Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Sep. 30, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Consolidating Statement of Operations

Condensed Consolidating Statement of Operations and

Comprehensive Income (Loss) (Unaudited)

Three Months Ended September 30, 2019

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations		Consolidation
Revenues	$	—		$	—		$	—		$	1,314		$	—	$	1,314
Costs and Expenses	(2		)	(37		)	—			(1,722		)	—		(1,761		)
Operating Income (Loss)	(2		)	(37		)	—			(408		)	—		(447		)
Other Income (Expense):
Interest Expense, Net	—			(22		)	(4		)	—			—		(26		)
Reorganization Items	(38		)	(250		)	(15		)	—			—		(303		)
Intercompany Charges, Net	(13		)	7			(26		)	(1,254		)	1,286		—
Equity in Subsidiary Income (Loss)	(768		)	(103		)	33			—			838		—
Other, Net	—			(7		)	(1		)	—			—		(8		)
Income (Loss) Before Income Taxes	(821		)	(412		)	(13		)	(1,662		)	2,124		(784		)
(Provision) Benefit for Income Taxes	—			—			—			(31		)	—		(31		)
Net Income (Loss)	(821		)	(412		)	(13		)	(1,693		)	2,124		(815		)
Noncontrolling Interests	—			—			—			6			—		6
Net Income (Loss) Attributable to Weatherford	$	(821	)	$	(412	)	$	(13	)	$	(1,699	)	$	2,124	$	(821	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(841	)	$	(386	)	$	(6	)	$	(1,721	)	$	2,113	$	(841	)

Condensed Consolidating Statement of Operations and

Comprehensive Income (Loss)

Three Months Ended September 30, 2018

(Unaudited) 

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Revenues	$	—		$	—		$	—		$	1,444		$	—		$	1,444
Costs and Expenses	(2		)	—			—			(1,455		)	—			(1,457		)
Operating Income (Loss)	(2		)	—			—			(11		)	—			(13		)
Other Income (Expense):
Interest Expense, Net	—			(141		)	(26		)	5			6			(156		)
Intercompany Charges, Net	6			113			(7		)	(118		)	6			—
Equity in Subsidiary Income (Loss)	(214		)	93			8			—			113			—
Other, Net	11			42			46			(55		)	(47		)	(3		)
Income (Loss) Before Income Taxes	(199		)	107			21			(179		)	78			(172		)
(Provision) Benefit for Income Taxes	—			—			—			(22		)	—			(22		)
Net Income (Loss)	(199		)	107			21			(201		)	78			(194		)
Noncontrolling Interests	—			—			—			5			—			5
Net Income (Loss) Attributable to Weatherford	$	(199	)	$	107		$	21		$	(206	)	$	78		$	(199	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(208	)	$	91		$	16		$	(214	)	$	107		$	(208	)

Condensed Consolidating Statement of Operations and

Comprehensive Income (Loss)

Nine Months Ended September 30, 2019

(Unaudited) 

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations		Consolidation
Revenues	$	—		$	—		$	—		$	3,969		$	—	$	3,969
Costs and Expenses	(60		)	(39		)	—			(4,736		)	—		(4,835		)
Operating Income (Loss)	(60		)	(39		)	—			(767		)	—		(866		)
Other Income (Expense):
Interest Expense, Net	—			(310		)	(55		)	12			12		(341		)
Reorganization Items	(38		)	(250		)	(15		)	—			—		(303		)
Intercompany Charges, Net	(13		)	15			(69		)	(1,264		)	1,331		—
Equity in Subsidiary Income (Loss)	(1,507		)	(166		)	(87		)	—			1,760		—
Other, Net	—			(3		)	(2		)	(13		)	—		(18		)
Income (Loss) Before Income Taxes	(1,618		)	(753		)	(228		)	(2,032		)	3,103		(1,528		)
(Provision) Benefit for Income Taxes	—			—			—			(76		)	—		(76		)
Net Income (Loss)	(1,618		)	(753		)	(228		)	(2,108		)	3,103		(1,604		)
Noncontrolling Interests	—			—			—			14			—		14
Net Income (Loss) Attributable to Weatherford	$	(1,618	)	$	(753	)	$	(228	)	$	(2,122	)	$	3,103	$	(1,618	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(1,575	)	$	(758	)	$	(231	)	$	(2,081	)	$	3,070	$	(1,575	)

Condensed Consolidating Statement of Operations and

Comprehensive Income (Loss)

Nine Months Ended September 30, 2018

(Unaudited) 

