XML 57 R41.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Employee Benefit Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Retirement Benefits [Abstract] |
Change in Benefit Obligation, Plan Assets and Funded Status of Defined Benefit Pension Plans | The change in benefit obligation, plan assets and the funded status of the defined benefit pension plans in the United States, United Kingdom, Norway, Germany and the Netherlands and defined postretirement plans in the United States, using a measurement date of December 31, 2024 and 2023, is as follows (in millions):
|  | Pension benefits |  |  | Postretirement benefits |
At year end |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Benefit obligation at beginning of year |  | $ | 206 |  |  | $ | 382 |  |  | $ | 48 |  |  | $ | 50 |
Service cost |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | 2 |
Interest cost |  |  | 8 |  |  |  | 10 |  |  |  | 3 |  |  |  | 2 |
Actuarial loss (gain) |  |  | (13 | ) |  |  | 6 |  |  |  | (2 | ) |  |  | (3 | )
Benefits paid |  |  | (11 | ) |  |  | (16 | ) |  |  | (6 | ) |  |  | (6 | )
Exchange rate loss (gain) |  |  | (6 | ) |  |  | 8 |  |  |  | — |  |  |  | — |
Settlements |  |  | — |  |  |  | (184 | ) |  |  | (2 | ) |  |  | — |
Special Termination Benefits |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3 |
Benefit obligation at end of year |  | $ | 184 |  |  | $ | 206 |  |  | $ | 43 |  |  | $ | 48 |
Fair value of plan assets at beginning of year |  | $ | 180 |  |  | $ | 381 |  |  | $ | — |  |  | $ | — |
Actual return |  |  | 6 |  |  |  | 2 |  |  |  | — |  |  |  | — |
Benefits paid |  |  | (11 | ) |  |  | (16 | ) |  |  | (6 | ) |  |  | (6 | )
Company contributions |  |  | 2 |  |  |  | (11 | ) |  |  | 8 |  |  |  | 6 |
Exchange rate gain (loss) |  |  | (4 | ) |  |  | 8 |  |  |  | — |  |  |  | — |
Settlements |  |  | — |  |  |  | (184 | ) |  |  | (2 | ) |  |  | — |
Fair value of plan assets at end of year |  | $ | 173 |  |  | $ | 180 |  |  | $ | — |  |  | $ | — |
Funded status |  | $ | (11 | ) |  | $ | (26 | ) |  | $ | (43 | ) |  | $ | (48 | )
Accumulated benefit obligation at end of year |  | $ | 183 |  |  | $ | 205 |  |  |  |  |  |  |
Assumption Rates Used for Benefit Obligations | The assumption rates used for benefit obligations are as follows:
|  | Year Ended December 31,
|  | 2024 |  | 2023
Discount rate: |  |  |  |
United States plan |  | 4.90% |  | 5.50% - 5.60%
International plans |  | 3.40% - 5.40% |  | 3.20% - 4.50%
Salary increase: |  |  |  |
United States plan |  | N/A |  | N/A
International plans |  | 2.50% - 3.50% |  | 2.50% - 3.75%
Assumption Rates Used for Net Periodic Benefit Costs | The assumption rates used for net periodic benefit costs are as follows:
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Discount rate: |  |  |  |  |  |
United States plan |  | 5.50% - 5.60% |  | 4.74% - 5.20% |  | 1.80% - 2.20%
International plans |  | 3.20% - 4.50% |  | 3.30% - 4.80% |  | 1.00% - 1.90%
Salary increase: |  |  |  |  |  |
United States plan |  | N/A |  | N/A |  | N/A
International plans |  | 2.50% - 3.75% |  | 2.50% - 3.75% |  | 2.50% - 3.40%
Expected return on assets: |  |  |  |  |  |
United States plan |  | N/A |  | 4.74% |  | 1.84%
International plans |  | 3.20% - 5.40% |  | 3.20% - 4.90% |  | 1.00% - 4.00%
Plan's Assets Carried at Fair Value | The following table sets forth by level, within the fair value hierarchy, the plan’s assets carried at fair value (in millions):
|  | Fair Value Measurements |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
December 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Bonds |  |  | 84 |  |  |  | — |  |  |  | 84 |  |  |  | — |
Other (insurance contracts) |  |  | 96 |  |  |  | — |  |  |  | 31 |  |  |  | 65 |
Total Fair Value Measurements |  | $ | 180 |  |  | $ | — |  |  | $ | 115 |  |  | $ | 65 |
December 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Bonds |  |  | 90 |  |  |  | — |  |  |  | 90 |  |  |  | — |
Other (insurance contracts) |  |  | 83 |  |  |  | — |  |  |  | 20 |  |  |  | 63 |
Total Fair Value Measurements |  | $ | 173 |  |  | $ | — |  |  | $ | 110 |  |  | $ | 63 |

X
- Definition Defined Benefit Plan Assumptions Used In Calculating Benefit Obligation. + References No definition available. + Details
Name: | nov_DefinedBenefitPlanAssumptionsUsedInCalculatingBenefitObligationTableTextBlock
Namespace Prefix: | nov_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Defined Benefit Plan, Change in Fair Value Of Plan Assets. + References No definition available. + Details
Name: | nov_DefinedBenefitPlanChangeInFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | nov_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480482/715-20-55-17 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-2 + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration