Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018

(Unaudited)



(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Revenues	$	—		$	—		$	—		$	1,423		$	—		$	1,423
Costs and Expenses	2			—			—			(1,464		)	—			(1,462		)
Operating Income (Loss)	2			—			—			(41		)	—			(39		)

Other Income (Expense):
Interest Expense, Net	—			(144		)	(14		)	4			5			(149		)
Intercompany Charges, Net	(18		)	(3		)	11			(594		)	604			—
Equity in Subsidiary Income (Loss)	(275		)	(350		)	(133		)	—			758			—
Other, Net	46			90			122			(157		)	(123		)	(22		)
Income (Loss) Before Income Taxes	(245		)	(407		)	(14		)	(788		)	1,244			(210		)
(Provision) Benefit for Income Taxes	—			—			—			(32		)	—			(32		)
Net Income (Loss)	(245		)	(407		)	(14		)	(820		)	1,244			(242		)
Noncontrolling Interests	—			—			—			3			—			3
Net Income (Loss) Attributable to Weatherford	$	(245	)	$	(407	)	$	(14	)	$	(823	)	$	1,244		$	(245	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(240	)	$	(401	)	$	(2	)	$	(818	)	$	1,221		$	(240	)

Condensed Consolidating Statement of Operations and

Comprehensive Income (Loss)

Three Months Ended March 31, 2017

(Unaudited)



(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Revenues	$	—		$	—		$	—		$	1,386		$	—		$	1,386
Costs and Expenses	(3		)	20			—			(1,617		)	—			(1,600		)
Operating Income (Loss)	(3		)	20			—			(231		)	—			(214		)

Other Income (Expense):
Interest Expense, Net	—			(139		)	(21		)	4			15			(141		)
Intercompany Charges, Net	1			(8		)	(2		)	9			—			—
Equity in Subsidiary Income	(384		)	172			219			—			(7		)	—
Other, Net	(62		)	(216		)	(139		)	223			139			(55		)
Income (Loss) Before Income Taxes	(448		)	(171		)	57			5			147			(410		)
(Provision) Benefit for Income Taxes	—			—			—			(33		)	—			(33		)
Net Income (Loss)	(448		)	(171		)	57			(28		)	147			(443		)
Noncontrolling Interests	—			—			—			5			—			5
Net Income (Loss) Attributable to Weatherford	$	(448	)	$	(171	)	$	57		$	(33	)	$	147		$	(448	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(405	)	$	(176	)	$	(26	)	$	10		$	192		$	(405	)

Condensed Consolidating Balance Sheet

March 31, 2018

(Unaudited)



(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda		Weatherford Delaware		Other Subsidiaries		Eliminations			Consolidation
Current Assets:
Cash and Cash Equivalents	$	—		$	106	$	—	$	353	$	—		$	459
Other Current Assets	1			—		506		3,191		(542		)	3,156
Total Current Assets	1			106		506		3,544		(542		)	3,615

Equity Investments in Affiliates	(810		)	7,647		7,718		794		(15,349		)	—
Intercompany Receivables, Net	—			—		—		3,139		(3,139		)	—
Other Assets	—			7		5		5,707		—			5,719
Total Assets	$	(809	)	$	7,760	$	8,229	$	13,184	$	(19,030	)	$	9,334

Current Liabilities:
Short-term Borrowings and Current Portion of Long-Term Debt	$	—		$	137	$	—	$	16	$	—		$	153
Accounts Payable and Other Current Liabilities	7			142		—		2,332		(542		)	1,939
Total Current Liabilities	7			279		—		2,348		(542		)	2,092

Long-term Debt	—			6,643		758		154		84			7,639
Intercompany Payables, Net	102			258		2,779		—		(3,139		)	—
Other Long-term Liabilities	24			23		14		454		(14		)	501
Total Liabilities	133			7,203		3,551		2,956		(3,611		)	10,232

Weatherford Shareholders’ Equity	(942		)	557		4,678		10,184		(15,419		)	(942		)
Noncontrolling Interests	—			—		—		44		—			44
Total Liabilities and Shareholders’ Equity	$	(809	)	$	7,760	$	8,229	$	13,184	$	(19,030	)	$	9,334

Condensed Consolidating Balance Sheet

December 31, 2017



(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda		Weatherford Delaware		Other Subsidiaries		Eliminations			Consolidation
Current Assets:
Cash and Cash Equivalents	$	—		$	195	$	—	$	418	$	—		$	613
Other Current Assets	1			—		516		3,298		(550		)	3,265
Total Current Assets	1			195		516		3,716		(550		)	3,878

Equity Investments in Affiliates	(460		)	7,998		8,009		530		(16,077		)	—
Intercompany Receivables, Net	—			—		—		4,213		(4,213		)	—
Other Assets	—			8		4		5,857		—			5,869
Total Assets	$	(459	)	$	8,201	$	8,529	$	14,316	$	(20,840	)	$	9,747

Current Liabilities:
Short-term Borrowings and Current Portion of Long-Term Debt	$	—		$	128	$	—	$	20	$	—		$	148
Accounts Payable and Other Current Liabilities	10			183		—		2,439		(550		)	2,082
Total Current Liabilities	10			311		—		2,459		(550		)	2,230

