Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Sep. 30, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Statement of Operations

Condensed Consolidating Statement of Operations and

Comprehensive Income (Loss)

Three Months Ended September 30, 2015

(Unaudited)

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations		Consolidation
Revenues	$	—		$	—		$	—		$	2,237		$	—	$	2,237
Costs and Expenses	(4		)	(1		)	1			(2,331		)	—		(2,335		)
Operating Income (Loss)	(4		)	(1		)	1			(94		)	—		(98		)
Other Income (Expense):
Interest Expense, Net	—			(98		)	(14		)	(2		)	—		(114		)
Intercompany Charges, Net	(13		)	(6		)	(63		)	82			—		—
Equity in Subsidiary Income	(153		)	(1,195		)	(1,371		)	—			2,719		—
Other, Net	—			41			(1		)	(54		)	—		(14		)
Income (Loss) Before Income Taxes	(170		)	(1,259		)	(1,448		)	(68		)	2,719		(226		)
(Provision) Benefit for Income Taxes	—			—			26			39			—		65
Net Income (Loss)	(170		)	(1,259		)	(1,422		)	(29		)	2,719		(161		)
Noncontrolling Interests	—			—			—			9			—		9
Net Income (Loss) Attributable to Weatherford	$	(170	)	$	(1,259	)	$	(1,422	)	$	(38	)	$	2,719	$	(170	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(527	)	$	(1,352	)	$	(1,449	)	$	(397	)	$	3,198	$	(527	)

Condensed Consolidating Statement of Operations and

Comprehensive Income (Loss)

Three Months Ended September 30, 2014

(Unaudited) 

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Revenues	$	—		$	—		$	—		$	3,877		$	—		$	3,877
Costs and Expenses	(6		)	—			—			(3,553		)	—			(3,559		)
Operating Income (Loss)	(6		)	—			—			324			—			318
Other Income (Expense):
Interest Expense, Net	—			(106		)	(14		)	(2		)	—			(122		)
Intercompany Charges, Net	(31		)	5			(28		)	54			—			—
Equity in Subsidiary Income	112			242			429			(1		)	(782		)	—
Other, Net	1			15			—			(25		)	—			(9		)
Income (Loss) Before Income Taxes	76			156			387			350			(782		)	187
(Provision) Benefit for Income Taxes	1			—			15			(114		)	—			(98		)
Net Income (Loss)	77			156			402			236			(782		)	89
Noncontrolling Interests	—			—			—			12			—			12
Net Income (Loss) Attributable to Weatherford	$	77		$	156		$	402		$	224		$	(782	)	$	77
Comprehensive Income (Loss) Attributable to Weatherford	$	(130	)	$	175		$	450		$	161		$	(786	)	$	(130	)

Condensed Consolidating Statement of Operations and

Comprehensive Income (Loss)

Nine Months Ended September 30, 2015

(Unaudited)

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations		Consolidation
Revenues	$	—		$	—		$	—		$	7,421		$	—	$	7,421
Costs and Expenses	(111		)	(5		)	1			(7,818		)	—		(7,933		)
Operating Income (Loss)	(111		)	(5		)	1			(397		)	—		(512		)
Other Income (Expense):
Interest Expense, Net	—			(300		)	(42		)	(9		)	—		(351		)
Intercompany Charges, Net	(39		)	(49		)	(131		)	219			—		—
Equity in Subsidiary Income	(627		)	(754		)	(522		)	—			1,903		—
Other, Net	—			22			(1		)	(106		)	—		(85		)
Income (Loss) Before Income Taxes	(777		)	(1,086		)	(695		)	(293		)	1,903		(948		)
(Provision) Benefit for Income Taxes	—			—			60			137			—		197
Net Income (Loss)	(777		)	(1,086		)	(635		)	(156		)	1,903		(751		)
Noncontrolling Interests	—			—			—			26			—		26
Net Income (Loss) Attributable to Weatherford	$	(777	)	$	(1,086	)	$	(635	)	$	(182	)	$	1,903	$	(777	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(1,343	)	$	(1,245	)	$	(675	)	$	(749	)	$	2,669	$	(1,343	)

Condensed Consolidating Statement of Operations and

Comprehensive Income (Loss)

Nine Months Ended September 30, 2014

(Unaudited)

