<SEC-DOCUMENT>0001193125-24-194665.txt : 20240910
<SEC-HEADER>0001193125-24-194665.hdr.sgml : 20240910
<ACCEPTANCE-DATETIME>20240806115827
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-194665
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240806

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NOV Inc.
		CENTRAL INDEX KEY:			0001021860
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL & GAS FILED MACHINERY & EQUIPMENT [3533]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				760475815
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		10353 RICHMOND AVE.
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
		BUSINESS PHONE:		346-223-3000

	MAIL ADDRESS:	
		STREET 1:		10353 RICHMOND AVE.
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NATIONAL OILWELL VARCO INC
		DATE OF NAME CHANGE:	20050311

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NATIONAL OILWELL INC
		DATE OF NAME CHANGE:	19960829
</SEC-HEADER>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August&nbsp;6, 2024 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S.
Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Ms.&nbsp;Megan Akst </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>NOV Inc. (the &#147;Company&#148;)</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Year Ended December&nbsp;31, 2023</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-12317</FONT></B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This letter responds to the comments that
the Company received from the Staff of the Division of Corporation Finance (the &#147;Staff&#148;) of the U.S. Securities and Exchange Commission (the &#147;Commission&#148; or the &#147;SEC&#148;) on July&nbsp;25, 2024. For your convenience, the
Company&#146;s responses are prefaced by the Commission&#146;s comment in bold text. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Year
Ended December&nbsp;31, 2023 </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations Executive Summary, page 36
</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>When providing a discussion and analysis of a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure,
please ensure such disclosure is accompanied by a similar discussion and analysis of the corresponding GAAP measure with equal or greater prominence. For example, you disclose the decrease in segment Adjusted EBITDA YoY and Q4 over Q3 fiscal 2023
without providing similar information for the corresponding GAAP measure. In addition, you disclose total adjusted EBITDA for Q3 fiscal 2023 and Q4 fiscal 2022 without providing similar GAAP information for net income. Refer to Item 10(e)(1)(i)(A)
of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> and Question 102.10(a) of the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> C&amp;DIs. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Response: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment and
advises the Staff that in future filings, we will endeavor to fully comply with Item 10(e)(1)(i)(A) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> and the related Staff guidance. Specifically, the Company will not present Adjusted EBITDA
(or a discussion and analysis of the changes therein) for any periods where the comparable GAAP information is not presented with equal or greater prominence. In addition, the Company respectfully advises the Staff that it has already reflected the
foregoing in its Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the second quarter ended June&nbsp;30, 2024. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note that you include various measures for the most recent quarter, including new orders booked, book to
bill ratio, and orders shipped on an individual segment basis. In order to provide context to your current measure, please revise to include comparative information for the periods presented in the filing. Refer to SEC Release <FONT
STYLE="white-space:nowrap">No.&nbsp;33-10751.</FONT> </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Response: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company advises the Staff that in future filings, where such measures are presented for a current period, we will provide comparative information for the
relevant prior period. In addition, the Company respectfully advises the Staff that it has already reflected the foregoing in its Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the second quarter ended June&nbsp;30, 2024. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Results of Operations, page 37 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please revise to explain in sufficient detail the reasons driving changes in your financial statement line
items on a consolidated and segment basis. When you discuss revenue fluctuations, specifically describe the extent to which changes are attributable to changes in prices, changes in the volume or amount of goods or services being sold, or to the
introduction of new products or services. Where you describe two or more business reasons that contributed to a material change in a financial statement line item between periods, please quantify, where possible, the extent to which each factor
contributed to the overall change in that line item, including any <FONT STYLE="white-space:nowrap">off-setting</FONT> factors. Also, revise to include a separate discussion of the company&#146;s consolidated results based on the line items in your
consolidated statements of income. Refer to Item 303(a) and (b)&nbsp;of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> and SEC Release <FONT STYLE="white-space:nowrap">No.&nbsp;33-8350.</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Response: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We acknowledge the Staff&#146;s comment. We confirm
that in future filings, we will endeavor to provide greater detail of the reasons driving changes in financial statement line items and, where we describe two or more business reasons that contributed to a material change in a financial statement
line item, we will quantify, where possible, the extent to which each factor contributed to the overall change in that line item, including any <FONT STYLE="white-space:nowrap">off-setting</FONT> factors. In situations where it is not practical to
