Shareholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Shareholders' Equity

14 – Shareholders’ Equity

Our ordinary shares outstanding for the years ended December 31, 2023, 2022 and 2021 primarily increased upon the vesting and settlement of awards made under the 2019 Equity Plan.

On December 13, 2019, the day we emerged from bankruptcy, we issued warrants allowing the holders to purchase up to an aggregate of 7,777,779 ordinary shares in the Company, par value $0.001, at an exercise price of $99.96 per ordinary share. The warrants were equity classified and, upon issuance, had a value of $31 million, which was recorded in “Capital in Excess of Par Value.” The warrant fair value was a Level 2 valuation and was estimated using the Black Scholes valuation model. Inputs to the model included Weatherford’s share price, volatility of our share price, and the risk-free interest rate.

On December 13, 2023, the remaining 7,774,134 unexercised warrants expired, and the rights of the warrant holders to purchase ordinary shares were terminated. During 2023 and 2022, an immaterial number of warrants were exercised.

Accumulated Other Comprehensive Loss

The following table presents the changes in our accumulated other comprehensive loss by component:

(Dollars in millions)	Foreign Currency Translation		Defined Benefit Pension		Total
Balance at December 31, 2021	$	(36)	$	1	$	(35)
Other Comprehensive (Loss) Income	(5)		18		13
Balance at December 31, 2022	(41)		19		(22)
Other Comprehensive Loss	(2)		(4)		(6)
Balance at December 31, 2023	$	(43)	$	15	$	(28)