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10-Q Filing

WEATHERFORD INTERNATIONAL PLC CIK: 1603923 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001603923-22-000071
Period End Date 20220331
Filing Date 20220428
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance wfrd-20220331_htm.xml
Filing Contents
Balance Sheet 79 line items
Line Item Tag Value Unit Period
Accounts Receivable, Allowance for Credit Loss, Current AllowanceForDoubtfulAccountsReceivableCurrent $35.00M USD Point-in-time
Accounts Receivable, Allowance for Credit Loss, Current AllowanceForDoubtfulAccountsReceivableCurrent $31.00M USD Point-in-time
Cash and Cash Equivalents, at Carrying Value CashAndCashEquivalentsAtCarryingValue $951.00M USD Point-in-time
Cash and Cash Equivalents, at Carrying Value CashAndCashEquivalentsAtCarryingValue $841.00M USD Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $661.00M USD Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $623.00M USD Point-in-time
Restricted Cash RestrictedCashCurrent $162.00M USD Point-in-time
Restricted Cash RestrictedCashCurrent $215.00M USD Point-in-time
Finite-Lived Intangible Assets, Accumulated Amortization FiniteLivedIntangibleAssetsAccumulatedAmortization $367.00M USD Point-in-time
Finite-Lived Intangible Assets, Accumulated Amortization FiniteLivedIntangibleAssetsAccumulatedAmortization $328.00M USD Point-in-time
Accounts Receivable, Net of Allowance for Credit Losses of $35 at March 31, 2022 and $31 at December 31, 2021 ReceivablesNetCurrent $825.00M USD Point-in-time
Accounts Receivable, Net of Allowance for Credit Losses of $35 at March 31, 2022 and $31 at December 31, 2021 ReceivablesNetCurrent $868.00M USD Point-in-time
Inventory, Net InventoryNet $670.00M USD Point-in-time
Inventory, Net InventoryNet $684.00M USD Point-in-time
Other Assets, Current OtherAssetsCurrent $303.00M USD Point-in-time
Common Stock, Par or Stated Value Per Share CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Other Assets, Current OtherAssetsCurrent $281.00M USD Point-in-time
Common Stock, Par or Stated Value Per Share CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common Stock, Shares Authorized CommonStockSharesAuthorized 1.36B shares Point-in-time
Total Current Assets AssetsCurrent $2.91B USD Point-in-time
Total Current Assets AssetsCurrent $2.89B USD Point-in-time
Common Stock, Shares Authorized CommonStockSharesAuthorized 1.36B shares Point-in-time
Property, Plant and Equipment, Net of Accumulated Depreciation of $661 at March 31, 2022 and $623 at December 31, 2021 PropertyPlantAndEquipmentNet $964.00M USD Point-in-time
Property, Plant and Equipment, Net of Accumulated Depreciation of $661 at March 31, 2022 and $623 at December 31, 2021 PropertyPlantAndEquipmentNet $996.00M USD Point-in-time
Common Stock, Shares, Issued CommonStockSharesIssued 70.00M shares Point-in-time
Common Stock, Shares, Issued CommonStockSharesIssued 70.00M shares Point-in-time
Common Stock, Shares, Outstanding CommonStockSharesOutstanding 70.00M shares Point-in-time
Intangible Assets, Net of Accumulated Amortization of $367 at March 31, 2022 and $328 at December 31, 2021 IntangibleAssetsNetExcludingGoodwill $619.00M USD Point-in-time
Intangible Assets, Net of Accumulated Amortization of $367 at March 31, 2022 and $328 at December 31, 2021 IntangibleAssetsNetExcludingGoodwill $657.00M USD Point-in-time
Common Stock, Shares, Outstanding CommonStockSharesOutstanding 70.00M shares Point-in-time
Operating Lease, Right-of-Use Asset OperatingLeaseRightOfUseAsset $113.00M USD Point-in-time
Operating Lease, Right-of-Use Asset OperatingLeaseRightOfUseAsset $119.00M USD Point-in-time
Other Assets, Noncurrent OtherAssetsNoncurrent $93.00M USD Point-in-time
Other Assets, Noncurrent OtherAssetsNoncurrent $97.00M USD Point-in-time
Total Assets Assets $4.68B USD Point-in-time
Total Assets Assets $4.77B USD Point-in-time
Short-term Debt ShortTermBorrowings $12.00M USD Point-in-time
