0001603923-23-000068 | 10-K | XBRL Viewer | Weatherford International PLC

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Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2022	Feb. 01, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Entity File Number	001-36504
Entity Registrant Name	Weatherford International plc
Entity Incorporation, State or Country Code	L2
Entity Tax Identification Number	98-0606750
Entity Address, Address Line One	2000 St. James Place,
Entity Address, City or Town	Houston,
Entity Address, Country	TX
Entity Address, Postal Zip Code	77056
City Area Code	713
Local Phone Number	836.4000
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Public Float			$ 1,500
Entity Common Stock, Shares Outstanding		70,890,321
Entity Central Index Key	0001603923
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2022

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Houston, TX
Auditor Firm ID	185

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues	$ 4,331	$ 3,645	$ 3,685
Revenues:
Total Revenues	4,331	3,645	3,685
Costs and Expenses:
Research and Development	90	85	97
Selling, General and Administrative	778	738	837
Goodwill and Long-Lived Assets Impairment	0	0	1,053
Restructuring Charges	22	0	206
Total Other Charges (Credits)	9	(10)	171
Total Costs and Expenses	3,919	3,529	5,171
Operating Income (Loss), Total	412	116	(1,486)
Other Income (Expense):
Interest Expense, Net	(179)	(260)	(251)
Gain (loss) on extinguishment of debt	(5)	(170)	0
Loss on Termination of ABL Credit Agreement	0	0	(15)
Other Expense, Net	(90)	(29)	(62)
Income (Loss) Before Income Taxes	138	(343)	(1,814)
Income Tax Provision	(87)	(86)	(85)
Net Income (Loss)	51	(429)	(1,899)
Net Income Attributable to Noncontrolling Interests	25	21	22
Net Income (Loss) Attributable to Weatherford	$ 26	$ (450)	$ (1,921)
Basic Income (Loss) Per Share Attributable to Weatherford (in dollars per share)	$ 0.37	$ (6.43)	$ (27.44)
Basic Weighted Average Shares Outstanding (in shares)	71	70	70
Diluted Income (Loss) Per Share Attributable to Weatherford (in dollars per share)	$ 0.36	$ (6.43)	$ (27.44)
Diluted Weighted Average Shares Outstanding (in shares)	72	70	70
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	$ 25	$ 21	$ 22
Noncontrolling Interest
Other Income (Expense):
Net Income (Loss)		21	22
Product
Revenues	1,633	1,292	1,435
Revenues:
Cost of Goods and Services Sold	1,332	1,169	1,257
Service
Revenues	2,698	2,353	2,250
Revenues:
Cost of Goods and Services Sold	$ 1,688	$ 1,547	$ 1,550

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 51	$ (429)	$ (1,899)
Foreign Currency Translation	(5)	(5)	(38)
Defined Benefit Pension	18	13	(14)
Other Comprehensive Income (Loss)	13	8	(52)
Comprehensive Income (Loss)	64	(421)	(1,951)
Net Income Attributable to Noncontrolling Interests	(25)	(21)	(22)
Comprehensive Income (Loss) Attributable to Weatherford	$ 39	$ (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.

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- Definition

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

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Assets:
Cash and Cash Equivalents	$ 910	$ 951
Restricted Cash	202	162
Accounts Receivable, Net of Allowance for Credit Losses of $26 at December 31, 2022 and $31 at December 31, 2021	989	825
Inventories, Net	689	670
Other Current Assets	253	303
Total Current Assets	3,043	2,911
Property, Plant and Equipment, Net of Accumulated Depreciation of $773 at December 31, 2022 and $623 at December 31, 2021	918	996
Intangible Assets, Net of Accumulated Amortization of $480 at December 31, 2022 and $328 at December 31, 2021	506	657
Operating Lease Assets	115	113
Other Non-current Assets	138	97
Total Assets	4,720	4,774
Liabilities:
Short-term Borrowings and Current Portion of Long-term Debt	45	12
Accounts Payable	460	380
Accrued Salaries and Benefits	367	343
Income Taxes Payable	141	140
Current Portion of Operating Lease Liabilities	44	59
Other Current Liabilities	413	398
Total Current Liabilities	1,470	1,332
Long-term Debt	2,203	2,416
Operating Lease Liabilities	117	128
Other Non-current Liabilities	379	402
Total Liabilities	4,169	4,278
Shareholders’ Equity:
Ordinary Shares - Par value $0.001; Authorized 1,356, Issued and Outstanding 71 at December 31, 2022 and 70 at December 31, 2021	0	0
Capital in Excess of Par Value	2,928	2,904
Retained Deficit	(2,371)	(2,397)
Accumulated Other Comprehensive Loss	(22)	(35)
Weatherford Shareholders’ Equity	535	472
Noncontrolling Interests	16	24
Total Shareholders’ Equity	551	496
Total Liabilities and Shareholders’ Equity	$ 4,720	$ 4,774

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts Receivable, Allowance for Credit Losses	$ 26	$ 31
Accumulated Depreciation	773	623
Intangible Assets, Accumulated Amortization	$ 480	$ 328
Ordinary Shares, Par Value (in dollars per share)	$ 0.001	$ 0.001
Ordinary Shares, Authorized (in shares)	1,356	1,356
Ordinary Shares, Issued (in shares)	71	70
Ordinary Shares, Outstanding (in shares)	71	70

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Balance, beginning balance at Dec. 31, 2019	$ 2,916	$ 0	$ 2,897	$ (26)	$ 9	$ 36
Increase (Decrease) in Stockholders' Equity [Roll Forward]
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	(1,947)	(43)	30
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Weatherford	(1,921)
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Weatherford	(450)
Net Income (Loss)	51
Other Comprehensive Loss	13
Dividends Paid to Noncontrolling Interests	(30)					(30)
Equity Awards, Granted, Vested and Exercised	18		18
Other	3		6			(3)
Balance, ending balance at Dec. 31, 2022	551	$ 0	$ 2,928	$ (2,371)	$ (22)	$ 16
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Weatherford	$ 26

- Definition

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

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- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flows From Operating Activities:
Net Income (Loss)	$ 51	$ (429)	$ (1,899)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Depreciation and Amortization	349	440	503
Bond Redemption Premium and Loss on Extinguishment of Debt and Termination of ABL Credit Agreement	5	170	15
Goodwill and Long-Lived Assets Impairment	0	0	1,053
Inventory Charges	36	62	210
Asset Write-Downs and Other Charges	5	0	60
Employee Share-Based Compensation Expense	25	25	0
Loss (Gain) on Disposition of Assets	(41)	(22)	2
Deferred Income Tax Provision (Benefit)	4	(10)	(5)
Change in Operating Assets and Liabilities, Net:
Accounts Receivable	(193)	(6)	378
Inventories	(56)	(18)	64
Accounts Payable	84	56	(250)
Other Assets and Liabilities, Net	80	54	79
Net Cash Provided by Operating Activities	349	322	210
Cash Flows From Investing Activities:
Capital Expenditures for Property, Plant and Equipment	(132)	(85)	(154)
Proceeds from Divestiture of Businesses and Investments	0	0	11
Proceeds from Disposition of Assets	82	41	22
Proceeds from Bond Maturities	0	0	50
Other Investing Activities	(4)	(39)	(4)
Net Cash Used in Investing Activities	(54)	(83)	(75)
Cash Flows From Financing Activities:
Borrowings of Long-term Debt	0	2,073	453
Repayments of Long-term Debt	(198)	(2,313)	(9)
Bond Redemption Premium	(5)	(131)	0
Repayments of Short-term Debt, Net	0	(4)	(27)
Deferred Consideration Payment	0	0	(24)
Dividends to Noncontrolling Interests	(30)	(21)	(28)
Other Financing Activities	(15)	(7)	(17)
Net Cash Provided by (Used in) Financing Activities, Total	(248)	(403)	348
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(48)	(8)	2
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	(1)	(172)	485
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	1,113	1,285	800
Cash, Cash Equivalents and Restricted Cash at End of Period	1,112	1,113	1,285
Supplemental Cash Flow Information
Interest Paid	220	269	232
Income Taxes Paid, Net of Refunds	$ 86	$ 62	$ 79

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

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, 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 Exchange Act for annual financial information. We consolidate all wholly owned subsidiaries and controlled joint ventures and eliminate intercompany balances in consolidation.

