NOW (DNOW) 10-Q 4 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 28, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Trading Symbol	DNOW
Security Exchange Name	NYSE
Entity Registrant Name	NOW INC.
Entity Central Index Key	0001599617
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		110,558,831
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-36325
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-4191184
Entity Address, Address Line One	7402 North Eldridge Parkway
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77041
City Area Code	281
Local Phone Number	823-4700
Title of 12(b) Security	Common Stock, par value $0.01
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 293	$ 387
Receivables, net	271	198
Inventories, net	250	262
Prepaid and other current assets	17	14
Total current assets	831	861
Property, plant and equipment, net	120	98
Deferred income taxes	1	1
Goodwill	66
Intangibles, net	12
Other assets	40	48
Total assets	1,070	1,008
Current liabilities:
Accounts payable	217	172
Accrued liabilities	99	95
Other current liabilities	25	5
Total current liabilities	341	272
Long-term operating lease liabilities	19	25
Other long-term liabilities	14	12
Total liabilities	374	309
Commitments and contingencies
Stockholders' equity:
Preferred stock - par value $0.01; 20 million shares authorized; no shares issued and outstanding
Common stock - par value $0.01; 330 million shares authorized; 110,558,831 and 109,951,610 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	1	1
Additional paid-in capital	2,057	2,051
Accumulated deficit	(1,220)	(1,208)
Accumulated other comprehensive loss	(142)	(145)
Total stockholders' equity	696	699
Total liabilities and stockholders' equity	$ 1,070	$ 1,008

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	330,000,000	330,000,000
Common stock, shares issued	110,558,831	109,951,610
Common stock, shares outstanding	110,558,831	109,951,610

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue	$ 400	$ 370	$ 761	$ 974
Operating expenses:
Cost of products	315	302	601	789
Warehousing, selling and administrative	85	97	164	227
Impairment charges			4	320
Operating profit (loss)		(29)	(8)	(362)
Other expense	(1)	(2)	(2)	(2)
Loss before income taxes	(1)	(31)	(10)	(364)
Income tax provision (benefit)	1	(1)	2	(3)
Net loss	$ (2)	$ (30)	$ (12)	$ (361)
Loss per share:
Basic loss per common share	$ (0.02)	$ (0.27)	$ (0.11)	$ (3.30)
Diluted loss per common share	$ (0.02)	$ (0.27)	$ (0.11)	$ (3.30)
Weighted-average common shares outstanding, basic	110,419,322	109,337,545	110,246,306	109,294,719
Weighted-average common shares outstanding, diluted	110,419,322	109,337,545	110,246,306	109,294,719

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (2)	$ (30)	$ (12)	$ (361)
Other comprehensive income (loss):
Foreign currency translation adjustments	$ 2	8	3	(31)
Comprehensive income (loss)		$ (22)	$ (9)	$ (392)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss	$ (12)	$ (361)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	12	17
Provision for inventory	6	21
Impairment charges	4	320
Other, net	11	16
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:
Receivables	(63)	113
Inventories	9	68
Prepaid and other current assets		(4)
Accounts payable, accrued liabilities and other, net	37	(116)
Net cash provided by (used in) operating activities	4	74
Cash flows from investing activities:
Business acquisitions, net of cash acquired	(96)
Net proceeds from sale of business		25
Purchases of property, plant and equipment	(2)	(5)
Net cash provided by (used in) investing activities	(98)	20
Cash flows from financing activities:
Payments relating to finance leases and other, net	(1)	(4)
Net cash provided by (used in) financing activities	(1)	(4)
Effect of exchange rates on cash and cash equivalents	1	(4)
Net change in cash and cash equivalents	(94)	86
Cash and cash equivalents, beginning of period	387	183
Cash and cash equivalents, end of period	$ 293	269
Supplemental disclosures of cash flow information:
Accrued purchases of property, plant and equipment		$ 2

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings (Deficit) [Member]	Retained Earnings (Deficit) [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Beginning balance at Dec. 31, 2019	$ 1,144	$ (6)		$ 2,046	$ (775)	$ (6)	$ (128)
Beginning balance, shares at Dec. 31, 2019			1
Net loss	(331)				(331)
Other comprehensive income (loss)	(39)						(39)
Ending balance at Mar. 31, 2020	768			2,046	(1,112)		(167)
Ending balance, shares at Mar. 31, 2020			1
Beginning balance at Dec. 31, 2019	1,144	$ (6)		2,046	(775)	$ (6)	(128)
Beginning balance, shares at Dec. 31, 2019			1
Net loss	(361)
Ending balance at Jun. 30, 2020	747			2,047	(1,142)		(159)
Ending balance, shares at Jun. 30, 2020			1
Beginning balance at Mar. 31, 2020	768			2,046	(1,112)		(167)
Beginning balance, shares at Mar. 31, 2020			1
Net loss	(30)				(30)
Stock-based compensation	1			1
Other comprehensive income (loss)	8						8
Ending balance at Jun. 30, 2020	747			2,047	(1,142)		(159)
Ending balance, shares at Jun. 30, 2020			1
Beginning balance at Dec. 31, 2020	699			2,051	(1,208)		(145)
Beginning balance, shares at Dec. 31, 2020			1
Net loss	(10)				(10)
Stock-based compensation	2			2
Exercise of stock options	1			1
Shares withheld for taxes	(1)			(1)
Other comprehensive income (loss)	1						1
Ending balance at Mar. 31, 2021	692			2,053	(1,218)		(144)
Ending balance, shares at Mar. 31, 2021			1
Beginning balance at Dec. 31, 2020	699			2,051	(1,208)		(145)
Beginning balance, shares at Dec. 31, 2020			1
Net loss	(12)
Other comprehensive income (loss)							3
Ending balance at Jun. 30, 2021	696			2,057	(1,220)		(142)
Ending balance, shares at Jun. 30, 2021			1
Beginning balance at Mar. 31, 2021	692			2,053	(1,218)		(144)
Beginning balance, shares at Mar. 31, 2021			1
Net loss	(2)				(2)
Stock-based compensation	2			2
Exercise of stock options	2			2
Other comprehensive income (loss)	2						2
Ending balance at Jun. 30, 2021	$ 696			$ 2,057	$ (1,220)		$ (142)
Ending balance, shares at Jun. 30, 2021			1

