0000950170-23-002996 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2022	Feb. 09, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Registrant Name	NOW INC.
Entity Central Index Key	0001599617
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Public Float			$ 1.0
Entity Common Stock, Shares Outstanding		110,326,665
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	DNOW
Security Exchange Name	NYSE
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
Document Annual Report	true
Document Transition Report	false
ICFR Auditor Attestation Flag	true
Auditor Name	Ernst & Young LLP
Auditor Location	Houston, Texas
Auditor Firm ID	42
Documents Incorporated by Reference	Documents Incorporated by Reference Portions of the Proxy Statement in connection with the 2023 Annual Meeting of Stockholders are incorporated in Part III of this report.

Consolidated Balance Sheets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 212,000,000	$ 313,000,000
Receivables, net	398,000,000	304,000,000
Inventories, net	381,000,000	250,000,000
Prepaid and other current assets	26,000,000	16,000,000
Total current assets	1,017,000,000	883,000,000
Property, plant and equipment, net	119,000,000	111,000,000
Goodwill	116,000,000	67,000,000
Intangibles, net	25,000,000	9,000,000
Other assets	43,000,000	34,000,000
Total assets	1,320,000,000	1,104,000,000
Current liabilities:
Accounts payable	304,000,000	235,000,000
Accrued liabilities	126,000,000	112,000,000
Other current liabilities	9,000,000	22,000,000
Total current liabilities	439,000,000	369,000,000
Long-term operating lease liabilities	25,000,000	17,000,000
Deferred income taxes	1,000,000	0
Other long-term liabilities	11,000,000	6,000,000
Total liabilities	476,000,000	392,000,000
Commitments and contingencies
Stockholders' equity:
Preferred stock - par value $0.01; 20 million shares authorized; no shares issued and outstanding	0	0
Common stock - par value $0.01; 330 million shares authorized; 110,369,266 and 110,558,831 shares issued and outstanding at December 31, 2022 and 2021, respectively	1,000,000	1,000,000
Additional paid-in capital	2,066,000,000	2,060,000,000
Accumulated deficit	(1,075,000,000)	(1,203,000,000)
Accumulated other comprehensive loss	(150,000,000)	(147,000,000)
NOW Inc. stockholders' equity	842,000,000	711,000,000
Noncontrolling interest	2,000,000	1,000,000
Total stockholders' equity	844,000,000	712,000,000
Total liabilities and stockholders' equity	$ 1,320,000,000	$ 1,104,000,000

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
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	110,369,266	110,558,831
Common stock, shares outstanding	110,369,266	110,558,831

Consolidated Statements of Operations - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue	$ 2,136	$ 1,632	$ 1,619
Operating expenses:
Cost of products	1,630	1,275	1,327
Warehousing, selling and administrative	365	341	391
Impairment and other charges	10	7	321
Operating profit (loss)	131	9	(420)
Other income (expense)	8	3	(10)
Income (loss) before income taxes	139	12	(430)
Income tax provision (benefit)	10	7	(3)
Net income (loss)	129	5	(427)
Net income attributable to noncontrolling interest	1	0	0
Net income (loss) attributable to NOW Inc	$ 128	$ 5	$ (427)
Earnings (loss) per share attributable to NOW Inc. stockholders:
Basic	$ 1.14	$ 0.05	$ (3.91)
Diluted	$ 1.13	$ 0.05	$ (3.91)
Weighted-average common shares outstanding, basic	110,676,078	110,403,853	109,406,079
Weighted-average common shares outstanding, diluted	111,224,389	110,494,941	109,406,079

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 129	$ 5	$ (427)
Other comprehensive income (loss):
Foreign currency translation adjustments	(3)	(2)	(17)
Comprehensive income (loss)	126	3	(444)
Comprehensive income attributable to noncontrolling interest	1	0	0
Comprehensive income (loss) attributable to NOW Inc.	$ 127	$ 3	$ (444)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ 129	$ 5	$ (427)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	19	23	28
Provision for doubtful accounts	2	(2)	9
Provision for inventory	6	9	54
Impairment and other charges	10	7	321
Other, net	14	21	34
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:
Receivables	(95)	(97)	157
Inventories	(138)	3	148
Prepaid and other current assets	(10)	(3)	1
Accounts payable, accrued liabilities and other, net	63	64	(136)
Net cash provided by (used in) operating activities	0	30	189
Cash flows from investing activities:
Business acquisitions, net of cash acquired	(80)	(96)	0
Net proceeds from sale of business	0	0	26
Purchases of property, plant and equipment	(9)	(5)	(8)
Other, net	2	5	4
Net cash provided by (used in) investing activities	(87)	(96)	22
Cash flows from financing activities:
Repurchases of common stock	(7)	0	0
Payments relating to finance leases and other, net	(3)	(6)	(8)
Net cash provided by (used in) financing activities	(10)	(6)	(8)
Effect of exchange rates on cash and cash equivalents	(4)	(2)	1
Net change in cash and cash equivalents	(101)	(74)	204
Cash and cash equivalents, beginning of period	313	387	183
Cash and cash equivalents, end of period	212	313	387
Supplemental disclosures of cash flow information:
Income taxes paid, net	11	0	2
Non-cash investing and financing activities:
Accrued purchases of property, plant and equipment	$ 1	$ 0	$ 0

Consolidated Statements of Stockholders' Equity - USD ($) $ 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]	Treasury Stock [Member]	Noncontrolling Interest [Member]
Beginning balance at Dec. 31, 2019	$ 1,144	$ (6)		$ 2,045	$ (775)	$ (6)	$ (128)	$ 0	$ 1
Beginning balance, shares at Dec. 31, 2019			109,000,000
Beginning balance, Common stock value at Dec. 31, 2019			$ 1
Net income (loss)	(427)				(427)
Vesting of restricted stock, shares			1,000,000
Shares withheld for taxes	(1)			(1)
Stock-based compensation	6			6
Other comprehensive loss	(17)						(17)
Ending balance at Dec. 31, 2020	699			2,050	(1,208)		(145)	0	1
Ending balance, shares at Dec. 31, 2020			110,000,000
Ending balance, Common stock value at Dec. 31, 2020			$ 1
Net income (loss)	5				5
Vesting of restricted stock, shares			1,000,000
Shares withheld for taxes	(1)			(1)
Stock-based compensation	8			8
Exercise of stock options	3			3
Other comprehensive loss	(2)						(2)
Ending balance at Dec. 31, 2021	712			2,060	(1,203)		(147)	0	1
Ending balance, shares at Dec. 31, 2021			111,000,000
Ending balance, Common stock value at Dec. 31, 2021	1		$ 1
Net income (loss)	129				128				1
Common stock repurchased	(7)							(7)
Common stock retired, shares			(1,000,000)
Common stock retired				(7)				7
Stock-based compensation	11			11
Exercise of stock options	$ 2			2
Exercise of stock options, shares	294,000
Other comprehensive loss	$ (3)						(3)
Ending balance at Dec. 31, 2022	844			$ 2,066	$ (1,075)		$ (150)	$ 0	$ 2
Ending balance, shares at Dec. 31, 2022			110,000,000
Ending balance, Common stock value at Dec. 31, 2022	$ 1		$ 1

Organization and Basis of Presentation	12 Months Ended
Organization and Basis of Presentation	Dec. 31, 2022
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® platform, customers can leverage world-class technology across ecommerce, data management and supply chain optimization applications to solve a wide array of complex operational and product sourcing challenges to assist in maximizing their return on assets. The Company’s energy product offering is consumed throughout all sectors of the energy industry – from upstream drilling and completion, exploration and production, midstream infrastructure development to downstream petroleum refining and petrochemicals – as well as in other industries, such as chemical processing, mining, utilities and renewables. The industrial distribution end markets include engineering and construction firms that perform capital and maintenance projects for their end user clients. NOW also provides supply chain and materials management solutions to the same markets where the Company sells products. NOW’s supplier network consists of thousands of vendors in approximately 40 countries. Basis of Presentation The accompanying consolidated financial information include the accounts of the Company and its consolidated subsidiaries. All significant intercompany transactions and accounts have been eliminated. Variable interest entities for which the Company is the primary beneficiary are fully consolidated with the equity held by the outside stockholders and their portion of net income (loss) reflected as noncontrolling interest in the accompanying consolidated financial statements. 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. See Note 11 “Stockholders' Equity” for additional information. Recently Adopted Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) 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 London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. The guidance is effective upon issuance and the expedients and exceptions may be applied prospectively through December 31, 2022. The Company has completed its evaluation of significant contracts. The Company adopted Topic 848 during the fourth quarter of 2022 with no material impact in its consolidated financial statements. On December 29, 2022, the Company entered into a second amendment to its existing senior secured revolving credit facility which, among other things, replaced LIBOR with the Secured Overnight Financing Rate (“SOFR”) as the interest rate benchmark. See Note 10 “Debt” for additional information.

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Cash and Cash Equivalents Cash and cash equivalents consist of all highly liquid investments with maturities of three months or less at the date of purchase. 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. See Note 14 “Derivative Financial Instruments” for the fair value of derivative financial instruments. Inventories Inventories consist primarily of oilfield and industrial finished goods. Inventories are stated at the lower of cost or net realizable value and using average cost methods. Allowances for excess and obsolete inventories are determined based on the Company’s historical usage of inventory on hand as well as its future expectations. As of December 31, 2022 and 2021, the Company reported inventory of $381 million and $250 million, respectively (net of inventory reserves of $20 million and $32 million, respectively). Property, Plant and Equipment Property, plant and equipment are stated at cost. Expenditures for major improvements that extend the lives of property, plant and equipment are capitalized while minor replacements, maintenance and repairs are charged to expense as incurred. Disposals are removed at cost less accumulated depreciation with any resulting gain or loss reflected in the results of operations for the respective period. Depreciation is provided using the straight-line method over the estimated useful lives of individual items. Long-Lived Assets, Including Goodwill and Other Acquired Intangible Assets Long-lived assets other than goodwill include property, plant and equipment, operating right-of-use ("ROU") assets and intangible assets. The Company evaluates the recoverability of long-lived assets other than goodwill for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of these assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If such review indicates that the carrying amount of long-lived assets other than goodwill is not recoverable, the carrying amount of such assets is reduced to fair value. In addition to the recoverability assessment, the Company routinely reviews the remaining estimated useful lives of long-lived assets other than goodwill. If the Company changes the estimated useful life assumption for any asset, the remaining unamortized balance is amortized or depreciated over the revised estimated useful life. The Company performs goodwill impairment testing annually in the fourth quarter of each fiscal year and more frequently on an interim basis when events or circumstances indicate that an impairment may exist. The company uses either a qualitative assessment or a quantitative assessment. If the qualitative assessment indicates it is more likely than not that the fair value of a reporting unit is less than its carrying value, a quantitative assessment is performed. Events or circumstances which could indicate a potential impairment include, but are not limited to, a significant reduction in worldwide oil and gas prices or drilling; a significant reduction in profitability or cash flow of oil and gas companies or drilling contractors; a significant reduction in worldwide well completion and remediation activity; a significant reduction in capital investment by other oilfield service companies; or a significant increase in worldwide inventories of oil or gas. The Company evaluates goodwill for impairment at the reporting unit level, which is defined as an operating segment or one level below that constitutes a business for which financial information is available and is regularly reviewed by management. The Company currently has four reporting units for this purpose – U.S. Energy, U.S. Process Solutions, Canada and International. The Company tests goodwill for impairment by comparing the fair value of a reporting unit to its carrying value. If the carrying amount exceeds the fair value of a reporting unit, an impairment loss is recognized in an amount equal to that excess, but not to exceed the total amount of goodwill allocated to that reporting unit. The Company determines the fair value of both goodwill and other long-lived assets primarily using the discounted cash flow method and in the case of goodwill, a multiples-based market approach for comparable companies when applicable. The starting point for each reporting unit’s projected cash flow from operations is the detailed annual plan or updated forecast. The detailed planning and forecasting process takes into consideration a multitude of factors including worldwide rig activity, inflationary forces, pricing strategies, customer analysis, operational issues, competitor analysis, capital spending requirements, working capital requirements and customer needs among other items which impact the individual reporting unit projections. Cash flows beyond the specific operating plans were estimated using a terminal value calculation, which incorporated historical and forecasted financial cyclical trends for each reporting unit and also considered long-term earnings growth rates. The financial and credit market volatility impacts the fair value measurement by adjusting the discount rate. The Company utilizes third-party valuation advisors to assist with these valuations. These analyses include significant judgments as mentioned above, including management’s short-term and long-term forecast of operating performance, discount rates based on the weighted average cost of capital, revenue growth rates, profitability margins, the timing of future cash flows, and in the case of long-lived assets, the remaining useful life and service potential of the asset, all of which were classified as level 3 inputs under the fair value hierarchy. Foreign Currency The functional currency for most of the Company’s foreign operations is the local currency. Certain foreign operations use the U.S. dollar as the functional currency. For those that have local currency as functional the cumulative effects of translating the balance sheet accounts from the functional currency into the U.S. dollar at current exchange rates are included in accumulated other comprehensive income (loss). Revenues and expenses are translated at average exchange rates in effect during the period. Upon closure of a foreign subsidiary, the accumulated foreign currency translation gains and losses relating to the foreign subsidiary are reclassified into earnings, and reflected in impairment and other charges in the consolidated statements of operations. Accordingly, financial statements of these foreign subsidiaries are remeasured to U.S. dollars for consolidation purposes using current rates of exchange for monetary assets and liabilities and historical rates of exchange for nonmonetary assets and related elements of expense. Revenue and expense elements are remeasured at rates that approximate the rates in effect on the transaction dates. For all operations, gains or losses from remeasuring foreign currency transactions into the reporting currency are included in other income (expense). Net foreign currency transactions were a loss of $2 million, a loss of $1 million and a gain of $2 million for the years ended December 31, 2022, 2021 and 2020, respectively, and were included in other income (expense) in the accompanying consolidated statements of operations. 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 proper 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 be entitled to receive in exchange for products sold. Revenue is recorded at the transaction price net of estimates of variable consideration, 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. Cost of Products Cost of products includes the cost of inventory sold and related items, such as vendor consideration, inventory allowances, amortization of intangibles and inbound and outbound freight. Warehousing, Selling and Administrative Expenses Warehousing, selling and administrative expenses include branch, distribution center and regional expenses (including costs such as compensation, benefits and rent), depreciation and corporate general expenses. Vendor Consideration The Company receives funds from vendors in the normal course of business, principally as a result of purchase volumes. Generally, these vendor funds do not represent the reimbursement of specific, incremental and identifiable costs incurred by the Company to sell the vendor’s product. Therefore, the Company treats these funds as a reduction of inventory when purchased and once these goods are sold to third parties the associated amount is credited to cost of products. The Company develops accrual rates for vendor consideration based on the provisions of the arrangements in place, historical trends, purchases and future expectations. Due to the complexity and diversity of the individual vendor agreements, the Company performs analyses and reviews historical trends throughout the year and confirms actual amounts with select vendors to ensure the amounts earned are appropriately recorded. Amounts accrued throughout the year could be impacted if actual purchase volumes differ from projected annual purchase volumes, especially in the case of programs that provide for increased funding when graduated purchase volumes are met. Income Taxes The liability method is used to account for income taxes. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates that will be in effect when the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to amounts which are more-likely-than-not to be realized. Concentration of Credit Risk The Company grants credit to its customers, which operate primarily in the energy, industrial and manufacturing markets. Concentrations of credit risk are limited because the Company has a large number of geographically diverse customers, thus spreading trade credit risk. The Company controls credit risk through credit evaluations, credit limits and monitoring procedures. The Company performs periodic credit evaluations of its customers’ financial condition and, generally, does not require collateral but may require letters of credit or prepayments for certain sales. Allowances for doubtful accounts ("AFDA") are established based on an evaluation of accounts receivable aging, and where applicable, specific reserves on an individual customer basis. 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, customers’ financial conditions and account receivables past due. Balances that remain outstanding after the Company has used reasonable collection efforts are written off. No single customer represents more than 10% of the Company’s revenue. Stock-Based Compensation Compensation expense for the Company’s stock-based compensation plans is measured using the fair value method required by Accounting Standards Codification ("ASC") Topic 718 “Compensation—Stock Compensation”. Under this guidance the fair value of the award is measured on the grant date and amortized to expense using the straight-line method over the shorter of the vesting period or the remaining requisite service period. Forfeitures are recognized as they occur. 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. The Company periodically evaluates its estimates and judgments that are most critical in nature, which are related to allowance for doubtful accounts, inventory reserves, impairment of goodwill and other long-lived assets, purchase price allocation of acquisitions, contingent consideration, vendor consideration, stock-based compensation, pension plan obligations and income taxes. On an ongoing basis, the Company evaluates such estimates by comparing to historical experience and trends, which form the basis for making judgments about the carrying value of assets and liabilities. Contingencies The Company accrues for costs relating to litigation claims and other contingent matters, when such liabilities become probable and reasonably estimable. Such estimates may be based on advice from third parties or on management’s judgment, as appropriate. Revisions to contingent liabilities are reflected in income in the period in which different facts or information become known or circumstances change that affect the Company’s previous judgments with respect to the likelihood or amount of loss. Amounts paid upon the ultimate resolution of contingent liabilities may be materially different from previous estimates and could require adjustments to the estimated reserves to be recognized in the period such new information becomes known. In circumstances where the most likely outcome of a contingency can be reasonably estimated, the Company accrues a liability for that amount. Where the most likely outcome cannot be estimated, a range of potential losses is established, and, if no one amount in that range is more likely than others, the low end of the range is accrued.

