early retirement program (VERP), other severance and facility closure costs (Wellbore Technologies $64 million; Completion and Production Solutions $30 million; and, Rig Technologies $37 million).

Schedule II Nov Inc. Valuation

Schedule II Nov Inc. Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2020
Valuation And Qualifying Accounts [Abstract]
Schedule II Nov Inc. Valuation and Qualifying Accounts	SCHEDULE II NOV INC. VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2020, 2019 and 2018 (in millions) Balance beginning of year Additions (Deductions) charged to costs and expenses Charge off's and other Balance end of year Allowance for doubtful accounts: 2020 $ 132 $ 7 $ (39 ) $ 100 2019 161 21 (50 ) 132 2018 187 17 (43 ) 161 Reserve for excess and obsolete inventories: 2020 $ 843 $ 356 $ (622 ) $ 577 2019 644 659 (460 ) 843 2018 800 49 (205 ) 644 Valuation allowance for deferred tax assets: 2020 $ 1,175 $ (82 ) $ - $ 1,093 2019 955 218 2 1,175 2018 1,202 49 (296 ) 955 Environmental accruals 2020 $ 104 $ 13 $ (27 ) $ 90 2019 66 57 (19 ) 104 2018 38 37 (9 ) 66 Warranty reserve: 2020 $ 90 $ 22 $ (25 ) $ 87 2019 105 41 (56 ) 90 2018 135 38 (68 ) 105

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of financial instruments including cash and cash equivalents, receivables, and payables approximated fair value because of the relatively short maturity of these instruments. Cash equivalents include only those investments having a maturity date of three months or less at the time of purchase.
Derivative Financial Instruments	Derivative Financial Instruments The Company records all derivative financial instruments at their fair value in its Consolidated Balance Sheet. Except for certain non-designated hedges discussed below, all derivative financial instruments that the Company holds are designated as cash flow hedges and are highly effective in offsetting movements in the underlying risks. Such arrangements typically have terms between two and 24 months
Inventories	Inventories Inventories are stated at the lower of cost or estimated net realizable value using the first-in, first-out or average cost methods. Inventories consist of raw materials and supplies, work-in-process and finished goods and purchased products. The Company reviews historical usage of inventory on-hand, assumptions about future demand and market conditions, and estimates about potential alternative uses, which are limited, to estimate net realizable value. The Company evaluates inventory quarterly using the best information available at the time to inform our assumptions and estimates about future demand and resulting sales volumes, and recognizes reserves as necessary to properly state inventory. Based on an update of our assumptions at each point in time related to estimates of future demand, we recorded charges for additions to inventory reserves of $356 million, $659 million, and $49 million for the years ended December 31, 2020, 2019, and 2018, respectively, consisting primarily of obsolete and surplus inventories. At December 31, 2020 and 2019, inventory reserves totaled $577 million and $843 million, or 29.0% and 27.7% of gross inventory, respectively.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are recorded at cost. Expenditures for major improvements that extend the lives of property and equipment are capitalized while minor replacements, maintenance and repairs are charged to operations as incurred. Disposals are removed at cost less accumulated depreciation with any resulting gain or loss reflected in operations. Depreciation is provided using the straight-line method over the estimated useful lives of individual items. Depreciation expense was $302 million, $355 million and $349 million for the years ended December 31, 2020, 2019 and 2018, respectively. The estimated useful lives of the major classes of property, plant and equipment are included in Note 5 to the consolidated financial statements. We record impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets are impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. The carrying value of assets used in operations that are not recoverable is reduced to fair value if lower than carrying value. In determining the fair market value of the assets, we consider market trends and recent transactions involving sales of similar assets, or when not available, discounted cash flow analysis. Impairments of plant, property and equipment were $262 million, $252 million and $21 million for the years ended December 31, 2020, 2019 and 2018, respectively.
Lease Right-of-Use Assets	Lease Right-of-Use Assets The Company leases certain facilities and equipment to support its operations around the world. These leases generally require the Company to pay maintenance, insurance, taxes and other operating costs in addition to rent. Renewal options are common in longer term leases; however, it is rare that the Company intends to exercise a lease option at inception due to the cyclical nature of the Company’s business. Residual value guarantees are not typically part of the Company’s leases. Occasionally, the Company sub-leases excess facility space, generally at terms similar to the source lease. The Company reviews new agreements to determine if they include a lease and, when they do, uses its incremental borrowing rate to determine the present value of the future lease payments as most do not include implicit interest rates. The Company recorded impairment charges of $42 million, $56 million and zero for the years ended December 31, 2020, 2019 and 2018, respectively.
Acquisitions and Investments	Acquisitions and Investments Acquisitions of businesses are accounted for using the acquisition method of accounting, and the financial statements include the results of the acquired operations from the respective dates of acquisition. The purchase price of the acquired entities is preliminarily allocated to the net assets acquired and liabilities assumed based on the estimated fair value at the dates of acquisition, with any excess of cost over the fair value of net assets acquired, including intangibles, recognized as goodwill. Subsequent changes to preliminary amounts are made prospectively. The Company paid cash of $14 million, $180 million and $280 million for acquisitions for the years ended December 31, 2020, 2019 and 2018, respectively. These acquisitions did not have a material effect on the Company’s operating results, cash flows or financial position
Foreign Currency	Foreign Currency The functional currency for most of our foreign operations is the local currency. However, c ertain foreign operations, including our operations in Norway, use the U.S. dollar as the functional currency. The cumulative effects of translating the balance sheet accounts from the functional currency into the U.S. dollar at current exchange rates are included in accumulated other comprehensive income (loss). Revenues and expenses are translated at average exchange rates in effect during the period. Accordingly, financial statements of these foreign subsidiaries are remeasured to U.S. dollars for consolidation purposes using current rates of exchange for monetary assets and liabilities and historical rates of exchange for nonmonetary assets and related elements of expense. Revenue and expense elements are remeasured at rates that approximate the rates in effect on the transaction dates. For all operations, gains or losses from remeasuring foreign currency transactions into the functional currency are included in income. Net foreign currency transaction losses were $2 million, $36 million and $52 million for the years ending December 31, 2020, 2019 and 2018, respectively, and are included in other income (expense) in the accompanying statement of income
Revenue Recognition, Service and Repair Work, and Costs to Obtain and Fulfill a Contract	Revenue Recognition The majority of the Company’s revenue streams record revenue at a point in time when a performance obligation has been satisfied by transferring control of promised goods or services to a customer. Products are sold or rented and services are provided based upon a fixed or determinable price and do not generally include right of return or other significant post-delivery obligations. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Payment terms and conditions vary by contract type. We have elected to apply the practical expedient that does not require an adjustment for a financing component if, at contract inception, the period between when we transfer the promised goods or service to the customer and when the customer pays for the goods or service is one year or less. Shipping and handling costs are recognized when incurred and are treated as costs to fulfill the original performance obligation instead of as a separate performance obligation. Revenue is generated from contracts that may include multiple performance obligations. Using significant judgement, the Company considers the degree of customization, integration and interdependency of the related products and services when assessing distinct performance obligations within one contract. Stand-alone selling price (“SSP”) for each distinct performance obligation is generally determined using the price at which the products and services would be sold separately to the customer. Discounts, when provided, are allocated based on the relative SSP of the various products and services. For revenue that is not recognized at a point in time, the Company follows accounting guidance for revenue recognized over time, as follows: Revenue Recognition under Long-term Construction Contracts Revenue is recognized over-time for certain long-term construction contracts in the Completion & Production Solutions and Rig Technologies segments. These contracts include custom designs for customer-specific applications that are unique and require significant engineering efforts. Revenue is recognized as work progresses on each contract. Right to payment is enforceable for performance completed to date, including a reasonable profit. Because of control transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. We generally use the cost-to-cost (input) measure of progress for our contracts because it best depicts the transfer of assets to the customer which occurs as we incur costs. Under the cost-to-cost measure of progress, progress towards completion of each contract is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues, including estimated fees or profits, are recorded proportionally as costs are incurred. These costs include labor, materials, subcontractors’ costs, and other direct costs. Any expected losses on a project are recorded in full in the period in which the loss becomes probable. These long-term construction contracts generally include a significant service of integrating a complex set of tasks and components into a single project or capability, so are accounted for as one performance obligation. Estimating total revenue and cost at completion of long-term construction contracts is complex, subject to many variables and requires significant judgement. It is common for our long-term contracts to contain late delivery fees, work performance guarantees, and other provisions that can either increase or decrease the transaction price. We estimate variable consideration as the most likely amount we expect to receive. We include variable consideration in the estimated transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur, or when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based on an assessment of our anticipated performance and historical, current and forecasted information that is reasonably available to us. Net revenue recognized from performance obligations satisfied in previous periods was $41 million and $62 million for the years ended December 31, 2020 and 2019, respectively, primarily due to change orders. Service and Repair Work Costs to Obtain and Fulfill a Contract We recognize an asset for the incremental costs of obtaining a contract, such as sales commissions, with a customer when we expect the benefit of those costs to be longer than one year. Costs to fulfill a contract, such as set-up and mobilization costs, are also capitalized when we expect to recover those costs. These contract costs are deferred and amortized over the period of contract performance. Total capitalized costs to obtain and fulfill a contract and the related amortization were immaterial during the periods presented and are included in other current and long-term assets on our consolidated balance sheets. We apply the practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less.
Remaining Performance Obligations	Remaining Performance Obligations Remaining performance obligations represent the transaction price of firm orders for all revenue streams for which work has not been performed on contracts with an original expected duration of one year or more. 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.
Service and Product Warranties	Service and Product Warranties The Company provides service and warranty policies on certain of its products. The Company accrues liabilities under service and warranty policies based upon specific claims and a review of historical warranty and service claim experience. Adjustments are made to accruals as claim data and historical experience change. In addition, the Company incurs discretionary costs to service its products in connection with product performance issues and accrues for them when they are encountered. The Company monitors the actual cost of performing these discretionary services and adjusts the accrual based on the most current information available. The changes in the carrying amount of service and product warranties are as follows (in millions): Balance at December 31, 2018 $ 105 Net provisions for warranties issued during the year 41 Amounts incurred (56 ) Currency translation adjustments — Balance at December 31, 2019 $ 90 Net provisions for warranties issued during the year 22 Amounts incurred (26 ) Currency translation adjustments 1 Balance at December 31, 2020 $ 87
Income Taxes	Income Taxes The liability method is used to account for income taxes. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates that will be in effect when the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to amounts which are more likely than not to be realized.
Concentration of Credit Risk	Concentration of Credit Risk We grant credit to our customers, which operate primarily in the oil and gas industry. Concentrations of credit risk are limited because we have a large number of geographically diverse customers, thus spreading trade credit risk. We control credit risk through credit evaluations, credit limits and monitoring procedures. We perform periodic credit evaluations of our customers’ financial condition and generally do not require collateral, but may require letters of credit for certain international sales. Credit losses are provided for in the financial statements. Allowances for doubtful accounts are determined based on a continuous process of assessing the Company’s portfolio on an individual customer basis taking into account current market conditions and trends. This process consists of a thorough review of historical collection experience, current aging status of the customer accounts, and financial condition of the Company’s customers. Based on a review of these factors, the Company will establish or adjust allowances for specific customers. Accounts receivable are net of allowances for doubtful accounts of approximately $100 million and $132 million at December 31, 2020 and 2019, respectively.
Stock-Based Compensation	Stock-Based Compensation Compensation expense for the Company’s stock-based compensation plans is measured using the fair value method. The fair value of stock option grants and restricted stock is amortized to expense using the straight-line method over the shorter of the vesting period or the remaining employee service period. The Company provides compensation benefits to employees and non-employee directors under share-based payment arrangements, including various employee stock option plans.
Environmental Liabilities	Environmental Liabilities When environmental assessments or remediations are probable and the costs can be reasonably estimated, remediation liabilities are recorded on an undiscounted basis and are adjusted as further information develops or circumstances change.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted 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. Such estimates include but are not limited to, estimated losses on accounts receivable, estimated costs and related margins of projects accounted for over time, estimated realizable value on excess and obsolete inventory, contingencies, estimated liabilities for litigation exposures and liquidated damages, estimated warranty costs, estimates related to pension accounting, estimates related to the fair value of Reporting Units for purposes of assessing goodwill and other indefinite-lived intangible assets for impairment and estimates related to deferred tax assets and liabilities, including valuation allowances on deferred tax assets. Actual results could differ from those estimates.
Contingencies	Contingencies The Company accrues for costs relating to litigation claims and other contingent matters, including liquidated damage liabilities, when such liabilities become probable and reasonably estimable. In circumstances where the most likely outcome of a contingency can be reasonably estimated, we accrue a liability for that amount. Where the most likely outcome cannot be estimated, a range of potential losses is established and if no one amount in that range is more likely than others, the low end of the range is accrued. Such estimates may be based on advice from third parties or on management’s judgement, as appropriate. Revisions to contingent liabilities are reflected in income in the period in which different facts or information become known or circumstances change that affect the Company’s previous judgements with respect to the likelihood or amount of loss. Amounts paid upon the ultimate resolution of contingent liabilities may be materially different from previous estimates and could require adjustments to the estimated reserves to be recognized in the period such new information becomes known.
Net Loss Attributable to Company Per Share	Net Loss Attributable to Company Per Share The following table sets forth the computation of weighted average basic and diluted shares outstanding (in millions, except per share data): Years Ended December 31, 2020 2019 2018 Numerator: Net loss attributable to Company $ (2,542 ) $ (6,095 ) $ (31 ) Denominator: Basic—weighted average common shares outstanding 384 382 378 Dilutive effect of employee stock options and other unvested stock awards — — — Diluted outstanding shares 384 382 378 Basic loss attributable to Company per share $ (6.62 ) $ (15.96 ) $ (0.08 ) Diluted loss attributable to Company per share $ (6.62 ) $ (15.96 ) $ (0.08 ) Cash dividends per share $ 0.05 $ 0.20 $ 0.20 Net loss attributable to Company allocated to participating securities was immaterial for the years ended December 31, 2020, 2019 and 2018 and therefore not excluded from net loss attributable to Company per share calculation. The Company had stock options outstanding that were anti-dilutive totaling 26 million, 20 million, and 20 million at December 31, 2020, 2019 and 2018, 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 forecast 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 December 31, 2020, allowance for bad debts and contract assets totaled $102 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 .