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Basis of Presentation	1. Organization and Basis of Presentation Nature of Operations NOW Inc. (“NOW” or the “Company”) is a holding company headquartered in Houston, Texas that was incorporated in Delaware on November 22, 2013. NOW operates primarily under the DistributionNOW and DNOW brands. NOW is a global distributor of energy products as well as products for industrial applications through its locations in the United States (“U.S.”), Canada and internationally which are geographically positioned to serve the energy and industrial markets in approximately 80 countries. Additionally, through the Company’s growing DigitalNOW ® Basis of Presentation All significant intercompany transactions and accounts have been eliminated. The unaudited consolidated financial information included in this report has been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and Article 10 of SEC Regulation S-X. The principles for interim financial information do not require the inclusion of all the information and footnotes required by generally accepted accounting principles for complete financial statements. Therefore, these financial statements should be read in conjunction with the financial statements included in the Company’s most recent Annual Report on Form 10-K. In the opinion of the Company’s management, the consolidated financial statements include all adjustments, all of which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods. The results of operations for the three and six months ended June 30, 2021 are not Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported and contingent amounts of assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassification Certain amounts in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported results of operations. Fair Value of Financial Instruments The carrying amounts of 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. See Note 12 Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848), which provides optional expedients and exceptions to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. Entities that elect the relief are required to disclose the nature of the optional expedients and exceptions that are adopted and the reasons for the adoptions. The guidance is effective upon issuance and the expedients and exceptions may be applied prospectively through December The Company is currently evaluating the impact of ASU 2020-04 but does not expect the adoption of this standard to have a material effect on its consolidated financial statements.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2021
Revenue From Contract With Customer [Abstract]
Revenue	2. Revenue The Company’s primary source of revenue is the sale of energy products and an extensive selection of products for industrial applications based upon purchase orders or contracts with customers. The majority of revenue is recognized at a point in time once the Company has determined that the customer has obtained control over the product. Control is typically deemed to have been transferred to the customer when the product is shipped, delivered or picked up by the customer. The Company does not grant extended payment terms. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to government authorities. Shipping and handling costs for product shipments occur prior to the customer obtaining control of the goods and are recorded in cost of products. The amount of revenue recognized reflects the consideration to which the Company expects to receive in exchange for products sold. Revenue is recorded at the transaction price net of estimates of variable consideration, if any, which may include product returns, trade discounts and allowances. The Company accrues for variable consideration using the expected value method. Estimates of variable consideration are included in revenue to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. See Note 7 “Business Segments” for disaggregation of revenue by reporting segments. The Company believes this disaggregation best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Remaining Performance Obligations Remaining performance obligations represent the transaction price of firm orders for which work has not been performed on contracts with an original expected duration of more than one year. The Company’s contracts are predominantly short-term in nature with a contract term of one year or less. For those contracts, the Company has utilized the practical expedient in Accounting Standards Codification (“ASC”) Topic 606 exempting Receivables Receivables are recorded when the Company has an unconditional right to consideration. Receivables are recorded and carried at the original invoiced amount less the allowance for doubtful accounts (“AFDA”). The estimated AFDA reflects the Company’s immediate recognition of current expected credit losses by incorporating the historical loss experience, as well as current and future market conditions that are reasonably available. Judgments in the estimate of AFDA include global economic and business conditions, oil and gas industry and market conditions, customer’s financial conditions and accounts receivable past due. As of June 30, 2021 and December 31, 2020, AFDA totaled $26 million and $28 million, respectively. Contract Assets and Liabilities Contract assets primarily consist of retainage amounts held as a form of security by customers until the Company satisfies its remaining performance obligations. As of June 30, 2021, contract assets were de minimis and were included in receivables, net in the consolidated balance sheets. The Company generally accounts for the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less. These expenses were not material for the three and six months ended June 30, 2021 and 2020. Contract liabilities primarily consist of deferred revenues recorded when customer payments are received or due in advance of satisfying performance obligations, including amounts which are refundable, and other accrued customer liabilities. Revenue recognition is deferred to a future period until the Company completes its obligations contractually agreed with customers. As of June 30, 2021 and December 31, 2020, contract liabilities and $19 million, respectively, and were included in accrued liabilities in the consolidated balance sheets. For the six months ended June 30, 2021, the increase in contract liabilities was primarily related to net customer deposits of approximately $12 million, partially offset by recognizing revenue of approximately $10 million that was deferred as of December 31, 2020. 9

