0000950170-24-123220 | 10-Q | XBRL Viewer

Debt	9 Months Ended
Sep. 30, 2024
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 September 30, 2024, the Company had no borrowings against the Credit Facility and approximately $493 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 $5 million in letters of credit under the Credit Facility primarily for casualty insurance expiring in June 2025.

Debt

9 Months Ended

Sep. 30, 2024

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 September 30, 2024, the Company had no borrowings against the Credit Facility and approximately $493 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 $5 million in letters of credit under the Credit Facility primarily for casualty insurance expiring in June 2025.

- 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.

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+ Details

Acquisitions

9 Months Ended

Sep. 30, 2024

Business Combinations [Abstract]

Acquisitions

15. Acquisitions

For the nine months ended September 30, 2024, the Company acquired Whitco Supply, LLC for a purchase price consideration of $185 million, net of cash acquired. Whitco Supply, LLC is known as a provider of energy products and solutions in the U.S. The Company has included the financial results of the acquisition in its consolidated financial statements from the date of the acquisition.

The Company completed its preliminary valuations as of the acquisition date of the acquired net assets and recognized goodwill of $53 million and intangible assets of $30 million in the U.S. 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. The Company has not presented supplemental pro forma information because the acquired operations did not materially impact the Company’s consolidated operating results.

Following is the purchase price allocation detail (in millions):


	As of September 30, 2024
Net purchase price, net of cash acquired	$	185

Fair value of net assets acquired:
Current assets other than cash	$	120
Property, plant and equipment		9
Trade names (estimate useful lives of 10 years)		16
Customer relationships (estimate useful lives of 15 years)		14
Current liabilities		(27	)
Total fair value of net assets acquired	$	132
Goodwill (1)	$	53

(1)

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 $53 million.

Acquisitions - Summary of Purchase Price Allocation (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Business Combinations [Abstract]
Net purchase price, net of cash acquired	$ 185
Fair value of net assets acquired:
Current assets other than cash	120
Property, plant and equipment	9
Trade names	16
Customer relationships	14
Current liabilities	(27)
Total fair value of net assets acquired	132
Goodwill	$ 53

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 59	$ 101
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	24	19
Provision for inventory	5	5
Impairment and other charges	5	0
Stock-based compensation	9	11
Deferred income taxes	20	0
Other, net	12	14
Change in operating assets and liabilities, net of effects of acquisitions:
Receivables	28	2
Inventories	66	(35)
Prepaid and other current assets	(7)	(1)
Accounts payable, accrued liabilities and other, net	(45)	(33)
Net cash provided by (used in) operating activities	176	83
Cash flows from investing activities:
Business acquisitions, net of cash acquired	(185)	(33)
Purchases of property, plant and equipment	(6)	(15)
Other, net	1	1
Net cash provided by (used in) investing activities	(190)	(47)
Cash flows from financing activities:
Repurchases of common stock	(18)	(49)
Other, net	(7)	(5)
Net cash provided by (used in) financing activities	(25)	(54)
Effect of exchange rates on cash and cash equivalents	1	0
Net change in cash and cash equivalents	(38)	(18)
Cash and cash equivalents, beginning of period	299	212
Cash and cash equivalents, end of period	$ 261	$ 194

Stock-based Compensation and Outstanding Awards

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation and Outstanding Awards

12. Stock-based Compensation and Outstanding Awards

The Company has a stock-based compensation plan known as the DNOW Inc. Long Term Incentive Plan (the “Plan”). The Plan provided for the grant of stock options, restricted stock awards (“RSAs”), restricted stock units and phantom shares (“RSUs”), and performance stock awards (“PSAs”). The Plan had a ten-year term which expired in May 2024. No further awards will be made under the Plan. On May 22, 2024, the Company’s shareholders approved the DNOW Inc. 2024 Omnibus Incentive Plan (the “2024 Plan”), which allowed the Company to replace the expiring Plan and roll over the remaining available shares for grant under the Plan into the new 2024 Plan. The 2024 Plan will permit awards to be granted until 2034, for the granting of stock options, RSAs, RSUs, PSAs, and stock appreciation rights.

For the nine months ended September 30, 2024, the Company granted 778,052 shares of RSAs and RSUs with a weighted average fair value of $13.12 per share. In addition, the Company granted PSAs to senior management employees with potential payouts varying from zero to 553,424 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 nine months ended September 30, 2024, totaled $3 million and $9 million, respectively, compared to $4 million and $11 million, respectively, for the corresponding periods of 2023.