Certain reclassifications have been made to the financial statements and accompanying footnotes to conform to the Company’s current period presentation.

Emergence from Bankruptcy

On July 1, 2019, we filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. On December 13, 2019 (“Effective Date”), after all conditions to effectiveness were satisfied, we emerged from bankruptcy after successfully completing the reorganization.

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. Actual results could differ from those estimates.

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 $202 million at December 31, 2022 and $162 million at December 31, 2021 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, 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. Past due balances over 365 days and over a specified amount are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

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 cash, 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, 2022, accounts receivable in Mexico and the U.S. accounted for 21% and 12%, respectively, of our total net outstanding account receivables. Consistent with prior periods, 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, 2022, 2021 and 2020, 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. Owned PP&E are initially stated at cost and finance leases are initially stated at the present value of lease payments. Both are depreciated on straight-line basis over its estimated useful life. Subsequently, PP&E is measured at cost less accumulated depreciation and adjusted for impairment, when applicable. 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 and capitalize expenditures for improvements as well as renewals and replacements that extend the useful life of the asset.

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

Intangible Assets

Our identifiable intangible assets include developed and acquired technologies and our trade names, amortized on a straight-line basis over their estimated economic lives, generally ranging from 5 years (developed and acquired technologies) to 10 years (trade names). 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.

Leases

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. 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 assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date and include related options to extend or terminate lease terms that are reasonably certain of being exercise. We determine if an arrangement is classified as a lease at its inception. 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.

Long-Lived Assets Impairment

Long-lived assets, consisting of PP&E, operating lease assets and intangible 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. If the undiscounted cash flows do not exceed the carrying value of the long-lived asset group, impairment is recognized to the extent the carrying amount exceeds the estimated fair value of the asset group, as determined by a discounted cash flow analysis

Research and Development Expenditures

Research and development expenditures are expensed as incurred.

Derivative Financial Instruments

We enter into foreign currency forward contracts to mitigate the risk of future cash flows denominated in a foreign currency. The amounts will fluctuate, depending on exchange rate volatility, the volume of our foreign currency transactions, and our decisions to hedge. 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 hedging instruments under Accounting Standards Codification “ASC” 815 Derivatives and Hedging, and the changes in fair value of the contracts are recorded in each period in “Other Expense, Net” on the accompanying Consolidated Statements of Operations. We record derivative instruments on the balance sheet at their fair value as either assets or liabilities. See “Note 12 – Derivative Instruments” for additional information.

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.

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 translated using the exchange rates in effect at the balance sheet dates are included in “Accumulated Other Comprehensive Loss” on the accompanying Consolidated Statements of Shareholders' Equity.

For our subsidiaries with 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. Remeasurement gains and losses are recognized during the period incurred and recognized in “Other Expense, Net” on the accompanying Consolidated Statements of Operations.

Share-Based Compensation

We account for equity-classified share-based payment awards, including restricted share unit and performance unit awards by recognizing the grant date fair value as an expense, net of forfeitures, over the service period, which is usually the vesting period. For those share-based awards that are settled in cash and recorded as a liability, such as phantom restricted share units, the fair value and associated expense is adjusted when the published price of our stock changes. We record shared-based compensation in “Selling, General and Administrative” on the accompanying Consolidated Statements of Operations.

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.

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 products and services 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.

If the terms of a service contract give us the right to invoice the customer for an amount that corresponds directly with the value of our performance completed to date, revenues are recognized over time at the amount to which we have the right to invoice. For certain long-term contracts, our revenue is recognized for services over time as the services are rendered and we utilize an output method such as time elapsed or footage drilled, which coincides with how customers receive the benefit.

We lease drilling tools, artificial lift pumping equipment and other unmanned equipment to customers as operating leases. 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 rental revenues are recognized under ASU No. 2016-02, Leases (Topic 842) and are recorded within “Services Revenue” on the accompanying Consolidated Statements of Operations.

Contract Balances

The timing of revenue recognition, billings and cash collections results in billed and unbilled accounts receivable (included in “Accounts Receivable, Net”), contract assets (included in “Other Current Assets” and “Other Non-Current Assets”), and contract liabilities (included in “Other Current Liabilities”) on our Consolidated Balance Sheets. We recognize receivables for work completed on service contracts but not billed in which the rights to consideration are conditional as contract assets. We recognize contract liabilities when consideration is received in advance of the recognition of revenue.

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.

We generally bill our sales of products and services 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. 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.

Revenue is occasionally generated from contracts that include multiple performance obligations. 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.

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.

We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.

Income (Loss) per Share

Basic income (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 income (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.

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.

Segment Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Information

2 – 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. The CODM regularly reviews information aligned with how we offer our services and technologies in relation to the well life cycle as reflected in our reportable segments. All of our segments are enabled by a suite of digital monitoring, control and optimization solutions using advanced analytics to provide safe, reliable and efficient solutions throughout the well life cycle, including responsible abandonment. We have three reportable segments: (1) Drilling and Evaluation (2) Well Construction and Completions, and (3) Production and Intervention.

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, digital solutions (previously 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 3 – Revenues.”

Our primary measure of segment profitability is 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 (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.



	Year Ended December 31,
(Dollars in millions)	2022		2021		2020
Revenues:
Drilling and Evaluation	$	1,328	$	1,066	$	1,044
Well Construction and Completions	1,521		1,353		1,414
Production and Intervention	1,395		1,127		1,106
Segment Revenues	4,244		3,546		3,564
All Other	87		99		121
Total Revenues	$	4,331	$	3,645	$	3,685

Segment Adjusted EBITDA:
Drilling and Evaluation	$	324	$	186	$	132
Well Construction and Completions	299		256		273
Production and Intervention	261		191		154
Segment Adjusted EBITDA	$	884	$	633	$	559
Corporate and Other	(67)		(62)		(100)
Depreciation and Amortization	(349)		(440)		(503)
Share-based Compensation Expense (a)	(25)		(25)		—




































Other Adjustments (b) :
Long-Lived and Other Asset Impairment	$	—	$	—	$	(1,053)

Restructuring Charges	(22)		—		(206)
Other (Charges) Credits	(9)		10		(183)


Other Adjustments	$	(31)	$	10	$	(1,442)










Operating Income (Loss)	$	412	$	116	$	(1,486)

(a)See “Note 15 – Share-Based Compensation” for additional information.

(b)See “Note 4 – Goodwill and Long-Lived Assets Impairment” and “Note 5 – Restructuring Charges” for

additional information. During 2020, segment adjusted EBITDA for Well Construction and Completions included

a $12 million gain on sale of operational assets otherwise shown as part of “Other Charges (Credits)” on the

accompanying Consolidated Statements of Operations.


	Year Ended December 31,
(Dollars in millions)	2022		2021		2020
Depreciation and Amortization:
Drilling and Evaluation	$	112	$	164	$	183
Well Construction and Completions	99		123		151
Production and Intervention	86		102		112
Corporate and Other	52		51		57
Total Depreciation and Amortization	$	349	$	440	$	503

Capital Expenditures:
Drilling and Evaluation	$	54	$	18	$	27
Well Construction and Completions	35		18		23
Production and Intervention	32		36		73
Corporate and Other	11		13		31
Total Capital Expenditures	$	132	$	85	$	154


	December 31,
(Dollars in millions)	2022		2021
Total Assets:
Drilling and Evaluation	$	713	$	783
Well Construction and Completions	993		974
Production and Intervention	729		686
Total Reportable Segment Assets	2,435		2,443
Corporate and Other (a)	2,285		2,331
Total	$	4,720	$	4,774

(a) Corporate and other assets primarily include cash and cash equivalents, certain intangible assets, and centrally

managed or shared facilities.