Property, Plant and Equipment,

Property, Plant and Equipment, net	6 Months Ended
	Jun. 30, 2021
Property Plant And Equipment [Abstract]
Property, Plant and Equipment, net	3. Property, Plant and Equipment, net Property, plant and equipment consist of (in millions): Estimated Useful Lives June 30, 2021 December 31, 2020 Information technology assets 1-7 Years $ 48 $ 49 Operating equipment (1) 2-15 Years 130 101 Buildings and land (2) 5-35 Years 93 102 Construction in progress 3 1 Total property, plant and equipment 274 253 Less: accumulated depreciation (154 ) (155 ) Property, plant and equipment, net $ 120 $ 98 (1) Includes finance lease right-of-use assets. (2) Land has an indefinite life . As of June 30, 2021, $3 million of property, plant and equipment in the U.S.

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2021
Payables And Accruals [Abstract]
Accrued Liabilities	4. Accrued Liabilities Accrued liabilities consist of ( in millions June 30, 2021 December 31, 2020 Compensation and other related expenses $ 30 $ 27 Contract liabilities 21 19 Taxes (non-income) 8 10 Current portion of operating lease liabilities 16 17 Other 24 22 Total $ 99 $ 95

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	5. Debt On April 30, 2018, the Company replaced its existing senior secured revolving credit facility and entered into a senior secured revolving credit facility (the “Credit Facility”) with a syndicate of lenders with Wells Fargo Bank, National Association serving as the administrative agent. The five-year 1.00 Borrowings under the Credit Facility will bear an interest rate at the Company’s option, at (i) the base rate plus an applicable margin based on the Company’s fixed charge coverage ratio (and if applicable, the Company’s leverage ratio); or (ii) the greater of LIBOR for the applicable interest period and zero, plus an applicable margin based on the Company’s fixed charge coverage ratio (and if applicable, the Company’s leverage ratio). The Credit Facility includes a commitment fee on the unused portion of commitments that ranges from 25 to 37.5 basis points. Commitment fees incurred during the period were included in other expense in the consolidated statements of operations. Availability under the Credit Facility is determined by a borrowing base comprised of eligible receivables and eligible inventory in the U.S and Canada. As of June 30, 2021, the Company had no borrowings against the Credit Facility and approximately $235 million in availability (as defined in the Credit Facility) resulting in the excess availability (as defined in the Credit Facility) of 98%, subject to certain limitations. The Company is not obligated to repay borrowings against the Credit Facility until the expiration date. The Company issued $5 million in letters of credit under the Credit Facility primarily for casualty insurance expiring in June 2022. 10

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	6. Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) are as follows (in millions) Foreign Currency Translation Adjustments Balance at December 31, 2020 $ (145 ) Other comprehensive income 3 Balance at June 30, 2021 $ (142 ) 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, foreign 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 in accordance with ASC Topic 830, “Foreign Currency Matters.”

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Business Segments	7. Business Segments Operating results by reportable segment are as follows (in millions) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Revenue: United States $ 296 $ 260 $ 548 $ 701 Canada 51 41 109 119 International 53 69 104 154 Total revenue $ 400 $ 370 $ 761 $ 974 Operating profit (loss): United States $ (3 ) $ (24 ) $ (16 ) $ (228 ) Canada 2 (5 ) 6 (63 ) International 1 — 2 (71 ) Total operating profit (loss) $ — $ (29 ) $ (8 ) $ (362 )

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	8. Income Taxes The effective tax rates for the three and six months ended June 30, 2021 were (88.9%) and (14.8%), respectively, compared to 3.2% and 0.8%, respectively, for the corresponding periods of 2020. Compared to the U.S. statutory rate, the effective tax rate was impacted by recurring items, such as differing tax rates on income earned in certain foreign jurisdictions, nondeductible expenses, state income taxes and the change in valuation allowance recorded against deferred tax assets. Due to the continuing uncertainty in the Company’s industry, the Company continues to utilize the method of recording income taxes on a year-to-date effective tax rate for the three and six months ended June 30, 2021. The Company will evaluate its use of this method each quarter until such time as a return to the annualized estimated effective tax rate method is deemed appropriate. The Company is subject to taxation in the U.S., various states and foreign jurisdictions. The Company has significant operations in the U.S. and Canada and to a lesser extent in various other international jurisdictions. Tax years that remain subject to examination by major tax jurisdictions vary by legal entity but are generally open in the U.S. for the tax years ending after 2016 and outside the U.S. for the tax years ending after 2014.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	9. Earnings (Loss) Per Share For the three and six months ended June 30, 2021, approximately 6 million of potentially dilutive shares were excluded in both periods from the computation of diluted earnings per share due to the Company recognizing a net loss, compared to approximately 6 million for the corresponding periods of 2020. 11 Basic and diluted earnings (loss) per share are as follows (in millions, except share data) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss attributable to the Company's stockholders $ (2 ) $ (30 ) $ (12 ) $ (361 ) Denominator: Weighted average basic common shares outstanding 110,419,322 109,337,545 110,246,306 109,294,719 Effect of dilutive securities — — — — Weighted average diluted common shares outstanding 110,419,322 109,337,545 110,246,306 109,294,719 Loss per share attributable to the Company's stockholders: Basic $ (0.02 ) $ (0.27 ) $ (0.11 ) $ (3.30 ) Diluted $ (0.02 ) $ (0.27 ) $ (0.11 ) $ (3.30 ) Under ASC Topic 260, “Earnings Per Share”, the two-class method requires a portion of net income attributable to the Company to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents, if declared. Net loss is not allocated to unvested awards in periods the Company determines that those shares are not obligated to participate in losses.