Revenue	12 Months Ended
Revenue	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue	3. Revenue 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 ASC Topic 606 exempting the Company from disclosure of the transaction price allocated to remaining performance obligations when the performance obligation is part of a contract that has an original expected duration of one year or less. Receivables Receivables are recorded when the Company has an unconditional right to consideration. 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 December 31, 2022 and 2021, contracts assets were less than $1 million and $1 million, respectively, 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 been recognized is one year or less; however, these expenses are not material. 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 December 31, 2022 and 2021, contract liabilities were $33 million and $27 million, respectively, and were included in accrued liabilities in the consolidated balance sheets. The increase in contract liabilities for the year ended December 31, 2022, was primarily related to net current year customer deposits of approximately $22 million, partially offset by recognizing revenue of approximately $16 million, that was deferred as of December 31, 2021. See Note 16 “Business Segments” for the 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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Receivables, net

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Receivables, net

4. Receivables, net

Receivables are recorded and carried at the original invoiced amount less an allowance for doubtful accounts.

Activity in the allowance for doubtful accounts was as follows (in millions):


	December 31,
	2022			2021			2020
Allowance for doubtful accounts
Beginning balance	$	25		$	28		$	16
Cumulative effect of accounting change		—			—			6
Additions (deductions) charged to expenses		2			(2	)		9
Charge-offs and other		(2	)		(1	)		(3	)
Ending balance	$	25		$	25		$	28

Property, Plant and Equipment, net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net

5. Property, Plant and Equipment, net

Property, plant and equipment consist of (in millions):


	Estimated	December 31,
	Useful Lives	2022			2021
Information technology assets	1-7 Years	$	47		$	48
Operating equipment (1)	2-15 Years		141			129
Buildings and land (2)	5-35 Years		94			91
Construction in progress			4			3
Total property, plant and equipment			286			271
Less: accumulated depreciation			(167	)		(160	)
Property, plant and equipment, net		$	119		$	111

(1)

Includes finance ROU assets.

(2)

Land has an indefinite life

Depreciation expense was $17 million, $21 million and $24 million for the years ended December 31, 2022, 2021 and 2020, respectively.

For the year ended December 31, 2021, the Company sold certain facilities resulting in a net gain of approximately $3 million offset by an impairment of approximately $2 million related to the held-for-sale facilities in the U.S. reporting segment. These amounts were included in impairment and other charges in the consolidated statements of operations.

For the year ended December 31, 2020, as the result of the recoverability testing of its long-lived assets, the Company recognized $4 million of impairment relating to property, plant and equipment, net in the International reporting segment. These charges were included in impairment and other charges in the consolidated statements of operations.

Accrued Liabilities

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Accrued Liabilities

6. Accrued Liabilities

Accrued liabilities consist of (in millions):


	December 31,
	2022		2021
Compensation and other related expenses	$	36	$	35
Contract liabilities		33		27
Taxes (non-income)		13		12
Current portion of operating lease liabilities		13		15
Other		31		23
Total	$	126	$	112

Goodwill

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

7. Goodwill

Goodwill is identified by segment as follows (in millions):


	United States		Canada		International		Total
Balance at December 31, 2020 (1)	$	—	$	—	$	—	$	—
Additions		67		—		—		67
Balance at December 31, 2021	$	67	$	—	$	—	$	67
Additions		49		—		—		49
Balance at December 31, 2022	$	116	$	—	$	—	$	116

(1)

Net of prior years accumulated impairment of $518 million, $87 million and $99 million in the U.S., Canada and International segments, respectively.

As of December 31, 2022, the Company had $116 million goodwill in its U.S. Process Solutions reporting unit and no goodwill in other reporting units. As part of the annual goodwill impairment assessment, the Company performed a qualitative assessment that did not indicate a more detailed quantitative analysis was necessary. Therefore, no goodwill impairment was recognized. This assessment evaluated changes in macroeconomic conditions, overall industry and market considerations and company-specific business metrics, performance and events. The acquisition date fair value of goodwill related to acquisition completed in December 2022 was preliminary. See Note 20 “Transactions” for additional information.

As of December 31, 2021, the Company had $67 million goodwill in its U.S. Process Solutions reporting unit and performed its annual goodwill impairment test using a quantitative assessment resulting in no impairment. The calculated fair value of the U.S. Process Solutions reporting unit significantly exceeded its carrying value, using the discount rates of 13.0%.

As of December 31, 2020, the Company had no goodwill. During the first quarter of 2020, the Company’s market capitalization declined significantly driven by macroeconomic and geopolitical conditions including the collapse of oil prices caused by both surplus production and supply as well as the decrease in demand caused by the COVID-19 pandemic. Therefore, the Company performed an interim goodwill impairment test. As a result, for the quarter ended March 31, 2020 and the year ended December 31, 2020, the Company recognized $230 million goodwill impairment for both periods which was included in impairment and other charges in the consolidated statements of operations. The discount rates utilized to value the reporting units were in the range of 11.5% to 12.8%. No tax benefit was reported on the Company’s goodwill impairment for the year ended December 31, 2020.

Intangibles, net

12 Months Ended

Dec. 31, 2022

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangibles, net

8. Intangibles, net

Identified intangible assets with determinable lives consist primarily of customer relationships, trade names, trademarks and patents, and non-compete agreements acquired in acquisitions, and are being amortized on a straight-line basis over the estimated useful lives. Intangible assets that are fully amortized are removed from the disclosures. The acquisition date fair value of intangible assets relating to the acquisitions completed in December 2022 were preliminary. See Note 20 “Transactions” for additional information.

For the year ended December 31, 2021, the Company recognized $2 million of impairment in the U.S. reporting segment for certain customer relationship intangible assets due to decline in customer activities. During the first quarter of 2020, the results of the Company's test for impairment of goodwill and the other negative market indicators described in Note 7 “Goodwill” were a triggering event that indicated that its long-lived assets, including property, plant and equipment, operating ROU assets and intangible assets, were possibly impaired. As a result, for the quarter ended March 31, 2020 and the year ended December 31, 2020, the Company recognized $62 million and $22 million of impairment for intangible assets in the U.S. and International reporting segments, respectively. Such impairment was included in impairment and other charges in the consolidated statements of operations.

Identified intangible assets by major classification consist of the following (in millions):


			Accumulated			Net Book
	Gross		Amortization			Value
December 31, 2022:
Trade names and patents	$	4	$	—		$	4
Customer relationships		19		(2	)		17
Other		4		—			4
Total identified intangibles	$	27	$	(2	)	$	25

December 31, 2021:
Customer relationships	$	9	$	(1	)	$	8
Other		1		—			1
Total identified intangibles	$	10	$	(1	)	$	9

Amortization expense was $2 million, $2 million and $4 million for the years ended December 31, 2022, 2021, and 2020, respectively. The following table represents the total estimated amortization of intangible assets for the five succeeding years (in millions):


For the Year Ending December 31,	Estimated Amortization Expense
2023	$	4
2024		4
2025		3
2026		3
2027		3

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

9. Income Taxes

The domestic and foreign components of income (loss) before income taxes were as follows (in millions):


	Year Ended December 31,
	2022		2021			2020
United States	$	108	$	(9	)	$	(289	)
Foreign		31		21			(141	)
Income (loss) before income taxes	$	139	$	12		$	(430	)

The provision (benefit) for income taxes for 2022, 2021 and 2020 consisted of the following (in millions):


	Year Ended December 31,
	2022		2021			2020
U.S. Federal:
Current	$	—	$	—		$	—
Deferred		—		(1	)		—
		—		(1	)		—
U.S. State:
Current		—		—			—
Deferred		—		—			—
		—		—			—
Foreign:
Current		9		7			1
Deferred		1		1			(4	)
		10		8			(3	)
Income tax provision (benefit)	$	10	$	7		$	(3	)

The reconciliation between the Company’s effective tax rate on income (loss) from continuing operations and the statutory tax rate is as follows (in millions):


	Year Ended December 31,
	2022			2021			2020
Income tax provision (benefit) at federal statutory rate	$	29		$	3		$	(90	)
Foreign tax rate differential		1			2			1
State income tax provision (benefit), net of federal benefit		4			(1	)		(4	)
Nondeductible expenses		2			—			2
Nondeductible goodwill impairment		—			—			25
Currency translation losses		2			—			—
Capital loss carryforward		(2	)		—			—
Change in valuation allowance		(28	)		2			61
Other		2			1			2
Income tax provision (benefit)	$	10		$	7		$	(3	)
Effective tax rate		7.2	%		54.8	%		0.6	%

In general, the effective tax rate differs from the U.S. statutory rate due to recurring items, such as differing tax rates on income earned in foreign jurisdictions, nondeductible expenses, state income taxes and the change in valuation allowance recorded against deferred tax assets. For the year ended December 31, 2022, the effective tax rate was primarily driven by the recognition of tax expense from

earnings in Canada offset by current year realization of deferred tax assets and corresponding release of valuation allowance in the U.S., as well as impairment charges incurred as a result of substantially completing the liquidation of certain foreign subsidiaries with no associated tax benefit. For the year ended December 31, 2021, the effective tax rate was primarily driven by the low level of consolidated pre-tax income and the recognition of tax expense from earnings in Canada, which was not able to be offset by benefits recognized on losses in other jurisdictions.

Significant components of the Company’s deferred tax assets and liabilities were as follows (in millions):


	December 31,
	2022			2021			2020
Deferred tax assets:
Allowances and operating liabilities	$	6		$	6		$	3
Net operating loss carryforwards		76			92			79
Foreign tax credit carryforwards		7			7			7
Allowance for doubtful accounts		5			4			5
Inventory reserve		9			10			13
Stock-based compensation		5			5			6
Intangible assets		45			57			66
Capital loss carryforward		12			10			11
Tax over book basis in depreciable assets		4			5			5
Lease liabilities		11			9			12
Other		3			3			4
Total deferred tax assets	$	183		$	208		$	211
Deferred tax liabilities:
ROU assets		(10	)		(7	)		(11	)
Other		(1	)		—			—
Total deferred tax liabilities	$	(11	)	$	(7	)	$	(11	)
Net deferred tax assets before valuation allowance		172			201			200
Valuation allowance		(173	)		(201	)		(199	)
Net deferred tax assets (liabilities)	$	(1	)	$	—		$	1

The Company records a valuation allowance when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets depends on the ability to generate sufficient taxable income of the appropriate character in the future and in the appropriate taxing jurisdictions. If the Company was to determine that it would be able to realize the deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the valuation allowance, which would reduce the provision for income taxes.

The Company remains in a three-year cumulative loss position at the end of 2022. As a result, management believes that it is not more-likely-than-not that the Company would be able to realize the benefits of its deferred tax assets in the U.S., Canada and other foreign jurisdictions and accordingly recognized a valuation allowance for the year ended December 31, 2022. The change during the year in the valuation allowance was a reduction of $27 million in the U.S. and $1 million in other foreign jurisdictions resulting from a corresponding reduction in deferred tax assets.

There are no uncertain tax positions as of any of the periods presented. To the extent penalties and interest would be assessed on any underpayment of income tax, such accrued amounts are classified as a component of income tax provision (benefit) in the financial statements consistent with the Company’s policy. For the year ended December 31, 2022, the Company did not record any income tax expense for interest and penalties related to uncertain tax positions.

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 vary by legal entity but are generally open in the U.S. for the tax years ending after 2018 and outside the U.S. for the tax years ending after 2016.

In the U.S., the Company has $304 million of federal net operating loss carryforwards as of December 31, 2022, of which $158 million will expire between 2036 through 2037 and $146 million have no expiration. The potential associated tax benefit of $64 million has been reduced by a $64 million valuation allowance. The Company has $171 million of state net operating loss carryforwards as of December 31, 2022, with the majority expiring after 2034. The potential tax benefit of $9 million has been reduced by a $9 million valuation allowance. Outside the U.S., the Company has $17 million of net operating loss carryforwards as of December 31, 2022, of which $13 million have no expiration and $4 million will expire between 2024 and 2032. The potential tax benefit of $3 million has been reduced by a $3 million valuation allowance. As of December 31, 2022, the Company has $7 million of excess foreign tax credits in the U.S. The foreign tax credits will expire between 2024 and 2027. The potential tax benefit of $7 million has been reduced by a $7 million valuation allowance. In addition to a reduction in future income tax expense, future income tax payments will also be reduced in the event the Company ultimately realizes the benefit of these net operating loss carryforwards and foreign tax credits.

