NOV Inc. Files Q2 2024 10-Q Report

TL;DR

NOV Inc. 10-Q filed: Q2 2024 financials out, showing lease liabilities and retained earnings.

AI Summary

NOV Inc. filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance. The filing details various financial aspects, including lease liabilities and retained earnings, for the company which operates in the Oil & Gas Field Machinery & Equipment sector.

Why It Matters

This filing provides investors and analysts with a detailed look at NOV Inc.'s financial health and operational performance during the second quarter of 2024.

Risk Assessment

Risk Level: medium — Quarterly filings like this 10-Q are standard for public companies, but the specific financial details within can reveal underlying risks or strengths.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20240729 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• NOV Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 760475815 (dollar_amount) — IRS Number
• 346-223-3000 (dollar_amount) — Business Phone Number
• NATIONAL OILWELL VARCO INC (company) — Former Company Name
• 20050311 (date) — Date of Former Company Name Change

FAQ

Key Financial Figures

• $0.01 — 6,882 shares of common stock, par value $0.01 per share, outstanding. PART I - FINA

Filing Documents

• nov-20240630.htm (10-Q) — 2329KB
• nov-ex31_1.htm (EX-31.1) — 11KB
• nov-ex31_2.htm (EX-31.2) — 11KB
• nov-ex32_1.htm (EX-32.1) — 7KB
• nov-ex32_2.htm (EX-32.2) — 7KB
• nov-ex95.htm (EX-95) — 78KB
• img80465883_0.jpg (GRAPHIC) — 3KB
• img80465883_1.jpg (GRAPHIC) — 295KB
• 0000950170-24-087179.txt ( ) — 10047KB
• nov-20240630.xsd (EX-101.SCH) — 1030KB
• nov-20240630_htm.xml (XML) — 2038KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements NOV INC. CONSOLIDATED BALANCE SHEETS (In millions, except share data) June 30, December 31, 2024 2023 ASSETS (Unaudited) Current assets: Cash and cash equivalents $ 827 $ 816 Receivables, net 1,854 1,905 Inventories, net 2,157 2,151 Contract assets 772 739 Prepaid and other current assets 234 229 Total current assets 5,844 5,840 Property, plant and equipment, net 1,882 1,865 Lease right-of-use assets, operating 376 372 Lease right-of-use assets, financing 175 172 Deferred income taxes 396 488 Goodwill 1,618 1,562 Intangibles, net 498 450 Investment in unconsolidated affiliates 168 211 Other assets 340 334 Total assets $ 11,297 $ 11,294 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 809 $ 904 Accrued liabilities 782 870 Contract liabilities 508 532 Current portion of lease liabilities 99 94 Current portion of long-term debt 24 13 Accrued income taxes 20 22 Total current liabilities 2,242 2,435 Long-term debt 1,724 1,712 Lease liabilities 553 558 Deferred income taxes 59 70 Other liabilities 287 277 Total liabilities 4,865 5,052 Commitments and contingencies Stockholders' equity: Common stock - par value $ .01 ; 1 billion shares authorized; 393,706,882 and 393,945,659 shares issued and outstanding at June 30, 2024 and December 31, 2023 4 4 Additional paid-in capital 8,784 8,812 Accumulated other comprehensive loss ( 1,549 ) ( 1,493 ) Retained deficit ( 860 ) ( 1,155 ) Total Company stockholders' equity 6,379 6,168 Noncontrolling interests 53 74 Total stockholders' equity 6,432 6,242 Total liabilities and stockholders' equity $ 11,297 $ 11,294 See notes to unaudited consolidated financial statements. 2 NOV INC. CONSOLIDATED STATEMENTS OF INCOME (

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 1. Basis of Presentation The accompanying unaudited consolidated financial statements of NOV Inc. ("NOV" or the "Company") present information in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and the instructions to Form 10-Q and applicable rules of Regulation S-X. They do not include all information or footnotes required by GAAP for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements and footnotes included in the Company's 2023 Annual Report on Form 10-K. Certain reclassifications have been made to prior period financial information in order to conform with current period presentation. In our opinion, the consolidated financial statements include all adjustments, which are of a normal recurring nature unless otherwise disclosed, necessary for a fair presentation of the results for the interim periods. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported and contingent amounts of assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The fair values of cash and cash equivalents, receivables and payables were approximately the same as their presented carrying values because of the short maturities of these instruments. The fair value of long-term debt is provided in Note 9, and the fair values of derivative financial instruments are provided in Note 12. 2. Inventories, net Inventories consist of (in millions): June 30, December 31, 2024 2023 Raw materials and supplies $

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View this 10-Q filing on SEC EDGAR