Long-term Debt	—			7,127		166		159		89			7,541
Intercompany Payables, Net	87			242		3,884		—		(4,213		)	—
Other Long-term Liabilities	70			146		136		332		(137		)	547
Total Liabilities	167			7,826		4,186		2,950		(4,811		)	10,318

Weatherford Shareholders’ Equity	(626		)	375		4,343		11,311		(16,029		)	(626		)
Noncontrolling Interests	—			—		—		55		—			55
Total Liabilities and Shareholders’ Equity	$	(459	)	$	8,201	$	8,529	$	14,316	$	(20,840	)	$	9,747

Condensed Consolidating Statement of Cash Flows

Three Months Ended March 31, 2018

(Unaudited)



(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Cash Flows from Operating Activities:
Net Income (Loss)	$	(245	)	$	(407	)	$	(14	)	$	(820	)	$	1,244		$	(242	)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities:
Charges from Parent or Subsidiary	18			3			(11		)	594			(604		)	—
Equity in (Earnings) Loss of Affiliates	275			350			133			—			(758		)	—
Deferred Income Tax Provision (Benefit)	—			—			—			13						13
Other Adjustments	(10		)	467			(872		)	341			118			44
Net Cash Provided (Used) by Operating Activities	38			413			(764		)	128			—			(185		)
Cash Flows from Investing Activities:
Capital Expenditures for Property, Plant and Equipment	—			—			—			(29		)	—			(29		)
Capital Expenditures for Assets Held for Sale	—			—			—			(9		)	—			(9		)
Acquisitions of Businesses, Net of Cash Acquired	—			—			—			4			—			4
Acquisition of Intellectual Property	—			—			—			(3		)	—			(3		)
Proceeds from Sale of Assets	—			—			—			12			—			12
Payment Related to Sale of Businesses, Net	—			—			—			25			—			25
Net Cash Provided (Used) by Investing Activities	—			—			—			—			—			—
Cash Flows from Financing Activities:
Borrowings (Repayments) Short-term Debt, Net	—			(47		)	—			(7		)	—			(54		)
Borrowings (Repayments) Long-term Debt, Net	—			(438		)	588			(2		)	—			148
Borrowings (Repayments) Between Subsidiaries, Net	(38		)	(17		)	176			(121		)	—			—
Other, Net	—			—			—			(40		)	—			(40		)
Net Cash Provided (Used) by Financing Activities	(38		)	(502		)	764			(170		)	—			54
Effect of Exchange Rate Changes On Cash and Cash Equivalents	—			—			—			(23		)	—			(23		)
Net Increase (Decrease) in Cash and Cash Equivalents	—			(89		)	—			(65		)	—			(154		)
Cash and Cash Equivalents at Beginning of Period	—			195			—			418			—			613
Cash and Cash Equivalents at End of Period	$	—		$	106		$	—		$	353		$	—		$	459

Condensed Consolidating Statement of Cash Flows

Three Months Ended March 31, 2017

(Unaudited)



(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Cash Flows from Operating Activities:
Net Income (Loss)	$	(448	)	$	(171	)	$	57		$	(28	)	$	147		$	(443	)
Adjustments to Reconcile Net Income(Loss) to Net Cash Provided (Used) by Operating Activities:
Charges from Parent or Subsidiary	(1		)	8			2			(9		)	—			—
Equity in (Earnings) Loss of Affiliates	384			(172		)	(219		)	—			7			—
Deferred Income Tax Provision (Benefit)	—			—			—			18			—			18
Other Adjustments	24			220			186			(30		)	(154		)	246
Net Cash Provided (Used) by Operating Activities	(41		)	(115		)	26			(49		)	—			(179		)
Cash Flows from Investing Activities:
Capital Expenditures for Property, Plant and Equipment	—			—			—			(40		)	—			(40		)
Acquisition of Assets Held for Sale	—			—			—			(240		)	—			(240		)
Acquisition of Intellectual Property	—			—			—			(2		)	—			(2		)
Proceeds from Sale of Assets and Businesses, Net	—			—			—			4			—			4
Proceeds (Payments) from Sale of Businesses, Net	—			—			—			(1		)	—			(1		)
Net Cash Provided (Used) by Investing Activities	—			—			—			(279		)	—			(279		)
Cash Flows from Financing Activities:
Borrowings (Repayments) Short-term Debt, Net	—			—			—			(7		)	—			(7		)
Borrowings (Repayments) Long-term Debt, Net	—			(13		)	(1		)	(4		)	—			(18		)
Borrowings (Repayments) Between Subsidiaries, Net	42			(381		)	(28		)	367			—			—
Other, Net	—			—			—			(11		)	—			(11		)
Net Cash Provided (Used) by Financing Activities	42			(394		)	(29		)	345			—			(36		)
Effect of Exchange Rate Changes On Cash and Cash Equivalents	—			—			—			3			—			3
Net Increase (Decrease) in Cash and Cash Equivalents	1			(509		)	(3		)	20			—			(491		)
Cash and Cash Equivalents at Beginning of Period	—			586			4			447			—			1,037
Cash and Cash Equivalents at End of Period	$	1		$	77		$	1		$	467		$	—		$	546