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10-Q Filing

NOV INC. CIK: 1021860 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0000950170-23-015150
Period End Date 20230331
Filing Date 20230427
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance nov-20230331_htm.xml
Balance Sheet 80 line items
Line Item Tag Value Unit Period
Common stock, par value CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 1.00B shares Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 1.00B shares Point-in-time
Common stock, shares issued CommonStockSharesIssued 393.73M shares Point-in-time
Common stock, shares issued CommonStockSharesIssued 392.83M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $774.00M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $1.07B USD Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 392.83M shares Point-in-time
Receivables, net ReceivablesNetCurrent $1.78B USD Point-in-time
Receivables, net ReceivablesNetCurrent $1.74B USD Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 393.73M shares Point-in-time
Inventories, net InventoryNet $1.81B USD Point-in-time
Inventories, net InventoryNet $2.04B USD Point-in-time
Contract assets ContractWithCustomerAssetNetCurrent $637.00M USD Point-in-time
Contract assets ContractWithCustomerAssetNetCurrent $685.00M USD Point-in-time
Prepaid and other current assets PrepaidExpenseAndOtherAssetsCurrent $199.00M USD Point-in-time
Prepaid and other current assets PrepaidExpenseAndOtherAssetsCurrent $187.00M USD Point-in-time
Total current assets AssetsCurrent $5.49B USD Point-in-time
Total current assets AssetsCurrent $5.42B USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $1.78B USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $1.81B USD Point-in-time
Lease right-of-use assets, operating OperatingLeaseRightOfUseAsset $346.00M USD Point-in-time
Lease right-of-use assets, operating OperatingLeaseRightOfUseAsset $361.00M USD Point-in-time
Lease right-of-use assets, financing FinanceLeaseRightOfUseAsset $171.00M USD Point-in-time
Lease right-of-use assets, financing FinanceLeaseRightOfUseAsset $171.00M USD Point-in-time
Goodwill Goodwill $1.50B USD Point-in-time
Goodwill Goodwill $1.55B USD Point-in-time
Intangibles, net IndefiniteLivedIntangibleAssetsExcludingGoodwill $490.00M USD Point-in-time
Intangibles, net IndefiniteLivedIntangibleAssetsExcludingGoodwill $477.00M USD Point-in-time
Investment in unconsolidated affiliates EquityMethodInvestments $117.00M USD Point-in-time
Investment in unconsolidated affiliates EquityMethodInvestments $144.00M USD Point-in-time
Other assets OtherAssetsNoncurrent $232.00M USD Point-in-time
Other assets OtherAssetsNoncurrent $239.00M USD Point-in-time
Total assets Assets $10.13B USD Point-in-time
Total assets Assets $10.18B USD Point-in-time
Accounts payable AccountsPayableCurrent $961.00M USD Point-in-time
Accounts payable AccountsPayableCurrent $906.00M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $775.00M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $959.00M USD Point-in-time
Contract liabilities ContractWithCustomerLiabilityCurrent $444.00M USD Point-in-time
Contract liabilities ContractWithCustomerLiabilityCurrent $449.00M USD Point-in-time
Current portion of lease liabilities LeaseLiabilitiesCurrent $87.00M USD Point-in-time
Current portion of lease liabilities LeaseLiabilitiesCurrent $89.00M USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $13.00M USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $13.00M USD Point-in-time
Accrued income taxes AccruedIncomeTaxesCurrent $28.00M USD Point-in-time
Accrued income taxes AccruedIncomeTaxesCurrent $21.00M USD Point-in-time
Total current liabilities LiabilitiesCurrent $2.44B USD Point-in-time
Total current liabilities LiabilitiesCurrent $2.31B USD Point-in-time
Long-term debt LongTermDebtNoncurrent $1.72B USD Point-in-time
Long-term debt LongTermDebtNoncurrent $1.72B USD Point-in-time
Lease liabilities LeaseLiabilitiesNonCurrent $549.00M USD Point-in-time
Lease liabilities LeaseLiabilitiesNonCurrent $556.00M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $68.00M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $68.00M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $218.00M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $230.00M USD Point-in-time
Total liabilities Liabilities $4.87B USD Point-in-time
Total liabilities Liabilities $5.00B USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Common stock - par value $.01; 1 billion shares authorized; 393,727,525 and 392,832,752 shares issued and outstanding at March 31, 2023 and December 31, 2022 CommonStockValue $4.00M USD Point-in-time
Common stock - par value $.01; 1 billion shares authorized; 393,727,525 and 392,832,752 shares issued and outstanding at March 31, 2023 and December 31, 2022 CommonStockValue $4.00M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $8.76B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $8.75B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-1.59B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-1.55B USD Point-in-time
Retained deficit RetainedEarningsAccumulatedDeficit $-1.96B USD Point-in-time
Retained deficit RetainedEarningsAccumulatedDeficit $-2.07B USD Point-in-time
Total Company stockholders' equity StockholdersEquity $5.10B USD Point-in-time