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Changes in Carrying Amount of Service and Product Warranties	The changes in the carrying amount of service and product warranties are as follows (in millions): Balance at December 31, 2018 $ 105 Net provisions for warranties issued during the year 41 Amounts incurred (56 ) Currency translation adjustments — Balance at December 31, 2019 $ 90 Net provisions for warranties issued during the year 22 Amounts incurred (26 ) Currency translation adjustments 1 Balance at December 31, 2020 $ 87
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): Years Ended December 31, 2020 2019 2018 Numerator: Net loss attributable to Company $ (2,542 ) $ (6,095 ) $ (31 ) Denominator: Basic—weighted average common shares outstanding 384 382 378 Dilutive effect of employee stock options and other unvested stock awards — — — Diluted outstanding shares 384 382 378 Basic loss attributable to Company per share $ (6.62 ) $ (15.96 ) $ (0.08 ) Diluted loss attributable to Company per share $ (6.62 ) $ (15.96 ) $ (0.08 ) Cash dividends per share $ 0.05 $ 0.20 $ 0.20

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Outstanding Foreign Currency Forward Contracts	Forward currency contracts consist of (in millions): Currency Denomination Currency December 31, 2020 December 31, 2019 South Korean Won KRW 17,600 KRW 17,600 Norwegian Krone NOK 3,817 NOK 5,377 Russian Ruble RUB 1,118 RUB 1,012 Danish Krone DKK 875 DKK 21 Brazilian Real BRL 768 BRL — Mexican Peso MXN 402 MXN 115 U.S. Dollar USD 367 USD 686 Japanese Yen JPY 340 JPY 36 South African Rand ZAR 124 ZAR 124 Euro EUR 116 EUR 188 Singapore Dollar SGD 31 SGD 42 British Pound Sterling GBP 18 GBP 20 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): Fair Values of Derivative Instruments (In millions) Asset Derivatives Liability Derivatives Fair Value Fair Value Balance Sheet December 31, Balance Sheet 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 $ 17 $ 5 Accrued liabilities $ 11 $ 18 Foreign exchange contracts Other Assets 12 4 Other Liabilities — 2 Total derivatives designated as hedging instruments under ASC Topic 815 $ 29 $ 9 $ 11 $ 20 Derivatives not designated as hedging instruments under ASC Topic 815 Foreign exchange contracts Prepaid and other current assets $ 17 $ 8 Accrued liabilities $ 4 $ 6 Foreign exchange contracts Other Assets — 1 Other Liabilities — — Total derivatives not designated as hedging instruments under ASC Topic 815 $ 17 $ 9 $ 4 $ 6 Total derivatives $ 46 $ 18 $ 15 $ 26

Inventories, net (Tables)

Inventories, net (Tables)	12 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories consist of (in millions): December 31, 2020 2019 Raw materials and supplies $ 373 $ 577 Work in process 189 364 Finished goods and purchased products 1,423 2,099 1,985 3,040 Less: Inventory reserve (577 ) (843 ) Total $ 1,408 $ 2,197

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2020
Property Plant And Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment consist of (in millions): Estimated December 31, Useful Lives 2020 2019 Land $ 175 $ 231 Buildings and improvements 5-35 Years 1,343 1,309 Operating equipment 2-20 Years 2,660 2,946 Rental equipment 2-15 Years 799 851 4,977 5,337 Less: Accumulated Depreciation (3,050 ) (2,983 ) $ 1,927 $ 2,354

Asset Impairments (Tables)

Asset Impairments (Tables)	12 Months Ended
	Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill Identified, by Segment	The Company has approximately $1,493 million of goodwill, by segment as follows (in millions): Wellbore Technologies Completion & Production Solutions Rig Technologies Total Balance at December 31, 2018 $ 3,011 $ 2,041 $ 1,212 $ 6,264 Goodwill acquired and adjusted during period 9 40 13 62 Impairment (2,178 ) (1,019 ) (312 ) (3,509 ) Currency translation adjustments 1 (8 ) (3 ) (10 ) Balance at December 31, 2019 843 1,054 910 2,807 Goodwill acquired and adjusted during period 4 — — 4 Impairment (517 ) (580 ) (198 ) (1,295 ) Currency translation adjustments and other (22 ) (1 ) — (23 ) Balance at December 31, 2020 (1) $ 308 $ 473 $ 712 $ 1,493 (1) Accumulated goodwill impairment was $7,261 million as
Identified Intangible Assets, by Segment	The Company has approximately $527 million of identified intangible assets, by segment as follows (in millions): Wellbore Technologies Completion & Production Solutions Rig Technologies Total Balance at December 31, 2018 $ 1,735 $ 1,005 $ 280 $ 3,020 Additions to intangible assets 6 11 — 17 Impairment (1,314 ) (690 ) — (2,004 ) Amortization (94 ) (56 ) (28 ) (178 ) Currency translation adjustments (7 ) 5 (1 ) (3 ) Balance at December 31, 2019 $ 326 $ 275 $ 251 $ 852 Additions to intangible assets 20 — — 20 Impairment (78 ) (214 ) — (292 ) Amortization (12 ) (9 ) (28 ) (49 ) Currency translation adjustments (3 ) (5 ) 4 (4 ) Balance at December 31, 2020 $ 253 $ 47 $ 227 $ 527
Identified Intangible Assets, by Major Classification	Identified intangible assets by major classification consist of the following (in millions): Gross Accumulated Amortization Net Book Value December 31, 2019: Customer relationships $ 598 $ (305 ) $ 293 Trademarks 190 (123 ) 67 Patents 121 (47 ) 74 Indefinite-lived trade names 280 — 280 Other 283 (145 ) 138 Total identified intangibles $ 1,472 $ (620 ) $ 852 December 31, 2020: Customer relationships $ 475 $ (300 ) $ 175 Trademarks 175 (116 ) 59 Patents 115 (53 ) 62 Indefinite-lived trade names 196 — 196 Other 94 (59 ) 35 Total identified intangibles $ 1,055 $ (528 ) $ 527

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Payables And Accruals [Abstract]
Accrued Liabilities	Accrued liabilities consist of (in millions): December 31, 2020 2019 Vendor costs $ 118 $ 121 Compensation 196 270 Taxes (non income) 158 112 Warranty 87 90 Insurance 48 57 Fair value of derivatives 15 24 Commissions 19 31 Interest 7 8 Other 215 236 Total $ 863 $ 949

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Schedule of Components of Leases	Components of leases are as follows (in millions): December 31, 2020 2019 Current portion of lease liabilities: Operating $ 82 $ 84 Financing 28 30 Total $ 110 $ 114 December 31, 2020 2019 Long-term portion of lease liability: Operating $ 376 $ 424 Financing 236 250 Total $ 612 $ 674
Components of Lease Expense	Components of lease expense were as follows (in millions): Years Ended December 31, 2020 December 31, 2019 Lease cost Finance lease cost Amortization of right-of-use assets $ 31 $ 32 Interest on lease liabilities 11 13 Operating lease cost 96 115 Short-term lease cost 64 68 Sub-lease income (10 ) (11 ) Total $ 192 $ 217
Schedule of Supplemental information Related to Leases	Supplemental information related to the Company’s leases is as follows (in millions): Years Ended December 31, 2020 December 31, 2019 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - finance leases $ 11 $ 13 Operating cash flows - operating leases 96 115 Financing cash flows - finance leases 31 32 Right-of-use assets obtained in exchange for new: Operating lease liabilities 47 53 Finance lease liabilities $ 16 $ 12 Weighted average remaining lease term at December 31, 2020: Operating leases 11 years 10 years Finance leases 18 years 16 years Weighted average discount rate at December 31, 2020: Operating leases 4.93 % 4.48 % Finance leases 3.92 % 4.58 %
Future Minimum Lease Commitments for Leases with Initial or Remaining Terms of One Year or More	Future minimum lease commitments for leases with initial or remaining terms of one year or more at December 31, 2020, are payable as follows (in millions): Operating Finance 2021 $ 101 $ 36 2022 81 30 2023 64 23 2024 55 19 2025 44 18 Thereafter 245 228 Total lease payments 590 354 Less: Interest (132 ) (90 ) Present value of lease liabilities $ 458 $ 264

