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10-Q Filing

WEATHERFORD INTERNATIONAL PLC CIK: 1603923 Q1 2020
Filing Information
Form Type 10-Q
Accession Number 0001603923-20-000035
Period End Date 20200331
Filing Date 20200511
Fiscal Year 2020
Fiscal Period Q1
XBRL Instance wftq1202010-q033120xac_htm.xml
Filing Contents
Balance Sheet 74 line items
Line Item Tag Value Unit Period
Allowance for Uncollectible Accounts AllowanceForDoubtfulAccountsReceivableCurrent - USD Point-in-time
Allowance for Uncollectible Accounts AllowanceForDoubtfulAccountsReceivableCurrent $10.00M USD Point-in-time
Cash and Cash Equivalents CashAndCashEquivalentsAtCarryingValue $670.00M USD Point-in-time
Cash and Cash Equivalents CashAndCashEquivalentsAtCarryingValue $618.00M USD Point-in-time
Restricted Cash, Current RestrictedCashCurrent $182.00M USD Point-in-time
Restricted Cash, Current RestrictedCashCurrent $94.00M USD Point-in-time
Accumulated Depreciation of Property, Plant and Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $25.00M USD Point-in-time
Accumulated Depreciation of Property, Plant and Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $124.00M USD Point-in-time
Accounts Receivable, Net of Allowance for Credit Losses of $10 at March 31, 2020 and $0 at December 31, 2019 ReceivablesNetCurrent $1.24B USD Point-in-time
Accumulated Amortization of Other Intangible Assets FiniteLivedIntangibleAssetsAccumulatedAmortization $9.00M USD Point-in-time
Accumulated Amortization of Other Intangible Assets FiniteLivedIntangibleAssetsAccumulatedAmortization $55.00M USD Point-in-time
Accounts Receivable, Net of Allowance for Credit Losses of $10 at March 31, 2020 and $0 at December 31, 2019 ReceivablesNetCurrent $1.20B USD Point-in-time
Inventories, Net InventoryNet $1.00B USD Point-in-time
Inventories, Net InventoryNet $972.00M USD Point-in-time
Other Current Assets OtherAssetsCurrent $402.00M USD Point-in-time
Ordinary Shares, Par Value (in USD) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Other Current Assets OtherAssetsCurrent $440.00M USD Point-in-time
Ordinary Shares, Par Value (in USD) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Ordinary Shares, Authorized (in shares) CommonStockSharesAuthorized 1.36B shares Point-in-time
Total Current Assets AssetsCurrent $3.45B USD Point-in-time
Ordinary Shares, Authorized (in shares) CommonStockSharesAuthorized 1.36B shares Point-in-time
Total Current Assets AssetsCurrent $3.37B USD Point-in-time
Property, Plant and Equipment, Net of Accumulated Depreciation of $124 at March 31, 2020 and $25 at December 31, 2019 PropertyPlantAndEquipmentNet $1.55B USD Point-in-time
Ordinary Shares, Issued (in shares) CommonStockSharesIssued 70.00M shares Point-in-time
Ordinary Shares, Issued (in shares) CommonStockSharesIssued 70.00M shares Point-in-time
Property, Plant and Equipment, Net of Accumulated Depreciation of $124 at March 31, 2020 and $25 at December 31, 2019 PropertyPlantAndEquipmentNet $2.12B USD Point-in-time
Goodwill Goodwill $239.00M USD Point-in-time
Ordinary Stock, Outstanding (in shares) CommonStockSharesOutstanding 70.00M shares Point-in-time
Goodwill Goodwill $72.00M USD Point-in-time
Ordinary Stock, Outstanding (in shares) CommonStockSharesOutstanding 70.00M shares Point-in-time
Intangible Assets, Net of Accumulated Amortization of $55 at March 31, 2020 and $9 at December 31, 2019 IntangibleAssetsNetExcludingGoodwill $928.00M USD Point-in-time
Intangible Assets, Net of Accumulated Amortization of $55 at March 31, 2020 and $9 at December 31, 2019 IntangibleAssetsNetExcludingGoodwill $1.11B USD Point-in-time