Acquisitions - Summary of Purchase Price Allocation (Parenthetical) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Business Combinations [Abstract]
Trade name estimate useful lives	10 years
Customer relationships estimate useful lives	15 years
Business acquisition, goodwill, expected income tax deductible amount	$ 53

Organization and Basis of Presentation - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2024 Country GeographicMarket
Basis Of Presentation And Organization [Abstract]
Number of geographical area covered \| GeographicMarket	80
Number of countries distribution occur through vendors \| Country	40

Business Segments

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Business Segments

9. Business Segments

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


	Three Months Ended September 30,					Nine Months Ended September 30,
	2024			2023		2024		2023
Revenue:
United States	$	482		$	448	$	1,429	$	1,331
Canada		65			68		187		217
International		59			72		186		218
Total revenue	$	606		$	588	$	1,802	$	1,766
Operating profit (loss):
United States	$	25		$	29	$	76	$	81
Canada		3			6		8		17
International		(5	)		2		—		10
Total operating profit (loss)	$	23		$	37	$	84	$	108

In the third quarter of 2024, the Company began a plan to restructure operations in the International segment. For the three and nine months ended September 30, 2024, the Company recognized $8 million in charges, including approximately $5 million of foreign currency translation losses, approximately $2 million of inventory write-downs, and $1 million of other exit costs. In the statement of operations, foreign currency translation losses are in impairment and other charges, inventory-related charges are reflected in the cost of products, and all other costs are in warehousing, selling and administrative expenses.

- 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.

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+ Details

Stockholders' Equity - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Aug. 03, 2022
Class of Stock [Line Items]
Number of shares authorized to purchase						$ 80
Percentage of excise tax on share repurchases			1.00%
Net income attributable to noncontrolling interest	$ 0	$ 0	$ 1	$ 1
Current assets	1,058		1,058		$ 1,068
Current liabilities	417		417		418
Maximum
Class of Stock [Line Items]
Excise tax on share repurchases			1
Variable Interest Entities ("VIE")
Class of Stock [Line Items]
Net income attributable to noncontrolling interest	1	$ 1	1	$ 1
Current assets	13		13		19
Current liabilities	$ 2		$ 2		$ 8
Middle East
Class of Stock [Line Items]
Interest in one VIE			49.00%

Accrued Liabilities

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Accrued Liabilities

5. Accrued Liabilities

Accrued liabilities consist of (in millions):


	September 30, 2024		December 31, 2023
Compensation and other related expenses	$	31	$	38
Contract liabilities		36		28
Taxes (non-income)		16		15
Current portion of operating lease liabilities		13		11
Other		31		28
Total	$	127	$	120

Acquisitions - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Business Acquisition [Line Items]
Goodwill recognized	$ 53
Intangible assets	30
Whiteco Supply LLC [Member]
Business Acquisition [Line Items]
Purchase price consideration in cash	$ 185

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

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Components of AOCI

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


	Foreign Currency Translation Adjustments
	Nine Months Ended September 30,
	2024			2023
Beginning balance	$	(145	)	$	(150	)
Other comprehensive income (loss) before reclassifications		(1	)		—
Amounts reclassified from accumulated other comprehensive income (loss)		5			—
Net current-period other comprehensive income (loss)		4			—
Ending balance	$	(141	)	$	(150	)

Property, Plant and Equipment, net (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment

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


	Estimated Useful Lives	September 30, 2024			December 31, 2023
Information technology assets	1-7 Years	$	46		$	46
Operating equipment (1)	2-15 Years		177			164
Buildings and land (2)	5-35 Years		102			97
Construction in progress			3			2
Total property, plant and equipment			328			309
Less: accumulated depreciation			(190	)		(178	)
Property, plant and equipment, net		$	138		$	131

(1)

Includes finance lease right-of-use assets.

(2)

Land has an indefinite life.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accumulated Other Comprehensive Income (Loss) - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Statement of Comprehensive Income [Abstract]
Amounts reclassified from accumulated other comprehensive income (loss)	$ 5

Revenue - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Disaggregation Of Revenue [Line Items]
Allowance for doubtful accounts receivable	$ 24	$ 26
Contract liabilities	36	28
Deferred revenue	29
Increase (Decrease) in Contract with Customer, Liability	21
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

- Definition

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.