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt consists of (in millions): 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 $0.2 billion in Senior Notes, interest at 2.60% payable semiannually, principal due on December 1, 2022 182 399 Other debt 70 9 Long-term debt $ 1,834 $ 1,989
Principal Payments of Debt	Principal payments of debt for years subsequent to 2020 are as follows (in millions): 2021 — 2022 183 2023 13 2024 4 2025 14 Thereafter 1,620 $ 1,834

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Change in Benefit Obligation, Plan Assets and Funded Status of Defined Benefit Pension Plans	The change in benefit obligation, plan assets and the funded status of the defined benefit pension plans in the United States, United Kingdom, Norway, Germany and the Netherlands and defined postretirement plans in the United States, using a measurement date of December 31, 2020 and 2019, is as follows (in millions): Pension benefits Postretirement benefits At year end 2020 2019 2020 2019 Benefit obligation at beginning of year $ 600 $ 575 $ 53 $ 45 Service cost 1 1 — — Interest cost 14 18 — 2 Actuarial loss (gain) 54 42 5 (15 ) Benefits paid (29 ) (29 ) (17 ) (11 ) Participants contributions — — 2 2 Exchange rate loss (gain) 17 5 — — Special events — — — 30 Plan amendments — — — — Settlements (16 ) (12 ) — — Benefit obligation at end of year $ 641 $ 600 $ 43 $ 53 Fair value of plan assets at beginning of year $ 568 $ 517 $ — $ — Actual return 43 80 — — Benefits paid (29 ) (29 ) (17 ) (11 ) Company contributions 5 5 15 9 Participants contributions — — 2 2 Exchange rate gain (loss) 13 6 — — Settlements (16 ) (11 ) — — Fair value of plan assets at end of year $ 584 $ 568 $ — $ — Funded status $ (57 ) $ (32 ) $ (43 ) $ (53 ) Accumulated benefit obligation at end of year $ 637 $ 597
Assumption Rates Used for Benefit Obligations	The assumption rates used for benefit obligations are as follows: Years Ended December 31, 2020 2019 Discount rate: United States plan 1.20% - 2.40% 2.50% - 3.20% International plans 0.70% - 1.80% 0.90% - 2.30% Salary increase: United States plan N/A N/A International plans 1.75% - 2.90% 1.80% - 3.10%
Assumption Rates Used for Net Periodic Benefit Costs	The assumption rates used for net periodic benefit costs are as follows: Years Ended December 31, 2020 2019 2018 Discount rate: United States plan 2.50% - 3.20% 3.90% - 4.20% 3.00% - 3.60% International plans 0.00% - 2.30% 1.80% - 2.90% 1.80% - 2.40% Salary increase: United States plan N/A N/A N/A International plans 1.80% - 3.10% 1.80% - 3.40% 1.80% - 3.30% Expected return on assets: United States plan 4.80% 5.70% 5.60% International plans 0.00% - 4.50% 1.90% - 4.30% 1.80% - 4.00%
Plan's Assets Carried at Fair Value	The following table sets forth by level, within the fair value hierarchy, the Plan’s assets carried at fair value (in millions): Fair Value Measurements Total Level 1 Level 2 Level 3 December 31, 2019: Equity securities $ 157 $ — $ 157 $ — Bonds 227 — 227 — Other (insurance contracts) 184 — 121 63 Total Fair Value Measurements $ 568 $ — $ 505 $ 63 December 31, 2020: Equity securities $ 108 $ — $ 108 $ — Bonds 253 — 253 — Other (insurance contracts) 221 — 155 66 Total Fair Value Measurements $ 582 $ — $ 516 $ 66
Summary of Changes in Fair Value of Plan's Level Three Assets	The following table sets forth a summary of changes in the fair value of the Plan’s Level 3 assets (in millions): Level 3 Plan Assets Balance at December 31, 2018 $ 55 Actual return on plan assets still held at reporting date 10 Purchases, sales and settlements (1 ) Currency translation adjustments (1 ) Balance at December 31, 2019 $ 63 Actual return on plan assets still held at reporting date — Purchases, sales and settlements (3 ) Currency translation adjustments 6 Balance at December 31, 2020 $ 66

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Components of Accumulated Other Comprehensive Income (Loss)	The components of accumulated other comprehensive income (loss) are as follows (in millions): Derivative Defined Currency Financial Benefit Translation Instruments, Plans, Adjustments Net of Tax Net of Tax Total Balance at December 31, 2017 $ (1,104 ) $ 7 $ (13 ) $ (1,110 ) Accumulated other comprehensive income (loss) before reclassifications (298 ) (19 ) (13 ) (330 ) Amounts reclassified from accumulated other comprehensive income (loss) 6 (2 ) (1 ) 3 Balance at December 31, 2018 $ (1,396 ) $ (14 ) $ (27 ) $ (1,437 ) Accumulated other comprehensive income (loss) before reclassifications (7 ) (2 ) 12 3 Amounts reclassified from accumulated other comprehensive income (loss) — 12 (1 ) 11 Balance at December 31, 2019 $ (1,403 ) $ (4 ) $ (16 ) $ (1,423 ) Accumulated other comprehensive income (loss) before reclassifications (78 ) 4 (30 ) (104 ) Amounts reclassified from accumulated other comprehensive income (loss) — 19 (1 ) 18 Balance at December 31, 2020 $ (1,481 ) $ 19 $ (47 ) $ (1,509 )
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): Years Ended December 31, 2020 2019 2018 Currency Derivative Defined Currency Derivative Defined Currency Derivative Defined Translation Financial Benefit Translation Financial Benefit Translation Financial Benefit Adjustments Instruments Plans Total Adjustments Instruments Plans Total Adjustments Instruments Plans Total Revenue $ — $ 17 $ — $ 17 $ — $ 1 $ — 1 $ — $ 2 $ — $ 2 Cost of revenue — 6 — 6 — 14 — 14 — (6 ) — (6 ) Selling, general, and administrative — — (1 ) (1 ) — — (1 ) (1 ) — — (1 ) (1 ) Other income (expense), net — — — — — — — — 6 — — 6 Tax effect — (4 ) — (4 ) — (3 ) — (3 ) — 2 — 2 $ — $ 19 $ (1 ) $ 18 $ — $ 12 $ (1 ) $ 11 $ 6 $ (2 ) $ (1 ) $ 3

Common Stock (Tables)

Common Stock (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Summary of Stock Options	The following summarizes options activity: Years Ended December 31, 2020 2019 2018 Number Average Number Average Number Average of Exercise of Exercise of Exercise Shares Price Shares Price Shares Price Shares under option at beginning of year 21,310,099 $ 47.68 21,009,508 $ 48.88 22,472,047 $ 48.99 Granted 1,650,262 20.23 1,493,576 28.72 1,610,599 35.09 Forfeited (1,954,859 ) 45.75 (944,917 ) 50.57 (1,318,380 ) 57.56 Exercised — — (248,068 ) 29.70 (1,754,758 ) 44.12 Shares under option at end of year 21,005,502 $ 45.70 21,310,099 $ 47.68 21,009,508 $ 48.88 Exercisable at end of year 17,893,434 $ 49.25 17,796,607 $ 50.49 15,223,029 $ 54.13
Summary of Stock Option Outstanding Information	The following summarizes information about stock options outstanding at December 31, 2020: Weighted-Avg Options Outstanding Options Exercisable Remaining Weighted-Avg Weighted-Avg Range of Exercise Price Contractual Life Shares Exercise Price Shares Exercise Price $20.23 - $55.00 5.85 15,816,183 $ 37.65 12,704,115 $ 40.68 $55.01 - $70.00 2.68 3,252,338 66.82 3,252,338 66.82 $70.01 - $77.99 0.70 1,936,981 75.96 1,936,981 75.96 Total 4.89 21,005,502 $ 45.70 17,893,434 $ 49.25
Assumption Used in Determination of Fair Value of Share Based Payment Awards	The use of the Black Scholes model requires the use of actual employee exercise activity data and the use of a number of complex assumptions including expected volatility, risk-free interest rate, expected dividends and expected term. Years Ended December 31, Valuation Assumptions: 2020 2019 2018 Expected volatility 35.0 % 35.9 % 31.8 % Risk-free interest rate 1.2 % 2.5 % 2.7 % Expected dividend yield 1.0 % 0.7 % 0.6 % Expected term (in years) 4.8 4.5 4.3
Summary of Information and Changes in Stock Options with Regard to Stock Option Plans	The following summary presents information regarding outstanding options at December 31, 2020 and changes during 2020 with regard to options under all stock option plans: Weighted- Average Weighted Average Remaining Contractual Aggregate Shares Exercise Price Term (years) Intrinsic Value Outstanding at December 31, 2019 21,310,099 $ 47.68 5.36 $ — Granted 1,650,262 $ 20.23 Forfeited (1,954,859 ) $ 45.75 Exercised — $ — Outstanding at December 31, 2020 21,005,502 $ 45.70 4.89 $ — Exercisable at December 31, 2020 17,893,434 $ 49.25 4.28 $ —
Summary of Information Regarding Outstanding SARs	The following summary presents information regarding outstanding SARs: Year Ended December 31, 2020 2019 Number Average Number Average of Exercise of Exercise Shares Price Shares Price Shares under SARs at beginning of year 1,330,257 $ 28.45 1,399,302 $ 28.49 Granted 7,912 20.23 7,088 28.72 Forfeited (103,604 ) 28.38 (76,133 ) 29.18 Exercised — — — — Shares under SARs at end of year 1,234,565 $ 28.40 1,330,257 $ 28.45 Exercisable at end of year 1,219,555 $ 28.44 1,315,701 $ 28.40
Summary of Information Regarding Outstanding Restricted Shares	The following summary presents information regarding outstanding restricted shares: Years Ended December 31, 2020 2019 2018 Weighted- Weighted- Weighted- Number Average Number Average Number Average of Grant Date of Grant Date of Grant Date Units Fair Value Units Fair Value Units Fair Value Nonvested at beginning of year 6,274,308 $ 33.10 5,914,860 $ 34.41 4,889,678 $ 37.04 Granted 3,166,402 $ 19.98 3,335,315 $ 28.52 2,657,115 $ 35.17 Vested (3,229,624 ) $ 20.09 (2,901,945 ) $ 25.67 (1,242,682 ) $ 34.86 Forfeited (137,123 ) $ 45.75 (73,922 ) $ 50.57 (389,251 ) $ 57.56 Nonvested at end of year 6,073,963 $ 31.85 6,274,308 $ 33.10 5,914,860 $ 34.41

