0001603923-22-000051 | 10-K | XBRL Viewer | Weatherford International PLC

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Total Revenues	$ 261	$ 4,954	$ 3,645	$ 3,685
Costs and Expenses:
Research and Development	7	136	85	97
Selling, General and Administrative	45	895	738	837
Asset Impairment Charges	0	750	0	1,053
Restructuring Charges	0	189	0	206
Total Other Charges (Credits), Net	0	339	(10)	171
Prepetition charges	0	86	0	0
Gain on Sale of Businesses, Net	0	(112)	0	0
Total Costs and Expenses	260	6,136	3,529	5,171
Operating Income (Loss), Total	1	(1,182)	116	(1,486)
Other Income (Expense):
Interest Expense, Net	(12)	(362)	(260)	(251)
Gain (loss) on extinguishment of debt	0	0	(170)	0
Loss on Termination of ABL Credit Agreement	0	0	0	(15)
Reorganization Items	(4)	5,389	0	(9)
Other Expense, Net	0	(26)	(29)	(53)
Income (Loss) Before Income Taxes	(15)	3,819	(343)	(1,814)
Income Tax Provision	(9)	(135)	(86)	(85)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total	(24)	3,684	(429)	(1,899)
Net Income Attributable to Noncontrolling Interests	2	23	21	22
Net Income (Loss) Attributable to Weatherford	$ (26)	$ 3,661	$ (450)	$ (1,921)
Income (Loss) Per Share Attributable to Weatherford:
Earnings Per Share, Basic and Diluted	$ (0.37)	$ 3.65	$ (6.43)	$ (27.44)
Weighted Average Shares Outstanding:
Basic & Diluted (in shares)	70	1,004	70	70
Operating Segments [Member]
Revenues	$ 243	$ 4,663	$ 3,546	$ 3,564
Other Income (Expense):
Income (Loss) Before Income Taxes	36	660	633	559
Product
Revenues	111	1,819	1,292	1,435
Revenues:
Cost of Goods and Services Sold	100	1,685	1,169	1,257
Service
Revenues	150	3,135	2,353	2,250
Revenues:
Cost of Goods and Services Sold	$ 108	$ 2,168	$ 1,547	$ 1,550

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020
Net Income (Loss)	$ (24)	$ 3,684	$ (429)	$ (1,899)
Comprehensive Income Attributable to Noncontrolling Interests
Foreign Currency Translation	7	52	(5)	(38)
Defined Benefit Pension Activity	2	(11)	13	(14)
Interest Rate Derivative Loss	0	8	0	0
Other Comprehensive Income (Loss), Net of Tax	9	49	8	(52)
Comprehensive Income (Loss)	(15)	3,733	(421)	(1,951)
Comprehensive Income Attributable to Noncontrolling Interests	(2)	(23)	(21)	(22)
Comprehensive Income (Loss) Attributable to Weatherford	$ (17)	$ 3,710	$ (442)	$ (1,973)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets:
Cash and Cash Equivalents	$ 951	$ 1,118
Restricted Cash	162	167
Total Accounts Receivables, Net	825	826
Inventories, Net	670	717
Other Current Assets	303	349
Total Current Assets	2,911	3,177
Property, Plant and Equipment, Net of Accumulated Depreciation of $623 at December 31, 2021 and $367 at December 31, 2020	996	1,236
Intangible Assets, Net of Accumulated Amortization of $328 at December 31, 2021 and $173 at December 31, 2020	657	810
Operating Lease Right-of-Use Assets	113	138
Other Non-current Assets	97	73
Total Assets	4,774	5,434
Liabilities:
Short-term Borrowings and Current Portion of Long-term Debt	12	13
Accounts Payable	380	325
Accrued Salaries and Benefits	343	297
Income Taxes Payable	140	185
Current Portion of Operating Lease Liabilities	59	71
Other Current Liabilities	398	471
Total Current Liabilities	1,332	1,362
Long-term Debt	2,416	2,601
Operating Lease Liabilities	128	177
Other Non-current Liabilities	402	357
Total Liabilities	4,278	4,497
Shareholders’ Equity:
Ordinary Shares - Par value $0.001; Authorized 1,356, Issued and Outstanding 70 at December 31, 2021 and 2020	0	0
Capital in Excess of Par Value	2,904	2,897
Retained Deficit	(2,397)	(1,947)
Accumulated Other Comprehensive Loss	(35)	(43)
Weatherford Shareholders’ Equity	472	907
Noncontrolling Interests	24	30
Total Shareholders’ Equity	496	937
Total Liabilities and Shareholders’ Equity	$ 4,774	$ 5,434

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accounts Receivable, Allowance for Credit Loss, Current	$ 31	$ 32
Less: Accumulated Depreciation	623	367
Finite-Lived Intangible Assets, Accumulated Amortization	$ 328	$ 173
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	1,356	1,356
Common Stock, Shares, Issued	70	70
Common Stock, Shares, Outstanding	70	70

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interest [Member]	Reorganization Adjustments Additional Paid-in Capital [Member]
Balance, beginning balance at Dec. 31, 2018	$ (3,666)	$ 1	$ 6,711	$ (8,671)	$ (1,746)	$ 39
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	3,684	0	0	3,661	0	23
Other Comprehensive Loss	49				49
Dividends Paid to Noncontrolling Interests	(22)					(22)
Equity Awards Granted, Vested and Exercised	(22)		(22)
Accelerated Stock Compensation due to Plan Effects	24		24
Stockholders' Equity, Other	2		0			2
Balance, ending balance at Dec. 13, 2019	2,931	0	2,897	0	0	34
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(24)			(26)		2
Other Comprehensive Loss	9				9
Balance, ending balance at Dec. 31, 2019	2,916	0	2,897	(26)	9	36
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Fresh-Start Adjustment, Issuance Of Successor Common Stock To Creditors							$ 2,837
Fresh-Start Adjustment, Issuance Of Common Stock To Former Stockholders							29
Fresh-Start Adjustment, Issuance Of Warrants							$ 31
Net Income (Loss)	(1,899)			(1,921)		22
Other Comprehensive Loss	(52)				(52)
Dividends Paid to Noncontrolling Interests	(28)					(28)
Balance, ending balance at Dec. 31, 2020	937	0	2,897
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(429)			(450)		21
Other Comprehensive Loss	8				8
Dividends Paid to Noncontrolling Interests	(27)					(27)
Equity Awards Granted, Vested and Exercised	(7)		(7)
Balance, ending balance at Dec. 31, 2021	$ 496	$ 0	$ 2,904	$ (2,397)	$ (35)	$ 24

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	1 Months Ended	11 Months Ended	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020
Cash Flows from Operating Activities:
Net Income (Loss)	$ (24,000,000)	$ 3,684,000,000	$ (429,000,000)	$ (1,899,000,000)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities:
Depreciation and Amortization	34,000,000	447,000,000	440,000,000	503,000,000
Bond Redemption Premium and Loss on Extinguishment of Debt and Termination of ABL Credit Agreement	0	0	170,000,000	15,000,000
Gain on Settlement of Liabilities Subject to Compromise	0	(4,297,000,000)	0	0
Reorganization Items	0	(1,161,000,000)	0	0
Goodwill and Long-Lived Assets Impairment	0	750,000,000	0	1,053,000,000
Inventory Charges	0	159,000,000	62,000,000	210,000,000
Asset Write-Downs and Other Charges	0	145,000,000	0	60,000,000
Employee Share-Based Compensation Expense	0	46,000,000	25,000,000	0
Gain (Loss) on Disposition of Other Assets	0	0	(22,000,000)	2,000,000
Gain (Loss) on Disposition of Business	0	112,000,000	0	0
Deferred Income Tax Provision (Benefit)	0	25,000,000	(10,000,000)	(5,000,000)
Change in Operating Assets and Liabilities, Net:
Accounts Receivable	36,000,000	(135,000,000)	(6,000,000)	378,000,000
Inventories	18,000,000	(215,000,000)	(18,000,000)	64,000,000
Accounts Payable	(79,000,000)	(72,000,000)	56,000,000	(250,000,000)
Other Assets and Liabilities, Net	76,000,000	(11,000,000)	54,000,000	79,000,000
Net Cash Provided by (Used in) Operating Activities	61,000,000	(747,000,000)	322,000,000	210,000,000
Cash Flows From Investing Activities:
Capital Expenditures for Property, Plant and Equipment	(20,000,000)	(250,000,000)	(85,000,000)	(154,000,000)
Proceeds from Divestiture of Businesses and Investments	7,000,000	328,000,000	0	11,000,000
Proceeds from Sale of Property, Plant, and Equipment	0	84,000,000	41,000,000	22,000,000
Proceeds from Sale and Maturity of Held-to-maturity Securities	0	0	0	50,000,000
Payments for (Proceeds from) Other Investing Activities	(1,000,000)	(13,000,000)	(39,000,000)	(4,000,000)
Net Cash Provided by (Used in) Investing Activities	(14,000,000)	149,000,000	(83,000,000)	(75,000,000)
Cash Flows From Financing Activities:
Borrowings of Long-term Debt	0	1,600,000,000	2,073,000,000	453,000,000
Repayments of Long-term Debt	(1,000,000)	(318,000,000)	(2,313,000,000)	(9,000,000)
Bond Redemption Premium	0	0	(131,000,000)	0
Repayments of Short-term Debt, Net	(1,000,000)	(347,000,000)	(4,000,000)	(27,000,000)
Borrowings on Debtor in Possession (“DIP”) Credit Agreement	0	1,529,000,000	0	0
Repayment on DIP Credit Agreement upon Emergence	0	(1,529,000,000)	0	0
DIP Financing Fees and Payments on Backstop Agreement	0	(137,000,000)	0	0
Deferred Consideration Payment	0	0	0	(24,000,000)
Other Financing Activities, Net	0	(49,000,000)	(28,000,000)	(45,000,000)
Net Cash Provided by (Used in) Financing Activities, Total	(2,000,000)	749,000,000	(403,000,000)	348,000,000
Effect of Exchange Rate Changes on Cash and Cash Equivalents	1,000,000	1,000,000	(8,000,000)	2,000,000
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	46,000,000	152,000,000	(172,000,000)	485,000,000
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	754,000,000	602,000,000	1,285,000,000	800,000,000
Cash, Cash Equivalents and Restricted Cash at End of Period	800,000,000	754,000,000	1,113,000,000	1,285,000,000
Supplemental Cash Flow Information [Abstract]
Interest Paid, Excluding Capitalized Interest, Operating Activities	0	272,000,000	269,000,000	232,000,000
Income Taxes Paid, Net	$ 2,000,000	$ 89,000,000	$ 62,000,000	$ 79,000,000

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

1 – Summary of Significant Accounting Policies

Organization and Nature of Operations

Weatherford International plc (“Weatherford Ireland”), an Irish public limited company, together with its subsidiaries (“Weatherford,” the “Company,” “we,” “us” and “our”), is a multinational energy services company. Weatherford is one of the world’s leading providers of equipment and services used in the drilling, evaluation, completion, production and intervention of oil, geothermal and natural gas wells. We operate in approximately 75 countries and have service and sales locations in oil and natural gas producing regions globally. Many of our businesses, including those of our predecessor companies, have been operating for more than 50 years.

The authorized share capital of Weatherford includes 1.356 billion ordinary shares with a par value of $0.001 per share. On June 1, 2021, The Nasdaq Stock Market LLC stock exchange (“NASDAQ”) approved our application for the listing of our ordinary shares. In connection with the listing, we became subject to the reporting requirements of the Securities Exchange Act of 1934 (as amended, the “Exchange Act”). Our ordinary shares began trading on The Nasdaq Global Select Market on June 2, 2021 under the ticker symbol “WFRD”.

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC for annual financial information. We consolidate all wholly owned subsidiaries and controlled joint ventures. All material intercompany accounts and transactions have been eliminated in consolidation.

Certain prior year amounts have been reclassified to conform to the current year presentation, including “Note 4 – Segment Information”. Prior year net income (loss) and shareholders’ equity (deficiency) were not affected by these reclassifications.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the reported amounts of revenues and expenses during the reporting period, and disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates and assumptions, including those related to allowance for credit losses, inventory valuation reserves, recoverability of long-lived assets, useful lives used in depreciation and amortization, income taxes and related valuation allowance, accruals for contingencies, actuarial assumptions to determine costs and liabilities related to employee benefit plans, and share-based compensation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. We believe the most significant estimates and assumptions are associated with the recoverability of long-lived assets impairment assessment, inventory valuation reserves and estimating our income tax provision, including uncertain tax positions and the valuation of deferred taxes. Actual results could differ from those estimates.

Bankruptcy and Fresh Start Accounting

On July 1, 2019 (the “Petition Date”), Weatherford Ireland, Weatherford International Ltd. (“Weatherford Bermuda”), and Weatherford International, LLC (“Weatherford Delaware”) (collectively, “Weatherford Parties”), filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code (“Bankruptcy Code”) in the U.S. Bankruptcy Court for the Southern District of Texas (“Bankruptcy Court”). On December 13, 2019 (“Effective Date” or “Fresh Start Reporting Date”) after all conditions to effectiveness were satisfied, we emerged from bankruptcy after successfully completing the reorganization pursuant to the Plan.

During bankruptcy in 2019, we classified all income, expenses, gains or losses that were incurred or realized as a result of the Chapter 11 proceedings as “Reorganization Items” in our 2019 Consolidated Statements of Operations through the Effective Date.

In accordance with Accounting Standards Codification “ASC” 852 - Reorganizations, we qualified for and adopted fresh start accounting (“Fresh Start Accounting”) on the Fresh Start Reporting Date, at which point we became a new entity for financial reporting because (i) the holders of the then existing ordinary shares of the Predecessor company received less than 50% of the new ordinary shares of the Successor company outstanding upon emergence and (ii) the reorganization value of the Company’s assets immediately prior to confirmation of the Plan was less than the total of all post-petition liabilities and allowed claims.

Upon adoption of Fresh Start Accounting, the reorganization value derived from the enterprise value associated with the Plan was allocated to the Company’s identifiable tangible and intangible assets and liabilities based on their estimated fair values (except for deferred income taxes), with the remaining excess value allocated to Goodwill in accordance with ASC 805 – Business Combinations. Deferred income tax amounts were determined in accordance with ASC 740 – Income Taxes.

For more information, see “Note 2 – Emergence from Chapter 11 Bankruptcy Proceedings” and “Note 3 – Fresh Start Accounting.” The Company’s financial results for periods following the application of Fresh Start Accounting are and will be different from the Predecessor historical trends and the differences may be material.

References to “Predecessor” relate to the Consolidated Statements of Operations for the period from January 1, 2019 through and including the adjustments from the application of Fresh Start Accounting on December 13, 2019 (“Predecessor Period”). References to “Successor” relate to the Consolidated Balance Sheets of the reorganized Company as of December 31, 2021 and 2020 and Consolidated Statements of Operations for the years ended December 31, 2021 and 2020 and for the period from December 14, 2019 through December 31, 2019 (“Successor Periods”) and are not comparable to the Consolidated Financial Statements of the Predecessor as indicated by the “black line” division in the financials and footnote tables, which emphasizes the lack of comparability between amounts presented.

Cash and Cash Equivalents

We consider all highly liquid investments with original maturities of three months or less to be cash equivalents.

Restricted Cash

Our restricted cash balance of $162 million at December 31, 2021 and $167 million at December 31, 2020 primarily includes cash collateral for certain of our letters of credit facilities.

Allowance for Credit Losses on Accounts Receivables

We establish an allowance for credit losses based on various factors to including historical experience, current conditions and environments in which our customers operate, the aging status and reasonable and supportable forecasts. The determination of the collectability requires us to use estimates and make judgments regarding future events and trends, including monitoring our customers’ payment history and current creditworthiness, as well as consideration of the overall business and political climate in which our customers operate. Our customer base has generally similar collectability risk characteristics, although risk profiles can vary between larger independent customers and state-owned customers, which may have a lower risk than smaller independent customers. Provisions for credit losses are recorded based on estimated losses on customer accounts that may become uncollectible.

Major Customers and Credit Risk

Substantially all of our customers are engaged in the energy industry. This concentration of customers may impact our overall exposure to credit risk, either positively or negatively, in that customers may be similarly affected by changes in economic and industry conditions. We perform periodic credit evaluations of our customers and do not generally require collateral in support of our trade receivables. We maintain allowances for credit losses. International sales also present various risks, including risks of war, civil disturbances and governmental activities that may limit or disrupt markets, restrict the movement of funds, or result in the deprivation of contract rights or the taking of property without fair consideration. Most of our international sales are to large international or national oil companies and these sales may result in a concentration of receivables from such companies.

As of December 31, 2021, accounts receivable in Mexico and the U.S. accounted for 22% and 15%, respectively, of our total net outstanding account receivables. Although we have experienced delay of payments in Mexico, the balances due are not

in dispute and we do not expect to have any material write-offs of receivables in the country. No other country accounted for more than 10% of our net outstanding accounts receivables balance. For the years ended December 31, 2021, 2020 and 2019, no individual customer accounted for more than 10% of our consolidated revenues.

Inventories

We state our inventories at the lower of cost or net realizable value using either the first-in, first-out (“FIFO”) or average cost method. Cost represents third-party invoice or production cost. Production cost includes material, labor and manufacturing overhead. To maintain a carrying value that is the lower of cost or net realizable value, we regularly review inventory quantities on hand and compare to estimates of future product demand, market conditions, our production requirements, and technological developments. We maintain reserves for excess, slow moving and obsolete inventory and we may periodically recognize additional charges for inventory in which we determine there is no forecasted demand.

Property, Plant and Equipment (“PP&E”)

PP&E is both owned and under finance leases, and is initially stated at cost and depreciated over its estimated life. Subsequently, PP&E is measured at cost less accumulated depreciation and impairment losses. The carrying values are based on our estimates and judgments relative to capitalized costs, useful lives and salvage value, where applicable.

We expense maintenance and repairs as incurred. We capitalize expenditures for improvements as well as renewals and replacements that extend the useful life of the asset. We depreciate our fixed assets on a straight-line basis over their estimated useful lives, allowing for salvage value where applicable.

The estimated useful lives of our major classes of PP&E are as follows:


Major Classes of Property, Plant and Equipment			PP&E Estimated Useful Lives
Buildings and leasehold improvements			10 – 40 years or lease term
Rental and service equipment			3 – 10 years
Machinery and other			2 – 12 years

Goodwill

As of December 31, 2021 and 2020, we no longer carried goodwill on our Consolidated Balance Sheets. See Note 11 – Goodwill and Intangibles, Net for further discussion. Goodwill represented the excess of consideration paid (or with respect to our 2019 Fresh Start Accounting, the excess of reorganization value) over the fair value of net tangible and identifiable intangible assets acquired. Goodwill was not amortized but was evaluated for impairment. When we carried goodwill on our Consolidated Balance Sheets, we performed an impairment test for goodwill annually as of October 1 or more frequently whenever events and changes in the circumstances indicate that the carrying value of a reporting unit might exceed its fair value. The quantitative step of the goodwill impairment test involves a comparison of the fair value of each of our reporting units that have goodwill assigned with their carrying values. If the carrying value of a reporting unit’s goodwill were to exceed its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.

Other Intangible Assets

With respect to the Successor and as a result of Fresh Start Accounting, our newly established identifiable intangible assets included developed technologies and our trade name. Successor identifiable intangible assets are being amortized on a straight-line basis over their estimated economic lives generally ranging from five to 10 years. We amortize developed technology over 5 years and our trade names over 10 years. As many areas of our business rely on patents and proprietary technology, we seek patent protection both inside and outside the U.S. for products and methods that appear to have commercial significance. We capitalize patent defense costs when we determine that a successful defense is probable.

Long-Lived Assets

Long-lived assets to be held and used are reviewed to determine whether any events or changes in circumstances, known as triggering events, indicate that we may not be able to recover the carrying amount of the asset or asset group. Triggering events include, but are not limited to, reduced or expected sustained decreases in cash flows generated by an asset group, negative changes in industry conditions (such as global rig count, commodity prices, and the global economy), a significant change in the long-lived asset’s use or physical condition, the introduction of competing technologies, and legal and regulatory challenges. The Company groups individual assets at the lowest level of identifiable cash flows and, if impairment triggers are present, performs an undiscounted cash flow analysis to identify assets or asset groups that may not be recoverable.

Long-lived assets held as of our 2019 emergence date were remeasured to fair value. Refer to Note 3 – Fresh Start Accounting for further details.

Research and Development Expenditures

Research and development expenditures are expensed as incurred.

Derivative Financial Instruments

We record derivative instruments on the balance sheet at their fair value as either assets or liabilities. Changes in the fair value of derivatives are recorded each period in current earnings.

Foreign Currency

Results of operations for our foreign subsidiaries with functional currencies other than the U.S. dollar are translated using average exchange rates during the period. Assets and liabilities of these foreign subsidiaries are translated using the exchange rates in effect at the balance sheet dates, and the resulting translation adjustments are included in “Accumulated Other Comprehensive Loss”, a component of Shareholders’ Equity (Deficiency).

For our subsidiaries that have a functional currency that differs from the currency of their balances and transactions, inventories, PP&E and other non-monetary assets and liabilities, together with their related elements of expense or income, are remeasured into the functional currency using historical exchange rates. All monetary assets and liabilities are remeasured into the functional currency at current exchange rates. All revenues and expenses are translated into the functional currency at average exchange rates. Remeasurement gains and losses for these subsidiaries are recognized in our results of operations during the period incurred. We record net foreign currency gains and losses on foreign currency derivatives (see “Note 15 – Derivative Instruments”) and currency devaluation charges, when incurred, in “Other Income (Expense), Net” on the accompanying Consolidated Statements of Operations.

