0000950170-23-036855 | 10-Q | XBRL Viewer

Stockholders' Equity

7. 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. All shares repurchased shall be retired pursuant to the terms of the share repurchase program. Depending on the timing of the retirement and cash settlement of the repurchased shares, the Company could have shares held in treasury stock until settled. Share repurchases made after December 31, 2022, are subject to a 1% excise tax, as enacted under the Inflation Reduction Act of 2022. The impact of this 1% excise tax was less than $1 million during the six months ended June 30, 2023.

Information regarding the shares repurchased was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Total cost of shares repurchased (in millions)	$	8	$	—	$	44	$	—
Average price per share (1)	$	10.31	$	—	$	10.80	$	—
Number of shares repurchased		764,859		—		4,026,550		—

(1)

Excludes 1% excise tax on share repurchases

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 three and six months ended June 30, 2023, net income attributable to NCI was less than $1 million and $1 million, respectively, compared to less than $1 million in both periods for the corresponding periods of 2022.

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 June 30, 2023 and December 31, 2022, the VIE’s assets were primarily current assets of $27 million and $11 million, respectively, and the liabilities were primarily current liabilities of $11 million and $3 million, respectively.

The entire disclosure for equity.

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Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings (Deficit) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock Common [Member]	Noncontrolling Interest [Member]
Beginning balance at Dec. 31, 2021	$ 712		$ 2,060	$ (1,203)	$ (147)	$ 0	$ 1
Beginning balance, shares at Dec. 31, 2021		1
Net income	30			30
Stock-based compensation	2		2
Other comprehensive income	2				2
Ending balance at Mar. 31, 2022	746		2,062	(1,173)	(145)	0	1
Ending balance, shares at Mar. 31, 2022		1
Beginning balance at Dec. 31, 2021	712		2,060	(1,203)	(147)	0	1
Beginning balance, shares at Dec. 31, 2021		1
Net income	56
Other comprehensive income					3
Ending balance at Jun. 30, 2022	777		2,066	(1,147)	(144)		1
Ending balance, shares at Jun. 30, 2022		1
Beginning balance at Mar. 31, 2022	746		2,062	(1,173)	(145)	0	1
Beginning balance, shares at Mar. 31, 2022		1
Net income	26			26
Stock-based compensation	2		2
Exercise of stock options	2		2
Other comprehensive income	1				1
Ending balance at Jun. 30, 2022	777		2,066	(1,147)	(144)		1
Ending balance, shares at Jun. 30, 2022		1
Beginning balance at Dec. 31, 2022	844		2,066	(1,075)	(150)		2
Beginning balance, shares at Dec. 31, 2022		1
Net income	32			31			1
Stock-based compensation	3		3
Exercise of stock options	1		1
Shares withheld for taxes	(1)		(1)
Other comprehensive income	1				1
Common stock repurchased	(36)						(36)
Common stock retired			(33)			(33)
Ending balance at Mar. 31, 2023	844		2,036	(1,044)	(149)	(3)	3
Ending balance, shares at Mar. 31, 2023		1
Beginning balance at Dec. 31, 2022	844		2,066	(1,075)	(150)		2
Beginning balance, shares at Dec. 31, 2022		1
Net income	66
Other comprehensive income					4
Ending balance at Jun. 30, 2023	877		2,029	(1,010)	(146)		3
Ending balance, shares at Jun. 30, 2023		1
Beginning balance at Mar. 31, 2023	844		2,036	(1,044)	(149)	(3)	3
Beginning balance, shares at Mar. 31, 2023		1
Net income	34			34			34
Stock-based compensation	4		4
Other comprehensive income	3				3
Common stock repurchased	(8)					8
Common stock retired			(11)			$ (11)
Ending balance at Jun. 30, 2023	$ 877		$ 2,029	$ (1,010)	$ (146)		$ 3
Ending balance, shares at Jun. 30, 2023		1

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

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

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Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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Business Segments - Summary of Operating Results by Reportable Segment (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue:
Total revenue	$ 594	$ 539	$ 1,178	$ 1,012
Operating profit (loss):
Total operating profit (loss)	36	29	71	52
United States [Member]
Revenue:
Total revenue	456	408	883	742
Operating profit (loss):
Total operating profit (loss)	29	32	52	46
Canada [Member]
Revenue:
Total revenue	66	72	149	154
Operating profit (loss):
Total operating profit (loss)	3	6	11	13
International [Member]
Revenue:
Total revenue	72	59	146	116
Operating profit (loss):
Total operating profit (loss)	$ 4	$ (9)	$ 8	$ (7)

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.