Stock-based Compensation and Ou

Stock-based Compensation and Outstanding Awards	6 Months Ended
	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-based Compensation and Outstanding Awards	10. Stock-based Compensation and Outstanding Awards The Company has a stock-based compensation plan known as the NOW Inc. Long-Term Incentive Plan (the “Plan”). Under the Plan, the Company’s employees are eligible to be granted stock options, restricted stock awards (“RSAs”), restricted stock units and phantom shares (“RSUs”), and performance stock awards (“PSAs”). For the six months ended June 30, 2021, the Company granted 750,296 stock options with a weighted average fair value of $5.03 per share and 414,991 shares of RSAs and RSUs with a weighted average fair value of $10.40 per share. In addition, the Company granted PSAs to senior management employees with potential payouts varying from zero to 912,318 shares. These options vest over a three-year three-year one-half one-quarter one-quarter Performance against the TSR metric is determined by comparing the performance of the Company’s TSR with the TSR performance of designated peer companies for the three-year performance period. Performance against the EBITDA metric is determined by comparing the performance of the Company’s actual EBITDA average for each of the three-years of the performance period against the EBITDA metrics set by the Company’s Compensation Committee of the Board of Directors. Performance against the ROCE metric is determined by comparing the performance of the Company’s actual ROCE average for each of the three-years Stock-based compensation expense recognized for the three and six months ended June 30, 2021 ,

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies The Company is involved in various claims, regulatory agency audits and pending or threatened legal actions involving a variety of matters . The Company has also 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 total potential loss on these matters cannot be determined; however, in the Company’s opinion, any ultimate liability, to the extent not otherwise recorded or accrued for, will not materially affect the Company’s 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 intention and experience. The Company’s business is affected both directly and indirectly by governmental laws and regulations relating to the oilfield service industry in general, as well as by environmental and safety regulations that specifically apply to the Company’s business. Although the Company has not incurred material costs in connection with its compliance with such laws, there can be no assurance that other developments, such as new environmental laws, regulations and enforcement policies hereunder may not result in additional, presently unquantifiable costs or liabilities to the Company. The Company does not accrue for contingent losses that, in its judgment, are 12 considered to be reasonably possible but not probable. Estimating reasonably possible losses also requires the analysis of multiple possible outcomes that often depend on judgments about potential actions by third parties. The Company maintains credit arrangements with several banks providing for standby letters of credit, including bid and performance bonds, and other bonding requirements. As of June 30, 2021, the Company was contingently liable for approximately $10 million of outstanding standby letters of credit and surety bonds. The Company does not believe, based on historical experience and information currently available, that it is probable that any amounts will be required to be paid.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	12. Derivative Financial Instruments The Company is exposed to certain risks relating to its ongoing business operations. The primary risk managed by using derivative instruments is foreign currency exchange rate risk. The Company has entered into certain financial derivative instruments to manage this risk. The derivative financial instruments the Company has entered into are forward exchange contracts which have terms of less than one year to economically hedge foreign currency exchange rate risk on recognized non-functional currency monetary accounts. The purpose of the Company’s foreign currency economic hedging activities is to economically hedge the Company’s risk from changes in the fair value of non-functional currency denominated monetary accounts. The Company records all derivative financial instruments at their fair value in its consolidated balance sheets. None of the derivative financial instruments that the Company holds are designated as either a fair value hedge or cash flow hedge and the gain or loss on the derivative instrument is recorded in earnings. The Company has determined that the fair value of its derivative financial instruments are computed using level 2 inputs (inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability) in the fair value hierarchy as the fair value is based on publicly available foreign exchange rates at each financial reporting date. As of June 30, 2021 and December 31, 2020, the fair value of the Company’s foreign currency forward contracts totaled an asset of less than $1 For the three and six months ended June 30, 2021, the Company recorded a gain of less than $1 million in both periods related to changes in fair value. For the three and six months ended June 30, 2020, the Company recorded a gain of less than $1 million and a loss of less than $1 million, respectively, related to changes in fair value. All gains and losses were included in other expense in the consolidated statements of operations. As of June 30, 2021 and December 31, 2020, the notional principal associated with those contracts was $8 As of June 30, 2021, the Company’s financial instruments do not