PP&E, Net and Operating Lease Assets by Geographic Area

As of December 31, 2022 and 2021 the U.S. accounted for 22% and 23%, respectively, of our PP&E, Net and operating lease assets identifiable by geography. No other country accounted for more than 10% of our PP&E, Net and operating lease assets identifiable by geography as of December 31, 2022 and 2021. We had no PP&E, Net and operating lease assets in our country of domicile (Ireland) as of December 31, 2022 and 2021.


	December 31,
(Dollars in millions)	2022		2021
North America (a)	$	246	$	269
Latin America	176		163
Middle East/North Africa/Asia	354		385
Europe/Sub-Sahara Africa/Russia	239		267
PP&E, Net and Operating Lease Assets by Geography (b)	$	1,015	$	1,084

(a) North America consists of the U.S. and Canada.

(b) Corporate assets not allocated by geography are excluded from this total.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenues

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenues

3 – Revenues

Disaggregated Revenues

For additional details on our revenue recognition policies see “Note 1 – Summary of Significant Accounting Policies”.

The following tables disaggregate our revenues from contracts with customers by geographic region and includes equipment rental revenues. Equipment rental revenues were $146 million, $131 million and $150 million in 2022, 2021 and 2020, respectively.

The U.S. accounted for 20%, 19% and 20% of revenues in 2022, 2021 and 2020, respectively. No other country accounted for more than 10% of our revenue in 2022, 2021 and 2020. We had no revenue in our country of domicile (Ireland) in 2022, 2021 and 2020.


	Year Ended December 31,
(Dollars in millions)	2022		2021		2020








Revenues by Geographic Areas:
North America (a)	$	1,104	$	896	$	889
Latin America	1,062		814		697
Europe/Sub-Sahara Africa/Russia	764		737		747
Middle East/North Africa/Asia	1,401		1,198		1,352

Total Revenues	$	4,331	$	3,645	$	3,685

(a) North America consists of the U.S. and Canada.

Contract Balances

The timing of our revenue recognition, billings and cash collections result in the recording of accounts receivable, contract assets, and contract liabilities. The following table summarizes these balances as of December 31, 2022 and December 31, 2021:


	December 31,
(Dollars in millions)	2022		2021
Receivables for Product and Services in Accounts Receivable, Net	$	954	$	795
Receivables for Equipment Rentals in Account Receivable, Net	$	35	$	30
Accounts Receivable, Net of Allowance for Credit Losses of $26 at December 31, 2022 and $31 at December 31, 2021 (a)	$	989	$	825

Contract Assets in Other Current Assets	$	39	$	47
Contract Assets in Other Non-Current Assets	$	21	$	14
Contract Liabilities in Other Current Liabilities (b)	$	54	$	45

(a)The change in allowance for credit losses includes charges offset primarily by recoveries and write-offs. The credit loss charges were $10 million, $30 million and $32 million during 2022, 2021 and 2020, respectively. Offsets to allowance for credit losses were primarily recoveries and write-offs of $15 million, $31 million and nil during 2022, 2021 and 2020, respectively.

(b)Revenues recognized during the year ended December 31, 2022 and 2021 that were included in the contract liabilities balance at the beginning of each year were approximately $39 million and $35 million, respectively.

- 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

Long-Lived Asset Impairments (Notes)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Long-lived and Other Asset Impairments

4 – Goodwill and Long-Lived Assets Impairment

Goodwill and Long-Lived Assets Impairment

We recorded the following in “Goodwill and Long-Lived Assets Impairment” on the accompanying Consolidated Statements of Operations:


	Year Ended December 31,
(Dollars in millions)	2022		2021		2020
Long-lived Assets Impairment	$	—	$	—	$	814
Goodwill Impairment	—		—		239
Total Goodwill and Long-lived Assets Impairment	$	—	$	—	$	1,053

Goodwill Impairment

As of December 31, 2020, we no longer carry goodwill on the Consolidated Balance Sheets.

During 2020, based on our interim goodwill impairment assessments, we determined the fair value of our reporting units were less than their carrying values, and recognized goodwill impairment charges to fully impair our goodwill of $239 million (also the cumulative impairment loss). We identified impairment indicators that triggered 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.

Long-Lived Assets Impairment

We did not recognize long-lived assets impairments during 2022 or 2021.

During 2020, 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 operating lease assets with the assistance of a third-party valuation advisor. 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
	Year Ended December 31, 2020
(Dollars in millions)	DRE		WCC		PRI		All Other		Total
Property, Plant and Equipment	$	195	$	126	$	232	$	18	$	571
Intangible Assets	76		39		40		—		155
Operating Lease Assets	14		20		54		—		88
Long-lived Assets Impairment	$	285	$	185	$	326	$	18	$	814

Restructuring Charges

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring Charges

5 – Restructuring Charges

During 2022, “Restructuring Charges” on the accompanying Consolidated Statements of Operations were primarily related to the launch of a multi-year footprint consolidation and workforce efficiency initiative aimed at improving fulfillment operations. No restructuring charges were recognized in 2021. During 2020, our restructuring charges included workforce reductions, organization restructurings, facility consolidations and other cost reduction measures and efficiency initiatives targeted to better align with activity levels at the time.

Restructuring liabilities were $25 million and $17 million as of December 31, 2022 and 2021, respectively, of which $16 million and $12 million are recorded in “Other Current Liabilities” and $9 million and $5 million in “Other Non-current Liabilities” as of December 31, 2022 and 2021, respectively, on the accompanying Consolidated Balance Sheets. The change in liabilities include restructuring charges, primarily offset by cash payments.

The following table presents restructuring charges by type (including asset related charges) and by segment (and corporate and other) for following periods:


	Year Ended December 31,
(Dollars in millions)	2022		2021		2020
Severance Charges	$	14	$	—	$	132
Facility Exit Charges	8		—		10
Inventory Charges(a)	—		—		15
Property, Plant and Equipment(a)	—		—		40
Operating Lease and Other Assets(a)	—		—		9
Total Restructuring Charges	$	22	$	—	$	206

(a) Asset write-downs included in restructuring charges.


	Year Ended December 31,
(Dollars in millions)	2022		2021		2020
Drilling and Evaluation	$	5	$	—	$	35
Well Construction and Completions	7		—		60
Production and Intervention	5		—		52
Corporate and Other	5		—		59
Total Restructuring Charges	$	22	$	—	$	206

Inventories, Net

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventories, Net

6 – Inventories, Net

Inventories, net of reserves of $129 million and $159 million as of December 31, 2022 and December 31, 2021, respectively, by category were as follows:


	December 31,
(Dollars in millions)	2022		2021
Finished Goods	$	601	$	595
Work in Process and Raw Materials, Components and Supplies	88		75
Inventories, Net	$	689	$	670

The change in inventory reserves includes the inventory charges below, primarily offset by the disposal of inventory previously reserved.

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


	Year Ended December 31,
(Dollars in millions)	2022		2021		2020
Inventory Charges in “Cost of Products”	$	32	$	55	$	57
Inventory Charges in “Restructuring Charges”	—		—		15
Inventory Charges in “Other Charges (Credits)”	4		7		138
Total Inventory Charges (a)	$	36	$	62	$	210

(a)Inventory charges in 2020 were additionally driven by the impact of the COVID-19 pandemic.