Short-term Debt ShortTermBorrowings $13.00M USD Point-in-time
Accounts Payable, Current AccountsPayableCurrent $380.00M USD Point-in-time
Accounts Payable, Current AccountsPayableCurrent $385.00M USD Point-in-time
Employee-related Liabilities, Current EmployeeRelatedLiabilitiesCurrent $261.00M USD Point-in-time
Employee-related Liabilities, Current EmployeeRelatedLiabilitiesCurrent $343.00M USD Point-in-time
Taxes Payable, Current TaxesPayableCurrent $140.00M USD Point-in-time
Taxes Payable, Current TaxesPayableCurrent $140.00M USD Point-in-time
Operating Lease, Liability, Current OperatingLeaseLiabilityCurrent $59.00M USD Point-in-time
Operating Lease, Liability, Current OperatingLeaseLiabilityCurrent $56.00M USD Point-in-time
Other Current Liabilities OtherLiabilitiesCurrent $445.00M USD Point-in-time
Other Current Liabilities OtherLiabilitiesCurrent $398.00M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $1.33B USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $1.30B USD Point-in-time
Long-term Debt and Lease Obligation LongTermDebtAndCapitalLeaseObligations $2.42B USD Point-in-time
Long-term Debt and Lease Obligation LongTermDebtAndCapitalLeaseObligations $2.42B USD Point-in-time
Operating Lease, Liability, Noncurrent OperatingLeaseLiabilityNoncurrent $130.00M USD Point-in-time
Operating Lease, Liability, Noncurrent OperatingLeaseLiabilityNoncurrent $128.00M USD Point-in-time
Accrued Income Taxes, Noncurrent AccruedIncomeTaxesNoncurrent $264.00M USD Point-in-time
Accrued Income Taxes, Noncurrent AccruedIncomeTaxesNoncurrent $272.00M USD Point-in-time
Other Liabilities, Noncurrent OtherLiabilitiesNoncurrent $138.00M USD Point-in-time
Other Liabilities, Noncurrent OtherLiabilitiesNoncurrent $140.00M USD Point-in-time
Total Liabilities Liabilities $4.28B USD Point-in-time
Total Liabilities Liabilities $4.26B USD Point-in-time
Ordinary Shares - Par Value $0.001; Authorized 1,356 shares, Issued and Outstanding 70 shares at March 31, 2022 and December 31, 2021 CommonStockValue - USD Point-in-time
Ordinary Shares - Par Value $0.001; Authorized 1,356 shares, Issued and Outstanding 70 shares at March 31, 2022 and December 31, 2021 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 $2.91B USD Point-in-time
Retained Earnings (Accumulated Deficit) RetainedEarningsAccumulatedDeficit $-2.40B USD Point-in-time
Retained Earnings (Accumulated Deficit) RetainedEarningsAccumulatedDeficit $-2.48B USD Point-in-time
Accumulated Other Comprehensive Income (Loss), Net of Tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-35.00M USD Point-in-time
Accumulated Other Comprehensive Income (Loss), Net of Tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-35.00M USD Point-in-time
Weatherford Shareholders Equity StockholdersEquity $472.00M USD Point-in-time
Weatherford Shareholders Equity StockholdersEquity $396.00M USD Point-in-time
Noncontrolling Interests MinorityInterest $30.00M USD Point-in-time
Noncontrolling Interests MinorityInterest $24.00M USD Point-in-time
Total Shareholders Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $426.00M USD Point-in-time
Total Shareholders Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $937.00M USD Point-in-time
Total Shareholders Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $496.00M USD Point-in-time
Total Shareholders Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $426.00M USD Point-in-time
Total Shareholders Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $821.00M USD Point-in-time
Total Liabilities and Shareholders Equity LiabilitiesAndStockholdersEquity $4.77B USD Point-in-time
Total Liabilities and Shareholders Equity LiabilitiesAndStockholdersEquity $4.68B USD Point-in-time
Income Statement 37 line items
Line Item Tag Value Unit Period
Total Revenues RevenueFromContractWithCustomerIncludingAssessedTax $938.00M USD 1 Quarter
Total Revenues RevenueFromContractWithCustomerIncludingAssessedTax $832.00M USD 1 Quarter