+ References + Details

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Class of Stock [Line Items]

Total cost of shares repurchased

$ 18

$ 49

Treasury Stock [Member]

Class of Stock [Line Items]

Total cost of shares repurchased

$ 7

$ 5

$ 18

$ 49

Average price per share

$ 12.95

^[1]

$ 10.65

$ 12.92

$ 10.78

Number of shares repurchased

541,502

429,622

1,379,020

4,456,172

[1]	Excludes 1% excise tax on share repurchases

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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+ Details

Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Summary of Accrued Liabilities

Accrued liabilities consist of (in millions):


	September 30, 2024		December 31, 2023
Compensation and other related expenses	$	31	$	38
Contract liabilities		36		28
Taxes (non-income)		16		15
Current portion of operating lease liabilities		13		11
Other		31		28
Total	$	127	$	120

Inventory, net

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventory, net

3. Inventories, 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):


	September 30, 2024			December 31, 2023
Work in process	$	19		$	33
Finished goods and other		363			354
Total inventory		382			387
Less: Inventory reserves		(18	)		(21	)
Inventories, net	$	364		$	366

Business Segments (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Summary of Operating Results by Reportable Segment

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


	Three Months Ended September 30,					Nine Months Ended September 30,
	2024			2023		2024		2023
Revenue:
United States	$	482		$	448	$	1,429	$	1,331
Canada		65			68		187		217
International		59			72		186		218
Total revenue	$	606		$	588	$	1,802	$	1,766
Operating profit (loss):
United States	$	25		$	29	$	76	$	81
Canada		3			6		8		17
International		(5	)		2		—		10
Total operating profit (loss)	$	23		$	37	$	84	$	108

Earnings Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Antidilutive Securities excluded from Computation of Earnings Per Share	1	1	1	1

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

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 September 30, 2024, the Company was contingently liable for approximately $11 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 2024, the Company is committed to total future retention payments of up to $13 million payable in 2026 and 2027. Payments are due to various employees if non-financial post combination service conditions are met pursuant to the terms and conditions of the retention agreements.

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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	106,022,368	106,257,565
Common stock, shares outstanding	106,022,368	106,257,565

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Sep. 30, 2024 USD ($)
Loss Contingencies [Line Items]
Contingent liability	$ 11
Maximum [Member]
Loss Contingencies [Line Items]
Expected costs	$ 13

- Definition

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.

+ References + Details

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 606	$ 588	$ 1,802	$ 1,766
Operating expenses:
Cost of products	471	454	1,400	1,361
Warehousing, selling and administrative	107	97	313	297
Impairment and other charges	5	0	5	0
Operating profit	23	37	84	108
Other income (expense)	(1)	0	0	(1)
Income before income taxes	22	37	84	107
Income tax provision	9	2	25	6
Net income	13	35	59	101
Net income attributable to noncontrolling interest	0	0	1	1
Net income attributable to DNOW Inc	$ 13	$ 35	$ 58	$ 100
Earnings per share attributable to DNOW Inc stockholders:
Basic	$ 0.12	$ 0.32	$ 0.53	$ 0.91
Diluted	$ 0.12	$ 0.32	$ 0.53	$ 0.9
Weighted-average common shares outstanding, basic	106,314,446	106,983,920	106,540,763	107,765,405
Weighted-average common shares outstanding, diluted	107,008,054	108,118,319	107,325,364	108,839,542

Income Taxes - Additional Information (Detail)	3 Months Ended		9 Months Ended
Income Taxes - Additional Information (Detail)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rates	40.90%	5.40%	29.80%	5.60%

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

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


	Three Months Ended September 30,					Nine Months Ended September 30,
	2024		2023			2024			2023
Numerator:
Net income attributable to DNOW Inc.	$	13	$	35		$	58		$	100
Less: net income attributable to participating securities		—		(1	)		(1	)		(2	)
Net income attributable to DNOW Inc. stockholders	$	13	$	34		$	57		$	98
Denominator:
Weighted average basic common shares outstanding		106,314,446		106,983,920			106,540,763			107,765,405
Effect of dilutive securities		693,608		1,134,399			784,601			1,074,137
Weighted average diluted common shares outstanding		107,008,054		108,118,319			107,325,364			108,839,542
Earnings per share attributable to DNOW Inc. stockholders:
Basic	$	0.12	$	0.32		$	0.53		$	0.91
Diluted	$	0.12	$	0.32		$	0.53		$	0.90

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

Sep. 30, 2024

Dec. 31, 2023

Property Plant And Equipment [Line Items]

Property, plant and equipment, gross

$ 328

$ 309

Less: accumulated depreciation

(190)

(178)

Property, plant and equipment, net

138

131

Information Technology Assets [Member]

Property Plant And Equipment [Line Items]

Property, plant and equipment, gross

Operating Equipment [Member]

Property Plant And Equipment [Line Items]