As of December 31, 2022, the Company has an immaterial amount of undistributed foreign earnings that may be subject to taxation upon a future distribution. The Company has not recorded deferred income taxes on undistributed foreign earnings that it considers to be indefinitely reinvested. The Company makes a determination each period whether to indefinitely reinvest these earnings. If, as a result of these reassessments, the Company distributes these earnings in the future, additional tax liabilities may result, offset by any available foreign tax credits. The Company has not recorded deferred income taxes on other outside basis differences inherent in the Company’s foreign subsidiaries that it considers to be indefinitely reinvested, as such determination is not practicable.

Because of the number of tax jurisdictions in which the Company operates, its effective tax rate can fluctuate as operations and the local country tax rates fluctuate. The Company is also subject to audits by federal, state and foreign jurisdictions which may result in proposed assessments. The Company’s future tax provision will reflect any favorable or unfavorable adjustments to its estimated tax liabilities when resolved. The Company is unable to predict the outcome of these matters. However, the Company believes that none of these matters will have a material adverse effect on the results of operations or financial position of the Company.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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+ Details

Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

10. Debt

On December 29, 2022, the Company entered into a second amendment to its existing senior secured revolving credit facility with a syndicate of lenders with Wells Fargo Bank, National Association, serving as the administrative agent (as amended, the “Credit Facility”). The second amendment amends certain terms, provisions and covenants of the Credit Facility, including, among other things: (i) replaces LIBOR with SOFR as the interest rate benchmark with the existing applicable margin plus a credit spread adjustment of 0.10% per annum; (ii) modifies certain reporting obligations with respect to the Company’s share repurchase program; and (iii) increases the sublimit for U.S. letters of credit to $20 million.

The Credit Facility provides for a $500 million global revolving credit facility, of which up to $50 million is available for the Company’s Canadian subsidiaries. The Company has the right, subject to certain conditions, to increase the aggregate principal amount of commitments under the credit facility by $250 million. The Credit Facility also provides a letter of credit sub-facility of $25 million. The obligations under the Credit Facility are secured by substantially all the assets of the Company and its subsidiaries. The Credit Facility matures on December 14, 2026 and contains customary covenants, representations and warranties and events of default. The Company will be required to maintain a fixed charge coverage ratio (as defined in the Credit Facility) 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 10% of the borrowing base or $40 million.

Borrowings under the Credit Facility will bear an interest rate at the Company’s option, (i) for borrowings denominated in U.S. Dollars, at (a) the base rate plus the applicable margin or (b) adjusted term SOFR for the applicable interest period, plus the applicable margin and (ii) for borrowings denominated in Canadian Dollars, the Canadian Dollar Offered Rate plus the applicable margin. In each case, with such applicable margin being based on the Company’s fixed charge coverage 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 income (expense) in the consolidated statements of operations.

Availability under the Credit Facility is determined by a borrowing base comprised of eligible receivables, eligible inventory and certain pledged deposits in the U.S and Canada. As of December 31, 2022, the Company had no borrowings against the Credit Facility and had approximately $482 million in availability (as defined in the Credit Facility) resulting in the excess availability (as defined in the Credit Facility) of 99% subject to certain limitations. The Company is not obligated to pay back borrowings against the current Credit Facility until the maturity date of the Credit Facility.

The Company issued $4 million in letters of credit under the Credit Facility primarily for casualty insurance expiring in June 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Stockholders' Equity

11. Stockholders’ Equity

Share Repurchase Program

On August 3, 2022, the Company’s Board of Directors approved a share repurchase program, under which the Company is authorized to purchase up to $80 million of its outstanding common stock through December 31, 2024. Under this program, the Company may from time to time repurchase common stock in open market transactions or enter into Rule 10b5-1 trading plans to facilitate the repurchase of its common stock pursuant to its share repurchase program. The amount and timing of any repurchases will depend on several factors, including share price, general business and market conditions, and alternative capital allocation opportunities. For the year ended December 31, 2022, the Company repurchased 653,819 shares of its common stock on the open market at an average price of $10.82 per common share for a total of $7 million under this program. All shares repurchased shall be retired pursuant to the terms of the share repurchase program.

Consolidated Variable Interest Entities ("VIE")

The Company holds a 49% interest in one VIE located in the Middle East. The Company is the primary beneficiary and consolidates the VIE as it has the power to direct the activities that most significantly affect the VIE’s economic performance and has the obligation to absorb the VIE’s losses or the right to receive benefits. The initial investment was completed in 2017 with the noncontrolling interest ("NCI") of approximately $1 million which was previously included in additional paid-in capital in the consolidated balance sheets as it was not material, and has been reclassified to NCI to conform to the current period financial statement presentation. For the year ended December 31, 2022, net income attributable to NCI was approximately $1 million. For all prior periods, net income (loss) attributable to NCI was less than $1 million.

The assets of the VIE can only be used to settle its own obligations and its creditors have no recourse to the Company’s assets. As of December 31, 2022 and December 31, 2021, the VIE’s assets were primarily current assets of $11 million and $4 million, respectively, and the liabilities were primarily current liabilities of $3 million and $1 million, respectively.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

12. Leases

The Company leases certain facilities, vehicles and equipment. The Company determines if an arrangement contains a lease at contract inception and recognizes ROU assets and lease liabilities for leases with terms greater than twelve months. Leases with an initial term of twelve months or less are accounted for as short-term leases and are not recognized in the balance sheet. Operating fixed lease expenses and finance lease depreciation expense are recognized on a straight-line basis over the lease term. Variable lease payments which cannot be determined at the lease commencement date, such as reimbursement of lessor expenses, were not included in the ROU assets or lease liabilities.

Many leases include both lease and non-lease components which are primarily related to management services provided by lessors for the underlying assets. The Company elected the practical expedient to account for lease and non-lease components as a single lease component for all leases as well as the practical expedient that allows the Company to carry forward the historical lease classifications. For all new and modified leases entered into after the adoption of ASC 842, the Company reassesses the lease classification and lease term on the effective date of modification. Lease term includes renewal periods if the Company is reasonably certain to exercise any renewal options per the lease contract. The Company’s leases do not contain any material residual value guarantees or restrictive covenants. The Company subleases certain real estate to third parties.

As most leases do not have readily determinable implicit rates, the Company estimates the incremental borrowing rates based on prevailing financial market conditions, comparable companies and credit analysis and management judgments to determine the present values of its lease payments. The Company also applies the portfolio approach to account for leases with similar terms. As of December 31, 2022, the weighted-average remaining lease terms were approximately 5 years for operating leases and 6 years for finance leases, and the weighted-average discount rates were 6.2% for operating leases and 5.3% for finance leases.

For the year ended December 31, 2021, the Company recognized approximately $6 million of impairment for ROU assets in the U.S. and Canada reporting segments primarily relating to exits of certain leased facilities. For the year ended December 31, 2020, as the result of the recoverability testing of its long-lived assets, the Company recognized $2 million impairment for operating ROU assets in the U.S. and International reporting segments which was included in impairment and other charges in the consolidated statements of operations.

Supplemental balance sheet information is as follows (in millions):


		December 31,
	Classification	2022		2021
Assets
Operating	Other assets	$	36	$	27
Finance	Property, plant and equipment, net		10		5
Total ROU assets		$	46	$	32

Liabilities
Current
Operating	Accrued liabilities	$	13	$	15
Finance	Other current liabilities		4		4
Long-term
Operating	Long-term operating lease liabilities		25		17
Finance	Other long-term liabilities		7		3
Total lease liabilities		$	49	$	39

Components of lease expense is as follows (in millions):


		Year Ended December 31,
	Classification	2022			2021			2020
Operating lease cost (1)	Warehousing, selling and administrative	$	16		$	22		$	26
Finance lease ROU asset depreciation (2)	Warehousing, selling and administrative		4			5			7
Short-term lease cost	Warehousing, selling and administrative		5			5			6
Variable lease cost	Warehousing, selling and administrative		3			2			2
Sublease income	Warehousing, selling and administrative		(2	)		(2	)		—

(1)

Included in other, net adjustment to reconcile net income to net cash provided by (used in) operating activities in the consolidated statement of cash flows.

(2)

Included in depreciation and amortization in the consolidated statement of cash flows. Interest on finance lease liabilities is less than $1 million.

Supplemental disclosure of cash flow information is as follows (in millions):


	Year Ended December 31,
	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	21	$	23	$	27
Financing cash flows from finance leases (1)		5		6		7
ROU assets obtained in exchange for new lease liabilities
Operating	$	25	$	12	$	10
Finance		9		—		2

(1)

Interest payments from finance lease liabilities is less than $1 million.

Maturity of lease liabilities as of December 31, 2022 were as follows (in millions):


	Operating Lease			Finance Lease
2023	$	17		$	4
2024		9			3
2025		5			3
2026		4			1
2027		4			—
Thereafter		9			2
Total future lease payments		48			13
Less: interest		(10	)		(2	)
Present value of lease liabilities	$	38		$	11

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

13. Commitments and Contingencies

The Company is involved in various claims, regulatory agency audits and pending or threatened legal actions involving a variety of matters with entities such as suppliers, customers, parties to acquisitions and divestitures, government authorities and other external parties. The Company regularly reviews and records the estimated probable liability in an amount believed to be sufficient and continues to periodically reexamine the estimates of probable liabilities and any associated expenses to make appropriate adjustments to such estimates as necessary. 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 past experience regarding the valuation of these claims. 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. While the Company has established estimates it believes to be reasonable under the facts known, the outcomes of litigation and similar disputes are often difficult to reliably predict and may result in decisions or settlements that are contrary to, or in excess of, the Company's expectations.

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 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 December 31, 2022, the Company was contingently liable for approximately $13 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 on those letters of credit and surety bonds.

In connection with an acquisition in 2021, the Company is currently in disagreement with the sellers on certain aspects of the agreement. The Company does not believe at this time that resolution of the matter will have a material impact on its consolidated financial statements, but the final outcome has not been determined.

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

14. Derivative Financial Instruments

The Company is exposed to certain risks relating to its ongoing business operations. The Company has entered into certain financial derivative instruments to manage the foreign currency exchange rate 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 nonfunctional currency monetary accounts. The purpose of the Company’s foreign currency hedging activities is to economically hedge the Company’s risk from changes in the fair value of nonfunctional 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 December 31, 2022 and 2021, the fair value of the Company’s foreign currency forward contracts totaled an asset of less than $1 million and a liability of less than $1 million in both periods. The Company’s foreign currency forward contract assets were included in prepaid and other current assets in the consolidated balance sheets and the Company’s foreign currency forward contract liabilities were included in other current liabilities in the consolidated balance sheets.

For the years ended December 31, 2022, 2021 and 2020, the Company recorded a loss of $1 million, loss of $1 million and gain of $1 million, respectively, related to changes in fair value. All gains and losses were included in other income (expense) in the consolidated statements of operations. The notional principal associated with those contracts was $7 million, $9 million and $8 million as of December 31, 2022, 2021 and 2020, respectively.

As of December 31, 2022, the Company’s financial instruments do not contain any credit-risk-related or other contingent features that could cause accelerated payments when the Company’s financial instruments are in net liability positions. The Company does not use derivative financial instruments for trading or speculative purposes.

Accumulated Other Comprehensive Income (Loss) ("AOCI")

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss) ("AOCI")

15. Accumulated Other Comprehensive Income (Loss) ("AOCI")

The components of accumulated other comprehensive income (loss) are as follows (in millions):


	Foreign Currency Translation Adjustments
	Year Ended December 31,
	2022			2021
Beginning balance	$	(147	)	$	(145	)
Other comprehensive income (loss) before reclassifications		(13	)		(2	)
Amounts reclassified from accumulated other comprehensive income (loss)		10			—
Net current-period other comprehensive income (loss)		(3	)		(2	)
Ending balance	$	(150	)	$	(147	)

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 (loss) in accordance with ASC Topic 830 “Foreign Currency Matters”.

For the year ended December 31, 2022, the Company reclassified $10 million of foreign currency translation losses as a result of substantially completing the liquidation of certain foreign subsidiaries in its International segment. Such foreign currency translation losses were reclassified from the component of AOCI into earnings, reflected in impairment and other charges in the consolidated statement of operations.

Business Segments

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Business Segments

16. Business Segments

The Company has four operating segments – U.S. Energy, U.S. Process Solutions, Canada and International. These operating segments were determined based primarily on the geographical markets and secondarily on the distribution channel of the products and services offered. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s Chief Executive Officer has been identified as the chief operating decision maker. The Company’s chief operating decision maker directs the allocation of resources to operating segments based on various metrics of each respective operating segment. The allocation of resources across the operating segments is dependent upon, among other factors, the operating segment’s historical or future expected operating margins; the operating segment’s historical or future expected return on capital; outlook within a specific market; opportunities to grow profitability; new products or new customer accounts; confidence in management; and competitive landscape and intensity.

The Company has determined that there are three reportable segments: (1) United States, (2) Canada and (3) International. The U.S. Energy and U.S. Process Solutions operating segments were not separately reported as they exhibit similar long term economic characteristics, the nature of the products offered are similar, purchase many identical products from outside vendors, have similar customers, sell products directly to end-users and operate in similar regulatory environments. They have been aggregated into the United States reportable segment.

United States

The Company has approximately 110 locations in the U.S., which are geographically positioned to serve the upstream, midstream and downstream energy and industrial markets.

Canada

The Company has a network of approximately 40 locations in the Canadian oilfield, predominantly in the oil rich provinces of Alberta, Saskatchewan, Manitoba and other targeted locations across the country. The Company’s Canadian segment primarily serves the energy exploration, production, drilling and midstream business.

International

The Company operates in approximately 15 countries and serves the needs of its international customers from approximately 20 locations outside of the U.S. and Canada, all of which are strategically located in major oil and gas development areas. The Company’s International segment primarily serves the energy exploration, production and drilling business.

The following table presents financial information for each of the Company’s reportable segments as of and for the year ended December 31 (in millions):


	United States			Canada			International			Total
2022
Revenue	$	1,591		$	315		$	230		$	2,136
Operating profit (loss)		103			30			(2	)		131
Impairment and other charges		—			—			10			10
Depreciation and amortization		16			2			1			19
Property, plant and equipment, net		95			11			13			119
Total assets		991			179			150			1,320
2021
Revenue	$	1,163		$	249		$	220		$	1,632
Operating profit (loss)		(8	)		17			—			9
Impairment and other charges		6			1			—			7
Depreciation and amortization		20			2			1			23
Property, plant and equipment, net		86			11			14			111
Total assets		787			168			149			1,104
2020
Revenue	$	1,153		$	209		$	257		$	1,619
Operating loss		(281	)		(60	)		(79	)		(420	)
Impairment and other charges		189			60			72			321
Depreciation and amortization		23			2			3			28
Property, plant and equipment, net		70			12			16			98
Total assets		714			141			153			1,008

The following table presents a comparison of the approximate sales mix in the principal product categories (in millions):


	Year Ended December 31,
	2022		2021		2020
Product Category
Pumps, production and drilling	$	531	$	423	$	428
Pipe		432		277		228
Valves		409		317		326
Fittings and flanges		389		285		287
Mill tool, MRO, safety and other		375		330		350
Total	$	2,136	$	1,632	$	1,619

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Paragraph 32
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Earnings (Loss) Per Share ("EPS")

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings (Loss) Per Share ("EPS")

17. Earnings (Loss) Per Share (“EPS”)

Basic EPS is based on net income (loss) attributable to the Company’s earnings and is calculated based upon the daily weighted-average number of common shares outstanding during the periods presented. Also, this calculation includes fully vested stock and unit awards that have not yet been issued as common stock. Diluted EPS includes the above, plus unvested stock, unit or option awards granted and vested unexercised stock options, but only to the extent these instruments dilute earnings (loss) per share.