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Revenues	$	—		$	—		$	—		$	4,315		$	—		$	4,315
Costs and Expenses	(5		)	—			—			(4,435		)	—			(4,440		)
Operating Income (Loss)	(5		)	—			—			(120		)	—			(125		)
Other Income (Expense):
Interest Expense, Net	—			(422		)	(65		)	14			16			(457		)
Intercompany Charges, Net	(9		)	115			(36		)	(793		)	723			—
Equity in Subsidiary Income (Loss)	(761		)	(229		)	(148		)	—			1,138			—
Other, Net	67			142			179			(240		)	(181		)	(33		)
Income (Loss) Before Income Taxes	(708		)	(394		)	(70		)	(1,139		)	1,696			(615		)
(Provision) Benefit for Income Taxes	—			—			—			(80		)	—			(80		)
Net Income (Loss)	(708		)	(394		)	(70		)	(1,219		)	1,696			(695		)
Noncontrolling Interests	—			—			—			13			—			13
Net Income (Loss) Attributable to Weatherford	$	(708	)	$	(394	)	$	(70	)	$	(1,232	)	$	1,696		$	(708	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(877	)	$	(436	)	$	(41	)	$	(1,401	)	$	1,878		$	(877	)

Condensed Consolidating Balance Sheet

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations		Consolidation
Revenues	$	—		$	—		$	—		$	3,969		$	—	$	3,969
Costs and Expenses	(60		)	(39		)	—			(4,736		)	—		(4,835		)
Operating Income (Loss)	(60		)	(39		)	—			(767		)	—		(866		)
Other Income (Expense):
Interest Expense, Net	—			(310		)	(55		)	12			12		(341		)
Reorganization Items	(38		)	(250		)	(15		)	—			—		(303		)
Intercompany Charges, Net	(13		)	15			(69		)	(1,264		)	1,331		—
Equity in Subsidiary Income (Loss)	(1,507		)	(166		)	(87		)	—			1,760		—
Other, Net	—			(3		)	(2		)	(13		)	—		(18		)
Income (Loss) Before Income Taxes	(1,618		)	(753		)	(228		)	(2,032		)	3,103		(1,528		)
(Provision) Benefit for Income Taxes	—			—			—			(76		)	—		(76		)
Net Income (Loss)	(1,618		)	(753		)	(228		)	(2,108		)	3,103		(1,604		)
Noncontrolling Interests	—			—			—			14			—		14
Net Income (Loss) Attributable to Weatherford	$	(1,618	)	$	(753	)	$	(228	)	$	(2,122	)	$	3,103	$	(1,618	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(1,575	)	$	(758	)	$	(231	)	$	(2,081	)	$	3,070	$	(1,575	)

Condensed Consolidating Statement of Operations and

Comprehensive Income (Loss)

Nine Months Ended September 30, 2018

(Unaudited) 

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Revenues	$	—		$	—		$	—		$	4,315		$	—		$	4,315
Costs and Expenses	(5		)	—			—			(4,435		)	—			(4,440		)
Operating Income (Loss)	(5		)	—			—			(120		)	—			(125		)
Other Income (Expense):
Interest Expense, Net	—			(422		)	(65		)	14			16			(457		)
Intercompany Charges, Net	(9		)	115			(36		)	(793		)	723			—
Equity in Subsidiary Income (Loss)	(761		)	(229		)	(148		)	—			1,138			—
Other, Net	67			142			179			(240		)	(181		)	(33		)
Income (Loss) Before Income Taxes	(708		)	(394		)	(70		)	(1,139		)	1,696			(615		)
(Provision) Benefit for Income Taxes	—			—			—			(80		)	—			(80		)
Net Income (Loss)	(708		)	(394		)	(70		)	(1,219		)	1,696			(695		)
Noncontrolling Interests	—			—			—			13			—			13
Net Income (Loss) Attributable to Weatherford	$	(708	)	$	(394	)	$	(70	)	$	(1,232	)	$	1,696		$	(708	)
Comprehensive Income (Loss) Attributable to Weatherford	$	(877	)	$	(436	)	$	(41	)	$	(1,401	)	$	1,878		$	(877	)

Condensed Consolidating Balance Sheet

September 30, 2019

(Unaudited)

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda		Weatherford Delaware		Other Subsidiaries		Eliminations			Consolidation
Current Assets:
Cash and Cash Equivalents	$	—		$	121	$	32	$	523	$	—		$	676
Restricted Cash	—			146		—		228		—			374
Other Current Assets	9			3		517		2,862		(517		)	2,874
Total Current Assets	9			270		549		3,613		(517		)	3,924
Equity Investments in Affiliates	(5,904		)	7,443		7,000		374		(8,913		)	—
Intercompany Receivables, Net	669			548		—		1,685		(2,902		)	—
Other Assets	—			5		1		2,394		—			2,400
Total Assets	$	(5,226	)	$	8,266	$	7,550	$	8,066	$	(12,332	)	$	6,324
Current Liabilities:
Short-term Borrowings and Current Portion of Long-Term Debt	$	—		$	1,396	$	300	$	10	$	—		$	1,706
Accounts Payable and Other Current Liabilities	36			26		2		2,127		(517		)	1,674
Total Current Liabilities	36			1,422		302		2,137		(517		)	3,380
Long-term Debt	—			—		—		59		—			59
Intercompany Payables, Net	—			—		2,902		—		(2,902		)	—
Other Long-term Liabilities	—			7		—		475		(7		)	475
Total Liabilities Not Subject to Compromise	36			1,429		3,204		2,671		(3,426		)	3,914
Liabilities Subject to Compromise	—			6,756		878		—		—			7,634
Weatherford Shareholders’ (Deficiency) Equity	(5,262		)	81		3,468		5,357		(8,906		)	(5,262		)
Noncontrolling Interests	—			—		—		38		—			38
Total Liabilities and Shareholders’ (Deficiency) Equity	$	(5,226	)	$	8,266	$	7,550	$	8,066	$	(12,332	)	$	6,324