Total Company stockholders' equity StockholdersEquity $5.24B USD Point-in-time
Noncontrolling interests MinorityInterest $38.00M USD Point-in-time
Noncontrolling interests MinorityInterest $65.00M USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $5.13B USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $5.31B USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $5.01B USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $5.06B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $10.18B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $10.13B USD Point-in-time
Income Statement 38 line items
Line Item Tag Value Unit Period
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $1.55B USD 1 Quarter
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $1.96B USD 1 Quarter
Cost of revenue CostOfRevenue $1.33B USD 1 Quarter
Cost of revenue CostOfRevenue $1.55B USD 1 Quarter
Gross profit GrossProfit $411.00M USD 1 Quarter
Gross profit GrossProfit $214.00M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $285.00M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $235.00M USD 1 Quarter
Operating profit (loss) OperatingIncomeLoss $-21.00M USD 1 Quarter
Operating profit (loss) OperatingIncomeLoss $126.00M USD 1 Quarter
Interest and financial costs InterestExpense $19.00M USD 1 Quarter
Interest and financial costs InterestExpense $21.00M USD 1 Quarter
Interest income InvestmentIncomeInterest $8.00M USD 1 Quarter
Interest income InvestmentIncomeInterest $1.00M USD 1 Quarter
Equity income in unconsolidated affiliates IncomeLossFromEquityMethodInvestments $6.00M USD 1 Quarter
Equity income in unconsolidated affiliates IncomeLossFromEquityMethodInvestments $48.00M USD 1 Quarter
Other expense net OtherNonoperatingIncomeExpense $-2.00M USD 1 Quarter
Other expense net OtherNonoperatingIncomeExpense $-16.00M USD 1 Quarter
Net income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $145.00M USD 1 Quarter
Net income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-35.00M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $14.00M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $20.00M USD 1 Quarter
Net income (loss) ProfitLoss $-49.00M USD 1 Quarter
Net income (loss) ProfitLoss $125.00M USD 1 Quarter
Net income (loss) attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $-1.00M USD 1 Quarter
Net income (loss) attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $1.00M USD 1 Quarter
Net income (loss) attributable to Company NetIncomeLoss $-50.00M USD 1 Quarter
Net income (loss) attributable to Company NetIncomeLoss $126.00M USD 1 Quarter
Basic EarningsPerShareBasic $0.32 USD 1 Quarter
Basic EarningsPerShareBasic $-0.13 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.32 USD 1 Quarter
Diluted EarningsPerShareDiluted $-0.13 USD 1 Quarter
Cash dividends per share CommonStockDividendsPerShareCashPaid $0.05 USD 1 Quarter
Cash dividends per share CommonStockDividendsPerShareCashPaid $0.05 USD 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 387.00M shares 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 392.00M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 396.00M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 387.00M shares 1 Quarter
Cash Flow Statement 63 line items
Line Item Tag Value Unit Period
Net income (loss) ProfitLoss $-49.00M USD 1 Quarter
Net income (loss) ProfitLoss $125.00M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $77.00M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $74.00M USD 1 Quarter
Provision for inventory losses ProvisionForInventoryLosses $24.00M USD 1 Quarter
Provision for inventory losses ProvisionForInventoryLosses $4.00M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxesAndTaxCredits $-3.00M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxesAndTaxCredits $-2.00M USD 1 Quarter
Equity income in unconsolidated affiliates IncomeLossFromEquityMethodInvestments $6.00M USD 1 Quarter
Equity income in unconsolidated affiliates IncomeLossFromEquityMethodInvestments $48.00M USD 1 Quarter
Other, net OtherNoncashIncomeExpense $-13.00M USD 1 Quarter
Other, net OtherNoncashIncomeExpense $-54.00M USD 1 Quarter
Receivables IncreaseDecreaseInAccountsReceivable $39.00M USD 1 Quarter
Receivables IncreaseDecreaseInAccountsReceivable $156.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $221.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $133.00M USD 1 Quarter
Contract assets IncreaseDecreaseInContractWithCustomerAsset $-48.00M USD 1 Quarter
Contract assets IncreaseDecreaseInContractWithCustomerAsset $-27.00M USD 1 Quarter
Prepaid and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $10.00M USD 1 Quarter
Prepaid and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $11.00M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $53.00M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $31.00M USD 1 Quarter
Accrued liabilities IncreaseDecreaseInAccruedLiabilities $17.00M USD 1 Quarter
Accrued liabilities IncreaseDecreaseInAccruedLiabilities $-201.00M USD 1 Quarter
Contract liabilities IncreaseDecreaseInContractWithCustomerLiability $-1.00M USD 1 Quarter
Contract liabilities IncreaseDecreaseInContractWithCustomerLiability $12.00M USD 1 Quarter
Income taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $-7.00M USD 1 Quarter
Income taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $4.00M USD 1 Quarter