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Revenue - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Allowance for doubtful accounts receivable	$ 27	$ 25
Contract liabilities	40	33
Deferred revenue	$ 28
Decrease in contract liabilities for net customer deposits		21
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	$ 1

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Debt - Additional Information (Detail) - USD ($)		6 Months Ended
Debt - Additional Information (Detail) - USD ($)	Dec. 29, 2022	Jun. 30, 2023
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	1.00%
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		$ 491,000,000
Line Of credit Unused Capacity Percentage		99.00%
Letters of credit		$ 6,000,000
Casualty insurance, expiration month and year		2024-06
Minimum [Member]
Debt Instrument [Line Items]
Unused portion of commitment fee range	25.00%
Maximum [Member]
Debt Instrument [Line Items]
Unused portion of commitment fee range	37.50%
Canadian Subsidiaries [Member]
Debt Instrument [Line Items]
Senior secured revolving credit facility commitment	$ 50,000,000

Business Segments

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Business Segments

9. Business Segments

Operating results by reportable segment are as follows (in millions):


	Three Months Ended June 30,					Six Months Ended June 30,
	2023		2022			2023		2022
Revenue:
United States	$	456	$	408		$	883	$	742
Canada		66		72			149		154
International		72		59			146		116
Total revenue	$	594	$	539		$	1,178	$	1,012
Operating profit (loss):
United States	$	29	$	32		$	52	$	46
Canada		3		6			11		13
International		4		(9	)		8		(7	)
Total operating profit (loss)	$	36	$	29		$	71	$	52

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.

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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 32
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Property, Plant and Equipment [Abstract]

Acquisitions

6 Months Ended

Jun. 30, 2023

Business Combinations [Abstract]

Acquisitions

15. Acquisitions

During the three months ended June 30, 2023, the Company completed two acquisitions for a net purchase price consideration of approximately $33 million cash. These acquisitions expand product line offerings and services to the Company's U.S. Process Solutions business. The Company completed its preliminary valuations as of the acquisition date of the acquired net assets and recognized goodwill of $23 million and intangible assets of $9 million in the United States segment, which are subject to change. If additional information is obtained about these assets and liabilities within the measurement period (not to exceed one year from the date of acquisition), the Company will refine its estimate of fair value to allocate the purchase price more accurately; any such revisions are not expected to be significant. The full amount of goodwill recognized is expected to be deductible for income tax purposes. The Company has not presented supplemental pro forma information because the acquired operations did not materially impact the Company’s consolidated operating results.

Property, Plant and Equipment, net

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment, net

4. Property, Plant and Equipment, net

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


	Estimated Useful Lives	June 30, 2023			December 31, 2022
Information technology assets	1-7 Years	$	46		$	47
Operating equipment (1)	2-15 Years		153			141
Buildings and land (2)	5-35 Years		97			94
Construction in progress			5			4
Total property, plant and equipment			301			286
Less: accumulated depreciation			(171	)		(167	)
Property, plant and equipment, net		$	130		$	119

(1)

Includes finance lease right-of-use assets.

(2)

Land has an indefinite life.

Acquisitions - Additional Information (Detail) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($) Acquisition	Jun. 30, 2023 USD ($)
Business Combinations [Abstract]
Number of acquisitions \| Acquisition	2
Purchase price consideration in cash	$ 33
Goodwill		$ 23
Assets and Liabilities Assumed and Recognized	$ 9	$ 9

Stock-based Compensation and Outstanding Awards - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 4	$ 2	$ 7	$ 4
Restricted Stock and Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based awards, shares granted			739,885
Weighted average grant date fair value, Granted			$ 12.56
Performance-base restricted stock [Member] \| Minimum [Member] \| Senior Management Employees [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based awards, shares granted			0
Performance-base restricted stock [Member] \| Maximum [Member] \| Senior Management Employees [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based awards, shares granted			534,618
Cumulative Shareholder Return Performance Stock Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance based restricted stock awards goals over performance period			3 years

Inventory, net

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventory, net

3. Inventory, net

Inventories consist primarily of oilfield and industrial finished goods and work in process. Work in process primarily consists of inventory and labor related to customer specific engineered equipment. Finished goods 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.

Inventories consist primarily of (in millions):


	June 30, 2023			December 31, 2022
Work in process	$	40		$	29
Finished goods and other		403			372
Total inventory		443			401
Less: Inventory reserves		(19	)		(20	)
Inventories, net	$	424		$	381

Business Segments (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Summary of Operating Results by Reportable Segment

Operating results by reportable segment are as follows (in millions):


	Three Months Ended June 30,					Six Months Ended June 30,
	2023		2022			2023		2022
Revenue:
United States	$	456	$	408		$	883	$	742
Canada		66		72			149		154
International		72		59			146		116
Total revenue	$	594	$	539		$	1,178	$	1,012
Operating profit (loss):
United States	$	29	$	32		$	52	$	46
Canada		3		6			11		13
International		4		(9	)		8		(7	)
Total operating profit (loss)	$	36	$	29		$	71	$	52

Organization and Basis of Presentation	6 Months Ended
Organization and Basis of Presentation	Jun. 30, 2023
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 unaudited consolidated financial information included in this report has been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and Article 10 of SEC Regulation S-X. 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. The principles for interim financial information do not require the inclusion of all the information and footnotes required by GAAP for complete financial statements. Therefore, these financial statements should be read in conjunction with the financial statements included in the Company’s most recent Annual Report on Form 10-K. In the opinion of the Company’s management, the consolidated financial statements include all adjustments, which are of a normal recurring nature unless disclosed otherwise, necessary for a fair presentation of the results for the interim periods. The results of operations for the three and six months ended June 30, 2023, are not necessarily indicative of the results to be expected for the full year. 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 7 “Stockholders' Equity” for additional information. 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. Fair Value of Financial Instruments The carrying amounts of cash and cash equivalents, receivables and payables approximated fair value because of the relatively short maturity of these instruments. Cash equivalents include only those investments having a maturity date of three months or less at the time of purchase. See Note 14 “Derivative Financial Instruments” for the fair value of derivative financial instruments.

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 66	$ 56
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	12	9
Provision for inventory	3	4
Impairment and other charges	0	10
Stock-based compensation	7	4
Other, net	10	(5)
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:
Receivables	(17)	(88)
Inventories	(43)	(87)
Prepaid and other current assets	(3)	0
Accounts payable, accrued liabilities and other, net	44	46
Net cash provided by (used in) operating activities	79	(51)
Cash flows from investing activities:
Business acquisitions, net of cash acquired	(33)	(21)
Purchases of property, plant and equipment	(11)	(6)
Other, net	1	2
Net cash provided by (used in) investing activities	(43)	(25)
Cash flows from financing activities:
Repurchases of common stock	(44)	0
Payments relating to finance leases and other, net	(3)	0
Net cash provided by (used in) financing activities	(47)	0
Effect of exchange rates on cash and cash equivalents	2	(5)
Net change in cash and cash equivalents	(9)	(81)
Cash and cash equivalents, beginning of period	212	313
Cash and cash equivalents, end of period	$ 203	$ 232

Earnings Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

11. Earnings Per Share

For the three and six months ended June 30, 2023, approximately 2 million in both periods, of potentially dilutive shares were excluded from the computation of diluted earnings per share due to their antidilutive effect, compared to approximately 2 million and 3 million, respectively, for the corresponding periods of 2022.

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Numerator:
Net income attributable to NOW Inc.	$	34		$	26		$	65		$	56
Less: net income attributable to participating securities		(1	)		(1	)		(1	)		(1	)
Net income attributable to NOW Inc. stockholders	$	33		$	25		$	64		$	55
Denominator:
Weighted average basic common shares outstanding		107,249,498			110,772,042			108,428,199			110,687,985
Effect of dilutive securities		878,013			302,291			1,044,006			260,932
Weighted average diluted common shares outstanding		108,127,511			111,074,333			109,472,205			110,948,917
Earnings per share attributable to NOW Inc. stockholders:
Basic	$	0.31		$	0.23		$	0.59		$	0.50
Diluted	$	0.31		$	0.23		$	0.59		$	0.50

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 income attributable to these participating securities was excluded from net income attributable to NOW Inc. stockholders in the numerator of the earnings per share computation.