Research and Development ResearchAndDevelopmentExpense $21.00M USD 1 Quarter
Research and Development ResearchAndDevelopmentExpense $21.00M USD 1 Quarter
Selling, General and Administrative SellingGeneralAndAdministrativeExpense $178.00M USD 1 Quarter
Selling, General and Administrative SellingGeneralAndAdministrativeExpense $188.00M USD 1 Quarter
Restructuring Charges RestructuringCharges $20.00M USD 1 Quarter
Restructuring Charges RestructuringCharges - USD 1 Quarter
Other Nonrecurring (Income) Expense OtherNonrecurringIncomeExpense - USD 1 Quarter
Other Nonrecurring (Income) Expense OtherNonrecurringIncomeExpense $19.00M USD 1 Quarter
Total Costs and Expenses CostsAndExpenses $920.00M USD 1 Quarter
Total Costs and Expenses CostsAndExpenses $845.00M USD 1 Quarter
Operating Income (Loss) OperatingIncomeLoss $-13.00M USD 1 Quarter
Operating Income (Loss) OperatingIncomeLoss $18.00M USD 1 Quarter
Interest Income (Expense), Net InterestIncomeExpenseNet $-48.00M USD 1 Quarter
Interest Income (Expense), Net InterestIncomeExpenseNet $-70.00M USD 1 Quarter
Other Nonoperating Income (Expense) OtherNonoperatingIncomeExpense $-4.00M USD 1 Quarter
Other Nonoperating Income (Expense) OtherNonoperatingIncomeExpense $-16.00M USD 1 Quarter
Loss Before Income Taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-87.00M USD 1 Quarter
Loss Before Income Taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-46.00M USD 1 Quarter
Income Tax Provision IncomeTaxExpenseBenefit $23.00M USD 1 Quarter
Income Tax Provision IncomeTaxExpenseBenefit $28.00M USD 1 Quarter
Net Loss ProfitLoss $-74.00M USD 1 Quarter
Net Loss ProfitLoss $-110.00M USD 1 Quarter
Net Loss ProfitLoss $-110.00M USD 1 Quarter
Net Income Attributable to Noncontrolling Interests NetIncomeLossAttributableToNoncontrollingInterest $6.00M USD 1 Quarter
Net Income Attributable to Noncontrolling Interests NetIncomeLossAttributableToNoncontrollingInterest $6.00M USD 1 Quarter
Net Loss Attributable to Weatherford NetIncomeLoss $-80.00M USD 1 Quarter
Net Loss Attributable to Weatherford NetIncomeLoss $-116.00M USD 1 Quarter
Earnings Per Share, Basic EarningsPerShareBasic $-1.14 USD 1 Quarter
Earnings Per Share, Basic EarningsPerShareBasic $-1.66 USD 1 Quarter
Earnings Per Share, Diluted EarningsPerShareDiluted $-1.66 USD 1 Quarter
Earnings Per Share, Diluted EarningsPerShareDiluted $-1.14 USD 1 Quarter
Weighted Average Number of Shares Outstanding, Basic WeightedAverageNumberOfSharesOutstandingBasic 70.00M shares 1 Quarter
Weighted Average Number of Shares Outstanding, Basic WeightedAverageNumberOfSharesOutstandingBasic 70.00M shares 1 Quarter
Weighted Average Number of Shares Outstanding, Diluted WeightedAverageNumberOfDilutedSharesOutstanding 70.00M shares 1 Quarter
Weighted Average Number of Shares Outstanding, Diluted WeightedAverageNumberOfDilutedSharesOutstanding 70.00M shares 1 Quarter
Cash Flow Statement 57 line items
Line Item Tag Value Unit Period
Net Loss ProfitLoss $-74.00M USD 1 Quarter
Net Loss ProfitLoss $-110.00M USD 1 Quarter
Net Loss ProfitLoss $-110.00M USD 1 Quarter
Depreciation and Amortization DepreciationDepletionAndAmortization $87.00M USD 1 Quarter
Depreciation and Amortization DepreciationDepletionAndAmortization $111.00M USD 1 Quarter
Impairment, Long-Lived Asset, Held-for-Use ImpairmentOfLongLivedAssetsHeldForUse $12.00M USD 1 Quarter
Impairment, Long-Lived Asset, Held-for-Use ImpairmentOfLongLivedAssetsHeldForUse - USD 1 Quarter
Inventory Write-down InventoryWriteDown $17.00M USD 1 Quarter
Inventory Write-down InventoryWriteDown $15.00M USD 1 Quarter
Gain (Loss) on Disposition of Other Assets GainLossOnSaleOfOtherAssets $5.00M USD 1 Quarter
Gain (Loss) on Disposition of Other Assets GainLossOnSaleOfOtherAssets - USD 1 Quarter
Deferred Income Tax Expense (Benefit) DeferredIncomeTaxExpenseBenefit $2.00M USD 1 Quarter
Deferred Income Tax Expense (Benefit) DeferredIncomeTaxExpenseBenefit $3.00M USD 1 Quarter
