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10-Q Filing

WEATHERFORD INTERNATIONAL PLC CIK: 1603923 Q1 2021
Filing Information
Form Type 10-Q
Accession Number 0001603923-21-000036
Period End Date 20210331
Filing Date 20210506
Fiscal Year 2021
Fiscal Period Q1
XBRL Instance wft-20210331_htm.xml
Filing Contents
Balance Sheet 84 line items
Line Item Tag Value Unit Period
Allowance for Uncollectible Accounts AllowanceForDoubtfulAccountsReceivableCurrent $32.00M USD Point-in-time
Allowance for Uncollectible Accounts AllowanceForDoubtfulAccountsReceivableCurrent $32.00M USD Point-in-time
Cash and Cash Equivalents, at Carrying Value CashAndCashEquivalentsAtCarryingValue $1.18B USD Point-in-time
Cash and Cash Equivalents, at Carrying Value CashAndCashEquivalentsAtCarryingValue $1.12B USD Point-in-time
Accumulated Depreciation of Property, Plant and Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $430.00M USD Point-in-time
Restricted Cash RestrictedCashCurrent $167.00M USD Point-in-time
Accumulated Depreciation of Property, Plant and Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $367.00M USD Point-in-time
Restricted Cash RestrictedCashCurrent $166.00M USD Point-in-time
Accumulated Amortization of Other Intangible Assets FiniteLivedIntangibleAssetsAccumulatedAmortization $212.00M USD Point-in-time
Accounts Receivable, Net of Allowance for Credit Losses of $32 at March 31, 2021 and $32 at December 31, 2020 ReceivablesNetCurrent $793.00M USD Point-in-time
Accumulated Amortization of Other Intangible Assets FiniteLivedIntangibleAssetsAccumulatedAmortization $173.00M USD Point-in-time
Accounts Receivable, Net of Allowance for Credit Losses of $32 at March 31, 2021 and $32 at December 31, 2020 ReceivablesNetCurrent $826.00M USD Point-in-time
Inventory, Net InventoryNet $676.00M USD Point-in-time
Inventory, Net InventoryNet $717.00M USD Point-in-time
Other Assets, Current OtherAssetsCurrent $346.00M USD Point-in-time
Other Assets, Current OtherAssetsCurrent $349.00M USD Point-in-time
Ordinary Shares, Authorized (in shares) CommonStockSharesAuthorized 1.36B shares Point-in-time
Total Current Assets AssetsCurrent $3.18B USD Point-in-time
Total Current Assets AssetsCurrent $3.16B USD Point-in-time
Ordinary Shares, Authorized (in shares) CommonStockSharesAuthorized 1.36B 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 $430 at March 31, 2021 and $367 at December 31, 2020 PropertyPlantAndEquipmentNet $1.24B USD Point-in-time
Ordinary Shares, Issued (in shares) CommonStockSharesIssued 70.00M shares Point-in-time
Property, Plant and Equipment, Net of Accumulated Depreciation of $430 at March 31, 2021 and $367 at December 31, 2020 PropertyPlantAndEquipmentNet $1.17B USD Point-in-time
Intangible Assets, Net of Accumulated Amortization of $212 at March 31, 2021 and $173 at December 31, 2020 IntangibleAssetsNetExcludingGoodwill $810.00M USD Point-in-time
Ordinary Stock, Outstanding (in shares) CommonStockSharesOutstanding 70.00M shares Point-in-time
Intangible Assets, Net of Accumulated Amortization of $212 at March 31, 2021 and $173 at December 31, 2020 IntangibleAssetsNetExcludingGoodwill $771.00M USD Point-in-time
Ordinary Stock, Outstanding (in shares) CommonStockSharesOutstanding 70.00M shares Point-in-time
Operating Lease, Right-of-Use Asset OperatingLeaseRightOfUseAsset $128.00M USD Point-in-time
Accounts Receivable, Net of Allowance for Credit Losses of $32 at March 31, 2021 and $32 at December 31, 2020 ReceivablesNetCurrent $793.00M USD Point-in-time