Other assets/liabilities, net IncreaseDecreaseInOtherOperatingCapitalNet $-7.00M USD 1 Quarter
Other assets/liabilities, net IncreaseDecreaseInOtherOperatingCapitalNet $-12.00M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-202.00M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-103.00M USD 1 Quarter
Purchases of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $46.00M USD 1 Quarter
Purchases of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $57.00M USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities $3.00M USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities $-5.00M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-49.00M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-52.00M USD 1 Quarter
Borrowings against lines of credit and other debt ProceedsFromIssuanceOfLongTermDebt $1.00M USD 1 Quarter
Borrowings against lines of credit and other debt ProceedsFromIssuanceOfLongTermDebt $1.00M USD 1 Quarter
Cash dividends paid PaymentsOfDividendsCommonStock $20.00M USD 1 Quarter
Cash dividends paid PaymentsOfDividendsCommonStock $20.00M USD 1 Quarter
Financing leases FinanceLeasePrincipalPayments $6.00M USD 1 Quarter
Financing leases FinanceLeasePrincipalPayments $6.00M USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $-16.00M USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $-11.00M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-41.00M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-36.00M USD 1 Quarter
Effect of exchange rates on cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.00M USD 1 Quarter
Decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-185.00M USD 1 Quarter
Decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-295.00M USD 1 Quarter
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $774.00M USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.59B USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.41B USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.07B USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $774.00M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.59B USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.41B USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.07B USD Point-in-time
Interest InterestPaidNet $4.00M USD 1 Quarter
Interest InterestPaidNet $4.00M USD 1 Quarter
Income taxes IncomeTaxesPaidNet $20.00M USD 1 Quarter
Income taxes IncomeTaxesPaidNet $11.00M USD 1 Quarter
Stockholders Equity 21 line items
Line Item Tag Value Unit Period
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $5.13B USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $5.31B USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $5.01B USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $5.06B USD Point-in-time
Net income (loss) ProfitLoss $-49.00M USD 1 Quarter
Net income (loss) ProfitLoss $125.00M USD 1 Quarter
Other comprehensive income (loss), net OtherComprehensiveIncomeLossNetOfTax $14.00M USD 1 Quarter
Other comprehensive income (loss), net OtherComprehensiveIncomeLossNetOfTax $39.00M USD 1 Quarter
Cash dividends, per common share DividendsCommonStockCash $20.00M USD 1 Quarter
Cash dividends, per common share DividendsCommonStockCash $20.00M USD 1 Quarter
Transactions with non-controlling interests MinorityInterestDecreaseFromRedemptions $31.00M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $15.00M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $17.00M USD 1 Quarter
Withholding taxes WithholdingTaxes $17.00M USD 1 Quarter
Withholding taxes WithholdingTaxes $12.00M USD 1 Quarter
Other NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsNonredeemable $-4.00M USD 1 Quarter
Other NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsNonredeemable $1.00M USD 1 Quarter
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $5.13B USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $5.31B USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $5.01B USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $5.06B USD Point-in-time
Comprehensive Income 13 line items
Line Item Tag Value Unit Period
Net income (loss) ProfitLoss $-49.00M USD 1 Quarter
Net income (loss) ProfitLoss $125.00M USD 1 Quarter
Currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax $39.00M USD 1 Quarter
Currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax $22.00M USD 1 Quarter
Changes in derivative financial instruments, net of tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $-8.00M USD 1 Quarter
Changes in derivative financial instruments, net of tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $-10.00M USD 1 Quarter
Changes in defined benefit plans, net of tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $-10.00M USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $164.00M USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-35.00M USD 1 Quarter
Comprehensive income (loss) attributable to noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $-1.00M USD 1 Quarter
Comprehensive income (loss) attributable to noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $1.00M USD 1 Quarter
Comprehensive income (loss) loss attributable to Company ComprehensiveIncomeNetOfTax $165.00M USD 1 Quarter
Comprehensive income (loss) loss attributable to Company ComprehensiveIncomeNetOfTax $-36.00M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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