Company Quick10K Filing
National Oilwell Varco
Price22.04 EPS-15
Shares386 P/E-1
MCap8,504 P/FCF35
Net Debt1,171 EBIT-5,486
TEV9,675 TEV/EBIT-2
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-10-27
10-Q 2020-06-30 Filed 2020-07-28
10-Q 2020-03-31 Filed 2020-04-28
10-K 2019-12-31 Filed 2020-02-13
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-04-26
10-K 2018-12-31 Filed 2019-02-14
10-Q 2018-09-30 Filed 2018-10-26
10-Q 2018-06-30 Filed 2018-07-27
10-Q 2018-03-31 Filed 2018-04-27
10-K 2017-12-31 Filed 2018-02-16
10-Q 2017-09-30 Filed 2017-10-27
10-Q 2017-06-30 Filed 2017-07-28
10-Q 2017-03-31 Filed 2017-04-28
10-K 2016-12-31 Filed 2017-02-17
10-Q 2016-09-30 Filed 2016-10-28
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-19
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-05
10-K 2014-12-31 Filed 2015-02-17
10-Q 2014-09-30 Filed 2014-11-03
10-Q 2014-06-30 Filed 2014-08-04
10-Q 2014-03-31 Filed 2014-05-05
10-K 2013-12-31 Filed 2014-02-14
10-Q 2013-09-30 Filed 2013-11-04
10-Q 2013-06-30 Filed 2013-08-05
10-Q 2013-03-31 Filed 2013-05-07
10-K 2012-12-31 Filed 2013-02-22
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-06
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-02-23
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-02-23
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-10-26 Earnings, Exhibits
8-K 2020-08-26 Other Events, Exhibits
8-K 2020-08-19 Other Events, Exhibits
8-K 2020-07-27 Earnings, Exhibits
8-K 2020-05-21
8-K 2020-05-20
8-K 2020-04-27
8-K 2020-02-06
8-K 2019-11-14
8-K 2019-11-13
8-K 2019-10-30
8-K 2019-10-28
8-K 2019-07-29
8-K 2019-05-29
8-K 2019-04-25
8-K 2019-04-12
8-K 2019-02-06
8-K 2018-10-25
8-K 2018-07-26
8-K 2018-05-11
8-K 2018-04-26
8-K 2018-04-16
8-K 2018-02-05
8-K 2018-01-19

NOV 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1A. Risk Factors
Item 2. Purchases of Equity Securities By The Issuer and Affiliated Purchasers
Item 4. Mine Safety Disclosures
Item 6. Exhibits
EX-31.1 nov-ex311_6.htm
EX-31.2 nov-ex312_8.htm
EX-32.1 nov-ex321_9.htm
EX-32.2 nov-ex322_7.htm
EX-95 nov-ex95_10.htm

National Oilwell Varco Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
40322416802012201420172020
Assets, Equity
10.06.02.0-2.0-6.0-10.02012201420172020
Rev, G Profit, Net Income
1.60.8-0.1-0.9-1.8-2.62012201420172020
Ops, Inv, Fin