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Acquisitions	13. Acquisitions For the six months ended June 30, 2021, the Company completed two acquisitions for an aggregate purchase price consideration of approximately $119 million. The aggregate purchase price was comprised of $96 million of cash, subject to working capital adjustments, and an estimated $23 million of contingent consideration if certain financial and profitability thresholds are achieved following the closing of the transactions. These acquisitions primarily expanded the Company’s offering in the U.S. to provide the rental, sale and service of surface-mounted horizontal pumping systems and horizontal jet pumping systems, as well as, to provide engineering and construction services. The Company has included the financial results of the acquisitions in its consolidated financial statements from the date of each acquisition. The fair value of contingent consideration liabilities was determined using the Monte Carlo simulation that includes level 3 inputs such as probability-weighted cash flows and discount rates that range from 14.5% to 14.7%. One acquisition has a maximum contingent payment of approximately $6 million and one has no maximum. As a result, the Company recognized the estimated acquisition date fair value of contingent consideration liabilities of approximately $19 million in other current liabilities and approximately $4 million in other long-term liabilities in the consolidated balance sheets. Changes in the fair value of contingent consideration liabilities subsequent to the acquisition dates, such as changes in the forecasted operating results, are recognized in the period when the change in estimated fair value occurs and may materially impact the consolidated financial statements. In 2021, the Company performed its preliminary valuations as of the applicable acquisition dates of the acquired net assets and recognized estimated goodwill of $66 million and intangible assets of $11 million in the U.S. segment, which are subject to change. If additional information is obtained about these assets and liabilities within the measurement period (not to exceed one year from the date of acquisition), through physical asset inspections and learning more about the newly acquired businesses, the Company will refine its estimate of fair value to allocate the purchase price more accurately. 13 The following table summarizes the purchase price allocation detail ( in millions As of June 30, 2021 Consideration transferred: Cash $ 96 Estimated fair value of contingent consideration 23 Net purchase price $ 119 Fair value of net assets acquired: Current assets other than cash $ 8 Property, plant and equipment 36 Customer relationships and other intangibles (1) 11 Other assets and liabilities, net (2 ) Total fair value of net assets acquired $ 53 Goodwill (2) $ 66 (1) Intangible assets acquired are amortized over a 9-year weighted average period. (2) The amount of goodwill represents the excess of its purchase price over the fair value of net assets acquired. Goodwill includes the expected benefit that the Company believes will result from combining its operations with those of the businesses acquired. The amount of goodwill expected to be deductible for income tax purposes is approximately $59 million, subject to changes in the fair value of contingent consideration liability subsequent to the acquisition date. The Company has not presented supplemental pro forma information because the acquired operations did not materially impact the Company’s consolidated operating results. One acquisition involved a party with which one of the Company’s Board of Directors is affiliated. See “Capital Spending” in Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for additional information. For the six months ended June 30, 2021, the Company recognized approximately $1 million of acquisition-related costs.

Organization and Basis of Pre_2

Organization and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations NOW Inc. (“NOW” or the “Company”) is a holding company headquartered in Houston, Texas that was incorporated in Delaware on November 22, 2013. NOW operates primarily under the DistributionNOW and DNOW brands. NOW is a global distributor of energy products as well as products for industrial applications through its locations in the United States (“U.S.”), Canada and internationally which are geographically positioned to serve the energy and industrial markets in approximately 80 countries. Additionally, through the Company’s growing DigitalNOW ®
Basis of Presentation	Basis of Presentation All significant intercompany transactions and accounts have been eliminated. The unaudited consolidated financial information included in this report has been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and Article 10 of SEC Regulation S-X. The principles for interim financial information do not require the inclusion of all the information and footnotes required by generally accepted accounting principles for complete financial statements. Therefore, these financial statements should be read in conjunction with the financial statements included in the Company’s most recent Annual Report on Form 10-K. In the opinion of the Company’s management, the consolidated financial statements include all adjustments, all of which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods. The results of operations for the three and six months ended June 30, 2021 are not
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported and contingent amounts of assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Reclassification	Reclassification Certain amounts in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported results of operations.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of 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. See Note 12
Recently Issued Accounting Standards	Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848), which provides optional expedients and exceptions to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. Entities that elect the relief are required to disclose the nature of the optional expedients and exceptions that are adopted and the reasons for the adoptions. The guidance is effective upon issuance and the expedients and exceptions may be applied prospectively through December The Company is currently evaluating the impact of ASU 2020-04 but does not expect the adoption of this standard to have a material effect on its consolidated financial statements.
Accumulated Other Comprehensive Income (Loss)	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, foreign 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 in accordance with ASC Topic 830, “Foreign Currency Matters.”
Revenue Recognition	The Company’s primary source of revenue is the sale of energy products and an extensive selection of products for industrial applications based upon purchase orders or contracts with customers. The majority of revenue is recognized at a point in time once the Company has determined that the customer has obtained control over the product. Control is typically deemed to have been transferred to the customer when the product is shipped, delivered or picked up by the customer. The Company does not grant extended payment terms. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to government authorities. Shipping and handling costs for product shipments occur prior to the customer obtaining control of the goods and are recorded in cost of products. The amount of revenue recognized reflects the consideration to which the Company expects to receive in exchange for products sold. Revenue is recorded at the transaction price net of estimates of variable consideration, if any, which may include product returns, trade discounts and allowances. The Company accrues for variable consideration using the expected value method. Estimates of variable consideration are included in revenue to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. See Note 7 “Business Segments” for disaggregation of revenue by reporting segments. The Company believes this disaggregation best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.
Remaining Performance Obligations	Remaining Performance Obligations Remaining performance obligations represent the transaction price of firm orders for which work has not been performed on contracts with an original expected duration of more than one year. The Company’s contracts are predominantly short-term in nature with a contract term of one year or less. For those contracts, the Company has utilized the practical expedient in Accounting Standards Codification (“ASC”) Topic 606 exempting
Receivables	Receivables Receivables are recorded when the Company has an unconditional right to consideration. Receivables are recorded and carried at the original invoiced amount less the allowance for doubtful accounts (“AFDA”). The estimated AFDA reflects the Company’s immediate recognition of current expected credit losses by incorporating the historical loss experience, as well as current and future market conditions that are reasonably available. Judgments in the estimate of AFDA include global economic and business conditions, oil and gas industry and market conditions, customer’s financial conditions and accounts receivable past due. As of June 30, 2021 and December 31, 2020, AFDA totaled $26 million and $28 million, respectively.
Contract Assets and Liabilities	Contract Assets and Liabilities Contract assets primarily consist of retainage amounts held as a form of security by customers until the Company satisfies its remaining performance obligations. As of June 30, 2021, contract assets were de minimis and were included in receivables, net in the consolidated balance sheets. The Company generally accounts for the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less. These expenses were not material for the three and six months ended June 30, 2021 and 2020. Contract liabilities primarily consist of deferred revenues recorded when customer payments are received or due in advance of satisfying performance obligations, including amounts which are refundable, and other accrued customer liabilities. Revenue recognition is deferred to a future period until the Company completes its obligations contractually agreed with customers. As of June 30, 2021 and December 31, 2020, contract liabilities and $19 million, respectively, and were included in accrued liabilities in the consolidated balance sheets. For the six months ended June 30, 2021, the increase in contract liabilities was primarily related to net customer deposits of approximately $12 million, partially offset by recognizing revenue of approximately $10 million that was deferred as of December 31, 2020. 9