Accumulated Other Comprehensive Income (Loss) ("AOCI") - Components of AOCI (Detail) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated other comprehensive income (loss), Beginning balance		$ (150)			$ (150)
Amounts reclassified from accumulated other comprehensive income (loss)						$ 10
Net current-period other comprehensive income	$ 3	1	$ 1	$ 2
Accumulated other comprehensive income (loss), Ending balance	(146)				(146)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated other comprehensive income (loss), Beginning balance		(150)		(147)	(150)	(147)
Other comprehensive income (loss) before reclassifications					4	(7)
Amounts reclassified from accumulated other comprehensive income (loss)					0	10
Net current-period other comprehensive income	3	$ 1	1	$ 2	4	3
Accumulated other comprehensive income (loss), Ending balance	$ (146)		$ (144)		$ (146)	$ (144)

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

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

Organization and Basis of Presentation (Policies)	6 Months Ended
Organization and Basis of Presentation (Policies)	Jun. 30, 2023
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 unaudited consolidated financial information included in this report has been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and Article 10 of SEC Regulation S-X. 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. The principles for interim financial information do not require the inclusion of all the information and footnotes required by GAAP for complete financial statements. Therefore, these financial statements should be read in conjunction with the financial statements included in the Company’s most recent Annual Report on Form 10-K. In the opinion of the Company’s management, the consolidated financial statements include all adjustments, which are of a normal recurring nature unless disclosed otherwise, necessary for a fair presentation of the results for the interim periods. The results of operations for the three and six months ended June 30, 2023, are not necessarily indicative of the results to be expected for the full year. 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 7 “Stockholders' Equity” for additional information.
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.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of cash and cash equivalents, receivables and payables approximated fair value because of the relatively short maturity of these instruments. Cash equivalents include only those investments having a maturity date of three months or less at the time of purchase. See Note 14 “Derivative Financial Instruments” for the fair value of derivative financial instruments.
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. See Note 9 “Business Segments” for disaggregation of revenue by reporting segments. The Company believes this disaggregation best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.
Remaining Performance Obligations	Remaining Performance Obligations Remaining performance obligations represent the transaction price of firm orders for which work has not been performed on contracts with an original expected duration of more than one year. The Company’s contracts are predominantly short-term in nature with a contract term of one year or less. For those contracts, the Company has utilized the practical expedient in Accounting Standards Codification (“ASC”) Topic 606 exempting 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. Receivables are recorded and carried at the original invoiced amount less the allowance for doubtful accounts (“AFDA”). The estimated AFDA reflects the Company’s immediate recognition of current expected credit losses by incorporating the historical loss experience, as well as current and future market conditions that are reasonably available. Judgments in the estimate of AFDA include global economic and business conditions, oil and gas industry and market conditions, customer’s financial conditions and accounts receivable past due. As of June 30, 2023 and December 31, 2022, AFDA totaled $27 million and $25 million, respectively.
Contract Assets and Liabilities	Contract Assets and Liabilities Contract assets primarily consist of retainage amounts held as a form of security by customers until the Company satisfies its remaining performance obligations. As of June 30, 2023 and December 31, 2022, contract assets were less than $1 million for both periods and were included in receivables, net in the consolidated balance sheets. The Company generally accounts for the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less; 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 June 30, 2023 and December 31, 2022, contract liabilities were $40 million and $33 million, respectively, and were included in accrued liabilities in the consolidated balance sheets. For the six months ended June 30, 2023, the increase in contract liabilities was primarily related to net customer deposits of approximately $28 million, partially offset by recognizing revenue of approximately $21 million that was deferred as of December 31, 2022.

Disclosure of accounting policy for revenue from contract with customer.

