Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2016

(Unaudited)



(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations		Consolidation
Revenues	$	—		$	—		$	—		$	1,402		$	—	$	1,402
Costs and Expenses	(81		)	—			5			(1,786		)	—		(1,862		)
Operating Income (Loss)	(81		)	—			5			(384		)	—		(460		)

Other Income (Expense):
Interest Expense, Net	—			(106		)	(12		)	(4		)	3		(119		)
Intercompany Charges, Net	13			5			(45		)	27			—		—
Equity in Subsidiary Income	(497		)	28			47			—			422		—
Other, Net	—			(73		)	(27		)	5			10		(85		)
Income (Loss) Before Income Taxes	(565		)	(146		)	(32		)	(356		)	435		(664		)
(Provision) Benefit for Income Taxes	—			—			19			83			—		102
Net Income (Loss)	(565		)	(146		)	(13		)	(273		)	435		(562		)
Noncontrolling Interests	—			—			—			3			—		3
Net Income (Loss) Attributable to Weatherford	$	(565	)	$	(146	)	$	(13	)	$	(276	)	$	435	$	(565	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(574	)	$	(188	)	$	(40	)	$	(285	)	$	513	$	(574	)

Condensed Consolidating Statement of Operations and

Comprehensive Income (Loss)

Three Months Ended June 30, 2015

(Unaudited)



(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Revenues	$	—		$	—		$	—		$	2,390		$	—		$	2,390
Costs and Expenses	(100		)	(4		)	—			(2,750		)	—			(2,854		)
Operating Income (Loss)	(100		)	(4		)	—			(360		)	—			(464		)

Other Income (Expense):
Interest Expense, Net	—			(98		)	(15		)	(4		)	—			(117		)
Intercompany Charges, Net	(26		)	(28		)	(68		)	122			—			—
Equity in Subsidiary Income	(363		)	366			874			—			(877		)	—
Other, Net	—			1			—			(35		)	—			(34		)
Income (Loss) Before Income Taxes	(489		)	237			791			(277		)	(877		)	(615		)
(Provision) Benefit for Income Taxes	—			—			29			103			—			132
Net Income (Loss)	(489		)	237			820			(174		)	(877		)	(483		)
Noncontrolling Interests	—			—			—			6			—			6
Net Income (Loss) Attributable to Weatherford	$	(489	)	$	237		$	820		$	(180	)	$	(877	)	$	(489	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(375	)	$	263		$	843		$	(66	)	$	(1,040	)	$	(375	)

Condensed Consolidating Balance Sheet

June 30, 2016

(Unaudited)



(Dollars in millions)	Weatherford Ireland		Weatherford Bermuda		Weatherford Delaware		Other Subsidiaries		Eliminations			Consolidation
Current Assets:
Cash and Cash Equivalents	$	—	$	21	$	—	$	431	$	—		$	452
Other Current Assets	1		—		652		4,643		(699		)	4,597
Total Current Assets	1		21		652		5,074		(699		)	5,049

Equity Investments in Affiliates	4,719		10,799		8,998		1,085		(25,601		)	—
Intercompany Receivables, Net	—		161		—		5,601		(5,762		)	—
Other Assets	1		14		39		9,009		—			9,063
Total Assets	$	4,721	$	10,995	$	9,689	$	20,769	$	(32,062	)	$	14,112

Current Liabilities:
Short-term Borrowings and Current Portion of Long-Term Debt	$	—	$	100	$	93	$	97	$	—		$	290
Accounts Payable and Other Current Liabilities	170		241		—		2,526		(699		)	2,238
Total Current Liabilities	170		341		93		2,623		(699		)	2,528

Long-term Debt	—		6,473		259		95		116			6,943
Intercompany Payables, Net	428		—		3,466		1,868		(5,762		)	—
Other Long-term Liabilities	—		232		7		440		(225		)	454
Total Liabilities	598		7,046		3,825		5,026		(6,570		)	9,925

Weatherford Shareholders’ Equity	4,123		3,949		5,864		15,679		(25,492		)	4,123
Noncontrolling Interests	—		—		—		64		—			64
Total Liabilities and Shareholders’ Equity	$	4,721	$	10,995	$	9,689	$	20,769	$	(32,062	)	$	14,112

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

Six Months Ended June 30, 2016

(Unaudited)