Property, Plant and Equipment_2

Property, Plant and Equipment, net (Tables)	6 Months Ended
	Jun. 30, 2021
Property Plant And Equipment [Abstract]
Summary of Property, Plant and Equipment	Property, plant and equipment consist of (in millions): Estimated Useful Lives June 30, 2021 December 31, 2020 Information technology assets 1-7 Years $ 48 $ 49 Operating equipment (1) 2-15 Years 130 101 Buildings and land (2) 5-35 Years 93 102 Construction in progress 3 1 Total property, plant and equipment 274 253 Less: accumulated depreciation (154 ) (155 ) Property, plant and equipment, net $ 120 $ 98 (1) Includes finance lease right-of-use assets. (2) Land has an indefinite life .

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Payables And Accruals [Abstract]
Summary of Accrued Liabilities	Accrued liabilities consist of ( in millions June 30, 2021 December 31, 2020 Compensation and other related expenses $ 30 $ 27 Contract liabilities 21 19 Taxes (non-income) 8 10 Current portion of operating lease liabilities 16 17 Other 24 22 Total $ 99 $ 95

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Components of Accumulated Other Comprehensive Income (Loss)	The components of accumulated other comprehensive income (loss) are as follows (in millions) Foreign Currency Translation Adjustments Balance at December 31, 2020 $ (145 ) Other comprehensive income 3 Balance at June 30, 2021 $ (142 )

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Summary of Operating Results by Reportable Segment	Operating results by reportable segment are as follows (in millions) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Revenue: United States $ 296 $ 260 $ 548 $ 701 Canada 51 41 109 119 International 53 69 104 154 Total revenue $ 400 $ 370 $ 761 $ 974 Operating profit (loss): United States $ (3 ) $ (24 ) $ (16 ) $ (228 ) Canada 2 (5 ) 6 (63 ) International 1 — 2 (71 ) Total operating profit (loss) $ — $ (29 ) $ (8 ) $ (362 )

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings (Loss) Per Share	Basic and diluted earnings (loss) per share are as follows (in millions, except share data) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss attributable to the Company's stockholders $ (2 ) $ (30 ) $ (12 ) $ (361 ) Denominator: Weighted average basic common shares outstanding 110,419,322 109,337,545 110,246,306 109,294,719 Effect of dilutive securities — — — — Weighted average diluted common shares outstanding 110,419,322 109,337,545 110,246,306 109,294,719 Loss per share attributable to the Company's stockholders: Basic $ (0.02 ) $ (0.27 ) $ (0.11 ) $ (3.30 ) Diluted $ (0.02 ) $ (0.27 ) $ (0.11 ) $ (3.30 )

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Summary of Purchase Price Allocation	The following table summarizes the purchase price allocation detail ( in millions As of June 30, 2021 Consideration transferred: Cash $ 96 Estimated fair value of contingent consideration 23 Net purchase price $ 119 Fair value of net assets acquired: Current assets other than cash $ 8 Property, plant and equipment 36 Customer relationships and other intangibles (1) 11 Other assets and liabilities, net (2 ) Total fair value of net assets acquired $ 53 Goodwill (2) $ 66 (1) Intangible assets acquired are amortized over a 9-year weighted average period. (2) The amount of goodwill represents the excess of its purchase price over the fair value of net assets acquired. Goodwill includes the expected benefit that the Company believes will result from combining its operations with those of the businesses acquired. The amount of goodwill expected to be deductible for income tax purposes is approximately $59 million, subject to changes in the fair value of contingent consideration liability subsequent to the acquisition date.