Property, plant and equipment, gross

^[1]

177

164

Buildings and Land [Member]

Property Plant And Equipment [Line Items]

Property, plant and equipment, gross

^[2]

102

Construction in Progress [Member]

Property Plant And Equipment [Line Items]

Property, plant and equipment, gross

$ 3

$ 2

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

^[1]

2 years

Minimum [Member] | Buildings and Land [Member]

Property Plant And Equipment [Line Items]

Property plant and equipment estimated useful lives

^[2]

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

^[1]

15 years

Maximum [Member] | Buildings and Land [Member]

Property Plant And Equipment [Line Items]

Property plant and equipment estimated useful lives

^[2]

35 years

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

Stock-based Compensation and Outstanding Awards - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Date			May 31, 2024
Stock-based compensation expense	$ 3	$ 4	$ 9	$ 11
DNOW Inc. Long Term Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period			10 years
Restricted Stock Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based awards, shares granted			778,052
Weighted average grant date fair value, Granted			$ 13.12
Restricted Stock and Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based awards, shares granted			778,052
Weighted average grant date fair value, Granted			$ 13.12
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			553,424
TSR metric [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
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 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 goals over performance period			3 years

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Trading Symbol	DNOW
Security Exchange Name	NYSE
Entity Registrant Name	DNOW 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		105,846,155
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

Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

11. Earnings Per Share

For the three and nine months ended September 30, 2024, less than 1 million and approximately 1 million, respectively, of shares were excluded from the computation of diluted earnings per share due to their antidilutive effect, compared to approximately 1 million in both periods for the corresponding periods of 2023.

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


	Three Months Ended September 30,					Nine Months Ended September 30,
	2024		2023			2024			2023
Numerator:
Net income attributable to DNOW Inc.	$	13	$	35		$	58		$	100
Less: net income attributable to participating securities		—		(1	)		(1	)		(2	)
Net income attributable to DNOW Inc. stockholders	$	13	$	34		$	57		$	98
Denominator:
Weighted average basic common shares outstanding		106,314,446		106,983,920			106,540,763			107,765,405
Effect of dilutive securities		693,608		1,134,399			784,601			1,074,137
Weighted average diluted common shares outstanding		107,008,054		108,118,319			107,325,364			108,839,542
Earnings per share attributable to DNOW Inc. stockholders:
Basic	$	0.12	$	0.32		$	0.53		$	0.91
Diluted	$	0.12	$	0.32		$	0.53		$	0.90

Under ASC Topic 260, “Earnings Per Share”, the two-class method requires a portion of net income attributable to DNOW 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 DNOW Inc. stockholders in the numerator of the earnings per share computation.

Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

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, under the Securities Exchange Act of 1934, as amended, (the “Exchange Act”), trading plans to facilitate the repurchase of its common stock pursuant to its share repurchase program. The amount and timing of any repurchase 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 nine months ended September 30, 2024.

Information regarding the shares repurchased was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Total cost of shares repurchased (in millions)	$	7	$	5	$	18	$	49
Average price per share (1)	$	12.95	$	10.65	$	12.92	$	10.78
Number of shares repurchased		541,502		429,622		1,379,020		4,456,172

(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. For the three and nine months ended September 30, 2024 and 2023, net income attributable to noncontrolling interest was less than $1 million and $1 million in each respective period.

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 September 30, 2024 and December 31, 2023, the VIE’s assets were primarily current assets of $13 million and $19 million, respectively, and the liabilities were primarily current liabilities of $2 million and $8 million, respectively.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2024

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 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 terms 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 instruments 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 September 30, 2024 and December 31, 2023, 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 nine months ended September 30, 2024, the Company recorded a gain of less than $1 million in both periods related to changes in fair value. For the three and nine months ended September 30, 2023, the Company recorded a loss of less than $1 million in both periods related to changes in fair value. All gains and losses were included in other income (expense) in the consolidated statements of operations. As of September 30, 2024 and December 31, 2023, the notional principal associated with those contracts was approximately $21 million and $15 million, respectively.

As of September 30, 2024, 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.

