2023 Q1 Form 10-K Financial Statement

#000095017023002996 Filed on February 16, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $584.0M $547.0M $2.136B
YoY Change 23.47% 26.62% 30.88%
Cost Of Revenue $447.0M $415.0M $1.630B
YoY Change 22.13% 25.38% 27.84%
Gross Profit $137.0M $132.0M $506.0M
YoY Change 28.04% 30.69% 41.74%
Gross Profit Margin 23.46% 24.13% 23.69%
Selling, General & Admin $102.0M $97.00M $361.0M
YoY Change 21.43% 6.59% 7.44%
% of Gross Profit 74.45% 73.48% 71.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.000M $5.000M $19.00M
YoY Change 50.0% 0.0% -17.39%
% of Gross Profit 4.38% 3.79% 3.75%
Operating Expenses $102.0M $97.00M $365.0M
YoY Change 21.43% 6.59% 7.04%
Operating Profit $35.00M $35.00M $131.0M
YoY Change 52.17% 250.0% 1355.56%
Interest Expense $8.000M
YoY Change 700.0%
% of Operating Profit 6.11%
Other Income/Expense, Net $0.00 -$1.000M $8.000M
YoY Change -100.0% -112.5% 166.67%
Pretax Income $35.00M $34.00M $139.0M
YoY Change 6.06% 126.67% 1058.33%
Income Tax $3.000M $2.000M $10.00M
% Of Pretax Income 8.57% 5.88% 7.19%
Net Earnings $31.00M $32.00M $128.0M
YoY Change 3.33% 166.67% 2460.0%
Net Earnings / Revenue 5.31% 5.85% 5.99%
Basic Earnings Per Share $0.28 $1.14
Diluted Earnings Per Share $0.28 $0.29 $1.13
COMMON SHARES
Basic Shares Outstanding 110.3M 110.4M 110.7M
Diluted Shares Outstanding 111.2M 111.2M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $168.0M $212.0M $212.0M
YoY Change -42.66% -32.27% -32.27%
Cash & Equivalents $168.0M $212.0M $212.0M
Short-Term Investments
Other Short-Term Assets $29.00M $26.00M $26.00M
YoY Change 81.25% 62.5% 62.5%
Inventory $406.0M $381.0M $381.0M
Prepaid Expenses
Receivables $422.0M $398.0M $398.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.025B $1.017B $1.017B
YoY Change 8.35% 15.18% 15.18%
LONG-TERM ASSETS
Property, Plant & Equipment $121.0M $119.0M $155.0M
YoY Change 14.15% 7.21% 12.32%
Goodwill $119.0M $116.0M
YoY Change 77.61% 73.13%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $41.00M $43.00M $7.000M
YoY Change 20.59% 26.47% 0.0%
Total Long-Term Assets $304.0M $303.0M $303.0M
YoY Change 40.74% 37.1% 37.1%
TOTAL ASSETS
Total Short-Term Assets $1.025B $1.017B $1.017B
Total Long-Term Assets $304.0M $303.0M $303.0M
Total Assets $1.329B $1.320B $1.320B
YoY Change 14.37% 19.57% 19.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $323.0M $304.0M $304.0M
YoY Change 15.77% 29.36% 29.36%
Accrued Expenses $118.0M $126.0M $93.00M
YoY Change 8.26% 12.5% 9.41%
Deferred Revenue $34.00M $33.00M
YoY Change 6.25% 22.22%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.000M
YoY Change 0.0%
Total Short-Term Liabilities $447.0M $439.0M $439.0M
YoY Change 13.16% 18.97% 18.97%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $7.000M
YoY Change 133.33%
Other Long-Term Liabilities $12.00M $11.00M $29.00M
YoY Change 140.0% 83.33% 45.0%
Total Long-Term Liabilities $12.00M $11.00M $36.00M
YoY Change 140.0% 83.33% 56.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $447.0M $439.0M $439.0M
Total Long-Term Liabilities $12.00M $11.00M $36.00M
Total Liabilities $485.0M $476.0M $478.0M
YoY Change 16.59% 21.43% 21.94%
SHAREHOLDERS EQUITY
Retained Earnings -$1.044B -$1.075B
YoY Change -11.0% -10.64%
Common Stock $2.037B $2.067B
YoY Change -1.31% 0.24%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.000M $0.00
YoY Change
Treasury Stock Shares $244.6K
Shareholders Equity $841.0M $842.0M $842.0M
YoY Change
Total Liabilities & Shareholders Equity $1.329B $1.320B $1.320B
YoY Change 14.37% 19.57% 19.57%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $31.00M $32.00M $128.0M
YoY Change 3.33% 166.67% 2460.0%
Depreciation, Depletion And Amortization $6.000M $5.000M $19.00M
YoY Change 50.0% 0.0% -17.39%
Cash From Operating Activities -$6.000M $6.000M $0.00
YoY Change -72.73% 200.0% -100.0%
INVESTING ACTIVITIES
Capital Expenditures $5.000M $2.000M $9.000M
YoY Change -300.0% 80.0%
Acquisitions $0.00 $80.00M
YoY Change -16.67%
Other Investing Activities $0.00 -$59.00M -$2.000M
YoY Change -100.0% -1575.0% -60.0%
Cash From Investing Activities -$5.000M -$61.00M -$87.00M
YoY Change -350.0% -2133.33% -9.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $7.000M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -34.00M -5.000M -10.00M
YoY Change 3300.0% 66.67% 66.67%
NET CHANGE
Cash From Operating Activities -6.000M 6.000M 0.000
Cash From Investing Activities -5.000M -61.00M -87.00M
Cash From Financing Activities -34.00M -5.000M -10.00M
Net Change In Cash -44.00M -60.00M -101.0M
YoY Change 120.0% -3100.0% 36.49%
FREE CASH FLOW
Cash From Operating Activities -$6.000M $6.000M $0.00
Capital Expenditures $5.000M $2.000M $9.000M
Free Cash Flow -$11.00M $4.000M -$9.000M
YoY Change -50.0% 33.33% -136.0%

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CY2021 us-gaap Profit Loss
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CY2020 us-gaap Profit Loss
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CY2021 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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CY2020 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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CY2022 us-gaap Provision For Doubtful Accounts
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CY2021 us-gaap Provision For Doubtful Accounts
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CY2020 us-gaap Provision For Doubtful Accounts
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CY2022 us-gaap Inventory Write Down
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CY2021 us-gaap Inventory Write Down
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CY2020 us-gaap Inventory Write Down
InventoryWriteDown
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CY2022 us-gaap Asset Impairment Charges
AssetImpairmentCharges
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CY2021 us-gaap Asset Impairment Charges