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2020
Revenue From Contract With Customer [Abstract]
Summary of Disaggregate Revenue by Destinations	The following tables disaggregate our revenue by destinations, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. In the tables below, North America includes only the U.S. and Canada (in millions): Year Ended December 31, 2020 Completion Wellbore & Production Rig Technologies Solutions Technologies Eliminations Total North America $ 824 $ 751 $ 227 $ — $ 1,802 International 988 1,639 1,661 — 4,288 Eliminations 55 43 31 (129 ) — $ 1,867 $ 2,433 $ 1,919 $ (129 ) $ 6,090 Land $ 1,308 $ 1,426 $ 473 $ — $ 3,207 Offshore 504 964 1,415 — 2,883 Eliminations 55 43 31 (129 ) — $ 1,867 $ 2,433 $ 1,919 $ (129 ) $ 6,090 Year Ended December 31, 2019 Completion Wellbore & Production Rig Technologies Solutions Technologies Eliminations Total North America $ 1,710 $ 1,122 $ 529 $ — $ 3,361 International 1,441 1,590 2,087 — 5,118 Eliminations 63 59 66 (188 ) — $ 3,214 $ 2,771 $ 2,682 $ (188 ) $ 8,479 Land $ 2,531 $ 1,808 $ 758 $ — $ 5,097 Offshore 620 904 1,858 — 3,382 Eliminations 63 59 66 (188 ) — $ 3,214 $ 2,771 $ 2,682 $ (188 ) $ 8,479 Year Ended December 31, 2018 Completion Wellbore & Production Rig Technologies Solutions Technologies Eliminations Total North America $ 1,817 $ 1,302 $ 663 $ — $ 3,782 International 1,345 1,543 1,783 — 4,671 Eliminations 73 86 129 (288 ) — $ 3,235 $ 2,931 $ 2,575 $ (288 ) $ 8,453 Land $ 2,683 $ 1,985 $ 854 $ — $ 5,522 Offshore 479 860 1,592 — 2,931 Eliminations 73 86 129 (288 ) — $ 3,235 $ 2,931 $ 2,575 $ (288 ) $ 8,453
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 (2 ) — Billings (945 ) 1,130 Revenue recognized 953 (1,185 ) Currency translation adjustments and other (38 ) (18 ) Balance at December 31, 2020 $ 611 $ 354

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Domestic and Foreign Components of Income (Loss) Before Income Taxes	The domestic and foreign components of income (loss) before income taxes were as follows (in millions): Years Ended December 31, 2020 2019 2018 Domestic $ (2,169 ) $ (4,501 ) $ (168 ) Foreign (610 ) (1,961 ) 209 $ (2,779 ) $ (6,462 ) $ 41
Components of Provision for Income Taxes	The components of the provision for income taxes consisted of (in millions): Years Ended December 31, 2020 2019 2018 Current: Federal $ (279 ) $ (7 ) $ (5 ) State (4 ) 4 (3 ) Foreign 106 60 134 Total current income tax provision (177 ) 57 126 Deferred: Federal 7 (344 ) 11 State — (18 ) — Foreign (72 ) (64 ) (74 ) Total deferred income tax provision (65 ) (426 ) (63 ) Total income tax provision $ (242 ) $ (369 ) $ 63
Difference Between Effective Tax Rate	The difference between the effective tax rate reflected in the provision for income taxes and the U.S. federal statutory rate was as follows (in millions): Years Ended December 31, 2020 2019 2018 Federal income tax at U.S. statutory rate $ (584 ) $ (1,357 ) $ 9 Foreign income tax rate differential (30 ) (40 ) (3 ) Goodwill impairment 271 666 — Reduction of FTC carryforwards 184 — — Tax Benefit from CARES Act (83 ) — — Change in deferred tax valuation allowance (83 ) 218 49 Nondeductible expenses 44 61 20 Foreign dividends, net of foreign tax credits 28 163 27 Change in uncertain tax positions 20 (60 ) (5 ) Prior years taxes (6 ) 3 (13 ) State income taxes - net of federal benefit (4 ) (16 ) (3 ) Other 1 (7 ) (18 ) Total income tax provision $ (242 ) $ (369 ) $ 63
Significant Components of Deferred Tax Assets and Liability	Significant components of our deferred tax assets and liabilities were as follows (in millions): December 31, 2020 2019 Deferred tax assets: Allowances and operating liabilities $ 318 $ 395 Net operating loss carryforwards 387 270 Stock Compensation 61 69 Tax credit carryforwards 411 702 Other 122 60 Valuation allowance (1,093 ) (1,175 ) Total deferred tax assets 206 321 Deferred tax liabilities: Tax over book depreciation 60 115 Capital leases 80 86 Intangible assets 49 110 Deferred income 47 65 Accrued tax on unremitted earnings 33 33 Other 15 52 Total deferred tax liabilities 284 461 Net deferred tax liability $ 78 $ 140
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions): 2020 2019 2018 Unrecognized tax benefit at beginning of year $ 38 $ 98 $ 132 Gross increase for current period tax positions — — 15 Gross increase for tax positions in prior years 25 10 31 Gross decrease for tax positions in prior years (2 ) (60 ) (10 ) Cash Settlements (1 ) (3 ) (69 ) Lapse of statute of limitations (3 ) (7 ) (1 ) Unrecognized tax benefit at end of year $ 57 $ 38 $ 98
Summary of Net Operating Loss Carryforwards	Net operating loss carryforwards by jurisdiction and expiration as of December 31, 2020 were as follows (in millions): Federal State Foreign Total 2020 - 2024 Expiration $ 6 $ 2 $ 148 $ 156 2025 - 2039 Expiration 45 303 428 776 Unlimited Expiration 368 — 557 925 Total Net Operating Loss (NOL) $ 419 $ 305 $ 1,133 $ 1,857 Tax Effected NOL $ 88 $ 17 $ 282 $ 387 Valuation Allowance (VA) (88 ) (17 ) (279 ) (384 ) Tax Effected NOL Net of VA $ — $ — $ 3 $ 3

Business Segments and Geograp_2

Business Segments and Geographic Areas (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Revenues by Country Based on Sales Destination of Products or Services	The following table presents consolidated revenues by country based on sales destination of the products or services (in millions): Years Ended December 31, 2020 2019 2018 United States $ 1,634 $ 3,112 $ 3,480 Norway 464 512 368 Saudi Arabia 343 436 444 China 288 285 231 Singapore 242 473 321 Brazil 224 269 415 United Kingdom 222 333 309 United Arab Emirates 221 224 248 Canada 168 247 302 South Korea 33 69 169 Other Countries 2,251 2,519 2,166 Total $ 6,090 $ 8,479 $ 8,453
Plant, Property and Equipment by Country Based on the Location	The following table presents plant, property and equipment by country based on the location (in millions): December 31, 2020 2019 United States $ 1,011 $ 1,257 Saudi Arabia 176 87 Brazil 92 194 United Kingdom 86 112 Denmark 76 111 Canada 73 77 United Arab Emirates 68 52 South Korea 51 77 Mexico 30 43 Singapore 15 28 Russia 13 16 Other Countries 236 300 Total $ 1,927 $ 2,354
Business Segments	The following table presents selected financial data by business segment (in millions): Wellbore Technologies Completion & Production Solutions Rig Technologies Eliminations and corporate costs (1) Total December 31, 2020 Revenue $ 1,867 $ 2,433 $ 1,919 $ (129 ) $ 6,090 Operating profit (loss) (2) (858 ) (977 ) (362 ) (228 ) (2,425 ) Capital expenditures 87 48 80 11 226 Depreciation and amortization 187 75 77 13 352 Goodwill 308 473 712 — 1,493 Total assets 2,665 2,472 2,923 1,869 9,929 December 31, 2019 Revenue $ 3,214 $ 2,771 $ 2,682 $ (188 ) $ 8,479 Operating profit (loss) (2) (3,551 ) (1,934 ) (524 ) (270 ) (6,279 ) Capital expenditures 123 64 31 15 233 Depreciation and amortization 284 150 87 12 533 Goodwill 843 1,054 910 — 2,807 Total assets 4,078 3,826 3,758 1,487 13,149 December 31, 2018 Revenue $ 3,235 $ 2,931 $ 2,575 $ (288 ) $ 8,453 Operating profit (loss) (2) 131 166 213 (299 ) 211 Capital expenditures 135 87 17 5 244 Depreciation and amortization 374 212 90 14 690 Goodwill 3,011 2,041 1,212 — 6,264 Total assets 7,929 6,233 3,906 1,728 19,796 (1) Sales from one segment to another generally are priced at estimated equivalent commercial selling prices; however, segments originating an external sale are credited with the full profit to the Company. Eliminations and corporate costs include intercompany transactions conducted between the three reporting segments that are eliminated in consolidation, as well as corporate costs not allocated to the segments. Intercompany transactions within each reporting segment are eliminated within each reporting segment. Also included in the eliminations and corporate costs column are capital expenditures and total assets related to corporate. Corporate assets consist primarily of cash and fixed assets. (2) Segment operating loss for 2020 includes charges for: goodwill, other intangible asset and other long lived asset impairments (Wellbore Technologies $665 million; Completion and Production Solutions $1,010 million; and, Rig Technologies $198 million); inventory write-downs (Wellbore Technologies $50 million; Completion and Production Solutions $101 million; and, Rig Technologies $175 million); and severance and other restructuring costs (Wellbore Technologies $134 million; Completion and Production Solutions $21 million; and, Rig Technologies $29 million). Segment operating loss for 2019 includes charges for: goodwill, other intangible asset and other long lived asset impairments (Wellbore Technologies $3,565 million; Completion and Production Solutions $1,865 million; and, Rig Technologies $389 million); inventory write-downs (Wellbore Technologies $130 million; Completion and Production Solutions $148 million; and, Rig Technologies $355 million); and a voluntary early retirement program (VERP), other severance and facility closure costs (Wellbore Technologies $64 million; Completion and Production Solutions $30 million; and, Rig Technologies $37 million).

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Significant Accounting Policies [Line Items]
Maturity period of investments description	three months or less
Additional inventory reserve charges	$ 356	$ 659	$ 49
Inventory reserves total	$ 577	$ 843
Percentage of inventory reserve	29.00%	27.70%
Depreciation expense related to property, plant and equipment	$ 302	$ 355	349
Impairment of long-lived assets	513	2,209
Asset impairment charges	42	56	0
Cash payment for acquisition	14	180	280
Net foreign currency transaction gains (losses)	(2)	(36)	$ (52)
Net revenue recognized from performance obligations satisfied in previous periods	41	62
Remaining performance obligations	3,693
Net allowances for doubtful accounts	$ 100	$ 132
Anti-dilutive stock options outstanding	26	20	20
ASU 2016-13 [Member]
Significant Accounting Policies [Line Items]
Allowance for bad debts and contract assets	$ 102
Property, Plant and Equipment [Member]
Significant Accounting Policies [Line Items]
Impairment of long-lived assets	$ 262	$ 252	$ 21
Minimum [Member]
Significant Accounting Policies [Line Items]
Derivative, term of contract	2 months
Maximum [Member]
Significant Accounting Policies [Line Items]
Derivative, term of contract	24 months

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Detail 1) $ in Millions	Dec. 31, 2020USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 3,693
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, period	12 months
Remaining performance obligations	$ 905
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations, period	12 months
Remaining performance obligations	$ 2,787

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Changes in Carrying Amount of Service and Product Warranties (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Product Warranties Disclosures [Abstract]
Beginning Balance	$ 90	$ 105
Net provisions for warranties issued during the year	22	41
Amounts incurred	(26)	(56)
Currency translation adjustments	1
Ending Balance	$ 87	$ 90

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Computation of Weighted Average Basic and Diluted Shares Outstanding (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Net loss attributable to Company	$ (2,542)	$ (6,095)	$ (31)
Denominator:
Basic—weighted average common shares outstanding	384	382	378
Dilutive effect of employee stock options and other unvested stock awards	0	0	0
Diluted outstanding shares	384	382	378
Basic loss attributable to Company per share	$ (6.62)	$ (15.96)	$ (0.08)
Diluted loss attributable to Company per share	(6.62)	(15.96)	(0.08)
Cash dividends per share	$ 0.05	$ 0.20	$ 0.20

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, R in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions

Dec. 31, 2020USD ($)

Dec. 31, 2020KRW (₩)

Dec. 31, 2020NOK (kr)

Dec. 31, 2020RUB (₽)

Dec. 31, 2020DKK (kr)

Dec. 31, 2020BRL (R$)

Dec. 31, 2020MXN ($)

Dec. 31, 2020JPY (¥)

Dec. 31, 2020ZAR (R)

Dec. 31, 2020EUR (€)

Dec. 31, 2020SGD ($)

Dec. 31, 2020GBP (£)

Dec. 31, 2020CAD ($)

Dec. 31, 2019USD ($)

Dec. 31, 2019KRW (₩)

Dec. 31, 2019NOK (kr)

Dec. 31, 2019RUB (₽)

Dec. 31, 2019DKK (kr)

Dec. 31, 2019MXN ($)

Dec. 31, 2019JPY (¥)

Dec. 31, 2019ZAR (R)

Dec. 31, 2019EUR (€)

Dec. 31, 2019SGD ($)

Dec. 31, 2019GBP (£)

Dec. 31, 2019CAD ($)

Forward Contracts [Member]

Derivative [Line Items]

Foreign currency, Cash flow hedging

$ 367

₩ 17,600

kr 3,817

₽ 1,118

kr 875

R$ 768

$ 402

¥ 340

R 124

€ 116

$ 31

£ 18

$ 1

$ 686

₩ 17,600

kr 5,377

₽ 1,012

kr 21

$ 115

¥ 36

R 124

€ 188

$ 42

£ 20

$ 3

Derivative Financial Instrume_4

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Accumulated other comprehensive loss reclassified into earnings within the next twelve months	$ 10
Gain (loss) recognized in other income (expense), net	$ (3)	$ (12)	$ 2

Derivative Financial Instrume_5

Derivative Financial Instruments - Derivative Instruments and their Balance Sheet Classifications (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 46	$ 18
Liability Derivatives	15	26
Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	29	9
Liability Derivatives	11	20
Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	17	9
Liability Derivatives	4	6
Foreign Exchange Contracts [Member] | Designated as Hedging Instruments [Member] | Accrued liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	11	18
Foreign Exchange Contracts [Member] | Not Designated as Hedging Instruments [Member] | Accrued liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	4	6
Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	17	5
Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	17	8
Foreign Exchange Contracts [Member] | Other Assets [Member] | Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 12	4
Foreign Exchange Contracts [Member] | Other Assets [Member] | Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives		1
Foreign Exchange Contracts [Member] | Other Liabilities [Member] | Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives		$ 2

Inventories, net - Inventories

Inventories, net - Inventories (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 373	$ 577
Work in process	189	364
Finished goods and purchased products	1,423	2,099
Inventory, Gross	1,985	3,040
Less: Inventory reserve	(577)	(843)
Total	$ 1,408	$ 2,197

Property, Plant and Equipment -

Property, Plant and Equipment - Property, Plant and Equipment (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, plant and equipment Gross	$ 4,977	$ 5,337
Less: Accumulated Depreciation	(3,050)	(2,983)
Property, plant and equipment, net	1,927	2,354
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment Gross	175	231
Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment Gross	$ 1,343	1,309
Estimated Useful Lives	5-35 Years
Operating Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment Gross	$ 2,660	2,946
Estimated Useful Lives	2-20 Years
Rental Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment Gross	$ 799	$ 851
Estimated Useful Lives	2-15 Years

Asset Impairments - Additional

Asset Impairments - Additional Information (Detail) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)$ / Barrel	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Indefinite Lived Intangible Assets By Major Class [Line Items]
Decrease in oil price per barrel | $ / Barrel		40
Impairment charge on goodwill	$ 0	$ 1,295	$ 1,295	$ 3,509
Impairment of intangible assets, indefinite-lived (excluding goodwill)		83
Goodwill	1,493		$ 1,493	2,807	$ 6,264
Impairment on equity investment		224
Impairment of Intangible Assets, Finite-lived		209
Impairment of property, plant and equipment		262
Impairment of right-of-use assets		$ 42
Estimated useful lives of intangible assets, minimum			2 years
Estimated useful lives of intangible assets, maximum			30 years
Amortization expense, 2020	43		$ 43
Amortization expense, 2021	40		40
Amortization expense, 2022	33		33
Amortization expense, 2023	28		28
Amortization expense, 2024	25		25
Intangibles, net	527		527	$ 852
Rig Equipment [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	661		661
Marine Construction [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	51		51
ReedHycalog [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	124		124
WellSite Services [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	174		174
XL Systems [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	64		64
M/D Totco [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	10		10
PFT [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	41		41
Fiberglass Systems [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	346		346
Industrial [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	$ 22		$ 22

Asset Impairments - Goodwill Id

Asset Impairments - Goodwill Identified, by Segment (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Beginning Balance		$ 2,807	$ 2,807	$ 6,264
Goodwill acquired and adjusted during period			4	62
Impairment	$ 0	(1,295)	(1,295)	(3,509)
Currency translation adjustments and other			(23)	(10)
Ending Balance	1,493		1,493	2,807
Wellbore Technologies [Member]
Goodwill [Line Items]
Beginning Balance		843	843	3,011
Goodwill acquired and adjusted during period			4	9
Impairment			(517)	(2,178)
Currency translation adjustments and other			(22)	1
Ending Balance	308		308	843
Completion & Production Solutions [Member]
Goodwill [Line Items]
Beginning Balance		1,054	1,054	2,041
Goodwill acquired and adjusted during period				40
Impairment			(580)	(1,019)
Currency translation adjustments and other			(1)	(8)
Ending Balance	473		473	1,054
Rig Technologies [Member]
Goodwill [Line Items]
Beginning Balance		$ 910	910	1,212
Goodwill acquired and adjusted during period				13
Impairment			(198)	(312)
Currency translation adjustments and other				(3)
Ending Balance	$ 712		$ 712	$ 910

Asset Impairments - Goodwill _2

Asset Impairments - Goodwill Identified, by Segment (Parenthetical) (Detail) $ in Millions	Dec. 31, 2020USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Accumulated goodwill impairment	$ 7,261

Asset Impairments - Identified

Asset Impairments - Identified Intangible Assets, by Segment (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	$ 852	$ 3,020
Additions to intangible assets	20	17
Impairment	(292)	(2,004)
Amortization	(49)	(178)
Currency translation adjustments	(4)	(3)
Ending Balance	527	852
Wellbore Technologies [Member]
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	326	1,735
Additions to intangible assets	20	6
Impairment	(78)	(1,314)
Amortization	(12)	(94)
Currency translation adjustments	(3)	(7)
Ending Balance	253	326
Completion & Production Solutions [Member]
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	275	1,005
Additions to intangible assets		11
Impairment	(214)	(690)
Amortization	(9)	(56)
Currency translation adjustments	(5)	5
Ending Balance	47	275
Rig Technologies [Member]
Intangible Asset Excluding Goodwill [Line Items]
Beginning Balance	251	280
Amortization	(28)	(28)
Currency translation adjustments	4	(1)
Ending Balance	$ 227	$ 251

Asset Impairments - Identifie_2

Asset Impairments - Identified Intangible Assets, by Major Classification (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Intangible Assets Net Excluding Goodwill [Line Items]
Gross	$ 1,055	$ 1,472
Accumulated Amortization	(528)	(620)
Net Book Value	527	852	$ 3,020
Indefinite-lived Trade Names [Member]
Intangible Assets Net Excluding Goodwill [Line Items]
Gross	196	280
Net Book Value	196	280
Customer Relationships [Member]
Intangible Assets Net Excluding Goodwill [Line Items]
Gross	475	598
Accumulated Amortization	(300)	(305)
Net Book Value	175	293
Trademarks [Member]
Intangible Assets Net Excluding Goodwill [Line Items]
Gross	175	190
Accumulated Amortization	(116)	(123)
Net Book Value	59	67
Patents [Member]
Intangible Assets Net Excluding Goodwill [Line Items]
Gross	115	121
Accumulated Amortization	(53)	(47)
Net Book Value	62	74
Other [Member]
Intangible Assets Net Excluding Goodwill [Line Items]
Gross	94	283
Accumulated Amortization	(59)	(145)
Net Book Value	$ 35	$ 138

Accrued Liabilities - Accrued L

Accrued Liabilities - Accrued Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Payables And Accruals [Abstract]
Vendor costs	$ 118	$ 121
Compensation	196	270
Taxes (non income)	158	112
Warranty	87	90	$ 105
Insurance	48	57
Fair value of derivatives	15	24
Commissions	19	31
Interest	7	8
Other	215	236
Total	$ 863	$ 949

Leases - Schedule of Components

Leases - Schedule of Components of Leases (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Current portion of lease liabilities:
Financing	$ 28	$ 30
Total	110	114
Long-term portion of lease liability:
Financing	236	250
Total	612	674
Other Current Liabilities [Member]
Current portion of lease liabilities:
Operating	82	84
Other Noncurrent Liabilities [Member]
Long-term portion of lease liability:
Operating	$ 376	$ 424

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Finance lease cost
Finance lease cost, amortization of right-of-use assets	$ 31	$ 32
Finance lease cost, interest on lease liabilities	11	13
Operating lease cost	96	115
Short-term lease cost	64	68
Sub-lease income	(10)	(11)
Total	$ 192	$ 217

Leases - Supplemental Informati

Leases - Supplemental Information Related to Leases (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities, operating cash flows from finance leases	$ 11	$ 13
Cash paid for amounts included in the measurement of lease liabilities, operating cash flows from operating leases	96	115
Cash paid for amounts included in the measurement of lease liabilities, financing cash flows from finance leases	31	32	$ 8
Right-of-use assets obtained in exchange for new:
Right-of-use assets obtained in exchange for new operating lease liabilities	47	53
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 16	$ 12
Weighted average remaining lease term (years), operating leases	11 years	10 years
Weighted average remaining lease term (years), finance leases	18 years	16 years
Weighted average remaining lease term, operating leases	4.93%	4.48%
Weighted average discount rate, finance leases	3.92%	4.58%

Leases - Future Minimum Lease C

Leases - Future Minimum Lease Commitments for Leases with Initial or Remaining Terms of One Year or More (Detail) $ in Millions	Dec. 31, 2020USD ($)
Operating
Operating lease, 2021	$ 101
Operating lease, 2022	81
Operating lease, 2023	64
Operating lease, 2024	55
Operating lease, 2025	44
Operating lease, Thereafter	245
Total lease payments	590
Less: Interest	(132)
Present value of lease liabilities	$ 458
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesMember
Finance
Finance leases, 2021	$ 36
Finance leases, 2022	30
Finance leases, 2023	23
Finance leases, 2024	19
Finance leases, 2025	18
Finance leases, Thereafter	228
Total lease payments	354
Less: Interest	(90)
Present value of lease liabilities	$ 264

Debt - Debt (Detail)

Debt - Debt (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Senior Notes	$ 1,764	$ 1,980
Other debt	70	9
Long-term debt	1,834	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	$ 182	$ 399

Debt - Debt (Parenthetical) (De

Debt - Debt (Parenthetical) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
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
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 2.60% Payable Semiannually, Principal Due on December 1, 2022 [Member]
Debt Instrument [Line Items]
Senior note face amount	$ 200,000,000	$ 200,000,000
Senior notes interest rate	2.60%	2.60%
Senior note due date	Dec. 1, 2022	Dec. 1, 2022