Employee Benefits and Share-based Compensation EmployeeBenefitsAndShareBasedCompensation $7.00M USD 1 Quarter
Employee Benefits and Share-based Compensation EmployeeBenefitsAndShareBasedCompensation $4.00M USD 1 Quarter
Accounts Receivable IncreaseDecreaseInAccountsReceivable $-33.00M USD 1 Quarter
Accounts Receivable IncreaseDecreaseInAccountsReceivable $51.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-20.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $31.00M USD 1 Quarter
Accounts Payable IncreaseDecreaseInAccountsPayableTrade $7.00M 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 $34.00M USD 1 Quarter
Net Cash Provided by (Used in) Operating Activities NetCashProvidedByUsedInOperatingActivities $-64.00M USD 1 Quarter
Net Cash Provided by (Used in) Operating Activities NetCashProvidedByUsedInOperatingActivities $74.00M USD 1 Quarter
Capital Expenditures for Property, Plant and Equipment PaymentsToAcquirePropertyPlantAndEquipment $20.00M USD 1 Quarter
Capital Expenditures for Property, Plant and Equipment PaymentsToAcquirePropertyPlantAndEquipment $15.00M USD 1 Quarter
Proceeds from Disposition of Assets ProceedsFromSaleOfPropertyPlantAndEquipment $20.00M USD 1 Quarter
Proceeds from Disposition of Assets ProceedsFromSaleOfPropertyPlantAndEquipment $11.00M USD 1 Quarter
Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities $-9.00M USD 1 Quarter
Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities $-1.00M USD 1 Quarter
Net Cash Provided by (Used in) Investing Activities NetCashProvidedByUsedInInvestingActivities $-3.00M USD 1 Quarter
Net Cash Provided by (Used in) Investing Activities NetCashProvidedByUsedInInvestingActivities $9.00M USD 1 Quarter
Repayments of Long-term Debt RepaymentsOfLongTermDebtAndCapitalSecurities $4.00M 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 - USD 1 Quarter
Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities $-2.00M USD 1 Quarter
Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities $-1.00M USD 1 Quarter
Net Cash Provided by (Used in) Financing Activities, Total NetCashProvidedByUsedInFinancingActivities $-5.00M 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 $3.00M USD 1 Quarter
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-57.00M 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 $1.28B USD Point-in-time
Cash, Cash Equivalents and Restricted Cash at Beginning of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.11B USD Point-in-time
Cash, Cash Equivalents and Restricted Cash at Beginning of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.06B 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 End of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.28B USD Point-in-time
Cash, Cash Equivalents and Restricted Cash at End of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.11B USD Point-in-time
Cash, Cash Equivalents and Restricted Cash at End of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.06B USD Point-in-time
Cash, Cash Equivalents and Restricted Cash at End of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.34B USD Point-in-time
Interest Paid InterestPaidNet $24.00M USD 1 Quarter
Interest Paid InterestPaidNet $17.00M USD 1 Quarter
Income Taxes Paid, Net of Refunds IncomeTaxesPaidNet $19.00M USD 1 Quarter
Income Taxes Paid, Net of Refunds IncomeTaxesPaidNet $15.00M USD 1 Quarter
Comprehensive Income 11 line items
Line Item Tag Value Unit Period
Net Loss ProfitLoss $-74.00M USD 1 Quarter
Net Loss ProfitLoss $-110.00M 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 - USD 1 Quarter
Comprehensive Loss ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-74.00M 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 $6.00M USD 1 Quarter
Comprehensive Loss Attributable to Weatherford ComprehensiveIncomeNetOfTax $-80.00M 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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