For the years ended December 31, 2022, 2021 and 2020, a total of approximately 2 million, 4 million and 6 million, respectively, of potentially dilutive shares were excluded from the computation of diluted earnings per share due to their antidilutive effect or due to the Company recognizing a net loss for the period.

Basic and diluted EPS are as follows (in millions, except share data):


	Year Ended December 31,
	2022			2021		2020
Numerator:
Net income (loss) attributable to NOW Inc.	$	128		$	5	$	(427	)
Less: net income attributable to participating securities		(2	)		—		—
Net income (loss) attributable to NOW Inc. stockholders	$	126		$	5	$	(427	)
Denominator:
Weighted average basic common shares outstanding		110,676,078			110,403,853		109,406,079
Effect of dilutive securities		548,311			91,088		—
Weighted average diluted common shares outstanding		111,224,389			110,494,941		109,406,079
Earnings (loss) per share attributable to NOW Inc. stockholders:
Basic	$	1.14		$	0.05	$	(3.91	)
Diluted	$	1.13		$	0.05	$	(3.91	)

Under ASC Topic 260, “Earnings Per Share,” the two-class method requires a portion of net income attributable to NOW Inc. 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 nonvested awards in periods the Company determines that those shares are not obligated to participate in losses. For the periods that the Company recognized net income, net income allocated to these participating securities was excluded from net income attributable to NOW Inc. stockholders in the numerator of the earnings per share computation.

Stock-based Compensation and Outstanding Awards

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation and Outstanding Awards

18. Stock-based Compensation and Outstanding Awards

Under the terms of the NOW Inc. Long Term Incentive Plan (the “Plan”), 16 million shares of the Company’s common stock were authorized for grant to employees, non-employee directors and other persons. The Plan provides for the grant of stock options, restricted stock awards, restricted stock units, phantom shares and performance stock awards.

Stock-based compensation expense recognized for the years ended December 31, 2022, 2021 and 2020 totaled $11 million, $8 million and $6 million, respectively. The tax effected benefit for share-based compensation arrangements was $2 million, $2 million, and $1 million for the years ended December 31, 2022, 2021 and 2020, respectively. Unvested stocks and awards associated with certain management employees who retired in 2020 were allowed to continue to vest after retirement for a period less than one year during the term in which such employees served as consultants to the Company. The Company accounted for this change as a Type III modification under ASC Topic 718 since the expectation of the award vesting changed from improbable to probable, resulting in a reduction of stock-based compensation expense based on the modification-date fair value for the year ended December 31, 2020.

Each of the stock-based compensation arrangements are discussed below.

Stock Options

Stock option awards are generally granted with an exercise price equal to the market price of the Company’s stock at the date of grant. Stock option awards generally have either a 7-year or a 10-year contractual term and vest over a 3-year period from the grant date on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. Additionally, the Company’s stock options provide for full vesting of unvested outstanding options, in the event of a change of control of the Company and a change in the holder’s responsibilities following a change in control of the Company. The Company did not grant stock option awards in 2022.

The fair value of each option award was estimated on the date of grant using the Black-Scholes framework. The expected volatility was based on the implied volatility on the Company’s stock, historical volatility of the Company’s stock and the historical volatility of other, similar companies. The risk-free rate was based on the U.S. Treasury yield curve in effect at the time of grant for the period consistent with the expected term. The expected dividends were based on the Company’s history and expectation of dividend payouts. The expected term was based on the average of the vesting period and contractual term. The Black-Scholes framework uses the assumptions noted in the table below:


	December 31,
	2021			2020
Valuation Assumptions:
Expected volatility		61.3	%		43.7	%
Risk-free interest rate		0.5	%		1.4	%
Expected dividends (per share)	$	—		$	—
Expected term (in years)		4.5			4.5

The following table summarizes award activity for stock options:


Stock Options	Shares (in thousands)			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2021		3,596		$	15.02
Forfeited and expired		(740	)		20.02
Exercised		(294	)		9.83
Outstanding as of December 31, 2022		2,562		$	14.17		2.8	$	4
Exercisable at December 31, 2022		1,965		$	15.43		2.2	$	3

The weighted average grant-date fair value of options granted for the years ended December 31, 2021 and 2020 was $5.03 and $3.59, respectively. The total intrinsic value of options exercised for the years ended December 31, 2022, 2021 and 2020 was $1 million, less than $1 million, and less than $1 million, respectively. As of December 31, 2022, unrecognized compensation cost related to stock option awards was approximately $1 million, which is expected to be recognized over a weighted average period of 0.9 year. Cash received from exercises of stock options was $2 million for the year ended December 31, 2022.

Restricted Stock Awards, Restricted Stock Units and Phantom Shares (“RSAs and RSUs”)

Restricted stock generally cliff vests after 1 or 3 years. The grant-date fair value of RSA and RSU grants is determined using the closing quoted market price on the grant date. Additionally, the Company’s RSA and RSU agreements provide for full vesting of RSAs and RSUs in the event of a change of control of the Company and a change in the holder’s responsibilities following a change in control of the Company.

The following table summarizes award activity for RSAs and RSUs:


RSAs / RSUs	Shares (in thousands)			Weighted-Average Grant-Date Fair Value
Nonvested as of December 31, 2021		741		$	10.79
Granted		1,152			9.89
Vested (1)		(188	)		13.05
Forfeited		(191	)		10.08
Nonvested as of December 31, 2022		1,514		$	9.91

(1)

32 thousand shares were withheld and retired from the vesting of shares to employees to satisfy minimum tax withholding.

The weighted average grant-date fair value was $9.89, $10.31 and $8.78 for RSAs and RSUs granted for the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022, unrecognized compensation cost related to RSAs and RSUs was $9 million, which is expected to be recognized over a weighted average period of 1.7 year. The total vest-date fair value of shares vested for the years ended December 31, 2022, 2021 and 2020 was $2 million, $3 million, and $4 million, respectively.

Performance Stock Awards (“PSAs”)

PSAs generally have a 3-year vesting period from the grant date and vest at the end of the vesting period with potential payouts varying from zero for performance below the threshold performance metric to 200% of the target award PSAs for performance above the maximum performance metric. The grant-date fair value of market-condition PSA grants is determined using a Monte Carlo simulation probabilistic model. The grant-date fair value of performance-condition PSA grants is determined using the closing quoted market price on the grant date. Additionally, the Company’s performance award agreements provide for full vesting of PSAs at the target level in the event of a change of control of the Company and a change in the holder’s responsibilities following a change in control of the Company.

The Company granted PSAs to senior management employees whereby the PSAs can be earned based on performance against established metrics over a three-year performance period. The PSAs are divided into three independent parts that are subject to separate performance metrics: (i) one-half of the PSAs have a Total Shareholder Return (“TSR”) metric, (ii) one-quarter of the PSAs have an EBITDA metric, and (iii) one-quarter of the PSAs have a Return on Capital Employed (“ROCE”) metric.

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 of the performance period against the ROCE metrics set by the Company’s Compensation Committee of the Board of Directors.

The following table summarizes award activity for performance stock awards:


PSAs	Shares (in thousands)			Weighted-Average Grant-Date Fair Value
Nonvested as of December 31, 2021		669		$	13.35
Granted		351			11.08
Vested (1)		(21	)		22.13
Forfeited		(111	)		14.61
Nonvested as of December 31, 2022		888		$	12.09

(1)

8 thousand shares were withheld and retired from the vesting of shares to employees to satisfy minimum tax withholding.

The weighted average grant-date fair value of PSAs granted for the years ended December 31, 2022, 2021 and 2020 was $11.08, $13.08 and $12.12, respectively. As of December 31, 2022, unrecognized compensation cost related to PSAs was $5 million, which is expected to be recognized over a weighted average period of 1.4 year. The total vest-date fair value of PSAs vested for the year ended December 31, 2022, 2021 and 2020 was less than $1 million, $1 million and less than $1 million, respectively.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2022

Defined Benefit Pension Plans Defined Benefit Postretirement Plans And Defined Contribution Pension Plans Disclosure [Abstract]

Employee Benefit Plans

19. Employee Benefit Plans

At December 31, 2022, the Company had approximately 2,425 employees, of which approximately 100 were temporary employees.

Benefit plans

The Company has benefit plans covering substantially all of its employees. Defined contribution benefit plans cover most of the U.S. and Canadian employees, and benefits are based on years of service and a percentage of current earnings. For the years ended December 31, 2022, 2021 and 2020, employer contributions for defined contribution plans were $5 million, $1 million and $5 million, respectively, and all funding is current.

The Company has a non-qualified deferred compensation plan (the “NQDC Plan”) for certain members of senior management. NQDC Plan assets are invested in mutual funds held in a “rabbi trust,” which is restricted for payment to participants of the NQDC Plan. Such equity securities held in a rabbi trust are measured using quoted market prices at the reporting date (Level 1 within the fair value hierarchy) and were included in other assets, with the corresponding liability included in other long-term liabilities in the consolidated balance sheets.

Defined Benefit Pension Plans

As of December 31, 2022, the Company sponsors two defined benefit plans in the United Kingdom under which accrual of pension benefits have ceased. Plan member benefits that have previously been accrued are indexed in line with inflation during the period up to retirement in order to protect their purchasing power. During 2020, the Company made lump-sum payments and entered into a buy-in annuity contract in connection with the de-risking of one of the defined benefit plans, which is expected to transfer the remaining liability to the insurance provider when the remaining buy-out contract provisions are completed.

Net periodic benefit cost (income) for the Company’s defined benefit plans was income of less than $1 million, cost of less than $1 million and cost of $6 million for the years ended December 31, 2022, 2021 and 2020, respectively, and were included in other income (expense) in the consolidated statement of operations. The Company immediately recognizes actuarial gains and losses in other income (expense), which are generally measured annually and recorded in the fourth quarter, unless an earlier remeasurement is required.

The change in benefit obligation, plan assets and the funded status of the defined benefit pension plans in the United Kingdom using a measurement date of December 31, 2022 and 2021, are as follows (in millions):


	Pension Benefits
At year end	2022			2021
Benefit obligation at beginning of year	$	8		$	9
Actuarial loss (gain)		(3	)		1
Plan settlements		—			(2	)
Foreign currency exchange rate changes		(1	)		—
Benefit obligation at end of year	$	4		$	8

Fair value of plan assets at beginning of year	$	9		$	11
Actual return		(2	)		—
Plan settlements		—			(2	)
Foreign currency exchange rate changes		(1	)		—
Fair value of plan assets at end of year	$	6		$	9

Funded status		2			1
Accumulated benefit obligation at end of year	$	4		$	8

The net asset is presented within other assets in the consolidated balance sheets.

The Company estimates income or expense related to its pension and postretirement plans based on actuarial assumptions, including assumptions regarding discount rates and expected returns on plan assets, adjusted for current period actuarial gains and losses. Assumed long-term rates of return on plan assets and discount rates vary for the different plans according to the local economic conditions.

The assumption rates used for benefit obligations are as follows:


	December 31,
	2022	2021
Discount rate:	4.1% - 5.10%	1.20% - 1.80%

The assumption rates used for net periodic benefit costs are as follows:


	December 31,
	2022	2021	2020
Discount rate:	1.20% - 1.80%	0.70% - 1.20%	2.00% - 2.10%
Expected return on assets:	1.10% - 2.22%	0.70% - 1.78%	2.54% - 3.03%

In determining the overall expected long-term rate of return for plan assets, the Company takes into consideration the historical experience as well as future expectations of the asset mix involved. As different investments yield different returns, each asset category is reviewed individually and then weighted for significance in relation to the total portfolio. In the plan that purchased the annuity contract, the long-term rate of return is equal to the discount rate used to value the obligation.

Both plans have plan assets in excess of projected benefit obligations. The Company expects to pay future benefit amounts on its defined benefit plans of less than $1 million for each of the next five years and in the aggregate $1 million for the five years thereafter. The Company does not expect to contribute to its defined benefit pension plans in 2023.

The Company and its investment advisers collaboratively reviewed market opportunities using historic and statistical data, as well as the actuarial valuation reports for the plans, to ensure that the levels of acceptable return and risk are well-defined and monitored. Currently, the Company’s management believes that there are no significant concentrations of risk associated with plan assets.

The following table sets forth by level, within the fair value hierarchy, the plan’s assets carried at fair value (in millions):


	Fair Value Measurements
	Total		Level 1		Level 2		Level 3 (1)
December 31, 2022:
Annuity contract	$	3	$	—	$	—	$	3
Other		3		—		3		—
Total fair value measurements	$	6	$	—	$	3	$	3

December 31, 2021:
Annuity contract	$	5	$	—	$	—	$	5
Other		4		1		3		—
Total fair value measurements	$	9	$	1	$	3	$	5

Transactions

12 Months Ended

Dec. 31, 2022

Transactions [Abstract]

Transactions

20. Transactions

Acquisitions

For the year ended December 31, 2022, the Company completed three acquisitions for an aggregate purchase price consideration of approximately $80 million cash. The acquisitions further expand and fortify the Company's solutions offerings in new and existing end markets in the U.S. Process Solutions reporting unit. During the second quarter of 2022, the Company completed one acquisition and finalized the valuation of its assets acquired and liabilities assumed at acquisition date fair values. In December 2022, two acquisitions were completed and the aggregate purchase price consideration was allocated to the assets acquired and liabilities assumed based on a preliminary estimate of their acquisition date fair values. Due to the level of effort required to develop fair value measurements, the valuation information necessary to determine the fair values of properties, plant and equipment, inventory and identifiable intangible assets, including the underlying cash flows is preliminary. The Company will complete its acquisition date fair values of assets acquired and liabilities assumed within the one-year measurement period; any adjustments to the preliminary values made in the measurement period could be material. The Company also identified non-compete agreements as separate transactions and recognized non-compete intangible assets of approximately $3 million with a weighted-average life of 3 years.

For the year ended December 31, 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, and an estimated $23 million of contingent consideration if certain financial and profitability thresholds were 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 completed its valuations as of the applicable acquisition dates of the acquired net assets and recognized goodwill of $67 million and intangible assets of $11 million in the U.S. segment.

