SEC Info - NOV Inc. - ‘10-Q’ for 3/31/21

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NOV Inc. – ‘10-Q’ for 3/31/21 – ‘R16’

On: Wednesday, 4/28/21, at 1:55pm ET · For: 3/31/21 · Accession #: 1564590-21-21238 · File #: 1-12317

Previous ‘10-Q’: ‘10-Q’ on 10/27/20 for 9/30/20 · Next: ‘10-Q’ on 7/28/21 for 6/30/21 · Latest: ‘10-Q’ on 4/26/24 for 3/31/24 · 20 References:

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/28/21  NOV Inc.                          10-Q        3/31/21   73:10M                                    ActiveDisclosure/FA

Quarterly Report — Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    809K 
 2: EX-10.18    Material Contract                                   HTML     49K 
 7: EX-95       Mine-Safety Disclosure                              HTML     43K 
 3: EX-31.1     Certification -- §302 - SOA'02                      HTML     23K 
 4: EX-31.2     Certification -- §302 - SOA'02                      HTML     23K 
 5: EX-32.1     Certification -- §906 - SOA'02                      HTML     21K 
 6: EX-32.2     Certification -- §906 - SOA'02                      HTML     21K 
14: R1          Document and Entity Information                     HTML     73K 
15: R2          Consolidated Balance Sheets (Unaudited)             HTML    129K 
16: R3          Consolidated Balance Sheets (Unaudited)             HTML     29K 
                (Parenthetical)                                                  
17: R4          Consolidated Statements of Income (Loss)            HTML    104K 
                (Unaudited)                                                      
18: R5          Consolidated Statements of Comprehensive Loss       HTML     45K 
                (Unaudited)                                                      
19: R6          Consolidated Statements of Cash Flows (Unaudited)   HTML    108K 
20: R7          Consolidated Statements of Stockholders' Equity     HTML     68K 
                (Unaudited)                                                      
21: R8          Consolidated Statements of Stockholders' Equity     HTML     22K 
                (Unaudited) (Parenthetical)                                      
22: R9          Basis of Presentation                               HTML     25K 
23: R10         Inventories, net                                    HTML     49K 
24: R11         Accrued Liabilities                                 HTML     62K 
25: R12         Accumulated Other Comprehensive Loss                HTML    158K 
26: R13         Segments                                            HTML     99K 
27: R14         Revenue                                             HTML    238K 
28: R15         Leases                                              HTML     65K 
29: R16         Debt                                                HTML     58K 
30: R17         Income Taxes                                        HTML     26K 
31: R18         Stock-Based Compensation                            HTML     27K 
32: R19         Derivative Financial Instruments                    HTML    226K 
33: R20         Net Loss Attributable to Company Per Share          HTML     70K 
34: R21         Cash Dividends                                      HTML     23K 
35: R22         Commitments and Contingencies                       HTML     35K 
36: R23         New Accounting Pronouncements                       HTML     32K 
37: R24         Basis of Presentation (Policies)                    HTML     31K 
38: R25         Inventories, net (Tables)                           HTML     49K 
39: R26         Accrued Liabilities (Tables)                        HTML     61K 
40: R27         Accumulated Other Comprehensive Loss (Tables)       HTML    157K 
41: R28         Segments (Tables)                                   HTML     93K 
42: R29         Revenue (Tables)                                    HTML    233K 
43: R30         Leases (Tables)                                     HTML     63K 
44: R31         Debt (Tables)                                       HTML     55K 
45: R32         Derivative Financial Instruments (Tables)           HTML    223K 
46: R33         Net Loss Attributable to Company Per Share          HTML     68K 
                (Tables)                                                         
47: R34         Inventories, net - Inventories (Detail)             HTML     34K 
48: R35         Accrued Liabilities - Accrued Liabilities (Detail)  HTML     44K 
49: R36         Accumulated Other Comprehensive Loss - Components   HTML     48K 
                of Accumulated Other Comprehensive Loss (Detail)                 
50: R37         Accumulated Other Comprehensive Loss - Components   HTML     47K 
                of Amounts Reclassified from Accumulated Other                   
                Comprehensive Income (Loss) (Detail)                             
51: R38         Accumulated Other Comprehensive Loss - Additional   HTML     27K 
                Information (Detail)                                             
52: R39         Segments - Operating Segments (Detail)              HTML     43K 
53: R40         Segments - Additional Information (Detail)          HTML     32K 
54: R41         Revenue - Summary of Disaggregate Revenue by        HTML     70K 
                Destinations (Detail)                                            
55: R42         Revenue - Additional Information (Detail)           HTML     27K 
56: R43         Revenue - Additional Information (Detail 1)         HTML     30K 
57: R44         Revenue - Summary of Changes in Net Carrying        HTML     41K 
                Amount of Contract Assets and Contract Liabilities               
                (Detail)                                                         
58: R45         Leases - Schedule of Components of Leases (Detail)  HTML     37K 
59: R46         Debt - Debt (Detail)                                HTML     39K 
60: R47         Debt - Debt (Parenthetical) (Detail)                HTML     34K 
61: R48         Debt - Additional Information (Detail)              HTML     94K 
62: R49         Income Taxes - Additional Information (Detail)      HTML     22K 
63: R50         Stock-Based Compensation - Additional Information   HTML     74K 
                (Detail)                                                         
64: R51         Derivative Financial Instruments - Outstanding      HTML     28K 
                Foreign Currency Forward Contracts (Detail)                      
65: R52         Derivative Financial Instruments - Additional       HTML     26K 
                Information (Detail)                                             
66: R53         Derivative Financial Instruments - Derivative       HTML     43K 
                Instruments and their Balance Sheet                              
                Classifications (Detail)                                         
67: R54         Net Loss Attributable to Company Per Share -        HTML     49K 
                Computation of Weighted Average Basic and Diluted                
                Shares Outstanding (Detail)                                      
68: R55         Net Loss Attributable to Company Per Share-         HTML     22K 
                Additional Information (Detail)                                  
69: R56         Cash Dividends - Additional Information (Detail)    HTML     22K 
71: XML         IDEA XML File -- Filing Summary                      XML    127K 
13: XML         XBRL Instance -- nov-10q_20210331_htm                XML   2.47M 
70: EXCEL       IDEA Workbook of Financial Reports                  XLSX     71K 
 9: EX-101.CAL  XBRL Calculations -- nov-20210331_cal                XML    166K 
10: EX-101.DEF  XBRL Definitions -- nov-20210331_def                 XML    356K 
11: EX-101.LAB  XBRL Labels -- nov-20210331_lab                      XML    965K 
12: EX-101.PRE  XBRL Presentations -- nov-20210331_pre               XML    700K 
 8: EX-101.SCH  XBRL Schema -- nov-20210331                          XSD    140K 
72: JSON        XBRL Instance as JSON Data -- MetaLinks              325±   479K 
73: ZIP         XBRL Zipped Folder -- 0001564590-21-021238-xbrl      Zip    576K

