Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Jun. 30, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Consolidating Statement of Operations

Condensed Consolidating Statement of Operations and

Comprehensive Income (Loss)

Three Months Ended June 30, 2019

(Unaudited)

(Dollars in millions)	Weatherford Ireland (g)			Weatherford Bermuda (g)			Weatherford Delaware (g)			Other Subsidiaries			Eliminations		Consolidation
Revenues	$	—		$	—		$	—		$	1,309		$	—	$	1,309
Costs and Expenses	(49		)	(2		)	—			(1,376		)	—		(1,427		)
Operating Income (Loss)	(49		)	(2		)	—			(67		)	—		(118		)
Other Income (Expense):
Interest Expense, Net	—			(145		)	(26		)	5			6		(160		)
Intercompany Charges, Net	—			7			(39		)	32			—		—
Equity in Subsidiary Income (Loss)	(267		)	98			66			—			103		—
Other, Net	—			—			—			(1		)	—		(1		)
Income (Loss) Before Income Taxes	(316		)	(42		)	1			(31		)	109		(279		)
(Provision) Benefit for Income Taxes	—			—			—			(33		)	—		(33		)
Net Income (Loss)	(316		)	(42		)	1			(64		)	109		(312		)
Noncontrolling Interests	—			—			—			4			—		4
Net Income (Loss) Attributable to Weatherford	$	(316	)	$	(42	)	$	1		$	(68	)	$	109	$	(316	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(286	)	$	(67	)	$	(7	)	$	(38	)	$	112	$	(286	)

Condensed Consolidating Statement of Operations and

Comprehensive Income (Loss)

Three Months Ended June 30, 2018

(Unaudited) 

(Dollars in millions)	Weatherford Ireland (g)			Weatherford Bermuda (g)			Weatherford Delaware (g)			Other Subsidiaries			Eliminations			Consolidation
Revenues	$	—		$	—		$	—		$	1,448		$	—		$	1,448
Costs and Expenses	(5		)	—			—			(1,516		)	—			(1,521		)
Operating Income (Loss)	(5		)	—			—			(68		)	—			(73		)
Other Income (Expense):
Interest Expense, Net	—			(137		)	(25		)	5			5			(152		)
Intercompany Charges, Net	3			5			(40		)	(81		)	113			—
Equity in Subsidiary Income (Loss)	(272		)	28			(23		)	—			267			—
Other, Net	10			10			11			(28		)	(11		)	(8		)
Income (Loss) Before Income Taxes	(264		)	(94		)	(77		)	(172		)	374			(233		)
(Provision) Benefit for Income Taxes	—			—			—			(26		)	—			(26		)
Net Income (Loss)	(264		)	(94		)	(77		)	(198		)	374			(259		)
Noncontrolling Interests	—			—			—			5			—			5
Net Income (Loss) Attributable to Weatherford	$	(264	)	$	(94	)	$	(77	)	$	(203	)	$	374		$	(264	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(429	)	$	(126	)	$	(55	)	$	(369	)	$	550		$	(429	)

Condensed Consolidating Statement of Operations and

Comprehensive Income (Loss)

Six Months Ended June 30, 2019

(Unaudited) 

(Dollars in millions)	Weatherford Ireland (g)			Weatherford Bermuda (g)			Weatherford Delaware (g)			Other Subsidiaries			Eliminations		Consolidation
Revenues	$	—		$	—		$	—		$	2,655		$	—	$	2,655
Costs and Expenses	(58		)	(2		)	—			(3,014		)	—		(3,074		)
Operating Income (Loss)	(58		)	(2		)	—			(359		)	—		(419		)
Other Income (Expense):
Interest Expense, Net	—			(288		)	(51		)	12			12		(315		)
Intercompany Charges, Net	—			8			(43		)	(10		)	45		—
Equity in Subsidiary Income (Loss)	(739		)	(63		)	(120		)	—			922		—
Other, Net	—			4			(1		)	(13		)	—		(10		)
Income (Loss) Before Income Taxes	(797		)	(341		)	(215		)	(370		)	979		(744		)
(Provision) Benefit for Income Taxes	—			—			—			(45		)	—		(45		)
Net Income (Loss)	(797		)	(341		)	(215		)	(415		)	979		(789		)
Noncontrolling Interests	—			—			—			8			—		8
Net Income (Loss) Attributable to Weatherford	$	(797	)	$	(341	)	$	(215	)	$	(423	)	$	979	$	(797	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(734	)	$	(372	)	$	(225	)	$	(360	)	$	957	$	(734	)