nov-10q_20200930.htm
false Q3 NATIONAL OILWELL VARCO INC 0001021860 --12-31 P3M P1Y 0 0 P5Y us-gaap:AccountingStandardsUpdate201802Member us-gaap:AccountingStandardsUpdate201802Member us-gaap:AccountingStandardsUpdate201802Member 0001021860 2020-01-01 2020-09-30 xbrli:shares 0001021860 2020-10-26 iso4217:USD 0001021860 2020-09-30 0001021860 2019-12-31 iso4217:USD xbrli:shares 0001021860 2020-07-01 2020-09-30 0001021860 2019-07-01 2019-09-30 0001021860 2019-01-01 2019-09-30 0001021860 2018-12-31 0001021860 2019-09-30 0001021860 us-gaap:CommonStockMember 2019-12-31 0001021860 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001021860 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001021860 us-gaap:RetainedEarningsMember 2019-12-31 0001021860 us-gaap:ParentMember 2019-12-31 0001021860 us-gaap:NoncontrollingInterestMember 2019-12-31 0001021860 us-gaap:RetainedEarningsMember 2020-01-01 2020-03-31 0001021860 us-gaap:ParentMember 2020-01-01 2020-03-31 0001021860 us-gaap:NoncontrollingInterestMember 2020-01-01 2020-03-31 0001021860 2020-01-01 2020-03-31 0001021860 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-03-31 0001021860 us-gaap:RetainedEarningsMember srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember 2019-12-31 0001021860 us-gaap:ParentMember srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember 2019-12-31 0001021860 srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember 2019-12-31 0001021860 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-03-31 0001021860 us-gaap:CommonStockMember 2020-03-31 0001021860 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0001021860 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0001021860 us-gaap:RetainedEarningsMember 2020-03-31 0001021860 us-gaap:ParentMember 2020-03-31 0001021860 us-gaap:NoncontrollingInterestMember 2020-03-31 0001021860 2020-03-31 0001021860 us-gaap:RetainedEarningsMember 2020-04-01 2020-06-30 0001021860 us-gaap:ParentMember 2020-04-01 2020-06-30 0001021860 us-gaap:NoncontrollingInterestMember 2020-04-01 2020-06-30 0001021860 2020-04-01 2020-06-30 0001021860 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-04-01 2020-06-30 0001021860 us-gaap:AdditionalPaidInCapitalMember 2020-04-01 2020-06-30 0001021860 us-gaap:CommonStockMember 2020-06-30 0001021860 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0001021860 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30 0001021860 us-gaap:RetainedEarningsMember 2020-06-30 0001021860 us-gaap:ParentMember 2020-06-30 0001021860 us-gaap:NoncontrollingInterestMember 2020-06-30 0001021860 2020-06-30 0001021860 us-gaap:RetainedEarningsMember 2020-07-01 2020-09-30 0001021860 us-gaap:ParentMember 2020-07-01 2020-09-30 0001021860 us-gaap:NoncontrollingInterestMember 2020-07-01 2020-09-30 0001021860 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-07-01 2020-09-30 0001021860 us-gaap:AdditionalPaidInCapitalMember 2020-07-01 2020-09-30 0001021860 us-gaap:CommonStockMember 2020-09-30 0001021860 us-gaap:AdditionalPaidInCapitalMember 2020-09-30 0001021860 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-09-30 0001021860 us-gaap:RetainedEarningsMember 2020-09-30 0001021860 us-gaap:ParentMember 2020-09-30 0001021860 us-gaap:NoncontrollingInterestMember 2020-09-30 0001021860 us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0001021860 us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0001021860 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0001021860 us-gaap:CommonStockMember 2018-12-31 0001021860 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001021860 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001021860 us-gaap:RetainedEarningsMember 2018-12-31 0001021860 us-gaap:ParentMember 2018-12-31 0001021860 us-gaap:NoncontrollingInterestMember 2018-12-31 0001021860 us-gaap:ParentMember 2019-01-01 2019-03-31 0001021860 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-03-31 0001021860 2019-01-01 2019-03-31 0001021860 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-03-31 0001021860 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0001021860 us-gaap:CommonStockMember 2019-03-31 0001021860 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001021860 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0001021860 us-gaap:RetainedEarningsMember 2019-03-31 0001021860 us-gaap:ParentMember 2019-03-31 0001021860 us-gaap:NoncontrollingInterestMember 2019-03-31 0001021860 2019-03-31 0001021860 us-gaap:ParentMember 2019-04-01 2019-06-30 0001021860 us-gaap:NoncontrollingInterestMember 2019-04-01 2019-06-30 0001021860 2019-04-01 2019-06-30 0001021860 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0001021860 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0001021860 us-gaap:CommonStockMember 2019-06-30 0001021860 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001021860 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0001021860 us-gaap:RetainedEarningsMember 2019-06-30 0001021860 us-gaap:ParentMember 2019-06-30 0001021860 us-gaap:NoncontrollingInterestMember 2019-06-30 0001021860 2019-06-30 0001021860 us-gaap:ParentMember 2019-07-01 2019-09-30 