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10-Q Filing

WEATHERFORD INTERNATIONAL PLC CIK: 1603923 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001603923-23-000102
Period End Date 20230331
Filing Date 20230426
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance wfrd-20230331_htm.xml
Filing Contents
Balance Sheet 82 line items
Line Item Tag Value Unit Period
Accounts Receivable, Allowance for Credit Loss, Current AllowanceForDoubtfulAccountsReceivableCurrent $21.00M USD Point-in-time
Accounts Receivable, Allowance for Credit Loss, Current AllowanceForDoubtfulAccountsReceivableCurrent $26.00M USD Point-in-time
Cash and Cash Equivalents CashAndCashEquivalentsAtCarryingValue $833.00M USD Point-in-time
Cash and Cash Equivalents CashAndCashEquivalentsAtCarryingValue $910.00M USD Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $801.00M USD Point-in-time
Restricted Cash RestrictedCashCurrent $150.00M USD Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $773.00M USD Point-in-time
Restricted Cash RestrictedCashCurrent $202.00M USD Point-in-time
Finite-Lived Intangible Assets, Accumulated Amortization FiniteLivedIntangibleAssetsAccumulatedAmortization $520.00M USD Point-in-time
Finite-Lived Intangible Assets, Accumulated Amortization FiniteLivedIntangibleAssetsAccumulatedAmortization $480.00M USD Point-in-time
Accounts Receivable, Net of Allowance for Credit Losses of $21 at March 31, 2023 and $26 at December 31, 2022 ReceivablesNetCurrent $1.09B USD Point-in-time
Accounts Receivable, Net of Allowance for Credit Losses of $21 at March 31, 2023 and $26 at December 31, 2022 ReceivablesNetCurrent $989.00M USD Point-in-time
Inventory, Net InventoryNet $689.00M USD Point-in-time
Inventory, Net InventoryNet $719.00M USD Point-in-time
Common Stock, Par or Stated Value Per Share CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common Stock, Par or Stated Value Per Share CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Other Assets, Current OtherAssetsCurrent $253.00M USD Point-in-time
Other Assets, Current OtherAssetsCurrent $253.00M USD Point-in-time
Total Current Assets AssetsCurrent $3.04B USD Point-in-time
Total Current Assets AssetsCurrent $3.04B USD Point-in-time
Common Stock, Shares Authorized CommonStockSharesAuthorized 1.36B shares Point-in-time
Common Stock, Shares Authorized CommonStockSharesAuthorized 1.36B shares Point-in-time
Property, Plant and Equipment, Net of Accumulated Depreciation of $801 at March 31, 2023 and $773 at December 31, 2022 PropertyPlantAndEquipmentNet $919.00M USD Point-in-time
Common Stock, Shares, Issued CommonStockSharesIssued 71.00M shares Point-in-time
Property, Plant and Equipment, Net of Accumulated Depreciation of $801 at March 31, 2023 and $773 at December 31, 2022 PropertyPlantAndEquipmentNet $918.00M USD Point-in-time
Common Stock, Shares, Issued CommonStockSharesIssued 72.00M shares Point-in-time
Intangible Assets, Net of Accumulated Amortization of $520 at March 31, 2023 and $480 at December 31, 2022 IntangibleAssetsNetExcludingGoodwill $474.00M USD Point-in-time
Intangible Assets, Net of Accumulated Amortization of $520 at March 31, 2023 and $480 at December 31, 2022 IntangibleAssetsNetExcludingGoodwill $506.00M USD Point-in-time
Common Stock, Shares, Outstanding CommonStockSharesOutstanding 72.00M shares Point-in-time
Common Stock, Shares, Outstanding CommonStockSharesOutstanding 71.00M shares Point-in-time
Operating Lease, Right-of-Use Asset OperatingLeaseRightOfUseAsset $130.00M USD Point-in-time
Operating Lease, Right-of-Use Asset OperatingLeaseRightOfUseAsset $115.00M USD Point-in-time
Other Assets, Noncurrent OtherAssetsNoncurrent $143.00M USD Point-in-time
Other Assets, Noncurrent OtherAssetsNoncurrent $138.00M USD Point-in-time
Total Assets Assets $4.72B USD Point-in-time
Total Assets Assets $4.71B USD Point-in-time
Short-term Debt ShortTermBorrowings $120.00M USD Point-in-time
Short-term Debt ShortTermBorrowings $45.00M USD Point-in-time
Accounts Payable, Current AccountsPayableCurrent $460.00M USD Point-in-time
Accounts Payable, Current AccountsPayableCurrent $502.00M USD Point-in-time
Employee-related Liabilities, Current EmployeeRelatedLiabilitiesCurrent $271.00M USD Point-in-time