Condensed Consolidating Statement of Operations and

Comprehensive Income (Loss)

Six Months Ended June 30, 2018

(Unaudited) 

(Dollars in millions)	Weatherford Ireland (g)			Weatherford Bermuda (g)			Weatherford Delaware (g)			Other Subsidiaries			Eliminations			Consolidation
Revenues	$	—		$	—		$	—		$	2,871		$	—		$	2,871
Costs and Expenses	(3		)	—			—			(2,980		)	—			(2,983		)
Operating Income (Loss)	(3		)	—			—			(109		)	—			(112		)
Other Income (Expense):
Interest Expense, Net	—			(281		)	(39		)	9			10			(301		)
Intercompany Charges, Net	(15		)	2			(29		)	(675		)	717			—
Equity in Subsidiary Income (Loss)	(547		)	(322		)	(156		)	—			1,025			—
Other, Net	56			100			133			(185		)	(134		)	(30		)
Income (Loss) Before Income Taxes	(509		)	(501		)	(91		)	(960		)	1,618			(443		)
(Provision) Benefit for Income Taxes	—			—			—			(58		)	—			(58		)
Net Income (Loss)	(509		)	(501		)	(91		)	(1,018		)	1,618			(501		)
Noncontrolling Interests	—			—			—			8			—			8
Net Income (Loss) Attributable to Weatherford	$	(509	)	$	(501	)	$	(91	)	$	(1,026	)	$	1,618		$	(509	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(669	)	$	(527	)	$	(57	)	$	(1,187	)	$	1,771		$	(669	)

Condensed Consolidating Balance Sheet

(Dollars in millions)	Weatherford Ireland (g)			Weatherford Bermuda (g)			Weatherford Delaware (g)			Other Subsidiaries			Eliminations		Consolidation
Revenues	$	—		$	—		$	—		$	2,655		$	—	$	2,655
Costs and Expenses	(58		)	(2		)	—			(3,014		)	—		(3,074		)
Operating Income (Loss)	(58		)	(2		)	—			(359		)	—		(419		)
Other Income (Expense):
Interest Expense, Net	—			(288		)	(51		)	12			12		(315		)
Intercompany Charges, Net	—			8			(43		)	(10		)	45		—
Equity in Subsidiary Income (Loss)	(739		)	(63		)	(120		)	—			922		—
Other, Net	—			4			(1		)	(13		)	—		(10		)
Income (Loss) Before Income Taxes	(797		)	(341		)	(215		)	(370		)	979		(744		)
(Provision) Benefit for Income Taxes	—			—			—			(45		)	—		(45		)
Net Income (Loss)	(797		)	(341		)	(215		)	(415		)	979		(789		)
Noncontrolling Interests	—			—			—			8			—		8
Net Income (Loss) Attributable to Weatherford	$	(797	)	$	(341	)	$	(215	)	$	(423	)	$	979	$	(797	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(734	)	$	(372	)	$	(225	)	$	(360	)	$	957	$	(734	)

Condensed Consolidating Statement of Operations and

Comprehensive Income (Loss)

Six Months Ended June 30, 2018

(Unaudited) 

(Dollars in millions)	Weatherford Ireland (g)			Weatherford Bermuda (g)			Weatherford Delaware (g)			Other Subsidiaries			Eliminations			Consolidation
Revenues	$	—		$	—		$	—		$	2,871		$	—		$	2,871
Costs and Expenses	(3		)	—			—			(2,980		)	—			(2,983		)
Operating Income (Loss)	(3		)	—			—			(109		)	—			(112		)
Other Income (Expense):
Interest Expense, Net	—			(281		)	(39		)	9			10			(301		)
Intercompany Charges, Net	(15		)	2			(29		)	(675		)	717			—
Equity in Subsidiary Income (Loss)	(547		)	(322		)	(156		)	—			1,025			—
Other, Net	56			100			133			(185		)	(134		)	(30		)
Income (Loss) Before Income Taxes	(509		)	(501		)	(91		)	(960		)	1,618			(443		)
(Provision) Benefit for Income Taxes	—			—			—			(58		)	—			(58		)
Net Income (Loss)	(509		)	(501		)	(91		)	(1,018		)	1,618			(501		)
Noncontrolling Interests	—			—			—			8			—			8
Net Income (Loss) Attributable to Weatherford	$	(509	)	$	(501	)	$	(91	)	$	(1,026	)	$	1,618		$	(509	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(669	)	$	(527	)	$	(57	)	$	(1,187	)	$	1,771		$	(669	)

