10-Q Filing

DNOW INC. CIK: 1599617 Q2 2015

Filing Information

Form Type	10-Q
Accession Number	`0001564590-15-006153`
Period End Date	20150630
Filing Date	20150805
Fiscal Year	2015
Fiscal Period	Q2
XBRL Instance	dnow-20150630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 46 Cash Flow Statement 54 Comprehensive Income 12

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$114.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$236.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$195.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$101.00M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Receivables, net	`ReceivablesNetCurrent`	$851.00M	USD	Point-in-time
Receivables, net	`ReceivablesNetCurrent`	$665.00M	USD	Point-in-time
Inventories, net	`InventoryNet`	$892.00M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Inventories, net	`InventoryNet`	$949.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetCurrent`	$22.00M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	330.00M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetCurrent`	$31.00M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	330.00M	shares	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$30.00M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	107.07M	shares	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$30.00M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	107.18M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.73B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.05B	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	107.18M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	107.07M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$124.00M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$143.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$2.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$3.00M	USD	Point-in-time
Goodwill	`Goodwill`	$346.00M	USD	Point-in-time
Goodwill	`Goodwill`	$457.00M	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$73.00M	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$134.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$4.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$4.00M	USD	Point-in-time
Total assets	`Assets`	$2.47B	USD	Point-in-time
Total assets	`Assets`	$2.60B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$490.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$336.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$125.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$106.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$6.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$5.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$620.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$448.00M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$80.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$10.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$19.00M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$4.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$630.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$551.00M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stockpar value $0.01; 20 million shares authorized; no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stockpar value $0.01; 20 million shares authorized; no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock - par value $0.01; 330 million shares authorized; 107,178,567 and 107,067,457 shares issued and outstanding, respectively	`CommonStockValue`	$1.00M	USD	Point-in-time
Common stock - par value $0.01; 330 million shares authorized; 107,178,567 and 107,067,457 shares issued and outstanding, respectively	`CommonStockValue`	$1.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.95B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.96B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$29.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$58.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-71.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-45.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.97B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.92B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.47B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.60B	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$750.00M	USD	1 Quarter
Revenue	`Revenues`	$1.61B	USD	2 Qtrs
Revenue	`Revenues`	$2.03B	USD	2 Qtrs
Revenue	`Revenues`	$952.00M	USD	1 Quarter
Cost of products	`CostOfGoodsSold`	$626.00M	USD	1 Quarter
Cost of products	`CostOfGoodsSold`	$1.33B	USD	2 Qtrs
Cost of products	`CostOfGoodsSold`	$1.63B	USD	2 Qtrs
Cost of products	`CostOfGoodsSold`	$759.00M	USD	1 Quarter
Warehousing, selling and administrative	`OperatingExpenses`	$314.00M	USD	2 Qtrs
Warehousing, selling and administrative	`OperatingExpenses`	$151.00M	USD	1 Quarter
Warehousing, selling and administrative	`OperatingExpenses`	$150.00M	USD	1 Quarter
Warehousing, selling and administrative	`OperatingExpenses`	$296.00M	USD	2 Qtrs
Operating profit (loss)	`OperatingIncomeLoss`	$-27.00M	USD	1 Quarter
Operating profit (loss)	`OperatingIncomeLoss`	$105.00M	USD	2 Qtrs
Operating profit (loss)	`OperatingIncomeLoss`	$-35.00M	USD	2 Qtrs
Operating profit (loss)	`OperatingIncomeLoss`	$43.00M	USD	1 Quarter
Other income (expense)	`OtherOperatingIncomeExpenseNet`	$-6.00M	USD	2 Qtrs
Other income (expense)	`OtherOperatingIncomeExpenseNet`	$-2.00M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$105.00M	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-41.00M	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$43.00M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-29.00M	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$16.00M	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$37.00M	USD	2 Qtrs
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$-10.00M	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$-12.00M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$68.00M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$27.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-19.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-29.00M	USD	2 Qtrs
Basic earnings (loss) per common share	`EarningsPerShareBasic`	$-0.27	USD	2 Qtrs
Basic earnings (loss) per common share	`EarningsPerShareBasic`	$0.25	USD	1 Quarter
Basic earnings (loss) per common share	`EarningsPerShareBasic`	$-0.18	USD	1 Quarter
Basic earnings (loss) per common share	`EarningsPerShareBasic`	$0.64	USD	2 Qtrs
Diluted earnings (loss) per common share	`EarningsPerShareDiluted`	$0.63	USD	2 Qtrs
Diluted earnings (loss) per common share	`EarningsPerShareDiluted`	$-0.27	USD	2 Qtrs
Diluted earnings (loss) per common share	`EarningsPerShareDiluted`	$0.25	USD	1 Quarter
Diluted earnings (loss) per common share	`EarningsPerShareDiluted`	$-0.18	USD	1 Quarter
Weighted-average common shares outstanding, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	107.05M	shares	2 Qtrs
Weighted-average common shares outstanding, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	107.05M	shares	1 Quarter
Weighted-average common shares outstanding, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	107.18M	shares	1 Quarter
Weighted-average common shares outstanding, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	107.15M	shares	2 Qtrs
Weighted-average common shares outstanding, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	107.15M	shares	2 Qtrs
Weighted-average common shares outstanding, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	107.55M	shares	1 Quarter
Weighted-average common shares outstanding, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	107.18M	shares	1 Quarter
Weighted-average common shares outstanding, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	107.51M	shares	2 Qtrs