(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Cash Flows from Operating Activities:
Net Income (Loss)	$	(1,063	)	$	(591	)	$	(258	)	$	(870	)	$	1,729		$	(1,053	)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities:
Charges from Parent or Subsidiary	(12		)	41			46			265			(340		)	—
Equity in (Earnings) Loss of Affiliates	928			260			188			—			(1,376		)	—
Deferred Income Tax Provision (Benefit)	—			—			(24		)	(191		)				(215		)
Other Adjustments	883			(1,078		)	(18		)	1,150			(13		)	924
Net Cash Provided (Used) by Operating Activities	736			(1,368		)	(66		)	354			—			(344		)
Cash Flows from Investing Activities:
Capital Expenditures for Property, Plant and Equipment	—			—			—			(74		)	—			(74		)
Acquisition of Intellectual Property	—			—			—			(8		)	—			(8		)
Insurance Proceeds Related to Rig Loss	—			—			—			30			—			30
Proceeds from Sale of Assets and Businesses, Net	—			—			—			16			—			16
Other Investing Activities	—			—			—			(20		)	—			(20		)
Net Cash Provided (Used) by Investing Activities	—			—			—			(56		)	—			(56		)
Cash Flows from Financing Activities:
Borrowings (Repayments) Short-term Debt, Net	—			(1,450		)	—			69			—			(1,381		)
Borrowings (Repayments) Long-term Debt, Net	—			3,114			(513		)	(1,325		)	—			1,276
Borrowings (Repayments) Between Subsidiaries, Net	(736		)	(277		)	557			456			—			—
Proceeds from Issuance of Ordinary Shares	—			—			—			623			—			623
Other, Net	—			—			—			(98		)	—			(98		)
Net Cash Provided (Used) by Financing Activities	(736		)	1,387			44			(275		)	—			420
Effect of Exchange Rate Changes On Cash and Cash Equivalents	—			—			—			(35		)	—			(35		)
Net Increase (Decrease) in Cash and Cash Equivalents	—			19			(22		)	(12		)	—			(15		)
Cash and Cash Equivalents at Beginning of Period	—			2			22			443			—			467
Cash and Cash Equivalents at End of Period	$	—		$	21		$	—		$	431		$	—		$	452

Condensed Consolidating Statement of Cash Flows

Six Months Ended June 30, 2015

(Unaudited)



(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Cash Flows from Operating Activities:
Net Income (Loss)	$	(607	)	$	173		$	787		$	(127	)	$	(816	)	$	(590	)
Adjustments to Reconcile Net Income(Loss) to Net Cash Provided (Used) by Operating Activities:
Charges from Parent or Subsidiary	26			43			68			(137		)	—			—
Equity in (Earnings) Loss of Affiliates	474			(441		)	(849		)	—			816			—
Deferred Income Tax Provision (Benefit)	—			—			(34		)	(157		)	—			(191		)
Other Adjustments	84			74			8			864			—			1,030
Net Cash Provided (Used) by Operating Activities	(23		)	(151		)	(20		)	443			—			249
Cash Flows from Investing Activities:
Capital Expenditures for Property, Plant and Equipment	—			—			—			(411		)	—			(411		)
Acquisition of Intellectual Property	—			—			—			(3		)	—			(3		)
Proceeds from Sale of Assets and Businesses, Net	—			—			—			23			—			23
Other Investing Activities	—			—			—			—			—			—
Net Cash Provided (Used) by Investing Activities	—			—			—			(391		)	—			(391		)
Cash Flows from Financing Activities:
Borrowings (Repayments) Short-term Debt, Net	—			496			—			(18		)	—			478
Borrowings (Repayments) Long-term Debt, Net	—			(147		)	(1		)	(13		)	—			(161		)
Borrowings (Repayments) Between Subsidiaries, Net	22			(197		)	21			154			—			—
Other, Net	—			—			—			(15		)	—			(15		)
Net Cash Provided (Used) by Financing Activities	22			152			20			108			—			302
Effect of Exchange Rate Changes On Cash and Cash Equivalents	—			—			—			(23		)	—			(23		)
Net Increase (Decrease) in Cash and Cash Equivalents	(1		)	1			—			137			—			137
Cash and Cash Equivalents at Beginning of Period	1			—			22			451			—			474
Cash and Cash Equivalents at End of Period	$	—		$	1		$	22		$	588		$	—		$	611