0001021860 us-gaap:NoncontrollingInterestMember 2019-07-01 2019-09-30 0001021860 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-09-30 0001021860 us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0001021860 us-gaap:CommonStockMember 2019-09-30 0001021860 us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0001021860 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-30 0001021860 us-gaap:RetainedEarningsMember 2019-09-30 0001021860 us-gaap:ParentMember 2019-09-30 0001021860 us-gaap:NoncontrollingInterestMember 2019-09-30 0001021860 us-gaap:AccumulatedTranslationAdjustmentMember 2019-12-31 0001021860 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-12-31 0001021860 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-12-31 0001021860 us-gaap:AccumulatedTranslationAdjustmentMember 2020-01-01 2020-09-30 0001021860 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-01-01 2020-09-30 0001021860 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-01-01 2020-09-30 0001021860 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-09-30 0001021860 us-gaap:AccumulatedTranslationAdjustmentMember 2020-09-30 0001021860 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-09-30 0001021860 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-09-30 0001021860 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-07-01 2020-09-30 0001021860 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2020-07-01 2020-09-30 0001021860 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-07-01 2019-09-30 0001021860 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-09-30 0001021860 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-09-30 0001021860 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-09-30 0001021860 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-09-30 0001021860 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-09-30 0001021860 nov:WellboreTechnologiesMember us-gaap:OperatingSegmentsMember 2020-07-01 2020-09-30 0001021860 nov:WellboreTechnologiesMember us-gaap:OperatingSegmentsMember 2019-07-01 2019-09-30 0001021860 nov:WellboreTechnologiesMember us-gaap:OperatingSegmentsMember 2020-01-01 2020-09-30 0001021860 nov:WellboreTechnologiesMember us-gaap:OperatingSegmentsMember 2019-01-01 2019-09-30 0001021860 nov:CompletionAndProductionSolutionsMember us-gaap:OperatingSegmentsMember 2020-07-01 2020-09-30 0001021860 nov:CompletionAndProductionSolutionsMember us-gaap:OperatingSegmentsMember 2019-07-01 2019-09-30 0001021860 nov:CompletionAndProductionSolutionsMember us-gaap:OperatingSegmentsMember 2020-01-01 2020-09-30 0001021860 nov:CompletionAndProductionSolutionsMember us-gaap:OperatingSegmentsMember 2019-01-01 2019-09-30 0001021860 nov:RigTechnologiesMember us-gaap:OperatingSegmentsMember 2020-07-01 2020-09-30 0001021860 nov:RigTechnologiesMember us-gaap:OperatingSegmentsMember 2019-07-01 2019-09-30 0001021860 nov:RigTechnologiesMember us-gaap:OperatingSegmentsMember 2020-01-01 2020-09-30 0001021860 nov:RigTechnologiesMember us-gaap:OperatingSegmentsMember 2019-01-01 2019-09-30 0001021860 us-gaap:IntersegmentEliminationMember 2020-07-01 2020-09-30 0001021860 us-gaap:IntersegmentEliminationMember 2019-07-01 2019-09-30 0001021860 us-gaap:IntersegmentEliminationMember 2020-01-01 2020-09-30 0001021860 us-gaap:IntersegmentEliminationMember 2019-01-01 2019-09-30 nov:Segment 0001021860 nov:InventoryImpairmentsAndOtherItemsMember 2020-07-01 2020-09-30 0001021860 nov:GoodwillIndefiniteLivedAndFiniteLivedIntangibleAndLongLivedTangibleAssetsMember 2020-01-01 2020-09-30 0001021860 nov:InventoryChargesMember 2020-01-01 2020-09-30 0001021860 nov:SeveranceMember 2020-07-01 2020-09-30 0001021860 nov:FacilityClosuresMember 2020-07-01 2020-09-30 0001021860 nov:SeveranceFacilityClosuresAndOtherItemsMember 2020-01-01 2020-09-30 0001021860 nov:GoodwillIndefiniteLivedAndFiniteLivedIntangibleAndLongLivedTangibleAssetsMember 2019-01-01 2019-09-30 0001021860 nov:ImpairmentOfLongLivedTangibleAssetsMember 2019-07-01 2019-09-30 0001021860 nov:InventoryChargesMember 2019-07-01 2019-09-30 0001021860 nov:InventoryChargesMember 2019-01-01 2019-09-30 0001021860 nov:VoluntaryEarlyRetirementProgramMember 2019-01-01 2019-09-30 0001021860 nov:SeveranceFacilityClosuresAndOtherItemsMember 2019-07-01 2019-09-30 0001021860 nov:SeveranceFacilityClosuresAndOtherItemsMember 2019-01-01 2019-09-30 0001021860 srt:NorthAmericaMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:WellboreTechnologiesMember 2020-07-01 2020-09-30 0001021860 nov:InternationalMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:WellboreTechnologiesMember 2020-07-01 2020-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:WellboreTechnologiesMember 2020-07-01 2020-09-30 0001021860 nov:LandDestinationMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:WellboreTechnologiesMember 2020-07-01 2020-09-30 0001021860 nov:OffshoreDestinationMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:WellboreTechnologiesMember 2020-07-01 2020-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:WellboreTechnologiesMember 2020-07-01 2020-09-30 0001021860 