The following table summarizes the purchase price allocation detail as of the acquisition dates for acquisitions closed during fiscal years 2022 and 2021 (in millions):


	2022 Acquisitions			2021 Acquisitions
Consideration transferred:
Cash	$	80		$	96
Estimated fair value of contingent consideration		—			23
Net purchase price	$	80		$	119

Fair value of net assets acquired:
Current assets other than cash	$	11		$	7
Property, plant and equipment		10			36
Customer relationships and other intangibles (1)		15			11
Current liabilities		(5	)		(2	)
Total fair value of net assets acquired	$	31		$	52
Goodwill (2)	$	49		$	67

(1)

Intangible assets acquired in 2022 and 2021 are amortized over a 8-year and 9-year weighted average period, respectively.

(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 $49 million and $41 million in connection with the acquisitions in 2022 and 2021, respectively.

The Company has included the financial results of the acquisitions in its consolidated financial statements from the date of each acquisition. The Company has not presented supplemental pro forma information because the acquired operations did not materially impact the Company’s consolidated operating results.

Contingent consideration

The fair value of acquisition-related contingent consideration liabilities was determined using the Monte Carlo simulation based on the Company's estimated future cash flow projections, the probability of achievement and the estimated discount rates, all of which were classified as level 3 inputs under the fair value hierarchy.

The following table presents a reconciliation of the beginning and ending amounts of the fair value of the acquisition-related contingent consideration liabilities (in millions):


	Acquisition-related
	contingent consideration liabilities
Balance at January 1, 2021	$	—
Acquisition-date fair value		23
Change in fair value		(10	)
Balance at December 31, 2021 (1)	$	13
Change in fair value		(13	)
Balance at December 31, 2022	$	—

(1)

The fair value used a discount rate of 14% and was included in other current liabilities in the consolidated balance sheets.

Changes in the fair value of the contingent consideration liabilities are recognized in other income (expense) in the consolidated statements of operations. For the year ended December 31, 2021, the change in the fair value of contingent consideration liabilities
was primarily related to the timing of the earn-out periods, results to date and the remaining forecasts for the periods. For the year ended December 31, 2022, the change in the fair value of contingent consideration liabilities resulted from not achieving any earn-out thresholds prior to the expiration of the earn-out period.

Divestitures

In 2020, the company completed the sale of a business primarily in the United States segment selling cutting tools to the aerospace and automotive markets, as well as, the sale of a business in the International segment selling lighting solutions locally in the United Kingdom. Neither divestiture of business qualified to be a discontinued operation as it did not represent a strategic shift that would have a major effect on the Company’s operations and financial results. In aggregate, the Company recorded net proceeds of $26

million cash and recognized a loss of $1 million for the year ended December 31, 2020, which was included in impairment and other charges in the consolidated statements of operations.

Organization and Basis of Presentation (Policies)	12 Months Ended
Organization and Basis of Presentation (Policies)	Dec. 31, 2022
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® platform, customers can leverage world-class technology across ecommerce, data management and supply chain optimization applications to solve a wide array of complex operational and product sourcing challenges to assist in maximizing their return on assets. The Company’s energy product offering is consumed throughout all sectors of the energy industry – from upstream drilling and completion, exploration and production, midstream infrastructure development to downstream petroleum refining and petrochemicals – as well as in other industries, such as chemical processing, mining, utilities and renewables. The industrial distribution end markets include engineering and construction firms that perform capital and maintenance projects for their end user clients. NOW also provides supply chain and materials management solutions to the same markets where the Company sells products. NOW’s supplier network consists of thousands of vendors in approximately 40 countries.
Basis of Presentation	Basis of Presentation The accompanying consolidated financial information include the accounts of the Company and its consolidated subsidiaries. All significant intercompany transactions and accounts have been eliminated. Variable interest entities for which the Company is the primary beneficiary are fully consolidated with the equity held by the outside stockholders and their portion of net income (loss) reflected as noncontrolling interest in the accompanying consolidated financial statements.
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. See Note 11 “Stockholders' Equity” for additional information.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) 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 London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. The guidance is effective upon issuance and the expedients and exceptions may be applied prospectively through December 31, 2022. The Company has completed its evaluation of significant contracts. The Company adopted Topic 848 during the fourth quarter of 2022 with no material impact in its consolidated financial statements. On December 29, 2022, the Company entered into a second amendment to its existing senior secured revolving credit facility which, among other things, replaced LIBOR with the Secured Overnight Financing Rate (“SOFR”) as the interest rate benchmark. See Note 10 “Debt” for additional information.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of all highly liquid investments with maturities of three months or less at the date of purchase.
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. See Note 14 “Derivative Financial Instruments” for the fair value of derivative financial instruments.
Inventories	Inventories Inventories consist primarily of oilfield and industrial finished goods. Inventories are stated at the lower of cost or net realizable value and using average cost methods. Allowances for excess and obsolete inventories are determined based on the Company’s historical usage of inventory on hand as well as its future expectations. As of December 31, 2022 and 2021, the Company reported inventory of $381 million and $250 million, respectively (net of inventory reserves of $20 million and $32 million, respectively).
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are stated at cost. Expenditures for major improvements that extend the lives of property, plant and equipment are capitalized while minor replacements, maintenance and repairs are charged to expense as incurred. Disposals are removed at cost less accumulated depreciation with any resulting gain or loss reflected in the results of operations for the respective period. Depreciation is provided using the straight-line method over the estimated useful lives of individual items.
Long-Lived Assets, Including Goodwill and Other Acquired Intangible Assets	Long-Lived Assets, Including Goodwill and Other Acquired Intangible Assets Long-lived assets other than goodwill include property, plant and equipment, operating right-of-use ("ROU") assets and intangible assets. The Company evaluates the recoverability of long-lived assets other than goodwill for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of these assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If such review indicates that the carrying amount of long-lived assets other than goodwill is not recoverable, the carrying amount of such assets is reduced to fair value. In addition to the recoverability assessment, the Company routinely reviews the remaining estimated useful lives of long-lived assets other than goodwill. If the Company changes the estimated useful life assumption for any asset, the remaining unamortized balance is amortized or depreciated over the revised estimated useful life. The Company performs goodwill impairment testing annually in the fourth quarter of each fiscal year and more frequently on an interim basis when events or circumstances indicate that an impairment may exist. The company uses either a qualitative assessment or a quantitative assessment. If the qualitative assessment indicates it is more likely than not that the fair value of a reporting unit is less than its carrying value, a quantitative assessment is performed. Events or circumstances which could indicate a potential impairment include, but are not limited to, a significant reduction in worldwide oil and gas prices or drilling; a significant reduction in profitability or cash flow of oil and gas companies or drilling contractors; a significant reduction in worldwide well completion and remediation activity; a significant reduction in capital investment by other oilfield service companies; or a significant increase in worldwide inventories of oil or gas. The Company evaluates goodwill for impairment at the reporting unit level, which is defined as an operating segment or one level below that constitutes a business for which financial information is available and is regularly reviewed by management. The Company currently has four reporting units for this purpose – U.S. Energy, U.S. Process Solutions, Canada and International. The Company tests goodwill for impairment by comparing the fair value of a reporting unit to its carrying value. If the carrying amount exceeds the fair value of a reporting unit, an impairment loss is recognized in an amount equal to that excess, but not to exceed the total amount of goodwill allocated to that reporting unit. The Company determines the fair value of both goodwill and other long-lived assets primarily using the discounted cash flow method and in the case of goodwill, a multiples-based market approach for comparable companies when applicable. The starting point for each reporting unit’s projected cash flow from operations is the detailed annual plan or updated forecast. The detailed planning and forecasting process takes into consideration a multitude of factors including worldwide rig activity, inflationary forces, pricing strategies, customer analysis, operational issues, competitor analysis, capital spending requirements, working capital requirements and customer needs among other items which impact the individual reporting unit projections. Cash flows beyond the specific operating plans were estimated using a terminal value calculation, which incorporated historical and forecasted financial cyclical trends for each reporting unit and also considered long-term earnings growth rates. The financial and credit market volatility impacts the fair value measurement by adjusting the discount rate. The Company utilizes third-party valuation advisors to assist with these valuations. These analyses include significant judgments as mentioned above, including management’s short-term and long-term forecast of operating performance, discount rates based on the weighted average cost of capital, revenue growth rates, profitability margins, the timing of future cash flows, and in the case of long-lived assets, the remaining useful life and service potential of the asset, all of which were classified as level 3 inputs under the fair value hierarchy.
Foreign Currency	Foreign Currency The functional currency for most of the Company’s foreign operations is the local currency. Certain foreign operations use the U.S. dollar as the functional currency. For those that have local currency as functional the cumulative effects of translating the balance sheet accounts from the functional currency into the U.S. dollar at current exchange rates are included in accumulated other comprehensive income (loss). Revenues and expenses are translated at average exchange rates in effect during the period. Upon closure of a foreign subsidiary, the accumulated foreign currency translation gains and losses relating to the foreign subsidiary are reclassified into earnings, and reflected in impairment and other charges in the consolidated statements of operations. Accordingly, financial statements of these foreign subsidiaries are remeasured to U.S. dollars for consolidation purposes using current rates of exchange for monetary assets and liabilities and historical rates of exchange for nonmonetary assets and related elements of expense. Revenue and expense elements are remeasured at rates that approximate the rates in effect on the transaction dates. For all operations, gains or losses from remeasuring foreign currency transactions into the reporting currency are included in other income (expense). Net foreign currency transactions were a loss of $2 million, a loss of $1 million and a gain of $2 million for the years ended December 31, 2022, 2021 and 2020, respectively, and were included in other income (expense) in the accompanying consolidated statements of operations.
Revenue Recognition	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 proper 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 be entitled to receive in exchange for products sold. Revenue is recorded at the transaction price net of estimates of variable consideration, 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.
Cost of Products	Cost of Products Cost of products includes the cost of inventory sold and related items, such as vendor consideration, inventory allowances, amortization of intangibles and inbound and outbound freight.
Warehousing, Selling and Administrative Expenses	Warehousing, Selling and Administrative Expenses Warehousing, selling and administrative expenses include branch, distribution center and regional expenses (including costs such as compensation, benefits and rent), depreciation and corporate general expenses.
Vendor Consideration	Vendor Consideration The Company receives funds from vendors in the normal course of business, principally as a result of purchase volumes. Generally, these vendor funds do not represent the reimbursement of specific, incremental and identifiable costs incurred by the Company to sell the vendor’s product. Therefore, the Company treats these funds as a reduction of inventory when purchased and once these goods are sold to third parties the associated amount is credited to cost of products. The Company develops accrual rates for vendor consideration based on the provisions of the arrangements in place, historical trends, purchases and future expectations. Due to the complexity and diversity of the individual vendor agreements, the Company performs analyses and reviews historical trends throughout the year and confirms actual amounts with select vendors to ensure the amounts earned are appropriately recorded. Amounts accrued throughout the year could be impacted if actual purchase volumes differ from projected annual purchase volumes, especially in the case of programs that provide for increased funding when graduated purchase volumes are met.
Income Taxes	Income Taxes The liability method is used to account for income taxes. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates that will be in effect when the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to amounts which are more-likely-than-not to be realized.
Concentration of Credit Risk	Concentration of Credit Risk The Company grants credit to its customers, which operate primarily in the energy, industrial and manufacturing markets. Concentrations of credit risk are limited because the Company has a large number of geographically diverse customers, thus spreading trade credit risk. The Company controls credit risk through credit evaluations, credit limits and monitoring procedures. The Company performs periodic credit evaluations of its customers’ financial condition and, generally, does not require collateral but may require letters of credit or prepayments for certain sales. Allowances for doubtful accounts ("AFDA") are established based on an evaluation of accounts receivable aging, and where applicable, specific reserves on an individual customer basis. 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, customers’ financial conditions and account receivables past due. Balances that remain outstanding after the Company has used reasonable collection efforts are written off. No single customer represents more than 10% of the Company’s revenue.
Stock-Based Compensation	Stock-Based Compensation Compensation expense for the Company’s stock-based compensation plans is measured using the fair value method required by Accounting Standards Codification ("ASC") Topic 718 “Compensation—Stock Compensation”. Under this guidance the fair value of the award is measured on the grant date and amortized to expense using the straight-line method over the shorter of the vesting period or the remaining requisite service period. Forfeitures are recognized as they occur.
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. The Company periodically evaluates its estimates and judgments that are most critical in nature, which are related to allowance for doubtful accounts, inventory reserves, impairment of goodwill and other long-lived assets, purchase price allocation of acquisitions, contingent consideration, vendor consideration, stock-based compensation, pension plan obligations and income taxes. On an ongoing basis, the Company evaluates such estimates by comparing to historical experience and trends, which form the basis for making judgments about the carrying value of assets and liabilities.
Contingencies	Contingencies The Company accrues for costs relating to litigation claims and other contingent matters, when such liabilities become probable and reasonably estimable. Such estimates may be based on advice from third parties or on management’s judgment, as appropriate. Revisions to contingent liabilities are reflected in income in the period in which different facts or information become known or circumstances change that affect the Company’s previous judgments with respect to the likelihood or amount of loss. Amounts paid upon the ultimate resolution of contingent liabilities may be materially different from previous estimates and could require adjustments to the estimated reserves to be recognized in the period such new information becomes known. In circumstances where the most likely outcome of a contingency can be reasonably estimated, the Company accrues a liability for that amount. Where the most likely outcome cannot be estimated, a range of potential losses is established, and, if no one amount in that range is more likely than others, the low end of the range is accrued.
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 ASC Topic 606 exempting the Company from disclosure of the transaction price allocated to remaining performance obligations when the performance obligation is part of a contract that has an original expected duration of one year or less.
Receivables	Receivables Receivables are recorded when the Company has an unconditional right to consideration.
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 December 31, 2022 and 2021, contracts assets were less than $1 million and $1 million, respectively, 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 been recognized is one year or less; however, these expenses are not material. 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 December 31, 2022 and 2021, contract liabilities were $33 million and $27 million, respectively, and were included in accrued liabilities in the consolidated balance sheets. The increase in contract liabilities for the year ended December 31, 2022, was primarily related to net current year customer deposits of approximately $22 million, partially offset by recognizing revenue of approximately $16 million, that was deferred as of December 31, 2021. See Note 16 “Business Segments” for the 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.

Receivables, net (Tables)

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Rollforward of Allowance for Doubtful Accounts

Activity in the allowance for doubtful accounts was as follows (in millions):


	December 31,
	2022			2021			2020
Allowance for doubtful accounts
Beginning balance	$	25		$	28		$	16
Cumulative effect of accounting change		—			—			6
Additions (deductions) charged to expenses		2			(2	)		9
Charge-offs and other		(2	)		(1	)		(3	)
Ending balance	$	25		$	25		$	28

Property, Plant and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment

Property, plant and equipment consist of (in millions):


	Estimated	December 31,
	Useful Lives	2022			2021
Information technology assets	1-7 Years	$	47		$	48
Operating equipment (1)	2-15 Years		141			129
Buildings and land (2)	5-35 Years		94			91
Construction in progress			4			3
Total property, plant and equipment			286			271
Less: accumulated depreciation			(167	)		(160	)
Property, plant and equipment, net		$	119		$	111

(1)

Includes finance ROU assets.