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$68.00M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$27.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-19.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-29.00M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$16.00M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.00M	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$1.00M	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-15.00M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$13.00M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$5.00M	USD	2 Qtrs
Provision for doubtful accounts	`ProvisionForRecoveryOfDoubtfulAccounts`	$15.00M	USD	2 Qtrs
Provision for doubtful accounts	`ProvisionForRecoveryOfDoubtfulAccounts`	$-1.00M	USD	2 Qtrs
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$17.00M	USD	2 Qtrs
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$1.00M	USD	2 Qtrs
Receivables	`IncreaseDecreaseInAccountsReceivable`	$-217.00M	USD	2 Qtrs
Receivables	`IncreaseDecreaseInAccountsReceivable`	$111.00M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$39.00M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-72.00M	USD	2 Qtrs
Prepaid and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$6.00M	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$141.00M	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-218.00M	USD	2 Qtrs
Accrued or prepaid income taxes	`IncreaseDecreaseInIncomeTaxes`	$4.00M	USD	2 Qtrs
Accrued or prepaid income taxes	`IncreaseDecreaseInIncomeTaxes`	$-6.00M	USD	2 Qtrs
Other assets / liabilities, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$1.00M	USD	2 Qtrs
Other assets / liabilities, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$3.00M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$70.00M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$81.00M	USD	2 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.00M	USD	2 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$18.00M	USD	2 Qtrs
Business Acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$223.00M	USD	2 Qtrs
Business Acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$-8.00M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-229.00M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-10.00M	USD	2 Qtrs
Net contributions from National Oilwell Varco, Inc. ("NOV")	`ProceedsFromContributionsFromParent`	$74.00M	USD	2 Qtrs
Borrowing from the revolving credit facility	`ProceedsFromLinesOfCredit`	$80.00M	USD	2 Qtrs
Payments related to taxes withheld on stock-based compensation	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.00M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$78.00M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$74.00M	USD	2 Qtrs
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-11.00M	USD	2 Qtrs
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$1.00M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-81.00M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$135.00M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$114.00M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$236.00M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$195.00M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$101.00M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$114.00M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$236.00M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$195.00M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$101.00M	USD	Point-in-time
Income taxes paid, net	`IncomeTaxesPaidNet`	$33.00M	USD	2 Qtrs
Income taxes paid, net	`IncomeTaxesPaidNet`	$10.00M	USD	2 Qtrs
Interest paid	`InterestPaid`	$1.00M	USD	2 Qtrs
Accrued purchases of property, plant and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$1.00M	USD	2 Qtrs

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$68.00M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$27.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-19.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-29.00M	USD	2 Qtrs
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent`	$-13.00M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent`	$-1.00M	USD	2 Qtrs
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent`	$26.00M	USD	2 Qtrs
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent`	$-18.00M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$69.00M	USD	2 Qtrs
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$45.00M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-6.00M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-55.00M	USD	2 Qtrs

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