srt:NorthAmericaMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:CompletionAndProductionSolutionsMember 2020-07-01 2020-09-30 0001021860 nov:InternationalMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:CompletionAndProductionSolutionsMember 2020-07-01 2020-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:CompletionAndProductionSolutionsMember 2020-07-01 2020-09-30 0001021860 nov:LandDestinationMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:CompletionAndProductionSolutionsMember 2020-07-01 2020-09-30 0001021860 nov:OffshoreDestinationMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:CompletionAndProductionSolutionsMember 2020-07-01 2020-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:CompletionAndProductionSolutionsMember 2020-07-01 2020-09-30 0001021860 srt:NorthAmericaMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:RigTechnologiesMember 2020-07-01 2020-09-30 0001021860 nov:InternationalMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:RigTechnologiesMember 2020-07-01 2020-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:RigTechnologiesMember 2020-07-01 2020-09-30 0001021860 nov:LandDestinationMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:RigTechnologiesMember 2020-07-01 2020-09-30 0001021860 nov:OffshoreDestinationMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:RigTechnologiesMember 2020-07-01 2020-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:RigTechnologiesMember 2020-07-01 2020-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:ContinentalMember us-gaap:IntersegmentEliminationMember 2020-07-01 2020-09-30 0001021860 us-gaap:IntersegmentEliminationMember 2020-07-01 2020-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:LandAndOffshoreMember us-gaap:IntersegmentEliminationMember 2020-07-01 2020-09-30 0001021860 srt:NorthAmericaMember nov:ContinentalMember 2020-07-01 2020-09-30 0001021860 nov:InternationalMember nov:ContinentalMember 2020-07-01 2020-09-30 0001021860 nov:LandDestinationMember nov:LandAndOffshoreMember 2020-07-01 2020-09-30 0001021860 nov:OffshoreDestinationMember nov:LandAndOffshoreMember 2020-07-01 2020-09-30 0001021860 srt:NorthAmericaMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:WellboreTechnologiesMember 2019-07-01 2019-09-30 0001021860 nov:InternationalMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:WellboreTechnologiesMember 2019-07-01 2019-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:WellboreTechnologiesMember 2019-07-01 2019-09-30 0001021860 nov:LandDestinationMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:WellboreTechnologiesMember 2019-07-01 2019-09-30 0001021860 nov:OffshoreDestinationMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:WellboreTechnologiesMember 2019-07-01 2019-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:WellboreTechnologiesMember 2019-07-01 2019-09-30 0001021860 srt:NorthAmericaMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:CompletionAndProductionSolutionsMember 2019-07-01 2019-09-30 0001021860 nov:InternationalMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:CompletionAndProductionSolutionsMember 2019-07-01 2019-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:CompletionAndProductionSolutionsMember 2019-07-01 2019-09-30 0001021860 nov:LandDestinationMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:CompletionAndProductionSolutionsMember 2019-07-01 2019-09-30 0001021860 nov:OffshoreDestinationMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:CompletionAndProductionSolutionsMember 2019-07-01 2019-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:CompletionAndProductionSolutionsMember 2019-07-01 2019-09-30 0001021860 srt:NorthAmericaMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:RigTechnologiesMember 2019-07-01 2019-09-30 0001021860 nov:InternationalMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:RigTechnologiesMember 2019-07-01 2019-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:RigTechnologiesMember 2019-07-01 2019-09-30 0001021860 nov:LandDestinationMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:RigTechnologiesMember 2019-07-01 2019-09-30 0001021860 nov:OffshoreDestinationMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:RigTechnologiesMember 2019-07-01 2019-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:RigTechnologiesMember 2019-07-01 2019-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:ContinentalMember us-gaap:IntersegmentEliminationMember 2019-07-01 2019-09-30 0001021860 us-gaap:IntersegmentEliminationMember 2019-07-01 2019-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:LandAndOffshoreMember us-gaap:IntersegmentEliminationMember 2019-07-01 2019-09-30 0001021860 srt:NorthAmericaMember nov:ContinentalMember 2019-07-01 2019-09-30 0001021860 nov:InternationalMember nov:ContinentalMember 2019-07-01 2019-09-30 0001021860 nov:LandDestinationMember nov:LandAndOffshoreMember 2019-07-01 2019-09-30 0001021860 nov:OffshoreDestinationMember nov:LandAndOffshoreMember 2019-07-01 2019-09-30 0001021860 srt:NorthAmericaMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:WellboreTechnologiesMember 2020-01-01 2020-09-30 0001021860 