Share-Based Compensation

We account for equity-classified share-based payment awards, including awards issued under employee stock purchase plans, stock options, restricted shares, restricted share units and performance units by measuring these awards at the date of grant and recognizing the grant date fair value as an expense, net of forfeitures, over the service period, which is usually the vesting period. Liability-classified awards, such as phantom restricted share units, are remeasured at their current market value at the end of each reporting period over the service period.

Income Taxes

We account for taxes under the asset and liability method. Income taxes have been provided based upon the tax laws and rates in the countries in which our operations are conducted and income is earned. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. The impact of an uncertain tax position taken or expected to be taken on an income tax return is recognized in the financial statements at the largest amount that is more likely than not to be sustained upon examination by the relevant taxing authority.

Leases

We lease certain facilities, land, vehicles, and equipment. Leases with an initial term of 12 months or less (“short-term leases”) are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term.

Operating lease right of use (“ROU”) assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. We determine if an arrangement is classified as a lease at inception of the arrangement. As most of our leases do not provide an implicit rate of return, on a quarterly basis, we use our incremental borrowing rate, together with the lease term information available at commencement date of the lease, in determining the present value of lease payments. For certain equipment leases, such as copiers and vehicles, we account for the leases under a portfolio method. Operating lease payments include related options to extend or terminate lease terms that are reasonably certain of being exercised.

Upon emergence from bankruptcy on December 13, 2019, our lease liabilities were remeasured to fair value using the present value of the remaining lease payments as if we acquired new leases. The remeasurement was based on our incremental borrowing rate as of December 13, 2019. Additionally, the ROU assets were revalued based upon the present value of market-based rent. The remeasurement of our ROU assets was based on the market discount rate as of December 13, 2019.

Disputes, Litigation and Contingencies

We accrue an estimate of costs to resolve certain disputes, legal matters and contingencies when a loss on these matters is deemed probable and reasonably estimable. For matters not deemed probable or not reasonably estimable, we have not accrued any amounts. Our contingent loss estimates are based upon an analysis of potential results, assuming a combination of possible litigation and settlement strategies. The accuracy of these estimates is impacted by the complexity of the associated issues.

Revenue Recognition

We account for revenue in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606), and all of the related amendments, collectively referred to as “Topic 606”. Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. The majority of our revenue is derived from short term contracts. Our services and products are generally sold based upon purchase orders, contracts or other legally enforceable arrangements with our customers that included fixed or determinable prices but do not generally include right of return provisions or other significant post-delivery obligations.

The unmanned equipment that we lease to customers under operating leases consist primarily of drilling rental tools and artificial lift pumping equipment. These equipment rental revenues are generally provided based on call-out work orders that include fixed per unit prices and are derived from short-term contracts. We include revenue from these leases within “Services Revenue” on our Consolidated Statement of Operations.

Contract Balances

The timing of revenue recognition, billings and cash collections results in billed and unbilled accounts receivable, contract assets, and customer advances and deposits (contract liabilities classified as deferred revenues). Receivables are included in “Accounts Receivable, Net,” contract assets are included in “Other Current Assets” and contract liabilities are included in “Other Current Liabilities” on our Consolidated Balance Sheets.

Consideration under certain contracts such as turnkey or lump sum contracts may be classified as contract assets as the invoicing occurs once the performance obligations have been satisfied while the customer simultaneously receives and consumes the benefits provided. We also have receivables for work completed on service contracts but not billed in which the rights to consideration are conditional and would be classified as contract assets. We may also have contract liabilities and defer revenues for certain product sales that are not distinct from their installation.

Performance Obligations

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied.

Generally, our revenue is recognized for services over time as the services are rendered and we primarily utilize an output method such as time elapsed or footage drilled which coincides with how customers receive the benefit. Both contract drilling and pipeline service revenue is contractual by nature and generally governed by day-rate based contracts. Revenue is recognized on product sales at a point in time when control passes and is generally upon delivery but is dependent on the terms of the contract.

Our services and products are generally sold based upon purchase orders, contracts or call-out work orders that include fixed per unit prices or variable consideration but do not generally include right of return provisions or other significant post-delivery obligations. We generally bill our sales of services and products upon completion of the performance obligation. Product sales are billed and recognized when control passes to the customer. Our products are produced in a standard manufacturing operation, even if produced to our customer’s specifications. Revenues are recognized at the amount to which we have the right to invoice for services performed. Our payment terms vary by the type and location of our customer and the products or services offered. For certain products or services and customer types, we require payment before the products or services are delivered to the customer and record as a contract liability. We defer revenue recognition on such payments until the products or services are delivered to the customer.

From time to time, we may enter into bill and hold arrangements. When we enter into these arrangements, we determine if the customer has obtained control of the product by determining (a) the reason for the bill-and-hold arrangement; (b) whether the product is identified separately as belonging to the customer; (c) whether the product is ready for physical transfer to the customer; and (d) whether we are unable to utilize the product or direct it to another customer.

We account for individual products and services separately if they are distinct and the product or service is separately identifiable from other items in the contract and if a customer can benefit from it on its own or with other resources that are readily available to the customer. The consideration, including any discounts, is allocated between separate products and services based on their standalone selling prices. The standalone selling prices are determined based on the prices at which we separately sell our products and services. For items not sold separately (e.g. term software licenses in our Completion and Production product line), we estimate standalone selling prices using the adjusted market assessment approach. Costs of relocating equipment without contracts are expensed as incurred.

The nature of our contracts gives rise to several types of variable consideration, including claims and lost-in-hole charges. Our claims are not significant and lost-in-hole charges are constrained variable consideration. We do not estimate revenue associated with these types of variable consideration.

Under certain contracts, we may incur rebillable expenses including shipping and handling, third-party inspection and repairs, and customs costs and duties. If reimbursable by customers we recognize the revenue associated with these rebillable expenses as “Product Revenues” and all related costs as “Cost of Products” in the accompanying Consolidated Statements of Operations.

We provide certain assurance warranties on product sales which range from one to five years but do not offer extended warranties on any of our products or services. These assurance warranties are not separate performance obligations thus no portion of the transaction price is allocated to our obligations under these warranties.

Earnings (Loss) per Share

Basic earnings (loss) per share for all periods presented equals net income (loss) divided by the weighted average shares outstanding during the period including participating securities. Diluted earnings (loss) per share is computed by dividing net income (loss) by our weighted average shares outstanding during the period including participating securities and any potential dilutive shares, when applicable.

Unvested share-based payment awards and other instruments issued by the Company that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and are included in the computation of earnings per share following the two-class method.

Accounting Standards Issued Not Yet Adopted

Evaluations of all other new accounting pronouncements that have been issued, but not yet effective are on-going, and at this time are not expected to have a material impact on our Consolidated Financial Statements.

Chapter 11 Proceedings and Ability to continue as a Going Concern (Notes)

12 Months Ended

Dec. 31, 2021

Reorganizations [Abstract]

Chapter 11 Proceedings

2 – Emergence from Chapter 11 Bankruptcy Proceedings

Restructuring Support Agreement; Voluntary Reorganization Under Chapter 11 of the U.S. Bankruptcy Code

On May 10, 2019, the Weatherford Parties entered into the Restructuring Support Agreement (“RSA”) with certain holders of our unsecured notes (“Consenting Creditors”), setting forth, subject to certain conditions, the terms of the proposed capital financial restructuring of the Company (“Transaction”). The RSA included certain milestones for the progress of the upcoming court proceedings, which included the dates by which the Weatherford Parties were required to, among other things, obtain certain court orders and complete the Transaction. On July 1, 2019, Weatherford Ireland, Weatherford Bermuda, and Weatherford Delaware, filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas (the “Cases”).

Emergence

The Company emerged from Chapter 11 with an Effective Date of December 13, 2019, except as noted below:

(1)the Company amended and restated its memorandum and articles of association on December 10, 2019;

(2)the Company appointed new members to the Successor’s board of directors to replace the directors of the Predecessor;

(3)all outstanding obligations under our unsecured senior and exchangeable notes were cancelled and the applicable agreements governing such obligations were terminated;

(4)the senior secured superpriority debtor-in-possession credit agreement (the “DIP Credit Agreement”) the Company previously entered into was paid in full and terminated;

(5)the Company issued a $2.1 billion aggregate principal amount of unsecured 11.00% Exit Notes due 2024; for additional details see “Note 13 – Borrowings and Other Debt Obligations”;

(6)the Company entered into a senior secured asset-based revolving credit agreement in an aggregate amount of $450 million (the “ABL Credit Agreement”) with the lenders party thereto and Wells Fargo Bank, N.A. as administrative agent; for additional details see Note 13 – Borrowings and Other Debt Obligations;

(7)the Company entered into a senior secured letter of credit agreement in an aggregate amount of $195 million (the “LC Credit Agreement”) for issuance of bid and performance letters of credit; for additional details see Note 13 – Borrowings and Other Debt Obligations;

(8)the Company issued 69,999,954 shares of Successor new ordinary shares (“New Ordinary Shares”) to the holders of the Company’s existing senior notes and holders of the existing ordinary shares (“Old Ordinary Shares”); for additional details see “Note 19 – Shareholders’ Equity (Deficiency)”;

(9)the Company issued warrants (the “New Warrants”), to holders of the Company’s existing Old Ordinary Shares, to purchase up to an aggregate of 7,777,779 New Ordinary Shares in the Company at an exercise price of $99.96 per ordinary share. The New Warrants are exercisable until the earlier of December 13, 2023 and the date of consummation of any liquidity event as defined in the Warrant Agreement; for additional details see “Note 19 – Shareholders’ Equity (Deficiency)”.

Prepetition Charges

Expenses, gains and losses were realized or incurred before July 1, 2019 and in relation to the Cases are recorded under the caption “Prepetition Charges” on our 2019 Predecessor Consolidated Statements of Operations. The $86 million of prepetition charges primarily consisted of professional and other fees related to the Cases.

Reorganization Items

Any expenses, gains and losses that are realized or incurred as of or subsequent to the Petition Date and as a direct result of the Cases are recorded under “Reorganization Items” on our Consolidated Statements of Operations for the Predecessor and Successor Periods and consisted of the following:


	Successor				Predecessor
			Period From		Period From
			12/14/2019		1/1/2019
	Year Ended		through		through
Reorganization Gain (Expense) (Dollars in millions)	12/31/2020		12/31/2019		12/13/2019
Gain on Settlement of Liabilities Subject to Compromise	$	—	$	—	$	4,297
Fresh Start Valuation Adjustments	—		—		1,434
Reorganization Items for Plan Effects (Non-Cash)	—		—		5,731

Unamortized Debt Issuance and Discount	$	—	$	—	$	(128)
Unamortized Interest Rate Derivative Loss	—		—		(8)
Reorganization Items (Non-Cash)	—		—		(136)

Backstop Commitment Fees	$	—	$	—	$	(81)
DIP Financing Fees	—		—		(56)
Professional Fees	(9)		(4)		(69)
Reorganization Fees	(9)		(4)		(206)

Total Reorganization Items	$	(9)	$	(4)	$	5,389

Reorganization Items (Fees) Unpaid	$	—	$	30	$	30
Reorganization Items (Fees) Paid	$	39	$	4	$	176

3 – Fresh Start Accounting

Fresh Start Accounting

Upon emergence from bankruptcy, we qualified for and adopted Fresh Start Accounting in accordance with ASC 852, which resulted in the Company becoming a new entity for financial reporting purposes because (1) the holders of the then existing common shares of the Predecessor received less than 50 percent of the new common shares of the Successor outstanding upon emergence and (2) the reorganization value of the Company’s assets immediately prior to confirmation of the Plan was less than the total of all post-petition liabilities and allowed claims.

The reorganization value derived from the range of enterprise values associated with the Plan was allocated to the Company’s identifiable tangible and intangible assets and liabilities based on their estimated fair values (except for deferred income taxes) with the remaining excess value allocated to goodwill in accordance with ASC 805 – Business Combinations. The amount of deferred income taxes recorded was determined in accordance with ASC 740 – Income Taxes.

Reorganization Value

Under ASC 852, the Successor determined a value to be assigned to the equity of the emerging entity as of the date of adoption of Fresh Start Accounting. The Company engaged valuation experts to assist management in the allocation of such enterprise value to the assets and liabilities for financial reporting purposes based on management’s latest outlook as of the effective date. Based on this reassessment, the Company deemed it appropriate to use an enterprise value of $4.5 billion for financial reporting purposes.

The following table reconciles the enterprise value to the estimated fair value of our Successor common shares as of the Fresh Start Reporting Date:


(Dollars in millions)	Fresh Start Reporting Date
Enterprise Value	$	4,516
Plus: Cash and Cash Equivalents (includes $25 million cash collateral released from restricted cash on 12/17/19)	518
Less: Fair Value of Debt	(2,103)
Fair Value of Successor Equity as of December 13, 2019	$	2,931

The following table reconciles the enterprise value to the reorganization value of the Successor’s assets to be allocated to the Company’s individual assets as of the Fresh Start Reporting Date:


(Dollars in millions)	Fresh Start Reporting Date
Enterprise Value	$	4,516
Plus: Cash and Cash Equivalents (includes $25 million cash collateral released from restricted cash on 12/17/19)	518
Plus: Current Liabilities Excluding Short-term Borrowings and Current Portion of Long-term Debt	1,707
Plus: Non-current Liabilities Excluding Long-term Debt	627
Reorganization Value of Successor’s Assets to be Allocated	$	7,368

With the assistance of third-party valuation advisors, we determined the enterprise and corresponding equity value of the Successor using various valuation methods, including: (i) a calculation of the present value of future cash flows based on our financial projections, and (ii) a peer group trading analysis. The enterprise value and corresponding equity value were dependent upon achieving the future financial results set forth in our valuations, as well as the realization of certain other assumptions. All estimates, assumptions, valuations and financial projections, including the fair value adjustments, the financial projections, the enterprise value and equity value projections, are inherently subject to significant uncertainties and the resolution of contingencies beyond our control. Accordingly, upon emergence we could not assure that the estimates, assumptions, valuations or financial projections would be realized, and actual results could vary materially.

Fresh Start Accounting

12 Months Ended

Dec. 31, 2021

Reorganizations [Abstract]

Fresh Start Accounting

2 – Emergence from Chapter 11 Bankruptcy Proceedings

Restructuring Support Agreement; Voluntary Reorganization Under Chapter 11 of the U.S. Bankruptcy Code

Emergence

The Company emerged from Chapter 11 with an Effective Date of December 13, 2019, except as noted below:

(1)the Company amended and restated its memorandum and articles of association on December 10, 2019;

(2)the Company appointed new members to the Successor’s board of directors to replace the directors of the Predecessor;

(3)all outstanding obligations under our unsecured senior and exchangeable notes were cancelled and the applicable agreements governing such obligations were terminated;

(4)the senior secured superpriority debtor-in-possession credit agreement (the “DIP Credit Agreement”) the Company previously entered into was paid in full and terminated;

(5)the Company issued a $2.1 billion aggregate principal amount of unsecured 11.00% Exit Notes due 2024; for additional details see “Note 13 – Borrowings and Other Debt Obligations”;

Prepetition Charges

Reorganization Items


	Successor				Predecessor
			Period From		Period From
			12/14/2019		1/1/2019
	Year Ended		through		through
Reorganization Gain (Expense) (Dollars in millions)	12/31/2020		12/31/2019		12/13/2019
Gain on Settlement of Liabilities Subject to Compromise	$	—	$	—	$	4,297
Fresh Start Valuation Adjustments	—		—		1,434
Reorganization Items for Plan Effects (Non-Cash)	—		—		5,731

Unamortized Debt Issuance and Discount	$	—	$	—	$	(128)
Unamortized Interest Rate Derivative Loss	—		—		(8)
Reorganization Items (Non-Cash)	—		—		(136)

Backstop Commitment Fees	$	—	$	—	$	(81)
DIP Financing Fees	—		—		(56)
Professional Fees	(9)		(4)		(69)
Reorganization Fees	(9)		(4)		(206)

Total Reorganization Items	$	(9)	$	(4)	$	5,389

Reorganization Items (Fees) Unpaid	$	—	$	30	$	30
Reorganization Items (Fees) Paid	$	39	$	4	$	176

3 – Fresh Start Accounting

Fresh Start Accounting

Reorganization Value

The following table reconciles the enterprise value to the estimated fair value of our Successor common shares as of the Fresh Start Reporting Date:


(Dollars in millions)	Fresh Start Reporting Date
Enterprise Value	$	4,516
Plus: Cash and Cash Equivalents (includes $25 million cash collateral released from restricted cash on 12/17/19)	518
Less: Fair Value of Debt	(2,103)
Fair Value of Successor Equity as of December 13, 2019	$	2,931

The following table reconciles the enterprise value to the reorganization value of the Successor’s assets to be allocated to the Company’s individual assets as of the Fresh Start Reporting Date:


(Dollars in millions)	Fresh Start Reporting Date
Enterprise Value	$	4,516
Plus: Cash and Cash Equivalents (includes $25 million cash collateral released from restricted cash on 12/17/19)	518
Plus: Current Liabilities Excluding Short-term Borrowings and Current Portion of Long-term Debt	1,707
Plus: Non-current Liabilities Excluding Long-term Debt	627
Reorganization Value of Successor’s Assets to be Allocated	$	7,368

Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

4 – Segment Information

The Company's chief operating decision maker (“CODM”), our chief executive officer, regularly reviews information to make operating decisions, allocate resources and assess performance of the business. During the fourth quarter of 2021, the CODM changed the information regularly reviewed to be aligned with how we offer our services and technologies in relation to the well life cycle and we have realigned our reportable segments to reflect the change. All of our segments are enabled by a full suite of digital, monitoring, optimization and artificial intelligence solutions providing services throughout the well life cycle, including responsible responsible abandonment. We now have three reportable segments: (1) Drilling and Evaluation (2) Well Construction and Completions, and (3) Production and Intervention. Previously we had two geographic based reportable segments, Western Hemisphere and Eastern Hemisphere.

Drilling and Evaluation (“DRE”) offers a suite of services including managed pressure drilling, drilling services, wireline and drilling fluids. DRE offerings range from early well planning to reservoir management through innovative tools and expert engineering to optimize reservoir access and productivity.

Well Construction and Completions (“WCC”) offers products and services for well integrity assurance across the full life cycle of the well. The primary offerings are tubular running services, cementation products, completions, liner hangers and well services. WCC deploys conventional to advanced technologies, providing safe and efficient services in any environment during the well construction phase.

Production and Intervention (“PRI”) offers a suite of reservoir stimulation designs, and engineering capabilities that isolate zones and unlock reserves in conventional and unconventional wells, deep water, and aging reservoirs. The primary offerings are intervention services & drilling tools, artificial lift, production automation & software, sub-sea intervention and pressure pumping services in select markets.

Total revenues are from external customers and segment revenues are specific to our three reportable segments and all other revenues are specific to our non-operating segment revenues. Revenues are further described in “Note 5 – Revenues.”

Additionally, we have changed our primary measure of segment profitability to segment adjusted EBITDA, which is based on segment earnings before interest, taxes, depreciation, amortization, share-based compensation expense and other adjustments. Research and development expenses are included in segment adjusted EBITDA. Corporate and other includes business activities related to all other segments (profit and loss), corporate and other expenses (overhead support and centrally managed or shared facilities costs) that do not individually meet the criteria for segment reporting.

We have revised our segment reporting to reflect our current management approach and recast prior periods to conform to the current segment presentation.


	Successor						Predecessor
					Period From		Period From
					12/14/2019		1/1/2019
	Year Ended		Year Ended		through		through
(Dollars in millions)	12/31/2021		12/31/2020		12/31/2019		12/13/2019
Revenues:
Drilling and Evaluation	$	1,066	$	1,044	$	67	$	1,407
Well Construction and Completions	1,353		1,414		90		1,583
Production and Intervention	1,127		1,106		86		1,673
Segment Revenues	3,546		3,564		243		4,663
All Other	99		121		18		291
Total Revenues	$	3,645	$	3,685	$	261	$	4,954

Segment Adjusted EBITDA:
Drilling and Evaluation	$	186	$	132	$	(3)	$	219
Well Construction and Completions	256		273		19		225
Production and Intervention	191		154		20		216
Segment Adjusted EBITDA	$	633	$	559	$	36	$	660
Corporate and Other	(62)		(100)		(1)		(104)
Depreciation and Amortization	(440)		(503)		(34)		(447)
Share-based Compensation Expense (a)	(25)		—		—		(24)



































Other Adjustments (b)	10		(1,442)		—		(1,267)










Operating Income (Loss)	$	116	$	(1,486)	$	1	$	(1,182)

(a)See “Note 18 – Share-Based Compensation” for additional information.

(b)Other adjustments include goodwill and long-lived asset impairments, restructuring charges, prepetition charges, gain on sale of businesses and other charges and credits, net as applicable to the periods presented. See “Note 7 – Long-Lived Assets Impairment”, “Note 11 – Goodwill and Intangibles, Net”, “ Note 8 – Restructuring Charges”, “ Note 6 – Impairments and Other Charges, Net”, and “Note 2 – Emergence from Chapter 11 Bankruptcy Proceedings” for additional information. In the 2020 Successor and 2019 Predecessor Periods, the segment adjusted EBITDA of Well Construction and Completions includes $12 million and $15 million, respectively, of gains on sales of operational assets.