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Accrued Liabilities

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Accrued Liabilities

5. Accrued Liabilities

Accrued liabilities consist of (in millions):


	June 30, 2023		December 31, 2022
Compensation and other related expenses	$	34	$	36
Contract liabilities		40		33
Taxes (non-income)		12		13
Current portion of operating lease liabilities		12		13
Other		31		31
Total	$	129	$	126

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenue	$ 594	$ 539	$ 1,178	$ 1,012
Operating expenses:
Cost of products	460	411	907	777
Warehousing, selling and administrative	98	89	200	173
Impairment and other charges	0	10	0	10
Operating profit	36	29	71	52
Other income (expense)	(1)	(1)	(1)	9
Income before income taxes	35	28	70	61
Income tax provision	1	2	4	5
Net income	34	26	66	56
Net income attributable to noncontrolling interest	0	0	1	0
Net income attributable to NOW Inc	$ 34	$ 26	$ 65	$ 56
Earnings per share attributable to NOW Inc stockholders:
Basic	$ 0.31	$ 0.23	$ 0.59	$ 0.5
Diluted	$ 0.31	$ 0.23	$ 0.59	$ 0.5
Weighted-average common shares outstanding, basic	107,249,498	110,772,042	108,428,199	110,687,985
Weighted-average common shares outstanding, diluted	108,127,511	111,074,333	109,472,205	110,948,917

Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Statement of Comprehensive Income [Abstract]
Reclassification of foreign currency translation adjustments	$ 10

Inventory, net (Tables)

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories consist primarily of (in millions):


	June 30, 2023			December 31, 2022
Work in process	$	40		$	29
Finished goods and other		403			372
Total inventory		443			401
Less: Inventory reserves		(19	)		(20	)
Inventories, net	$	424		$	381

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Jun. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contingent liability	$ 15

Stockholders' Equity - Schedule of Shares Repurchased (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Treasury Stock Common [Member]

$ 44

$ 0

Number of shares repurchased

$ 8

$ 0

$ 44

$ 0

Average price per share

^[1]

$ 10.31

$ 0

$ 10.8

$ 0

764,859

4,026,550

[1]	Excludes 1% excise tax on share repurchases

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Stockholders' Equity - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2022

Aug. 03, 2022

Number of shares authorized to purchase

$ 80

Percentage of excise tax on share repurchases

1.00%

Net income attributable to noncontrolling interest

$ 44

$ 0

$ 0

Current assets

1,075

$ 1,017

Current liabilities

501

439

Maximum [Member]

Excise tax on share repurchases

$ 1

Middle East Member

Variable Interest Entities ("VIE")

Interest in one VIE

49.00%

Net income attributable to noncontrolling interest

Noncontrolling interest

$ 1

Current assets

Current liabilities

$ 11

$ 3

Variable Interest Entities ("VIE") | Maximum [Member]

Net income attributable to noncontrolling interest

$ 1

Treasury Stock Common [Member]

Number of shares repurchased

764,859

4,026,550

Average price per share

^[1]

$ 10.31

$ 0

$ 10.8

$ 0

Computation of Basic and Diluted Earnings Per Share

$ 8

$ 0

$ 44

$ 0

[1]	Excludes 1% excise tax on share repurchases

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Numerator:
Net income attributable to NOW Inc.	$	34		$	26		$	65		$	56
Less: net income attributable to participating securities		(1	)		(1	)		(1	)		(1	)
Net income attributable to NOW Inc. stockholders	$	33		$	25		$	64		$	55
Denominator:
Weighted average basic common shares outstanding		107,249,498			110,772,042			108,428,199			110,687,985
Effect of dilutive securities		878,013			302,291			1,044,006			260,932
Weighted average diluted common shares outstanding		108,127,511			111,074,333			109,472,205			110,948,917
Earnings per share attributable to NOW Inc. stockholders:
Basic	$	0.31		$	0.23		$	0.59		$	0.50
Diluted	$	0.31		$	0.23		$	0.59		$	0.50

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Shares Repurchased

Information regarding the shares repurchased was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Total cost of shares repurchased (in millions)	$	8	$	—	$	44	$	—
Average price per share (1)	$	10.31	$	—	$	10.80	$	—
Number of shares repurchased		764,859		—		4,026,550		—

(1)

Excludes 1% excise tax on share repurchases

Property, Plant and Equipment, net - Summary of Property, Plant and Equipment (Detail) - USD ($)
$ in Millions

Jun. 30, 2023

Dec. 31, 2022

Less: accumulated depreciation

$ 301

$ 286

(171)

(167)

Property, plant and equipment, net

130

119

Information Technology Assets [Member]

Operating Equipment [Member]

Buildings and Land [Member]

^[1]

153

141

Construction in Progress [Member]

^[2]

Minimum [Member] | Information Technology Assets [Member]