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, 2022	$ 844		$ 2,066	$ (1,075)	$ (150)		$ 2
Beginning balance, shares at Dec. 31, 2022		1
Net income	32			31			1
Common stock repurchased	(36)					$ (36)
Common stock retired			(33)			33
Stock-based compensation	3		3
Exercise of stock options	1		1
Shares withheld for taxes	(1)		(1)
Other comprehensive income (loss)	1				1
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	101
Other comprehensive income (loss)					0
Ending balance at Sep. 30, 2023	907		2,028	(975)	(150)	0	3
Ending balance, shares at Sep. 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
Common stock repurchased	(8)					(8)
Common stock retired			(11)			11
Stock-based compensation	4		4
Other comprehensive income (loss)	3				3
Ending balance at Jun. 30, 2023	877		2,029	(1,010)	(146)	0	3
Ending balance, shares at Jun. 30, 2023		1
Net income	35			35
Common stock repurchased	(5)					(5)
Common stock retired			(5)			5
Stock-based compensation	4		4
Other comprehensive income (loss)	(4)				(4)
Ending balance at Sep. 30, 2023	907		2,028	(975)	(150)	0	3
Ending balance, shares at Sep. 30, 2023		1
Beginning balance at Dec. 31, 2023	1,063		2,032	(828)	(145)	0	3
Beginning balance, shares at Dec. 31, 2023		1
Net income	21			21
Common stock repurchased	(1)					(1)
Common stock retired			(1)			1
Stock-based compensation	2		2
Exercise of stock options	2		2
Shares withheld for taxes	(4)		(4)
Other comprehensive income (loss)	(4)				(4)
Ending balance at Mar. 31, 2024	1,079		2,031	(807)	(149)	0	3
Ending balance, shares at Mar. 31, 2024		1
Beginning balance at Dec. 31, 2023	1,063		2,032	(828)	(145)	0	3
Beginning balance, shares at Dec. 31, 2023		1
Net income	59
Other comprehensive income (loss)					4
Ending balance at Sep. 30, 2024	1,118		2,024	(770)	(141)	0	4
Ending balance, shares at Sep. 30, 2024		1
Beginning balance at Mar. 31, 2024	1,079		2,031	(807)	(149)	0	3
Beginning balance, shares at Mar. 31, 2024		1
Net income	25			24			1
Common stock repurchased	(10)					(10)
Common stock retired			(10)			10
Stock-based compensation	4		4
Exercise of stock options	3		3
Other comprehensive income (loss)	(2)				(2)
Ending balance at Jun. 30, 2024	1,099		2,028	(783)	(151)	0	4
Ending balance, shares at Jun. 30, 2024		1
Net income	13			13
Common stock repurchased	(7)					(7)
Common stock retired			(7)			7
Stock-based compensation	3		3
Other comprehensive income (loss)	10				10
Ending balance at Sep. 30, 2024	$ 1,118		$ 2,024	$ (770)	$ (141)	$ 0	$ 4
Ending balance, shares at Sep. 30, 2024		1

- Definition

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

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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

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income attributable to DNOW Inc.	$ 13	$ 35	$ 58	$ 100
Less: net income attributable to participating securities	0	(1)	(1)	(2)
Net income attributable to DNOW Inc. stockholders	$ 13	$ 34	$ 57	$ 98
Denominator:
Weighted average basic common shares outstanding	106,314,446	106,983,920	106,540,763	107,765,405
Effect of dilutive securities	693,608	1,134,399	784,601	1,074,137
Weighted average diluted common shares outstanding	107,008,054	108,118,319	107,325,364	108,839,542
Basic	$ 0.12	$ 0.32	$ 0.53	$ 0.91
Diluted	$ 0.12	$ 0.32	$ 0.53	$ 0.9

Business Segments - Summary of Operating Results by Reportable Segment (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Total revenue	$ 606	$ 588	$ 1,802	$ 1,766
Operating profit (loss):
Total operating profit (loss)	23	37	84	108
United States [Member]
Revenue:
Total revenue	482	448	1,429	1,331
Operating profit (loss):
Total operating profit (loss)	25	29	76	81
Canada [Member]
Revenue:
Total revenue	3	6	8	17
Operating profit (loss):
Total operating profit (loss)	65	68	187	217
International [Member]
Revenue:
Total revenue	59	72	186	218
Operating profit (loss):
Total operating profit (loss)	$ (5)	$ 2	$ 0	$ 10

- 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.