nov:InternationalMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:WellboreTechnologiesMember 2020-01-01 2020-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:WellboreTechnologiesMember 2020-01-01 2020-09-30 0001021860 nov:LandDestinationMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:WellboreTechnologiesMember 2020-01-01 2020-09-30 0001021860 nov:OffshoreDestinationMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:WellboreTechnologiesMember 2020-01-01 2020-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:WellboreTechnologiesMember 2020-01-01 2020-09-30 0001021860 srt:NorthAmericaMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:CompletionAndProductionSolutionsMember 2020-01-01 2020-09-30 0001021860 nov:InternationalMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:CompletionAndProductionSolutionsMember 2020-01-01 2020-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:CompletionAndProductionSolutionsMember 2020-01-01 2020-09-30 0001021860 nov:LandDestinationMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:CompletionAndProductionSolutionsMember 2020-01-01 2020-09-30 0001021860 nov:OffshoreDestinationMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:CompletionAndProductionSolutionsMember 2020-01-01 2020-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:CompletionAndProductionSolutionsMember 2020-01-01 2020-09-30 0001021860 srt:NorthAmericaMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:RigTechnologiesMember 2020-01-01 2020-09-30 0001021860 nov:InternationalMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:RigTechnologiesMember 2020-01-01 2020-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:RigTechnologiesMember 2020-01-01 2020-09-30 0001021860 nov:LandDestinationMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:RigTechnologiesMember 2020-01-01 2020-09-30 0001021860 nov:OffshoreDestinationMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:RigTechnologiesMember 2020-01-01 2020-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:RigTechnologiesMember 2020-01-01 2020-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:ContinentalMember us-gaap:IntersegmentEliminationMember 2020-01-01 2020-09-30 0001021860 us-gaap:IntersegmentEliminationMember 2020-01-01 2020-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:LandAndOffshoreMember us-gaap:IntersegmentEliminationMember 2020-01-01 2020-09-30 0001021860 srt:NorthAmericaMember nov:ContinentalMember 2020-01-01 2020-09-30 0001021860 nov:InternationalMember nov:ContinentalMember 2020-01-01 2020-09-30 0001021860 nov:LandDestinationMember nov:LandAndOffshoreMember 2020-01-01 2020-09-30 0001021860 nov:OffshoreDestinationMember nov:LandAndOffshoreMember 2020-01-01 2020-09-30 0001021860 srt:NorthAmericaMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:WellboreTechnologiesMember 2019-01-01 2019-09-30 0001021860 nov:InternationalMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:WellboreTechnologiesMember 2019-01-01 2019-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:WellboreTechnologiesMember 2019-01-01 2019-09-30 0001021860 nov:LandDestinationMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:WellboreTechnologiesMember 2019-01-01 2019-09-30 0001021860 nov:OffshoreDestinationMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:WellboreTechnologiesMember 2019-01-01 2019-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:WellboreTechnologiesMember 2019-01-01 2019-09-30 0001021860 srt:NorthAmericaMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:CompletionAndProductionSolutionsMember 2019-01-01 2019-09-30 0001021860 nov:InternationalMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:CompletionAndProductionSolutionsMember 2019-01-01 2019-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:CompletionAndProductionSolutionsMember 2019-01-01 2019-09-30 0001021860 nov:LandDestinationMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:CompletionAndProductionSolutionsMember 2019-01-01 2019-09-30 0001021860 nov:OffshoreDestinationMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:CompletionAndProductionSolutionsMember 2019-01-01 2019-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:CompletionAndProductionSolutionsMember 2019-01-01 2019-09-30 0001021860 srt:NorthAmericaMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:RigTechnologiesMember 2019-01-01 2019-09-30 0001021860 nov:InternationalMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:RigTechnologiesMember 2019-01-01 2019-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:ContinentalMember us-gaap:OperatingSegmentsMember nov:RigTechnologiesMember 2019-01-01 2019-09-30 0001021860 nov:LandDestinationMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:RigTechnologiesMember 2019-01-01 2019-09-30 0001021860 nov:OffshoreDestinationMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:RigTechnologiesMember 2019-01-01 2019-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:LandAndOffshoreMember us-gaap:OperatingSegmentsMember nov:RigTechnologiesMember 2019-01-01 2019-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:ContinentalMember