$ 5

$ 4

Property plant and equipment estimated useful lives

1 year

Minimum [Member] | Operating Equipment [Member]

Property plant and equipment estimated useful lives

^[1]

2 years

Minimum [Member] | Buildings and Land [Member]

Property plant and equipment estimated useful lives

^[2]

5 years

Maximum [Member] | Information Technology Assets [Member]

Property plant and equipment estimated useful lives

7 years

Maximum [Member] | Operating Equipment [Member]

Property plant and equipment estimated useful lives

^[1]

15 years

Maximum [Member] | Buildings and Land [Member]

Property plant and equipment estimated useful lives

^[2]

35 years

[1]	Includes finance lease right-of-use assets.
[2]	Land has an indefinite life.

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 203	$ 212
Receivables, net	417	398
Inventories, net	424	381
Prepaid and other current assets	31	26
Total current assets	1,075	1,017
Property, plant and equipment, net	130	119
Goodwill	141	116
Intangibles, net	31	25
Other assets	43	43
Total assets	1,420	1,320
Current liabilities:
Accounts payable	364	304
Accrued liabilities	129	126
Other current liabilities	8	9
Total current liabilities	501	439
Long-term operating lease liabilities	26	25
Deferred income taxes	1	1
Other long-term liabilities	15	11
Total liabilities	543	476
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; 106,716,052 and 110,369,266 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	1	1
Additional paid-in capital	2,029	2,066
Accumulated deficit	(1,010)	(1,075)
Accumulated other comprehensive loss	(146)	(150)
NOW Inc. stockholders' equity	874	842
Noncontrolling interest	3	2
Total stockholders' equity	877	844
Total liabilities and stockholders' equity	$ 1,420	$ 1,320

Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

6. 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 London Interbank Offered Rate ("LIBOR") with Secured Overnight Financing Rate ("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 cash deposits in the U.S. and Canada. As of June 30, 2023, the Company had no borrowings against the Credit Facility and approximately $491 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 $6 million in letters of credit under the Credit Facility primarily for casualty insurance expiring in June 2024.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Commitments and Contingencies Disclosure [Abstract]

Subsequent Events - Additional Information (Detail)	3 Months Ended
Subsequent Events - Additional Information (Detail)	Jun. 30, 2023 Acquisition
Subsequent Event [Line Items]
Number of acquisitions	2

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

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 June 30, 2023, the Company was contingently liable for approximately $15 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.

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income attributable to NOW Inc.	$ 34	$ 26	$ 65	$ 56
Less: net income attributable to participating securities	(1)	(1)	(1)	(1)
Net income attributable to NOW Inc. stockholders	$ 33	$ 25	$ 64	$ 55
Denominator:
Weighted average basic common shares outstanding	107,249,498	110,772,042	108,428,199	110,687,985
Effect of dilutive securities	878,013	302,291	1,044,006	260,932
Weighted average diluted common shares outstanding	108,127,511	111,074,333	109,472,205	110,948,917
Basic	$ 0.31	$ 0.23	$ 0.59	$ 0.5
Diluted	$ 0.31	$ 0.23	$ 0.59	$ 0.5

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

6 Months Ended

Jun. 30, 2023

Components of AOCI

The components of AOCI are as follows (in millions):


	Foreign Currency Translation Adjustments
	Six Months Ended June 30,
	2023			2022
Beginning balance	$	(150	)	$	(147	)
Other comprehensive income (loss) before reclassifications		4			(7	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			10
Net current-period other comprehensive income		4			3
Ending balance	$	(146	)	$	(144	)

Income Taxes - Additional Information (Detail)	3 Months Ended		6 Months Ended
Income Taxes - Additional Information (Detail)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rates	2.90%	7.10%	5.70%	8.20%

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

6 Months Ended

Jun. 30, 2023

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

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

The components of AOCI are as follows (in millions):


	Foreign Currency Translation Adjustments
	Six Months Ended June 30,
	2023			2022
Beginning balance	$	(150	)	$	(147	)
Other comprehensive income (loss) before reclassifications		4			(7	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			10
Net current-period other comprehensive income		4			3
Ending balance	$	(146	)	$	(144	)

The Company’s reporting currency is the U.S. dollar. A majority of the Company’s international entities in which there is a substantial investment have the local currency as their functional currency. As a result, foreign currency translation adjustments resulting from the process of translating the entities’ financial statements into the reporting currency are reported in other comprehensive income or loss in accordance with ASC Topic 830, “Foreign Currency Matters.”