Other Non-Current Assets OtherAssetsNoncurrent $237.00M USD Point-in-time
Other Non-Current Assets OtherAssetsNoncurrent $365.00M USD Point-in-time
Total Assets Assets $7.29B USD Point-in-time
Total Assets Assets $6.17B USD Point-in-time
Short-term Borrowings and Current Portion of Long-term Debt DebtCurrent $13.00M USD Point-in-time
Short-term Borrowings and Current Portion of Long-term Debt DebtCurrent $26.00M USD Point-in-time
Accounts Payable AccountsPayableCurrent $544.00M USD Point-in-time
Accounts Payable AccountsPayableCurrent $585.00M USD Point-in-time
Accrued Salaries and Benefits EmployeeRelatedLiabilitiesCurrent $270.00M USD Point-in-time
Accrued Salaries and Benefits EmployeeRelatedLiabilitiesCurrent $248.00M USD Point-in-time
Income Taxes Payable TaxesPayableCurrent $199.00M USD Point-in-time
Income Taxes Payable TaxesPayableCurrent $205.00M USD Point-in-time
Other Current Liabilities OtherLiabilitiesCurrent $599.00M USD Point-in-time
Other Current Liabilities OtherLiabilitiesCurrent $627.00M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $1.64B USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $1.67B USD Point-in-time
Long-term Debt LongTermDebtAndCapitalLeaseObligations $2.15B USD Point-in-time
Long-term Debt LongTermDebtAndCapitalLeaseObligations $2.15B USD Point-in-time
Other Non-Current Liabilities OtherLiabilitiesNoncurrent $554.00M USD Point-in-time
Other Non-Current Liabilities OtherLiabilitiesNoncurrent $509.00M USD Point-in-time
Total Liabilities Liabilities $4.30B USD Point-in-time
Total Liabilities Liabilities $4.38B USD Point-in-time
Ordinary Shares - Par Value $0.001; Authorized 1,356 shares, Issued and Outstanding 70 shares at March 31, 2020 and December 31, 2019 CommonStockValue - USD Point-in-time
Ordinary Shares - Par Value $0.001; Authorized 1,356 shares, Issued and Outstanding 70 shares at March 31, 2020 and December 31, 2019 CommonStockValue - USD Point-in-time
Capital in Excess of Par Value AdditionalPaidInCapitalCommonStock $2.90B USD Point-in-time
Capital in Excess of Par Value AdditionalPaidInCapitalCommonStock $2.90B USD Point-in-time
Retained Deficit RetainedEarningsAccumulatedDeficit $-992.00M USD Point-in-time
Retained Deficit RetainedEarningsAccumulatedDeficit $-26.00M USD Point-in-time
Accumulated Other Comprehensive Income (Loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $-1.75B USD Point-in-time
Accumulated Other Comprehensive Income (Loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $-86.00M USD Point-in-time
Accumulated Other Comprehensive Income (Loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $-1.71B USD Point-in-time
Accumulated Other Comprehensive Income (Loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $9.00M USD Point-in-time
Weatherford Shareholders Equity StockholdersEquity $2.88B USD Point-in-time
Weatherford Shareholders Equity StockholdersEquity $1.82B USD Point-in-time
Noncontrolling Interests MinorityInterest $36.00M USD Point-in-time
Noncontrolling Interests MinorityInterest $44.00M USD Point-in-time
Total Shareholders Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-3.67B USD Point-in-time
Total Shareholders Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.86B USD Point-in-time
Total Shareholders Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.92B USD Point-in-time
Total Shareholders Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-4.11B USD Point-in-time
Total Liabilities and Shareholders Equity LiabilitiesAndStockholdersEquity $6.17B USD Point-in-time