us-gaap:IntersegmentEliminationMember 2019-01-01 2019-09-30 0001021860 us-gaap:IntersegmentEliminationMember 2019-01-01 2019-09-30 0001021860 us-gaap:IntersubsegmentEliminationsMember nov:LandAndOffshoreMember us-gaap:IntersegmentEliminationMember 2019-01-01 2019-09-30 0001021860 srt:NorthAmericaMember nov:ContinentalMember 2019-01-01 2019-09-30 0001021860 nov:InternationalMember nov:ContinentalMember 2019-01-01 2019-09-30 0001021860 nov:LandDestinationMember nov:LandAndOffshoreMember 2019-01-01 2019-09-30 0001021860 nov:OffshoreDestinationMember nov:LandAndOffshoreMember 2019-01-01 2019-09-30 0001021860 2020-10-01 2020-09-30 0001021860 2021-01-01 2020-09-30 0001021860 nov:SeniorNotesDueOnDecemberOneTwoThousandFortyTwoMember 2020-09-30 0001021860 nov:SeniorNotesDueOnDecemberOneTwoThousandFortyTwoMember 2019-12-31 0001021860 nov:SeniorNotesDueOnDecemberOneTwoThousandTwentyNineMember 2020-09-30 0001021860 nov:SeniorNotesDueOnDecemberOneTwoThousandTwentyNineMember 2019-12-31 0001021860 nov:SeniorNotesDueOnDecemberOneTwoThousandTwentyTwoMember 2020-09-30 0001021860 nov:SeniorNotesDueOnDecemberOneTwoThousandTwentyTwoMember 2019-12-31 xbrli:pure 0001021860 nov:SeniorNotesDueOnDecemberOneTwoThousandTwentyTwoMember 2020-01-01 2020-09-30 0001021860 nov:SeniorNotesDueOnDecemberOneTwoThousandTwentyTwoMember 2019-01-01 2019-12-31 0001021860 2019-01-01 2019-12-31 0001021860 nov:SeniorNotesDueOnDecemberOneTwoThousandFortyTwoMember 2020-01-01 2020-09-30 0001021860 nov:SeniorNotesDueOnDecemberOneTwoThousandFortyTwoMember 2019-01-01 2019-12-31 0001021860 nov:FiveYearUnsecuredRevolvingCreditFacilityMember 2020-09-30 0001021860 nov:UnsecuredCreditFacilityMember 2020-01-01 2020-09-30 0001021860 nov:FiveYearUnsecuredRevolvingCreditFacilityMember 2020-01-01 2020-09-30 0001021860 nov:CanadianDollarOfferedRateCDORMember 2020-01-01 2020-09-30 0001021860 us-gaap:ForeignLineOfCreditMember 2020-09-30 0001021860 us-gaap:ForeignLineOfCreditMember 2020-01-01 2020-09-30 0001021860 nov:TwoPointSixZeroUnsecuredSeniorNotesDueTwoThousandAndTwentyTwoMember 2020-08-25 2020-08-25 0001021860 nov:TwoPointSixZeroUnsecuredSeniorNotesDueTwoThousandAndTwentyTwoMember 2020-08-25 0001021860 us-gaap:UnsecuredDebtMember us-gaap:FairValueInputsLevel2Member 2020-09-30 0001021860 us-gaap:UnsecuredDebtMember us-gaap:FairValueInputsLevel2Member 2019-12-31 iso4217:KRW 0001021860 us-gaap:ForwardContractsMember 2020-09-30 0001021860 us-gaap:ForwardContractsMember 2019-12-31 iso4217:NOK iso4217:RUB iso4217:DKK iso4217:BRL iso4217:MXN iso4217:JPY iso4217:EUR iso4217:ZAR iso4217:SGD iso4217:GBP iso4217:CAD 0001021860 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2020-09-30 0001021860 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:OtherAssetsMember 2020-09-30 0001021860 us-gaap:DesignatedAsHedgingInstrumentMember 2020-09-30 0001021860 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2020-09-30 0001021860 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember us-gaap:OtherAssetsMember 2020-09-30 0001021860 us-gaap:NondesignatedMember 2020-09-30 0001021860 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2019-12-31 0001021860 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:OtherAssetsMember 2019-12-31 0001021860 us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0001021860 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2019-12-31 0001021860 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember us-gaap:OtherAssetsMember 2019-12-31 0001021860 us-gaap:NondesignatedMember 2019-12-31 0001021860 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:AccruedLiabilitiesMember 2020-09-30 0001021860 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:OtherLiabilitiesMember 2020-09-30 0001021860 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember us-gaap:AccruedLiabilitiesMember 2020-09-30 0001021860 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:AccruedLiabilitiesMember 2019-12-31 0001021860 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:OtherLiabilitiesMember 2019-12-31 0001021860 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember us-gaap:AccruedLiabilitiesMember 2019-12-31 iso4217:USD nov:Barrel 0001021860 nov:MarineConstructionMember 2020-09-30 0001021860 nov:RigEquipmentMember 2020-09-30 0001021860 nov:ReedHycalogMember 2020-09-30 0001021860 nov:WellSiteMember 2020-09-30 0001021860 nov:MDTotcoMember 2020-09-30 0001021860 nov:XLSystemsMember 2020-09-30 0001021860 nov:FiberGlassSystemsMember 2020-09-30 0001021860 nov:PFTMember 2020-09-30 0001021860 nov:WellboreTechnologiesMember 2019-12-31 0001021860 nov:CompletionAndProductionSolutionsMember 2019-12-31 0001021860 nov:RigTechnologiesMember 2019-12-31 0001021860 nov:WellboreTechnologiesMember 2020-01-01 2020-09-30 0001021860 nov:CompletionAndProductionSolutionsMember 2020-01-01 2020-09-30 0001021860 nov:RigTechnologiesMember 2020-01-01 2020-09-30 0001021860 nov:WellboreTechnologiesMember 2020-09-30 0001021860 nov:CompletionAndProductionSolutionsMember 2020-09-30 0001021860 nov:RigTechnologiesMember 2020-09-30 0001021860 us-gaap:AccountingStandardsUpdate201613Member 2020-09-30