For the six months ended June 30, 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.

Earnings Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Antidilutive Securities excluded from Computation of Earnings Per Share	2	2	2	3

Accrued Liabilities - Summary of Accrued Liabilities (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Compensation and other related expenses	$ 34	$ 36
Contract liabilities	40	33
Taxes (non-income)	12	13
Current portion of operating lease liabilities	12	13
Other	31	31
Total	$ 129	$ 126

Revenue

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue

2. Revenue

The Company’s primary source of revenue is the sale of energy products and an extensive selection of products for industrial applications based upon purchase orders or contracts with customers. The majority of revenue is recognized at a point in time once the Company has determined that the customer has obtained control over the product. Control is typically deemed to have been transferred to the customer when the product is shipped, delivered or picked up by the customer. The Company does not grant extended payment terms. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to 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.

See Note 9 “Business Segments” for disaggregation of revenue by reporting segments. The Company believes this disaggregation best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price of firm orders for which work has not been performed on contracts with an original expected duration of more than one year. The Company’s contracts are predominantly short-term in nature with a contract term of one year or less. For those contracts, the Company has utilized the practical expedient in Accounting Standards Codification (“ASC”) Topic 606 exempting 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. Receivables are recorded and carried at the original invoiced amount less the allowance for doubtful accounts (“AFDA”). The estimated AFDA reflects the Company’s immediate recognition of current expected credit losses by incorporating the historical loss experience, as well as current and future market conditions that are reasonably available. Judgments in the estimate of AFDA include global economic and business conditions, oil and gas industry and market conditions, customer’s financial conditions and accounts receivable past due. As of June 30, 2023 and December 31, 2022, AFDA totaled $27 million and $25 million, respectively.

Contract Assets and Liabilities

Contract assets primarily consist of retainage amounts held as a form of security by customers until the Company satisfies its remaining performance obligations. As of June 30, 2023 and December 31, 2022, contract assets were less than $1 million for both periods and were included in receivables, net in the consolidated balance sheets. The Company generally accounts for the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less; 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 June 30, 2023 and December 31, 2022, contract liabilities were $40 million and $33 million, respectively, and were included in accrued liabilities in the consolidated balance sheets. For the six months ended June 30, 2023, the increase in contract liabilities was primarily related to net customer deposits of approximately $28 million, partially offset by recognizing revenue of approximately $21 million that was deferred as of December 31, 2022.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

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 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
-Name Accounting Standards Codification
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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2023

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 economically hedge the Company’s risk from changes in the fair value of non functional currency denominated monetary accounts. The Company's foreign currency forward contracts have term of less than one year.

The Company records all derivative financial instruments at their fair value in its consolidated balance sheets. None of the derivative financial instruments that the Company holds are designated as either a fair value hedge or cash flow hedge and the gain or loss on the derivative instrument is recorded in earnings. The Company has determined that the fair value of its derivative financial instruments are computed using level 2 inputs (inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability) in the fair value hierarchy as the fair value is based on publicly available foreign exchange rates at each financial reporting date. As of June 30, 2023 and December 31, 2022, 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 contract liabilities were included in other current liabilities in the consolidated balance sheets.

For the three and six months ended June 30, 2023, and 2022, the Company recorded a loss of less than $1 million in each respective period related to changes in fair value. All gains and losses were included in other income (expense) in the consolidated statements of

operations. As of June 30, 2023 and December 31, 2022, the notional principal associated with those contracts was $16 million and $7 million, respectively.

As of June 30, 2023, 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.

Property, Plant and Equipment, net - Summary of Property, Plant and Equipment (Parenthetical) (Detail)	Jun. 30, 2023
Land [Member]
Property Plant And Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeTermOfLeaseMember

Stock-based Compensation and Outstanding Awards

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation and Outstanding Awards

12. Stock-based Compensation and Outstanding Awards

For the six months ended June 30, 2023, the Company granted 739,885 shares of restricted stock awards ("RSAs") and restricted stock units and phantom shares (“RSUs”) with a weighted average fair value of $12.56 per share. In addition, the Company granted performance stock awards ("PSAs") to senior management employees with potential payouts varying from zero to 534,618 shares. The RSAs and RSUs vest on the first and third anniversary of the date of grant. The PSAs can be earned based on performance against established metrics over a three-year performance period.