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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Inventory, net - Schedule of Inventory (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Work in process	$ 19	$ 33
Finished goods and other	363	354
Total inventory	382	387
Less: Inventory reserves	(18)	(21)
Inventories, net	$ 364	$ 366

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2024

Business Combinations [Abstract]

Summary of Purchase Price Allocation

Following is the purchase price allocation detail (in millions):


	As of September 30, 2024
Net purchase price, net of cash acquired	$	185

Fair value of net assets acquired:
Current assets other than cash	$	120
Property, plant and equipment		9
Trade names (estimate useful lives of 10 years)		16
Customer relationships (estimate useful lives of 15 years)		14
Current liabilities		(27	)
Total fair value of net assets acquired	$	132
Goodwill (1)	$	53

(1)

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 261	$ 299
Receivables, net	405	384
Inventories, net	364	366
Prepaid and other current assets	28	19
Total current assets	1,058	1,068
Property, plant and equipment, net	138	131
Deferred income taxes	98	118
Goodwill	192	139
Intangibles, net	55	28
Other assets	46	45
Total assets	1,587	1,529
Current liabilities:
Accounts payable	278	288
Accrued liabilities	127	120
Other current liabilities	12	10
Total current liabilities	417	418
Long-term operating lease liabilities	31	30
Other long-term liabilities	21	18
Total liabilities	469	466
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; 106,022,368 and 106,257,565 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	1	1
Additional paid-in capital	2,024	2,032
Accumulated deficit	(770)	(828)
Accumulated other comprehensive loss	(141)	(145)
DNOW Inc. stockholders' equity	1,114	1,060
Noncontrolling interest	4	3
Total stockholders' equity	1,118	1,063
Total liabilities and stockholders' equity	$ 1,587	$ 1,529

Accumulated Other Comprehensive Income (Loss) ("AOCI") - Components of AOCI (Detail) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated other comprehensive income (loss), Beginning balance			$ (145)				$ (145)
Amounts reclassified from accumulated other comprehensive income (loss)							5
Net current-period other comprehensive income (loss)	$ 10	$ (2)	(4)	$ (4)	$ 3	$ 1
Accumulated other comprehensive income (loss), Ending balance	(141)						(141)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated other comprehensive income (loss), Beginning balance			(145)			(150)	(145)	$ (150)
Other comprehensive income (loss) before reclassifications							(1)	0
Amounts reclassified from accumulated other comprehensive income (loss)							5	0
Net current-period other comprehensive income (loss)	10	$ (2)	$ (4)	(4)	$ 3	$ 1	4	0
Accumulated other comprehensive income (loss), Ending balance	$ (141)			$ (150)			$ (141)	$ (150)

- Definition

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

+ References + Details

- Definition

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

+ References

+ Details

Property, Plant and Equipment, net - Summary of Property, Plant and Equipment (Parenthetical) (Detail)	Sep. 30, 2024
Land [Member]
Property Plant And Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeTermOfLeaseMember

Business Segments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Inventory write-down		$ 5	$ 5
International [Member]
Segment Reporting Information [Line Items]
Restructuring charges	$ 8	8
Foreign currency translation losses	5	5
Inventory write-down	2	2
Other exit costs	$ 1	$ 1

Property, Plant and Equipment, net

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net

4. Property, Plant and Equipment, net

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


	Estimated Useful Lives	September 30, 2024			December 31, 2023
Information technology assets	1-7 Years	$	46		$	46
Operating equipment (1)	2-15 Years		177			164
Buildings and land (2)	5-35 Years		102			97
Construction in progress			3			2
Total property, plant and equipment			328			309
Less: accumulated depreciation			(190	)		(178	)
Property, plant and equipment, net		$	138		$	131

(1)

Includes finance lease right-of-use assets.

(2)

Land has an indefinite life.

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Derivatives Fair Value [Line Items]
Foreign currency forward contracts, notional amount	$ 21		$ 21		$ 15
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

Inventory, net (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories consist primarily of (in millions):


	September 30, 2024			December 31, 2023
Work in process	$	19		$	33
Finished goods and other		363			354
Total inventory		382			387
Less: Inventory reserves		(18	)		(21	)
Inventories, net	$	364		$	366

Accrued Liabilities - Summary of Accrued Liabilities (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Compensation and other related expenses	$ 31	$ 38
Contract liabilities	36	28
Taxes (non-income)	16	15
Current portion of operating lease liabilities	13	11
Other	31	28
Total	$ 127	$ 120

Debt - Additional Information (Detail) - USD ($)		9 Months Ended
Debt - Additional Information (Detail) - USD ($)	Dec. 29, 2022	Sep. 30, 2024	Sep. 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	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		$ 493,000,000
Line Of credit Unused Capacity Percentage		99.00%
Letters of credit		$ 5,000,000
Casualty insurance, expiration month and year		2025-06
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