Debt - Principal Payments of De

Debt - Principal Payments of Debt (Detail) $ in Millions	Dec. 31, 2020USD ($)
Debt Disclosure [Abstract]
2022	$ 183
2023	13
2024	4
2025	14
Thereafter	1,620
Total debt	$ 1,834

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	Aug. 25, 2020	Dec. 31, 2020	Dec. 31, 2019	Oct. 30, 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		28.40%
Funds available under revolving credit facility		$ 2,000,000,000
Other debt		70,000,000	$ 9,000,000
Loss on extinguishment of debt		(8,000,000)	(26,000,000)
Outstanding letters of credit under various bilateral letter of credit facilities		446,000,000
Carrying value of Unsecured Senior Notes		1,764,000,000	1,980,000,000
Fair Value, Inputs, Level 2 [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Fair value of Unsecured Senior Notes		1,833,000,000	$ 1,947,000,000
2.60% unsecured Senior Notes Due 2022 [Member]
Debt Instrument [Line Items]
Repayment of debt	$ 217,300,000
Senior notes interest rate	2.60%
Payment on redemption	$ 226,000,000
Premium on redemption	7,600,000
Accrued and unpaid interest	1,300,000
Loss on extinguishment of debt	8,200,000
Premium on debt	7,600,000
Non cash charges	$ 600,000
Noncontrolling Interests [Member]
Debt Instrument [Line Items]
Other debt		$ 24,000,000
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
Unsecured Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, Period		5 years
Five Year Credit Facility [Member]
Debt Instrument [Line Items]
Outstanding letters of credit issued		$ 0
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%

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)Employee	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Compensation Related Costs Disclosure [Line Items]
Expenses for defined-contribution plans	$ 51	$ 70	$ 68
Net periodic benefit income (cost)	3	$ 2	$ 3
Defined benefit plan, expected future benefit payments in year five	$ 34
Expected years of defined benefit plans	5 years
Expected future benefit amounts to pay, total	$ 325
United States [Member]
Compensation Related Costs Disclosure [Line Items]
Number of U.S. employees participate in defined benefit health care plans | Employee	21
Number of U.S retirees and spouses participate in defined benefit health care plans | Employee	1,594

Employee Benefit Plans - Change

Employee Benefit Plans - Change in Benefit Obligation, Plan Assets and Funded Status of Defined Benefit Pension Plans (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at beginning of year	$ 568
Fair value of plan assets at end of year	582	$ 568
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	600	575
Service cost	1	1
Interest cost	14	18
Actuarial loss (gain)	54	42
Benefits paid	(29)	(29)
Exchange rate loss (gain)	17	5
Settlements	(16)	(12)
Benefit obligation at end of year	641	600
Fair value of plan assets at beginning of year	568	517
Actual return	43	80
Benefits paid	(29)	(29)
Company contributions	5	5
Exchange rate gain (loss)	13	6
Settlements	(16)	(11)
Fair value of plan assets at end of year	584	568
Funded status	(57)	(32)
Accumulated benefit obligation at end of year	637	597
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	53	45
Interest cost		2
Actuarial loss (gain)	5	(15)
Benefits paid	(17)	(11)
Participants contributions	2	2
Special events		30
Benefit obligation at end of year	43	53
Benefits paid	(17)	(11)
Company contributions	15	9
Participants contributions	2	2
Funded status	$ (43)	$ (53)

Employee Benefit Plans - Assump

Employee Benefit Plans - Assumption Rates Used for Benefit Obligations (Detail)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
United States [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate minimum	1.20%	2.50%
Discount rate maximum	2.40%	3.20%
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate minimum	0.70%	0.90%
Discount rate maximum	1.80%	2.30%
Salary increase minimum	1.75%	1.80%
Salary increase maximum	2.90%	3.10%

Employee Benefit Plans - Assu_2

Employee Benefit Plans - Assumption Rates Used for Net Periodic Benefit Costs (Detail)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
United States [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate minimum	2.50%	3.90%	3.00%
Discount rate maximum	3.20%	4.20%	3.60%
Expected return on assets	4.80%	5.70%	5.60%
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate minimum	0.00%	1.80%	1.80%
Discount rate maximum	2.30%	2.90%	2.40%
Salary increase minimum	1.80%	1.80%	1.80%
Salary increase maximum	3.10%	3.40%	3.30%
Expected return on assets, minimum	0.00%	1.90%	1.80%
Expected return on assets, maximum	4.50%	4.30%	4.00%

Employee Benefit Plans - Plan's

Employee Benefit Plans - Plan's Assets Carried at Fair Value (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	$ 582	$ 568
Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	108	157
Bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	253	227
Other Contract [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	221	184
Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	516	505
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	108	157
Fair Value, Inputs, Level 2 [Member] | Bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	253	227
Fair Value, Inputs, Level 2 [Member] | Other Contract [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	155	121
Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	66	63	$ 55
Fair Value, Inputs, Level 3 [Member] | Other Contract [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurements	$ 66	$ 63

Employee Benefit Plans - Summar

Employee Benefit Plans - Summary of Changes in Fair Value of Plan's Level Three Assets (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at beginning of year	$ 568
Fair value of plan assets at end of year	582	$ 568
Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at beginning of year	63	55
Actual return on plan assets still held at reporting date		10
Purchases, sales and settlements	(3)	(1)
Currency translation adjustments	6	(1)
Fair value of plan assets at end of year	$ 66	$ 63

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 7,846	$ 13,889	$ 14,160
Ending Balance	5,279	7,846	13,889
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(1,403)	(1,396)	(1,104)
Accumulated other comprehensive income (loss) before reclassifications	(78)	(7)	(298)
Amounts reclassified from accumulated other comprehensive income (loss)			6
Ending Balance	(1,481)	(1,403)	(1,396)
Derivative Financial Instruments, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(4)	(14)	7
Accumulated other comprehensive income (loss) before reclassifications	4	(2)	(19)
Amounts reclassified from accumulated other comprehensive income (loss)	19	12	(2)
Ending Balance	19	(4)	(14)
Defined Benefit Plans, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(16)	(27)	(13)
Accumulated other comprehensive income (loss) before reclassifications	(30)	12	(13)
Amounts reclassified from accumulated other comprehensive income (loss)	(1)	(1)	(1)
Ending Balance	(47)	(16)	(27)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(1,423)	(1,437)	(1,110)
Accumulated other comprehensive income (loss) before reclassifications	(104)	3	(330)
Amounts reclassified from accumulated other comprehensive income (loss)	18	11	3
Ending Balance	$ (1,509)	$ (1,423)	$ (1,437)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Components of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue	$ 6,090	$ 8,479	$ 8,453
Selling, general, and administrative	(968)	(1,303)	(1,233)
Other income (expense), net	(17)	(90)	(99)
Tax effect	242	369	(63)
Net loss attributable to Company	(2,542)	(6,095)	(31)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue	17	1	2
Cost of revenue	6	14	(6)
Selling, general, and administrative	(1)	(1)	(1)
Other income (expense), net			6
Tax effect	(4)	(3)	2
Net loss attributable to Company	18	11	3
Currency Translation Adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other income (expense), net			6
Net loss attributable to Company			6
Derivative Financial Instruments, Net of Tax [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue	17	1	2
Cost of revenue	6	14	(6)
Tax effect	(4)	(3)	2
Net loss attributable to Company	19	12	(2)
Defined Benefit Plans, Net of Tax [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Selling, general, and administrative	(1)	(1)	(1)
Net loss attributable to Company	$ (1)	$ (1)	$ (1)

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement Of Income And Comprehensive Income [Abstract]
Other comprehensive income (loss) before reclassifications	$ (78)	$ (7)	$ (292)
Changes in derivative financial instruments, net of tax	23	10	(21)
Changes in derivative financial instruments, tax	$ 5	$ 4	$ 2

Common Stock - Additional Infor

Common Stock - Additional Information (Detail) $ / shares in Units, $ in Millions	May 20, 2020$ / sharesshares	Feb. 25, 2020$ / sharesshares	Dec. 20, 2017USD ($)$ / sharesshares	Dec. 31, 2020USD ($)Installment$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock, authorized				1,000,000,000	1,000,000,000
Number of preferred stock, authorized				10,000,000
Common stock, par value | $ / shares				$ 0.01	$ 0.01
Preferred stock, par value | $ / shares				$ 0.01
Preferred stock, shares issued				0
Preferred stock, shares outstanding				0
Aggregated cash dividends paid | $				$ 19	$ 77	$ 76
Stock-based compensation expense | $				105	130	110
Income tax provision recognized | $				$ 3	$ 14	$ 16
Duration of performance-based restricted stock awards, vested				Options granted under our stock-based compensation plans generally vest over a three-year period starting one year from the date of grant and expire ten years from the date of grant.
Earlier authorized shares under stock based compensation | shares				69,400,000
Stock option, Minimum Range | $ / shares				$ 20.23
Stock option, Maximum Range | $ / shares				77.99
Weighted average grant-date fair value of options | $ / shares				$ 5.83	$ 9.06	$ 10.01
Total intrinsic value of options exercised | $				$ 0	$ 6
Total unrecognized compensation cost related to nonvested stock options | $				$ 12
Compensation cost not yet recognized, period for recognition				3 years
Total fair value of stock options vested | $				$ 18	32	$ 26
Cash received from option exercises | $				0	7	54
Tax benefit (expense) realized for the tax deductions from option exercises | $				$ 0	$ (2)	$ 2
Stock options granted				1,650,262	1,493,576	1,610,599
Weighted average exercise price per share of options | $ / shares				$ 20.23	$ 28.72	$ 35.09
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock appreciation rights exchange percentage			94.75%
Cash payment of stock appreciation rights | $			$ 14
Cash paid to settle SARs | $				$ 0
Compensation cost recognized | $				$ 0	$ 0	$ 0
Shares granted				7,912	7,088
Restricted stock granted fair value | $ / shares				$ 20.23	$ 28.72
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value of options | $ / shares			$ 8.47
Stock options granted			3,613,707
Weighted average exercise price per share of options | $ / shares			$ 34.32
Restricted Stock and Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Duration of performance-based restricted stock awards, vested				The restricted stock and restricted stock units vest in three equal annual installments commencing on the first anniversary of the date of grant.
Shares granted		2,535,174		3,166,402	3,335,315	2,657,115
Restricted stock granted fair value | $ / shares		$ 20.23		$ 19.98	$ 28.52	$ 35.17
Number of equal annual vesting installments | Installment				3
Performance-base restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Description of performance goal				The performance share awards can be earned based on performance against established goals over a three-year performance period.
Performance-base restricted stock [Member] | Senior Management Employees [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted		0
Performance-base restricted stock [Member] | Senior Management Employees [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted		1,063,274
TSR Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Description of performance goal				The 2018 performance share awards are based entirely on a TSR (total shareholder return) goal. Performance against the TSR goal is determined by comparing the performance of the Company’s TSR with the TSR performance of the members of the OSX (Oil Service Sector) index for the three-year performance period.  The 2019 and 2020 performance share awards are divided into two independent parts that are subject to two separate performance metrics: 85% with a TSR (total shareholder return) goal and 15% with an internal NVA  (“National  Oilwell  Varco  Value  Added”)  (return  on  capital  metric) goal. Performance against the TSR goal is determined by comparing the performance of the Company’s TSR with the TSR performance of the members of the OSX index for the three-year performance period. The NVA goal is based on the Company’s improvement in NVA from the beginning of the performance period until the end of the performance period. NVA shall be calculated as an amount equal to the Company’s (a) gross cash earnings less (b) average gross operating assets times an amount equal to a required return on assets.
Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost related to nonvested stock options | $				$ 80
Compensation cost not yet recognized, period for recognition				2 years
TSR [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance shares awarded				85.00%
NVA [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance shares awarded				15.00%
2018 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares under stock based compensation				42,700,000
Remaining shares available for future grants under the Plan				24,000,000
2018 Plan [Member] | Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	99,696
Restricted stock granted fair value | $ / shares	$ 13