(2)

Land has an indefinite life

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Summary of Accrued Liabilities

Accrued liabilities consist of (in millions):


	December 31,
	2022		2021
Compensation and other related expenses	$	36	$	35
Contract liabilities		33		27
Taxes (non-income)		13		12
Current portion of operating lease liabilities		13		15
Other		31		23
Total	$	126	$	112

Goodwill (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill Identified by Segment

Goodwill is identified by segment as follows (in millions):


	United States		Canada		International		Total
Balance at December 31, 2020 (1)	$	—	$	—	$	—	$	—
Additions		67		—		—		67
Balance at December 31, 2021	$	67	$	—	$	—	$	67
Additions		49		—		—		49
Balance at December 31, 2022	$	116	$	—	$	—	$	116

(1)

Net of prior years accumulated impairment of $518 million, $87 million and $99 million in the U.S., Canada and International segments, respectively.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (h)
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
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-Section 50
-Paragraph 1
-Subparagraph (g)
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Intangibles, net (Tables)

12 Months Ended

Dec. 31, 2022

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Identified Intangible Assets by Major Classification

Identified intangible assets by major classification consist of the following (in millions):


			Accumulated			Net Book
	Gross		Amortization			Value
December 31, 2022:
Trade names and patents	$	4	$	—		$	4
Customer relationships		19		(2	)		17
Other		4		—			4
Total identified intangibles	$	27	$	(2	)	$	25

December 31, 2021:
Customer relationships	$	9	$	(1	)	$	8
Other		1		—			1
Total identified intangibles	$	10	$	(1	)	$	9

Schedule of Estimated Amortization of Intangible Assets Excluding Assets Held-for-Sale


For the Year Ending December 31,	Estimated Amortization Expense
2023	$	4
2024		4
2025		3
2026		3
2027		3

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Domestic and Foreign Components of Income (Loss) Before Income Taxes

The domestic and foreign components of income (loss) before income taxes were as follows (in millions):


	Year Ended December 31,
	2022		2021			2020
United States	$	108	$	(9	)	$	(289	)
Foreign		31		21			(141	)
Income (loss) before income taxes	$	139	$	12		$	(430	)

Components of the Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes for 2022, 2021 and 2020 consisted of the following (in millions):


	Year Ended December 31,
	2022		2021			2020
U.S. Federal:
Current	$	—	$	—		$	—
Deferred		—		(1	)		—
		—		(1	)		—
U.S. State:
Current		—		—			—
Deferred		—		—			—
		—		—			—
Foreign:
Current		9		7			1
Deferred		1		1			(4	)
		10		8			(3	)
Income tax provision (benefit)	$	10	$	7		$	(3	)

Reconciliation Between Effective Tax Rate

The reconciliation between the Company’s effective tax rate on income (loss) from continuing operations and the statutory tax rate is as follows (in millions):


	Year Ended December 31,
	2022			2021			2020
Income tax provision (benefit) at federal statutory rate	$	29		$	3		$	(90	)
Foreign tax rate differential		1			2			1
State income tax provision (benefit), net of federal benefit		4			(1	)		(4	)
Nondeductible expenses		2			—			2
Nondeductible goodwill impairment		—			—			25
Currency translation losses		2			—			—
Capital loss carryforward		(2	)		—			—
Change in valuation allowance		(28	)		2			61
Other		2			1			2
Income tax provision (benefit)	$	10		$	7		$	(3	)
Effective tax rate		7.2	%		54.8	%		0.6	%

Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities were as follows (in millions):


	December 31,
	2022			2021			2020
Deferred tax assets:
Allowances and operating liabilities	$	6		$	6		$	3
Net operating loss carryforwards		76			92			79
Foreign tax credit carryforwards		7			7			7
Allowance for doubtful accounts		5			4			5
Inventory reserve		9			10			13
Stock-based compensation		5			5			6
Intangible assets		45			57			66
Capital loss carryforward		12			10			11
Tax over book basis in depreciable assets		4			5			5
Lease liabilities		11			9			12
Other		3			3			4
Total deferred tax assets	$	183		$	208		$	211
Deferred tax liabilities:
ROU assets		(10	)		(7	)		(11	)
Other		(1	)		—			—
Total deferred tax liabilities	$	(11	)	$	(7	)	$	(11	)
Net deferred tax assets before valuation allowance		172			201			200
Valuation allowance		(173	)		(201	)		(199	)
Net deferred tax assets (liabilities)	$	(1	)	$	—		$	1

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Supplemental Balance Sheet Information

Supplemental balance sheet information is as follows (in millions):


		December 31,
	Classification	2022		2021
Assets
Operating	Other assets	$	36	$	27
Finance	Property, plant and equipment, net		10		5
Total ROU assets		$	46	$	32

Liabilities
Current
Operating	Accrued liabilities	$	13	$	15
Finance	Other current liabilities		4		4
Long-term
Operating	Long-term operating lease liabilities		25		17
Finance	Other long-term liabilities		7		3
Total lease liabilities		$	49	$	39

Components of Lease Expense

Components of lease expense is as follows (in millions):


		Year Ended December 31,
	Classification	2022			2021			2020
Operating lease cost (1)	Warehousing, selling and administrative	$	16		$	22		$	26
Finance lease ROU asset depreciation (2)	Warehousing, selling and administrative		4			5			7
Short-term lease cost	Warehousing, selling and administrative		5			5			6
Variable lease cost	Warehousing, selling and administrative		3			2			2
Sublease income	Warehousing, selling and administrative		(2	)		(2	)		—

(1)

Included in other, net adjustment to reconcile net income to net cash provided by (used in) operating activities in the consolidated statement of cash flows.

(2)

Included in depreciation and amortization in the consolidated statement of cash flows. Interest on finance lease liabilities is less than $1 million.

Supplemental Cash Flow Information

Supplemental disclosure of cash flow information is as follows (in millions):


	Year Ended December 31,
	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	21	$	23	$	27
Financing cash flows from finance leases (1)		5		6		7
ROU assets obtained in exchange for new lease liabilities
Operating	$	25	$	12	$	10
Finance		9		—		2

(1)

Interest payments from finance lease liabilities is less than $1 million.

Maturity of Lease Liabilities

Maturity of lease liabilities as of December 31, 2022 were as follows (in millions):


	Operating Lease			Finance Lease
2023	$	17		$	4
2024		9			3
2025		5			3
2026		4			1
2027		4			—
Thereafter		9			2
Total future lease payments		48			13
Less: interest		(10	)		(2	)
Present value of lease liabilities	$	38		$	11

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2022

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
	Year Ended December 31,
	2022			2021
Beginning balance	$	(147	)	$	(145	)
Other comprehensive income (loss) before reclassifications		(13	)		(2	)
Amounts reclassified from accumulated other comprehensive income (loss)		10			—
Net current-period other comprehensive income (loss)		(3	)		(2	)
Ending balance	$	(150	)	$	(147	)

Business Segments (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Summary of Financial Information of Company's Reportable Segments

The following table presents financial information for each of the Company’s reportable segments as of and for the year ended December 31 (in millions):


	United States			Canada			International			Total
2022
Revenue	$	1,591		$	315		$	230		$	2,136
Operating profit (loss)		103			30			(2	)		131
Impairment and other charges		—			—			10			10
Depreciation and amortization		16			2			1			19
Property, plant and equipment, net		95			11			13			119
Total assets		991			179			150			1,320
2021
Revenue	$	1,163		$	249		$	220		$	1,632
Operating profit (loss)		(8	)		17			—			9
Impairment and other charges		6			1			—			7
Depreciation and amortization		20			2			1			23
Property, plant and equipment, net		86			11			14			111
Total assets		787			168			149			1,104
2020
Revenue	$	1,153		$	209		$	257		$	1,619
Operating loss		(281	)		(60	)		(79	)		(420	)
Impairment and other charges		189			60			72			321
Depreciation and amortization		23			2			3			28
Property, plant and equipment, net		70			12			16			98
Total assets		714			141			153			1,008

Schedule of Comparison of Approximate Sales Mix in Principal Product Categories

The following table presents a comparison of the approximate sales mix in the principal product categories (in millions):


	Year Ended December 31,
	2022		2021		2020
Product Category
Pumps, production and drilling	$	531	$	423	$	428
Pipe		432		277		228
Valves		409		317		326
Fittings and flanges		389		285		287
Mill tool, MRO, safety and other		375		330		350
Total	$	2,136	$	1,632	$	1,619

Earnings (Loss) Per Share ("EPS") (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Computation of Basic and Diluted EPS

Basic and diluted EPS are as follows (in millions, except share data):


	Year Ended December 31,
	2022			2021		2020
Numerator:
Net income (loss) attributable to NOW Inc.	$	128		$	5	$	(427	)
Less: net income attributable to participating securities		(2	)		—		—
Net income (loss) attributable to NOW Inc. stockholders	$	126		$	5	$	(427	)
Denominator:
Weighted average basic common shares outstanding		110,676,078			110,403,853		109,406,079
Effect of dilutive securities		548,311			91,088		—
Weighted average diluted common shares outstanding		111,224,389			110,494,941		109,406,079
Earnings (loss) per share attributable to NOW Inc. stockholders:
Basic	$	1.14		$	0.05	$	(3.91	)
Diluted	$	1.13		$	0.05	$	(3.91	)

Stock-based Compensation and Outstanding Awards (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Significant Assumptions Used to Calculate the Grant Date Fair Market Values of Options Granted

The Black-Scholes framework uses the assumptions noted in the table below:


	December 31,
	2021			2020
Valuation Assumptions:
Expected volatility		61.3	%		43.7	%
Risk-free interest rate		0.5	%		1.4	%
Expected dividends (per share)	$	—		$	—
Expected term (in years)		4.5			4.5

Summary of Stock Option Activity

The following table summarizes award activity for stock options:


Stock Options	Shares (in thousands)			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2021		3,596		$	15.02
Forfeited and expired		(740	)		20.02
Exercised		(294	)		9.83
Outstanding as of December 31, 2022		2,562		$	14.17		2.8	$	4
Exercisable at December 31, 2022		1,965		$	15.43		2.2	$	3

Summary of Status of Nonvested Shares of RSAs, RSUs and PSAs

The following table summarizes award activity for RSAs and RSUs:


RSAs / RSUs	Shares (in thousands)			Weighted-Average Grant-Date Fair Value
Nonvested as of December 31, 2021		741		$	10.79
Granted		1,152			9.89
Vested (1)		(188	)		13.05
Forfeited		(191	)		10.08
Nonvested as of December 31, 2022		1,514		$	9.91

(1)

32 thousand shares were withheld and retired from the vesting of shares to employees to satisfy minimum tax withholding.

The following table summarizes award activity for performance stock awards:


PSAs	Shares (in thousands)			Weighted-Average Grant-Date Fair Value
Nonvested as of December 31, 2021		669		$	13.35
Granted		351			11.08
Vested (1)		(21	)		22.13
Forfeited		(111	)		14.61
Nonvested as of December 31, 2022		888		$	12.09

(1)

8 thousand shares were withheld and retired from the vesting of shares to employees to satisfy minimum tax withholding.

Employee Bargaining Agreements and Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Postemployment Benefits [Abstract]

Change in Benefit Obligation, Plan Assets and Funded Status of Defined Benefit Pension Plans


	Pension Benefits
At year end	2022			2021
Benefit obligation at beginning of year	$	8		$	9
Actuarial loss (gain)		(3	)		1
Plan settlements		—			(2	)
Foreign currency exchange rate changes		(1	)		—
Benefit obligation at end of year	$	4		$	8

Fair value of plan assets at beginning of year	$	9		$	11
Actual return		(2	)		—
Plan settlements		—			(2	)
Foreign currency exchange rate changes		(1	)		—
Fair value of plan assets at end of year	$	6		$	9

Funded status		2			1
Accumulated benefit obligation at end of year	$	4		$	8

Assumption Rates Used for Benefit Obligations

The assumption rates used for benefit obligations are as follows:


	December 31,
	2022	2021
Discount rate:	4.1% - 5.10%	1.20% - 1.80%

Assumption Rates Used for Net Periodic Benefit Costs

The assumption rates used for net periodic benefit costs are as follows:


	December 31,
	2022	2021	2020
Discount rate:	1.20% - 1.80%	0.70% - 1.20%	2.00% - 2.10%
Expected return on assets:	1.10% - 2.22%	0.70% - 1.78%	2.54% - 3.03%

Plan's Assets Carried at Fair Value

The following table sets forth by level, within the fair value hierarchy, the plan’s assets carried at fair value (in millions):


	Fair Value Measurements
	Total		Level 1		Level 2		Level 3 (1)
December 31, 2022:
Annuity contract	$	3	$	—	$	—	$	3
Other		3		—		3		—
Total fair value measurements	$	6	$	—	$	3	$	3

December 31, 2021:
Annuity contract	$	5	$	—	$	—	$	5
Other		4		1		3		—
Total fair value measurements	$	9	$	1	$	3	$	5

Transactions (Tables)

12 Months Ended

Dec. 31, 2022

Business Combinations [Abstract]

Summary of Purchase Price Allocation

The following table summarizes the purchase price allocation detail as of the acquisition dates for acquisitions closed during fiscal years 2022 and 2021 (in millions):


	2022 Acquisitions			2021 Acquisitions
Consideration transferred:
Cash	$	80		$	96
Estimated fair value of contingent consideration		—			23
Net purchase price	$	80		$	119

Fair value of net assets acquired:
Current assets other than cash	$	11		$	7
Property, plant and equipment		10			36
Customer relationships and other intangibles (1)		15			11
Current liabilities		(5	)		(2	)
Total fair value of net assets acquired	$	31		$	52
Goodwill (2)	$	49		$	67

(1)

Intangible assets acquired in 2022 and 2021 are amortized over a 8-year and 9-year weighted average period, respectively.