Employee-related Liabilities, Current EmployeeRelatedLiabilitiesCurrent $367.00M USD Point-in-time
Taxes Payable, Current TaxesPayableCurrent $125.00M USD Point-in-time
Taxes Payable, Current TaxesPayableCurrent $141.00M USD Point-in-time
Operating Lease, Liability, Current OperatingLeaseLiabilityCurrent $44.00M USD Point-in-time
Operating Lease, Liability, Current OperatingLeaseLiabilityCurrent $44.00M USD Point-in-time
Other Current Liabilities OtherLiabilitiesCurrent $413.00M USD Point-in-time
Other Current Liabilities OtherLiabilitiesCurrent $449.00M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $1.47B USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $1.51B USD Point-in-time
Long-term Debt and Lease Obligation LongTermDebtAndCapitalLeaseObligations $2.07B USD Point-in-time
Long-term Debt and Lease Obligation LongTermDebtAndCapitalLeaseObligations $2.20B USD Point-in-time
Operating Lease, Liability, Noncurrent OperatingLeaseLiabilityNoncurrent $130.00M USD Point-in-time
Operating Lease, Liability, Noncurrent OperatingLeaseLiabilityNoncurrent $117.00M USD Point-in-time
Accrued Income Taxes, Noncurrent AccruedIncomeTaxesNoncurrent $261.00M USD Point-in-time
Accrued Income Taxes, Noncurrent AccruedIncomeTaxesNoncurrent $251.00M USD Point-in-time
Other Liabilities, Noncurrent OtherLiabilitiesNoncurrent $154.00M USD Point-in-time
Other Liabilities, Noncurrent OtherLiabilitiesNoncurrent $128.00M USD Point-in-time
Total Liabilities Liabilities $4.17B USD Point-in-time
Total Liabilities Liabilities $4.12B USD Point-in-time
Ordinary Shares - Par Value $0.001; Authorized 1,356 shares, Issued and Outstanding 72 shares at March 31, 2023 and 71 at December 31, 2022 CommonStockValue - USD Point-in-time
Ordinary Shares - Par Value $0.001; Authorized 1,356 shares, Issued and Outstanding 72 shares at March 31, 2023 and 71 at December 31, 2022 CommonStockValue - USD Point-in-time
Additional Paid in Capital, Common Stock AdditionalPaidInCapitalCommonStock $2.88B USD Point-in-time
Additional Paid in Capital, Common Stock AdditionalPaidInCapitalCommonStock $2.93B USD Point-in-time
Retained Earnings (Accumulated Deficit) RetainedEarningsAccumulatedDeficit $-2.30B USD Point-in-time
Retained Earnings (Accumulated Deficit) RetainedEarningsAccumulatedDeficit $-2.37B USD Point-in-time
Accumulated Other Comprehensive Income (Loss), Net of Tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-19.00M USD Point-in-time
Accumulated Other Comprehensive Income (Loss), Net of Tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-22.00M USD Point-in-time
Weatherford Shareholders Equity StockholdersEquity $535.00M USD Point-in-time
Weatherford Shareholders Equity StockholdersEquity $567.00M USD Point-in-time
Noncontrolling Interests MinorityInterest $19.00M USD Point-in-time
Noncontrolling Interests MinorityInterest $16.00M USD Point-in-time
Total Shareholders Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $496.00M USD Point-in-time
Total Shareholders Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $586.00M USD Point-in-time
Total Shareholders Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $551.00M USD Point-in-time
Total Shareholders Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $426.00M USD Point-in-time
Total Liabilities and Shareholders Equity LiabilitiesAndStockholdersEquity $4.72B USD Point-in-time
Total Liabilities and Shareholders Equity LiabilitiesAndStockholdersEquity $4.71B USD Point-in-time
Common Stock, Shares, Issued CommonStockSharesIssued 71.00M shares Point-in-time
Common Stock, Shares, Issued CommonStockSharesIssued 72.00M shares Point-in-time
Common Stock, Shares, Outstanding CommonStockSharesOutstanding 72.00M shares Point-in-time
Common Stock, Shares, Outstanding CommonStockSharesOutstanding 71.00M shares Point-in-time
Income Statement 36 line items
Line Item Tag Value Unit Period
Total Revenues RevenueFromContractWithCustomerIncludingAssessedTax $1.19B USD 1 Quarter
Total Revenues RevenueFromContractWithCustomerIncludingAssessedTax $938.00M USD 1 Quarter
Research and Development ResearchAndDevelopmentExpense $26.00M USD 1 Quarter
Research and Development ResearchAndDevelopmentExpense $21.00M USD 1 Quarter