‘R16’ — Debt

This is an IDEA Financial Report. [ Alternative Formats ]

Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Debt

8.Debt

Debt consists of (in millions):

	March 31,		December 31,
	2021		2020
$1.1 billion in Senior Notes, interest at 3.95% payable semiannually, principal due on December 1, 2042	$	1,089	$	1,089
$0.5 billion in Senior Notes, interest at 3.60% payable semiannually, principal due on December 1, 2029		493		493
$0.2 billion in Senior Notes, interest at 2.60% payable semiannually, principal due on December 1, 2022		182		182
Other debt		87		70
Total debt		1,851		1,834
Less current portion		182		-
Long-term debt	$	1,669	$	1,834

The Company has a $2.0 billion, five-year unsecured revolving credit facility, which expires on October 30, 2024. The Company has the right to increase the commitments under this agreement to an aggregate amount of up to $3.0 billion upon the consent of only those lenders holding any such increase. Interest under the multicurrency facility is based upon LIBOR, NIBOR or CDOR plus 1.125% subject to a ratings-based grid or the U.S. prime rate. The credit facility contains a financial covenant regarding maximum debt-to-capitalization ratio of 60%. As of March 31, 2021, the Company was in compliance with a debt-to-capitalization ratio of 29.0% and had no outstanding letters of credit issued under the facility, resulting in $2.0 billion of available funds.

Additionally, the Company has a $150 million bank line of credit for the construction of a facility in Saudi Arabia. Interest under the bank line of credit is based upon LIBOR plus 1.40%. The bank line of credit contains a financial covenant regarding maximum debt-to-equity ratio of 75%. As of March 31, 2021, the Company was in compliance. Other debt at March 31, 2021 included $25 million of funding provided by a minority interest partner of an NOV consolidated joint venture.