Property, Plant and Equipment (Notes)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

7 – Property, Plant and Equipment, Net

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


	December 31,
(Dollars in millions)	2022		2021
Land, Buildings and Leasehold Improvements	$	476	$	484
Rental and Service Equipment	983		902
Machinery and Other	232		233
Property, Plant and Equipment, Gross	1,691		1,619
Less: Accumulated Depreciation	773		623
Property, Plant and Equipment, Net	$	918	$	996

Depreciation expense was $194 million, $284 million and $340 million in 2022, 2021 and 2020. See discussion at “Note 4 – Goodwill and Long-Lived Assets Impairment” for impairment recognized in 2020.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

8 – Intangible Assets, Net

The components of intangible assets, net were as follows:


	December 31, 2022
	Gross				Net
	Carrying		Accumulated		Intangible
(Dollars in millions)	Amount		Amortization		Assets
Developed and Acquired Technology	$	591	$	(359)	$	232
Trade Names	395		(121)		274
Intangible Assets, Net	$	986	$	(480)	$	506

	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


Intangible Assets, Net	$	985	$	(328)	$	657

Amortization expense was $155 million, $156 million and $163 million in 2022, 2021, and 2020, respectively. Based on the carrying value of intangible assets at December 31, 2022, amortization expense for the subsequent five years is estimated as follows (dollars in millions):


Period	Amount
2023	$	157
2024	146
2025	42
2026	41
2027	41

Leases (Notes)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

9 – Leases

The following table presents our lease expense components:


	Year Ended December 31,
(Dollars in millions)	2022		2021		2020
Lease Expense Components:
Operating Lease Expense	$	57	$	61	$	76
Short-term and Variable Lease Expense	90		65		63
Subtotal of Operating Lease Expense	$	147	$	126	$	139
Finance Lease Expense: Amortization of Assets and Interest on Lease Liabilities	18		16		15
Sublease Income	(3)		(4)		(6)
Total Lease Expense	$	162	$	138	$	148

Future commitments under operating and finance leases are as follows:



	Operating		Finance
(Dollars in millions)	Leases		Leases
Maturity of Lease Liabilities as of December 31, 2022:
2023	$	55	$	18
2024	38		16
2025	31		14
2026	24		13
2027	16		3
After 2027	91		1
Total Lease Payments	255		65
Less: Interest	(94)		(10)
Present Value of Lease Liabilities	$	161	$	55


	Years Ended
(Dollars in millions except years and percentages)	12/31/2022			12/31/2021			12/31/2020
Other Supplemental Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	80		$	89		$	101
Operating cash outflows from finance leases	$	5		$	5		$	5
Financing cash outflows from finance leases	$	16		$	13		$	9

Assets obtained in exchange for:
Operating leases	$	50		$	23		$	37
Finance leases	$	18		$	6		$	4



Weighted-average remaining lease term (years)
Operating leases	8.8			8.9			8.1
Finance leases	3.9			4.8			5.9

Weighted-average discount rate (percentages)
Operating leases	9.1		%	9.6		%	9.6		%
Finance leases	8.5		%	8.9		%	9.1		%

Leases

9 – Leases

The following table presents our lease expense components:


	Year Ended December 31,
(Dollars in millions)	2022		2021		2020
Lease Expense Components:
Operating Lease Expense	$	57	$	61	$	76
Short-term and Variable Lease Expense	90		65		63
Subtotal of Operating Lease Expense	$	147	$	126	$	139
Finance Lease Expense: Amortization of Assets and Interest on Lease Liabilities	18		16		15
Sublease Income	(3)		(4)		(6)
Total Lease Expense	$	162	$	138	$	148

Future commitments under operating and finance leases are as follows:



	Operating		Finance
(Dollars in millions)	Leases		Leases
Maturity of Lease Liabilities as of December 31, 2022:
2023	$	55	$	18
2024	38		16
2025	31		14
2026	24		13
2027	16		3
After 2027	91		1
Total Lease Payments	255		65
Less: Interest	(94)		(10)
Present Value of Lease Liabilities	$	161	$	55


	Years Ended
(Dollars in millions except years and percentages)	12/31/2022			12/31/2021			12/31/2020
Other Supplemental Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	80		$	89		$	101
Operating cash outflows from finance leases	$	5		$	5		$	5
Financing cash outflows from finance leases	$	16		$	13		$	9

Assets obtained in exchange for:
Operating leases	$	50		$	23		$	37
Finance leases	$	18		$	6		$	4



Weighted-average remaining lease term (years)
Operating leases	8.8			8.9			8.1
Finance leases	3.9			4.8			5.9

Weighted-average discount rate (percentages)
Operating leases	9.1		%	9.6		%	9.6		%
Finance leases	8.5		%	8.9		%	9.1		%

Borrowings and Other Debt Obligations

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Borrowings and Other Debt Obligations

10 – Borrowings and Other Debt Obligations

Total debt carrying values consisted of the following:


	December 31,
(Dollars in millions)	2022		2021
Current portion of 6.5% Senior Secured Notes due 2028 “2028 Senior Secured Notes”	$	11	$	—
Current portion of 11.00% Exit Notes due 2024 “Exit Notes”	20		—
Finance Lease Current Portion	14		12
Short-term Borrowings and Current Portion of Long-term Debt	$	45	$	12

8.625% Senior Notes due 2030 “2030 Senior Notes”	$	1,586	$	1,584
6.5% Senior Secured Notes due 2028 “2028 Senior Secured Notes”	471		488
11.00% Exit Notes due 2024 “Exit Notes”	105		300
Finance Lease Long-term Portion	41		44
Long-term Debt	$	2,203	$	2,416

Our Exit Notes and 2028 Senior Secured Notes were issued by Weatherford International Ltd., a Bermuda exempted company (“Weatherford Bermuda”), and guaranteed by the Company and Weatherford International, LLC, a Delaware limited liability company (“Weatherford Delaware”) and other subsidiary guarantors party thereto.

Our 2030 Senior Notes were originally issued by Weatherford Bermuda and guaranteed by the Company and Weatherford Delaware and other subsidiary guarantors party thereto. On December 1, 2022, the indenture related to our 2030 Senior Notes was amended and supplemented to add Weatherford Delaware as co-issuer and co-obligor, and concurrently releases the guarantee of Weatherford Delaware.

The bond redemption premiums and noncash loss on extinguishment of debt related to the unamortized debt issuance costs described in the following paragraphs are presented as “Loss on Extinguishment of Debt and Bond Redemption Premium” on the Consolidated Statements of Operations. Additionally, debt issuance costs described in the following paragraphs reduce 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.

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. 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.

On October 20, 2021, we redeemed $200 million in principal amount and paid related accrued interest of $8 million along with a bond redemption premium of $6 million. On October 27, 2021, we redeemed $1.6 billion in principal and paid related accrued interest of $71 million along with a bond redemption premium of $103 million and recognized a $2 million noncash loss on extinguishment of debt related to the unamortized debt issuance costs. This redemption used net proceeds from our issuance of $1.6 billion of 2030 Senior Notes (defined below) and cash on hand.

On August 10, 2022 and November 17, 2022, we redeemed $50 million and $125 million, respectively, in principal amount and paid the related accrued interest along with a bond redemption premium of $5 million. During the fourth quarter of 2022, we elected to redeem an additional $20 million and present this amount as “Short-term Borrowings and Current Portion of Long-term Debt” on the Consolidated Financial Statements as of December 31, 2022. At December 31, 2022, the carrying value of $125 million represents the total remaining unpaid principal. Subsequent to year-end, in January 2023, we redeemed the $20 million in principal in short-term and paid related accrued interest along with a bond redemption premium.

2024 Senior Secured Notes

On August 28, 2020, we entered into an indenture and issued the 8.75% Senior Secured Notes for 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, and commenced March 1, 2021. Proceeds from the issuance were reduced by debt issuance costs, and include a purchase commitment discount of $25 million and a commitment fee of $15 million.

On September 30, 2021, we repaid the principal amount 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, and commenced March 15, 2022. Proceeds from the issuance were reduced by debt issuance costs. 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 (now the “Credit Agreement”), in each case, subject to permitted liens).

