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10-Q Filing

WEATHERFORD INTERNATIONAL PLC CIK: 1603923 Q1 2019
Filing Information
Form Type 10-Q
Accession Number 0001603923-19-000063
Period End Date 20190331
Filing Date 20190510
Fiscal Year 2019
Fiscal Period Q1
XBRL Instance wft-20190331.xml
Filing Contents
Balance Sheet 78 line items
Line Item Tag Value Unit Period
Allowance for Uncollectible Accounts AllowanceForDoubtfulAccountsReceivableCurrent $124.00M USD Point-in-time
Allowance for Uncollectible Accounts AllowanceForDoubtfulAccountsReceivableCurrent $123.00M USD Point-in-time
Accumulated Depreciation of Property, Plant and Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $5.79B USD Point-in-time
Accumulated Depreciation of Property, Plant and Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $5.78B USD Point-in-time
Cash and Cash Equivalents CashAndCashEquivalentsAtCarryingValue $602.00M USD Point-in-time
Accumulated Amortization of Other Intangible Assets FiniteLivedIntangibleAssetsAccumulatedAmortization $743.00M USD Point-in-time
Accumulated Amortization of Other Intangible Assets FiniteLivedIntangibleAssetsAccumulatedAmortization $762.00M USD Point-in-time
Cash and Cash Equivalents CashAndCashEquivalentsAtCarryingValue $598.00M USD Point-in-time
Cash and Cash Equivalents CashAndCashEquivalentsAtCarryingValue $459.00M USD Point-in-time
Cash and Cash Equivalents CashAndCashEquivalentsAtCarryingValue $613.00M USD Point-in-time
Accounts Receivable, Net of Allowance for Uncollectible Accounts of $124 at March 31, 2019 and $123 at December 31, 2018 ReceivablesNetCurrent $1.13B USD Point-in-time
Accounts Receivable, Net of Allowance for Uncollectible Accounts of $124 at March 31, 2019 and $123 at December 31, 2018 ReceivablesNetCurrent $1.15B USD Point-in-time
Inventories, Net InventoryNet $1.05B USD Point-in-time
Common Shares, Par Value (in USD) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common Shares, Par Value (in USD) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Inventories, Net InventoryNet $1.02B USD Point-in-time
Other Current Assets OtherAssetsCurrent $428.00M USD Point-in-time
Common Shares, Authorized (in shares) CommonStockSharesAuthorized 1.36B shares Point-in-time
Other Current Assets OtherAssetsCurrent $434.00M USD Point-in-time
Common Shares, Authorized (in shares) CommonStockSharesAuthorized 1.36B shares Point-in-time
Common Shares, Conditionally Authorized (in shares) CommonSharesSharesConditionallyAuthorized 0.00 shares Point-in-time
Common Shares, Conditionally Authorized (in shares) CommonSharesSharesConditionallyAuthorized 0.00 shares Point-in-time
Assets Held for Sale AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent $170.00M USD Point-in-time
Assets Held for Sale AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent $265.00M USD Point-in-time
Total Current Assets AssetsCurrent $3.45B USD Point-in-time
Common Shares, Issued (in shares) CommonStockSharesIssued 1.00B shares Point-in-time
Total Current Assets AssetsCurrent $3.41B USD Point-in-time
Common Shares, Issued (in shares) CommonStockSharesIssued 993.00M shares Point-in-time
Property, Plant and Equipment, Net of Accumulated Depreciation of $5,784 at March 31, 2019 and $5,786 at December 31, 2018 PropertyPlantAndEquipmentNet $2.09B USD Point-in-time
Property, Plant and Equipment, Net of Accumulated Depreciation of $5,784 at March 31, 2019 and $5,786 at December 31, 2018 PropertyPlantAndEquipmentNet $1.99B USD Point-in-time
Common Stock, Outstanding (in shares) CommonStockSharesOutstanding 1.00B shares Point-in-time
Common Stock, Outstanding (in shares) CommonStockSharesOutstanding 993.00M shares Point-in-time
Goodwill Goodwill $504.00M USD Point-in-time
Goodwill Goodwill $713.00M USD Point-in-time
Treasury Shares, at cost (in shares) TreasuryStockShares 0.00 shares Point-in-time
Treasury Shares, at cost (in shares) TreasuryStockShares 0.00 shares Point-in-time