Depreciation and amortization and capital expenditures by segment are summarized in the table below:


	Successor						Predecessor
					Period From		Period From
	Year		Year		12/14/2019		1/1/2019
	Ended		Ended		through		through
(Dollars in millions)	12/31/2021		12/31/2020		12/31/2019		12/13/2019
Depreciation and Amortization:
Drilling and Evaluation	$	164	$	183	$	11	$	168
Well Construction and Completions	123		151		9		115
Production and Intervention	102		112		9		121
Corporate and Other	51		57		5		43
Total Depreciation and Amortization	$	440	$	503	$	34	$	447

Capital Expenditures:
Drilling and Evaluation	$	18	$	27	$	10	$	88
Well Construction and Completions	18		23		6		59
Production and Intervention	36		73		2		60
Corporate and Other	13		31		2		43
Total Capital Expenditures	$	85	$	154	$	20	$	250

Corporate and other depreciation and amortization and capital expenditures were for business activities related to all other segments (profit and loss), corporate and other expenses (overhead support and centrally managed or shared facilities costs) that do not individually meet the criteria for segment reporting.

Total assets by segment are summarized in the table below:


	December 31,
(Dollars in millions)	2021		2020
Total Assets:
Drilling and Evaluation	$	783	$	950
Well Construction and Completions	974		1,100
Production and Intervention	686		768
Total Reportable Segment Assets	2,443		2,818
Corporate and Other	2,331		2,616
Total	$	4,774	$	5,434

Corporate and other assets primarily include cash and cash equivalents, certain intangibles, and centrally managed or shared facilities.

Long-lived Assets by Geographic Areas

Long-lived assets by geographic area are summarized below and includes PP&E, intangibles and ROU assets at December 31, 2021 and December 31, 2020. Long-lived assets were zero in Ireland, our country of domicile in both years and in the U.S. were $238 million and $306 million as of December 31, 2021 and December 31, 2020, respectively. North America in the table below consists of the U.S. and Canada.


	December 31,
(Dollars in millions)	2021		2020
Long-Lived Assets:
North America	$	324	$	403
Latin America	265		289
Europe/Sub-Sahara Africa/Russia	337		463
Middle East/North Africa/Asia	840		1,029
Total Long-Lived Assets	$	1,766	$	2,184

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Revenues

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenues

5 – Revenues

Disaggregated Revenue

Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. The majority of our revenue is derived from short term contracts. Our services and products are generally sold based upon purchase orders, contracts or other legally enforceable arrangements with our customers that include fixed or determinable prices but do not generally include right of return provisions or other significant post-delivery obligations. For additional details on our revenue recognition policies see “Note 1 – Summary of Significant Accounting Policies”.

The unmanned equipment that we lease to customers as operating leases consists primarily of drilling rental tools and artificial lift pumping equipment (in the Production and Intervention reportable segment). These equipment rental revenues are generally provided based on call-out work orders that include fixed per unit prices and are derived from short-term contracts. Equipment revenues recognized under Topic 842 was $131 million, $150 million and $12 million in 2021, 2020 and 2019 Successor Periods, respectively, and $284 million in the 2019 Predecessor Period.

The following tables disaggregate our revenues from contracts with customers by geographic region and includes equipment rental revenues. Revenues in the U.S. were $678 million, $720 million and $59 million in the 2021, 2020 and 2019 Successor Periods, respectively, and $1.3 billion in the 2019 Predecessor Period. We had no revenue in our country of domicile (Ireland) in the 2021, 2020 and 2019 Successor Periods, and the 2019 Predecessor Period. North America in the table below consists of the U.S. and Canada.


	Successor						Predecessor
					Period From		Period From
					12/14/2019		1/1/2019
	Year Ended		Year Ended		through		through
(Dollars in millions)	12/31/2021		12/31/2020		12/31/2019		12/13/2019








Revenues by Geographic Areas:
North America	$	896	$	889	$	68	1,548
Latin America	814		697		53		1,072
Europe/Sub-Sahara Africa/Russia	737		747		52		$	907
Middle East/North Africa/Asia	1,198		1,352		88		1,427

Total Revenues	$	3,645	$	3,685	$	261	$	4,954

Contract Balances

The timing of our revenue recognition, billings and cash collections results in the recording of billed and unbilled accounts receivable, contract assets, customer advances and deposits (contract liabilities classified as deferred revenues). Receivables with customers are included in “Accounts Receivable, Net,” contract assets are included in “Other Current Assets” and contract liabilities are included in “Other Current Liabilities” on our Consolidated Balance Sheets. Contract assets are immaterial in all periods presented on our Consolidated Balance Sheets. Revenues recognized in the 2021 and 2020 Successor Periods were $32 million and $10 million, respectively and included in the contract liabilities balance at the beginning of each year. The following table summarizes these balances at December 31, 2021 and December 31, 2020:


(Dollars in millions)	12/31/2021		12/31/2020

Total Accounts Receivables, Net	$	825	$	826
Receivables for Product and Services in Accounts Receivable, Net	$	795	$	792
Receivables for Equipment Rentals in Account Receivable, Net	$	30	$	34

Contract Liabilities included in Other Current Liabilities	$	26	$	37

Performance Obligations

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in Topic 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. In the following table, estimated revenue for contracts with original performance obligations greater than twelve months are expected to be recognized in the future related to performance obligations that are either unsatisfied or partially unsatisfied as of December 31, 2021.


(Dollars in millions)	2022		2023		2024		2025		Thereafter		Total
Service revenue	$	67	$	59	$	59	$	44	$	20	$	249

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Impairments and Other Charges

12 Months Ended

Dec. 31, 2021

Impairments and Other Charges [Abstract]

Impairments and Other Charges

6 – Impairments and Other Charges, Net

We recorded the following in “Goodwill and Long-Lived Assets Impairment” and “Other Charges (Credits), Net” on the accompanying Consolidated Statements of Operations:


	Successor						Predecessor
					Period From		Period From
	Year		Year		12/14/2019		1/1/2019
	Ended		Ended		through		through
(Dollars in millions)	12/31/2021		12/31/2020		12/31/2019		12/13/2019
Long-lived Assets Impairment	$	—	$	814	$	—	$	20
Goodwill Impairment	—		239		—		730
Total Goodwill and Long-lived Assets Impairment	$	—	$	1,053	$	—	$	750

Inventory Charges	$	7	$	138	$	—	$	117
Asset Write-downs and Rigs Related Charges	—		11		—		132
Other Charges, Net	(17)		22		—		90
Total Other Charges (Credits), Net	$	(10)	$	171	$	—	$	339

Gain on Sale of Businesses, Net	$	—	$	—	$	—	$	(112)

See “Note 7 – Long-Lived Assets Impairment”, “Note 11 – Goodwill and Intangibles, Net” and “Note 9 – Inventories, Net” for further details.

We did not have any significant divestitures of businesses in our Successor Periods. In the 2019 Predecessor Period, we disposed of net assets of $161 million of our laboratory, surface data logging and a portion of our rigs businesses for proceeds of $328 million and recognized $112 million in “Gain on Sale of Businesses, Net” on the Consolidated Statements of Operations.

Long-Lived Asset Impairments (Notes)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Long-lived and Other Asset Impairments

7 – Long-Lived Assets Impairment

We did not recognize long-lived assets impairments in the 2021 Successor Period.

During the 2020 Successor Period, the global economic and industry conditions resulting from the decline in demand and impact from the COVID-19 pandemic were identified as impairment indicators. As a result, we performed interim impairment assessments of our property, plant and equipment, definite-lived intangible assets, and right of use assets with the assistance of a third-party valuation advisor. As of March 31, 2020, and as of June 30, 2020, we determined the carrying amount of certain long-lived assets exceeded their respective fair values and recognized $814 million of long-lived asset impairments as summarized by asset class and segment in the table below, which was included in “Goodwill and Long-Lived Assets Impairment” on the Consolidated Statements of Operations.

The fair values of our long-lived assets were determined using discounted cash flows under the income approach, a Level 3 fair value analysis. The income approach required significant assumptions to determine the fair value of an asset or asset group including the estimated discounted future cash flows, forecasted revenues and operating margins and the discount rate.


Long-Lived Assets Impairment by Asset Class and Segment

(Dollars in millions)	Drilling and Evaluation		Well Construction and Completions		Production and Intervention		All Other		Total
Property, Plant and Equipment	$	195	$	126	$	232	$	18	$	571
Intangible Assets	76		39		40		—		155
Right of Use Assets	14		20		54		—		88
Long-lived Assets Impairment	$	285	$	185	$	326	$	18	$	814

We recognized long-lived assets impairment of $20 million for the 2019 Predecessor Period to write-down our land drilling rigs included in All Other due to the sustained downturn in the energy services industry.

Restructuring Charges

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring Charges

8 – Restructuring Charges

We had no restructuring charges for the 2021 Successor Period. Our prior restructuring plans include workforce reductions, organization restructurings, facility consolidations and other cost reduction measures and efficiency initiatives targeted to better align with activity levels at the time.

The following table presents restructuring charges for the Successor Periods and the 2019 Predecessor Period.


	Successor						Predecessor
					Period From		Period From
	Year		Year		12/14/2019		01/01/2019
	Ended		Ended		through		through
(Dollars in millions)	12/31/2021		12/31/2020		12/31/2019		12/13/2019
Severance Charges	$	—	$	132	$	—	$	53
Facility Exit Charges	—		10		—		99
Inventory Charges	—		15		—		24
Property, Plant and Equipment	—		40		—		13
Right of Use and Other Assets	—		9		—		—
Total Restructuring Charges	$	—	$	206	$	—	$	189

The following table presents total restructuring charges by reportable segment and corporate and other for the Successor and Predecessor Periods.










	Successor						Predecessor
					Period From		Period From
	Year		Year		12/14/2019		01/01/2019
	Ended		Ended		through		through
(Dollars in millions)	12/31/2021		12/31/2020		12/31/2019		12/13/2019
Drilling and Evaluation	$	—	$	35	$	—	$	29
Well Construction and Completions	—		60		—		47
Production and Intervention	—		52		—		54
Corporate and Other	—		59		—		59
Total Restructuring Charges	$	—	$	206	$	—	$	189

The following table presents total restructuring accrual activity for the periods presented. Restructuring charges in the table below exclude restructuring related asset charges.



(Dollars in millions)	Accrued Balance at Beginning of Period		Charges		Cash Payments		Other		Accrued Balance at End of Period
2021 Successor Period	$	53	$	—	$	(30)	$	(6)	$	17
2020 Successor Period	$	66	$	142	$	(137)	$	(18)	$	53
2019 Successor Period	$	66	$	—	$	—	$	—	$	66
2019 Predecessor Period	$	59	$	152	$	(120)	$	(25)	$	66

Inventories, Net

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories, Net

9 – Inventories, Net

Inventories, net of reserves of $159 million and $119 million as of December 31, 2021 and December 31, 2020, respectively, by category were as follows:


	December 31,
(Dollars in millions)	2021		2020
Finished Goods	$	595	$	655
Raw Materials, Components and Supplies	75		62
Total Inventory	$	670	$	717

We recognized inventory charges, including excess and obsolete inventory charges considered commercially unviable or technologically obsolete considering current and future demand and volatility in industry demand. In 2020, these charges were additionally driven by the impact of the COVID-19 pandemic. These inventory charges were recognized in the following captions on our Consolidated Statements of Operations:



	Successor						Predecessor
					Period From		Period From
	Year		Year		12/14/2019		1/1/2019
	Ended		Ended		through		through
(Dollars in millions)	12/31/2021		12/31/2020		12/31/2019		12/13/2019
Inventory Charges in “Cost of Products”	$	55	$	57	$	—	$	18
Inventory Charges in “Restructuring Charges”	—		15		—		24
Inventory Charges in “Other Charges (Credits), Net”	7		138		—		117
Total Inventory Charges	$	62	$	210	$	—	$	159

Property, Plant and Equipment (Notes)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Line Items]

Property, Plant and Equipment Disclosure [Text Block]

10 – Property, Plant and Equipment, Net

Property, plant and equipment, net was composed of the following:


	December 31,
(Dollars in millions)	2021		2020
Land, Buildings and Leasehold Improvements	$	484	$	515
Rental and Service Equipment	902		869
Machinery and Other	233		219
	1,619		1,603
Less: Accumulated Depreciation	623		367
Property, Plant and Equipment, Net	$	996	$	1,236

Depreciation expense was $284 million, $340 million and $25 million in the 2021, 2020 and 2019 Successor Periods, respectively, and $386 million in the 2019 Predecessor Periods. See “Note 7 – Long-Lived Assets Impairment” for additional information on impairments.

Property, Plant and Equipment [Table Text Block]

The estimated useful lives of our major classes of PP&E are as follows:


Major Classes of Property, Plant and Equipment			PP&E Estimated Useful Lives
Buildings and leasehold improvements			10 – 40 years or lease term
Rental and service equipment			3 – 10 years
Machinery and other			2 – 12 years

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

11 – Goodwill and Intangibles, Net

Goodwill Impairment

We based our goodwill impairment assessments previously on the fair value of our reporting units, which were at a regional geographic level. We fully impaired our Successor and Predecessor goodwill during 2020 and 2019. The cumulative impairment loss for goodwill was $239 million for the Successor and $3.4 billion for Predecessor periods.

Successor Goodwill Recognition and Impairment

As a result of Fresh Start Accounting, we recognized $239 million of goodwill. During 2020, based on our interim goodwill impairment assessments that determined the fair value of our reporting units were less than their carrying values, we recognized goodwill impairment charges and fully impaired our goodwill as presented in “Note 4 – Impairments and Other Charges.” We identified impairment indicators as discussed in “Note 7 – Long-Lived Assets Impairment” that triggered these interim quantitative goodwill assessments. The fair values of our reporting units were determined using a combination of the income approach and the market approach for comparable companies in our industry, a Level 3 fair value analysis. Determining the fair value of the reporting units required management to develop significant judgments, including estimating and discounting future cash flows by reporting unit, specifically forecasted revenue, forecasted operating margins and discount rates.

Predecessor Period Goodwill Impairments and Assessment Factors

The 2019 Predecessor impairment indicators were a result of lower activity levels and lower exploration and production capital spending that resulted in a decline in drilling activity and forecasted growth in all our reporting units. Our lower than expected and forecasted financial results were due to the continued weakness within the energy market and consequently our inability to quickly and significantly reduce our cost structure under our restructuring plans savings and as a result we incurred a goodwill impairment charge of $730 million.

Intangible Assets

The components of intangible assets were as follows:


	December 31, 2021
	Gross				Net
	Carrying		Accumulated		Intangible
(Dollars in millions)	Amount		Amortization		Assets
Developed and Acquired Technology	$	590	$	(247)	$	343
Trade Names	395		(81)		314
Totals	$	985	$	(328)	$	657

	December 31, 2020
	Gross				Net
	Carrying		Accumulated		Intangible
(Dollars in millions)	Amount		Amortization		Assets
Developed and Acquired Technology	$	588	$	(132)	$	456
Trade Names	395		(41)		354


Totals	$	983	$	(173)	$	810

See “Note 7 – Long-Lived Assets Impairment” for additional information on impairments.

Amortization expense was $156 million, $163 million and $9 million in the 2021, 2020, and 2019 Successor Periods and $61 million in the 2019 Predecessor Period. Based on the carrying value of intangible assets at December 31, 2021, amortization expense for the subsequent five years is estimated as follows (dollars in millions):


Period	Amount
2022	$	157
2023	157
2024	145
2025	41
2026	41

Leases (Notes)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

12 – Leases

We lease certain facilities, land, vehicles, and equipment. Leases with an initial term of 12 months or less (“short-term leases”) are not recorded on the balance sheet (including short-term sale leaseback transactions); we recognize lease expense for these leases on a straight-line basis over the lease term.

We have data center lease agreements with lease and non-lease components which are accounted for separately, while for the remainder of our agreements we have elected the practical expedient to account for lease and non-lease components as a single lease component. For certain equipment leases, such as copiers and vehicles, we account for the leases under a portfolio method. Operating lease payments include related options to extend or terminate lease terms that are reasonably certain of being exercised.

The unmanned equipment that we lease to customers under operating leases consists primarily of drilling rental tools and artificial lift pumping equipment. These equipment rental revenues are generally provided based on call-out work orders that include fixed per unit prices and are derived from short-term contracts. See “Note 1 – Summary of Significant Accounting Policies” and “Note 5 – Revenues” for additional details on our equipment rental revenues.


	Successor						Predecessor
					Period From		Period From
	Years Ended				12/14/2019		1/1/2019
	December 31,				through		through
(Dollars in millions)	2021		2020		12/31/2019		12/13/2019
Lease Expense Components:
Operating Lease Expense	$	61	$	76	$	5	$	109
Short-term and Variable Lease Expense	65		63		5		91
Subtotal of Operating Lease Expense	$	126	$	139	$	10	$	200
Finance Lease Expense: Amortization of ROU Assets and Interest on Lease Liabilities	16		15		1		11
Sublease Income	(4)		(6)		(1)		(6)
Total Lease Expense	$	138	$	148	$	10	$	205

We are committed under various operating lease agreements primarily related to office space and equipment. Generally, these leases include renewal provisions and rental payments, which may be adjusted for taxes, insurance and maintenance related to the property. Future minimum commitments under operating and finance leases are as follows:



	Operating		Finance
(Dollars in millions)	Leases		Leases
Maturity of Lease Liabilities as of December 31, 2021:
2022	$	74	$	16
2023	42		14
2024	29		12
2025	23		12
2026	18		11
After 2026	113		4
Total Lease Payments	299		69
Less: Interest	112		13
Present Value of Lease Liabilities	$	187	$	56


	Successor									Predecessor
							Period From			Period From
							12/14/2019			1/1/2019
	Years Ended						through			through
(Dollars in millions except years and percentages)	12/31/2021			12/31/2020			12/31/2019			12/13/2019
Other Supplemental Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	89		$	101		$	5		$	131
Operating cash outflows from finance leases	$	5		$	5		$	—		$	4
Financing cash outflows from finance leases	$	13		$	9		$	1		$	8

ROU assets obtained in exchange of new operating lease liabilities	$	23		$	37		$	2		$	59

Loss on sale leaseback transactions (short-term) (a)	$	—		$	—		$	—		$	34

	December 31, 2021			December 31, 2020			December 31, 2019
Weighted-average remaining lease term (years)
Operating leases	8.9			8.1			7.8
Finance leases	4.8			5.9			6.7

Weighted-average discount rate (percentages)
Operating leases	9.6		%	9.6		%	9.2		%
Finance leases	8.9		%	9.1		%	9.1		%

(a) Included in “Goodwill and Long-Lived Assets Impairment” in our Consolidated Statements of Operations and “Other Assets and Liabilities, Net” in our Consolidated Statements of Cash Flows.

Leases

12 – Leases


	Successor						Predecessor
					Period From		Period From
	Years Ended				12/14/2019		1/1/2019
	December 31,				through		through
(Dollars in millions)	2021		2020		12/31/2019		12/13/2019
Lease Expense Components:
Operating Lease Expense	$	61	$	76	$	5	$	109
Short-term and Variable Lease Expense	65		63		5		91
Subtotal of Operating Lease Expense	$	126	$	139	$	10	$	200
Finance Lease Expense: Amortization of ROU Assets and Interest on Lease Liabilities	16		15		1		11
Sublease Income	(4)		(6)		(1)		(6)
Total Lease Expense	$	138	$	148	$	10	$	205



	Operating		Finance
(Dollars in millions)	Leases		Leases
Maturity of Lease Liabilities as of December 31, 2021:
2022	$	74	$	16
2023	42		14
2024	29		12
2025	23		12
2026	18		11
After 2026	113		4
Total Lease Payments	299		69
Less: Interest	112		13
Present Value of Lease Liabilities	$	187	$	56


	Successor									Predecessor
							Period From			Period From
							12/14/2019			1/1/2019
	Years Ended						through			through
(Dollars in millions except years and percentages)	12/31/2021			12/31/2020			12/31/2019			12/13/2019
Other Supplemental Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	89		$	101		$	5		$	131
Operating cash outflows from finance leases	$	5		$	5		$	—		$	4
Financing cash outflows from finance leases	$	13		$	9		$	1		$	8

ROU assets obtained in exchange of new operating lease liabilities	$	23		$	37		$	2		$	59

Loss on sale leaseback transactions (short-term) (a)	$	—		$	—		$	—		$	34

	December 31, 2021			December 31, 2020			December 31, 2019
Weighted-average remaining lease term (years)
Operating leases	8.9			8.1			7.8
Finance leases	4.8			5.9			6.7

Weighted-average discount rate (percentages)
Operating leases	9.6		%	9.6		%	9.2		%
Finance leases	8.9		%	9.1		%	9.1		%

(a) Included in “Goodwill and Long-Lived Assets Impairment” in our Consolidated Statements of Operations and “Other Assets and Liabilities, Net” in our Consolidated Statements of Cash Flows.