During the fourth quarter of 2022, we elected to repurchase $8 million in principal amount of our 2028 Senior Secured Notes. Subsequent to year-end, in January 2023, we repurchased an additional $11 million in principal amount of our 2028 Senior Secured Notes.

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, and commenced June 1, 2022.

On December 1, 2022, we modified our 2030 Senior Notes, as described earlier.

Credit Agreement

We had a senior secured letter of credit agreement dated as of December 13, 2019 (the “LC 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 October 17, 2022, we amended our LC Agreement (as amended and restated, the “Credit Agreement”) to assign the administrative agent role to Wells Fargo Bank National Association and to provide for a $370 million revolving credit agreement, comprised of $280 million for bid and performance letters of credit, and $90 million for revolving loans and bid, performance and financial letters of credit. The current revolving loan capacity is $45 million.

The maturity date under the Credit Agreement is October 17, 2026 provided, that if more than $50 million of our Exit Notes are outstanding on such date, the maturity date will be August 30, 2024. The Credit Agreement also has (i) a minimum liquidity covenant of $250 million, (ii) a minimum interest coverage ratio of 2.00 to 1.00 for the testing period ended September 30, 2022 and 2.50 to 1.00 for each testing period thereafter and (iii) a maximum ratio of funded debt (net of unrestricted cash in excess of $400 million) to consolidated adjusted EBITDA of 4.00 to 1.00 for each testing period ending prior to June 30, 2023 and 3.50 to 1.00 for each testing period thereafter. The obligations under the Credit Agreement, as with our prior LC Agreement, are guaranteed by the Company and certain of our subsidiaries and secured by substantially all of the personal property of the Company and these subsidiaries.

On November 22, 2022, we amended our Credit Agreement to include (i) Weatherford Canada Ltd. as a borrower, and (ii) increased the total commitment to $400 million. On January 6, 2023, we further amended the Credit Agreement to clarify certain definitions related to fees associated with certain letters of credit. The material terms of the Credit Agreement are otherwise unchanged.

At December 31, 2022, we had approximately $195 million in outstanding letters of credit under the Credit Agreement and availability of $160 million.

As of December 31, 2022, we had $395 million of letters of credit outstanding, consisting of the $195 million mentioned above under the Credit Agreement and another $200 million under various uncommitted bi-lateral facilities (of which there was $199 million in cash collateral held and recorded in “Restricted Cash” on the Consolidated Balance Sheets).

ABL Credit Agreement

On the Effective Date, 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 and 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, 2030 Senior Notes and Credit Agreement

The indentures governing the Exit Notes, 2028 Senior Secured Notes and 2030 Senior 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 $250 million minimum liquidity covenant and minimum interest coverage ratio and maximum ratio of funded debt as noted above under our latest amended 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.

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


(Dollars in millions)
2023	$	45
2024	118
2025	13
2026	12
2027	3
Thereafter	2,081
Total Debt Maturities	$	2,272
Unamortized Debt Issuance and Discount	$	(24)
Total Debt Carrying Value	$	2,248

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

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

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. The fair values of our derivative instruments (see “Note 12 – Derivative Instruments”) and warrants (see “Note 16 – Shareholders’ Equity”), are both Level 2 valuations.

Our other financial instruments include cash and cash equivalents, accounts receivable, accounts payable, short-term borrowings and long-term debt. The carrying values of these financial instruments (excluding long-term debt) approximate their fair value due to their short maturities.

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 current market interest rate is greater than the interest rate at which the debt was originally issued. The fair value of our long-term debt (excluding Finance Leases) 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, 2022				December 31, 2021
(Dollars in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value
11.00% Exit Notes due 2024	$	125	$	128	$	300	$	311

6.5% Senior Secured Notes due 2028	482		482		488		528
8.625% Senior Notes due 2030	1,586		1,544		1,584		1,660
Long-Term Debt (excluding Finance Leases)	$	2,193	$	2,154	$	2,372	$	2,499

Non-recurring Fair Value Measurements

See discussion at “Note 4 – Goodwill and Long-Lived Assets Impairment” and “Note 6 – Inventories, 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, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	12 – Derivative Instruments We enter into contracts to hedge our exposure to currency fluctuations in various foreign currencies. At December 31, 2022 and December 31, 2021, we had outstanding foreign currency forward contracts with notional amounts aggregating to $147 million and $349 million, respectively. The changes in fair value of the contracts 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, 2022

Retirement Benefits [Abstract]

Retirement and Employee Benefit Plans

13 – Retirement and Employee Benefit Plans

We have defined contribution plans covering certain employees. Contribution expenses related to these plans totaled $18 million, $16 million and $13 million for the years ended December 31, 2022, 2021 and 2020, respectively.

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, $4 million, and $2 million for the years ended December 31, 2022, 2021 and 2020, respectively. The projected benefit obligations on a consolidated basis were $121 million and $207 million as of December 31, 2022 and December 31, 2021, 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 $97 million and $160 million as of December 31, 2022 and December 31, 2021, respectively. The decrease year over year is due primarily to investment losses. As of December 31, 2022, the net underfunded obligation consisted of $15 million of funded obligations recorded to “Other Non-current Assets” and $39 million of underfunded obligations substantially all recorded to “Other Non-current Liabilities” on our Consolidated Balance Sheets. 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. Additionally, the consolidated pre-tax amount in accumulated other comprehensive income (loss) as of December 31, 2022 and 2021, that has not yet been recognized as a component of net periodic benefit cost was a net gain of $19 million and net gain of $1 million, respectively. As mentioned above, increased discount rates were the primary driver of the overall gain in 2022.

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


	Year Ended December 31,
	2022	2021
Discount rate:
United States Plans	4.75% - 5.00%	2.00% - 2.75%
International Plans	2.84% - 13.62%	0.85% - 8.47%
Rate of Compensation Increase:
United States Plans	—	—
International Plans	2.00% - 7.22%	2.00% - 4.77%

During each of the years ended December 31, 2022, 2021 and 2020, we made contributions and paid direct benefits of $5 million in connection with our defined benefit pension and other post-retirement benefit plans. In 2023, we expect to fund approximately $5 million related to those plans.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Disputes, Litigation and Contingencies	12 Months Ended
Disputes, Litigation and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Disputes, Litigation and Contingencies	14 – 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. Accrued litigation and settlements recorded in “Other Current Liabilities” on the accompanying Consolidated Balance Sheets as of December 31, 2022 and December 31, 2021 were $41 million and $40 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

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

15 – Share-Based Compensation

Share-Based Plan

The Weatherford International plc Third Amended and Restated 2019 Equity Incentive Plan, (“2019 Equity Plan”) authorizes the issuance of 8.6 million shares of common stock by the Compensation and Human Resources Committee of our Board of Directors in the form of options, share appreciation rights, restricted share awards, restricted share units (“RSUs”), performance-based restricted share units (“PSUs”), Phantom restricted share units (“Phantom RSUs”) and other share-based and performance-based awards to any employee, consultant, or non-employee director (“Grantees”). The provisions of each award vary based on the type of award granted. Awards made under the 2019 Equity Plan vest and settle in shares of newly issued common stock or cash. As of December 31, 2022, there were 3.3 million shares available for future grants.

Share-Based Compensation Expense

Share-based compensation expense was $25 million each for the years ended December 31, 2022 and 2021 and immaterial for 2020. Due to valuation allowances in the taxing jurisdictions of our Grantees, there is no related tax impact for each of the periods presented.

Share-Based Award

The Company has granted RSUs, PSUs, and Phantom RSUs under the 2019 Equity Plan. All awards require continued employment and generally vest over a one to three year vesting period. The Grantees do not have the rights of a shareholder under these awards until such date as the shares are issued.