Stock-based compensation expense for the three and six months ended June 30, 2023, totaled $4 million and $7 million, respectively, compared to $2 million and $4 million, respectively, for the corresponding periods of 2022.

Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Summary of Accrued Liabilities

Accrued liabilities consist of (in millions):


	June 30, 2023		December 31, 2022
Compensation and other related expenses	$	34	$	36
Contract liabilities		40		33
Taxes (non-income)		12		13
Current portion of operating lease liabilities		12		13
Other		31		31
Total	$	129	$	126

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 34	$ 26	$ 66	$ 56
Other comprehensive income:
Foreign currency translation adjustments	3	1	4	3
Comprehensive income	37	27	70	59
Comprehensive income attributable to noncontrolling interest	0	0	1	0
Comprehensive income attributable to NOW Inc	$ 37	$ 27	$ 69	$ 59

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.

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.

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

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net (Tables)

6 Months Ended

Jun. 30, 2023

Summary of Property, Plant and Equipment

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


	Estimated Useful Lives	June 30, 2023			December 31, 2022
Information technology assets	1-7 Years	$	46		$	47
Operating equipment (1)	2-15 Years		153			141
Buildings and land (2)	5-35 Years		97			94
Construction in progress			5			4
Total property, plant and equipment			301			286
Less: accumulated depreciation			(171	)		(167	)
Property, plant and equipment, net		$	130		$	119

(1)

Includes finance lease right-of-use assets.

(2)

Land has an indefinite life.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Jul. 28, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Trading Symbol	DNOW
Security Exchange Name	NYSE
Entity Registrant Name	NOW INC.
Entity Central Index Key	0001599617
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		106,719,002
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-36325
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-4191184
Entity Address, Address Line One	7402 North Eldridge Parkway
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77041
City Area Code	281
Local Phone Number	823-4700
Title of 12(b) Security	Common Stock, par value $0.01
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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	106,716,052	110,369,266
Common stock, shares outstanding	106,716,052	110,369,266

Inventory, net - Schedule of Inventory (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Work in process	$ 40	$ 29
Finished goods and other	403	372
Total inventory	443	401
Less: Inventory reserves	(19)	(20)
Inventories, net	$ 424	$ 381

Derivative Financial Instruments - Additional Information (Detail) - Derivatives Not Designated as Hedging Instrument [Member] - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Derivatives Fair Value [Line Items]
Foreign currency forward contracts, notional amount	$ 16		$ 16		$ 7
Other Expense [Member] \| Maximum [Member]
Derivatives Fair Value [Line Items]
Foreign currency forward contracts, gain (loss) related to changes in fair value	1	$ 1	1	$ 1
Prepaid and Other Current Assets [Member] \| Maximum [Member]
Derivatives Fair Value [Line Items]
Foreign currency forward contracts, assets	1		1		1
Other Current Liabilities [Member] \| Maximum [Member]
Derivatives Fair Value [Line Items]
Foreign currency forward contracts, liability	$ 1		$ 1		$ 1

Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

10. Income Taxes

The effective tax rates for the three and six months ended June 30, 2023, were 2.9% and 5.7%, respectively, compared to 7.1% and 8.2%, respectively, for the corresponding periods of 2022. 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 three and six months ended June 30, 2023, the effective tax rate was primarily driven by the recognition of tax expense from earnings in Canada and the United Kingdom offset by current year realization of deferred tax assets and corresponding release of valuation allowance in the U.S. The Company believes that the continued volatility of commodity prices as well as recent macroeconomic developments are likely to cause variations in its estimated ordinary income for the remainder of 2023. These deviations may result in significant increases or decreases in the Company’s forecasted annual effective tax rate. Consequently, the Company is continuing to rely on the discrete-period method for calculating its interim period tax provision for the three and six months ended June 30, 2023. The Company will evaluate its use of this method each quarter until such time as a return to the annualized estimated effective tax rate method is deemed appropriate.

The Company is subject to taxation in the U.S., various states, and foreign jurisdictions. The Company has significant operations in the U.S. and Canada and to a lesser extent in various other international jurisdictions. Tax years that remain subject to examination 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.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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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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