Borrowings and Other Debt Obligations

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Borrowings and Other Debt Obligations

13 – Borrowings and Other Debt Obligations

Total debt carrying values consisted of the following:


	December 31,
(Dollars in millions)	2021		2020
Finance Lease Current Portion	$	12	$	9
Other Short-term Financing Arrangements	—		4
Short-term Borrowings	$	12	$	13



11.00% Exit Notes due 2024	300		2,098
8.75% Senior Secured Notes due 2024	—		455
6.5% Senior Secured Notes due 2028	488		—
8.625% Senior Notes due 2030	$	1,584	$	—
Finance Lease Long-term Portion	44		48
Long-term Debt	$	2,416	$	2,601

Our Exit Notes, 2024 Senior Secured Notes (before repayment in 2021), 2028 Senior Secured Notes and 2030 Senior Notes were issued by Weatherford Bermuda and guaranteed by Weatherford International plc and Weatherford Delaware and other subsidiary guarantors party thereto. The bond redemption premiums and noncash loss on extinguishment of debt related to the unamortized debt issuance costs are presented as “Loss on Extinguishment of Debt and Bond Redemption Premium” on the Consolidated Statements of Operations.

Exit Notes

On December 13, 2019, we issued unsecured 11.00% Exit Notes due in 2024 for an aggregate principal amount of $2.1 billion (of which $500 million was in the form of Exit Takeback Notes to existing creditors on the senior notes being cancelled). Interest on the Exit Notes accrues at the rate of 11.00% per annum and is payable semiannually on June 1 and December 1 and commenced June 1, 2020. Proceeds from the issuance were reduced by debt issuance costs which reduced the carrying amount of the debt liability and are recognized using the effective interest rate method over the term of the debt in “Interest Expense, Net” on our Consolidated Financial Statements.

On October 20, 2021, we redeemed $200 million of our Exit Notes and paid related accrued interest of $8 million along with a bond redemption premium of $6 million. On October 27, 2021, we issued $1.6 billion of 2030 Senior Notes (defined below) and the net proceeds and cash on hand were used to redeem $1.6 billion in principal of our Exit Notes at applicable prices, plus accrued and unpaid interest of $71 million. We paid and recognized a $103 million bond redemption premium and recognized a $2 million noncash loss on extinguishment of debt related to the unamortized debt issuance costs. At December 31, 2021, the carrying value of $300 million represents the remaining unpaid principal.

2024 Senior Secured Notes

On August 28, 2020, we entered into an indenture and issued the 8.75% Senior Secured Notes in an aggregate principal amount of $500 million maturing September 1, 2024 (the “2024 Senior Secured Notes”). Interest accrued at the rate of 8.75% per annum and was payable semiannually on March 1 and September 1, which commenced on March 1, 2021. Proceeds from the issuance were reduced by a purchase commitment discount of $25 million and a commitment fee of $15 million which reduced the carrying amount of the debt liability and were recognized using the effective interest rate method over the term of the debt in “Interest Expense, Net” on our Consolidated Financial Statements.

On September 30, 2021, we repaid the principal outstanding on our 2024 Senior Secured Notes and accrued interest with proceeds from the issuance of the 2028 Senior Secured Notes described below and cash on hand. In addition, we paid and recognized a $22 million bond redemption premium and recognized a $37 million noncash loss on extinguishment of debt related to the unamortized debt issuance costs and discount.

2028 Senior Secured Notes

On September 30, 2021, we issued 6.5% Senior Secured Notes in aggregate principal amount of $500 million maturing September 15, 2028 (the “2028 Senior Secured Notes”). Interest accrues at the rate of 6.5% per annum and is payable semiannually on September 15 and March 15 of each year, commencing on March 15, 2022. Proceeds from the issuance were reduced by debt issuance costs which reduced the carrying amount of the debt liability and are being recognized using the effective interest rate method over the term of the debt in “Interest Expense, Net” on our Consolidated Financial Statements. The 2028 Senior Secured Notes and the related guarantees are secured by substantially all of the assets and properties of the Company and the other guarantors (on an effectively first-priority basis with respect to the priority collateral for the 2028 Senior Secured Notes, and on an effectively second-priority basis with respect to the priority collateral for the senior secured letter of credit agreement (the “LC Credit Agreement”), in each case, subject to permitted liens).

2030 Senior Notes

On October 27, 2021, we issued 8.625% Senior Notes in aggregate principal amount of $1.6 billion maturing April 30, 2030 (the “2030 Senior Notes”). Interest accrues at the rate of 8.625% per annum and is payable semiannually on June 1 and December 1 of each year, commencing on June 1, 2022. Proceeds from the issuance were reduced by debt issuance costs which reduced the carrying amount of the debt liability and are being recognized using the effective interest rate method over the term of the debt in “Interest Expense, Net” on our Consolidated Financial Statements.

LC Credit Agreement

We have a senior secured letter of credit agreement (the “LC Credit Agreement”) in an aggregate amount of $215 million maturing on May 29, 2024, which is used by the Company and certain of its subsidiaries for the issuance of bid and performance letters of credit.

On September 20, 2021, certain provisions and covenants of the LC Credit Agreement were amended as follows to:

•Permit the borrowing of up to an additional $400 million of secured indebtedness under an asset-based lending facility or a revolving credit facility upon compliance with certain conditions;

•Remove the minimum secured liquidity requirement;

•Increase the minimum aggregate liquidity requirement from $175 million to $300 million;

•Decrease the minimum aggregate book value of certain pledged assets requirement from $1.25 billion to $1 billion; and

•Increase the ability to redeem debt up to $500 million subject to minimum aggregate liquidity of $400 million at the time of repayment or redemption.

At December 31, 2021, we had approximately $181 million in outstanding letters of credit under the LC Credit Agreement and availability of $34 million.

The outstanding amount of each letter of credit under the LC Credit Agreement bears interest at London Interbank Offered Rate (“LIBOR”) plus an applicable margin of 350 basis points per annum. We expect LIBOR to continue to be published until June 2023, and expect to transition to an alternative to LIBOR prior to that termination date. The LC Credit Agreement currently contains provisions allowing the Administrative Agent to replace LIBOR with an alternate benchmark rate (including any mathematical or other adjustments to the benchmark (if any) incorporated therein) that has been broadly accepted by the syndicated loan market in the United States in lieu of LIBOR. The LC Credit Agreement includes (i) a 12.5 basis point per annum fronting fee on the outstanding amount of each such letter of credit and (ii) an unused commitment fee in respect of the unutilized commitments at a rate of 50 basis point per annum on the average daily unused commitments under the LC Credit Agreement.

The LC Credit Agreement is secured by substantially all the personal assets and properties of certain subsidiaries of the Company and (including a first lien on the priority collateral for the LC Credit Agreement and a second lien on the priority collateral for Senior Secured Notes, in each case, subject to permitted liens). The LC Credit Agreement is also guaranteed on an unsecured basis by certain other subsidiaries of the Company.

As of December 31, 2021, we had $342 million of letters of credit outstanding, consisting of the $181 million mentioned above under the LC Credit Agreement and another $161 million under various uncommitted bi-lateral facilities (of which there was $158 million in cash collateral held and recorded in “Restricted Cash” on the Consolidated Balance Sheets).

ABL Credit Agreement

On the Effective Date pursuant to the terms of the Plan, the Company entered into a senior secured asset-based lending agreement (the “ABL Credit Agreement”) in an aggregate amount of $450 million with the lenders party thereto and Wells Fargo Bank, N.A. as administrative agent. On August 28, 2020, we terminated the ABL Credit Agreement. At the time of termination, there were no loan amounts outstanding under the ABL Credit Agreement, and all outstanding letters of credit thereunder were either cash collateralized or transferred to issuing banks under the LC Credit Agreement, described above. Upon termination, we recorded $15 million of unamortized deferred debt issuance costs in “Loss on Termination of ABL Credit Agreement” on our Consolidated Statements of Operations.

Covenants for the Exit Notes, 2028 Senior Secured Notes and LC Credit Agreement

The indentures governing the Exit Notes and 2028 Senior Secured Notes contain covenants that limit, among other things, our ability and the ability of certain of our subsidiaries, to: incur, assume or guarantee additional indebtedness; pay dividends or distributions on capital stock or redeem or repurchase capital stock; make investments; sell stock of our subsidiaries; transfer or sell assets; create liens; enter into transactions with affiliates; and enter into mergers or consolidations. The Company is subject to a $300 million minimum aggregate liquidity requirement covenant under our amended LC Credit Agreement as defined in the applicable documents.

In the event (1) the Exit Notes have an investment grade rating from both of Moody’s Investors Service (“Moody’s”), and Standard and Poor’s (“S&P’) and (2) no default has occurred and is continuing under the indenture, certain of these and other covenants will be suspended and cease to be in effect so long as the rating assigned by either Moody’s or S&P has not subsequently declined to below Baa3 or BBB- (or equivalent).

The indentures also provide for certain customary events of default, including, among others, nonpayment of principal or interest, failure to pay final judgments in excess of a specified threshold, failure of a guarantee to remain in effect, bankruptcy and insolvency events, and cross acceleration, which would permit the principal, premium, if any, interest and other monetary obligations on all the then outstanding Exit Notes and 2028 Senior Secured Notes to be declared due and payable immediately.

As of December 31, 2021, we were in compliance with the covenants of the indentures governing the Exit Notes and 2028 Senior Secured Notes and the LC Credit Agreement.

The following is a summary of scheduled debt maturities by year:


(Dollars in millions)
2022	$	12
2023	11
2024	310
2025	10
2026	10
Thereafter	2,103
Total Debt Maturities	$	2,456
Unamortized Debt Issuance and Discount	$	(28)
Total Debt Carrying Value	$	2,428

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

14 – Fair Value of Financial Instruments, Assets and Other Assets

Financial Instruments and Other Assets Measured and Recognized at Fair Value

We estimate fair value at a price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market for the asset or liability. Our valuation techniques require inputs that we categorize using a three-level hierarchy, from highest to lowest level of observable inputs. Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 inputs are quoted prices or other market data for similar assets and liabilities in active markets, or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based upon our own judgment and assumptions used to measure assets and liabilities at fair value. Classification of a financial asset or liability within the hierarchy is determined based on the lowest level of input that is significant to the fair value measurement. Other than the derivative instruments discussed in “Note 15 – Derivative Instruments” we had no other material assets or liabilities measured and recognized at fair value on a recurring basis at December 31, 2021 and December 31, 2020.

Fair Value of Other Financial Instruments

Our other financial instruments include cash and cash equivalents, accounts receivable, accounts payable, short-term borrowings and long-term debt. The carrying value of our cash and cash equivalents, accounts receivable, accounts payable, and short-term borrowings approximates their fair value due to their short maturities. These short-term borrowings are classified as Level 2 in the fair value hierarchy.

The fair value of our long-term debt fluctuates with changes in applicable interest rates among other factors. Fair value will exceed carrying value when the current market interest rate is lower than the interest rate at which the debt was originally issued and will be less than the carrying value when the market rate is greater than the interest rate at which the debt was originally issued. The fair value of our long-term debt in the following table is classified as Level 2 in the fair value hierarchy and is established based on observable inputs in less active markets.


	December 31, 2021				December 31, 2020
(Dollars in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value
11.00% Exit Notes due 2024	$	300	$	311	$	2,098	$	1,628
8.75% Senior Secured Notes due 2024	—		—		455		507
6.5% Senior Secured Notes due 2028	488		528		—		—
8.625% Senior Notes due 2030	1,584		1,660		—		—
Total Long-Term Debt	$	2,372	$	2,499	$	2,553	$	2,135

Non-recurring Fair Value Measurements

In the 2019 Successor Period, our Fresh Start Accounting to determine the reorganization value derived from the enterprise value associated with the Plan was allocated to the Company’s identifiable tangible and intangible assets and liabilities based on their fair values (except for deferred income taxes), with the remaining excess value allocated to goodwill. They were determined to be Level 3 fair values. See further discussion at “Note 3 – Fresh Start Accounting”.

In the 2020 Successor Period and the 2019 Predecessor Period, our goodwill impairment tests indicated that our goodwill was impaired and as a result was written down to estimated fair value. The Level 3 fair values of our reporting units were determined using a combination of the income approach and the market approach. The unobservable inputs to the income approach requiring significant assumptions include each reporting unit’s estimated discounted future cash flows, specifically the forecasted revenue, forecasted operating margins, and the discount rate. The market approach considered market multiples of comparable publicly traded companies to estimate fair value as a multiple of each reporting unit’s actual and forecasted earnings.

During the 2020 Successor Period, we recognized long-lived asset impairments to write-down our assets or asset groups to the lower of carrying amount or fair value less cost to sell, triggered by the current and forecasted impacts of the COVID-19 pandemic on our operations. The Level 3 fair values of the long-lived assets or asset groups were determined using a combination of the income approach and the market approach. The unobservable inputs to the income approach requiring significant assumptions include each asset groups estimated discounted future cash flows, specifically the forecasted revenue,

forecasted operating margins, and the discount rate.

During the 2019 Predecessor Period, we recognized long-lived asset impairments to write-down our assets to the lower of carrying amount or fair value less cost to sell. The change in our expectations of the market’s recovery, in addition to successive negative operating cash flows in certain disposal asset groups represented an indicator that those assets will no longer be recoverable over their remaining useful lives. The Level 3 fair values of the long-lived assets were determined using a combination of the income approach and the market approach.

See further discussion at “Note 6 – Impairments and Other Charges, Net,” “Note 7 – Long-Lived Assets Impairment”, and “Note 11 – Goodwill and Intangibles, Net.”

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Derivative Instruments	12 Months Ended
Derivative Instruments	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	15 – Derivative Instruments From time to time, we may enter into derivative financial instrument transactions to manage or reduce our market risk. We manage our debt portfolio to achieve an overall desired position of fixed and floating rates. We enter into foreign currency forward contracts and cross-currency swap contracts to economically hedge our exposure to fluctuations in various foreign currencies. The major risks from interest rate derivatives include changes in the interest rates affecting the fair value of such instruments, potential increases in interest expense due to market increases in floating interest rates, changes in foreign exchange rates and the creditworthiness of the counterparties in such transactions. We monitor the creditworthiness of our counterparties, which are multinational commercial banks. The fair values of all our outstanding derivative instruments are determined using a model with Level 2 inputs including quoted market prices for contracts with similar terms and maturity dates. We enter into contracts to hedge our exposure to currency fluctuations in various foreign currencies. At December 31, 2021 and December 31, 2020, we had outstanding foreign currency forward contracts with notional amounts aggregating to $349 million and $337 million, respectively. These foreign currency forward contracts are not designated as hedges under ASU 2014-03, Derivatives and Hedging (Topic 815) or “Topic 815”. The notional amounts of our foreign currency forward contracts do not generally represent amounts exchanged by the parties and thus are not a measure of the cash requirements related to these contracts or of any possible loss exposure. The amounts actually exchanged at maturity are calculated by reference to the notional amounts and by other terms of the derivative contracts, such as exchange rates. Our foreign currency derivatives are not designated as hedges under Topic 815, and the changes in fair value of the contracts were not material to our consolidated results and are recorded in each period in “Other Expense, Net” on the accompanying Consolidated Statements of Operations.

Retirement and Employee Benefit Plans

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Retirement and Employee Benefit Plans

16 – Retirement and Employee Benefit Plans

We have defined contribution plans covering certain employees. Contribution expenses related to these plans totaled $16 million, $13 million and $31 million for the 2021 and 2020 Successor Periods and the 2019 Predecessor Period, respectively. Contribution expense for the 2019 Successor Period was not material. The decrease in 2020 relates primarily to the suspension of employer matching contributions to our U.S. 401(k) savings plan and other contribution plans sponsored by the Company.

We have defined benefit pension and other post-retirement benefit plans covering certain U.S. and international employees. Plan benefits are generally based on factors such as age, compensation levels and years of service. Net periodic benefit cost related to these plans totaled $4 million, $2 million, and $5 million for the 2021 and 2020 Successor Periods and the 2019 Predecessor Period, respectively. Net periodic benefit cost for the 2019 Successor Period was not material. The projected benefit obligations on a consolidated basis were $207 million and $231 million as of December 31, 2021 and December 31, 2020, respectively. The decrease year over year is due primarily to actuarial gains as a result of increased discount rates. The fair values of plan assets on a consolidated basis (determined primarily using Level 2 inputs) were $160 million and $164 million as of December 31, 2021 and December 31, 2020, respectively. As of December 31, 2021, the net underfunded obligation consisted of $16 million of funded obligations recorded to “Other Non-current Assets” and $63 million of underfunded obligations substantially all recorded to “Other Non-current Liabilities” on our Consolidated Balance Sheets. As of December 31, 2020, the net underfunded obligation was substantially all recorded to “Other Non-current Liabilities” on our Consolidated Balance Sheets. Additionally, the consolidated pre-tax amount in accumulated other comprehensive income (loss) as of December 31, 2021 and 2020, that has not yet been recognized as a component of net periodic benefit cost was a net gain of $1 million and net loss of $12 million, respectively. As mentioned above, increased discount rates were the primary driver of the overall gain in 2021.

The weighted average assumption rates used for benefit obligations were as follows:


	Years Ended December 31,
	2021	2020
Discount rate:
United States Plans	2.00% - 2.75%	1.50% - 2.50%
International Plans	0.85% - 8.47%	0.40% - 5.85%
Rate of Compensation Increase:
United States Plans	—	—
International Plans	2.00% - 4.77%	2.00% - 3.48%

During the years ended December 31, 2021 and 2020, we made contributions and paid direct benefits of $5 million and $5 million, respectively, in connection with our defined benefit pension and other post-retirement benefit plans. Contributions in the 2019 Successor Period were not material. In 2022, we expect to fund approximately $5 million related to those plans.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Disputes, Litigation and Contingencies	12 Months Ended
Disputes, Litigation and Contingencies	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Disputes, Litigation and Contingencies	17 – Disputes, Litigation and Legal Contingencies We are subject to lawsuits and claims arising out of the nature of our business. We have certain claims, disputes and pending litigation for which we do not believe a negative outcome is probable or for which we can only estimate a range of liability. It is possible, however, that an unexpected judgment could be rendered against us, or we could decide to resolve a case or cases, that would result in a liability that could be uninsured and beyond the amounts we currently have reserved and in some cases those losses could be material. If one or more negative outcomes were to occur relative to these cases, the aggregate impact to our financial condition could be material. Due to the COVID-19 pandemic, courts in many jurisdictions around the world were temporarily closed for trials and hearings and have been slow to reopen, which has resulted in delays in many of our litigation matters. Accrued litigation and settlements recorded in “Other Current Liabilities” on the accompanying Consolidated Balance Sheets as of December 31, 2021 and December 31, 2020 were $40 million and $43 million, respectively. GAMCO Shareholder Litigation On September 6, 2019, GAMCO Asset Management, Inc. (“GAMCO”), purportedly on behalf of itself and other similarly situated shareholders, filed a lawsuit asserting violations of the federal securities laws against certain then-current and former officers and directors of the Company. GAMCO alleges violations of Sections 10(b) and 20(b) of the Securities Exchange Act of 1934, and violations of Sections 11 and 15 of the Securities Act of 1933, as amended (the “Securities Act”) based on allegations that the Company and certain of its officers made false and/or misleading statements, and alleged non-disclosure of material facts, regarding our business, operations, prospects and performance. GAMCO seeks damages on behalf of purchasers of the Company’s ordinary shares from October 26, 2016 through May 10, 2019. GAMCO’s lawsuit was filed in the United States District Court for the Southern District of Texas, Houston Division, and it is captioned GAMCO Asset Management, Inc. v. McCollum, et al., Case No. 4:19-cv-03363. The District Court Judge appointed Utah Retirement Systems (“URS”) as Lead Plaintiff, and on March 16, 2020, URS filed its Amended Complaint. URS added the Company as a defendant but dropped the claims against non-officer board members and all the claims under the Securities Act. The defendants filed their motion to dismiss on May 18, 2020, and the Court granted the motion on May 14, 2021. URS appealed the Court’s Opinion on Dismissal to the Court of Appeals for the Fifth Circuit, and the parties are awaiting a decision. We cannot reliably predict the outcome of the claims, including the amount of any possible loss.

Share-Based Compensation	12 Months Ended
Share-Based Compensation	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	18 – Share-Based Compensation As part of the emergence from bankruptcy in 2019, all outstanding awards under our previous share-based compensation plans were cancelled, and the 2019 Equity Incentive Plan was approved. The 2019 Plan was amended and restated in 2020. The share-based compensation plan permits the grant of options, share appreciation rights, restricted share awards, restricted share units, and other share-based and performance-based awards to any employee, consultant or non-employee director. The provisions of each award vary based on the type of award granted and are determined by the Compensation and Human Resources Committee of our Board of Directors. Those awards that are based on a specific contractual term will be granted with a term not to exceed 10 years. When the Company settles awards with shares, new shares are issued. Recipients of restricted share units (“RSUs”) and performance-based restricted share units (“PSUs”) do not have the rights of a shareholder until such date as the shares are issued or transferred to the recipient under the Plan. During the 2021 Successor Period, we granted 5 million RSUs, Phantom RSUs and PSUs, and the number of units vested and forfeited was immaterial. As of December 31, 2021, 8 million shares authorized under our 2019 Plan were remaining, of which 3 million were available for future grants. For RSUs, compensation expense is recognized on a straight-line basis over the requisite service period for the separately vesting portion of each award. For Phantom RSUs, which may be settled in either cash or shares, compensation expense is recognized over the requisite service period and remeasured based on current fair value. For PSUs, compensation expense is recognized over the requisite service period for the entire award, with adjustments for estimated payout. We record shared-based compensation in “Selling, General and Administrative” on the accompanying Consolidated Statements of Operations. We recognized $25 million, an immaterial amount and zero in the 2021, 2020 and 2019 Successor Periods, respectively. During the 2019 Predecessor Period, we recognized $46 million, of which $24 million was recorded in “Selling, General and Administrative” and the remainder in “Other Charges (Credits), Net” to include $24 million related to the acceleration of share-based compensation at Fresh Start offset by $2 million in terminated executive forfeitures.

Shareholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Shareholders' Equity

19 – Shareholders’ Equity (Deficiency)

There were no material changes in our ordinary shares issued as of December 31, 2021 and 2020.

Upon the effectiveness of the Plan, all previously issued and outstanding equity interests in the Predecessor were cancelled and the Company issued 69,999,954 “New Ordinary Shares” to the holders of the Company’s existing senior notes and holders of “Old Ordinary Shares”. The amount in excess of par value of $2.9 billion is reported in “Capital in Excess of Par Value” on the accompanying Consolidated Balance Sheets.

On the Effective Date, the Company issued New Warrants to holders of the Company’s Old Ordinary Shares, to purchase up to an aggregate of 7,777,779 New Ordinary Shares in the Company, par value $0.001, at an exercise price of $99.96 per ordinary share. The New Warrants are equity classified and, upon issuance, have a value of $31 million, which was recorded in “Capital in Excess of Par Value.” The warrant fair value was a Level 2 valuation and is estimated using the Black Scholes valuation model. Inputs to the model include Weatherford’s share price, volatility of our share price, and the risk-free interest rate.

The New Warrants are exercisable until “Expiration Date” of which is the earlier of (i) December 13, 2023 and (ii) the date of consummation of any liquidity event resulting in the sale or exchange of all or substantially all of the equity interests of the Company to one or more third parties (whether by merger, sale, recapitalization, consolidation, combination or otherwise) or the sale, directly or indirectly, by the Company of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole; or a liquidation, dissolution or winding up of the Company. All unexercised New Warrants will expire, and the rights of the warrant holders to purchase New Ordinary Shares will terminate, on the Expiration Date. During 2021 and 2020, an immaterial number of warrants were exercised.

Accumulated Other Comprehensive Loss

The following table presents the changes in our accumulated other comprehensive loss by component:


(Dollars in millions)	Currency Translation Adjustment		Defined Benefit Pension		Total















Balance at December 31, 2019	$	7	$	2	$	9
Other Comprehensive Income	(38)		(14)		(52)
Balance at December 31, 2020	$	(31)	$	(12)	$	(43)
Other Comprehensive Income	(5)		$	13	$	8
Balance at December 31, 2021	$	(36)	$	1	$	(35)

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Earnings per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings per Share

20 – Earnings per Share

Basic earnings (loss) per share for all periods presented equals net income (loss) divided by our weighted average shares outstanding during the period. Diluted earnings (loss) per share is computed by dividing net income (loss) by our weighted average shares outstanding during the period including potential dilutive ordinary shares.

The following table presents our basic and diluted weighted average shares outstanding and loss per share:


	Successor						Predecessor
					Period From		Period From
					12/14/19		1/1/2019
	Year Ended				through		through
(Shares in millions)	12/31/2021		12/31/2020		12/31/2019		12/13/2019
Net Income (Loss) Attributable to Weatherford	$	(450)	$	(1,921)	$	(26)	$	3,661
Basic and Diluted Weighted Average Shares Outstanding	70		70		70		1,004
Basic and Diluted Income (Loss) Per Share Attributable to Weatherford	$	(6.43)	$	(27.44)	$	(0.37)	$	3.65

Our basic and diluted weighted average shares outstanding for the 2021, 2020 and 2019 Successor Periods are equivalent due to the net loss attributable to shareholders. Diluted weighted average shares outstanding for 2021 exclude 10 million potential ordinary shares for restricted share units, performance units, phantom restricted share units, and outstanding warrants. Diluted weighted average shares for the 2020 and 2019 Successor Periods exclude 8 million potential ordinary shares. Our basic and diluted weighted average shares outstanding for the 2019 Predecessor Period are equivalent as we believe including the dilutive impact of our Predecessor potential shares would not be meaningful as the potential shares were cancelled pursuant to the terms of the Plan. Diluted weighted average shares outstanding for the 2019 Predecessor Period exclude 197 million potential ordinary shares for restricted share units, performance units, exchangeable senior notes and warrants outstanding.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

21 – Income Taxes

We provide for income taxes based on the laws and rates in effect in the countries in which operations are conducted, or in which we or our subsidiaries are considered resident for income tax purposes. The relationship between our pre-tax income or loss and our income tax provision or benefit varies from period to period as a result of various factors which include changes in total pre-tax income or loss, the jurisdictions in which our income is earned, the tax laws in those jurisdictions and in our operating structure. On September 26, 2019, our parent company ceased to be a Swiss tax resident and became an Irish tax resident subject to tax under the Irish tax regime.

Our income tax provision from continuing operations consisted of the following:


			Successor				Predecessor
					Period From		Period From
					12/14/2019		1/1/2019
	Year Ended		Year Ended		through		through
(Dollars in millions)	12/31/2021		12/31/2020		12/31/2019		12/13/2019
Total Current Provision	$	(96)	$	(90)	$	(9)	$	(110)
Total Deferred (Provision) Benefit	10		5		—		(25)
Provision for Income Taxes	$	(86)	$	(85)	$	(9)	$	(135)

The difference between the income tax provision at the Irish and/or Swiss income tax rate and the income tax (provision) benefit attributable to “Loss Before Income Taxes” for the 2021 and 2020 Successor years and the 2019 Successor and Predecessor Periods are analyzed below:


	Successor						Predecessor
					Period From		Period From
					12/14/2019		1/1/2019
	Year Ended		Year Ended		through		through
(Dollars in millions)	12/31/2021		12/31/2020		12/31/2019		12/13/2019
Irish or Swiss Income Tax at a rate of 25.0% and 7.83%, respectively	$	86	$	454	$	2	$	(299)
Tax on Operating Earnings/Losses Subject to Rates Different than the Irish or Swiss Federal Income Tax Rate	(166)		(182)		(65)		197
Change in Valuation Allowance	29		(330)		56		17
Change in Uncertain Tax Positions	(35)		(27)		(2)		(18)
Estimated Tax on Settlement of Liabilities Subject to Compromise and Fresh Start Accounting	—		—		—		(495)
Change in Valuation Allowance Attributed to Estimated Tax on Settlement of Liabilities Subject to Compromise and Fresh Start Accounting	—		—		—		463




Provision for Income Taxes	$	(86)	$	(85)	$	(9)	$	(135)

Our income tax provisions generally do not correlate to our consolidated income (loss) before tax. Our income taxes provisions are primarily driven by profits in certain jurisdictions, deemed profit countries and withholding taxes on intercompany and third-party transactions that do not directly correlate to ordinary income or loss. Impairments and other charges recognized do not result in significant tax benefit as a result of our inability to forecast realization of the tax benefit of such losses.

Our results for the 2019 Predecessor period include $32 million of tax expense related to the Fresh Start Accounting impacts and $14 million of tax benefit primarily related to goodwill and other asset impairments and write downs. We also recognized $4.3 billion gain on Settlement of Liabilities Subject to Compromise as a result of the bankruptcy (See “Note 2 –

Emergence from Chapter 11 Bankruptcy Proceedings”) with no tax impact due to it being attributed to Bermuda, which has no income tax regime, and the U.S., which resulted in the reduction of our U.S. unbenefited net operating losses carryforward under the operative tax statute and applicable regulations offset by the release of the valuation allowance. Prepetition charges (charges prior to Petition Date) and reorganization items (charges after Petition Date) had no significant tax impact.

Deferred tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the tax basis of an asset or liability and its reported amount in the Consolidated Financial Statements. The measurement of deferred tax assets and liabilities is based on enacted tax laws and rates currently in effect in each of the jurisdictions in which we have operations.

The components of the net deferred tax asset (liability) were as follows:


	December 31,		December 31,
(Dollars in millions)	2021		2020
Deferred Tax Assets:
Net Operating Losses Carryforwards	$	828	$	881
Unused Recognized Built in Losses	50		39
Accrued Liabilities and Reserves	186		175
Tax Credit Carryforwards	9		11
Employee Benefits	30		30
Property, Plant and Equipment	118		129
Inventory	52		52
U.S. Interest Deferral	13		55
State Deferred	50		84
Other Differences between Financial and Tax Basis	139		92
Valuation Allowance	(1,426)		(1,499)
Total Deferred Tax Assets	49		49
Deferred Tax Liabilities:

Intangible Assets	(35)		(45)


Other Differences between Financial and Tax Basis	(3)		(4)
Total Deferred Tax Liabilities	(38)		(49)
Net Deferred Tax Asset (Liability)	$	11	$	—

We record deferred tax assets for net operating losses and temporary differences between the book and tax basis of assets and liabilities that are expected to produce tax deductions in future periods. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which those deferred tax assets would be deductible. The Company assesses the realizability of its deferred tax assets each period by considering whether it is more likely than not that all or a portion of the deferred tax assets will not be realized. The Company considers all available evidence (both positive and negative) when determining whether a valuation allowance is required, with emphasis on our past operating results, the existence of cumulative losses in the most recent years and our forecast of near- term taxable income. The Company evaluates possible sources of taxable income that may be available to realize the benefit of deferred tax assets, including projected future taxable income, the reversal of existing temporary differences, taxable income in carryback years and available tax planning strategies, and the impact of fresh start accounting in making this assessment. The realizability of the deferred tax assets is dependent upon judgments and assumptions inherent in the determination of future taxable income, including factors such as future operation conditions (particularly as related to prevailing oil prices and market demand for our products and services).

The decrease in the valuation allowance in 2021 is primarily attributable to the utilization of net operating losses previously not expected to be realized.

Deferred income taxes generally have not been recognized on the cumulative undistributed earnings of our non-Irish subsidiaries because they are considered to be indefinitely reinvested. Distribution of these earnings in the form of dividends or otherwise may result in a combination of income and withholding taxes payable in various countries. As of December 31, 2021, the pool of positive undistributed earnings of our non-Irish subsidiaries that are considered indefinitely reinvested and may be subject to tax if distributed amounts to approximately $1.4 billion. Due to complexities in the tax laws and the manner of repatriation, it is not practicable to estimate the unrecognized amount of deferred income taxes and the related dividend withholding taxes associated with these undistributed earnings.

At December 31, 2021, we had approximately $5.4 billion of net operating losses (“NOLs”) in various jurisdictions, $2.0 billion of which were generated by certain U.S. subsidiaries. We estimate that the maximum U.S. NOLs available for utilization in the future is $713 million as a result of the tax consequences of our emergence from bankruptcy as described below.

As a result of our emergence on December 13, 2019, in the U.S. approximately $480 million of cancellation of indebtedness (COD) income was realized for tax purposes. Under exceptions applying to COD income resulting from a bankruptcy reorganization, the U.S. subsidiaries were not required to recognize this COD income currently as taxable income. Instead, the company’s US net operating losses were reduced under the operative tax statute and applicable regulations, affecting the balance of deferred taxes. The Company also realized COD income attributable to Bermuda, which does not have an income tax regime. As a result, there was no impact from the COD income.

Additionally, upon emergence our U.S. subsidiaries experienced an ownership change as the Company’s emergence was considered an “ownership change” for purposes of Internal Revenue Code section 382. The Internal Revenue Code sections 382 and 383 impose limitations on the ability of a company to utilize tax attributes after experiencing an “ownership change.” As a result, we have estimated our annual limitation is approximately $23 million against the utilization of our U.S. loss carryforwards and other tax attributes, including unused recognized built-in losses and U.S. interest deferral. The annual limitation will result in approximately $1.2 billion of our U.S. loss carryforwards expiring unused. Upon emergence, we decreased our NOL deferred tax asset and also decreased our valuation allowance each by $273 million to remove these lost NOLs.

Our non-indefinite loss carryforwards, if not utilized, will mostly expire for U.S. subsidiaries from 2030 through 2037 and at various dates from 2021 through 2040 for non-U.S. subsidiaries. At December 31, 2021, we had $9 million of tax credit carryovers, all of which are related to our non-U.S. subsidiaries.

A tabular reconciliation of the total amounts of uncertain tax positions at the beginning and end of the period is as follows:


	Successor						Predecessor
					Period From		Period From
					12/14/2019		1/1/2019
	Year Ended		Year Ended		through		through
(Dollars in millions)	12/31/2021		12/31/2020		12/31/2019		12/13/2019
Balance at Beginning of Year	$	222	$	214	$	213	$	195
Additions as a Result of Tax Positions Taken During a Prior Period	23		9		—		34
Reductions as a Result of Tax Positions Taken During a Prior Period	(8)		(4)		—		(1)
Additions as a Result of Tax Positions Taken During the Current Period	12		21		2		17
Reductions Relating to Settlements with Taxing Authorities	(5)		(2)		(1)		(20)
Reductions as a Result of a Lapse of the Applicable Statute of Limitations	(2)		(7)		—		(5)
Foreign Exchange Effects	(7)		(9)		—		(7)
Balance at End of Year	$	235	$	222	$	214	$	213

Substantially all of the uncertain tax positions, if released in future periods, would impact our effective tax rate. Within the total balance is $76 million and $77 million as of December 31, 2021 and 2020, respectively, that would be offset by net

operating losses and other tax attributes if settled. Our income tax provision includes penalties and interest on uncertain tax positions of $17 million, $11 million, $1 million, and $15 million for Successor years ended December 31, 2021 and 2020, and the 2019 Successor and Predecessor Periods, respectively. The amounts in the table above exclude cumulative accrued interest and penalties of $104 million and $89 million at December 31, 2021 and 2020 respectively, which are included in other non-current liabilities.

We are subject to income tax in many of the approximately 75 countries where we operate. As of December 31, 2021, the following table summarizes the tax years that remain subject to examination for the major jurisdictions in which we operate:


Tax Jurisdiction			Tax Years under Examination
Canada			2013 - 2021
Mexico			2010 - 2021
Russia			2018 - 2021
Switzerland			2013 - 2021
United States (Federal)			2018 - 2021

We are continuously under tax examination in various jurisdictions. We cannot predict the timing or outcome regarding resolution of these tax examinations or if they will have a material impact on our financial statements. As of December 31, 2021, we anticipate that it is reasonably possible that the amount of uncertain tax positions may decrease by up to $1 million in the next twelve months due to expiration of statutes of limitations, settlements and/or conclusions of tax examinations.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Accounts Receivable Factoring

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Accounts Receivable Factoring

22 – Accounts Receivable Factoring

From time to time, we participate in factoring arrangements to sell accounts receivable to third-party financial institutions. Our factoring transactions are recognized as sales, and the proceeds are included as operating cash flows in our Consolidated Statements of Cash Flows. The loss on sale of accounts receivable was immaterial for all periods. The following table presents accounts receivable sold and the cash proceeds, net of discount and hold-back.


	Successor						Predecessor
					Period From		Period From
	Year		Year		12/14/2019		1/1/2019
	Ended		Ended		through		through
(Dollars in millions)	12/31/2021		12/31/2020		12/31/2019		12/13/2019
Accounts Receivable Sold	$	100	$	90	$	7	$	199
Cash Proceeds from Sale of Accounts Receivable	$	85	$	79	$	7	$	186

Schedule II - Valuation and Qualifying Accounts and Allowances

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts and Allowances

SCHEDULE II - WEATHERFORD INTERNATIONAL PLC AND SUBSIDIARIES

VALUATION AND QUALIFYING ACCOUNTS AND ALLOWANCES

FOR THE SUCCESSOR PERIODS ENDED DECEMBER 31, 2021, 2020 AND 2019

AND PREDECESSOR PERIOD ENDED DECEMBER 13, 2019


	Balance at								Balance at
	Beginning								End of
(Dollars in millions)	of Period		Expense		Recoveries (c)		Other (b)		Period
Year Ended December 31, 2021 (Successor):
Allowance for Credit Losses on Accounts Receivable	$	32	30		(26)		(5)		$	31
Valuation Allowance on Deferred Tax Assets	$	1,499	—		(29)		(44)		$	1,426
Excess and Obsolete Inventory Reserve	$	119	55		(10)		(5)		$	159

Year Ended December 31, 2020 (Successor):
Allowance for Credit Losses on Accounts Receivable	$	—	$	32	$	—	$	—	$	32
Valuation Allowance on Deferred Tax Assets	$	1,166	$	330	$	—	$	3	$	1,499
Excess and Obsolete Inventory Reserve	$	—	$	210	$	—	$	(91)	$	119

Year Ended December 31, 2019 (Successor):
Allowance for Credit Losses on Accounts Receivable	$	—	$	—	$	—	$	—	$	—
Valuation Allowance on Deferred Tax Assets	$	1,222	$	—	$	(56)	$	—	$	1,166
Excess and Obsolete Inventory Reserve	$	—	$	—	$	—	$	—	$	—

Year Ended December 13, 2019 (Predecessor):
Current Allowance for Uncollectible Accounts Receivable	$	123	$	4	$	(3)	$	(124)	$	—
Long-term Allowance for Uncollectible Accounts Receivable (a)	171		—		(3)		(168)		—
Total Allowance for Uncollectible Accounts Receivable	$	294	$	4	$	(6)	$	(292)	$	—


Valuation Allowance on Deferred Tax Assets	$	1,702	$	—	$	(480)	$	—	$	1,222
Excess and Obsolete Inventory Reserve	$	305	$	163	$	(4)	$	(464)	$	—

(a)The long-term allowance was related to our primary customer in Venezuela. Upon emergence from bankruptcy on December 13, 2019, the allowance for uncollectible accounts receivable related to our primary customer in Venezuela was nil.

(b)Other in 2019 almost entirely represents our Fresh Start Accounting adjustments to record our reserves at fair value at December 13, 2019. Generally, other within the allowance for credit losses on accounts receivable includes reductions to allowance for currency translation, reclassification to other accounts or the write-off of the related allowance. Other within the excess and obsolete inventory reserve includes reductions of reserve for currency translation and the removal of scrapped inventory that had been previously reserved. Other within the allowance on deferred tax assets includes reductions for currency translation and other balance sheet only adjustments.

(c)Recoveries in the 2021 and 2019 Successor Periods for deferred tax assets reflect the net movement in the valuation allowance that went through tax expense, which was a net benefit. The 2019 Predecessor Period also included the impact of Fresh Start Accounting on the deferred tax assets.

All other schedules are omitted because they are not required or because the information is included in the financial statements or the related notes.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Principles of Consolidation

Basis of Presentation and Principles of Consolidation

Use of Estimates

Use of EstimatesThe preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the reported amounts of revenues and expenses during the reporting period, and disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates and assumptions, including those related to allowance for credit losses, inventory valuation reserves, recoverability of long-lived assets, useful lives used in depreciation and amortization, income taxes and related valuation allowance, accruals for contingencies, actuarial assumptions to determine costs and liabilities related to employee benefit plans, and share-based compensation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. We believe the most significant estimates and assumptions are associated with the recoverability of long-lived assets impairment assessment, inventory valuation reserves and estimating our income tax provision, including uncertain tax positions and the valuation of deferred taxes. Actual results could differ from those estimates.

Fresh Start Accounting Policy [Policy Text Block]

Bankruptcy and Fresh Start Accounting

Cash and Cash Equivalents

We consider all highly liquid investments with original maturities of three months or less to be cash equivalents.

Restricted Cash

Our restricted cash balance of $162 million at December 31, 2021 and $167 million at December 31, 2020 primarily includes cash collateral for certain of our letters of credit facilities.

Allowance for Doubtful Accounts

Allowance for Credit Losses on Accounts ReceivablesWe establish an allowance for credit losses based on various factors to including historical experience, current conditions and environments in which our customers operate, the aging status and reasonable and supportable forecasts. The determination of the collectability requires us to use estimates and make judgments regarding future events and trends, including monitoring our customers’ payment history and current creditworthiness, as well as consideration of the overall business and political climate in which our customers operate. Our customer base has generally similar collectability risk characteristics, although risk profiles can vary between larger independent customers and state-owned customers, which may have a lower risk than smaller independent customers. Provisions for credit losses are recorded based on estimated losses on customer accounts that may become uncollectible.

Major Customers and Credit Risk

Inventories

InventoriesWe state our inventories at the lower of cost or net realizable value using either the first-in, first-out (“FIFO”) or average cost method. Cost represents third-party invoice or production cost. Production cost includes material, labor and manufacturing overhead. To maintain a carrying value that is the lower of cost or net realizable value, we regularly review inventory quantities on hand and compare to estimates of future product demand, market conditions, our production requirements, and technological developments. We maintain reserves for excess, slow moving and obsolete inventory and we may periodically recognize additional charges for inventory in which we determine there is no forecasted demand.

Property, Plant and Equipment

Property, Plant and Equipment (“PP&E”)

The estimated useful lives of our major classes of PP&E are as follows:


Major Classes of Property, Plant and Equipment			PP&E Estimated Useful Lives
Buildings and leasehold improvements			10 – 40 years or lease term
Rental and service equipment			3 – 10 years
Machinery and other			2 – 12 years

Goodwill and Indefinite Lived Intangibles Assets

Goodwill

Other Intangible Assets

Impairment or Disposal of Long-Lived Assets

Long-Lived Assets

Long-lived assets held as of our 2019 emergence date were remeasured to fair value. Refer to Note 3 – Fresh Start Accounting for further details.

Research and Development Expenditures

Research and development expenditures are expensed as incurred.

Derivatives Financial Instruments

Derivative Financial InstrumentsWe record derivative instruments on the balance sheet at their fair value as either assets or liabilities. Changes in the fair value of derivatives are recorded each period in current earnings.