Operating Lease, Right-of-Use Asset OperatingLeaseRightOfUseAsset $138.00M USD Point-in-time
Accounts Receivable, Net of Allowance for Credit Losses of $32 at March 31, 2021 and $32 at December 31, 2020 ReceivablesNetCurrent $826.00M USD Point-in-time
Other Assets, Noncurrent OtherAssetsNoncurrent $73.00M USD Point-in-time
Property, Plant and Equipment, Net of Accumulated Depreciation of $430 at March 31, 2021 and $367 at December 31, 2020 PropertyPlantAndEquipmentNet $1.24B USD Point-in-time
Other Assets, Noncurrent OtherAssetsNoncurrent $68.00M USD Point-in-time
Property, Plant and Equipment, Net of Accumulated Depreciation of $430 at March 31, 2021 and $367 at December 31, 2020 PropertyPlantAndEquipmentNet $1.17B USD Point-in-time
Intangible Assets, Net of Accumulated Amortization of $212 at March 31, 2021 and $173 at December 31, 2020 IntangibleAssetsNetExcludingGoodwill $810.00M USD Point-in-time
Total Assets Assets $5.43B USD Point-in-time
Intangible Assets, Net of Accumulated Amortization of $212 at March 31, 2021 and $173 at December 31, 2020 IntangibleAssetsNetExcludingGoodwill $771.00M USD Point-in-time
Total Assets Assets $5.29B USD Point-in-time
Ordinary Shares - Par Value $0.001; Authorized 1,356 shares, Issued and Outstanding 70 shares at March 31, 2021 and December 31, 2020 CommonStockValue - USD Point-in-time
Ordinary Shares - Par Value $0.001; Authorized 1,356 shares, Issued and Outstanding 70 shares at March 31, 2021 and December 31, 2020 CommonStockValue - USD Point-in-time
Short-term Debt ShortTermBorrowings $11.00M USD Point-in-time
Short-term Debt ShortTermBorrowings $13.00M USD Point-in-time
Accounts Payable, Current AccountsPayableCurrent $330.00M USD Point-in-time
Accounts Payable, Current AccountsPayableCurrent $325.00M USD Point-in-time
Employee-related Liabilities, Current EmployeeRelatedLiabilitiesCurrent $297.00M USD Point-in-time
Employee-related Liabilities, Current EmployeeRelatedLiabilitiesCurrent $253.00M USD Point-in-time
Taxes Payable, Current TaxesPayableCurrent $185.00M USD Point-in-time
Taxes Payable, Current TaxesPayableCurrent $194.00M USD Point-in-time
Operating Lease, Liability, Current OperatingLeaseLiabilityCurrent $71.00M USD Point-in-time
Operating Lease, Liability, Current OperatingLeaseLiabilityCurrent $67.00M USD Point-in-time
Other Current Liabilities OtherLiabilitiesCurrent $471.00M USD Point-in-time
Other Current Liabilities OtherLiabilitiesCurrent $509.00M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $1.36B USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $1.36B USD Point-in-time
Long-term Debt and Lease Obligation LongTermDebtAndCapitalLeaseObligations $2.60B USD Point-in-time
Long-term Debt and Lease Obligation LongTermDebtAndCapitalLeaseObligations $2.60B USD Point-in-time
Operating Lease, Liability, Noncurrent OperatingLeaseLiabilityNoncurrent $177.00M USD Point-in-time
Operating Lease, Liability, Noncurrent OperatingLeaseLiabilityNoncurrent $159.00M USD Point-in-time
Other Liabilities, Noncurrent OtherLiabilitiesNoncurrent $349.00M USD Point-in-time
Other Liabilities, Noncurrent OtherLiabilitiesNoncurrent $357.00M USD Point-in-time
Total Liabilities Liabilities $4.50B USD Point-in-time
Total Liabilities Liabilities $4.47B USD Point-in-time
Ordinary Shares - Par Value $0.001; Authorized 1,356 shares, Issued and Outstanding 70 shares at March 31, 2021 and December 31, 2020 CommonStockValue - USD Point-in-time
Ordinary Shares - Par Value $0.001; Authorized 1,356 shares, Issued and Outstanding 70 shares at March 31, 2021 and December 31, 2020 CommonStockValue - USD Point-in-time