RSUs vest based on continued employment. The fair value of RSUs is determined based on the closing price of our shares on the date of grant. The total fair value, less forfeitures, is expensed over the vesting period. The weighted-average grant date fair value per unit (“WAGD FV”) of RSUs granted during 2022, 2021 and 2020 was $30.90, $6.54 and $3.37, respectively. The fair value of RSUs vested during 2022, 2021 and 2020 was $18 million, $2 million and immaterial, respectively. Cash used to settle RSUs in 2022 was $2 million. Cash was not used for 2021 or 2020. As of December 31, 2022, there was $12 million of unrecognized compensation expense related to RSUs, which is expected to be recognized over a weighted-average period of two years.

PSUs vest based on continued employment and achievement of an established target. The actual number of PSU’s earned is subject to increase or decrease based on the performance goal multiplier and may range from 0% to 200%. The total fair value, less forfeitures, is expensed over the vesting period. Fair value of PSU’s depends on whether the established target is a performance or market condition.

The fair value of PSUs subject to performance conditions defined solely by reference to the Company’s own operations is determined based on the closing price of our shares on the date of grant. Compensation cost is recognized only when the Company concludes it is probable the performance condition will be achieved and can increase, or decrease based on fluctuations in the Company’s forecasts.

The fair value of PSUs subject to the market performance of the Company’s shares is determined by utilizing an advanced option-pricing model. All compensation cost is recognized if the employment condition is fulfilled even if the market condition is never satisfied, as the likelihood of achieving the market condition is incorporated into the fair value of the award. The weighted average of assumptions used in the models were as follows:


	Year Ended December 31,
	2022		2021		2020
Risk-Free rate	3.2	%	0.8	%	n/a
Dividend Yield	n/a		n/a		n/a
Expected Volatility	63.0	%	55.0	%	n/a
Expected Life (in years)	2.5		3.2		n/a

The risk-free rate is obtained as of the grant date with terms matching the performance period. The dividend yield is based on historical dividend payments and expectations of management. The expected volatility is based on comparable companies’ volatility, and the expected life in years is based on the performance measurement period.

The WAGD FV per unit of PSUs granted during 2022, 2021 and 2020 was $23.14, $12.62 and $2.46, respectively. The fair value of PSUs vested during 2021 was $2 million and nil for 2020 and 2022. As of December 31, 2022, there was $19 million of unrecognized compensation expense related to PSUs, which is expected to be recognized over a weighted-average period of two years.

Phantom RSUs were only granted in 2021. Phantom RSUs vest, based on continued employment, over two years and can be settled in either cash or shares. The Company intends to settle all Phantom RSUs in cash, therefore they are recorded as a liability and remeasured based on current market value over the vesting period until settlement. Cash payout is calculated using the volume weighted price of the Company’s shares averaged for the 30 trading days immediately preceding the applicable vesting date, and was capped at certain predetermined amounts. During 2021, Phantoms RSUs were granted with a WAGD FV of $6.38 and the liability as of December 31, 2021 was $14 million, which was settled in cash in 2022. As of December 31, 2022, there was an immaterial amount of unrecognized compensation expense related to Phantom RSUs, due to achievement of the predetermined capped amounts in year one, which is expected to be settled in cash in 2023.

A summary of activity for non-vested RSUs, PSUs, and Phantom RSUs outstanding (units in thousands) and their respective WAGD FV during 2022 is presented below. The table reflects the performance multiplier for PSUs at 100%.


	RSU	WAGD FV	PSU	WAGD FV	Phantom RSU	WAGD FV
Non-Vested at December 31, 2021	1,065	6.19	1,924	12.74	1,239	6.53
Granted	609	30.90	618	23.14	—	—
Vested	(679)	6.37	—	—	(465)	6.55
Cancelled or Forfeited	(77)	22.86	(241)	18.02	(757)	6.34
Non-Vested at December 31, 2022	918	21.05	2,301	14.98	17	14.50

Shareholders' Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Shareholders' Equity

16 – Shareholders’ Equity

There were no material changes in our ordinary shares issued as of December 31, 2022 and 2021.

On the Effective Date, the Company issued warrants allowing the holders to purchase up to an aggregate of 7,777,779 ordinary shares in the Company, par value $0.001, at an exercise price of $99.96 per ordinary share. The warrants are equity classified and, upon issuance, had 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 was estimated using the Black Scholes valuation model. Inputs to the model included Weatherford’s share price, volatility of our share price, and the risk-free interest rate.

The warrants are exercisable until the “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 or a liquidation, dissolution or winding down of all or substantially all of the equity interests of the Company to one or more third parties. All unexercised warrants will expire, and the rights of the warrant holders to purchase ordinary shares will terminate, on the Expiration Date. During 2022 and 2021, 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)	Foreign Currency Translation		Defined Benefit Pension		Total

















Balance at December 31, 2020	$	(31)	$	(12)	$	(43)
Other Comprehensive (Loss) Income	(5)		13		8
Balance at December 31, 2021	(36)		1		(35)
Other Comprehensive (Loss) Income	(5)		18		13
Balance at December 31, 2022	$	(41)	$	19	$	(22)

- 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, 2022

Earnings Per Share [Abstract]

Earnings per Share

17 – Income (Loss) per Share

Basic income (loss) per share for all periods presented equals net income (loss) divided by our weighted average shares outstanding during the period. Diluted income (loss) per share is computed by dividing net income (loss) by our weighted average shares outstanding during the period including potential dilutive ordinary shares. Antidilutive shares represent potentially dilutive securities which are excluded from the computation of diluted income or loss per share as their impact was antidilutive. These include potential ordinary shares for restricted share units, performance share units, phantom restricted share units, and outstanding warrants. Our basic and diluted weighted average shares outstanding for periods presented with net loss are equivalent as the impact of potential dilutive securities is antidilutive.

A reconciliation of the number of shares used for the basic and diluted income (loss) per share calculation was as follows:


	Year Ended December 31,
(Shares in millions)	2022		2021		2020
Net Income (Loss) Attributable to Weatherford	$	26	$	(450)	$	(1,921)

Basic Weighted Average Shares Outstanding	71		70		70
Dilutive Effect of Awards Granted in Stock Incentive Plans	1		—		—
Diluted Weighted Average Shares Outstanding	72		70		70

Antidilutive Shares	8		10		8
Basic Income (Loss) Per Share Attributable to Weatherford	$	0.37	$	(6.43)	$	(27.44)
Diluted Income (Loss) Per Share Attributable to Weatherford	$	0.36	$	(6.43)	$	(27.44)

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

18 – 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.

Our income tax provision consisted of the following:


	Year Ended December 31,
(Dollars in millions)	2022		2021		2020
Total Current Provision	$	(83)	$	(96)	$	(90)
Total Deferred (Provision) Benefit	(4)		10		5
Income Tax Provision	$	(87)	$	(86)	$	(85)

The difference between the Irish income tax provision and the consolidated income tax provision is analyzed below:


	Year Ended December 31,
(Dollars in millions)	2022		2021		2020
Irish Income Tax (Provision) Benefit Tax Rate of 25%	$	(35)	$	86	$	454
Tax Provision on Operating Earnings/Losses Subject to Rates Different than the Irish Income Tax Rate	(155)		(189)		(361)
Tax (Provision) Benefit on Swiss Loss from internal liquidation of subsidiary	(141)		124		179
Decrease (Increase) in Valuation Allowance attributed to Swiss Loss	141		(124)		(179)
Decrease (Increase) in Valuation Allowance on Operating Earnings/Losses	64		52		(151)
Change in Uncertain Tax Positions	39		(35)		(27)






Income Tax Provision	$	(87)	$	(86)	$	(85)

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. Certain charges and impairments recognized do not result in significant tax benefit as a result of being attributed to a non-income tax jurisdiction or our inability to forecast realization of the tax benefit of such losses.