Foreign Currency

Share-Based Compensation

Income Taxes

Lessee, Leases [Policy Text Block]

Leases

Disputes, Litigation and Contingencies

Revenue [Policy Text Block]

Revenue Recognition

Contract Balances

Performance Obligations

Earnings per Share

Earnings (Loss) per Share

Intangible Assets

Goodwill

Other Intangible Assets

Leases (Policies)	12 Months Ended
Leases (Policies)	Dec. 31, 2021
Leases [Abstract]
Lessee, Leases [Policy Text Block]	Leases We lease certain facilities, land, vehicles, and equipment. Leases with an initial term of 12 months or less (“short-term leases”) are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Operating lease right of use (“ROU”) assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. We determine if an arrangement is classified as a lease at inception of the arrangement. As most of our leases do not provide an implicit rate of return, on a quarterly basis, we use our incremental borrowing rate, together with the lease term information available at commencement date of the lease, in determining the present value of lease payments. For certain equipment leases, such as copiers and vehicles, we account for the leases under a portfolio method. Operating lease payments include related options to extend or terminate lease terms that are reasonably certain of being exercised. Upon emergence from bankruptcy on December 13, 2019, our lease liabilities were remeasured to fair value using the present value of the remaining lease payments as if we acquired new leases. The remeasurement was based on our incremental borrowing rate as of December 13, 2019. Additionally, the ROU assets were revalued based upon the present value of market-based rent. The remeasurement of our ROU assets was based on the market discount rate as of December 13, 2019. We lease certain facilities, land, vehicles, and equipment. Leases with an initial term of 12 months or less (“short-term leases”) are not recorded on the balance sheet (including short-term sale leaseback transactions); we recognize lease expense for these leases on a straight-line basis over the lease term. We have data center lease agreements with lease and non-lease components which are accounted for separately, while for the remainder of our agreements we have elected the practical expedient to account for lease and non-lease components as a single lease component. For certain equipment leases, such as copiers and vehicles, we account for the leases under a portfolio method. Operating lease payments include related options to extend or terminate lease terms that are reasonably certain of being exercised. The unmanned equipment that we lease to customers under operating leases consists primarily of drilling rental tools and artificial lift pumping equipment. These equipment rental revenues are generally provided based on call-out work orders that include fixed per unit prices and are derived from short-term contracts. See “Note 1 – Summary of Significant Accounting Policies” and “Note 5 – Revenues” for additional details on our equipment rental revenues.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Property, Plant and Equipment [Table Text Block]

The estimated useful lives of our major classes of PP&E are as follows:


Major Classes of Property, Plant and Equipment			PP&E Estimated Useful Lives
Buildings and leasehold improvements			10 – 40 years or lease term
Rental and service equipment			3 – 10 years
Machinery and other			2 – 12 years

Chapter 11 Proceedings and Ability to continue as a Going Concern (Tables)

12 Months Ended

Dec. 31, 2021

Reorganizations [Abstract]

Schedule of Reorganization Items

Reorganization Items


	Successor				Predecessor
			Period From		Period From
			12/14/2019		1/1/2019
	Year Ended		through		through
Reorganization Gain (Expense) (Dollars in millions)	12/31/2020		12/31/2019		12/13/2019
Gain on Settlement of Liabilities Subject to Compromise	$	—	$	—	$	4,297
Fresh Start Valuation Adjustments	—		—		1,434
Reorganization Items for Plan Effects (Non-Cash)	—		—		5,731

Unamortized Debt Issuance and Discount	$	—	$	—	$	(128)
Unamortized Interest Rate Derivative Loss	—		—		(8)
Reorganization Items (Non-Cash)	—		—		(136)

Backstop Commitment Fees	$	—	$	—	$	(81)
DIP Financing Fees	—		—		(56)
Professional Fees	(9)		(4)		(69)
Reorganization Fees	(9)		(4)		(206)

Total Reorganization Items	$	(9)	$	(4)	$	5,389

Reorganization Items (Fees) Unpaid	$	—	$	30	$	30
Reorganization Items (Fees) Paid	$	39	$	4	$	176

Liabilities Subject To Compromise

Fresh Start Accounting (Tables)

12 Months Ended

Dec. 31, 2021

Reorganizations [Abstract]

Reconciliation of Enterprise Value to Estimated Fair Value of Successor Common Stock

The following table reconciles the enterprise value to the estimated fair value of our Successor common shares as of the Fresh Start Reporting Date:


(Dollars in millions)	Fresh Start Reporting Date
Enterprise Value	$	4,516
Plus: Cash and Cash Equivalents (includes $25 million cash collateral released from restricted cash on 12/17/19)	518
Less: Fair Value of Debt	(2,103)
Fair Value of Successor Equity as of December 13, 2019	$	2,931

The following table reconciles the enterprise value to the reorganization value of the Successor’s assets to be allocated to the Company’s individual assets as of the Fresh Start Reporting Date:


(Dollars in millions)	Fresh Start Reporting Date
Enterprise Value	$	4,516
Plus: Cash and Cash Equivalents (includes $25 million cash collateral released from restricted cash on 12/17/19)	518
Plus: Current Liabilities Excluding Short-term Borrowings and Current Portion of Long-term Debt	1,707
Plus: Non-current Liabilities Excluding Long-term Debt	627
Reorganization Value of Successor’s Assets to be Allocated	$	7,368

Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Financial information by segment


	Successor						Predecessor
					Period From		Period From
					12/14/2019		1/1/2019
	Year Ended		Year Ended		through		through
(Dollars in millions)	12/31/2021		12/31/2020		12/31/2019		12/13/2019
Revenues:
Drilling and Evaluation	$	1,066	$	1,044	$	67	$	1,407
Well Construction and Completions	1,353		1,414		90		1,583
Production and Intervention	1,127		1,106		86		1,673
Segment Revenues	3,546		3,564		243		4,663
All Other	99		121		18		291
Total Revenues	$	3,645	$	3,685	$	261	$	4,954

Segment Adjusted EBITDA:
Drilling and Evaluation	$	186	$	132	$	(3)	$	219
Well Construction and Completions	256		273		19		225
Production and Intervention	191		154		20		216
Segment Adjusted EBITDA	$	633	$	559	$	36	$	660
Corporate and Other	(62)		(100)		(1)		(104)
Depreciation and Amortization	(440)		(503)		(34)		(447)
Share-based Compensation Expense (a)	(25)		—		—		(24)



































Other Adjustments (b)	10		(1,442)		—		(1,267)










Operating Income (Loss)	$	116	$	(1,486)	$	1	$	(1,182)

(a)See “Note 18 – Share-Based Compensation” for additional information.

Depreciation and amortization and capital expenditures by segment are summarized in the table below:


	Successor						Predecessor
					Period From		Period From
	Year		Year		12/14/2019		1/1/2019
	Ended		Ended		through		through
(Dollars in millions)	12/31/2021		12/31/2020		12/31/2019		12/13/2019
Depreciation and Amortization:
Drilling and Evaluation	$	164	$	183	$	11	$	168
Well Construction and Completions	123		151		9		115
Production and Intervention	102		112		9		121
Corporate and Other	51		57		5		43
Total Depreciation and Amortization	$	440	$	503	$	34	$	447

Capital Expenditures:
Drilling and Evaluation	$	18	$	27	$	10	$	88
Well Construction and Completions	18		23		6		59
Production and Intervention	36		73		2		60
Corporate and Other	13		31		2		43
Total Capital Expenditures	$	85	$	154	$	20	$	250

Total assets by segment are summarized in the table below:


	December 31,
(Dollars in millions)	2021		2020
Total Assets:
Drilling and Evaluation	$	783	$	950
Well Construction and Completions	974		1,100
Production and Intervention	686		768
Total Reportable Segment Assets	2,443		2,818
Corporate and Other	2,331		2,616
Total	$	4,774	$	5,434

Long-lived Assets by Geographic Areas


	December 31,
(Dollars in millions)	2021		2020
Long-Lived Assets:
North America	$	324	$	403
Latin America	265		289
Europe/Sub-Sahara Africa/Russia	337		463
Middle East/North Africa/Asia	840		1,029
Total Long-Lived Assets	$	1,766	$	2,184

Revenues (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue


	Successor						Predecessor
					Period From		Period From
					12/14/2019		1/1/2019
	Year Ended		Year Ended		through		through
(Dollars in millions)	12/31/2021		12/31/2020		12/31/2019		12/13/2019








Revenues by Geographic Areas:
North America	$	896	$	889	$	68	1,548
Latin America	814		697		53		1,072
Europe/Sub-Sahara Africa/Russia	737		747		52		$	907
Middle East/North Africa/Asia	1,198		1,352		88		1,427

Total Revenues	$	3,645	$	3,685	$	261	$	4,954

Schedule of Contract with Customer, Asset and Liability

The following table summarizes these balances at December 31, 2021 and December 31, 2020:


(Dollars in millions)	12/31/2021		12/31/2020

Total Accounts Receivables, Net	$	825	$	826
Receivables for Product and Services in Accounts Receivable, Net	$	795	$	792
Receivables for Equipment Rentals in Account Receivable, Net	$	30	$	34

Contract Liabilities included in Other Current Liabilities	$	26	$	37

Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

In the following table, estimated revenue for contracts with original performance obligations greater than twelve months are expected to be recognized in the future related to performance obligations that are either unsatisfied or partially unsatisfied as of December 31, 2021.


(Dollars in millions)	2022		2023		2024		2025		Thereafter		Total
Service revenue	$	67	$	59	$	59	$	44	$	20	$	249

Impairments and Other Charges (Tables)

12 Months Ended

Dec. 31, 2021

Impairments and Other Charges [Abstract]

Summary of Impairment Charges

We recorded the following in “Goodwill and Long-Lived Assets Impairment” and “Other Charges (Credits), Net” on the accompanying Consolidated Statements of Operations:


	Successor						Predecessor
					Period From		Period From
	Year		Year		12/14/2019		1/1/2019
	Ended		Ended		through		through
(Dollars in millions)	12/31/2021		12/31/2020		12/31/2019		12/13/2019
Long-lived Assets Impairment	$	—	$	814	$	—	$	20
Goodwill Impairment	—		239		—		730
Total Goodwill and Long-lived Assets Impairment	$	—	$	1,053	$	—	$	750

Inventory Charges	$	7	$	138	$	—	$	117
Asset Write-downs and Rigs Related Charges	—		11		—		132
Other Charges, Net	(17)		22		—		90
Total Other Charges (Credits), Net	$	(10)	$	171	$	—	$	339

Gain on Sale of Businesses, Net	$	—	$	—	$	—	$	(112)

Long-Lived Asset Impairments (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Details of Impairment of Long-Lived Assets Held and Used by Asset


Long-Lived Assets Impairment by Asset Class and Segment

(Dollars in millions)	Drilling and Evaluation		Well Construction and Completions		Production and Intervention		All Other		Total
Property, Plant and Equipment	$	195	$	126	$	232	$	18	$	571
Intangible Assets	76		39		40		—		155
Right of Use Assets	14		20		54		—		88
Long-lived Assets Impairment	$	285	$	185	$	326	$	18	$	814

Restructuring Charges (Tables)

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges

The following table presents restructuring charges for the Successor Periods and the 2019 Predecessor Period.


	Successor						Predecessor
					Period From		Period From
	Year		Year		12/14/2019		01/01/2019
	Ended		Ended		through		through
(Dollars in millions)	12/31/2021		12/31/2020		12/31/2019		12/13/2019
Severance Charges	$	—	$	132	$	—	$	53
Facility Exit Charges	—		10		—		99
Inventory Charges	—		15		—		24
Property, Plant and Equipment	—		40		—		13
Right of Use and Other Assets	—		9		—		—
Total Restructuring Charges	$	—	$	206	$	—	$	189

The following table presents total restructuring charges by reportable segment and corporate and other for the Successor and Predecessor Periods.










	Successor						Predecessor
					Period From		Period From
	Year		Year		12/14/2019		01/01/2019
	Ended		Ended		through		through
(Dollars in millions)	12/31/2021		12/31/2020		12/31/2019		12/13/2019
Drilling and Evaluation	$	—	$	35	$	—	$	29
Well Construction and Completions	—		60		—		47
Production and Intervention	—		52		—		54
Corporate and Other	—		59		—		59
Total Restructuring Charges	$	—	$	206	$	—	$	189

Schedule of Restructuring Reserve by Type of Cost

The following table presents total restructuring accrual activity for the periods presented. Restructuring charges in the table below exclude restructuring related asset charges.



(Dollars in millions)	Accrued Balance at Beginning of Period		Charges		Cash Payments		Other		Accrued Balance at End of Period
2021 Successor Period	$	53	$	—	$	(30)	$	(6)	$	17
2020 Successor Period	$	66	$	142	$	(137)	$	(18)	$	53
2019 Successor Period	$	66	$	—	$	—	$	—	$	66
2019 Predecessor Period	$	59	$	152	$	(120)	$	(25)	$	66

Inventories, Net (Tables)

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Components of Inventory


	December 31,
(Dollars in millions)	2021		2020
Finished Goods	$	595	$	655
Raw Materials, Components and Supplies	75		62
Total Inventory	$	670	$	717

These inventory charges were recognized in the following captions on our Consolidated Statements of Operations:



	Successor						Predecessor
					Period From		Period From
	Year		Year		12/14/2019		1/1/2019
	Ended		Ended		through		through
(Dollars in millions)	12/31/2021		12/31/2020		12/31/2019		12/13/2019
Inventory Charges in “Cost of Products”	$	55	$	57	$	—	$	18
Inventory Charges in “Restructuring Charges”	—		15		—		24
Inventory Charges in “Other Charges (Credits), Net”	7		138		—		117
Total Inventory Charges	$	62	$	210	$	—	$	159

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Line Items]

Property, Plant and Equipment [Table Text Block]

The estimated useful lives of our major classes of PP&E are as follows:


Major Classes of Property, Plant and Equipment			PP&E Estimated Useful Lives
Buildings and leasehold improvements			10 – 40 years or lease term
Rental and service equipment			3 – 10 years
Machinery and other			2 – 12 years

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets [Table Text Block]

The components of intangible assets were as follows:


	December 31, 2021
	Gross				Net
	Carrying		Accumulated		Intangible
(Dollars in millions)	Amount		Amortization		Assets
Developed and Acquired Technology	$	590	$	(247)	$	343
Trade Names	395		(81)		314
Totals	$	985	$	(328)	$	657

	December 31, 2020
	Gross				Net
	Carrying		Accumulated		Intangible
(Dollars in millions)	Amount		Amortization		Assets
Developed and Acquired Technology	$	588	$	(132)	$	456
Trade Names	395		(41)		354


Totals	$	983	$	(173)	$	810

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

amortization expense for the subsequent five years is estimated as follows (dollars in millions):


Period	Amount
2022	$	157
2023	157
2024	145
2025	41
2026	41

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Lease, Cost [Table Text Block]


	Successor						Predecessor
					Period From		Period From
	Years Ended				12/14/2019		1/1/2019
	December 31,				through		through
(Dollars in millions)	2021		2020		12/31/2019		12/13/2019
Lease Expense Components:
Operating Lease Expense	$	61	$	76	$	5	$	109
Short-term and Variable Lease Expense	65		63		5		91
Subtotal of Operating Lease Expense	$	126	$	139	$	10	$	200
Finance Lease Expense: Amortization of ROU Assets and Interest on Lease Liabilities	16		15		1		11
Sublease Income	(4)		(6)		(1)		(6)
Total Lease Expense	$	138	$	148	$	10	$	205

Operating and Finance Lease Maturities [Table Text Block]



	Operating		Finance
(Dollars in millions)	Leases		Leases
Maturity of Lease Liabilities as of December 31, 2021:
2022	$	74	$	16
2023	42		14
2024	29		12
2025	23		12
2026	18		11
After 2026	113		4
Total Lease Payments	299		69
Less: Interest	112		13
Present Value of Lease Liabilities	$	187	$	56

Supplemental Lease Disclosures [Table Text Block]


	Successor									Predecessor
							Period From			Period From
							12/14/2019			1/1/2019
	Years Ended						through			through
(Dollars in millions except years and percentages)	12/31/2021			12/31/2020			12/31/2019			12/13/2019
Other Supplemental Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	89		$	101		$	5		$	131
Operating cash outflows from finance leases	$	5		$	5		$	—		$	4
Financing cash outflows from finance leases	$	13		$	9		$	1		$	8

ROU assets obtained in exchange of new operating lease liabilities	$	23		$	37		$	2		$	59

Loss on sale leaseback transactions (short-term) (a)	$	—		$	—		$	—		$	34

	December 31, 2021			December 31, 2020			December 31, 2019
Weighted-average remaining lease term (years)
Operating leases	8.9			8.1			7.8
Finance leases	4.8			5.9			6.7

Weighted-average discount rate (percentages)
Operating leases	9.6		%	9.6		%	9.2		%
Finance leases	8.9		%	9.1		%	9.1		%

(a) Included in “Goodwill and Long-Lived Assets Impairment” in our Consolidated Statements of Operations and “Other Assets and Liabilities, Net” in our Consolidated Statements of Cash Flows.

Borrowings and Other Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

Total debt carrying values consisted of the following:


	December 31,
(Dollars in millions)	2021		2020
Finance Lease Current Portion	$	12	$	9
Other Short-term Financing Arrangements	—		4
Short-term Borrowings	$	12	$	13



11.00% Exit Notes due 2024	300		2,098
8.75% Senior Secured Notes due 2024	—		455
6.5% Senior Secured Notes due 2028	488		—
8.625% Senior Notes due 2030	$	1,584	$	—
Finance Lease Long-term Portion	44		48
Long-term Debt	$	2,416	$	2,601

Schedule of maturities of long-term debt

The following is a summary of scheduled debt maturities by year:


(Dollars in millions)
2022	$	12
2023	11
2024	310
2025	10
2026	10
Thereafter	2,103
Total Debt Maturities	$	2,456
Unamortized Debt Issuance and Discount	$	(28)
Total Debt Carrying Value	$	2,428

Fair Value of Financial Instruments, Assets and Equity Investements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair value and carrying value of Long-term Debt


	December 31, 2021				December 31, 2020
(Dollars in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value
11.00% Exit Notes due 2024	$	300	$	311	$	2,098	$	1,628
8.75% Senior Secured Notes due 2024	—		—		455		507
6.5% Senior Secured Notes due 2028	488		528		—		—
8.625% Senior Notes due 2030	1,584		1,660		—		—
Total Long-Term Debt	$	2,372	$	2,499	$	2,553	$	2,135

Retirement and Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Schedule of weighted average assumption rates

The weighted average assumption rates used for benefit obligations were as follows:


	Years Ended December 31,
	2021	2020
Discount rate:
United States Plans	2.00% - 2.75%	1.50% - 2.50%
International Plans	0.85% - 8.47%	0.40% - 5.85%
Rate of Compensation Increase:
United States Plans	—	—
International Plans	2.00% - 4.77%	2.00% - 3.48%

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Changes in Issued and Treasury shares

There were no material changes in our ordinary shares issued as of December 31, 2021 and 2020.

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in our accumulated other comprehensive loss by component:


(Dollars in millions)	Currency Translation Adjustment		Defined Benefit Pension		Total















Balance at December 31, 2019	$	7	$	2	$	9
Other Comprehensive Income	(38)		(14)		(52)
Balance at December 31, 2020	$	(31)	$	(12)	$	(43)
Other Comprehensive Income	(5)		$	13	$	8
Balance at December 31, 2021	$	(36)	$	1	$	(35)

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares


	Successor						Predecessor
					Period From		Period From
					12/14/19		1/1/2019
	Year Ended				through		through
(Shares in millions)	12/31/2021		12/31/2020		12/31/2019		12/13/2019
Net Income (Loss) Attributable to Weatherford	$	(450)	$	(1,921)	$	(26)	$	3,661
Basic and Diluted Weighted Average Shares Outstanding	70		70		70		1,004
Basic and Diluted Income (Loss) Per Share Attributable to Weatherford	$	(6.43)	$	(27.44)	$	(0.37)	$	3.65

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Valuation Allowance [Line Items]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]


			Successor				Predecessor
					Period From		Period From
					12/14/2019		1/1/2019
	Year Ended		Year Ended		through		through
(Dollars in millions)	12/31/2021		12/31/2020		12/31/2019		12/13/2019
Total Current Provision	$	(96)	$	(90)	$	(9)	$	(110)
Total Deferred (Provision) Benefit	10		5		—		(25)
Provision for Income Taxes	$	(86)	$	(85)	$	(9)	$	(135)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]


	Successor						Predecessor
					Period From		Period From
					12/14/2019		1/1/2019
	Year Ended		Year Ended		through		through
(Dollars in millions)	12/31/2021		12/31/2020		12/31/2019		12/13/2019
Irish or Swiss Income Tax at a rate of 25.0% and 7.83%, respectively	$	86	$	454	$	2	$	(299)
Tax on Operating Earnings/Losses Subject to Rates Different than the Irish or Swiss Federal Income Tax Rate	(166)		(182)		(65)		197
Change in Valuation Allowance	29		(330)		56		17
Change in Uncertain Tax Positions	(35)		(27)		(2)		(18)
Estimated Tax on Settlement of Liabilities Subject to Compromise and Fresh Start Accounting	—		—		—		(495)
Change in Valuation Allowance Attributed to Estimated Tax on Settlement of Liabilities Subject to Compromise and Fresh Start Accounting	—		—		—		463




Provision for Income Taxes	$	(86)	$	(85)	$	(9)	$	(135)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The components of the net deferred tax asset (liability) were as follows:


	December 31,		December 31,
(Dollars in millions)	2021		2020
Deferred Tax Assets:
Net Operating Losses Carryforwards	$	828	$	881
Unused Recognized Built in Losses	50		39
Accrued Liabilities and Reserves	186		175
Tax Credit Carryforwards	9		11
Employee Benefits	30		30
Property, Plant and Equipment	118		129
Inventory	52		52
U.S. Interest Deferral	13		55
State Deferred	50		84
Other Differences between Financial and Tax Basis	139		92
Valuation Allowance	(1,426)		(1,499)
Total Deferred Tax Assets	49		49
Deferred Tax Liabilities:

Intangible Assets	(35)		(45)


Other Differences between Financial and Tax Basis	(3)		(4)
Total Deferred Tax Liabilities	(38)		(49)
Net Deferred Tax Asset (Liability)	$	11	$	—

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

A tabular reconciliation of the total amounts of uncertain tax positions at the beginning and end of the period is as follows:


	Successor						Predecessor
					Period From		Period From
					12/14/2019		1/1/2019
	Year Ended		Year Ended		through		through
(Dollars in millions)	12/31/2021		12/31/2020		12/31/2019		12/13/2019
Balance at Beginning of Year	$	222	$	214	$	213	$	195
Additions as a Result of Tax Positions Taken During a Prior Period	23		9		—		34
Reductions as a Result of Tax Positions Taken During a Prior Period	(8)		(4)		—		(1)
Additions as a Result of Tax Positions Taken During the Current Period	12		21		2		17
Reductions Relating to Settlements with Taxing Authorities	(5)		(2)		(1)		(20)
Reductions as a Result of a Lapse of the Applicable Statute of Limitations	(2)		(7)		—		(5)
Foreign Exchange Effects	(7)		(9)		—		(7)
Balance at End of Year	$	235	$	222	$	214	$	213

Summary of Income Tax Contingencies [Table Text Block]


Tax Jurisdiction			Tax Years under Examination
Canada			2013 - 2021
Mexico			2010 - 2021
Russia			2018 - 2021
Switzerland			2013 - 2021
United States (Federal)			2018 - 2021

Receivables, Loans, Notes Receivable, and Others (Tables)

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

AR Factoring

The following table presents accounts receivable sold and the cash proceeds, net of discount and hold-back.