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Revenues	$	—		$	—		$	—		$	11,184		$	—		$	11,184
Costs and Expenses	(34		)	(1		)	(1		)	(10,675		)	—			(10,711		)
Operating Income (Loss)	(34		)	(1		)	(1		)	509			—			473
Other Income (Expense):
Interest Expense, Net	—			(317		)	(43		)	(16		)	—			(376		)
Intercompany Charges, Net	(43		)	7,331			(105		)	(9,003		)	1,820			—
Equity in Subsidiary Income	(32		)	130			265			(1		)	(362		)	—
Other, Net	—			—			(1		)	(36		)	—			(37		)
Income (Loss) Before Income Taxes	(109		)	7,143			115			(8,547		)	1,458			60
(Provision) Benefit for Income Taxes	—			—			52			(188		)	—			(136		)
Net Income (Loss)	(109		)	7,143			167			(8,735		)	1,458			(76		)
Noncontrolling Interests	—			—			—			33			—			33
Net Income (Loss) Attributable to Weatherford	$	(109	)	$	7,143		$	167		$	(8,768	)	$	1,458		$	(109	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(352	)	$	7,162		$	215		$	(8,831	)	$	1,454		$	(352	)

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet

September 30, 2015

(Unaudited)

(Dollars in millions)	Weatherford Ireland		Weatherford Bermuda			Weatherford Delaware		Other Subsidiaries		Eliminations			Consolidation
Current Assets:
Cash and Cash Equivalents	$	—	$	1		$	22	$	496	$	—		$	519
Other Current Assets	5		—			521		6,055		(585		)	5,996
Total Current Assets	5		1			543		6,551		(585		)	6,515
Equity Investments in Affiliates	7,520		9,808			9,158		3,902		(30,388		)	—
Intercompany Receivables, Net	—		—			—		10,629		(10,629		)	—
Other Assets	3		30			77		10,174		—			10,284
Total Assets	$	7,528	$	9,839		$	9,778	$	31,256	$	(41,602	)	$	16,799
Current Liabilities:
Short-term Borrowings and Current Portion of Long-Term Debt	$	—	$	1,599		$	6	$	79	$	—		$	1,684
Accounts Payable and Other Current Liabilities	16		185			—		2,725		(585		)	2,341
Total Current Liabilities	16		1,784			6		2,804		(585		)	4,025
Long-term Debt	—		5,001			906		113		—			6,020
Intercompany Payables, Net	1,814		6,086			2,729		—		(10,629		)	—
Other Long-term Liabilities	14		77			11		898		—			1,000
Total Liabilities	1,844		12,948			3,652		3,815		(11,214		)	11,045
Weatherford Shareholders’ Equity	5,684		(3,109		)	6,126		27,371		(30,388		)	5,684
Noncontrolling Interests	—		—			—		70		—			70
Total Liabilities and Shareholders’ Equity	$	7,528	$	9,839		$	9,778	$	31,256	$	(41,602	)	$	16,799

Condensed Consolidating Balance Sheet

December 31, 2014

(Dollars in millions)	Weatherford Ireland		Weatherford Bermuda			Weatherford Delaware		Other Subsidiaries		Eliminations			Consolidation
Current Assets:
Cash and Cash Equivalents	$	1	$	—		$	22	$	451	$	—		$	474
Other Current Assets	4		12			544		7,524		(614		)	7,470
Total Current Assets	5		12			566		7,975		(614		)	7,944
Equity Investments in Affiliates	8,662		10,490			9,730		3,974		(32,856		)	—
Intercompany Receivables, Net	—		—			—		10,490		(10,490		)	—
Other Assets	5		35			16		10,889		—			10,945
Total Assets	$	8,672	$	10,537		$	10,312	$	33,328	$	(43,960	)	$	18,889
Current Liabilities:
Short-term Borrowings and Current Portion of Long-Term Debt	$	—	$	618		$	6	$	103	$	—		$	727
Accounts Payable and Other Current Liabilities	43		256			—		3,615		(614		)	3,300
Total Current Liabilities	43		874			6		3,718		(614		)	4,027
Long-term Debt	—		5,749			911		137		1			6,798
Intercompany Payables, Net	1,666		6,202			2,622		—		(10,490		)	—
Other Long-term Liabilities	5		82			5		939		—			1,031
Total Liabilities	1,714		12,907			3,544		4,794		(11,103		)	11,856
Weatherford Shareholders’ Equity	6,958		(2,370		)	6,768		28,459		(32,857		)	6,958
Noncontrolling Interests	—		—			—		75		—			75
Total Liabilities and Shareholders’ Equity	$	8,672	$	10,537		$	10,312	$	33,328	$	(43,960	)	$	18,889