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 13	$ 35	$ 58	$ 100

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Organization and Basis of Presentation (Policies)	9 Months Ended
Organization and Basis of Presentation (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations DNOW Inc. (“DNOW” or the “Company”) is a holding company headquartered in Houston, Texas that was incorporated in Delaware on November 22, 2013. We operate primarily under the DNOW brand along with several affiliated brands operating in local or regional markets that are tied to prior acquisitions. DNOW 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 visualization, 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 product and service offerings are consumed throughout all sectors of the energy industry – from upstream drilling and completion, exploration and production, midstream transmission, gas and crude oil processing infrastructure development to downstream petroleum refining and petrochemicals – as well as in other industries, such as chemical processing, mining, water/wastewater, food and beverage, gas utilities and the evolution of energy transition markets inclusive of greenhouse gas reduction and emissions capture and storage, renewable fuels such as biofuels and renewable natural gas, wind, solar, production of hydrogen as a fuel to power equipment and select industrial markets. The industrial distribution end markets include engineering and construction firms that perform capital and maintenance projects for their end-user clients. DNOW also provides supply chain and materials management solutions to the same markets where the Company sells products. DNOW’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 nine months ended September 30, 2024, are not necessarily indicative of the results to be expected for the full year.
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.
Purchase Price Allocation of Acquisitions	Purchase Price Allocation of Acquisitions The Company allocates the fair value of the purchase price consideration of an acquired business to its identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the fair value of the acquired assets and liabilities, if any, is recorded as goodwill. The Company uses all available information to estimate fair values including quoted market prices, the carrying value of acquired assets, and widely accepted valuation techniques such as discounted cash flows. The Company engages third-party valuation advisors to assist in fair value determination of inventories, identifiable intangible assets and any other significant assets or liabilities when appropriate. The judgments made in determining the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, could materially impact the Company’s results of operations. See Note 15 “Acquisitions” for additional information.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280), which requires enhanced segment disclosures primarily focusing on significant segment expense disclosures for both interim and annual periods. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and requires modified retrospective transition method. The Company will not early adopt, and is currently assessing the impact of ASU 2023-07 in its consolidated financial statements and its disclosures. The Company does not expect the adoption of this standard to have material impact in its consolidated statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), which requires public companies to expand the income tax disclosures. The ASU requires entities to disclose more detailed information in their effective tax rate reconciliation and their cash taxes paid both in the U.S., state and foreign jurisdictions. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued. The Company will not early adopt, and is currently assessing the impact of ASU 2023-09 in its consolidated financial statements and in its disclosures.
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. Substantially all of the Company's 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.
Allowance for Credit Losses	Allowance for Credit Losses Allowance for credit losses is estimated based on an evaluation of accounts receivable aging, and the related historical loss experience, as adjusted for current and expected future market conditions that are reasonably available. Judgments in the estimate of allowance for credit losses include global economic and business conditions, oil and gas industry and market conditions, customer’s financial conditions and accounts receivable past due. As of September 30, 2024 and December 31, 2023, the allowance for credit losses totaled $24 million and $26 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 September 30, 2024 and December 31, 2023, contract assets were approximately $1 million and less than $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 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 September 30, 2024 and December 31, 2023, contract liabilities were $36 million and $28 million, respectively, and were included in accrued liabilities in the consolidated balance sheets. For the nine months ended September 30, 2024, the increase in contract liabilities was primarily related to net current year customer deposits of approximately $29 million, partially offset by recognizing revenue of approximately $21 million that was deferred as of December 31, 2023.

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

10. Income Taxes

The effective tax rates for the three and nine months ended September 30, 2024, were 40.9% and 29.8%, respectively, compared to 5.4% and 5.6%, respectively, for the corresponding periods of 2023. In general, the Company's 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, and state income taxes. For the three and nine months ended September 30, 2024, the effective tax rates were also impacted by foreign currency translation losses and other charges incurred as a result of substantially completing the liquidation of certain foreign subsidiaries with no associated tax benefit. The effective tax rates for the three and nine months ended September 30, 2024, were higher than the effective tax rates for the three and nine months ended September 30, 2023, due to the aforementioned foreign currency translation losses and other charges with no associated tax benefit as well as realization of deferred tax assets that had a corresponding release of valuation allowance in the three and nine months ended September 30, 2023, that did not recur in the corresponding periods in 2024. For the three and nine months ended September 30, 2024, the Company has returned to recording income tax expense for interim periods based on the estimated annual effective tax rate method.

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 2019 and outside the U.S. for the tax years ending after 2018.

- Definition

The entire disclosure for income tax.