Total Liabilities and Shareholders Equity LiabilitiesAndStockholdersEquity $7.29B USD Point-in-time
Income Statement 41 line items
Line Item Tag Value Unit Period
Revenue from Contract with Customer RevenueFromContractWithCustomerIncludingAssessedTax $1.35B USD 1 Quarter
Revenue from Contract with Customer RevenueFromContractWithCustomerIncludingAssessedTax $1.22B USD 1 Quarter
Total Revenues Revenues $1.22B USD 1 Quarter
Total Revenues Revenues $1.35B USD 1 Quarter
Total Revenues Revenues $1.35B USD 1 Quarter
Total Revenues Revenues $1.22B USD 1 Quarter
Research and Development ResearchAndDevelopmentExpense $33.00M USD 1 Quarter
Research and Development ResearchAndDevelopmentExpense $36.00M USD 1 Quarter
Selling, General and Administrative SellingGeneralAndAdministrativeExpense $248.00M USD 1 Quarter
Selling, General and Administrative SellingGeneralAndAdministrativeExpense $231.00M USD 1 Quarter
Long-lived Assets Impairment ImpairmentOfLongLivedAssetsHeldForUse - USD 1 Quarter
Long-lived Assets Impairment ImpairmentOfLongLivedAssetsHeldForUse $640.00M USD 1 Quarter
Goodwill Impairment GoodwillImpairmentLoss $167.00M USD 1 Quarter
Goodwill Impairment GoodwillImpairmentLoss $167.00M USD 1 Quarter
Goodwill Impairment GoodwillImpairmentLoss $229.00M USD 1 Quarter
Restructuring and Other Charges RestructuringSettlementAndImpairmentProvisions $36.00M USD 1 Quarter
Restructuring and Other Charges RestructuringSettlementAndImpairmentProvisions $69.00M USD 1 Quarter
Total Costs and Expenses CostsAndExpenses $2.04B USD 1 Quarter
Total Costs and Expenses CostsAndExpenses $1.65B USD 1 Quarter
Operating Income (Loss) OperatingIncomeLoss $-822.00M USD 1 Quarter
Operating Income (Loss) OperatingIncomeLoss $-301.00M USD 1 Quarter
Reorganization Items ReorganizationItems $9.00M USD 1 Quarter
Reorganization Items ReorganizationItems - USD 1 Quarter
Interest Expense, Net InterestIncomeExpenseNonoperatingNet $-155.00M USD 1 Quarter
Interest Expense, Net InterestIncomeExpenseNonoperatingNet $-58.00M USD 1 Quarter
Other Expense, Net OtherNonoperatingIncomeExpense $-9.00M USD 1 Quarter
Other Expense, Net OtherNonoperatingIncomeExpense $-25.00M USD 1 Quarter
Loss Before Income Taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-914.00M 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 $44.00M USD 1 Quarter
Net Loss ProfitLoss $-958.00M USD 1 Quarter
Net Loss ProfitLoss $-477.00M USD 1 Quarter
Net Income Attributable to Noncontrolling Interests NetIncomeLossAttributableToNoncontrollingInterest $4.00M USD 1 Quarter
Net Income Attributable to Noncontrolling Interests NetIncomeLossAttributableToNoncontrollingInterest $8.00M USD 1 Quarter
Net Income (Loss) Attributable to Weatherford NetIncomeLoss $-966.00M USD 1 Quarter
Net Income (Loss) Attributable to Weatherford NetIncomeLoss $-481.00M USD 1 Quarter
Loss Per Share, Basic & Diluted (in dollars per share) EarningsPerShareBasicAndDiluted $-13.80 USD 1 Quarter
Loss Per Share, Basic & Diluted (in dollars per share) EarningsPerShareBasicAndDiluted $-0.48 USD 1 Quarter
Weighted Average Shares Outstanding, Basic and Diluted (in shares) WeightedAverageNumberOfShareOutstandingBasicAndDiluted 70.00M shares 1 Quarter
Weighted Average Shares Outstanding, Basic and Diluted (in shares) WeightedAverageNumberOfShareOutstandingBasicAndDiluted 1.00B shares 1 Quarter
Cash Flow Statement 63 line items
Line Item Tag Value Unit Period
Net Loss ProfitLoss $-958.00M USD 1 Quarter
Net Loss ProfitLoss $-477.00M USD 1 Quarter