(2)

Schedule of Reconciliation of the Fair Value of the Acquisition Related Contingent Consideration Liabilities

The following table presents a reconciliation of the beginning and ending amounts of the fair value of the acquisition-related contingent consideration liabilities (in millions):


	Acquisition-related
	contingent consideration liabilities
Balance at January 1, 2021	$	—
Acquisition-date fair value		23
Change in fair value		(10	)
Balance at December 31, 2021 (1)	$	13
Change in fair value		(13	)
Balance at December 31, 2022	$	—

Organization and Basis of Presentation - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2022 Country GeographicMarket
Basis Of Presentation And Organization [Abstract]
Number of geographical area covered \| GeographicMarket	80
Number of countries distribution occur through vendors \| Country	40

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) ReportingUnit	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Inventories, net	$ 381	$ 250
Net of inventory reserves	$ 20	32
Number of reporting units \| ReportingUnit	4
Foreign currency transactions gain (loss)	$ (2)	$ (1)	$ 2
Customer Concentration Risk [Member] \| Sales Revenue, Net [Member] \| No Single Customer [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of revenue	10.00%

Revenue - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Contract liabilities	$ 33	$ 27
Deferred revenue		22
Decrease in contract liabilities for net customer deposits and credits	$ 16
Receivables, Net [Member]
Disaggregation Of Revenue [Line Items]
Contract assets		$ 1
Maximum [Member]
Disaggregation Of Revenue [Line Items]
Amortization period of revenue recognized	1 year
Maximum [Member] \| Receivables, Net [Member]
Disaggregation Of Revenue [Line Items]
Contract assets	$ 1

Receivables, net - Rollforward of Allowance for Doubtful Accounts (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Allowance For Doubtful Accounts Receivable Rollforward
Beginning balance	$ 25	$ 28	$ 16
Additions (deductions) charged to expenses	2	(2)	9
Charge-offs and other	(2)	(1)	(3)
Ending balance	25	25	28
Cumulative Effect, Period of Adoption, Adjustment [Member]
Allowance For Doubtful Accounts Receivable Rollforward
Beginning balance	$ 0	$ 0	$ 6
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member	us-gaap:AccountingStandardsUpdate201613Member	us-gaap:AccountingStandardsUpdate201613Member
Ending balance		$ 0	$ 0

- Definition

Indicates amendment to accounting standards.

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+ Details

Property, Plant and Equipment, net - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 286	$ 271
Less: accumulated depreciation	(167)	(160)
Property, plant and equipment, net	119	111	$ 98
Information Technology Assets [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	47	48
Operating Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	141	129
Buildings and Land [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	94	91
Construction in Progress [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 4	$ 3
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 and Land [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 and Land [Member]
Property Plant And Equipment [Line Items]
Property plant and equipment estimated useful lives	35 years

Property, Plant and Equipment, net - Summary of Property, Plant and Equipment (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2022
Land [Member]
Property Plant And Equipment [Line Items]
Estimated Useful Lives	indefinite life

Property, Plant and Equipment, net - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment Useful Life And Values [Abstract]
Depreciation expense	$ 17	$ 21	$ 24
Real Estate Footprint Rationalization Gain (Loss)		3
Impairment of property, plant and equipment, net		$ 2	$ 4

Accrued Liabilities - Summary of Accrued Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Compensation and other related expenses	$ 36	$ 35
Contract liabilities	33	27
Taxes (non-income)	13	12
Current portion of operating lease liabilities	13	15
Other	31	23
Total	$ 126	$ 112

Goodwill - Summary of Goodwill Identified by Segment (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill, Beginning balance		$ 67,000,000	$ 0
Additions		49,000,000	67,000,000
Impairment	$ (230,000,000)		0	$ (230,000,000)
Goodwill, Ending balance		116,000,000	67,000,000	0
United States [Member]
Goodwill [Line Items]
Goodwill, Beginning balance		67,000,000	0
Additions		49,000,000	67,000,000
Goodwill, Ending balance		116,000,000	67,000,000	0
Canada [Member]
Goodwill [Line Items]
Goodwill, Beginning balance		0	0
Additions		0	0
Goodwill, Ending balance		0	0	0
International [Member]
Goodwill [Line Items]
Goodwill, Beginning balance		0	0
Additions		0	0
Goodwill, Ending balance		$ 0	$ 0	$ 0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill - Summary of Goodwill Identified by Segment (Parenthetical) (Detail) $ in Millions	Dec. 31, 2020 USD ($)
United States [Member]
Goodwill [Line Items]
Goodwill, accumulated impairment	$ 518
Canada [Member]
Goodwill [Line Items]
Goodwill, accumulated impairment	87
International [Member]
Goodwill [Line Items]
Goodwill, accumulated impairment	$ 99

Goodwill - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
Goodwill - Additional Information (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022
Goodwill [Line Items]
Goodwill impairment loss	$ 230,000,000	$ 0	$ 230,000,000
Goodwill		$ 67,000,000	0	$ 116,000,000
Exceeded carrying value		13.00%
Goodwill impairment tax benefit			$ 0
Minimum [Member]
Goodwill [Line Items]
Exceeded carrying value			11.50%
Maximum [Member]
Goodwill [Line Items]
Exceeded carrying value			12.80%

- Definition

+ References + Details

Intangibles, Net - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Amortization Of Intangible Assets	$ 2	$ 2	$ 4
United States [Member]
Finite Lived Intangible Assets [Line Items]
Impairment of intangible assets			$ 62
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]			Impairment and other charges
International [Member]
Finite Lived Intangible Assets [Line Items]
Impairment of intangible assets			$ 22
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]			Impairment and other charges
Customer Relationships [Member] \| United States [Member]
Finite Lived Intangible Assets [Line Items]
Impairment of intangible assets		$ 2
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]		Impairment and other charges

Intangibles, Net - Identified Intangible Assets by Major Classification (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 27	$ 10
Accumulated Amortization	(2)	(1)
Net Book Value	25	9
Trademarks and Patents [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	4
Accumulated Amortization	0
Net Book Value	4
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	19	9
Accumulated Amortization	(2)	(1)
Net Book Value	17	8
Other [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	4	1
Accumulated Amortization	0	0
Net Book Value	$ 4	$ 1

Intangibles, Net - Schedule of Estimated Amortization of Intangible Assets Excluding Assets Held-for-Sale (Detail) $ in Millions	Dec. 31, 2022 USD ($)
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2023	$ 4
2024	4
2025	3
2026	3
2027	$ 3

Income Taxes - Domestic and Foreign Components of Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
United States	$ 108	$ (9)	$ (289)
Foreign	31	21	(141)
Income (loss) before income taxes	$ 139	$ 12	$ (430)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Components of the Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
U.S. Federal:
Current	$ 0	$ 0	$ 0
Deferred	0	(1)	0
U.S. Federal, Total	0	(1)	0
U.S. State:
Current	0	0
Deferred	0	0
U.S. State, Total	0	0
Foreign:
Current	9	7	1
Deferred	1	1	(4)
Foreign, Total	10	8	(3)
Income tax provision (benefit)	$ 10	$ 7	$ (3)

Income Taxes - Difference Between Effective Tax Rate (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax provision (benefit) at federal statutory rate	$ 29	$ 3	$ (90)
Foreign tax rate differential	1	2	1
State income tax provision (benefit), net of federal benefit	4	(1)	(4)
Nondeductible expenses	2	0	2
Nondeductible goodwill impairment	0		25
Currency translation losses	2
Capital loss carryforward	(2)
Change in valuation allowance	(28)	2	61
Other	2	1	2
Income tax provision (benefit)	$ 10	$ 7	$ (3)
Effective tax rate	7.20%	54.80%	0.60%

Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Allowances and operating liabilities	$ 6	$ 6	$ 3
Net operating loss carryforwards	76	92	79
Foreign tax credit carryforwards	7	7	7
Allowance for doubtful accounts	5	4	5
Inventory reserve	9	10	13
Stock-based compensation	5	5	6
Intangible assets	45	57	66
Capital Loss Carryforward	12	10	11
Tax over book basis in depreciable assets	4	5	5
Lease liabilities	11	9	12
Other	3	3	4
Total deferred tax assets	183	208	211
Deferred tax liabilities:
ROU assets	(10)	(7)	(11)
Other	(1)	0	0
Total deferred tax liabilities	(11)	(7)	(11)
Net deferred tax assets before valuation allowance	172	201	200
Valuation allowance	(173)	(201)	(199)
Net deferred tax assets		$ 0	$ 1
Net deferred tax liabilities	$ (1)

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Income Tax [Line Items]
Cumulative Loss Position Period	3 years
Uncertain tax positions	$ 0	$ 0	$ 0
Operating loss carryforwards	146,000,000
Valuation Allowance	173,000,000	201,000,000	199,000,000
Valuation allowance	3,000,000		7,000,000
Foreign tax credit carryforwards	$ 7,000,000	$ 7,000,000	7,000,000
Minimum [Member]
Schedule Of Income Tax [Line Items]
Foreign tax credits expiration year	2024
Maximum [Member]
Schedule Of Income Tax [Line Items]
Foreign tax credits expiration year	2027
Federal [Member]
Schedule Of Income Tax [Line Items]
Operating loss carryforwards	$ 304,000,000
Operating Loss Carryforwards with expiration date	158,000,000
Deferred tax benefit	64,000,000
Valuation Allowance	$ 64,000,000
Federal [Member] \| Minimum [Member]
Schedule Of Income Tax [Line Items]
Operating loss carryforwards expiration year	2036
Federal [Member] \| Maximum [Member]
Schedule Of Income Tax [Line Items]
Operating loss carryforwards expiration year	2037
State [Member]
Schedule Of Income Tax [Line Items]
Operating loss carryforwards	$ 171,000,000
Deferred tax benefit	$ 9,000,000
Operating loss carryforwards expiration year	2034
Valuation allowance	$ 9,000,000
Foreign Country [Member]
Schedule Of Income Tax [Line Items]
Operating loss carryforwards	17,000,000
Operating Loss Carryforwards with expiration date	4,000,000
Operating Loss Carryforwards without expiration date	13,000,000
Valuation allowance	$ 3,000,000		$ 7,000,000
Foreign Country [Member] \| Minimum [Member]
Schedule Of Income Tax [Line Items]
Operating loss carryforwards expiration year	2024
Foreign Country [Member] \| Maximum [Member]
Schedule Of Income Tax [Line Items]
Operating loss carryforwards expiration year	2032
U.S. [Member]
Schedule Of Income Tax [Line Items]
Change in valuation allowance	$ (27,000,000)
Other Foreign Jurisdictions [Member]
Schedule Of Income Tax [Line Items]
Change in valuation allowance	$ (1,000,000)

Debt - Additional Information (Detail) - USD ($)		12 Months Ended
Debt - Additional Information (Detail) - USD ($)	Dec. 29, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Agreement date	Dec. 29, 2022
Senior secured revolving credit facility commitment	$ 500,000,000
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 (as defined in the Credit Facility) 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 10% of the borrowing base or $40 million.
Minimum amount of credit facility required to maintain coverage ratio percentage	10.00%
Minimum amount of credit facility required to maintain coverage ratio	$ 25,000,000	$ 40,000,000
Fixed charge coverage ratio	100.00%
Secured Overnight Financing Rate Sofr Overnight Index Swap Rate
Debt Instrument [Line Items]
Line of credit facility interest rate adjustment	0.10%
Line of Credit Facility, Available Borrowing Capacity	$ 20,000,000
Senior Secured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility borrowings		0
Line of Credit Facility, Available Borrowing Capacity		$ 482,000,000
Line Of credit Unused Capacity Percentage		99.00%
Letters of credit		$ 4,000,000
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	$ 50,000,000

Stockholders' Equity - Addititonal Information (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Aug. 03, 2022
Class of Stock [Line Items]
Number of shares authorized to purchase				$ 80
Repurchases of common stock	$ 7	$ 0	$ 0
Net income attributable to noncontrolling interest	1	0	$ 0
Current assets	1,017	883
Current liabilities	439	369
Variable Interest Entities ("VIE")
Class of Stock [Line Items]
Noncontrolling interest	1
Net income attributable to noncontrolling interest	1
Current assets	11	4
Current liabilities	$ 3	1
Variable Interest Entities ("VIE") \| Maximum [Member]
Class of Stock [Line Items]
Net income attributable to noncontrolling interest		$ 1
Middle East Member
Class of Stock [Line Items]
Interest in one VIE	49.00%
Treasury Stock Common Member
Class of Stock [Line Items]
Shares repurchased	653,819
Average price of stock repurchased	$ 10.82
Repurchases of common stock	$ 7

Leases - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022
Lessee Lease Description [Line Items]
Operating lease weighted average remaining term			5 years
Finance lease weighted average remaining term			6 years
Operating lease weighted-average discount rates			6.20%
Finance lease weighted-average discount rates			5.30%
Impairment of operating right-of-use assets	$ 6	$ 2
Total future lease commitments			$ 48

Leases - Supplemental Balance Sheet Information (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use assets	$ 36	$ 27
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Finance lease, right-of-use assets	$ 10	$ 5
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, plant and equipment, net	Property, plant and equipment, net
Total ROU assets	$ 46	$ 32
Current operating lease liability	$ 13	$ 15
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued liabilities	Accrued liabilities
Current finance lease liability	$ 4	$ 4
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Long-term operating lease liabilities	$ 25	$ 17
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term operating lease liabilities	Long-term operating lease liabilities
Long-term finance lease liability	$ 7	$ 3
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Total lease liabilities	$ 49	$ 39

Leases - Components of Lease Expense (Detail) - Warehousing, Selling and Administrative [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lessee Lease Description [Line Items]
Operating lease cost	$ 16	$ 22	$ 26
Finance lease ROU asset depreciation	4	5	7
Short-term lease cost	5	5	6
Variable lease cost	3	2	2
Sublease income	$ (2)	$ (2)	$ 0

Leases - Components of Lease Expense (Parenthetical) (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Leases [Abstract]
Interest on finance lease liabilities	$ 1

Leases - Supplemental Cash Flow Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 21	$ 23	$ 27
Financing cash flows from finance leases	5	6	7
ROU assets obtained in exchange for new lease liabilities
Operating	25	12	10
Finance	$ 9	$ 0	$ 2

Leases - Supplemental Cash Flow Information (Parenthetical) (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Leases [Abstract]
Interest payments from finance lease liabilities	$ 1

Leases - Maturity of Lease Liabilities (Detail) $ in Millions	Dec. 31, 2022 USD ($)
Operating Lease Liabilities, Payments Due [Abstract]
2023	$ 17
2024	9
2025	5
2026	4
2027	4
Thereafter	9
Total future lease payments	48
Less: interest	(10)
Present value of lease liabilities	38
Finance Lease Liabilities, Payments, Due [Abstract]
2023	4
2024	3
2025	3
2026	1
2027	0
Thereafter	2
Total future lease payments	13
Less: interest	(2)
Present value of lease liabilities	$ 11

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contingent liability	$ 13

Derivative Financial Instruments - Additional Information (Detail) - Derivatives Not Designated as Hedging Instrument [Member] - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivatives Fair Value [Line Items]
Foreign currency forward contracts, notional amount	$ 7	$ 9	$ 8
Other Expense [Member]
Derivatives Fair Value [Line Items]
Foreign currency forward contracts, gain (loss) related to changes in fair value	(1)	(1)	$ 1
Prepaid and Other Current Assets [Member] \| Maximum [Member]
Derivatives Fair Value [Line Items]
Foreign currency forward contracts, assets	1	1
Other Current Liabilities [Member] \| Maximum [Member]
Derivatives Fair Value [Line Items]
Foreign currency forward contracts, liability	$ 1	$ 1