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 were as follows:


	December 31,		December 31,
(Dollars in millions)	2022		2021
Deferred Tax Assets:
Net Operating Losses Carryforwards	$	751	$	929
Unused Recognized Built in Losses	43		50
Accrued Liabilities and Reserves	143		186
Tax Credit Carryforwards	11		9
Employee Benefits	29		30
Property, Plant and Equipment	158		118
Inventory	38		52
U.S. Interest Deferral	57		13
State Deferred	50		50
Other Differences between Financial and Tax Basis	89		139
Valuation Allowance	(1,300)		(1,527)
Total Deferred Tax Assets	69		49
Deferred Tax Liabilities:

Intangible Assets	(28)		(35)


Other Differences between Financial and Tax Basis	—		(3)
Total Deferred Tax Liabilities	(28)		(38)
Net Deferred Tax Asset	$	41	$	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 in the appropriate tax jurisdiction 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, in making this assessment.

The valuation allowance increased (decreased) by $(227) million, $28 million and $333 million in 2022, 2021, and 2020, respectively. Tax expense (benefit) related to the increase (decrease) in the valuation allowance was $(205) million, $72 million, and $330 million in 2022, 2021 and 2020, respectively. The tax expense (benefit) in the valuation allowance is primarily attributable to the release of valuation allowance of $35 million and $7 million for 2022 and 2021, respectively, where deferred tax assets are now considered more likely than not to be realized in the future, and the Switzerland liquidation transaction discussed below. The remaining relates to the utilization of net operating losses previously not expected to be realized against operating earnings, $(29) million and $(45) million in 2022 and 2021, respectively. The 2020 expense is primarily attributable to net operating losses not expected to be realized and the Switzerland transaction. Other increase (decreases) to the valuation allowance also includes foreign currency transactions of $(22) million, $(44) million, and $3 million in 2022, 2021 and 2020, respectively.

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, 2022, 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 $1.3 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, 2022, we had approximately $3.8 billion of net operating losses (“NOLs”) in various jurisdictions. Our non-indefinite loss carryforwards, if not utilized, will mostly expire for U.S. subsidiaries from 2030 through 2037 and at various dates from 2023 through 2042 for non-U.S. subsidiaries.

Upon emergence from bankruptcy in December 2019, 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 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. Upon emergence, we estimated that the maximum U.S. NOLs available for utilization in the future was $713 million as of December 31, 2019.

In 2021, we executed a liquidation transaction of one of our Swiss holding companies which resulted in the forfeiture of impairment losses of $1.3 billion generated in 2020. In addition, the liquidation transaction resulted in approximately $6.2 billion of tax losses (NOLs) in Switzerland of which $4 billion was deemed worthless and excluded from the deferred tax table, and $2.2 billion was recorded as an NOL and included in the table as management expects to utilize those NOLs on our future tax returns. However, in addition to recording a deferred tax asset of $303 million related to the $2.2 billion tax losses, we recorded a valuation allowance against the full $303 million because it will offset future income that is otherwise exempt from tax.

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


	Year Ended December 31,
(Dollars in millions)	2022		2021		2020
Balance at Beginning of Year	$	235	$	222	$	214
Additions as a Result of Tax Positions Taken During a Prior Period	14		23		9
Reductions as a Result of Tax Positions Taken During a Prior Period	(15)		(8)		(4)
Additions as a Result of Tax Positions Taken During the Current Period	11		12		21
Reductions Relating to Settlements with Taxing Authorities	(36)		(5)		(2)
Reductions as a Result of a Lapse of the Applicable Statute of Limitations	(11)		(2)		(7)
Foreign Exchange Effects	(7)		(7)		(9)
Balance at End of Year	$	191	$	235	$	222

Substantially all of the uncertain tax positions, if released in future periods, would impact our effective tax rate. Within the total balance is $38 million and $76 million as of December 31, 2022 and 2021, respectively, that would be offset by net operating losses and other tax attributes if settled. Our income tax provision includes penalties and interest expense (benefit) on uncertain tax positions of $(2) million, $17 million and $11 million for years ended December 31, 2022, 2021, and 2020, respectively. The benefit of $(2) million in 2022 includes $(19) million of interest and penalty release related to benefit from previously uncertain tax positions. The amounts in the table above exclude cumulative accrued interest and penalties of $98 million and $104 million at December 31, 2022 and 2021 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, 2022, 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
Argentina			2012 - 2022
Canada			2014 - 2022
Mexico			2012 - 2022
Russia			2019 - 2022
Saudi Arabia			2018 - 2022
Switzerland			2014 - 2022
United States (Federal)			2019 - 2022

We are continuously under tax examination in various jurisdictions and cannot predict the timing or outcome regarding the resolutions or if they will have a material impact on our financial statements. As of December 31, 2022, we anticipate that it is reasonably possible that the amount of uncertain tax positions may decrease by up to $4 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 https://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 https://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)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Principles of Consolidation

Basis of Presentation and Principles of Consolidation

Certain reclassifications have been made to the financial statements and accompanying footnotes to conform to the Company’s current period presentation.

Fresh Start Accounting Policy

Emergence from BankruptcyOn July 1, 2019, we filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. On December 13, 2019 (“Effective Date”), after all conditions to effectiveness were satisfied, we emerged from bankruptcy after successfully completing the reorganization.

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. Actual results could differ from those estimates.

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 $202 million at December 31, 2022 and $162 million at December 31, 2021 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, 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. Past due balances over 365 days and over a specified amount are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

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

Intangible Assets

Leases

Impairment or Disposal of Long-Lived Assets

Long-Lived Assets Impairment

Research and Development Expenditures

Research and development expenditures are expensed as incurred.

Derivatives Financial Instruments

Derivative Financial Instruments

Foreign Currency

Share-Based Compensation

Share-Based CompensationWe account for equity-classified share-based payment awards, including restricted share unit and performance unit awards by recognizing the grant date fair value as an expense, net of forfeitures, over the service period, which is usually the vesting period. For those share-based awards that are settled in cash and recorded as a liability, such as phantom restricted share units, the fair value and associated expense is adjusted when the published price of our stock changes. We record shared-based compensation in “Selling, General and Administrative” on the accompanying Consolidated Statements of Operations.

Income Taxes

Disputes, Litigation and Contingencies

Revenue

Revenue Recognition

Contract Balances

Performance Obligations

Earnings per Share

Income (Loss) per ShareBasic income (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 income (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.

Accounting Standards Issued Not Yet Adopted

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Property, Plant and Equipment, Useful Lives

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

Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Financial information by segment



	Year Ended December 31,
(Dollars in millions)	2022		2021		2020
Revenues:
Drilling and Evaluation	$	1,328	$	1,066	$	1,044
Well Construction and Completions	1,521		1,353		1,414
Production and Intervention	1,395		1,127		1,106
Segment Revenues	4,244		3,546		3,564
All Other	87		99		121
Total Revenues	$	4,331	$	3,645	$	3,685

Segment Adjusted EBITDA:
Drilling and Evaluation	$	324	$	186	$	132
Well Construction and Completions	299		256		273
Production and Intervention	261		191		154
Segment Adjusted EBITDA	$	884	$	633	$	559
Corporate and Other	(67)		(62)		(100)
Depreciation and Amortization	(349)		(440)		(503)
Share-based Compensation Expense (a)	(25)		(25)		—




































Other Adjustments (b) :
Long-Lived and Other Asset Impairment	$	—	$	—	$	(1,053)

Restructuring Charges	(22)		—		(206)
Other (Charges) Credits	(9)		10		(183)


Other Adjustments	$	(31)	$	10	$	(1,442)










Operating Income (Loss)	$	412	$	116	$	(1,486)

(a)See “Note 15 – Share-Based Compensation” for additional information.

(b)See “Note 4 – Goodwill and Long-Lived Assets Impairment” and “Note 5 – Restructuring Charges” for

additional information. During 2020, segment adjusted EBITDA for Well Construction and Completions included

a $12 million gain on sale of operational assets otherwise shown as part of “Other Charges (Credits)” on the

accompanying Consolidated Statements of Operations.