Depreciation and Amortization DepreciationDepletionAndAmortization $123.00M USD 1 Quarter
Depreciation and Amortization DepreciationDepletionAndAmortization $157.00M USD 1 Quarter
Goodwill Impairment GoodwillImpairmentLoss $167.00M USD 1 Quarter
Goodwill Impairment GoodwillImpairmentLoss $167.00M USD 1 Quarter
Goodwill Impairment GoodwillImpairmentLoss $229.00M USD 1 Quarter
Long-lived Asset Impairments and Other Charges RestructuringCostsAndAssetImpairmentCharges $31.00M USD 1 Quarter
Long-lived Asset Impairments and Other Charges RestructuringCostsAndAssetImpairmentCharges $648.00M USD 1 Quarter
Loss on Sale Businesses, Net GainLossOnSaleOfOtherAssets $-1.00M USD 1 Quarter
Loss on Sale Businesses, Net GainLossOnSaleOfOtherAssets $-36.00M USD 1 Quarter
Deferred Income Tax Provision (Benefit) DeferredIncomeTaxExpenseBenefit $23.00M USD 1 Quarter
Deferred Income Tax Provision (Benefit) DeferredIncomeTaxExpenseBenefit $-6.00M USD 1 Quarter
Other Net Income Adjustments OtherNoncashIncomeExpense $-5.00M USD 1 Quarter
Other Net Income Adjustments OtherNoncashIncomeExpense $-2.00M USD 1 Quarter
Accounts Receivable IncreaseDecreaseInAccountsReceivable $18.00M USD 1 Quarter
Accounts Receivable IncreaseDecreaseInAccountsReceivable $3.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $40.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $48.00M USD 1 Quarter
Accounts Payable IncreaseDecreaseInAccountsPayableTrade $-32.00M USD 1 Quarter
Accounts Payable IncreaseDecreaseInAccountsPayableTrade $11.00M USD 1 Quarter
Other, Net IncreaseDecreaseInOtherOperatingCapitalNet $-70.00M USD 1 Quarter
Other, Net IncreaseDecreaseInOtherOperatingCapitalNet $140.00M USD 1 Quarter
Net Cash Provided by (Used in) Operating Activities NetCashProvidedByUsedInOperatingActivities $-249.00M USD 1 Quarter
Net Cash Provided by (Used in) Operating Activities NetCashProvidedByUsedInOperatingActivities $30.00M USD 1 Quarter
Capital Expenditures for Property, Plant and Equipment PaymentsToAcquirePropertyPlantAndEquipment $38.00M USD 1 Quarter
Capital Expenditures for Property, Plant and Equipment PaymentsToAcquirePropertyPlantAndEquipment $59.00M USD 1 Quarter
Payments of Deferred Consideration on the Acquisition of Equity Investment PaymentForContingentConsiderationLiabilityInvestingActivities - USD 1 Quarter
Payments of Deferred Consideration on the Acquisition of Equity Investment PaymentForContingentConsiderationLiabilityInvestingActivities $12.00M USD 1 Quarter
Acquisition of Intangible Assets PaymentsToAcquireIntangibleAssets $5.00M USD 1 Quarter
Acquisition of Intangible Assets PaymentsToAcquireIntangibleAssets $2.00M USD 1 Quarter
Proceeds from Disposition of Assets ProceedsFromSaleOfPropertyPlantAndEquipment $6.00M USD 1 Quarter
Proceeds from Disposition of Assets ProceedsFromSaleOfPropertyPlantAndEquipment $26.00M USD 1 Quarter
Proceeds from Disposition of Businesses, Net ProceedsFromDivestitureOfBusinesses $-1.00M USD 1 Quarter
Proceeds from Disposition of Businesses, Net ProceedsFromDivestitureOfBusinesses $74.00M USD 1 Quarter
Net Cash Provided by (Used in) Investing Activities NetCashProvidedByUsedInInvestingActivities $-47.00M USD 1 Quarter
Net Cash Provided by (Used in) Investing Activities NetCashProvidedByUsedInInvestingActivities $36.00M USD 1 Quarter
Repayments of Long-term Debt RepaymentsOfLongTermDebtAndCapitalSecurities $15.00M USD 1 Quarter
Repayments of Long-term Debt RepaymentsOfLongTermDebtAndCapitalSecurities $2.00M USD 1 Quarter
Borrowings (Repayments) of Short-term Debt, Net ProceedsFromRepaymentsOfShortTermDebt $-3.00M USD 1 Quarter