Organization and Basis of Pre_3

Organization and Basis of Presentation - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2021GeographicMarketCountry
Basis Of Presentation And Organization [Abstract]
Number of geographical area covered | GeographicMarket	80
Number of countries distribution occur through vendors | Country	40

Revenue - Additional Informatio

Revenue - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Allowance for doubtful accounts receivable	$ 26	$ 28
Contract liabilities	21	19
Deferred revenue		$ 10
Increase in contract liabilities for net customer deposits	$ 12
Maximum [Member]
Disaggregation Of Revenue [Line Items]
Amortization period of revenue recognized	1 year

Property, Plant and Equipment_3

Property, Plant and Equipment, net - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 274	$ 253
Less: accumulated depreciation	(154)	(155)
Property, plant and equipment, net	120	98
Information Technology Assets [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	48	49
Operating Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	130	101
Buildings and Land [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	93	102
Construction in Progress [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 3	$ 1
Minimum [Member] | Information Technology Assets [Member]
Property Plant And Equipment [Line Items]
Property plant and equipment estimated useful lives	1 year
Minimum [Member] | Operating Equipment [Member]
Property Plant And Equipment [Line Items]
Property plant and equipment estimated useful lives	2 years
Minimum [Member] | Buildings [Member]
Property Plant And Equipment [Line Items]
Property plant and equipment estimated useful lives	5 years
Maximum [Member] | Information Technology Assets [Member]
Property Plant And Equipment [Line Items]
Property plant and equipment estimated useful lives	7 years
Maximum [Member] | Operating Equipment [Member]
Property Plant And Equipment [Line Items]
Property plant and equipment estimated useful lives	15 years
Maximum [Member] | Buildings [Member]
Property Plant And Equipment [Line Items]
Property plant and equipment estimated useful lives	35 years

Property, Plant and Equipment_4

Property, Plant and Equipment, net - Summary of Property, Plant and Equipment (Parenthetical) (Detail)	6 Months Ended
	Jun. 30, 2021
Land [Member]
Property Plant And Equipment [Line Items]
Estimated Useful Lives	indefinite life

Property, Plant and Equipment_5

Property, Plant and Equipment, net - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Property Plant And Equipment [Line Items]
Asset impairment charges	$ 4	$ 320
U.S. [Member] | Prepaid and Other Current Assets [Member] | Property, Plant and Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment held for sale	$ 3

Accrued Liabilities - Summary o

Accrued Liabilities - Summary of Accrued Liabilities (Detail) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Compensation and other related expenses	$ 30	$ 27
Contract liabilities	21	19
Taxes (non-income)	8	10
Current portion of operating lease liabilities	16	17
Other	24	22
Total	$ 99	$ 95

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	Apr. 30, 2018	Jun. 30, 2021
Debt Instrument [Line Items]
Term of loan	5 years
Agreement date	Apr. 30, 2018
Senior secured revolving credit facility commitment	$ 750,000,000
Sub-facility for letter of credit	$ 60,000,000
Percentage of swing line sub facility	10.00%
Increase in aggregate principal amount	$ 250,000,000
Description of line of credit	The Company will be required to maintain a fixed charge coverage ratio of at least 1.00:1.00 as of the end of each fiscal quarter if excess availability under the Credit Facility falls below the greater of 12.5% of the borrowing base or $60 million.
Minimum amount of credit facility required to maintain coverage ratio percentage	12.50%
Minimum amount of credit facility required to maintain coverage ratio	$ 60,000,000
Fixed charge coverage ratio	100.00%
Senior Secured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility borrowings		$ 0
Line of Credit Facility, Available Borrowing Capacity		$ 235,000,000
Line Of credit Unused Capacity Percentage		98.00%
Letters of credit		$ 5,000,000
Casualty insurance, expiration month and year		2022-06
Minimum [Member]
Debt Instrument [Line Items]
Unused portion of commitment fee range	0.25%
Maximum [Member]
Debt Instrument [Line Items]
Unused portion of commitment fee range	0.375%
Canadian Subsidiaries [Member]
Debt Instrument [Line Items]
Senior secured revolving credit facility commitment	$ 100,000,000
UK Subsidiaries [Member]
Debt Instrument [Line Items]
Senior secured revolving credit facility commitment	$ 40,000,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021
Accumulated other comprehensive income (loss), Beginning balance		$ (145)			$ (145)
Other comprehensive income (loss)	$ 2	1	$ 8	$ (39)
Accumulated other comprehensive income (loss), Ending balance	(142)				(142)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated other comprehensive income (loss), Beginning balance		(145)			(145)
Other comprehensive income (loss)	2	$ 1	$ 8	$ (39)	3
Accumulated other comprehensive income (loss), Ending balance	$ (142)				$ (142)