Other Non-Current Assets OtherAssetsNoncurrent $615.00M USD Point-in-time
Other Non-Current Assets OtherAssetsNoncurrent $352.00M USD Point-in-time
Total Assets Assets $6.60B USD Point-in-time
Total Assets Assets $6.52B USD Point-in-time
Short-term Borrowings and Current Portion of Long-term Debt DebtCurrent $383.00M USD Point-in-time
Short-term Borrowings and Current Portion of Long-term Debt DebtCurrent $612.00M USD Point-in-time
Accounts Payable AccountsPayableCurrent $746.00M USD Point-in-time
Accounts Payable AccountsPayableCurrent $732.00M USD Point-in-time
Accrued Salaries and Benefits EmployeeRelatedLiabilitiesCurrent $249.00M USD Point-in-time
Accrued Salaries and Benefits EmployeeRelatedLiabilitiesCurrent $236.00M USD Point-in-time
Income Taxes Payable TaxesPayableCurrent $198.00M USD Point-in-time
Income Taxes Payable TaxesPayableCurrent $214.00M USD Point-in-time
Other Current Liabilities OtherLiabilitiesCurrent $722.00M USD Point-in-time
Other Current Liabilities OtherLiabilitiesCurrent $712.00M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $2.30B USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $2.50B USD Point-in-time
Long-term Debt LongTermDebtAndCapitalLeaseObligations $7.61B USD Point-in-time
Long-term Debt LongTermDebtAndCapitalLeaseObligations $7.61B USD Point-in-time
Other Non-Current Liabilities OtherLiabilitiesNoncurrent $362.00M USD Point-in-time
Other Non-Current Liabilities OtherLiabilitiesNoncurrent $515.00M USD Point-in-time
Total Liabilities Liabilities $10.62B USD Point-in-time
Total Liabilities Liabilities $10.27B USD Point-in-time
Shares - Par Value $0.001; Authorized 1,356 shares, Issued and Outstanding 1,003 shares at March 31, 2019 and 1,002 shares at December 31, 2018 CommonStockValue $1.00M USD Point-in-time
Shares - Par Value $0.001; Authorized 1,356 shares, Issued and Outstanding 1,003 shares at March 31, 2019 and 1,002 shares at December 31, 2018 CommonStockValue $1.00M USD Point-in-time
Capital in Excess of Par Value AdditionalPaidInCapitalCommonStock $6.72B USD Point-in-time
Capital in Excess of Par Value AdditionalPaidInCapitalCommonStock $6.71B USD Point-in-time
Retained Deficit RetainedEarningsAccumulatedDeficit $-9.15B USD Point-in-time
Retained Deficit RetainedEarningsAccumulatedDeficit $-8.67B USD Point-in-time
Accumulated Other Comprehensive Loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-1.52B USD Point-in-time
Accumulated Other Comprehensive Loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-1.71B USD Point-in-time
Accumulated Other Comprehensive Loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-1.75B USD Point-in-time
Accumulated Other Comprehensive Loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-1.51B USD Point-in-time
Weatherford Shareholders Deficiency StockholdersEquity $-3.71B USD Point-in-time
Weatherford Shareholders Deficiency StockholdersEquity $-4.14B USD Point-in-time
Noncontrolling Interests MinorityInterest $39.00M USD Point-in-time
Noncontrolling Interests MinorityInterest $39.00M USD Point-in-time
Total Shareholders Deficiency StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-571.00M USD Point-in-time
Total Shareholders Deficiency StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-898.00M USD Point-in-time
Total Shareholders Deficiency StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-4.11B USD Point-in-time
Total Shareholders Deficiency StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-3.67B USD Point-in-time
Total Liabilities and Shareholders Deficiency LiabilitiesAndStockholdersEquity $6.60B USD Point-in-time
Total Liabilities and Shareholders Deficiency LiabilitiesAndStockholdersEquity $6.52B USD Point-in-time
Income Statement 44 line items
Line Item Tag Value Unit Period
Revenue from Contract with Customer RevenueFromContractWithCustomerIncludingAssessedTax $1.34B USD 1 Quarter
Total Revenues Revenues $1.42B USD 1 Quarter
Total Revenues Revenues $1.35B USD 1 Quarter
Research and Development ResearchAndDevelopmentExpense $36.00M USD 1 Quarter