	Successor						Predecessor
					Period From		Period From
	Year		Year		12/14/2019		1/1/2019
	Ended		Ended		through		through
(Dollars in millions)	12/31/2021		12/31/2020		12/31/2019		12/13/2019
Accounts Receivable Sold	$	100	$	90	$	7	$	199
Cash Proceeds from Sale of Accounts Receivable	$	85	$	79	$	7	$	186

Summary of Significant Accounting Policies Organization and Nature of Operations (Details) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) country $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 13, 2019 $ / shares
Accounting Policies [Abstract]
Number of Countries in which Entity Operates \| country	75
Years in operation	50 years
Common Stock, Shares Authorized \| shares	1,356	1,356
Common Stock, Par or Stated Value Per Share \| $ / shares	$ 0.001	$ 0.001	$ 0.001
Restricted Cash \| $	$ 162	$ 167

Summary of Significant Accounting Policies Major Customers and Credit Risk (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Concentration Risk [Line Items]
Concentration Risk, Customer	no	no	no
Accounts Receivable [Member] \| UNITED STATES \| Geographic Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration percentage	15.00%
Accounts Receivable [Member] \| MEXICO \| Geographic Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration percentage	22.00%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk threshold percentage	10.00%	10.00%	10.00%

Summary of Significant Accounting Policies Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2021
Buildings and leasehold improvements [Member] \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Buildings and leasehold improvements [Member] \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	40 years
Rental and service equipment [Member] \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Rental and service equipment [Member] \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Machinery and other [Member] \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	2 years
Machinery and other [Member] \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	12 years

Summary of Significant Accounting Policies Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2021
Developed and Acquired Technology
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	5 years
Trade Names
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	10 years
Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	5 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	10 years

Summary of Significant Accounting Policies Revenue Recognition (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Restricted Cash	$ 162	$ 167
Other Non-current Assets	97	73
Total Accounts Receivables, Net	$ 825	$ 826
Minimum
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Product warranty period	1 year
Maximum
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Product warranty period	5 years

Summary of Significant Accounting Policies New Accounting Pronouncements (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Net Cash Provided by (Used in) Operating Activities	$ 61	$ (747)	$ 322	$ 210

Chapter 11 Proceedings and Ability to continue as a Going Concern - Debtor in Possession Credit Agreement (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Prepetition charges	$ 0	$ 86	$ 86	$ 0	$ 0

Chapter 11 Proceedings and Ability to continue as a Going Concern - Reorganziation Items (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020
Reorganizations [Abstract]
Debtor Reorganization Items, Discharge of Claims and Liabilities	$ 0	$ 4,297		$ 0
Debtor Reorganization Items, Revaluation of Assets and Liabilities	0	1,434		0
Debtor Reorganization Items subtotal for Gain on Settlement of LSTC and Fair Value Adjustment	0	5,731		0
Unamortized Debt Issuance and Discount Expensed	0	(128)		0
Unamortized Interest Rate Derivative Loss Expensed	0	(8)		0
Reorganization Items	0	(136)		0
Backstop Commitment Fees	0	(81)		0
DIP Financing Fees	0	(56)		0
Professional Fees	(4)	(69)		(9)
Reorganization Items (Fees)	(4)	(206)		(9)
Total Reorganization Items	(4)	5,389	$ 0	(9)
Reorganization Items (Fees) Unpaid	30	30		0
Reorganization Items (Fees) Paid	$ 4	$ 176		$ 39

Chapter 11 Proceedings and Ability to continue as a Going Concern - Schedule of Debtor in Possession Consolidated Financial Statements (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020
Revenues [Abstract]
Revenues	$ 261	$ 4,954	$ 3,645	$ 3,685
Operating Expenses	(260)	(6,136)	(3,529)	(5,171)
Operating Loss	1	(1,182)	116	(1,486)
Other Expense:
Reorganization Items	(4)	5,389	0	(9)
Interest Expense, Net	(12)	(362)	(260)	(251)
Income (Loss) Before Income Taxes	(15)	3,819	(343)	(1,814)
Income Tax Provision	(9)	(135)	(86)	(85)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total	(24)	3,684	(429)	(1,899)
Cash Flows from Operating Activities:
Net Income (Loss)	(24)	3,684	(429)	(1,899)
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]
Reorganization Items	0	136		0
Other Assets and Liabilities, Net	76	(11)	54	79
Net Cash Provided by (Used in) Operating Activities	61	(747)	322	210
Cash Flows From Financing Activities:
Borrowings from Debtor in Possession Credit Facility, net	0	1,529	0	0
Debtor in Possession Financing Payments and Payments on Backstop Agreement	0	(137)	0	0
Borrowings (Repayments) of Short-term Debt, Net	(1)	(347)	(4)	(27)
Other Financing Activities Among Subsidiaries	0	(49)	(28)	(45)
Net Cash Provided by (Used in) Financing Activities, Total	(2)	749	(403)	348
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	754	602	1,285	800
Cash, Cash Equivalents and Restricted Cash at End of Period	$ 800	$ 754	$ 1,113	$ 1,285

Chapter 11 Proceedings and Ability to continue as a Going Concern - Emergence From Bankruptcy Plan Effects (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	6 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 12, 2019
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	7,777,779					7,777,779
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 99.96		$ 99.96			$ 99.96
Prepetition charges	$ 0	$ 86	$ 86	$ 0	$ 0
Common Stock
Stock Issued During Period, Shares, New Issues						69,999,954
Senior Notes [Member] \| Letter of Credit [Member]
Face amount of debt	$ 195					$ 195
Exit Notes, 11.00 Percent Due 2024 [Member] \| Senior Notes [Member]
Debt and lease obligation							$ 2,100
Stated interest rate on debt	11.00%					11.00%	11.00%
Face amount of debt							$ 2,100
ABL Credit Agreement [Member]
Line of credit facility, maximum borrowing capacity							$ 450

Fresh Start Accounting - Reorganization Value (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 17, 2019	Dec. 12, 2019
Reorganization, Chapter 11 [Line Items]
Enterprise value				$ 4,516
Cash and cash equivalents and other				518
Fair value of debt				(2,103)
Stockholders' Equity Attributable to Parent	$ 472	$ 907		2,931
Current liabilities	$ 1,332	$ 1,362		1,707
Non-current liabilities excluding long-term debt				627
Reorganization value of successor assets				$ 7,368
Cash collateral			$ 25

- Definition

Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124433192&loc=SL2890621-112765

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The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Segment Information (Details)	1 Months Ended	11 Months Ended	12 Months Ended
Segment Information (Details)	Dec. 31, 2019 USD ($)	Dec. 13, 2019 USD ($)	Dec. 31, 2021 USD ($) unit	Dec. 31, 2020 USD ($) unit
Segment Reporting [Abstract]
Number of Reportable Segments \| unit			3	2
Segment Reporting Information [Line Items]
Revenues	$ 261,000,000	$ 4,954,000,000	$ 3,645,000,000	$ 3,685,000,000
Segment Adjusted EBITDA:	(15,000,000)	3,819,000,000	(343,000,000)	(1,814,000,000)
Depreciation and Amortization	34,000,000	447,000,000	440,000,000	503,000,000
Share-based Compensation Expense excluding Fresh Start Acceleration Expense		24,000,000
Share-based Compensation Expense	0	(46,000,000)	(25,000,000)	0
Other Adjustments	0	(1,267,000,000)	10,000,000	(1,442,000,000)
Operating Income (Loss), Total	1,000,000	(1,182,000,000)	116,000,000	(1,486,000,000)
Gain on Sale of Operational Assets		15,000,000		12,000,000
Total Capital Expenditures	20,000,000	250,000,000	85,000,000	154,000,000
Assets			4,774,000,000	5,434,000,000
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	243,000,000	4,663,000,000	3,546,000,000	3,564,000,000
Segment Adjusted EBITDA:	36,000,000	660,000,000	633,000,000	559,000,000
Assets			2,443,000,000	2,818,000,000
Operating Segments [Member] \| Drilling and Evaluation
Segment Reporting Information [Line Items]
Revenues	67,000,000	1,407,000,000	1,066,000,000	1,044,000,000
Segment Adjusted EBITDA:	(3,000,000)	219,000,000	186,000,000	132,000,000
Depreciation and Amortization	11,000,000	168,000,000	164,000,000	183,000,000
Total Capital Expenditures	10,000,000	88,000,000	18,000,000	27,000,000
Assets			783,000,000	950,000,000
Operating Segments [Member] \| Well Construction and Completions
Segment Reporting Information [Line Items]
Revenues	90,000,000	1,583,000,000	1,353,000,000	1,414,000,000
Segment Adjusted EBITDA:	19,000,000	225,000,000	256,000,000	273,000,000
Depreciation and Amortization	9,000,000	115,000,000	123,000,000	151,000,000
Total Capital Expenditures	6,000,000	59,000,000	18,000,000	23,000,000
Assets			974,000,000	1,100,000,000
Operating Segments [Member] \| Production and Intervention
Segment Reporting Information [Line Items]
Revenues	86,000,000	1,673,000,000	1,127,000,000	1,106,000,000
Segment Adjusted EBITDA:	20,000,000	216,000,000	191,000,000	154,000,000
Depreciation and Amortization	9,000,000	121,000,000	102,000,000	112,000,000
Total Capital Expenditures	2,000,000	60,000,000	36,000,000	73,000,000
Assets			686,000,000	768,000,000
Corporate and Other
Segment Reporting Information [Line Items]
Revenues	18,000,000	291,000,000	99,000,000	121,000,000
Segment Adjusted EBITDA:	(1,000,000)	(104,000,000)	(62,000,000)	(100,000,000)
Depreciation and Amortization	5,000,000	43,000,000	51,000,000	57,000,000
Total Capital Expenditures	$ 2,000,000	$ 43,000,000	13,000,000	31,000,000
Assets			$ 2,331,000,000	$ 2,616,000,000

Segment Information Geographic Areas (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	$ 1,766,000,000	$ 2,184,000,000
UNITED STATES
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	238,000,000	306,000,000
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	324,000,000	403,000,000
Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	265,000,000	289,000,000
Europe/Sub-Sahara Africa/Russia
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	337,000,000	463,000,000
Middle East/North Africa/Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	840,000,000	1,029,000,000
IRELAND
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	$ 0	$ 0

Revenues - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
Revenues - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 261	$ 4,954	$ 3,645	$ 3,685
Product and Services
Disaggregation of Revenue [Line Items]
Revenues	12	284	131	150
UNITED STATES
Disaggregation of Revenue [Line Items]
Revenues	$ 59	$ 1,300	$ 678	$ 720

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

+ Details

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 261	$ 4,954	$ 3,645	$ 3,685
North America
Disaggregation of Revenue [Line Items]
Total Excluding Rental Revenues	68	1,548	896	889
Latin America
Disaggregation of Revenue [Line Items]
Total Excluding Rental Revenues	53	1,072	814	697
Europe/Sub-Sahara Africa/Russia
Disaggregation of Revenue [Line Items]
Total Excluding Rental Revenues	52	907	737	747
Middle East/North Africa/Asia
Disaggregation of Revenue [Line Items]
Total Excluding Rental Revenues	$ 88	$ 1,427	$ 1,198	$ 1,352

Revenues - Receivables (Details) - USD ($) $ in Millions	12 Months Ended
Revenues - Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract with Customer, Liability, Revenue Recognized	$ 32	$ 10
Disaggregation of Revenue [Line Items]
Total Accounts Receivables, Net	825	826
Contract Liabilities included in Other Current Liabilities	26	37
Product and Services
Disaggregation of Revenue [Line Items]
Receivables, Net, Current	795	792
Equipment Rentals
Disaggregation of Revenue [Line Items]
Receivables, Net, Current	$ 30	$ 34

Revenues - Expected to be Recognized in Future (Details) $ in Millions	Dec. 31, 2021 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Service revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total	$ 249
Service revenue \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total	67
Service revenue \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total	59
Service revenue \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total	59
Service revenue \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total	44
Service revenue \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total	$ 20

Impairments and Other Charges (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020
Indefinite-lived Intangible Assets [Line Items]
Long-lived Assets Impairment	$ 0	$ 20	$ 0	$ 814
Goodwill Impairment	0	730	0	239
Total Goodwill and Long-lived Assets Impairment	0	750	0	1,053
Inventory Charges	0	159	62	210
Total Other Charges (Credits), Net	0	339	(10)	171
Gain on Sale of Businesses, Net	0	(112)	0	0
Disposition of assets		161
Proceeds from Divestiture of Businesses and Investments	7	328	0	11
Impairments and Other Charges
Indefinite-lived Intangible Assets [Line Items]
Inventory Charges	0	117	7	138
Asset Write-downs and Rigs Related Charges	0	132	0	11
Other Charges and Credits, Net	$ 0	$ 90	$ (17)	$ 22

Long-Lived Asset Impairments (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived Assets Impairment	$ 0	$ 20	$ 0	$ 814
Property, Plant and Equipment			571
Intangible Assets			155
Right of Use Assets			88
Long-lived Asset Impairments		$ 20
Corporate and Other
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived Assets Impairment			18
Property, Plant and Equipment			18
Intangible Assets			0
Right of Use Assets			0
Drilling and Evaluation
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived Assets Impairment			285
Property, Plant and Equipment			195
Intangible Assets			76
Right of Use Assets			14
Well Construction and Completions
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived Assets Impairment			185
Property, Plant and Equipment			126
Intangible Assets			39
Right of Use Assets			20
Production and Intervention
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived Assets Impairment			326
Property, Plant and Equipment			232
Intangible Assets			40
Right of Use Assets			$ 54

Restructuring Charges (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 0	$ 189	$ 0	$ 206
Severance and Other Restructuring Liabilities [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Translation and Other Adjustment	0	(25)	6	18
Restructuring and Related Cost, Incurred Cost	0	152	0	142
Payments for Restructuring	0	120	30	137
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Severance Costs	0	53	0	132
Impaired Assets to be Disposed of by Method Other than Sale, Asset Name [Domain]
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs	$ 0	$ 13	$ 0	$ 40

Restructuring Charges (Restructuring Charges) (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 12, 2019	Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 0	$ 189	$ 0	$ 206
Corporate and Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0	59	0	59
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Severance Costs	0	53	0	132
Severance and Other Restructuring Liabilities [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	66	66	17	53	$ 66	$ 59
Impaired Assets to be Disposed of by Method Other than Sale, Asset Name [Domain]
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs	0	13	0	40
Facility Closing
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs	0	99	0	10
Other Restructuring
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs	0	24	0	15
Asset Retirement Obligation Costs
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs	$ 0	$ 0	$ 0	$ 9

Restructuring Charges (Restructuring Charges by Segment) (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 0	$ 189	$ 0	$ 206
Drilling and Evaluation
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0	29	0	35
Well Construction and Completions
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0	47	0	60
Production and Intervention
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0	54	0	52
Corporate and Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 0	$ 59	$ 0	$ 59

Restructuring Charges (Restructuring Liability) (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 0	$ 189	$ 0	$ 206
Severance and Other Restructuring Liabilities [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0	152	0	142
Restructuring Reserve [Roll Forward]
Accrued balance at beginning of period	66	59	53	66
Cash Payments	0	(120)	(30)	(137)
Other	0	25	(6)	(18)
Accrued balance at end of period	$ 66	$ 66	$ 17	$ 53

Inventories, Net Schedule of Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished Goods	$ 595	$ 655
Raw Materials, Components and Supplies	75	62
Total Inventory	$ 670	$ 717

Inventories, Net Narrative (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018
Inventory Disclosure [Abstract]
Inventory Charges	$ 0	$ 159	$ 62	$ 210
Inventory [Line Items]
Inventory Valuation Reserves	0	0	159	119	$ 305
Inventory Charges	$ 0	$ 159	$ 62	$ 210

Inventories, Net - Inventory Charges (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020
Inventory [Line Items]
Inventory Charges	$ 0	$ 159	$ 62	$ 210
Impairments and Other Charges
Inventory [Line Items]
Inventory Charges	0	117	7	138
Cost of Sales
Inventory [Line Items]
Inventory Charges	0	18	55	57
Restructuring Charges
Inventory [Line Items]
Inventory Charges	$ 0	$ 24	$ 0	$ 15

Property, Plant and Equipment (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Depreciation	$ 25	$ 386	$ 284	$ 340
Buildings and Improvements, Gross			484	515
Rental and Service Equipment, Gross			902	869
Machinery and Equipment, Gross			233	219
Property, Plant and Equipment, Gross			1,619	1,603
Less: Accumulated Depreciation			623	367
Property, Plant and Equipment, Net			$ 996	$ 1,236

Goodwill and Intangible Assets Narrative (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 12, 2019
Goodwill [Line Items]
Goodwill, Impaired, Accumulated Impairment Loss					$ 3,400
Goodwill Impairment	$ 0	$ 730	$ 0	$ 239
Eastern Hemisphere [Member]
Goodwill [Line Items]
Goodwill, Period Increase (Decrease)			$ 239

Goodwill and Intangible Assets Intangible Narrative (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets, Net of Accumulated Amortization of $328 at December 31, 2021 and $173 at December 31, 2020			$ 657	$ 810
Amortization of Intangible Assets	$ 9	$ 61	156	163
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 9	$ 61	$ 156	$ 163

Goodwill and Intangible Assets Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 985	$ 983
Accumulated amortization	(328)	(173)
Net intangible assets	657	810
Developed and Acquired Technology
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	590	588
Accumulated amortization	(247)	(132)
Net intangible assets	343	456
Trade Names
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	395	395
Accumulated amortization	(81)	(41)
Net intangible assets	$ 314	$ 354

Goodwill and Intangible Assets Amortization of Intangible Assets (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months			$ 157
Finite-Lived Intangible Assets, Amortization Expense, Year Two			157
Finite-Lived Intangible Assets, Amortization Expense, Year Three			145
Finite-Lived Intangible Assets, Amortization Expense, Year Four			41
Finite-Lived Intangible Assets, Amortization Expense, Year Five			41
Amortization of Intangible Assets	$ 9	$ 61	$ 156	$ 163

Leases Lease Cost (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
Leases Lease Cost (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating Lease, Expense	$ 5	$ 109	$ 61	$ 76
Short-term Lease, Cost	5	91	65	63
Operating Lease, Cost	10	200	126	139
Finance Lease, Right-of-Use Asset, Amortization	1	11	16	15
Sublease Income	(1)	(6)	(4)	(6)
Lease, Cost	$ 10	$ 205	$ 138	$ 148

Leases Operating and Finance Lease Maturities Table (Details) $ in Millions	Dec. 31, 2021 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	$ 74
Lessee, Operating Lease, Liability, Payments, Due Year Two	42
Lessee, Operating Lease, Liability, Payments, Due Year Three	29
Lessee, Operating Lease, Liability, Payments, Due Year Four	23
Lessee, Operating Lease, Liability, Payments, Due Year Five	18
Lessee, Operating Lease, Liability, Payments, Due after Year Five	113
Lessee, Operating Lease, Liability, Payments, Due	299
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	112
Operating Lease, Liability	187
Finance Lease, Liability, Payment, Due [Abstract]
Finance Lease, Liability, Payments, Remainder of Fiscal Year	16
Finance Lease, Liability, Payments, Due Year Two	14
Finance Lease, Liability, Payments, Due Year Three	12
Finance Lease, Liability, Payments, Due Year Four	12
Finance Lease, Liability, Payments, Due Year Five	11
Finance Lease, Liability, Payments, Due after Year Five	4
Finance Lease, Liability, Payment, Due	69
Finance Lease, Liability, Undiscounted Excess Amount	13
Property, Plant and Equipment
Finance Lease, Liability, Payment, Due [Abstract]
Finance Lease, Liability	56
Finance Lease, Liability	$ 56