The Company had $444 million of outstanding letters of credit at March 31, 2021, primarily in the U.S. and Norway, that are under various bilateral letter of credit facilities. Letters of credit are issued as bid bonds, advanced payment bonds and performance bonds.

At March 31, 2021 and December 31, 2020, the fair value of the Company’s unsecured Senior Notes approximated $1,690 million and $1,833 million, respectively. The fair value of the Company’s debt is estimated using Level 2 inputs in the fair value hierarchy and is based on quoted prices for those or similar instruments. At March 31, 2021 and December 31, 2020, the carrying value of the Company’s unsecured Senior Notes approximated $1,764 million.

Subsequent Event: Redemption of unsecured Senior Notes Due 2022

On April 9, 2021, the Company repaid the entire outstanding balance ($182 million) of its 2.60% unsecured Senior Notes due December 2022 using available cash balances. Upon redemption, the Company paid $191 million, which included a redemption premium of $6.8 million as well as accrued and unpaid interest of $1.7 million. As a result of the redemption, the Company recorded a loss on extinguishment of debt of $7.1 million in the second quarter, including a make whole premium of $6.8 million and non-cash charges of $0.3 million to write-off unamortized discount and debt issuance costs. Following the repayment, the Company’s earliest bond maturity is in 2029.

Dates Referenced Herein and Documents Incorporated by Reference

This ‘10-Q’ Filing	Date	Other Filings

	12/1/29
	10/30/24
	12/1/22
	12/31/21	10-K, 11-K, SD
Filed on:	4/28/21	8-K
	4/9/21	DEF 14A
For Period end:	3/31/21
	12/31/20	10-K, 11-K, SD
		List all Filings

6 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/14/24  NOV Inc.                          10-K       12/31/23  114:21M                                    Donnelley … Solutions/FA
 2/14/23  NOV Inc.                          10-K       12/31/22  117:27M                                    Donnelley … Solutions/FA
 4/29/22  NOV Inc.                          10-Q        3/31/22   73:9.7M                                   Donnelley … Solutions/FA
 2/11/22  NOV Inc.                          10-K       12/31/21  114:27M                                    ActiveDisclosure/FA
10/27/21  NOV Inc.                          10-Q        9/30/21   73:13M                                    ActiveDisclosure/FA
 7/28/21  NOV Inc.                          10-Q        6/30/21   72:12M                                    ActiveDisclosure/FA

14 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/28/20  NOV Inc.                          10-Q        3/31/20   80:10M                                    ActiveDisclosure/FA
 2/13/20  NOV Inc.                          10-K       12/31/19  118:26M                                    ActiveDisclosure/FA
11/04/19  NOV Inc.                          8-K:1,2,9  10/30/19   11:981K                                   Donnelley … Solutions/FA
 4/26/19  NOV Inc.                          10-Q        3/31/19   80:9.8M                                   ActiveDisclosure/FA
 3/30/18  NOV Inc.                          DEF 14A     5/11/18    1:1.6M                                   Donnelley … Solutions/FA
11/21/17  NOV Inc.                          8-K:5,9    11/20/17    2:121K                                   Donnelley … Solutions/FA
 8/11/17  NOV Inc.                          8-K:5,9     8/11/17    2:190K                                   Donnelley … Solutions/FA
 6/28/17  NOV Inc.                          8-K:1,2,9   6/27/17    2:709K                                   Donnelley … Solutions/FA
 2/26/16  NOV Inc.                          8-K:5,9     2/24/16    4:77K                                    Donnelley … Solutions/FA
11/24/14  NOV Inc.                          8-K:5,9    11/20/14    3:171K                                   Donnelley … Solutions/FA
 3/27/13  NOV Inc.                          8-K:5,9     3/22/13    2:56K                                    Donnelley … Solutions/FA
 8/05/11  NOV Inc.                          10-Q        6/30/11   63:3.6M                                   Donnelley … Solutions/FA
 3/27/07  NOV Inc.                          8-K:5,9     3/26/07    3:60K                                    Bowne - Houston/FA
 2/23/06  NOV Inc.                          8-K:1,9     2/21/06    3:50K                                    Bowne - Houston/FA

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Filing Submission 0001564590-21-021238 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)