Research and Development ResearchAndDevelopmentExpense $38.00M USD 1 Quarter
Selling, General and Administrative Expense SellingGeneralAndAdministrativeExpense $200.00M USD 1 Quarter
Selling, General and Administrative Expense SellingGeneralAndAdministrativeExpense $199.00M USD 1 Quarter
Corporate General and Administrative GeneralAndAdministrativeExpense $36.00M USD 1 Quarter
Corporate General and Administrative GeneralAndAdministrativeExpense $32.00M USD 1 Quarter
Goodwill, Impairment Loss GoodwillImpairmentLoss - USD Annual
Goodwill, Impairment Loss GoodwillImpairmentLoss $229.00M USD 1 Quarter
Goodwill, Impairment Loss GoodwillImpairmentLoss - USD 1 Quarter
Asset Write-Downs and Other AssetWriteDownandOther $49.00M USD 1 Quarter
Asset Write-Downs and Other AssetWriteDownandOther $18.00M USD 1 Quarter
Restructuring and Transformation Charges RestructuringCharges $25.00M USD 1 Quarter
Restructuring and Transformation Charges RestructuringCharges $20.00M USD 1 Quarter
Total Costs and Expenses CostsAndExpenses $1.46B USD 1 Quarter
Total Costs and Expenses CostsAndExpenses $1.65B USD 1 Quarter
Operating Income (Loss) OperatingIncomeLoss $-39.00M USD 1 Quarter
Operating Income (Loss) OperatingIncomeLoss $-301.00M USD 1 Quarter
Interest Expense, Net InterestIncomeExpenseNonoperatingNet $-155.00M USD 1 Quarter
Interest Expense, Net InterestIncomeExpenseNonoperatingNet $-149.00M USD 1 Quarter
Warrant Fair Value Adjustment FairValueAdjustmentOfWarrants - USD 1 Quarter
Warrant Fair Value Adjustment FairValueAdjustmentOfWarrants $-46.00M USD 1 Quarter
Bond Tender and Call Premium BondTenderPremiumNet $-34.00M USD 1 Quarter
Bond Tender and Call Premium BondTenderPremiumNet - USD 1 Quarter
Currency Devaluation Charges ForeignCurrencyDevaluationLossbeforeTax $26.00M USD 1 Quarter
Currency Devaluation Charges ForeignCurrencyDevaluationLossbeforeTax - USD 1 Quarter
Other Expense, Net OtherNonoperatingIncomeExpense $-9.00M USD 1 Quarter
Other Expense, Net OtherNonoperatingIncomeExpense $-8.00M USD 1 Quarter
Loss Before Income Taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-210.00M USD 1 Quarter
Loss Before Income Taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-465.00M USD 1 Quarter
Income Tax Provision IncomeTaxExpenseBenefit $12.00M USD 1 Quarter
Income Tax Provision IncomeTaxExpenseBenefit $32.00M USD 1 Quarter
Net Loss ProfitLoss $-477.00M USD 1 Quarter
Net Loss ProfitLoss $-242.00M USD 1 Quarter
Net Income Attributable to Noncontrolling Interests NetIncomeLossAttributableToNoncontrollingInterest $3.00M USD 1 Quarter
Net Income Attributable to Noncontrolling Interests NetIncomeLossAttributableToNoncontrollingInterest $4.00M USD 1 Quarter
Net Income (Loss) Attributable to Weatherford NetIncomeLoss $-481.00M USD 1 Quarter
Net Income (Loss) Attributable to Weatherford NetIncomeLoss $-245.00M USD 1 Quarter
Earnings Per Share, Basic and Diluted EarningsPerShareBasicAndDiluted $-0.48 USD 1 Quarter
Earnings Per Share, Basic and Diluted EarningsPerShareBasicAndDiluted $-0.25 USD 1 Quarter
Weighted Average Number of Shares Outstanding, Basic and Diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted 1.00B shares 1 Quarter
Weighted Average Number of Shares Outstanding, Basic and Diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted 994.00M shares 1 Quarter
Cash Flow Statement 81 line items
Line Item Tag Value Unit Period
Gain (Loss) on Disposition of Assets GainLossOnDispositionOfAssets1 - USD 1 Quarter
Gain (Loss) on Disposition of Assets GainLossOnDispositionOfAssets1 $-36.00M USD 1 Quarter
Net Loss ProfitLoss $-477.00M USD 1 Quarter
Net Loss ProfitLoss $-242.00M USD 1 Quarter
Depreciation and Amortization DepreciationDepletionAndAmortization $123.00M USD 1 Quarter
Depreciation and Amortization DepreciationDepletionAndAmortization $147.00M USD 1 Quarter
Goodwill, Impairment Loss GoodwillImpairmentLoss - USD Annual
Goodwill, Impairment Loss GoodwillImpairmentLoss $229.00M USD 1 Quarter