Leases Supplemental Lease Disclosures (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating Lease, Payments	$ 5	$ 131	$ 89	$ 101
Finance Lease, Interest Payment on Liability	0	4	5	5
Finance Lease, Principal Payments	1	8	13	9
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	2	59	23	37
Sale and Leaseback Transaction, Gain (Loss), Net	$ 0	$ 34	$ 0	$ 0
Operating Lease, Weighted Average Remaining Lease Term	7 years 9 months 18 days		8 years 10 months 24 days	8 years 1 month 6 days
Finance Lease, Weighted Average Remaining Lease Term	6 years 8 months 12 days		4 years 9 months 18 days	5 years 10 months 24 days
Operating Lease, Weighted Average Discount Rate, Percent	9.20%		9.60%	9.60%
Finance Lease, Weighted Average Discount Rate, Percent	9.10%		8.90%	9.10%

Borrowings and Other Debt Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Oct. 27, 2021	Sep. 30, 2021	Dec. 31, 2020	Aug. 04, 2020	Dec. 31, 2019	Dec. 12, 2019
Debt Instrument [Line Items]
Short-term Borrowings and Current Portion of Long-term Debt	$ 12			$ 13
Long-term debt	2,372			2,553
Long-term Debt and Lease Obligation	$ 2,416			2,601
Senior Notes 6.5 Percent Due 2028
Debt Instrument [Line Items]
Stated interest rate on debt			6.50%
Senior Notes 8.625 Percent Due 2030
Debt Instrument [Line Items]
Stated interest rate on debt		8.625%
LC Credit Agreement [Member]
Debt Instrument [Line Items]
Letter Of Credit Fee Percentage	0.125%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.50%
LC Credit Agreement [Member] \| LIBOR
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	3.50%
Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt	$ 300			2,098
Senior Notes [Member] \| Exit Notes, 11.00 Percent Due 2024 [Member]
Debt Instrument [Line Items]
Stated interest rate on debt						11.00%	11.00%
Senior Notes [Member] \| Senior Notes 8.75 Percent Due 2024
Debt Instrument [Line Items]
Stated interest rate on debt					8.75%
Senior Notes [Member] \| Senior Notes 6.5 Percent Due 2028
Debt Instrument [Line Items]
Stated interest rate on debt					6.50%
Long-term debt	488			0
Senior Notes [Member] \| Senior Notes 8.625 Percent Due 2030
Debt Instrument [Line Items]
Stated interest rate on debt					8.625%
Long-term debt	1,584			0
Secured Debt [Member]
Debt Instrument [Line Items]
Long-term debt	0			455
Other short-term bank loans [Member]
Debt Instrument [Line Items]
Finance Lease, Liability, Noncurrent	44			48
Other short-term bank loans [Member]
Debt Instrument [Line Items]
Finance Lease, Liability, Current	12			9
Short-term Debt	$ 0			$ 4

Borrowings and Other Debt Obligations - Schedule of Debt Maturity (Details) $ in Millions	Dec. 31, 2021 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2022	$ 12
2023	11
2024	310
2025	10
2026	10
Thereafter	2,103
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	(28)
Debt, Long-term and Short-term, Combined Amount	2,428
Sum of Total Debt Maturities	$ 2,456

Borrowings and Other Debt Obligations - Narrative (Details) - USD ($)		1 Months Ended	3 Months Ended			11 Months Ended	12 Months Ended
	Oct. 20, 2021	Dec. 31, 2019	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020	Oct. 27, 2021	Aug. 04, 2020	Dec. 12, 2019
Debt Instrument [Line Items]
Interest paid on early redemption of debt							$ 71,000,000
Bond Redemption Premium		$ 0				$ 0	131,000,000	$ 0
Gain (loss) on extinguishment of debt	$ (2,000,000)	$ 0				$ 0	(170,000,000)	0
Long-term debt			$ 2,372,000,000				2,372,000,000	2,553,000,000
Debt issuance costs, gross			25,000,000				25,000,000
Debt related commitment fees and debt issuance costs			15,000,000				15,000,000
Permitted borrowing				$ 400,000,000
Debt instrument covenant debt amount in excess default				300,000,000	$ 175,000,000
Minimum book value of pledged assets for covenants under LC credit agreement				1,000,000,000	$ 1,250,000,000
Amount of debt redeemable if minimum liquidity requirement met				500,000,000
Minimum aggregate liquidity requirment covenant in order to redeem debt				$ 400,000,000
Debt instrument, unused borrowing capacity, amount			34,000,000				34,000,000
ABL Credit Agreement [Member]
Debt Instrument [Line Items]
Long-term debt								0
Line of credit facility, maximum borrowing capacity											$ 450,000,000
Amended LC Credit Agreement [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity											215,000,000
Senior Notes 6.5 Percent Due 2028
Debt Instrument [Line Items]
Stated interest rate on debt				6.50%
Face amount of debt				$ 500,000,000
Bond Redemption Premium							22,000,000
Gain (loss) on extinguishment of debt, before write off of debt issuance cost							37,000,000
Senior Notes 8.625 Percent Due 2030
Debt Instrument [Line Items]
Stated interest rate on debt									8.625%
Face amount of debt									$ 1,600,000,000
Exit Notes, Takeback Notes \| Exit Notes, 11.00 Percent Due 2024 [Member]
Debt Instrument [Line Items]
Face amount of debt											$ 500,000,000
Senior Notes [Member]
Debt Instrument [Line Items]
Bond Redemption Premium							103,000,000
Long-term debt			300,000,000				300,000,000	2,098,000,000
Senior Notes [Member] \| Exit Notes, 11.00 Percent Due 2024 [Member]
Debt Instrument [Line Items]
Stated interest rate on debt		11.00%									11.00%
Face amount of debt											$ 2,100,000,000
Debt and lease obligation											$ 2,100,000,000
Senior Notes [Member] \| Senior Notes 8.75 Percent Due 2024
Debt Instrument [Line Items]
Stated interest rate on debt										8.75%
Face amount of debt										$ 500,000,000
Senior Notes [Member] \| Senior Notes 6.5 Percent Due 2028
Debt Instrument [Line Items]
Stated interest rate on debt										6.50%
Long-term debt			488,000,000				488,000,000	0
Senior Notes [Member] \| Senior Notes 8.625 Percent Due 2030
Debt Instrument [Line Items]
Stated interest rate on debt										8.625%
Long-term debt			1,584,000,000				1,584,000,000	0
LC Credit Agreement Letters of Credit [Member]
Debt Instrument [Line Items]
Letters of credit outstanding, amount			181,000,000				$ 181,000,000
Debt instrument, basis percentage							3.50%
Debt instrument, fronting fee, basis percentage							0.125%
Debt instrument, unused commitment fee, basis percentage							0.50%
Committed Letters of Credit [Member]
Debt Instrument [Line Items]
Letters of credit outstanding, cash collateral			158,000,000				$ 158,000,000
Letters of credit outstanding, amount								$ 342,000,000
Uncommitted Letters of Credit [Member]
Debt Instrument [Line Items]
Letters of credit outstanding, amount			$ 161,000,000				$ 161,000,000
Exit Notes
Debt Instrument [Line Items]
Debt instrument, repurchased face amount	200,000,000
Interest paid on early redemption of debt	8,000,000
Bond Redemption Premium	$ 6,000,000
Debt tender redemption									$ 1,600,000,000

Fair Value of Financial Instruments, Assets and Equity Investements (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 2,372	$ 2,553
Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	300	2,098
Senior Notes [Member] \| Level 2 [Member] \| Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of Long-term debt	2,499	2,135
Secured Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0	455
Secured Debt [Member] \| Level 2 [Member] \| Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of Long-term debt	311	1,628
Exit Notes, 11.00 Percent Due 2024 [Member] \| Level 2 [Member] \| Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of Long-term debt		$ 507
Senior Notes 6.5 Percent Due 2028 \| Level 2 [Member] \| Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of Long-term debt	528
Senior Notes 8.625 Percent Due 2030 \| Level 2 [Member] \| Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of Long-term debt	$ 1,660

Derivative Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Foreign currency forward contracts [Member]
Derivative [Line Items]
Notional amount	$ 349	$ 337

Retirement and Employee Benefit Plans Narrative (Details) - USD ($) $ in Millions	11 Months Ended	12 Months Ended
	Dec. 13, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic benefit cost	$ 4			$ 2	$ 5
Projected benefit obligation			$ 207	231
Accumulated benefit obligation for defined benefit pension plans			1	12
Employer contributions			5	5
Defined Benefit Plan, Funded (Unfunded) Status of Plan			16
Non-Current Defined Benefit Plan Funded Status Of Plan			63
Level 2 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets			$ 160	164
Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contribution expenses related to the defined contribution plans which cover certain employees	$ 16			$ 13	$ 31
Forecast [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Estimated future employer contributions in next fiscal year, cash		$ 5

Retirement and Employee Benefit Plans Assumptions (Details)	Dec. 31, 2021	Dec. 31, 2020
United States plans
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase	0.00%	0.00%
United States plans \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.00%	1.50%
United States plans \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.75%	2.50%
International plans \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Discount rate	0.85%	0.40%
Rate of compensation increase	2.00%	2.00%
International plans \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Discount rate	8.47%	5.85%
Rate of compensation increase	4.77%	3.48%

Disputes, Litigation and Contingencies (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
Estimated litigation liability	$ 40	$ 43
Accrual for Environmental Loss Contingencies, Gross	$ 6

Share-Based Compensation Narrative (Details) - USD ($) shares in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 12, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for grant under Incentive Plans			8,000
Number of shares available for grant under Incentive Plans			3,000
Employee Share-Based Compensation Expense	$ 0	$ 46,000,000	$ 25,000,000	$ 0
Fresh-Start Adjustment, Acceleration Of Predecessor Preferred Stock					$ 24,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			5,000
Fresh-Start Adjustment, Acceleration Of Predecessor Preferred Stock, Executive Forfeiture					$ 2,000,000
Selling, General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Share-Based Compensation Expense		$ 24,000,000

Shareholders' Equity Schedule of Shares Issued and Treasury Stock (Details)	12 Months Ended
	Dec. 31, 2019 shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	7,777,779
Issued
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Issued During Period, Shares, New Issues	69,999,954

Shareholders' Equity Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions		1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 13, 2019	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Temporary Equity, Elimination as Part of Reorganization	$ 51
Beginning balance				$ (43)	$ 9
Other comprehensive (loss) income before reclassifications				8	(52)
Ending balance		$ 9		(35)	(43)
Other Comprehensive Income (Loss), Net of Tax		(9)	$ (49)	(8)	52
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance				(31)	7
Other comprehensive (loss) income before reclassifications				(5)	(38)
Ending balance		7		(36)	(31)
Defined Benefit Pension [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance				(12)	2
Other comprehensive (loss) income before reclassifications				13	(14)
Ending balance		$ 2		$ 1	$ (12)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

Shareholders' Equity Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021	Dec. 13, 2019
Class of Warrant or Right [Line Items]
Capital in Excess of Par Value	$ 2,897		$ 2,904
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right		7,777,779
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 99.96		$ 99.96
Adjustments to Additional Paid in Capital, Stock Issued, Own-share Lending Arrangement, Issuance Costs	$ 2,900
Common Stock, Par or Stated Value Per Share	$ 0.001		$ 0.001	$ 0.001
Common Stock
Class of Warrant or Right [Line Items]
Stock Issued During Period, Shares, New Issues		69,999,954
Warrant [Member]
Class of Warrant or Right [Line Items]
Capital in Excess of Par Value				$ 31
Reorganization Adjustments \| Additional Paid-in Capital [Member]
Class of Warrant or Right [Line Items]
Fresh-Start Adjustment, Issuance Of Successor Common Stock To Creditors		$ 2,837

Earnings per Share (Weighted Average Shares Outstanding) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Weighted Average Number of Shares Outstanding, Basic and Diluted	70	1,004	70	70
Earnings Per Share, Basic and Diluted	$ (0.37)	$ 3.65	$ (6.43)	$ (27.44)
Net Income (Loss) Attributable to Weatherford	$ (26)	$ 3,661	$ (450)	$ (1,921)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Earnings per Share (Antidilutive Shares) (Details) - shares shares in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	8	197	10	8
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	8	197	10	8

Income Taxes Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Total Current Provision	$ (9)	$ (110)	$ (96)	$ (90)
Total Deferred (Provision) Benefit	0	(25)	10	5
Provision for Income Taxes	$ (9)	$ (135)	$ (86)	$ (85)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Irish or Swiss Income Tax at a rate of 25.0% and 7.83%, respectively	$ 2	$ (299)	$ 86	$ 454
Tax on Operating Earnings/Losses Subject to Rates Different than the Irish or Swiss Federal Income Tax Rate	(65)	197	(166)	(182)
Change in Valuation Allowance	56	17	29	(330)
Change in Uncertain Tax Positions	(2)	(18)	(35)	(27)
Effective Income Tax Rate Reconciliation, Tax Contingency, Other, Amount	0	(495)	0	0
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	0	463	0	0
Provision for Income Taxes	$ (9)	$ (135)	$ (86)	$ (85)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	25.00%	7.83%	25.00%	7.83%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Operating Loss Carryforwards	$ 828	$ 881
Deferred Tax Assets, Other Loss Carryforwards	50	39
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals	186	175
Deferred Tax Assets, Tax Credit Carryforwards	9	11
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits	30	30
Deferred Tax Assets, Property, Plant and Equipment	118	129
Deferred Tax Assets, Inventory	52	52
Deferred Tax Asset, Interest Carryforward	13	55
Deferred Tax Assets, State Taxes	50	84
Deferred Tax Assets, Other	139	92
Deferred Tax Assets, Valuation Allowance	(1,426)	(1,499)
Deferred Tax Assets, Net of Valuation Allowance	49	49
Deferred Tax Liabilities, Goodwill and Intangible Assets	(35)	(45)
Deferred Tax Liabilities, Other	(3)	(4)
Deferred Tax Liabilities, Gross	(38)	(49)
Net Deferred Tax Asset	11	0
Undistributed Earnings of Foreign Subsidiaries	1,400
Operating Loss Carryforward Before Adjustment For Expected Expiration	5,400
Operating Loss Carryforward Expected Utilization in the Future	$ 713
Income tax credits and adjustments		$ 9

Income Taxes Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 12, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits	$ 214		$ 235	$ 222	$ 213	$ 195
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions	0	$ 34	23	9
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions	0	(1)	(8)	(4)
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions	2	17	12	21
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities	(1)	(20)	(5)	(2)
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations	0	(5)	(2)	(7)
Unrecognized Tax Benefits, Increase (Decrease) Resulting from Foreign Currency Translation	$ 0	$ (7)	$ (7)	$ (9)

Income Taxes Summary of Income Tax Contingencies (Details)	12 Months Ended
	Dec. 31, 2021
Earliest Tax Year [Member] \| CANADA
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2013
Earliest Tax Year [Member] \| MEXICO
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2010
Earliest Tax Year [Member] \| RUSSIA
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2018
Earliest Tax Year [Member] \| SWITZERLAND
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2013
Earliest Tax Year [Member] \| UNITED STATES
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2018
Latest Tax Year [Member] \| CANADA
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2021
Latest Tax Year [Member] \| MEXICO
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2021
Latest Tax Year [Member] \| RUSSIA
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2021
Latest Tax Year [Member] \| SWITZERLAND
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2021
Latest Tax Year [Member] \| UNITED STATES
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2021

Income Taxes Narrative (Details) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
Income Taxes Narrative (Details) $ in Millions	Dec. 31, 2019 USD ($)	Dec. 13, 2019 USD ($)	Dec. 31, 2021 USD ($) country	Dec. 31, 2020 USD ($)
Income Tax Contingency [Line Items]
Deferred Tax Assets, Valuation Allowance			$ 1,426	$ 1,499
Income Tax Expense (Benefit)	$ 9	$ 135	86	85
Income (Loss) Before Income Taxes	(15)	3,819	(343)	(1,814)
Income Tax Expense (Benefit) Related To Fresh Start Accounting Adjustment		32
Income Tax Expense (Benefit) Related To Impairments		14
Asset Impairment Charges	0	750	0	1,053
Restructuring Charges	0	189	0	206
Goodwill, Impairment Loss	0	730	0	239
Long-lived Assets Impairment	0	20	0	814
Impairment of Long-Lived Assets Held-for-use		(20)
Inventory Charges	0	159	62	210
Gain (Loss) on Disposition of Business	0	112	0	0
Undistributed Earnings of Foreign Subsidiaries			1,400
Operating Loss Carryforward Before Adjustment For Expected Expiration			5,400
Tax Effect Of The Anticipated Expired Operating Loss Carryforward			273
Annual Limitation Of Operating Loss Carryforwards			23
Operating Loss Carryforwards Estimated To Expire Before Use			1,200
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	$ 1	15	17	11
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued			$ 104	89
Number of Countries in which Entity Operates \| country			75
Decrease in Unrecognized Tax Benefits is Reasonably Possible			$ 1
Income tax credits and adjustments				9
Gain on settlement of LSTC used in tax calculation [Line Items]		$ 4,300
Cancellation Of Debt Income			480
Operating Loss Carryforward Expected Utilization in the Future			713
Operating Loss Carryforwards			76	$ 77
UNITED STATES
Income Tax Contingency [Line Items]
Operating Loss Carryforward Before Adjustment For Expected Expiration			$ 2,000

Accounts Receivable Factoring and Other Receivables (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable sold, carrying value	$ 7	$ 199	$ 100	$ 90
Proceeds from Sale of Accounts Receivable	$ 7	$ 186	$ 85	$ 79

Schedule II - Valuation and Qualifying Accounts and Allowances (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 13, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Accounts Receivable, Credit Loss Expense (Reversal)		$ 4
Inventory Valuation Reserves	$ 0	0	$ 159	$ 119	$ 305
SEC Schedule, 12-09, Allowance, Credit Loss [Member]
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
of Period	0	294
Recoveries (c)		(6)
Other (b)		(292)
Period		0
Valuation allowance on deferred tax assets [Member]
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
of Period	1,222	1,702	1,499	1,166
Expense	0	0	0	330
Recoveries (c)	(56)	(480)	(29)	0
Other (b)	0	0
Period	1,166	1,222	1,426	1,499
SEC Schedule, 12-09, Valuation Allowances and Reserves, Period Increase (Decrease)			(44)	3
SEC Schedule, 12-09, Reserve, Inventory [Member]
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Expense	0	163	55	210
Recoveries (c)	0	(4)	(10)	0
Other (b)	0	(464)	(5)	(91)
Short [Member] \| SEC Schedule, 12-09, Allowance, Credit Loss [Member]
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
of Period	0	123	32	0
Expense	0	4	30	32
Recoveries (c)	0	(3)	(26)	0
Other (b)	0	(124)	(5)	0
Period	0	0	$ 31	$ 32
Long [Member] \| SEC Schedule, 12-09, Allowance, Credit Loss [Member]
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
of Period	$ 0	171
Expense		0
Recoveries (c)		(3)
Other (b)		(168)
Period		$ 0

Schedule II - Valuation and Qualifying Accounts and Allowances Footnote to table explanation (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 13, 2019	Dec. 31, 2018
Other Non-current Assets	$ 97	$ 73
SEC Schedule, 12-09, Allowance, Credit Loss [Member]
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount			$ 0	$ 294
Long [Member] \| SEC Schedule, 12-09, Allowance, Credit Loss [Member]
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount			$ 0	$ 171

Label	Element	Value
Issuance of Shares to Prior Shareholders	wfrd_IssuanceofSharestoPriorShareholders	$ 29,000,000
Adjustments to Additional Paid in Capital, Warrant Issued	us-gaap_AdjustmentsToAdditionalPaidInCapitalWarrantIssued	31,000,000
Stockholders' Equity, Other	us-gaap_StockholdersEquityOther	(8,000,000)
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts	2,837,000,000
AOCI Attributable to Parent [Member]
Temporary Equity, Elimination as Part of Reorganization	us-gaap_TemporaryEquityEliminationAsPartofReorganization	1,697,000,000
Common Stock [Member]
Temporary Equity, Elimination as Part of Reorganization	us-gaap_TemporaryEquityEliminationAsPartofReorganization	(1,000,000)
Additional Paid-in Capital [Member]
Stockholders' Equity, Other	us-gaap_StockholdersEquityOther	0
Additional Paid-in Capital [Member] \| Reorganization Adjustments [Member]
Temporary Equity, Elimination as Part of Reorganization	us-gaap_TemporaryEquityEliminationAsPartofReorganization	(6,757,000,000)
Noncontrolling Interest [Member]
Temporary Equity, Elimination as Part of Reorganization	us-gaap_TemporaryEquityEliminationAsPartofReorganization	0
Stockholders' Equity, Other	us-gaap_StockholdersEquityOther	8,000,000
Retained Earnings [Member]
Temporary Equity, Elimination as Part of Reorganization	us-gaap_TemporaryEquityEliminationAsPartofReorganization	$ 5,010,000,000