Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Jun. 30, 2017

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, 2017

(Unaudited)



(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Revenues	$	—		$	—		$	—		$	1,363		$	—		$	1,363
Costs and Expenses	(5		)	19			1			(1,505		)	—			(1,490		)
Operating Income (Loss)	(5		)	19			1			(142		)	—			(127		)

Other Income (Expense):
Interest Expense, Net	—			(144		)	1			11			(6		)	(138		)
Intercompany Charges, Net	3			(82		)	(41		)	120			—			—
Equity in Subsidiary Income (Loss)	(296		)	(304		)	(39		)	—			639			—
Other, Net	127			247			191			(255		)	(193		)	117
Income (Loss) Before Income Taxes	(171		)	(264		)	113			(266		)	440			(148		)
(Provision) Benefit for Income Taxes	—			—			—			(17		)	—			(17		)
Net Income (Loss)	(171		)	(264		)	113			(283		)	440			(165		)
Noncontrolling Interests	—			—			—			6			—			6
Net Income (Loss) Attributable to Weatherford	$	(171	)	$	(264	)	$	113		$	(289	)	$	440		$	(171	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(181	)	$	(290	)	$	128		$	(298	)	$	460		$	(181	)

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 Balance Sheet

June 30, 2017

(Unaudited)



(Dollars in millions)	Weatherford Ireland		Weatherford Bermuda		Weatherford Delaware		Other Subsidiaries		Eliminations			Consolidation
Current Assets:
Cash and Cash Equivalents	$	1	$	154	$	—	$	429	$	—		$	584
Other Current Assets	1		—		509		4,496		(543		)	4,463
Total Current Assets	2		154		509		4,925		(543		)	5,047

Equity Investments in Affiliates	1,806		8,496		8,526		1,040		(19,868		)	—
Intercompany Receivables, Net	—		133		—		3,578		(3,711		)	—
Other Assets	—		11		3		6,991		—			7,005
Total Assets	$	1,808	$	8,794	$	9,038	$	16,534	$	(24,122	)	$	12,052

Current Liabilities:
Short-term Borrowings and Current Portion of Long-Term Debt	$	—	$	119	$	4	$	29	$	—		$	152
Accounts Payable and Other Current Liabilities	38		229		—		2,504		(543		)	2,228
Total Current Liabilities	38		348		4		2,533		(543		)	2,380

Long-term Debt	—		7,127		156		156		99			7,538
Intercompany Payables, Net	212		—		3,499		—		(3,711		)	—
Other Long-term Liabilities	91		98		91		421		(91		)	610
Total Liabilities	341		7,573		3,750		3,110		(4,246		)	10,528

Weatherford Shareholders’ Equity	1,467		1,221		5,288		13,367		(19,876		)	1,467
Noncontrolling Interests	—		—		—		57		—			57
Total Liabilities and Shareholders’ Equity	$	1,808	$	8,794	$	9,038	$	16,534	$	(24,122	)	$	12,052

Condensed Consolidating Balance Sheet

December 31, 2016



(Dollars in millions)	Weatherford Ireland		Weatherford Bermuda		Weatherford Delaware		Other Subsidiaries		Eliminations			Consolidation
Current Assets:
Cash and Cash Equivalents	$	—	$	586	$	4	$	447	$	—		$	1,037
Other Current Assets	1		—		512		3,891		(531		)	3,873
Total Current Assets	1		586		516		4,338		(531		)	4,910

Equity Investments in Affiliates	2,415		8,669		8,301		1,037		(20,422		)	—
Intercompany Receivables, Net	—		—		—		3,762		(3,762		)	—
Other Assets	2		13		—		7,751		(12		)	7,754
Total Assets	$	2,418	$	9,268	$	8,817	$	16,888	$	(24,727	)	$	12,664

Current Liabilities:
Short-term Borrowings and Current Portion of Long-Term Debt	$	—	$	53	$	94	$	32	$	—		$	179
Accounts Payable and Other Current Liabilities	105		198		—		2,488		(542		)	2,249
Total Current Liabilities	105		251		94		2,520		(542		)	2,428

Long-term Debt	—		6,944		148		204		107			7,403
Intercompany Payables, Net	145		224		3,393		—		(3,762		)	—
Other Long-term Liabilities	156		152		146		457		(146		)	765
Total Liabilities	406		7,571		3,781		3,181		(4,343		)	10,596

Weatherford Shareholders’ Equity	2,012		1,697		5,036		13,651		(20,384		)	2,012
Noncontrolling Interests	—		—		—		56		—			56
Total Liabilities and Shareholders’ Equity	$	2,418	$	9,268	$	8,817	$	16,888	$	(24,727	)	$	12,664

Condensed Consolidating Statement of Cash Flows

Six Months Ended June 30, 2017

(Unaudited)



(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Cash Flows from Operating Activities:
Net Income (Loss)	$	(619	)	$	(435	)	$	170		$	(311	)	$	587		$	(608	)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities:
Charges from Parent or Subsidiary	(4		)	90			43			(129		)	—			—
Equity in (Earnings) Loss of Affiliates	680			132			(180		)	—			(632		)	—
Deferred Income Tax Provision (Benefit)	—			—			—			4						4
Other Adjustments	(134		)	7			(7		)	452			45			363
Net Cash Provided (Used) by Operating Activities	(77		)	(206		)	26			16			—			(241		)
Cash Flows from Investing Activities:
Capital Expenditures for Property, Plant and Equipment	—			—			—			(82		)	—			(82		)
Cash Paid for Assets Held for Sale	—			—			—			(243		)	—			(243		)
Acquisition of Intellectual Property	—			—			—			(9		)	—			(9		)
Proceeds from Sale of Assets	—			—			—			25			—			25
Payment Related to Sale of Businesses, Net	—			—			—			(1		)	—			(1		)
Other Investing Activities	—			—			—			(5		)	—			(5		)
Net Cash Provided (Used) by Investing Activities	—			—			—			(315		)	—			(315		)
Cash Flows from Financing Activities:
Borrowings (Repayments) Short-term Debt, Net	—			—			—			(96		)	—			(96		)
Borrowings (Repayments) Long-term Debt, Net	—			226			(89		)	78			—			215
Borrowings (Repayments) Between Subsidiaries, Net	78			(452		)	59			315			—			—
Other, Net	—			—			—			(20		)	—			(20		)
Net Cash Provided (Used) by Financing Activities	78			(226		)	(30		)	277			—			99
Effect of Exchange Rate Changes On Cash and Cash Equivalents	—			—			—			4			—			4
Net Increase (Decrease) in Cash and Cash Equivalents	1			(432		)	(4		)	(18		)	—			(453		)
Cash and Cash Equivalents at Beginning of Period	—			586			4			447			—			1,037
Cash and Cash Equivalents at End of Period	$	1		$	154		$	—		$	429		$	—		$	584

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		)	1,155			(13		)	929
Net Cash Provided (Used) by Operating Activities	736			(1,368		)	(66		)	359			—			(339		)
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	—			—			—			(103		)	—			(103		)
Net Cash Provided (Used) by Financing Activities	(736		)	1,387			44			(280		)	—			415
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