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+ Details

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Shares Repurchased

Information regarding the shares repurchased was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Total cost of shares repurchased (in millions)	$	7	$	5	$	18	$	49
Average price per share (1)	$	12.95	$	10.65	$	12.92	$	10.78
Number of shares repurchased		541,502		429,622		1,379,020		4,456,172

(1)

Excludes 1% excise tax on share repurchases

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 13	$ 35	$ 59	$ 101
Other comprehensive income:
Foreign currency translation adjustments	10	(4)	4	0
Comprehensive income	23	31	63	101
Comprehensive income attributable to noncontrolling interest	0	0	1	1
Comprehensive income attributable to DNOW Inc	$ 23	$ 31	$ 62	$ 100

- Definition

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

+ References + Details

- 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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+ Details

- 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.

+ References + Details

- Definition

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

+ References

+ Details

Organization and Basis of Presentation	9 Months Ended
Organization and Basis of Presentation	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	1. Organization and Basis of Presentation Nature of Operations DNOW Inc. (“DNOW” or the “Company”) is a holding company headquartered in Houston, Texas that was incorporated in Delaware on November 22, 2013. We operate primarily under the DNOW brand along with several affiliated brands operating in local or regional markets that are tied to prior acquisitions. DNOW 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 visualization, 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 product and service offerings are consumed throughout all sectors of the energy industry – from upstream drilling and completion, exploration and production, midstream transmission, gas and crude oil processing infrastructure development to downstream petroleum refining and petrochemicals – as well as in other industries, such as chemical processing, mining, water/wastewater, food and beverage, gas utilities and the evolution of energy transition markets inclusive of greenhouse gas reduction and emissions capture and storage, renewable fuels such as biofuels and renewable natural gas, wind, solar, production of hydrogen as a fuel to power equipment and select industrial markets. The industrial distribution end markets include engineering and construction firms that perform capital and maintenance projects for their end-user clients. DNOW also provides supply chain and materials management solutions to the same markets where the Company sells products. DNOW’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 nine months ended September 30, 2024, are not necessarily indicative of the results to be expected for the full year. 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. Purchase Price Allocation of Acquisitions The Company allocates the fair value of the purchase price consideration of an acquired business to its identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the fair value of the acquired assets and liabilities, if any, is recorded as goodwill. The Company uses all available information to estimate fair values including quoted market prices, the carrying value of acquired assets, and widely accepted valuation techniques such as discounted cash flows. The Company engages third-party valuation advisors to assist in fair value determination of inventories, identifiable intangible assets and any other significant assets or liabilities when appropriate. The judgments made in determining the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, could materially impact the Company’s results of operations. See Note 15 “Acquisitions” for additional information. Recently Issued Accounting Standards In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280), which requires enhanced segment disclosures primarily focusing on significant segment expense disclosures for both interim and annual periods. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and requires modified retrospective transition method. The Company will not early adopt, and is currently assessing the impact of ASU 2023-07 in its consolidated financial statements and its disclosures. The Company does not expect the adoption of this standard to have material impact in its consolidated statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), which requires public companies to expand the income tax disclosures. The ASU requires entities to disclose more detailed information in their effective tax rate reconciliation and their cash taxes paid both in the U.S., state and foreign jurisdictions. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued. The Company will not early adopt, and is currently assessing the impact of ASU 2023-09 in its consolidated financial statements and in its disclosures.

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

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

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
	Nine Months Ended September 30,
	2024			2023
Beginning balance	$	(145	)	$	(150	)
Other comprehensive income (loss) before reclassifications		(1	)		—
Amounts reclassified from accumulated other comprehensive income (loss)		5			—
Net current-period other comprehensive income (loss)		4			—
Ending balance	$	(141	)	$	(150	)

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 nine months ended September 30, 2024, the Company reclassified approximately $5 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.

Revenue	9 Months Ended
Revenue	Sep. 30, 2024
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. Substantially all of the Company's 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. Allowance for Credit Losses Allowance for credit losses is estimated based on an evaluation of accounts receivable aging, and the related historical loss experience, as adjusted for current and expected future market conditions that are reasonably available. Judgments in the estimate of allowance for credit losses include global economic and business conditions, oil and gas industry and market conditions, customer’s financial conditions and accounts receivable past due. As of September 30, 2024 and December 31, 2023, the allowance for credit losses totaled $24 million and $26 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 September 30, 2024 and December 31, 2023, contract assets were approximately $1 million and less than $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 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 September 30, 2024 and December 31, 2023, contract liabilities were $36 million and $28 million, respectively, and were included in accrued liabilities in the consolidated balance sheets. For the nine months ended September 30, 2024, the increase in contract liabilities was primarily related to net current year customer deposits of approximately $29 million, partially offset by recognizing revenue of approximately $21 million that was deferred as of December 31, 2023.

- 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.

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