Acquisitions and Divestitures	9 Months Ended
Sep. 30, 2024
Business Combinations [Abstract]
Acquisitions and Divestitures	6. Acquisitions and Divestitures During the nine months ended September 30, 2024, our Energy Products and Services segment made two strategic acquisitions to enhance and expand our existing portfolio for a total consideration of $245 million, net of cash acquired. One of the two acquisitions was a company owned by White Deer Energy, a middle market private equity fund focused on energy investments. As the transaction involved a related party at the time it was entered into (e.g., directors Ben A. Guill and Eric L. Mattson both had an investment interest in certain White Deer Energy funds), the acquisition was approved by the disinterested members of the Company’s Board of Directors. As of September 30, 2024, we provisionally recorded $126 million of goodwill and amortizable intangible assets; $63 million of PP&E, including financing and operating lease right of use assets; $89 million of net working capital; $16 million of finance and operating lease liabilities, and $17 million in other liabilities. The fair values of the assets acquired and liabilities assumed are preliminary and subject to change until we finalize our accounting for these acquisitions. On April 9, 2024, NOV completed the divestiture of its Pole Products business. Pole Products is a leading manufacturer of premium spun-cast concrete and tapered steel poles for diverse applications. We recorded a gain of $131 million, which is included as a reduction of Cost of Revenue on the Consolidated Statements of Income. During the second quarter, the Company purchased the remaining noncontrolling interest in Keystone Tower Systems for total consideration of $30 million.

Acquisitions and Divestitures

9 Months Ended

Sep. 30, 2024

6. Acquisitions and Divestitures

During the nine months ended September 30, 2024, our Energy Products and Services segment made two strategic acquisitions to enhance and expand our existing portfolio for a total consideration of $245 million, net of cash acquired. One of the two acquisitions was a company owned by White Deer Energy, a middle market private equity fund focused on energy investments. As the transaction involved a related party at the time it was entered into (e.g., directors Ben A. Guill and Eric L. Mattson both had an investment interest in certain White Deer Energy funds), the acquisition was approved by the disinterested members of the Company’s Board of Directors.

As of September 30, 2024, we provisionally recorded $126 million of goodwill and amortizable intangible assets; $63 million of PP&E, including financing and operating lease right of use assets; $89 million of net working capital; $16 million of finance and operating lease liabilities, and $17 million in other liabilities. The fair values of the assets acquired and liabilities assumed are preliminary and subject to change until we finalize our accounting for these acquisitions.

On April 9, 2024, NOV completed the divestiture of its Pole Products business. Pole Products is a leading manufacturer of premium spun-cast concrete and tapered steel poles for diverse applications. We recorded a gain of $131 million, which is included as a reduction of Cost of Revenue on the Consolidated Statements of Income.

During the second quarter, the Company purchased the remaining noncontrolling interest in Keystone Tower Systems for total consideration of $30 million.