Additional Paid in Capital, Common Stock AdditionalPaidInCapitalCommonStock $2.90B USD Point-in-time
Additional Paid in Capital, Common Stock AdditionalPaidInCapitalCommonStock $2.90B USD Point-in-time
Retained Earnings (Accumulated Deficit) RetainedEarningsAccumulatedDeficit $-2.06B USD Point-in-time
Retained Earnings (Accumulated Deficit) RetainedEarningsAccumulatedDeficit $-1.95B USD Point-in-time
Accumulated Other Comprehensive Income (Loss), Net of Tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-43.00M USD Point-in-time
Accumulated Other Comprehensive Income (Loss), Net of Tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $9.00M USD Point-in-time
Accumulated Other Comprehensive Income (Loss), Net of Tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-86.00M USD Point-in-time
Accumulated Other Comprehensive Income (Loss), Net of Tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-47.00M USD Point-in-time
Weatherford Shareholders Equity StockholdersEquity $787.00M USD Point-in-time
Weatherford Shareholders Equity StockholdersEquity $907.00M USD Point-in-time
Noncontrolling Interests MinorityInterest $34.00M USD Point-in-time
Noncontrolling Interests MinorityInterest $30.00M USD Point-in-time
Total Shareholders Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $821.00M USD Point-in-time
Total Shareholders Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.92B USD Point-in-time
Total Shareholders Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.86B USD Point-in-time
Total Shareholders Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $937.00M USD Point-in-time
Total Liabilities and Shareholders Equity LiabilitiesAndStockholdersEquity $5.43B USD Point-in-time
Total Liabilities and Shareholders Equity LiabilitiesAndStockholdersEquity $5.29B USD Point-in-time
Income Statement 34 line items
Line Item Tag Value Unit Period
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $832.00M USD 1 Quarter
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $1.22B USD 1 Quarter
Research and Development ResearchAndDevelopmentExpense $21.00M USD 1 Quarter
Research and Development ResearchAndDevelopmentExpense $33.00M USD 1 Quarter
Selling, General and Administrative SellingGeneralAndAdministrativeExpense $188.00M USD 1 Quarter
Selling, General and Administrative SellingGeneralAndAdministrativeExpense $248.00M USD 1 Quarter
Impairments and Other Charges ImpairmentOfLongLivedAssetsHeldForUse - USD 1 Quarter
Impairments and Other Charges ImpairmentOfLongLivedAssetsHeldForUse $817.00M USD 1 Quarter
Restructuring Charges RestructuringCharges - USD 1 Quarter
Restructuring Charges RestructuringCharges $26.00M USD 1 Quarter
Total Costs and Expenses CostsAndExpenses $2.04B USD 1 Quarter
Total Costs and Expenses CostsAndExpenses $845.00M USD 1 Quarter
Operating Loss OperatingIncomeLoss $-13.00M USD 1 Quarter
Operating Loss OperatingIncomeLoss $-822.00M USD 1 Quarter
Interest Expense, Net InterestExpense $70.00M USD 1 Quarter
Interest Expense, Net InterestExpense $58.00M USD 1 Quarter
Reorganization Items ReorganizationItems $9.00M USD 1 Quarter
Reorganization Items ReorganizationItems - USD 1 Quarter
Other Expense, Net OtherNonoperatingIncomeExpense $-4.00M USD 1 Quarter
Other Expense, Net OtherNonoperatingIncomeExpense $-25.00M USD 1 Quarter
Loss Before Income Taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-87.00M USD 1 Quarter
Loss Before Income Taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-914.00M USD 1 Quarter
Income Tax Provision IncomeTaxExpenseBenefit $44.00M USD 1 Quarter
