Debt	3 Months Ended
Mar. 31, 2018
Debt Disclosure [Abstract]
Debt	5. Debt On January 20, 2016, the Company entered into an amendment (the “Amendment”) to its credit facility dated as of April 18, 2014 (the “Credit Agreement”). The Amendment, among other things, (i) suspends, until the Company elects otherwise, the Credit Agreement’s minimum interest coverage ratio effective as of December 30, 2015, (ii) adds a minimum asset coverage ratio (as defined in the Credit Agreement), which requires that the ratio of the value of the Company’s eligible assets (value of qualified cash, eligible inventory and eligible accounts receivable) to the amount of its outstanding obligations under the Credit Agreement is no less than 1.50 to 1.00, (iii) reduces the maximum capitalization ratio (as defined in the Credit Agreement) from 50% to 45%, (iv) increases the applicable interest margin on current borrowings by 75 basis points and the current commitment fee by 5 basis points and (v) reduces sub-facilities for standby letters of credit and swingline loans to $40 million and $25 million, respectively. In connection with the Amendment, the Company also entered into a Security Agreement dated as of January 20, 2016 (the “Security Agreement”) pursuant to which it granted the lenders under the Credit Agreement customary security interests in substantially all of the Company’s U.S. assets and in approximately 65% of the equity interests of the Company’s first-tier foreign subsidiaries. As of March 31, 2018, the Company had borrowed $175 million against its senior secured revolving credit facility, and had $452 million in availability (as defined in the Credit Agreement) resulting in the excess availability (as defined in the Credit Agreement) of 71%, subject to certain restrictions. Borrowings that result in the excess availability dropping below 25% are conditioned upon compliance with or waiver of a minimum fixed charge ratio (as defined in the Credit Agreement). The Company was not obligated to pay back the borrowing against the senior secured revolving credit facility until the expiration date of April 18, 2019, as such the outstanding borrowing is classified as long term. As of March 31, 2018, the Company was in compliance with all financial covenants in the credit facility. Total commitments under the amended credit facility are $750 million and the amended credit facility includes a $250 million accordion feature, subject to certain conditions. At March 31, 2018, the Company issued $6 million in letters of credit under its senior revolving credit facility, primarily for casualty insurance expiring in July 2018. On April 30, 2018, the Company replaced its existing senior secured revolving credit facility and entered into a new senior secured revolving credit facility (the “Credit Facility”) with a syndicate of lenders, with Wells Fargo Bank, National Association, serving as the administrative agent. The Credit Facility provides for a $750 million global revolving credit facility, with potential to further increase the Credit Facility to up to $1.0 billion. The Credit Facility matures in April 2023, unless extended. Availability under the Credit Facility is determined by a borrowing base comprised of eligible receivables and eligible inventory. The obligations are secured by substantially all the assets of NOW Inc. The fixed charge coverage ratio covenant in the Revolving Facility applies only if availability under the Credit Facility is less than a certain threshold.

5. Debt

On January 20, 2016, the Company entered into an amendment (the “Amendment”) to its credit facility dated as of April 18, 2014 (the “Credit Agreement”). The Amendment, among other things, (i) suspends, until the Company elects otherwise, the Credit Agreement’s minimum interest coverage ratio effective as of December 30, 2015, (ii) adds a minimum asset coverage ratio (as defined in the Credit Agreement), which requires that the ratio of the value of the Company’s eligible assets (value of qualified cash, eligible inventory and eligible accounts receivable) to the amount of its outstanding obligations under the Credit Agreement is no less than 1.50 to 1.00, (iii) reduces the maximum capitalization ratio (as defined in the Credit Agreement) from 50% to 45%, (iv) increases the applicable interest margin on current borrowings by 75 basis points and the current commitment fee by 5 basis points and (v) reduces sub-facilities for standby letters of credit and swingline loans to $40 million and $25 million, respectively. In connection with the Amendment, the Company also entered into a Security Agreement dated as of January 20, 2016 (the “Security Agreement”) pursuant to which it granted the lenders under the Credit Agreement customary security interests in substantially all of the Company’s U.S. assets and in approximately 65% of the equity interests of the Company’s first-tier foreign subsidiaries.

As of March 31, 2018, the Company had borrowed $175 million against its senior secured revolving credit facility, and had $452 million in availability (as defined in the Credit Agreement) resulting in the excess availability (as defined in the Credit Agreement) of 71%, subject to certain restrictions. Borrowings that result in the excess availability dropping below 25% are conditioned upon compliance with or waiver of a minimum fixed charge ratio (as defined in the Credit Agreement). The Company was not obligated to pay back the borrowing against the senior secured revolving credit facility until the expiration date of April 18, 2019, as such the outstanding borrowing is classified as long term. As of March 31, 2018, the Company was in compliance with all financial covenants in the credit facility. Total commitments under the amended credit facility are $750 million and the amended credit facility includes a $250 million accordion feature, subject to certain conditions.

At March 31, 2018, the Company issued $6 million in letters of credit under its senior revolving credit facility, primarily for casualty insurance expiring in July 2018.

On April 30, 2018, the Company replaced its existing senior secured revolving credit facility and entered into a new senior secured revolving credit facility (the “Credit Facility”) with a syndicate of lenders, with Wells Fargo Bank, National Association, serving as the administrative agent. The Credit Facility provides for a $750 million global revolving credit facility, with potential to further increase the Credit Facility to up to $1.0 billion. The Credit Facility matures in April 2023, unless extended. Availability under the Credit Facility is determined by a borrowing base comprised of eligible receivables and eligible inventory. The obligations are secured by substantially all the assets of NOW Inc. The fixed charge coverage ratio covenant in the Revolving Facility applies only if availability under the Credit Facility is less than a certain threshold.