Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Mar. 31, 2016

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 March 31, 2016

(Unaudited)



(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations		Consolidation
Revenues	$	—		$	—		$	—		$	1,585		$	—	$	1,585
Costs and Expenses	(66		)	—			—			(1,966		)	—		(2,032		)
Operating Income (Loss)	(66		)	—			—			(381		)	—		(447		)

Other Income (Expense):
Interest Expense, Net	—			(98		)	(14		)	(3		)	—		(115		)
Intercompany Charges, Net	(1		)	(46		)	(1		)	(292		)	340		—
Equity in Subsidiary Income	(431		)	(288		)	(235		)	—			954		—
Other, Net	—			(13		)	—			(17		)	—		(30		)
Income (Loss) Before Income Taxes	(498		)	(445		)	(250		)	(693		)	1,294		(592		)
(Provision) Benefit for Income Taxes	—			—			5			96			—		101
Net Income (Loss)	(498		)	(445		)	(245		)	(597		)	1,294		(491		)
Noncontrolling Interests	—			—			—			7			—		7
Net Income (Loss) Attributable to Weatherford	$	(498	)	$	(445	)	$	(245	)	$	(604	)	$	1,294	$	(498	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(355	)	$	(452	)	$	(246	)	$	(461	)	$	1,159	$	(355	)

Condensed Consolidating Statement of Operations and

Comprehensive Income (Loss)

Three Months Ended March 31, 2015

(Unaudited)



(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations		Consolidation
Revenues	$	—		$	—		$	—		$	2,794		$	—	$	2,794
Costs and Expenses	(7		)	—			—			(2,737		)	—		(2,744		)
Operating Income (Loss)	(7		)	—			—			57			—		50

Other Income (Expense):
Interest Expense, Net	—			(104		)	(13		)	(3		)	—		(120		)
Intercompany Charges, Net	—			(15		)	—			15			—		—
Equity in Subsidiary Income	(111		)	75			(25		)	—			61		—
Other, Net	—			(20		)	—			(17		)	—		(37		)
Income (Loss) Before Income Taxes	(118		)	(64		)	(38		)	52			61		(107		)
(Provision) Benefit for Income Taxes	—			—			5			(5		)	—		—
Net Income (Loss)	(118		)	(64		)	(33		)	47			61		(107		)
Noncontrolling Interests	—			—			—			11			—		11
Net Income (Loss) Attributable to Weatherford	$	(118	)	$	(64	)	$	(33	)	$	36		$	61	$	(118	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(441	)	$	(156	)	$	(69	)	$	(286	)	$	511	$	(441	)

Condensed Consolidating Balance Sheet

March 31, 2016

(Unaudited)



(Dollars in millions)	Weatherford Ireland		Weatherford Bermuda		Weatherford Delaware		Other Subsidiaries		Eliminations			Consolidation
Current Assets:
Cash and Cash Equivalents	$	1	$	—	$	21	$	442	$	—		$	464
Other Current Assets	2		—		634		4,913		(647		)	4,902
Total Current Assets	3		—		655		5,355		(647		)	5,366

Equity Investments in Affiliates	5,118		10,586		8,951		1,300		(25,955		)	—
Intercompany Receivables, Net	—		—		—		3,675		(3,675		)	—
Other Assets	—		3		21		9,126		—			9,150
Total Assets	$	5,121	$	10,589	$	9,627	$	19,456	$	(30,277	)	$	14,516

Current Liabilities:
Short-term Borrowings and Current Portion of Long-Term Debt	$	—	$	1,070	$	6	$	136	$	—		$	1,212
Accounts Payable and Other Current Liabilities	84		104		—		2,725		(647		)	2,266
Total Current Liabilities	84		1,174		6		2,861		(647		)	3,478

Long-term Debt	—		4,885		859		102		—			5,846
Intercompany Payables, Net	430		349		2,896		—		(3,675		)	—
Other Long-term Liabilities	16		77		8		432		—			533
Total Liabilities	530		6,485		3,769		3,395		(4,322		)	9,857

Weatherford Shareholders’ Equity	4,591		4,104		5,858		15,993		(25,955		)	4,591
Noncontrolling Interests	—		—		—		68		—			68
Total Liabilities and Shareholders’ Equity	$	5,121	$	10,589	$	9,627	$	19,456	$	(30,277	)	$	14,516

Condensed Consolidating Balance Sheet

December 31, 2015



(Dollars in millions)	Weatherford Ireland		Weatherford Bermuda			Weatherford Delaware		Other Subsidiaries		Eliminations			Consolidation
Current Assets:
Cash and Cash Equivalents	$	—	$	2		$	22	$	443	$	—		$	467
Other Current Assets	4		—			651		5,146		(704		)	5,097
Total Current Assets	4		2			673		5,589		(704		)	5,564

Equity Investments in Affiliates	5,693		8,709			9,187		3,483		(27,072		)	—
Intercompany Receivables, Net	—		—			—		10,423		(10,423		)	—
Other Assets	3		2			16		9,175		—			9,196
Total Assets	$	5,700	$	8,713		$	9,876	$	28,670	$	(38,199	)	$	14,760