Selling, General and Administrative SellingGeneralAndAdministrativeExpense $190.00M USD 1 Quarter
Selling, General and Administrative SellingGeneralAndAdministrativeExpense $178.00M USD 1 Quarter
Restructuring Charges RestructuringCharges - USD 1 Quarter
Restructuring Charges RestructuringCharges $20.00M USD 1 Quarter
Other Nonrecurring (Income) Expense OtherNonrecurringIncomeExpense $19.00M USD 1 Quarter
Other Nonrecurring (Income) Expense OtherNonrecurringIncomeExpense $-5.00M USD 1 Quarter
Total Costs and Expenses CostsAndExpenses $1.00B USD 1 Quarter
Total Costs and Expenses CostsAndExpenses $920.00M USD 1 Quarter
Operating Income OperatingIncomeLoss $18.00M USD 1 Quarter
Operating Income OperatingIncomeLoss $185.00M USD 1 Quarter
Interest Income (Expense), Net InterestIncomeExpenseNet $-31.00M USD 1 Quarter
Interest Income (Expense), Net InterestIncomeExpenseNet $-48.00M USD 1 Quarter
Other Cost and Expense, Operating OtherOperatingIncomeExpenseNet $-16.00M USD 1 Quarter
Other Cost and Expense, Operating OtherOperatingIncomeExpenseNet $-35.00M USD 1 Quarter
Income (Loss) Before Income Taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-46.00M USD 1 Quarter
Income (Loss) Before Income Taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $119.00M USD 1 Quarter
Income Tax Provision IncomeTaxExpenseBenefit $28.00M USD 1 Quarter
Income Tax Provision IncomeTaxExpenseBenefit $38.00M USD 1 Quarter
Net Income (Loss) ProfitLoss $-74.00M USD 1 Quarter
Net Income (Loss) ProfitLoss $81.00M USD 1 Quarter
Net Income Attributable to Noncontrolling Interests NetIncomeLossAttributableToNoncontrollingInterest $9.00M USD 1 Quarter
Net Income Attributable to Noncontrolling Interests NetIncomeLossAttributableToNoncontrollingInterest $6.00M USD 1 Quarter
Net Income (Loss) Attributable to Weatherford NetIncomeLoss $72.00M USD 1 Quarter
Net Income (Loss) Attributable to Weatherford NetIncomeLoss $-80.00M USD 1 Quarter
Earnings Per Share, Basic EarningsPerShareBasic $-1.14 USD 1 Quarter
Earnings Per Share, Basic EarningsPerShareBasic $1.00 USD 1 Quarter
Weighted Average Number of Shares Outstanding, Basic WeightedAverageNumberOfSharesOutstandingBasic 72.00M shares 1 Quarter
Weighted Average Number of Shares Outstanding, Basic WeightedAverageNumberOfSharesOutstandingBasic 70.00M shares 1 Quarter
Earnings Per Share, Diluted EarningsPerShareDiluted $0.97 USD 1 Quarter
Earnings Per Share, Diluted EarningsPerShareDiluted $-1.14 USD 1 Quarter
Weighted Average Number of Shares Outstanding, Diluted WeightedAverageNumberOfDilutedSharesOutstanding 74.00M shares 1 Quarter
Weighted Average Number of Shares Outstanding, Diluted WeightedAverageNumberOfDilutedSharesOutstanding 70.00M shares 1 Quarter
Cash Flow Statement 58 line items
Line Item Tag Value Unit Period
Net Income (Loss) ProfitLoss $-74.00M USD 1 Quarter
Net Income (Loss) ProfitLoss $81.00M USD 1 Quarter
Depreciation and Amortization DepreciationDepletionAndAmortization $87.00M USD 1 Quarter
Depreciation and Amortization DepreciationDepletionAndAmortization $80.00M USD 1 Quarter
Asset Write-downs and Other Charges ImpairmentOfLongLivedAssetsHeldForUse - USD 1 Quarter
Asset Write-downs and Other Charges ImpairmentOfLongLivedAssetsHeldForUse $12.00M USD 1 Quarter
Inventory Write-down InventoryWriteDown $11.00M 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 $5.00M USD 1 Quarter
Deferred Income Tax Expense (Benefit) DeferredIncomeTaxExpenseBenefit $3.00M USD 1 Quarter
Deferred Income Tax Expense (Benefit) DeferredIncomeTaxExpenseBenefit $18.00M USD 1 Quarter
Employee Benefits and Share-based Compensation EmployeeBenefitsAndShareBasedCompensation $7.00M USD 1 Quarter
Employee Benefits and Share-based Compensation EmployeeBenefitsAndShareBasedCompensation $9.00M USD 1 Quarter
Accounts Receivable IncreaseDecreaseInAccountsReceivable $96.00M USD 1 Quarter
Accounts Receivable IncreaseDecreaseInAccountsReceivable $51.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $45.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $31.00M USD 1 Quarter
Accounts Payable IncreaseDecreaseInAccountsPayableTrade $7.00M USD 1 Quarter
Accounts Payable IncreaseDecreaseInAccountsPayableTrade $64.00M USD 1 Quarter