Condensed Consolidating Balance Sheet

June 30, 2019

(Unaudited)

(Dollars in millions)	Weatherford Ireland (g)			Weatherford Bermuda (g)		Weatherford Delaware (g)		Other Subsidiaries		Eliminations			Consolidation
Current Assets:
Cash and Cash Equivalents	$	—		$	143	$	1	$	474	$	—		$	618
Other Current Assets	13			—		498		2,814		(537		)	2,788
Total Current Assets	13			143		499		3,288		(537		)	3,406
Equity Investments in Affiliates	(4,358		)	7,468		6,967		401		(10,478		)	—
Intercompany Receivables, Net	—			346		—		2,873		(3,219		)	—
Other Assets	—			8		135		2,832		—			2,975
Total Assets	$	(4,345	)	$	7,965	$	7,601	$	9,394	$	(14,234	)	$	6,381
Current Liabilities:
Short-term Borrowings and Current Portion of Long-Term Debt	$	—		$	919	$	—	$	11	$	—		$	930
Accounts Payable and Other Current Liabilities	3			232		—		2,261		(537		)	1,959
Total Current Liabilities	3			1,151		—		2,272		(537		)	2,889
Long-term Debt	—			6,401		788		120		57			7,366
Intercompany Payables, Net	78			—		3,141		—		(3,219		)	—
Other Long-term Liabilities	—			8		—		515		(8		)	515
Total Liabilities	81			7,560		3,929		2,907		(3,707		)	10,770
Weatherford Shareholders’ (Deficiency) Equity	(4,426		)	405		3,672		6,450		(10,527		)	(4,426		)
Noncontrolling Interests	—			—		—		37		—			37
Total Liabilities and Shareholders’ (Deficiency) Equity	$	(4,345	)	$	7,965	$	7,601	$	9,394	$	(14,234	)	$	6,381

Condensed Consolidating Balance Sheet

December 31, 2018

(Dollars in millions)	Weatherford Ireland (g)			Weatherford Bermuda (g)		Weatherford Delaware (g)		Other Subsidiaries		Eliminations			Consolidation
Current Assets:
Cash and Cash Equivalents	$	—		$	284	$	—	$	318	$	—		$	602
Other Current Assets	1			—		654		2,887		(694		)	2,848
Total Current Assets	1			284		654		3,205		(694		)	3,450
Equity Investments in Affiliates	(3,694		)	7,531		7,203		354		(11,394		)	—
Intercompany Receivables, Net	—			103		—		2,966		(3,069		)	—
Other Assets	—			15		4		3,132		—			3,151
Total Assets	$	(3,693	)	$	7,933	$	7,861	$	9,657	$	(15,157	)	$	6,601
Current Liabilities:
Short-term Borrowings and Current Portion of Long-Term Debt	$	—		$	373	$	—	$	10	$	—		$	383
Accounts Payable and Other Current Liabilities	9			174		—		2,428		(694		)	1,917
Total Current Liabilities	9			547		—		2,438		(694		)	2,300
Long-term Debt	—			6,632		775		130		68			7,605
Intercompany Payables, Net	3			—		3,066		—		(3,069		)	—
Other Long-term Liabilities	—			7		—		362		(7		)	362
Total Liabilities	12			7,186		3,841		2,930		(3,702		)	10,267
Weatherford Shareholders’ (Deficiency) Equity	(3,705		)	747		4,020		6,688		(11,455		)	(3,705		)
Noncontrolling Interests	—			—		—		39		—			39
Total Liabilities and Shareholders’ (Deficiency) Equity	$	(3,693	)	$	7,933	$	7,861	$	9,657	$	(15,157	)	$	6,601

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows

Six Months Ended June 30, 2019

(Unaudited)