Common Stock - Summary of Stock

Common Stock - Summary of Stock Options (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of shares under stock option, Beginning of the year	21,310,099	21,009,508	22,472,047
Number of Shares Granted	1,650,262	1,493,576	1,610,599
Number of Shares Forfeited	(1,954,859)	(944,917)	(1,318,380)
Number of Shares Exercised		(248,068)	(1,754,758)
Number of shares under stock option, End of the year	21,005,502	21,310,099	21,009,508
Number of stock options vested and expected to be vest, exercisable	17,893,434	17,796,607	15,223,029
Weighted Average Exercise Price, Beginning of year	$ 47.68	$ 48.88	$ 48.99
Weighted Average Exercise Price, Stock Options Granted	20.23	28.72	35.09
Weighted Average Exercise Price, Stock Options Forfeited	45.75	50.57	57.56
Weighted Average Exercise Price, Stock Options Exercised		29.70	44.12
Weighted Average Exercise Price, End of the year	45.70	47.68	48.88
Weighted Average Exercise Price, Stock Options Exercisable	$ 49.25	$ 50.49	$ 54.13

Common Stock - Summary of Sto_2

Common Stock - Summary of Stock Option Outstanding Information (Detail)	12 Months Ended
	Dec. 31, 2020$ / sharesshares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-Avg Remaining Contractual Life	4 years 10 months 20 days
Stock Options Outstanding, Shares | shares	21,005,502
Stock Options Outstanding, Weighted - Average Exercise Price	$ 45.70
Stock Options Exercisable, Shares | shares	17,893,434
Stock Options Exercisable, Weighted - Average Exercise Price	$ 49.25
Stock option, Minimum Range	20.23
Stock option, Maximum Range	$ 77.99
$20.23 - $55.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-Avg Remaining Contractual Life	5 years 10 months 6 days
Stock Options Outstanding, Shares | shares	15,816,183
Stock Options Outstanding, Weighted - Average Exercise Price	$ 37.65
Stock Options Exercisable, Shares | shares	12,704,115
Stock Options Exercisable, Weighted - Average Exercise Price	$ 40.68
Stock option, Minimum Range	28.24
Stock option, Maximum Range	$ 55
$55.01 - $70.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-Avg Remaining Contractual Life	2 years 8 months 4 days
Stock Options Outstanding, Shares | shares	3,252,338
Stock Options Outstanding, Weighted - Average Exercise Price	$ 66.82
Stock Options Exercisable, Shares | shares	3,252,338
Stock Options Exercisable, Weighted - Average Exercise Price	$ 66.82
Stock option, Minimum Range	55.01
Stock option, Maximum Range	$ 70
$70.01 - $77.99
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-Avg Remaining Contractual Life	8 months 12 days
Stock Options Outstanding, Shares | shares	1,936,981
Stock Options Outstanding, Weighted - Average Exercise Price	$ 75.96
Stock Options Exercisable, Shares | shares	1,936,981
Stock Options Exercisable, Weighted - Average Exercise Price	$ 75.96
Stock option, Minimum Range	70.01
Stock option, Maximum Range	$ 77.99

Common Stock - Assumption Used

Common Stock - Assumption Used in Determination of Fair Value of Share Based Payment Awards (Detail)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Expected volatility	35.00%	35.90%	31.80%
Risk-free interest rate	1.20%	2.50%	2.70%
Expected dividend yield	1.00%	0.70%	0.60%
Expected term (in years)	4 years 9 months 18 days	4 years 6 months	4 years 3 months 18 days

Common Stock - Summary of Infor

Common Stock - Summary of Information and Changes in Stock Options with Regard to Stock Option Plans (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of shares under stock option, Beginning of the year	21,310,099	21,009,508	22,472,047
Number of Shares Granted	1,650,262	1,493,576	1,610,599
Number of Shares Forfeited	(1,954,859)	(944,917)	(1,318,380)
Number of Shares Exercised		(248,068)	(1,754,758)
Number of shares under stock option, End of the year	21,005,502	21,310,099	21,009,508	22,472,047
Number of stock options, Exercisable	17,893,434	17,796,607	15,223,029
Weighted Average Exercise Price, Beginning of year	$ 47.68	$ 48.88	$ 48.99
Weighted Average Exercise Price, Stock Options Granted	20.23	28.72	35.09
Weighted Average Exercise Price, Stock Options Forfeited	45.75	50.57	57.56
Weighted Average Exercise Price, Stock Options Exercised		29.70	44.12
Weighted Average Exercise Price, End of the year	45.70	47.68	48.88	$ 48.99
Weighted Average Exercise Price, Stock Options, Exercisable	$ 49.25	$ 50.49	$ 54.13
Weighted Average Remaining Contractual Term, Outstanding	4 years 10 months 20 days			5 years 4 months 9 days
Weighted Average Remaining Contractual Term, Exercisable	4 years 3 months 10 days

Common Stock - Summary of Inf_2

Common Stock - Summary of Information Regarding Outstanding SARs (Detail) - Stock Appreciation Rights (SARs) [Member] - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Shares Outstanding, Beginning balance	1,330,257	1,399,302
Granted	7,912	7,088
Forfeited	(103,604)	(76,133)
Restricted Shares Outstanding, Ending balance	1,234,565	1,330,257
Exercisable at end of year	1,219,555	1,315,701
Weighted-Average Grant Date Fair Value of Restricted Stock, Beginning Balance	$ 28.45	$ 28.49
Granted	20.23	28.72
Forfeited	28.38	29.18
Weighted-Average Grant Date Fair Value of Restricted Stock, Ending Balance	28.40	28.45
Average Exercise Price, Exercisable at end of year	$ 28.44	$ 28.40

Common Stock - Summary of Inf_3

Common Stock - Summary of Information Regarding Outstanding Restricted Shares (Detail) - Restricted Stock and Restricted Stock Units [Member] - $ / shares	Feb. 25, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Shares Outstanding, Beginning balance		6,274,308	5,914,860	4,889,678
Restricted Stock Granted, Shares	2,535,174	3,166,402	3,335,315	2,657,115
Restricted Stock Vested, Shares		(3,229,624)	(2,901,945)	(1,242,682)
Restricted Stock Forfeited, Shares		(137,123)	(73,922)	(389,251)
Restricted Shares Outstanding, Ending balance		6,073,963	6,274,308	5,914,860
Weighted-Average Grant Date Fair Value of Restricted Stock, Beginning Balance		$ 33.10	$ 34.41	$ 37.04
Restricted Stock Granted, Weighted-Average Grant Date Fair Value	$ 20.23	19.98	28.52	35.17
Restricted Stock Vested, Weighted-Average Grant Date Fair Value		20.09	25.67	34.86
Restricted Stock Forfeited, Weighted-Average Grant Date Fair Value		45.75	50.57	57.56
Weighted-Average Grant Date Fair Value of Restricted Stock, Ending Balance		$ 31.85	$ 33.10	$ 34.41

Revenue Recognition - Summary o

Revenue Recognition - Summary of Disaggregate Revenue by Destinations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Disaggregate revenue	$ 6,090	$ 8,479	$ 8,453
Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,867	3,214	3,235
Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	2,433	2,771	2,931
Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,919	2,682	2,575
Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(129)	(188)	(288)
Continental [Member] | Operating Segments [Member] | Intersubsegment Eliminations [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	55	63	73
Continental [Member] | Operating Segments [Member] | Intersubsegment Eliminations [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	43	59	86
Continental [Member] | Operating Segments [Member] | Intersubsegment Eliminations [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	31	66	129
Continental [Member] | Intersegment Eliminations | Intersubsegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(129)	(188)	(288)
Continental [Member] | North America [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,802	3,361	3,782
Continental [Member] | North America [Member] | Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	824	1,710	1,817
Continental [Member] | North America [Member] | Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	751	1,122	1,302
Continental [Member] | North America [Member] | Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	227	529	663
Continental [Member] | International [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	4,288	5,118	4,671
Continental [Member] | International [Member] | Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	988	1,441	1,345
Continental [Member] | International [Member] | Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,639	1,590	1,543
Continental [Member] | International [Member] | Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,661	2,087	1,783
Land and Offshore [Member] | Operating Segments [Member] | Intersubsegment Eliminations [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	55	63	73
Land and Offshore [Member] | Operating Segments [Member] | Intersubsegment Eliminations [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	43	59	86
Land and Offshore [Member] | Operating Segments [Member] | Intersubsegment Eliminations [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	31	66	129
Land and Offshore [Member] | Intersegment Eliminations | Intersubsegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	(129)	(188)	(288)
Land and Offshore [Member] | Land Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	3,207	5,097	5,522
Land and Offshore [Member] | Land Destination [Member] | Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,308	2,531	2,683
Land and Offshore [Member] | Land Destination [Member] | Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	1,426	1,808	1,985
Land and Offshore [Member] | Land Destination [Member] | Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	473	758	854
Land and Offshore [Member] | Offshore Destination [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	2,883	3,382	2,931
Land and Offshore [Member] | Offshore Destination [Member] | Operating Segments [Member] | Wellbore Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	504	620	479
Land and Offshore [Member] | Offshore Destination [Member] | Operating Segments [Member] | Completion & Production Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	964	904	860
Land and Offshore [Member] | Offshore Destination [Member] | Operating Segments [Member] | Rig Technologies [Member]
Disaggregation of Revenue [Line Items]
Disaggregate revenue	$ 1,415	$ 1,858	$ 1,592

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2020USD ($)Customer	Dec. 31, 2019USD ($)Customer	Dec. 31, 2018USD ($)Customer
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Impairment losses on contract assets | $	$ 0	$ 0	$ 0
Customer Concentration Risk [Member] | Revenue [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Concentration risk, number of customers | Customer	0	0	0
Concentration risk, percentage	10.00%	10.00%	10.00%

Revenue Recognition - Summary_2

Revenue Recognition - Summary of Changes in Carrying Amount of Contract Assets and Contract Liabilities (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Revenue From Contract With Customer [Abstract]
Balance at December 31, 2019	$ 643
Provision	(2)
Billings	(945)
Revenue recognized	953
Currency translation adjustments and other	(38)
Balance at December 31, 2020	611
Balance at December 31, 2019	427
Billings	1,130
Revenue recognized	(1,185)
Currency translation adjustments and other	(18)
Balance at December 31, 2020	$ 354

Income Taxes - Domestic and For

Income Taxes - Domestic and Foreign Components of Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income before income taxes, Domestic	$ (2,169)	$ (4,501)	$ (168)
Income before income taxes, Foreign	(610)	(1,961)	209
Income before income taxes	$ (2,779)	$ (6,462)	$ 41