AssetImpairmentCharges
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CY2020 us-gaap Asset Impairment Charges
AssetImpairmentCharges
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CY2022 us-gaap Other Operating Activities Cash Flow Statement
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CY2021 us-gaap Other Operating Activities Cash Flow Statement
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CY2020 us-gaap Other Operating Activities Cash Flow Statement
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CY2022 us-gaap Increase Decrease In Accounts Receivable
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CY2021 us-gaap Increase Decrease In Accounts Receivable
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CY2020 us-gaap Increase Decrease In Accounts Receivable
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CY2022 us-gaap Increase Decrease In Inventories
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CY2021 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
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CY2020 us-gaap Increase Decrease In Inventories
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CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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CY2020 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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CY2022 dnow Increase Decrease In Accounts Payable Accrued Liabilities And Other Net
IncreaseDecreaseInAccountsPayableAccruedLiabilitiesAndOtherNet
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CY2021 dnow Increase Decrease In Accounts Payable Accrued Liabilities And Other Net
IncreaseDecreaseInAccountsPayableAccruedLiabilitiesAndOtherNet
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CY2020 dnow Increase Decrease In Accounts Payable Accrued Liabilities And Other Net
IncreaseDecreaseInAccountsPayableAccruedLiabilitiesAndOtherNet
136000000
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
30000000
CY2020 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
189000000
CY2022 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
80000000
CY2021 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
96000000
CY2020 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
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CY2022 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
ProceedsFromDivestitureOfBusinessesNetOfCashDivested
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CY2021 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
ProceedsFromDivestitureOfBusinessesNetOfCashDivested
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CY2020 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
ProceedsFromDivestitureOfBusinessesNetOfCashDivested
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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9000000
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2020 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2022 us-gaap Payments For Proceeds From Other Investing Activities
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CY2021 us-gaap Payments For Proceeds From Other Investing Activities
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CY2020 us-gaap Payments For Proceeds From Other Investing Activities
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2020 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
22000000
CY2022 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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CY2021 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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CY2020 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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CY2022 dnow Payments Relating To Finance Leases And Other Net
PaymentsRelatingToFinanceLeasesAndOtherNet
3000000
CY2021 dnow Payments Relating To Finance Leases And Other Net
PaymentsRelatingToFinanceLeasesAndOtherNet
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CY2020 dnow Payments Relating To Finance Leases And Other Net
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2020 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
204000000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
313000000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
387000000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
183000000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
212000000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
313000000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
387000000
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
11000000
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
CY2020 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2000000
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0
CY2020 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1144000000
CY2020 us-gaap Profit Loss
ProfitLoss
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CY2020 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
6000000
CY2020 dnow Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net1
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet1
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CY2020 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
699000000
CY2021 us-gaap Profit Loss
ProfitLoss
5000000
CY2021 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
8000000
CY2021 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
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CY2021 dnow Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net1
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet1
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CY2021 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
712000000
CY2022 us-gaap Profit Loss
ProfitLoss
129000000
CY2022 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
7000000