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows

Nine Months Ended September 30, 2015

(Unaudited)

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Cash Flows from Operating Activities:
Net Income (Loss)	$	(777	)	$	(1,086	)	$	(635	)	$	(156	)	$	1,903		$	(751	)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities:
Charges from Parent or Subsidiary	39			49			131			(219		)	—			—
Equity in (Earnings) Loss of Affiliates	627			754			522			—			(1,903		)	—
Deferred Income Tax Provision (Benefit)	—			—			(60		)	(273		)	—			(333		)
Other Adjustments	(21		)	15			41			1,432			—			1,467
Net Cash Provided (Used) by Operating Activities	(132		)	(268		)	(1		)	784			—			383
Cash Flows from Investing Activities:
Capital Expenditures for Property, Plant and Equipment	—			—			—			(542		)	—			(542		)
Acquisitions of Businesses	—			—			—			(14		)	—			(14		)
Acquisition of Intellectual Property	—			—			—			(7		)	—			(7		)
Proceeds from Sale of Assets and Businesses, Net	—			—			—			29			—			29
Net Cash Provided (Used) by Investing Activities	—			—			—			(534		)	—			(534		)
Cash Flows from Financing Activities:
Borrowings (Repayments) Short-term Debt, Net	—			631			—			(25		)	—			606
Borrowings (Repayments) Long-term Debt, Net	—			(346		)	(2		)	(20		)	—			(368		)
Borrowings (Repayments) Between Subsidiaries, Net	131			(16		)	3			(118		)	—			—
Other, Net	—			—			—			(7		)	—			(7		)
Net Cash Provided (Used) by Financing Activities	131			269			1			(170		)	—			231
Effect of Exchange Rate Changes On Cash and Cash Equivalents	—			—			—			(35		)	—			(35		)
Net Increase in Cash and Cash Equivalents	(1		)	1			—			45			—			45
Cash and Cash Equivalents at Beginning of Period	1			—			22			451			—			474
Cash and Cash Equivalents at End of Period	$	—		$	1		$	22		$	496		$	—		$	519

Condensed Consolidating Statement of Cash Flows

Nine Months Ended September 30, 2014

(Unaudited) 

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Cash Flows from Operating Activities:
Net Income (Loss)	$	(109	)	$	7,143		$	167		$	(8,735	)	$	1,458		$	(76	)
Adjustments to Reconcile Net Income(Loss) to Net Cash Provided (Used) by Operating Activities:
Charges from Parent or Subsidiary	43			(7,331		)	105			9,003			(1,820		)	—
Equity in (Earnings) Loss of Affiliates	32			(130		)	(265		)	1			362			—
Deferred Income Tax Provision (Benefit)	—			—			—			31			—			31
Other Adjustments	3			(65		)	23			463			—			424
Net Cash Provided (Used) by Operating Activities	(31		)	(383		)	30			763			—			379
Cash Flows from Investing Activities:
Capital Expenditures for Property, Plant and Equipment	—			—			—			(1,045		)	—			(1,045		)
Acquisitions of Businesses, Net of Cash Acquired	—			—			—			17			—			17
Acquisition of Intellectual Property	—			—			—			(3		)	—			(3		)
Proceeds from Sale of Assets and Businesses, Net	—			—			—			781			—			781
Net Cash Provided (Used) by Investing Activities	—			—			—			(250		)	—			(250		)
Cash Flows from Financing Activities:
Borrowings (Repayments) Short-term Debt, Net	—			140			—			(94		)	—			46
Borrowings (Repayments) Long-term Debt, Net	—			—			(16		)	(33		)	—			(49		)
Borrowings (Repayments) Between Subsidiaries, Net	31			246			8			(285		)	—			—
Proceeds from Capital Contributions	—			—			—			22			—			22
Other, Net	—			—			—			(12		)	—			(12		)
Net Cash Provided (Used) by Financing Activities	31			386			(8		)	(402		)	—			7
Effect of Exchange Rate Changes On Cash and Cash Equivalents	—			—			—			11			—			11
Net Increase in Cash and Cash Equivalents	—			3			22			122			—			147
Cash and Cash Equivalents at Beginning of Period	—			—			—			435			—			435
Cash and Cash Equivalents at End of Period	$	—		$	3		$	22		$	557		$	—		$	582