Business Segments - Summary of

Business Segments - Summary of Operating Results by Reportable Segment (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue:
Total revenue	$ 400	$ 370	$ 761	$ 974
Operating profit (loss):
Total operating profit (loss)		(29)	(8)	(362)
United States [Member]
Revenue:
Total revenue	296	260	548	701
Operating profit (loss):
Total operating profit (loss)	(3)	(24)	(16)	(228)
Canada [Member]
Revenue:
Total revenue	51	41	109	119
Operating profit (loss):
Total operating profit (loss)	2	(5)	6	(63)
International [Member]
Revenue:
Total revenue	53	$ 69	104	154
Operating profit (loss):
Total operating profit (loss)	$ 1		$ 2	$ (71)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Effective tax rates	(88.90%)	3.20%	(14.80%)	0.80%

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Antidilutive Securities excluded from Computation of Earnings Per Share	6	6	6	6

Earnings (Loss) Per Share - Com

Earnings (Loss) Per Share - Computation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net loss attributable to the Company's stockholders	$ (2)	$ (30)	$ (12)	$ (361)
Denominator:
Weighted average basic common shares outstanding	110,419,322	109,337,545	110,246,306	109,294,719
Weighted average diluted common shares outstanding	110,419,322	109,337,545	110,246,306	109,294,719
Basic	$ (0.02)	$ (0.27)	$ (0.11)	$ (3.30)
Diluted	$ (0.02)	$ (0.27)	$ (0.11)	$ (3.30)

Stock-based Compensation and _2

Stock-based Compensation and Outstanding Awards - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option granted			750,296
Weighted-average grant-date fair value of options granted			$ 5.03
Stock-based compensation expense	$ 2	$ 1	$ 4	$ 1
Restricted Stock and Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based awards, shares granted			414,991
Weighted average grant date fair value, Granted			$ 10.40
Performance-base restricted stock [Member] | Minimum [Member] | Senior Management Employees [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based awards, shares granted			0
Performance-base restricted stock [Member] | Maximum [Member] | Senior Management Employees [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based awards, shares granted			912,318
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based awards, vested, number of years			3 years
TSR metric [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance based restricted stock awards granted in percent			50.00%
Performance based restricted stock awards goals over performance period			3 years
EBITDA metric [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance based restricted stock awards granted in percent			25.00%
Performance based restricted stock awards goals over performance period			3 years
Return on Capital Employed (ROCE) metric [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance based restricted stock awards granted in percent			25.00%
Performance based restricted stock awards goals over performance period			3 years

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Jun. 30, 2021USD ($)
Commitments And Contingencies Disclosure [Abstract]
Contingent liability	$ 10

Derivative Financial Instrume_2

Derivative Financial Instruments - Additional Information (Detail) - Derivatives Not Designated as Hedging Instrument [Member] - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Derivatives Fair Value [Line Items]
Foreign currency forward contracts, notional amount	$ 8		$ 8		$ 8
Other Expense [Member] | Maximum [Member]
Derivatives Fair Value [Line Items]
Foreign currency forward contracts, gain (loss) related to changes in fair value	1	$ 1	1	$ (1)
Prepaid and Other Current Assets [Member] | Maximum [Member]
Derivatives Fair Value [Line Items]
Foreign currency forward contracts, assets	1		1		1
Other Current Liabilities [Member] | Maximum [Member]
Derivatives Fair Value [Line Items]
Foreign currency forward contracts, liability	$ 1		$ 1		$ 1

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2021USD ($)Acquisition
Business Acquisition [Line Items]
Number of acquisitions | Acquisition	2
Purchase price consideration	$ 119,000,000
Aggregate purchase price cash consideration, including working capital adjustments	96,000,000
Contingent consideration	23,000,000
Goodwill	66,000,000
Intangible assets	$ 11,000,000
Business combination, fair value measurement period	one year
Acquisition related costs	$ 1,000,000
Other Current Liabilities [Member]
Business Acquisition [Line Items]
Contingent consideration	19,000,000
Other Long-term Liabilities [Member]
Business Acquisition [Line Items]
Contingent consideration	$ 4,000,000
Minimum [Member]
Business Acquisition [Line Items]
Business combination, contingent consideration, liability, measurement input	14.5
Maximum [Member]
Business Acquisition [Line Items]
Business combination, contingent consideration, liability, measurement input	14.7
Maximum [Member] | Acquisition One [Member]
Business Acquisition [Line Items]
Payment for contingent	$ 6,000,000
Maximum [Member] | Acquisition Two [Member]
Business Acquisition [Line Items]
Payment for contingent	$ 0

Acquisitions - Summary of Purch

Acquisitions - Summary of Purchase Price Allocation (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Consideration transferred:
Cash	$ 96
Estimated fair value of contingent consideration	23
Net purchase price	119
Fair value of net assets acquired:
Current assets other than cash	8
Property, plant and equipment	36
Customer relationships and other intangibles	11
Other assets and liabilities, net	(2)
Total fair value of net assets acquired	53
Goodwill	$ 66

Acquisitions - Summary of Pur_2

Acquisitions - Summary of Purchase Price Allocation (Parenthetical) (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Business Combinations [Abstract]
Intangible assets amortization period	9 years
Business acquisition, goodwill, expected income tax deductible amount	$ 59