CY2022 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
11000000
CY2022 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
2000000
CY2022 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
844000000
CY2022 dnow Number Of Geographic Markets
NumberOfGeographicMarkets
80
CY2022 dnow Number Of Vendor Distributed Countries
NumberOfVendorDistributedCountries
40
CY2022 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Reclassification</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Certain amounts in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported results of operations. See Note 11 “Stockholders' Equity” for additional information.</span></p>
CY2022Q4 us-gaap Inventory Net
InventoryNet
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CY2021Q4 us-gaap Inventory Net
InventoryNet
250000000
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
20000000
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
32000000
CY2022 us-gaap Number Of Reporting Units
NumberOfReportingUnits
4
CY2022 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
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CY2021 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
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CY2020 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
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CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Concentration of Credit Risk</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company grants credit to its customers, which operate primarily in the energy, industrial and manufacturing markets. Concentrations of credit risk are limited because the Company has a large number of geographically diverse customers, thus spreading trade credit risk. The Company controls credit risk through credit evaluations, credit limits and monitoring procedures. The Company performs periodic credit evaluations of its customers’ financial condition and, generally, does not require collateral but may require letters of credit or prepayments for certain sales. Allowances for doubtful accounts ("AFDA") are established based on an evaluation of accounts receivable aging, and where applicable, specific reserves on an individual customer basis. The estimated AFDA reflects the Company’s immediate recognition of current expected credit losses by incorporating the historical loss experience, as well as current and future market conditions that are reasonably available. Judgments in the estimate of AFDA include global economic and business conditions, oil and gas industry and market conditions, customers’ financial conditions and account receivables past due.</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> Balances that remain outstanding after the Company has used reasonable collection efforts are written off. No single customer represents more than </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">10</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% of the Company’s revenue.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
CY2020 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
230000000
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">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 Company periodically evaluates its estimates and judgments that are most critical in nature, which are related to allowance for doubtful accounts, inventory reserves, impairment of goodwill and other long-lived assets, purchase price allocation of acquisitions, contingent consideration, vendor consideration, stock-based compensation, pension plan obligations and income taxes. On an ongoing basis, the Company evaluates such estimates by comparing to historical experience and trends, which form the basis for making judgments about the carrying value of assets and liabilities.</span></p>
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
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CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
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CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
22000000
CY2022 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
16000000
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
25000000
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
28000000
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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CY2021 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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CY2020 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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CY2022 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
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CY2021 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
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CY2020 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
25000000
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
28000000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
286000000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
271000000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
167000000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
160000000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
119000000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
111000000
CY2022 us-gaap Depreciation
Depreciation
17000000
CY2021 us-gaap Depreciation
Depreciation
21000000
CY2020 us-gaap Depreciation
Depreciation
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CY2021 dnow Real Estate Footprint Rationalization Gain Loss
RealEstateFootprintRationalizationGainLoss
3000000
CY2021 dnow Impairment Of Property Plant And Equipment
ImpairmentOfPropertyPlantAndEquipment
2000000
CY2020 dnow Impairment Of Property Plant And Equipment
ImpairmentOfPropertyPlantAndEquipment
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CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