Condensed Consolidating Balance Sheet

December 31, 2018

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda		Weatherford Delaware		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

Nine Months Ended September 30, 2019

(Unaudited)

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Cash Flows from Operating Activities:
Net Income (Loss)	$	(1,618	)	$	(753	)	$	(228	)	$	(2,108	)	$	3,103		$	(1,604	)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities:
Charges from Parent or Subsidiary	13			(15		)	69			1,264			(1,331		)	—
Equity in (Earnings) Loss of Affiliates	1,507			166			87			—			(1,760		)	—
Reorganization Items	—			120			14			—			—			134
Other Adjustments	110			(530		)	(268		)	1,491			(12		)	791
Net Cash Provided (Used) by Operating Activities	12			(1,012		)	(326		)	647			—			(679		)
Cash Flows from Investing Activities:
Capital Expenditures for Property, Plant and Equipment	—			—			—			(177		)	—			(177		)
Acquisition of Intellectual Property	—			—			—			(12		)	—			(12		)
Proceeds from Sale of Assets	—			—			—			80			—			80
Proceeds from Sale of Businesses and Equity Investment, Net	—			—			—			319			—			319
Net Cash Provided (Used) by Investing Activities	—			—			—			210			—			210
Cash Flows from Financing Activities:
Proceeds from Debtor in Possession Credit Facility	—			1,386			—			—			—			1,386
Debtor in Possession Financing Payments and Payments on Backstop Agreement	—			(110		)	—			—			—			(110		)
Borrowings (Repayments) Short-term Debt, Net	—			(527		)	300			202			—			(25		)
Borrowings (Repayments) Long-term Debt, Net	—			(13		)	—			(304		)	—			(317		)
Borrowings (Repayments) Between Subsidiaries, Net	(12		)	259			58			(305		)	—			—
Other, Net	—			—			—			(17		)	—			(17		)
Net Cash Provided (Used) by Financing Activities	(12		)	995			358			(424		)	—			917
Effect of Exchange Rate Changes On Cash and Cash Equivalents	—			—			—			—			—			—
Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash	—			(17		)	32			433			—			448
Cash and Cash Equivalents and Restricted Cash at Beginning of Period	—			284			—			318			—			602
Cash and Cash Equivalents and Restricted Cash at End of Period	$	—		$	267		$	32		$	751		$	—		$	1,050

Condensed Consolidating Statement of Cash Flows

Nine Months Ended September 30, 2018

(Unaudited) 

(Dollars in millions)	Weatherford Ireland			Weatherford Bermuda			Weatherford Delaware			Other Subsidiaries			Eliminations			Consolidation
Cash Flows from Operating Activities:
Net Income (Loss)	$	(708	)	$	(394	)	$	(70	)	$	(1,219	)	$	1,696		$	(695	)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities:
Charges from Parent or Subsidiary	9			(115		)	36			793			(723		)	—
Equity in (Earnings) Loss of Affiliates	761			229			148			—			(1,138		)	—
Other Adjustments	74			566			(1,485		)	1,028			165			348
Net Cash Provided (Used) by Operating Activities	136			286			(1,371		)	602			—			(347		)
Cash Flows from Investing Activities:
Capital Expenditures for Property, Plant and Equipment	—			—			—			(141		)	—			(141		)
Acquisition of Business, Net of Cash Acquired	—			—			—			4			—			4
Acquisition of Intellectual Property	—			—			—			(11		)	—			(11		)
Proceeds from Sale of Assets	—			—			—			70			—			70
Proceeds from Sale of Businesses, Net	—			—			—			37			—			37
Net Cash Provided (Used) by Investing Activities	—			—			—			(41		)	—			(41		)
Cash Flows from Financing Activities:
Borrowings (Repayments) Short-term Debt, Net	—			192			—			(22		)	—			170
Borrowings (Repayments) Long-term Debt, Net	—			(464		)	587			(8		)	—			115
Borrowings (Repayments) Between Subsidiaries, Net	(136		)	(143		)	784			(505		)	—			—
Other, Net	—			—			—			(62		)	—			(62		)
Net Cash Provided (Used) by Financing Activities	(136		)	(415		)	1,371			(597		)	—			223
Effect of Exchange Rate Changes On Cash and Cash Equivalents	—			—			—			(55		)	—			(55		)
Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash	—			(129		)	—			(91		)	—			(220		)
Cash and Cash Equivalents and Restricted Cash  at Beginning of Period	—			195			—			418			—			613
Cash and Cash Equivalents and Restricted Cash  at End of Period	$	—		$	66		$	—		$	327		$	—		$	393