Goodwill, Impairment Loss GoodwillImpairmentLoss - USD 1 Quarter
Share-based compensation AllocatedShareBasedCompensationExpense $8.00M USD 1 Quarter
Share-based compensation AllocatedShareBasedCompensationExpense $13.00M USD 1 Quarter
Inventory Write-down InventoryWriteDown $29.00M USD 1 Quarter
Inventory Write-down InventoryWriteDown $12.00M USD 1 Quarter
Restructuring Costs and Asset Impairment Charges RestructuringCostsAndAssetImpairmentCharges $19.00M USD 1 Quarter
Restructuring Costs and Asset Impairment Charges RestructuringCostsAndAssetImpairmentCharges $29.00M USD 1 Quarter
Bond Tender and Call Premium BondTenderPremiumNet $-34.00M USD 1 Quarter
Bond Tender and Call Premium BondTenderPremiumNet - USD 1 Quarter
Currency Devaluation Charges ForeignCurrencyDevaluationLossbeforeTax $26.00M USD 1 Quarter
Currency Devaluation Charges ForeignCurrencyDevaluationLossbeforeTax - USD 1 Quarter
Warrant Fair Value Adjustment FairValueAdjustmentOfWarrants - USD 1 Quarter
Warrant Fair Value Adjustment FairValueAdjustmentOfWarrants $-46.00M USD 1 Quarter
Other, Net OtherNoncashIncomeExpense $-7.00M USD 1 Quarter
Other, Net OtherNoncashIncomeExpense $12.00M USD 1 Quarter
Accounts Receivable IncreaseDecreaseInAccountsReceivable $18.00M USD 1 Quarter
Accounts Receivable IncreaseDecreaseInAccountsReceivable $-23.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $40.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $13.00M USD 1 Quarter
Other Current Assets IncreaseDecreaseInOtherCurrentAssets $25.00M USD 1 Quarter
Other Current Assets IncreaseDecreaseInOtherCurrentAssets $7.00M USD 1 Quarter
Accounts Payable IncreaseDecreaseInAccountsPayableTrade $11.00M USD 1 Quarter
Accounts Payable IncreaseDecreaseInAccountsPayableTrade $-55.00M USD 1 Quarter
Accrued Litigation and Settlements IncreaseDecreaseinAccruedLitigationandSettlements $-3.00M USD 1 Quarter
Accrued Litigation and Settlements IncreaseDecreaseinAccruedLitigationandSettlements $-8.00M USD 1 Quarter
Other Current Liabilities IncreaseDecreaseInOtherCurrentLiabilities $-106.00M USD 1 Quarter
Other Current Liabilities IncreaseDecreaseInOtherCurrentLiabilities $-56.00M USD 1 Quarter
Other, Net IncreaseDecreaseInOtherOperatingCapitalNet $6.00M USD 1 Quarter
Other, Net IncreaseDecreaseInOtherOperatingCapitalNet $66.00M USD 1 Quarter
Net Cash Used in Operating Activities NetCashProvidedByUsedInOperatingActivities $-185.00M USD 1 Quarter
Net Cash Used in Operating Activities NetCashProvidedByUsedInOperatingActivities $-249.00M USD 1 Quarter
Capital Expenditures for Property, Plant and Equipment PaymentsToAcquirePropertyPlantAndEquipment $58.00M USD 1 Quarter
Capital Expenditures for Property, Plant and Equipment PaymentsToAcquirePropertyPlantAndEquipment $29.00M USD 1 Quarter
Capital Expenditures for and Acquisition of Assets Held for Sale IncreaseDecreaseInAssetsHeldForSale $1.00M USD 1 Quarter
Capital Expenditures for and Acquisition of Assets Held for Sale IncreaseDecreaseInAssetsHeldForSale $9.00M USD 1 Quarter
Acquisitions of Businesses, Net of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired $-4.00M USD 1 Quarter
Acquisitions of Businesses, Net of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired - USD 1 Quarter
Acquisition of Intellectual Property PaymentsToAcquireIntangibleAssets $3.00M USD 1 Quarter
Acquisition of Intellectual Property PaymentsToAcquireIntangibleAssets $5.00M USD 1 Quarter
Proceeds from Sale of Assets ProceedsFromSaleOfPropertyPlantAndEquipment $12.00M USD 1 Quarter
Proceeds from Sale of Assets ProceedsFromSaleOfPropertyPlantAndEquipment $26.00M USD 1 Quarter
Proceeds from Divestiture of Businesses ProceedsFromDivestitureOfBusinesses $74.00M USD 1 Quarter
Proceeds from Divestiture of Businesses ProceedsFromDivestitureOfBusinesses $25.00M USD 1 Quarter
Net Cash Provided by Investing Activities NetCashProvidedByUsedInInvestingActivities - USD 1 Quarter
Net Cash Provided by Investing Activities NetCashProvidedByUsedInInvestingActivities $36.00M USD 1 Quarter