Current Liabilities:
Short-term Borrowings and Current Portion of Long-Term Debt	$	—	$	1,503		$	6	$	73	$	—		$	1,582
Accounts Payable and Other Current Liabilities	19		212			—		2,922		(704		)	2,449
Total Current Liabilities	19		1,715			6		2,995		(704		)	4,031

Long-term Debt	—		4,885			862		105		—			5,852
Intercompany Payables, Net	1,362		6,147			2,914		—		(10,423		)	—
Other Long-term Liabilities	15		77			10		410		—			512
Total Liabilities	1,396		12,824			3,792		3,510		(11,127		)	10,395

Weatherford Shareholders’ Equity	4,304		(4,111		)	6,084		25,099		(27,072		)	4,304
Noncontrolling Interests	—		—			—		61		—			61
Total Liabilities and Shareholders’ Equity	$	5,700	$	8,713		$	9,876	$	28,670	$	(38,199	)	$	14,760

Condensed Consolidating Statement of Cash Flows

Three Months Ended March 31, 2016

(Unaudited)



(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Cash Flows from Operating Activities:
Net Income (Loss)	$	(498	)	$	(445	)	$	(245	)	$	(597	)	$	1,294		$	(491	)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities:
Charges from Parent or Subsidiary	1			46			1			292			(340		)	—
Equity in (Earnings) Loss of Affiliates	431			288			235			—			(954		)	—
Deferred Income Tax Provision (Benefit)	—			—			(5		)	(75		)	—			(80		)
Other Adjustments	959			168			(271		)	(490		)	—			366
Net Cash Provided (Used) by Operating Activities	893			57			(285		)	(870		)	—			(205		)
Cash Flows from Investing Activities:
Capital Expenditures for Property, Plant and Equipment	—			—			—			(43		)	—			(43		)
Acquisition of Intellectual Property	—			—			—			(7		)	—			(7		)
Insurance Proceeds Related to Rig Loss	—			—			—			30			—			30
Proceeds from Sale of Assets and Businesses, Net	—			—			—			6			—			6
Net Cash Provided (Used) by Investing Activities	—			—			—			(14		)	—			(14		)
Cash Flows from Financing Activities:
Borrowings (Repayments) Short-term Debt, Net	—			(82		)	—			(290		)	—			(372		)
Borrowings (Repayments) Long-term Debt, Net	—			(350		)	(2		)	343			—			(9		)
Borrowings (Repayments) Between Subsidiaries, Net	(892		)	373			286			233			—			—
Proceeds from Issuance of Ordinary Shares	—			—			—			630			—			630
Other, Net	—			—			—			1			—			1
Net Cash Provided (Used) by Financing Activities	(892		)	(59		)	284			917			—			250
Effect of Exchange Rate Changes On Cash and Cash Equivalents	—			—			—			(34		)	—			(34		)
Net Increase (Decrease) in Cash and Cash Equivalents	1			(2		)	(1		)	(1		)	—			(3		)
Cash and Cash Equivalents at Beginning of Period	—			2			22			443			—			467
Cash and Cash Equivalents at End of Period	$	1		$	—		$	21		$	442		$	—		$	464

Condensed Consolidating Statement of Cash Flows

Three Months Ended March 31, 2015

(Unaudited)



(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Cash Flows from Operating Activities:
Net Income (Loss)	$	(118	)	$	(64	)	$	(33	)	$	47		$	61		$	(107	)
Adjustments to Reconcile Net Income(Loss) to Net Cash Provided (Used) by Operating Activities:
Charges from Parent or Subsidiary	—			15			—			(15		)	—			—
Equity in (Earnings) Loss of Affiliates	111			(75		)	25			—			(61		)	—
Deferred Income Tax Provision (Benefit)	—			—			(5		)	(31		)	—			(36		)
Other Adjustments	(6		)	136			27			(56		)	—			101
Net Cash Provided (Used) by Operating Activities	(13		)	12			14			(55		)	—			(42		)
Cash Flows from Investing Activities:
Capital Expenditures for Property, Plant and Equipment	—			—			—			(224		)	—			(224		)
Proceeds from Sale of Assets and Businesses, Net	—			—			—			3			—			3
Net Cash Provided (Used) by Investing Activities	—			—			—			(221		)	—			(221		)
Cash Flows from Financing Activities:
Borrowings (Repayments) Short-term Debt, Net	—			498			—			(19		)	—			479
Borrowings (Repayments) Long-term Debt, Net	—			(147		)	(1		)	(6		)	—			(154		)
Borrowings (Repayments) Between Subsidiaries, Net	12			(329		)	(13		)	330			—			—
Other, Net	—			—			—			(18		)	—			(18		)
Net Cash Provided (Used) by Financing Activities	12			22			(14		)	287			—			307
Effect of Exchange Rate Changes On Cash and Cash Equivalents	—			—			—			(6		)	—			(6		)
Net Increase (Decrease) in Cash and Cash Equivalents	(1		)	34			—			5			—			38
Cash and Cash Equivalents at Beginning of Period	1			—			22			451			—			474
Cash and Cash Equivalents at End of Period	$	—		$	34		$	22		$	456		$	—		$	512