Income Tax Provision IncomeTaxExpenseBenefit $23.00M USD 1 Quarter
Net Loss ProfitLoss $-958.00M USD 1 Quarter
Net Loss ProfitLoss $-110.00M USD 1 Quarter
Net Income Attributable to Noncontrolling Interests NetIncomeLossAttributableToNoncontrollingInterest $8.00M USD 1 Quarter
Net Income Attributable to Noncontrolling Interests NetIncomeLossAttributableToNoncontrollingInterest $6.00M USD 1 Quarter
Net Loss Attributable to Weatherford NetIncomeLoss $-116.00M USD 1 Quarter
Net Loss Attributable to Weatherford NetIncomeLoss $-966.00M USD 1 Quarter
Loss Per Share, Basic & Diluted (in dollars per share) EarningsPerShareBasicAndDiluted $-1.66 USD 1 Quarter
Loss Per Share, Basic & Diluted (in dollars per share) EarningsPerShareBasicAndDiluted $-13.80 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 70.00M shares 1 Quarter
Cash Flow Statement 60 line items
Line Item Tag Value Unit Period
Net Loss ProfitLoss $-958.00M USD 1 Quarter
Net Loss ProfitLoss $-110.00M USD 1 Quarter
Depreciation and Amortization DepreciationDepletionAndAmortization $157.00M USD 1 Quarter
Depreciation and Amortization DepreciationDepletionAndAmortization $111.00M USD 1 Quarter
Goodwill Impairment GoodwillImpairmentLoss - USD 1 Quarter
Goodwill Impairment GoodwillImpairmentLoss $167.00M USD 1 Quarter
Long-lived Asset Impairments RestructuringCostsAndAssetImpairmentCharges - USD 1 Quarter
Long-lived Asset Impairments RestructuringCostsAndAssetImpairmentCharges $640.00M USD 1 Quarter
Inventory Charges InventoryWriteDown $2.00M USD 1 Quarter
Inventory Charges InventoryWriteDown $17.00M USD 1 Quarter
Deferred Income Tax Expense (Benefit) DeferredIncomeTaxExpenseBenefit $2.00M USD 1 Quarter
Deferred Income Tax Expense (Benefit) DeferredIncomeTaxExpenseBenefit $23.00M USD 1 Quarter
Employee Benefits and Share-based Compensation EmployeeBenefitsAndShareBasedCompensation $4.00M USD 1 Quarter
Employee Benefits and Share-based Compensation EmployeeBenefitsAndShareBasedCompensation - USD 1 Quarter
Accounts Receivable IncreaseDecreaseInAccountsReceivable $3.00M USD 1 Quarter
Accounts Receivable IncreaseDecreaseInAccountsReceivable $-33.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-20.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $48.00M USD 1 Quarter
Accounts Payable IncreaseDecreaseInAccountsPayableTrade $-32.00M USD 1 Quarter
Accounts Payable IncreaseDecreaseInAccountsPayableTrade $7.00M USD 1 Quarter
Other Assets and Liabilities, Net IncreaseDecreaseInOtherOperatingCapitalNet $10.00M USD 1 Quarter
Other Assets and Liabilities, Net IncreaseDecreaseInOtherOperatingCapitalNet $-76.00M USD 1 Quarter
Net Cash Provided by Operating Activities NetCashProvidedByUsedInOperatingActivities $74.00M USD 1 Quarter
Net Cash Provided by Operating Activities NetCashProvidedByUsedInOperatingActivities $30.00M USD 1 Quarter
Capital Expenditures for Property, Plant and Equipment PaymentsToAcquirePropertyPlantAndEquipment $15.00M USD 1 Quarter
Capital Expenditures for Property, Plant and Equipment PaymentsToAcquirePropertyPlantAndEquipment $38.00M USD 1 Quarter
Proceeds from Disposition of Assets ProceedsFromSaleOfPropertyPlantAndEquipment $6.00M USD 1 Quarter
Proceeds from Disposition of Assets ProceedsFromSaleOfPropertyPlantAndEquipment $11.00M USD 1 Quarter
Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities $3.00M USD 1 Quarter
Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities $-1.00M USD 1 Quarter
Net Used in Investing Activities NetCashProvidedByUsedInInvestingActivities $-35.00M USD 1 Quarter