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal	$ (279)	$ (7)	$ (5)
State	(4)	4	(3)
Foreign	106	60	134
Total current income tax provision	(177)	57	126
Deferred:
Federal	7	(344)	11
State		(18)
Foreign	(72)	(64)	(74)
Total deferred income tax provision	(65)	(426)	(63)
Total income tax provision	$ (242)	$ (369)	$ 63

Income Taxes - Difference Betwe

Income Taxes - Difference Between Effective Tax Rate (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Federal income tax at U.S. statutory rate	$ (584)	$ (1,357)	$ 9
Foreign income tax rate differential	(30)	(40)	(3)
Goodwill impairment	271	666
Reduction of FTC carryforwards	184
Tax Benefit from CARES Act	(83)
Change in deferred tax valuation allowance	(83)	218	49
Nondeductible expenses	44	61	20
Foreign dividends, net of foreign tax credits	28	163	27
Change in uncertain tax positions	20	(60)	(5)
Prior years taxes	(6)	3	(13)
State income taxes - net of federal benefit	(4)	(16)	(3)
Other	1	(7)	(18)
Total income tax provision	$ (242)	$ (369)	$ 63

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Tax Credit Carryforward [Line Items]
Effective income tax rate	8.70%	5.70%
Tax adjustments, Settlements, and unusual provisions	$ 287
Unrecognized tax benefit	57	$ 38	$ 98	$ 132
Decrease in unrecognized tax benefits from resolutions of domestic foreign jurisdiction audit		4	60
Increase in unrecognized tax position from completion of audits of domestic and foreign jurisdictions from prior years	25	10	31
Income tax interest and penalties related to unrecognized tax benefit	2	0	$ 0
Accrued income tax interest and penalties related to unrecognized tax benefit	11	12
Foreign tax credit	404
Net operating loss carry forward	1,857
Tax-deductible goodwill		$ 118
Undistributed earnings subject to a permanent reinvestment assertion	0
Maximum [Member]
Tax Credit Carryforward [Line Items]
Period of amortization of goodwill		10 years
Carry Forward Expiration Year 2022 [Member]
Tax Credit Carryforward [Line Items]
Net operating loss carry forward	141
Carry Forward Expiration Year 2027 [Member]
Tax Credit Carryforward [Line Items]
Net operating loss carry forward	145
Carry Forward Expiration Year 2028 [Member]
Tax Credit Carryforward [Line Items]
Net operating loss carry forward	95
Carry Forward Expiration Year 2030 [Member]
Tax Credit Carryforward [Line Items]
Net operating loss carry forward	23
Cares Act [Member]
Tax Credit Carryforward [Line Items]
Tax adjustments, Settlements, and unusual provisions	$ 591

Income Taxes - Significant Comp

Income Taxes - Significant Components of Deferred Tax Assets and Liability (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Allowances and operating liabilities	$ 318	$ 395
Net operating loss carryforwards	387	270
Stock Compensation	61	69
Tax credit carryforwards	411	702
Other	122	60
Valuation allowance	(1,093)	(1,175)
Total deferred tax assets	206	321
Deferred tax liabilities:
Tax over book depreciation	60	115
Capital leases	80	86
Intangible assets	49	110
Deferred income	47	65
Accrued tax on unremitted earnings	33	33
Other	15	52
Total deferred tax liabilities	284	461
Net deferred tax liability	$ 78	$ 140

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Unrecognized tax benefit at beginning of year	$ 38	$ 98	$ 132
Gross increase for current period tax positions			15
Gross increase for tax positions in prior years	25	10	31
Gross decrease for tax positions in prior years	(2)	(60)	(10)
Cash Settlements	(1)	(3)	(69)
Lapse of statute of limitations	(3)	(7)	(1)
Unrecognized tax benefit at end of year	$ 57	$ 38	$ 98

Income Taxes - Summary of Net O

Income Taxes - Summary of Net Operating Loss Carryforwards (Detail) $ in Millions	Dec. 31, 2020USD ($)
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	$ 1,857
Tax Effected NOL	387
Valuation Allowance (VA)	(384)
Tax Effected NOL Net of VA	3
Federal [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	419
Tax Effected NOL	88
Valuation Allowance (VA)	(88)
State [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	305
Tax Effected NOL	17
Valuation Allowance (VA)	(17)
Foreign [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	1,133
Tax Effected NOL	282
Valuation Allowance (VA)	(279)
Tax Effected NOL Net of VA	3
2020 - 2024 Expiration [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	156
2020 - 2024 Expiration [Member] | Federal [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	6
2020 - 2024 Expiration [Member] | State [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	2
2020 - 2024 Expiration [Member] | Foreign [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	148
2025 - 2039 Expiration [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	776
2025 - 2039 Expiration [Member] | Federal [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	45
2025 - 2039 Expiration [Member] | State [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	303
2025 - 2039 Expiration [Member] | Foreign [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	428
Unlimited Expiration [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	925
Unlimited Expiration [Member] | Federal [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	368
Unlimited Expiration [Member] | Foreign [Member]
Operating Loss Carryforwards [Line Items]
Total Net Operating Loss (NOL)	$ 557

Business Segments and Geograp_3

Business Segments and Geographic Areas - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2020Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Business Segments and Geograp_4

Business Segments and Geographic Areas - Revenues by Country Based on Sales Destination of Products or Services (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 6,090	$ 8,479	$ 8,453
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	1,634	3,112	3,480
Norway [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	464	512	368
Saudi Arabia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	343	436	444
China [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	288	285	231
Singapore [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	242	473	321
Brazil [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	224	269	415
United Kingdom [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	222	333	309
United Arab Emirates [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	221	224	248
Canada [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	168	247	302
South Korea [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	33	69	169
Other Countries [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 2,251	$ 2,519	$ 2,166

Business Segments and Geograp_5

Business Segments and Geographic Areas - Plant, Property and Equipment by Country Based on the Location (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Property, plant and equipment, net	$ 1,927	$ 2,354
United States [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	1,011	1,257
Saudi Arabia [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	176	87
Brazil [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	92	194
United Kingdom [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	86	112
Denmark [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	76	111
South Korea [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	51	77
Russia [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	13	16
Canada [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	73	77
Mexico [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	30	43
United Arab Emirates [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	68	52
Singapore [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	15	28
Other Countries [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	$ 236	$ 300

Business Segments and Geograp_6

Business Segments and Geographic Areas - Business Segments (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Revenue	$ 6,090	$ 8,479	$ 8,453
Operating profit (loss)	(2,425)	(6,279)	211
Capital expenditures	226	233	244
Depreciation and amortization	352	533	690
Goodwill	1,493	2,807	6,264
Total assets	9,929	13,149	19,796
Wellbore Technologies [Member]
Segment Reporting Information [Line Items]
Goodwill	308	843	3,011
Completion & Production Solutions [Member]
Segment Reporting Information [Line Items]
Goodwill	473	1,054	2,041
Rig Technologies [Member]
Segment Reporting Information [Line Items]
Goodwill	712	910	1,212
Eliminations and Corporate Costs [Member]
Segment Reporting Information [Line Items]
Revenue	(129)	(188)	(288)
Operating profit (loss)	(228)	(270)	(299)
Capital expenditures	11	15	5
Depreciation and amortization	13	12	14
Total assets	1,869	1,487	1,728
Operating Segments [Member] | Wellbore Technologies [Member]
Segment Reporting Information [Line Items]
Revenue	1,867	3,214	3,235
Operating profit (loss)	(858)	(3,551)	131
Capital expenditures	87	123	135
Depreciation and amortization	187	284	374
Goodwill	308	843	3,011
Total assets	2,665	4,078	7,929
Operating Segments [Member] | Completion & Production Solutions [Member]
Segment Reporting Information [Line Items]
Revenue	2,433	2,771	2,931
Operating profit (loss)	(977)	(1,934)	166
Capital expenditures	48	64	87
Depreciation and amortization	75	150	212
Goodwill	473	1,054	2,041
Total assets	2,472	3,826	6,233
Operating Segments [Member] | Rig Technologies [Member]
Segment Reporting Information [Line Items]
Revenue	1,919	2,682	2,575
Operating profit (loss)	(362)	(524)	213
Capital expenditures	80	31	17
Depreciation and amortization	77	87	90
Goodwill	712	910	1,212
Total assets	$ 2,923	$ 3,758	$ 3,906

Business Segments and Geograp_7

Business Segments and Geographic Areas - Business Segments (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Operating profit (loss)	$ (2,425)	$ (6,279)	$ 211
Goodwill Indefinite Lived And Finite Lived Intangible And Long Lived Tangible Assets | Wellbore Technologies [Member]
Segment Reporting Information [Line Items]
Operating profit (loss)	665	3,565
Goodwill Indefinite Lived And Finite Lived Intangible And Long Lived Tangible Assets | Completion & Production Solutions [Member]
Segment Reporting Information [Line Items]
Operating profit (loss)	1,010	1,865
Goodwill Indefinite Lived And Finite Lived Intangible And Long Lived Tangible Assets | Rig Technologies [Member]
Segment Reporting Information [Line Items]
Operating profit (loss)	198	389
Inventory Charges | Wellbore Technologies [Member]
Segment Reporting Information [Line Items]
Operating profit (loss)	50	130
Inventory Charges | Completion & Production Solutions [Member]
Segment Reporting Information [Line Items]
Operating profit (loss)	101	148
Inventory Charges | Rig Technologies [Member]
Segment Reporting Information [Line Items]
Operating profit (loss)	175	355
Voluntary Early Retirement Program | Wellbore Technologies [Member]
Segment Reporting Information [Line Items]
Operating profit (loss)		64
Voluntary Early Retirement Program | Completion & Production Solutions [Member]
Segment Reporting Information [Line Items]
Operating profit (loss)		30
Voluntary Early Retirement Program | Rig Technologies [Member]
Segment Reporting Information [Line Items]
Operating profit (loss)		$ 37
Severance And Facility Closures Cost | Wellbore Technologies [Member]
Segment Reporting Information [Line Items]
Operating profit (loss)	134
Severance And Facility Closures Cost | Completion & Production Solutions [Member]
Segment Reporting Information [Line Items]
Operating profit (loss)	21
Severance And Facility Closures Cost | Rig Technologies [Member]
Segment Reporting Information [Line Items]
Operating profit (loss)	$ 29

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Allowance for Doubtful Accounts [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance beginning of year	$ 132	$ 161	$ 187
Additions (Deductions) charged to costs and expenses	7	21	17
Charge off's and other	(39)	(50)	(43)
Balance end of year	100	132	161
Reserve for Excess and Obsolete Inventories [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance beginning of year	843	644	800
Additions (Deductions) charged to costs and expenses	356	659	49
Charge off's and other	(622)	(460)	(205)
Balance end of year	577	843	644
Valuation Allowance for Deferred Tax Assets [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance beginning of year	1,175	955	1,202
Additions (Deductions) charged to costs and expenses	(82)	218	49
Charge off's and other		2	(296)
Balance end of year	1,093	1,175	955
Environmental Accruals [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance beginning of year	104	66	38
Additions (Deductions) charged to costs and expenses	13	57	37
Charge off's and other	(27)	(19)	(9)
Balance end of year	90	104	66
Warranty Reserve [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance beginning of year	90	105	135
Additions (Deductions) charged to costs and expenses	22	41	38
Charge off's and other	(25)	(56)	(68)
Balance end of year	$ 87	$ 90	$ 105