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark one)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE QUARTERLY PERIOD ENDED September 30, 2020

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission File Number 1-12317

 

NATIONAL OILWELL VARCO, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

76-0475815

(State or other jurisdiction

of incorporation or organization)

(IRS Employer

Identification No.)

 

7909 Parkwood Circle Drive

Houston, Texas

77036-6565

(Address of principal executive offices)

(713346-7500

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $.01 per share

NOV

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No

As of October 16, 2020 the registrant had 388,264,052 shares of common stock, par value $0.01 per share, outstanding.

 

 

 

 

 


 

PART I - FINANCIAL INFORMATION

Item 1.

Financial Statements

NATIONAL OILWELL VARCO, INC.

CONSOLIDATED BALANCE SHEETS

(In millions, except share data)

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,485

 

 

$

1,171

 

Receivables, net

 

 

1,382

 

 

 

1,855

 

Inventories, net

 

 

1,745

 

 

 

2,197

 

Contract assets

 

 

555

 

 

 

643

 

Prepaid and other current assets

 

 

209

 

 

 

247

 

Total current assets

 

 

5,376

 

 

 

6,113

 

Property, plant and equipment, net

 

 

1,994

 

 

 

2,354

 

Lease right-of-use assets, operating

 

 

376

 

 

 

444

 

Lease right-of-use assets, financing

 

 

199

 

 

 

230

 

Goodwill

 

 

1,493

 

 

 

2,807

 

Intangibles, net

 

 

516

 

 

 

852

 

Investment in unconsolidated affiliates

 

 

59

 

 

 

282

 

Other assets

 

 

155

 

 

 

67

 

Total assets

 

$

10,168

 

 

$

13,149

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

476

 

 

$

715

 

Accrued liabilities

 

 

852

 

 

 

949

 

Contract liabilities

 

 

371

 

 

 

427

 

Current portion of lease liabilities

 

 

111

 

 

 

114

 

Accrued income taxes

 

 

74

 

 

 

42

 

Total current liabilities

 

 

1,884

 

 

 

2,247

 

Lease liabilities

 

 

619

 

 

 

674

 

Long-term debt

 

 

1,824

 

 

 

1,989

 

Deferred income taxes

 

 

70

 

 

 

140

 

Other liabilities

 

 

231

 

 

 

253

 

Total liabilities

 

 

4,628

 

 

 

5,303

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock - par value $.01; 1 billion shares authorized; 388,268,680 and

   385,886,682 shares issued and outstanding at September 30, 2020 and

  December 31, 2019

 

 

4

 

 

 

4

 

Additional paid-in capital

 

 

8,567

 

 

 

8,507

 

Accumulated other comprehensive loss

 

 

(1,577

)

 

 

(1,423

)

Retained earnings (deficit)

 

 

(1,529

)

 

 

690

 

Total Company stockholders' equity

 

 

5,465

 

 

 

7,778

 

Noncontrolling interests

 

 

75

 

 

 

68

 

Total stockholders’ equity

 

 

5,540

 

 

 

7,846

 

Total liabilities and stockholders’ equity

 

$

10,168

 

 

$

13,149

 

 

See notes to unaudited consolidated financial statements.

2


 

NATIONAL OILWELL VARCO, INC.

CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)

(In millions, except per share data)

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue

 

$

1,384

 

 

$

2,126

 

 

$

4,763

 

 

$

6,198

 

Cost of revenue

 

 

1,245

 

 

 

1,975

 

 

 

4,263

 

 

 

5,729

 

Gross profit

 

 

139

 

 

 

151

 

 

 

500

 

 

 

469

 

Selling, general and administrative

 

 

213

 

 

 

293

 

 

 

733

 

 

 

1,014

 

Goodwill and indefinite-lived intangible asset impairment

 

 

 

 

 

 

 

 

1,378

 

 

 

3,186

 

Long-lived asset impairment

 

 

 

 

 

12

 

 

 

513

 

 

 

2,199

 

Operating loss

 

 

(74

)

 

 

(154

)

 

 

(2,124

)

 

 

(5,930

)

Interest and financial costs

 

 

(21

)

 

 

(25

)

 

 

(65

)

 

 

(75

)

Interest income

 

 

 

 

 

4

 

 

 

5

 

 

 

16

 

Equity loss in unconsolidated affiliates

 

 

(11

)

 

 

(4

)

 

 

(250

)

 

 

(6

)

Other income (expense), net

 

 

(8

)

 

 

(10

)

 

 

(19

)

 

 

(36

)

Loss before income taxes

 

 

(114

)

 

 

(189

)

 

 

(2,453

)

 

 

(6,031

)

Provision (benefit) for income taxes

 

 

(61

)

 

 

60

 

 

 

(264

)

 

 

(323

)

Net loss

 

 

(53

)

 

 

(249

)

 

 

(2,189

)

 

 

(5,708

)

Net income (loss) attributable to noncontrolling interests

 

 

2

 

 

 

(5

)

 

 

6

 

 

 

2

 

Net loss attributable to Company

 

$

(55

)

 

$

(244

)

 

$

(2,195

)

 

$

(5,710

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to Company per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.14

)

 

$

(0.64

)

 

$

(5.72

)

 

$

(14.95

)

Diluted

 

$

(0.14

)

 

$

(0.64

)

 

$

(5.72

)

 

$

(14.95

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends per share

 

$

-

 

 

$

0.05

 

 

$

0.05

 

 

$

0.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

385

 

 

 

382

 

 

 

384

 

 

 

382

 

Diluted

 

 

385

 

 

 

382

 

 

 

384

 

 

 

382

 

 

See notes to unaudited consolidated financial statements.