Other Assets and Liabilities, Net IncreaseDecreaseInOtherOperatingCapitalNet $34.00M USD 1 Quarter
Other Assets and Liabilities, Net IncreaseDecreaseInOtherOperatingCapitalNet $33.00M 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 $84.00M USD 1 Quarter
Capital Expenditures for Property, Plant and Equipment PaymentsToAcquirePropertyPlantAndEquipment $20.00M USD 1 Quarter
Capital Expenditures for Property, Plant and Equipment PaymentsToAcquirePropertyPlantAndEquipment $64.00M USD 1 Quarter
Proceeds from Disposition of Assets ProceedsFromSaleOfPropertyPlantAndEquipment $7.00M USD 1 Quarter
Proceeds from Disposition of Assets ProceedsFromSaleOfPropertyPlantAndEquipment $20.00M USD 1 Quarter
Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities $7.00M USD 1 Quarter
Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities $-9.00M USD 1 Quarter
Net Cash Provided by (Used in) Investing Activities NetCashProvidedByUsedInInvestingActivities $9.00M USD 1 Quarter
Net Cash Provided by (Used in) Investing Activities NetCashProvidedByUsedInInvestingActivities $-64.00M USD 1 Quarter
Repayments of Long-term Debt RepaymentsOfLongTermDebtAndCapitalSecurities $66.00M USD 1 Quarter
Repayments of Long-term Debt RepaymentsOfLongTermDebtAndCapitalSecurities $4.00M USD 1 Quarter
Noncontrolling Interest Dividends PaymentsOfDividendsMinorityInterest - USD 1 Quarter
Noncontrolling Interest Dividends PaymentsOfDividendsMinorityInterest $6.00M USD 1 Quarter
Tax Remittance on Equity Awards Vested PaymentsRelatedToTaxWithholdingForShareBasedCompensation $1.00M USD 1 Quarter
Tax Remittance on Equity Awards Vested PaymentsRelatedToTaxWithholdingForShareBasedCompensation $52.00M USD 1 Quarter
Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities $-3.00M USD 1 Quarter
Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities - USD 1 Quarter
Net Cash Provided by (Used in) Financing Activities, Total NetCashProvidedByUsedInFinancingActivities $-127.00M USD 1 Quarter
Net Cash Provided by (Used in) Financing Activities, Total NetCashProvidedByUsedInFinancingActivities $-5.00M USD 1 Quarter
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.00M USD 1 Quarter
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-22.00M USD 1 Quarter
Income Taxes Paid, Net of Refunds IncomeTaxesPaidNet $29.00M USD 1 Quarter
Income Taxes Paid, Net of Refunds IncomeTaxesPaidNet $19.00M USD 1 Quarter
Net Decrease in Cash, Cash Equivalents and Restricted Cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-129.00M USD 1 Quarter
Net Decrease in Cash, Cash Equivalents and Restricted Cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-57.00M USD 1 Quarter
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 $1.11B 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 $983.00M 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 $1.11B 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 $983.00M USD Point-in-time
Interest Paid InterestPaidNet $17.00M USD 1 Quarter
Interest Paid InterestPaidNet $18.00M USD 1 Quarter
Comprehensive Income 10 line items
Line Item Tag Value Unit Period
Net Income (Loss) ProfitLoss $-74.00M USD 1 Quarter
Net Income (Loss) ProfitLoss $81.00M USD 1 Quarter
Foreign Currency Translation Adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax - USD 1 Quarter
Foreign Currency Translation Adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $3.00M USD 1 Quarter
Comprehensive Income (Loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-74.00M USD 1 Quarter
Comprehensive Income (Loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $84.00M USD 1 Quarter
Comprehensive Income Attributable to Noncontrolling Interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $6.00M USD 1 Quarter
Comprehensive Income Attributable to Noncontrolling Interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $9.00M USD 1 Quarter
Comprehensive Income (Loss) Attributable to Weatherford ComprehensiveIncomeNetOfTax $-80.00M USD 1 Quarter
Comprehensive Income (Loss) Attributable to Weatherford ComprehensiveIncomeNetOfTax $75.00M USD 1 Quarter

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

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