Accumulated Other Comprehensive Income (Loss) ("AOCI") - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated other comprehensive income (loss), Beginning balance	$ (147)
Amounts reclassified from accumulated other comprehensive income (loss)	10
Net current-period other comprehensive income (loss)	(3)	$ (2)	$ (17)
Accumulated other comprehensive income (loss), Ending balance	(150)	(147)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated other comprehensive income (loss), Beginning balance	(147)	(145)
Other comprehensive income (loss) before reclassifications	(13)	(2)
Amounts reclassified from accumulated other comprehensive income (loss)	10
Net current-period other comprehensive income (loss)	(3)	(2)	(17)
Accumulated other comprehensive income (loss), Ending balance	$ (150)	$ (147)	$ (145)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
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-Paragraph 1A
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.9-04(23))
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-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

+ Details

Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Statement of Comprehensive Income [Abstract]
Reclassification of foreign currency translation adjustments	$ 10

Business Segments - Additional Information (Detail)	12 Months Ended
Business Segments - Additional Information (Detail)	Dec. 31, 2022 Country Segment Location
Segment Reporting Information [Line Items]
Number of operating segments \| Segment	4
Number of reportable segments \| Segment	3
United States [Member]
Segment Reporting Information [Line Items]
Number of locations	110
Canada [Member]
Segment Reporting Information [Line Items]
Number of locations	40
International [Member]
Segment Reporting Information [Line Items]
Number of locations	20
Number of countries \| Country	15

Business Segments - Summary of Financial Information of Company's Reportable Segments (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenue	$ 2,136	$ 1,632	$ 1,619
Operating profit (loss)	131	9	(420)
Impairment and other charges	10	7	321
Depreciation and amortization	19	23	28
Property, plant and equipment, net	119	111	98
Total assets	1,320	1,104	1,008
United States [Member]
Segment Reporting Information [Line Items]
Revenue	1,591	1,163	1,153
Operating profit (loss)	103	(8)	(281)
Impairment and other charges	0	6	189
Depreciation and amortization	16	20	23
Property, plant and equipment, net	95	86	70
Total assets	991	787	714
Canada [Member]
Segment Reporting Information [Line Items]
Revenue	315	249	209
Operating profit (loss)	30	17	(60)
Impairment and other charges	0	1	60
Depreciation and amortization	2	2	2
Property, plant and equipment, net	11	11	12
Total assets	179	168	141
International [Member]
Segment Reporting Information [Line Items]
Revenue	230	220	257
Operating profit (loss)	(2)		(79)
Impairment and other charges	10		72
Depreciation and amortization	1	1	3
Property, plant and equipment, net	13	14	16
Total assets	$ 150	$ 149	$ 153

Business Segments - Schedule of Comparison of Approximate Sales Mix in Principal Product Categories (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Entity Wide Portfolio Carrying Amount Major Customer [Line Items]
Total Revenues	$ 2,136	$ 1,632	$ 1,619
Pumps, Production and Drilling [Member]
Entity Wide Portfolio Carrying Amount Major Customer [Line Items]
Total Revenues	531	423	428
Pipe [Member]
Entity Wide Portfolio Carrying Amount Major Customer [Line Items]
Total Revenues	432	277	228
Valves [Member]
Entity Wide Portfolio Carrying Amount Major Customer [Line Items]
Total Revenues	409	317	326
Fittings and Flanges [Member]
Entity Wide Portfolio Carrying Amount Major Customer [Line Items]
Total Revenues	389	285	287
Mill Tool, MRO, Safety and Other [Member]
Entity Wide Portfolio Carrying Amount Major Customer [Line Items]
Total Revenues	$ 375	$ 330	$ 350

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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-Paragraph 4
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Earnings (Loss) Per Share ("EPS") - Additional Information (Detail) - shares shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Antidilutive Securities excluded from Computation of Earnings Per Share	2	4	6

Earnings (Loss) Per Share ("EPS") - Computation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net income (loss) attributable to NOW Inc.	$ 128	$ 5	$ (427)
Less: net income attributable to participating securities	(2)	0	0
Net income (loss) attributable to NOW Inc stockholders	$ 126	$ 5	$ (427)
Denominator:
Weighted average basic common shares outstanding	110,676,078	110,403,853	109,406,079
Effect of dilutive securities	548,311	91,088	0
Weighted average diluted common shares outstanding	111,224,389	110,494,941	109,406,079
Basic	$ 1.14	$ 0.05	$ (3.91)
Diluted	$ 1.13	$ 0.05	$ (3.91)

Stock-based Compensation and Outstanding Awards - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Company common stock were authorized for grant	16,000,000
Stock-based compensation expense	$ 11	$ 8	$ 6
Tax effected benefit for share-based compensation arrangements	$ 2	$ 2	$ 1
Share-based compensation arrangement by share-based payment award, options, contractual term	2 years 9 months 18 days
Weighted-average grant-date fair value of options granted		$ 5.03	$ 3.59
Aggregate intrinsic value, Exercised or settled	$ 1
Exercise of stock options	$ 2	$ 3
Number of stock options exercised	294,000
Vest-date fair value vested during period		1
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate intrinsic value, Exercised or settled		$ 1	$ 1
Maximum [Member] \| Management Employees [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based awards, vested, number of years	1 year
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based awards, vested, number of years	3 years
Unrecognized compensation costs	$ 1
Exercise of stock options	$ 2
Expected to be recognized over a weighted average period	10 months 24 days
Stock Options [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, options, contractual term	10 years
Stock Options [Member] \| Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, options, contractual term	7 years
Restricted Stock [Member] \| Cliff Vests After Year One [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based awards, vested, number of years	1 year
Restricted Stock [Member] \| Cliff Vests After Year Three [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based awards, vested, number of years	3 years
Restricted Stock and Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation costs	$ 9
Expected to be recognized over a weighted average period	1 year 8 months 12 days
Weighted average grant date fair value, Granted	$ 9.89	$ 10.31	$ 8.78
Fair value of shares vested	$ 2	$ 3	$ 4
Performance Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value, Granted	$ 11.08
Performance-base restricted stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based awards, vested, number of years	3 years
Unrecognized compensation costs	$ 5
Expected to be recognized over a weighted average period	1 year 4 months 24 days
Weighted average grant date fair value, Granted	$ 11.08	$ 13.08	$ 12.12
Performance-based awards granted, percentage, minimum threshold met	0.00%
Performance-based awards granted, percentage, maximum threshold met	200.00%
Performance-base restricted stock [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vest-date fair value vested during period	$ 1		$ 1
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

Stock-based Compensation and Outstanding Awards - Significant Assumptions Used to Calculate the Grant Date Fair Market Values of Options Granted (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Valuation Assumptions:
Expected volatility	61.30%	43.70%
Risk-free interest rate	0.50%	1.40%
Expected term (in years)	4 years 6 months	4 years 6 months

Stock-based Compensation and Outstanding Awards - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Stock Options, Outstanding, Beginning balance \| shares	3,596,000
Stock Options, Forfeited and Expired \| shares	(740,000)
Number of stock options exercised \| shares	(294,000)
Stock Options, Outstanding, Ending balance \| shares	2,562,000
Stock Options, Exercisable at December 31, 2021 \| shares	1,965,000
Weighted average exercise price, Outstanding, Beginning balance \| $ / shares	$ 15.02
Weighted average exercise price, Forfeited and Expired \| $ / shares	20.02
Weighted average exercise price, Exercised \| $ / shares	9.83
Weighted average exercise price, Outstanding, Ending balance \| $ / shares	14.17
Weighted average exercise price, Exercisable at December 31, 2020 \| $ / shares	$ 15.43
Weighted average remaining contractual term, Outstanding, Ending balance	2 years 9 months 18 days
Weighted average remaining contractual term, Exercisable at December 31, 2020	2 years 2 months 12 days
Aggregate intrinsic value, Outstanding, Ending balance \| $	$ 4
Aggregate intrinsic value, Exercisable at December 31, 2020 \| $	$ 3

Stock-based Compensation and Outstanding Awards - Summary of Status of Nonvested Shares of RSAs and RSUs (Detail) - Restricted Stock and Restricted Stock Units [Member] - $ / shares

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Nonvested shares, beginning balance

741,000

Shares, Granted

1,152,000

Shares, Vested

^[1]

(188,000)

Shares, Forfeited

(191,000)

Nonvested shares, ending balance

1,514,000

741,000

Weighted average grant date fair value, Nonvested beginning balance

$ 10.79

Weighted average grant date fair value, Granted

9.89

$ 10.31

$ 8.78

Weighted average grant date fair value, Vested

^[1]

13.05

Weighted average grant date fair value, Forfeited

10.08

Weighted average grant date fair value, Nonvested ending balance

$ 9.91

$ 10.79

[1]	thousand shares were withheld and retired from the vesting of shares to employees to satisfy minimum tax withholding.

Stock-based Compensation and Outstanding Awards - Summary of Status of Nonvested Shares of RSAs and RSUs (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2022 shares
Restricted Stock and Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares withheld and retired to satisfy minimum tax withholding	32,000

Stock-based Compensation and Outstanding Awards - Summary of Status of Nonvested Shares of PSAs (Detail) - Performance Share (PSAs) Member]

12 Months Ended

Dec. 31, 2022

$ / shares

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Nonvested shares, beginning balance | shares

669,000

Shares, Granted | shares

351,000

Shares, Vested | shares

(21,000)

^[1]

Shares, Forfeited | shares

(111,000)

Nonvested shares, ending balance | shares

888,000

Weighted average grant date fair value, Nonvested beginning balance | $ / shares

$ 13.35

Weighted average grant date fair value, Granted | $ / shares

11.08

Weighted average grant date fair value, Vested | $ / shares

22.13

^[1]

Weighted average grant date fair value, Forfeited | $ / shares

14.61

Weighted average grant date fair value, Nonvested ending balance | $ / shares

$ 12.09

[1]	8 thousand shares were withheld and retired from the vesting of shares to employees to satisfy minimum tax withholding.

Stock-based Compensation and Outstanding Awards - Summary of Status of Nonvested Shares of PSAs (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2022 shares
Performance Share (PSAs) Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares withheld and retired to satisfy minimum tax withholding	8,000

Employee Benefit Plans - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2022 USD ($) Employees Pension_Plan Employee	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of temporary employees \| Employee	100
Expenses for defined contribution plan	$ 5,000,000	$ 1,000,000	$ 5,000,000
Number of benefit plans, description	the Company sponsors two defined benefit plans in the United Kingdom under which accrual of pension benefits have ceased. Plan member benefits that have previously been accrued are indexed in line with inflation during the period up to retirement in order to protect their purchasing power.
Net periodic benefit cost	$ 1,000,000	$ 1,000,000	$ 6,000,000
Defined benefit plan, concentration risk, description	the Company’s management believes that there are no significant concentrations of risk associated with plan assets.
UK [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of defined benefit plan \| Pension_Plan	2
Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of employees \| Employees	2,425
Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected future benefit payments in next twelve months	$ 1,000,000
Defined benefit plan, expected future benefit payments in year two	1,000,000
Defined benefit plan, expected future benefit payments in year three	1,000,000
Defined benefit plan, expected future benefit payments in year four	1,000,000
Defined benefit plan, expected future benefit payments in year five	1,000,000
Defined benefit plan, expected future benefit payments in year five and thereafter	1,000,000
Defined benefit plan, expected future employer contributions, next fiscal year	$ 0

Employee Benefit Plans - Change in Benefit Obligation, Plan Assets and Funded Status of Defined Benefit Pension Plans (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair value of plan assets
Fair value of plan assets at beginning of year	$ 9
Fair value of plan assets at end of year	6	$ 9
Pension Benefits
Benefit obligation
Benefit obligation at beginning of year	8	9
Actuarial loss (gain)	(3)	1
Plan settlements	0	(2)
Foreign currency exchange rate changes	(1)	0
Benefit obligation at end of year	4	8
Fair value of plan assets
Fair value of plan assets at beginning of year	9	11
Actual return	(2)	0
Plan settlements	0	(2)
Foreign currency exchange rate changes	(1)	0
Fair value of plan assets at end of year	6	9
Funded status	2	1
Accumulated benefit obligation at end of year	$ 4	$ 8

Employee Benefit Plans - Assumption Rates Used for Benefit Obligations (Detail)	Dec. 31, 2022	Dec. 31, 2021
Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate:	4.10%	1.20%
Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate:	5.10%	1.80%

Employee Benefit Plans - Assumption Rates Used for Net Periodic Benefit Costs (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate:	0.012%	0.007%	0.02%
Expected return on assets:	0.011%	0.007%	0.0254%
Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate:	0.018%	0.012%	0.021%
Expected return on assets:	0.0222%	0.0178%	0.0303%

Employee Benefit Plans - Plan's Assets Carried at Fair Value (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Total fair value measurements	$ 6	$ 9
Annuity Contract [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value measurements	3	5
Other [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value measurements	3	4
Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value measurements	0	1
Level 1 [Member] \| Annuity Contract [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value measurements	0
Level 1 [Member] \| Other [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value measurements	0	1
Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value measurements	3	3
Level 2 [Member] \| Annuity Contract [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value measurements	0
Level 2 [Member] \| Other [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value measurements	3	3
Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value measurements	3	5
Level 3 [Member] \| Annuity Contract [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value measurements	3	$ 5
Level 3 [Member] \| Other [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value measurements	$ 0

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Transactions - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) Acquisition	Dec. 31, 2021 USD ($) Acquisition	Dec. 31, 2020 USD ($)
Transactions [Line Items]
Number of acquisitions \| Acquisition	3	2
Purchase price consideration	$ 80	$ 119
Goodwill	49	67
Intangible assets		11
Aggregate purchase price cash consideration, including working capital adjustments	80	96	$ 0
Non-compete intangible asset	$ 3
Weighted-average life	3 years
Contingent consideration	$ 0	$ 23
Net proceeds			26
Impairment charges [Member]
Transactions [Line Items]
Loss on sale of business			$ (1)

Transactions - Summary of Purchase Price Allocation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Combination, Consideration Transferred [Abstract]
Cash	$ 80	$ 96	$ 0
Estimated fair value of contingent consideration	0	23
Net purchase price	80	119
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Current assets other than cash	11	7
Property, plant and equipment	10	36
Customer relationships and other intangibles	15	11
Current liabilities	(5)	(2)
Total fair value of net assets acquired	31	52
Goodwill	$ 49	$ 67

Transactions - Summary of Purchase Price Allocation (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business Combinations [Abstract]
Intangible assets amortization period	8 years	9 years
Business acquisition, goodwill, expected income tax deductible amount	$ 49	$ 41

Transactions - Schedule of Reconciliation of the Fair Value of the Acquisition Related Contingent Consideration Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business Combinations [Abstract]
Beginning Balance	$ 13	$ 0
Acquisition-date fair value		23
Change in fair value	(13)	(10)
Ending Balance	$ 0	$ 13

Transactions - Schedule of Reconciliation of the Fair Value of the Acquisition Related Contingent Consideration Liabilities (Parenthetical) (Details)	Dec. 31, 2022
Business Combinations [Abstract]
Fair value discount rate	14.00%