(Dollars in millions)	Weatherford Ireland (g)			Weatherford Bermuda (g)			Weatherford Delaware (g)			Other Subsidiaries			Eliminations			Consolidation
Cash Flows from Operating Activities:
Net Income (Loss)	$	(797	)	$	(341	)	$	(215	)	$	(415	)	$	979		$	(789	)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities:
Charges from Parent or Subsidiary	—			(8		)	43			10			(45		)	—
Equity in (Earnings) Loss of Affiliates	739			63			120			—			(922		)	—
Other Adjustments	70			(129		)	(46		)	428			(12		)	311
Net Cash Provided (Used) by Operating Activities	12			(415		)	(98		)	23			—			(478		)
Cash Flows from Investing Activities:
Capital Expenditures for Property, Plant and Equipment	—			—			—			(114		)	—			(114		)
Acquisition of Intellectual Property	—			—			—			(9		)	—			(9		)
Proceeds from Sale of Assets	—			—			—			45			—			45
Proceeds from Sale of Businesses and Equity Investment, Net	—			—			—			301			—			301
Net Cash Provided (Used) by Investing Activities	—			—			—			223			—			223
Cash Flows from Financing Activities:
Borrowings (Repayments) Short-term Debt, Net	—			299			—			(1		)	—			298
Borrowings (Repayments) Long-term Debt, Net	—			(13		)	—			(4		)	—			(17		)
Borrowings (Repayments) Between Subsidiaries, Net	(12		)	(12		)	99			(75		)	—			—
Other, Net	—			—			—			(12		)	—			(12		)
Net Cash Provided (Used) by Financing Activities	(12		)	274			99			(92		)	—			269
Effect of Exchange Rate Changes On Cash and Cash Equivalents	—			—			—			2			—			2
Net Increase (Decrease) in Cash and Cash Equivalents	—			(141		)	1			156			—			16
Cash and Cash Equivalents at Beginning of Period	—			284			—			318			—			602
Cash and Cash Equivalents at End of Period	$	—		$	143		$	1		$	474		$	—		$	618

Condensed Consolidating Statement of Cash Flows

Six Months Ended June 30, 2018

(Unaudited) 

(Dollars in millions)	Weatherford Ireland (g)			Weatherford Bermuda (g)			Weatherford Delaware (g)			Other Subsidiaries			Eliminations			Consolidation
Cash Flows from Operating Activities:
Net Income (Loss)	$	(509	)	$	(501	)	$	(91	)	$	(1,018	)	$	1,618		$	(501	)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities:
Charges from Parent or Subsidiary	15			(2		)	29			675			(717		)	—
Equity in (Earnings) Loss of Affiliates	547			322			156			—			(1,025		)	—
Other Adjustments	70			565			(166		)	(407		)	124			186
Net Cash Provided (Used) by Operating Activities	123			384			(72		)	(750		)	—			(315		)
Cash Flows from Investing Activities:
Capital Expenditures for Property, Plant and Equipment	—			—			—			(86		)	—			(86		)
Acquisition of Business, Net of Cash Acquired	—			—			—			4			—			4
Acquisition of Intellectual Property	—			—			—			(7		)	—			(7		)
Proceeds from Sale of Assets	—			—			—			50			—			50
Proceeds from Sale of Businesses, Net	—			—			—			25			—			25
Net Cash Provided (Used) by Investing Activities	—			—			—			(14		)	—			(14		)
Cash Flows from Financing Activities:
Borrowings (Repayments) Short-term Debt, Net	—			90			—			(3		)	—			87
Borrowings (Repayments) Long-term Debt, Net	—			(450		)	587			(4		)	—			133
Borrowings (Repayments) Between Subsidiaries, Net	(123		)	(154		)	(515		)	792			—			—
Other, Net	—			—			—			(48		)	—			(48		)
Net Cash Provided (Used) by Financing Activities	(123		)	(514		)	72			737			—			172
Effect of Exchange Rate Changes On Cash and Cash Equivalents	—			—			—			(41		)	—			(41		)
Net Increase (Decrease) in Cash and Cash Equivalents	—			(130		)	—			(68		)	—			(198		)
Cash and Cash Equivalents at Beginning of Period	—			195			—			418			—			613
Cash and Cash Equivalents at End of Period	$	—		$	65		$	—		$	350		$	—		$	415