Net Used in Investing Activities NetCashProvidedByUsedInInvestingActivities $-3.00M USD 1 Quarter
Repayments of Long-term Debt RepaymentsOfLongTermDebtAndCapitalSecurities $2.00M USD 1 Quarter
Repayments of Long-term Debt RepaymentsOfLongTermDebtAndCapitalSecurities $3.00M USD 1 Quarter
Repayments of Short-term Debt, Net ProceedsFromRepaymentsOfShortTermDebt $-4.00M USD 1 Quarter
Repayments of Short-term Debt, Net ProceedsFromRepaymentsOfShortTermDebt $-3.00M USD 1 Quarter
Payment for Contingent Consideration Liability, Financing Activities PaymentForContingentConsiderationLiabilityFinancingActivities - USD 1 Quarter
Payment for Contingent Consideration Liability, Financing Activities PaymentForContingentConsiderationLiabilityFinancingActivities $12.00M USD 1 Quarter
Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities $-2.00M USD 1 Quarter
Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities $-3.00M USD 1 Quarter
Net Cash Provided by (Used in) Financing Activities, Total NetCashProvidedByUsedInFinancingActivities $-20.00M USD 1 Quarter
Net Cash Provided by (Used in) Financing Activities, Total NetCashProvidedByUsedInFinancingActivities $-9.00M USD 1 Quarter
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-4.00M USD 1 Quarter
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-11.00M USD 1 Quarter
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-36.00M USD 1 Quarter
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $58.00M USD 1 Quarter
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 $1.28B USD Point-in-time
Cash, Cash Equivalents and Restricted Cash at Beginning of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.34B 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 End of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $800.00M USD Point-in-time
Cash, Cash Equivalents and Restricted Cash at End of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.28B USD Point-in-time
Cash, Cash Equivalents and Restricted Cash at End of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.34B USD Point-in-time
Cash, Cash Equivalents and Restricted Cash at End of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $764.00M USD Point-in-time
Interest Paid InterestPaidNet $2.00M USD 1 Quarter
Interest Paid InterestPaidNet $24.00M USD 1 Quarter
Income Taxes Paid, Net of Refunds IncomeTaxesPaidNet $15.00M USD 1 Quarter
Income Taxes Paid, Net of Refunds IncomeTaxesPaidNet $21.00M USD 1 Quarter
Non-cash other asset impairment charges NonCashOtherAssetImpairmentCharges $6.00M USD 1 Quarter
Non-cash other asset impairment charges NonCashOtherAssetImpairmentCharges - 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 $-110.00M USD 1 Quarter
Foreign Currency Translation Adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-4.00M USD 1 Quarter
Foreign Currency Translation Adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-95.00M USD 1 Quarter
Comprehensive Loss ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-1.05B USD 1 Quarter
Comprehensive Loss ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-114.00M USD 1 Quarter
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $6.00M USD 1 Quarter
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $8.00M USD 1 Quarter
Comprehensive Loss Attributable to Weatherford ComprehensiveIncomeNetOfTax $-1.06B USD 1 Quarter
Comprehensive Loss Attributable to Weatherford ComprehensiveIncomeNetOfTax $-120.00M USD 1 Quarter

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

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