Borrowings (Repayments) of Short-term Debt, Net ProceedsFromRepaymentsOfShortTermDebt $228.00M USD 1 Quarter
Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities $-3.00M USD 1 Quarter
Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities $-5.00M USD 1 Quarter
Net Cash Provided by (Used in) Financing Activities NetCashProvidedByUsedInFinancingActivities $-8.00M USD 1 Quarter
Net Cash Provided by (Used in) Financing Activities NetCashProvidedByUsedInFinancingActivities $208.00M USD 1 Quarter
Effect of Exchange Rate Changes on Cash and Cash Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.00M USD 1 Quarter
Effect of Exchange Rate Changes on Cash and Cash Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-11.00M USD 1 Quarter
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-4.00M USD 1 Quarter
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-36.00M USD 1 Quarter
Cash, Cash Equivalents and Restricted Cash at Beginning of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $598.00M USD Point-in-time
Cash, Cash Equivalents and Restricted Cash at Beginning of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $764.00M USD Point-in-time
Cash, Cash Equivalents and Restricted Cash at Beginning of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $800.00M USD Point-in-time
Cash, Cash Equivalents and Restricted Cash at Beginning of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $602.00M USD Point-in-time
Cash, Cash Equivalents and Restricted Cash at End of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $598.00M USD Point-in-time
Cash, Cash Equivalents and Restricted Cash at End of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $764.00M USD Point-in-time
Cash, Cash Equivalents and Restricted Cash at End of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $800.00M USD Point-in-time
Cash, Cash Equivalents and Restricted Cash at End of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $602.00M USD Point-in-time
Interest Paid InterestPaidNet $2.00M USD 1 Quarter
Interest Paid InterestPaidNet $157.00M USD 1 Quarter
Income Taxes Paid, Net of Refunds IncomeTaxesPaidNet $35.00M USD 1 Quarter
Income Taxes Paid, Net of Refunds IncomeTaxesPaidNet $21.00M USD 1 Quarter
Non-cash Financing Obligations CapitalLeaseObligationsIncurred - USD 1 Quarter
Non-cash Financing Obligations CapitalLeaseObligationsIncurred $17.00M USD 1 Quarter
Comprehensive Income 10 line items
Line Item Tag Value Unit Period
Net Loss ProfitLoss $-958.00M USD 1 Quarter
Net Loss ProfitLoss $-477.00M USD 1 Quarter
Foreign Currency Translation Adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $33.00M USD 1 Quarter
Foreign Currency Translation Adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-95.00M USD 1 Quarter
Comprehensive Loss ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-1.05B USD 1 Quarter
Comprehensive Loss ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-444.00M USD 1 Quarter
Comprehensive Income Attributable to Noncontrolling Interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $8.00M USD 1 Quarter
Comprehensive Income Attributable to Noncontrolling Interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $4.00M USD 1 Quarter
Comprehensive Loss Attributable to Weatherford ComprehensiveIncomeNetOfTax $-1.06B USD 1 Quarter
Comprehensive Loss Attributable to Weatherford ComprehensiveIncomeNetOfTax $-448.00M USD 1 Quarter

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

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