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CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
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CY2022Q4 us-gaap Contract With Customer Liability Current
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CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
27000000
CY2022Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
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CY2021Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
12000000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
13000000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
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CY2022Q4 us-gaap Other Accrued Liabilities Current
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31000000
CY2021Q4 us-gaap Other Accrued Liabilities Current
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23000000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
126000000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
112000000
CY2020Q4 us-gaap Goodwill
Goodwill
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CY2021 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
67000000
CY2021Q4 us-gaap Goodwill
Goodwill
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CY2022 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
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CY2022Q4 us-gaap Goodwill
Goodwill
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CY2022Q4 us-gaap Goodwill
Goodwill
116000000
CY2021Q4 us-gaap Goodwill
Goodwill
67000000
CY2021 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2021 us-gaap Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value Discount Rate
ServicingAssetsAndServicingLiabilitiesAtFairValueAssumptionsUsedToEstimateFairValueDiscountRate
0.130
CY2020Q4 us-gaap Goodwill
Goodwill
0
CY2020Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
230000000
CY2020 dnow Goodwill Impairment Tax Benefit
GoodwillImpairmentTaxBenefit
0
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
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CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
25000000
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
10000000
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1000000
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
9000000
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2000000
CY2020 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4000000
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
4000000
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
4000000
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
3000000
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
3000000
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
3000000
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
108000000
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
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CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
31000000
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
21000000
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
139000000
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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5000000
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CY2022 us-gaap General Discussion Of Pension And Other Postretirement Benefits
GeneralDiscussionOfPensionAndOtherPostretirementBenefits
the Company sponsors two defined benefit plans in the United Kingdom under which accrual of pension benefits have ceased. Plan member benefits that have previously been accrued are indexed in line with inflation during the period up to retirement in order to protect their purchasing power.
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CY2020 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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6000000
CY2022 us-gaap Defined Benefit Plan Investment Policies And Strategies Narrative Description
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the Company’s management believes that there are no significant concentrations of risk associated with plan assets.
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CY2021 us-gaap Business Combination Consideration Transferred1
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CY2022Q4 us-gaap Business Combination Contingent Consideration Liability
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CY2021 us-gaap Business Combination Consideration Transferred1
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11000000
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5000000
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2000000
CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
31000000
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52000000
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67000000
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P8Y
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P9Y
CY2022Q4 us-gaap Business Acquisition Purchase Price Allocation Goodwill Expected Tax Deductible Amount
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49000000
CY2021Q4 us-gaap Business Acquisition Purchase Price Allocation Goodwill Expected Tax Deductible Amount
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41000000
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0
CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
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23000000
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CY2022 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
0
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BusinessCombinationContingentConsiderationLiabilityDiscountRate
0.14
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ProceedsFromDivestitureOfBusinesses
26000000

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