Borrowings of Long-term Debt ProceedsFromIssuanceOfLongTermDebt $588.00M USD 1 Quarter
Borrowings of Long-term Debt ProceedsFromIssuanceOfLongTermDebt - USD 1 Quarter
Repayments of Long-term Debt RepaymentsOfLongTermDebtAndCapitalSecurities $15.00M USD 1 Quarter
Repayments of Long-term Debt RepaymentsOfLongTermDebtAndCapitalSecurities $440.00M USD 1 Quarter
Borrowings (Repayments) of Short-term Debt, Net ProceedsFromRepaymentsOfShortTermDebt $-54.00M USD 1 Quarter
Borrowings (Repayments) of Short-term Debt, Net ProceedsFromRepaymentsOfShortTermDebt $228.00M USD 1 Quarter
Bond Tender Premium PaymentsforBondTenderPremium - USD 1 Quarter
Bond Tender Premium PaymentsforBondTenderPremium $30.00M USD 1 Quarter
Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities $-10.00M USD 1 Quarter
Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities $-5.00M USD 1 Quarter
Net Cash Provided by Financing Activities NetCashProvidedByUsedInFinancingActivities $54.00M USD 1 Quarter
Net Cash Provided by Financing Activities NetCashProvidedByUsedInFinancingActivities $208.00M USD 1 Quarter
Effect of Exchange Rate Changes on Cash and Cash Equivalents EffectOfExchangeRateOnCashAndCashEquivalents $-23.00M USD 1 Quarter
Effect of Exchange Rate Changes on Cash and Cash Equivalents EffectOfExchangeRateOnCashAndCashEquivalents $1.00M USD 1 Quarter
Net Decrease in Cash and Cash Equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-4.00M USD 1 Quarter
Net Decrease in Cash and Cash Equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-154.00M USD 1 Quarter
Cash and Cash Equivalents at Beginning of Period CashAndCashEquivalentsAtCarryingValue $602.00M USD Point-in-time
Cash and Cash Equivalents at Beginning of Period CashAndCashEquivalentsAtCarryingValue $598.00M USD Point-in-time
Cash and Cash Equivalents at Beginning of Period CashAndCashEquivalentsAtCarryingValue $459.00M USD Point-in-time
Cash and Cash Equivalents at Beginning of Period CashAndCashEquivalentsAtCarryingValue $613.00M USD Point-in-time
Cash and Cash Equivalents at End of Period CashAndCashEquivalentsAtCarryingValue $602.00M USD Point-in-time
Cash and Cash Equivalents at End of Period CashAndCashEquivalentsAtCarryingValue $598.00M USD Point-in-time
Cash and Cash Equivalents at End of Period CashAndCashEquivalentsAtCarryingValue $459.00M USD Point-in-time
Cash and Cash Equivalents at End of Period CashAndCashEquivalentsAtCarryingValue $613.00M USD Point-in-time
Interest Paid InterestPaid $174.00M USD 1 Quarter
Interest Paid InterestPaid $157.00M USD 1 Quarter
Income Taxes Paid, Net of Refunds IncomeTaxesPaidNet $47.00M USD 1 Quarter
Income Taxes Paid, Net of Refunds IncomeTaxesPaidNet $35.00M USD 1 Quarter
Comprehensive Income 12 line items
Line Item Tag Value Unit Period
Net Loss ProfitLoss $-477.00M USD 1 Quarter
Net Loss ProfitLoss $-242.00M USD 1 Quarter
Currency Translation Adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $5.00M USD 1 Quarter
Currency Translation Adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $33.00M USD 1 Quarter
Other Comprehensive Income OtherComprehensiveIncomeLossNetOfTax $33.00M USD 1 Quarter
Other Comprehensive Income OtherComprehensiveIncomeLossNetOfTax $5.00M USD 1 Quarter
Comprehensive Loss ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-444.00M USD 1 Quarter
Comprehensive Loss ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-237.00M USD 1 Quarter
Comprehensive Income Attributable to Noncontrolling Interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $3.00M USD 1 Quarter
Comprehensive Income Attributable to Noncontrolling Interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $4.00M USD 1 Quarter
Comprehensive Loss Attributable to Weatherford ComprehensiveIncomeNetOfTax $-448.00M USD 1 Quarter
Comprehensive Loss Attributable to Weatherford ComprehensiveIncomeNetOfTax $-240.00M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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