quantify such changes, we will provide a qualitative discussion of the relative significance of each factor that contributed to the overall change in that line item where possible. We will also include a separate discussion of the Company&#146;s
consolidated results based on the line items in its consolidated statements of income. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August 6, 2024 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With respect to specifically describing the extent to which revenue fluctuations are attributable to changes
in prices, changes in the volume or amount of goods or services being sold, or to the introduction of new products or services, we note that the Company&#146;s revenues are significantly impacted by factors other than price and volume. Sales mix
often varies considerably period to period, so unit price and volume comparisons for products are often of limited utility. One of the biggest drivers in the change of sales mix and volumes relates to changes in activity and demand from different
markets. We provide that information as part of our disaggregated revenue disclosures in the notes to the financial statements, and will provide narrative discussion of this information in the Management&#146;s Discussion and Analysis section of
future periodic and annual reports, to the extent relevant. Management has also historically provided comparative data on key energy services industry drivers, most notably, changes in oil prices and rig counts, as those items have a material impact
on demand for our products and services, and also indirectly impact pricing. Furthermore, we offer many products that are sold at varying prices to different customers in different regions. Therefore, we do not quantify aggregate price and volume
for our product lines or segments and believe it would not be practical to do so. However, if there are material changes to overall volume or pricing that impact our financial results, we will describe those changes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, the Company respectfully advises the Staff that it has already reflected the foregoing in its Form <FONT STYLE="white-space:nowrap">10-Q</FONT>
for the second quarter ended June&nbsp;30, 2024. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Consolidated Financial Statements </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Note 2. Summary of Significant Accounting Policies </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Remaining Performance Obligations, page 64 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>You disclose that the company expects to recognize as revenue over the next 12 months approximately
$1.5&nbsp;billion of the unsatisfied or partially satisfied performance obligations with the remainder being recognized thereafter. Please revise to disclose when the remaining $3&nbsp;billion will be recognized on a quantitative basis using time
bands that would be most appropriate for the duration of the remaining performance obligations or by providing qualitative information. Refer to ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">606-10-50-13.</FONT></FONT></FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Response: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company
will revise the disclosure in its future annual and quarterly reports to disclose the amount of its unsatisfied or partially satisfied performance obligations expected to be recognized on a quantitative basis, using the time bands that would be most
appropriate for the duration of the remaining performance obligations. In addition, the Company respectfully advises the Staff that it has already reflected the foregoing in its Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the second
quarter ended June&nbsp;30, 2024. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information below illustrates what the Company&#146;s remaining performance obligations disclosure in Note 2 to its
consolidated financial statements would have been if the changes were incorporated into the Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2023. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Remaining Performance Obligations </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Remaining performance obligations represent the transaction price of firm orders for all revenue streams for which work has not been performed
on contracts with an original expected duration of one year or more. We do not disclose the remaining performance obligations of royalty contracts, service contracts for which there is a right to invoice, and short-term contracts that are expected
to have a duration of one year or less. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2023, the aggregate amount of the transaction price allocated to
remaining performance obligations was $4,492&nbsp;million. The Company expects to recognize approximately $1,491&nbsp;million in revenue for the remaining performance obligations in 2024, $885&nbsp;million in 2025, $431&nbsp;million in 2026, and
$1,685&nbsp;million thereafter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In providing this response letter to the Staff, the Company acknowledges that (i)&nbsp;the Company and
its management are responsible for the adequacy and accuracy of the disclosure in the above-referenced filing, (ii)&nbsp;Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action
with respect to the above-referenced filing, and (iii)&nbsp;the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you or any member of the Staff has any questions regarding the responses set forth herein, please contact Megan Foscaldi of Locke Lord LLP
at (617) <FONT STYLE="white-space:nowrap">239-0282.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sincerely,</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Peter F. Vranderic</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Peter F. Vranderic</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Assistant General Counsel</P></TD></TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