 

3


 

NATIONAL OILWELL VARCO, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

(In millions)

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net loss

 

$

(53

)

 

$

(249

)

 

$

(2,189

)

 

$

(5,708

)

Currency translation adjustments

 

 

20

 

 

 

(118

)

 

 

(151

)

 

 

(80

)

Changes in derivative financial instruments, net of tax

 

 

16

 

 

 

(14

)

 

 

(3

)

 

 

(7

)

Comprehensive loss

 

 

(17

)

 

 

(381

)

 

 

(2,343

)

 

 

(5,795

)

Comprehensive income (loss) attributable to noncontrolling interest

 

 

2

 

 

 

(5

)

 

 

6

 

 

 

2

 

Comprehensive loss attributable to Company

 

$

(19

)

 

$

(376

)

 

$

(2,349

)

 

$

(5,797

)

 

See notes to unaudited consolidated financial statements.

 

4


 

NATIONAL OILWELL VARCO, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(In millions)

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

Net loss

 

$

(2,189

)

 

$

(5,708

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

270

 

 

 

433

 

Provision for inventory losses

 

 

171

 

 

 

592

 

Deferred income taxes

 

 

(72

)

 

 

(367

)

Loss on extinguishment of debt

 

 

8

 

 

 

 

Equity loss in unconsolidated affiliates

 

 

250

 

 

 

6

 

Goodwill and indefinite-lived intangible asset impairment

 

 

1,378

 

 

 

3,186

 

Long-lived asset impairment

 

 

513

 

 

 

2,199

 

Other, net

 

 

93

 

 

 

119

 

Change in operating assets and liabilities, net of acquisitions:

 

 

 

 

 

 

 

 

Receivables

 

 

469

 

 

 

338

 

Inventories

 

 

288

 

 

 

(169

)

Contract assets

 

 

86

 

 

 

(42

)

Prepaid and other current assets

 

 

38

 

 

 

(49

)

Accounts payable

 

 

(240

)

 

 

(20

)

Accrued liabilities

 

 

(127

)

 

 

(182

)

Contract liabilities

 

 

(56

)

 

 

(7

)

Income taxes payable

 

 

32

 

 

 

(58

)

Other assets/liabilities, net

 

 

(172

)

 

 

(30

)

Net cash provided by operating activities

 

 

740

 

 

 

241

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

 

(173

)

 

 

(166

)

Business acquisitions, net of cash acquired

 

 

 

 

 

(180

)

Other

 

 

13

 

 

 

78

 

Net cash used in investing activities

 

$

(160

)

 

$

(268

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Payments against lines of credit and other debt

 

 

(217

)

 

 

 

Borrowings against lines of credit and other debt

 

 

36

 

 

 

 

Cash dividends paid

 

 

(19

)

 

 

(58

)

Debt extinguishment costs

 

 

(8

)

 

 

 

Other

 

 

(48

)

 

 

(15

)

Net cash used in financing activities

 

 

(256

)

 

 

(73

)

Effect of exchange rates on cash

 

 

(10

)

 

 

(14

)

Increase (decrease) in cash and cash equivalents

 

 

314

 

 

 

(114

)

Cash and cash equivalents, beginning of period

 

 

1,171

 

 

 

1,427

 

Cash and cash equivalents, end of period

 

$

1,485

 

 

$

1,313

 

 

 

 

 

 

 

 

 

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

 

 

Cash payments (refunds) during the period for:

 

 

 

 

 

 

 

 

Interest

 

$

47

 

 

$

53

 

Income taxes

 

$

(38

)

 

$

81

 

 

See notes to unaudited consolidated financial statements.

5


 

NATIONAL OILWELL VARCO, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

(In millions)

 

 

 

Common

Stock

 

 

Additional

Paid in

Capital

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Retained

Earnings

(Loss)

 

 

Total

Company

Stockholders'

Equity

 

 

Noncontrolling

Interests

 

 

Total

Stockholders'

Equity

 

Balance at December 31, 2019

 

$

4

 

 

$

8,507

 

 

$

(1,423

)

 

$

690

 

 

$

7,778

 

 

$

68

 

 

$

7,846

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(2,047

)

 

 

(2,047

)

 

 

(2

)

 

 

(2,049