	Year Ended December 31,
(Dollars in millions)	2022		2021		2020
Depreciation and Amortization:
Drilling and Evaluation	$	112	$	164	$	183
Well Construction and Completions	99		123		151
Production and Intervention	86		102		112
Corporate and Other	52		51		57
Total Depreciation and Amortization	$	349	$	440	$	503

Capital Expenditures:
Drilling and Evaluation	$	54	$	18	$	27
Well Construction and Completions	35		18		23
Production and Intervention	32		36		73
Corporate and Other	11		13		31
Total Capital Expenditures	$	132	$	85	$	154


	December 31,
(Dollars in millions)	2022		2021
Total Assets:
Drilling and Evaluation	$	713	$	783
Well Construction and Completions	993		974
Production and Intervention	729		686
Total Reportable Segment Assets	2,435		2,443
Corporate and Other (a)	2,285		2,331
Total	$	4,720	$	4,774

(a) Corporate and other assets primarily include cash and cash equivalents, certain intangible assets, and centrally

managed or shared facilities.

Long-lived Assets by Geographic Areas


	December 31,
(Dollars in millions)	2022		2021
North America (a)	$	246	$	269
Latin America	176		163
Middle East/North Africa/Asia	354		385
Europe/Sub-Sahara Africa/Russia	239		267
PP&E, Net and Operating Lease Assets by Geography (b)	$	1,015	$	1,084

(a) North America consists of the U.S. and Canada.

(b) Corporate assets not allocated by geography are excluded from this total.

Revenues (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue


	Year Ended December 31,
(Dollars in millions)	2022		2021		2020








Revenues by Geographic Areas:
North America (a)	$	1,104	$	896	$	889
Latin America	1,062		814		697
Europe/Sub-Sahara Africa/Russia	764		737		747
Middle East/North Africa/Asia	1,401		1,198		1,352

Total Revenues	$	4,331	$	3,645	$	3,685

Schedule of Contract with Customer, Asset and Liability

The following table summarizes these balances as of December 31, 2022 and December 31, 2021:


	December 31,
(Dollars in millions)	2022		2021
Receivables for Product and Services in Accounts Receivable, Net	$	954	$	795
Receivables for Equipment Rentals in Account Receivable, Net	$	35	$	30
Accounts Receivable, Net of Allowance for Credit Losses of $26 at December 31, 2022 and $31 at December 31, 2021 (a)	$	989	$	825

Contract Assets in Other Current Assets	$	39	$	47
Contract Assets in Other Non-Current Assets	$	21	$	14
Contract Liabilities in Other Current Liabilities (b)	$	54	$	45

Long-Lived Asset Impairments (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

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

We recorded the following in “Goodwill and Long-Lived Assets Impairment” on the accompanying Consolidated Statements of Operations:


	Year Ended December 31,
(Dollars in millions)	2022		2021		2020
Long-lived Assets Impairment	$	—	$	—	$	814
Goodwill Impairment	—		—		239
Total Goodwill and Long-lived Assets Impairment	$	—	$	—	$	1,053


Long-Lived Assets Impairment by Asset Class and Segment
	Year Ended December 31, 2020
(Dollars in millions)	DRE		WCC		PRI		All Other		Total
Property, Plant and Equipment	$	195	$	126	$	232	$	18	$	571
Intangible Assets	76		39		40		—		155
Operating Lease Assets	14		20		54		—		88
Long-lived Assets Impairment	$	285	$	185	$	326	$	18	$	814

Restructuring Charges (Tables)

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges

The following table presents restructuring charges by type (including asset related charges) and by segment (and corporate and other) for following periods:


	Year Ended December 31,
(Dollars in millions)	2022		2021		2020
Severance Charges	$	14	$	—	$	132
Facility Exit Charges	8		—		10
Inventory Charges(a)	—		—		15
Property, Plant and Equipment(a)	—		—		40
Operating Lease and Other Assets(a)	—		—		9
Total Restructuring Charges	$	22	$	—	$	206

(a) Asset write-downs included in restructuring charges.


	Year Ended December 31,
(Dollars in millions)	2022		2021		2020
Drilling and Evaluation	$	5	$	—	$	35
Well Construction and Completions	7		—		60
Production and Intervention	5		—		52
Corporate and Other	5		—		59
Total Restructuring Charges	$	22	$	—	$	206

Inventories, Net (Tables)

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Components of Inventory

Inventories, net of reserves of $129 million and $159 million as of December 31, 2022 and December 31, 2021, respectively, by category were as follows:


	December 31,
(Dollars in millions)	2022		2021
Finished Goods	$	601	$	595
Work in Process and Raw Materials, Components and Supplies	88		75
Inventories, Net	$	689	$	670

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


	Year Ended December 31,
(Dollars in millions)	2022		2021		2020
Inventory Charges in “Cost of Products”	$	32	$	55	$	57
Inventory Charges in “Restructuring Charges”	—		—		15
Inventory Charges in “Other Charges (Credits)”	4		7		138
Total Inventory Charges (a)	$	36	$	62	$	210

(a)Inventory charges in 2020 were additionally driven by the impact of the COVID-19 pandemic.

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

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


	December 31,
(Dollars in millions)	2022		2021
Land, Buildings and Leasehold Improvements	$	476	$	484
Rental and Service Equipment	983		902
Machinery and Other	232		233
Property, Plant and Equipment, Gross	1,691		1,619
Less: Accumulated Depreciation	773		623
Property, Plant and Equipment, Net	$	918	$	996

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The components of intangible assets, net were as follows:


	December 31, 2022
	Gross				Net
	Carrying		Accumulated		Intangible
(Dollars in millions)	Amount		Amortization		Assets
Developed and Acquired Technology	$	591	$	(359)	$	232
Trade Names	395		(121)		274
Intangible Assets, Net	$	986	$	(480)	$	506

	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


Intangible Assets, Net	$	985	$	(328)	$	657

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Based on the carrying value of intangible assets at December 31, 2022, amortization expense for the subsequent five years is estimated as follows (dollars in millions):


Period	Amount
2023	$	157
2024	146
2025	42
2026	41
2027	41

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Lease, Cost [Table Text Block]


	Year Ended December 31,
(Dollars in millions)	2022		2021		2020
Lease Expense Components:
Operating Lease Expense	$	57	$	61	$	76
Short-term and Variable Lease Expense	90		65		63
Subtotal of Operating Lease Expense	$	147	$	126	$	139
Finance Lease Expense: Amortization of Assets and Interest on Lease Liabilities	18		16		15
Sublease Income	(3)		(4)		(6)
Total Lease Expense	$	162	$	138	$	148

Operating and Finance Lease Maturities [Table Text Block]



	Operating		Finance
(Dollars in millions)	Leases		Leases
Maturity of Lease Liabilities as of December 31, 2022:
2023	$	55	$	18
2024	38		16
2025	31		14
2026	24		13
2027	16		3
After 2027	91		1
Total Lease Payments	255		65
Less: Interest	(94)		(10)
Present Value of Lease Liabilities	$	161	$	55

Supplemental Lease Disclosures [Table Text Block]


	Years Ended
(Dollars in millions except years and percentages)	12/31/2022			12/31/2021			12/31/2020
Other Supplemental Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	80		$	89		$	101
Operating cash outflows from finance leases	$	5		$	5		$	5
Financing cash outflows from finance leases	$	16		$	13		$	9

Assets obtained in exchange for:
Operating leases	$	50		$	23		$	37
Finance leases	$	18		$	6		$	4



Weighted-average remaining lease term (years)
Operating leases	8.8			8.9			8.1
Finance leases	3.9			4.8			5.9

Weighted-average discount rate (percentages)
Operating leases	9.1		%	9.6		%	9.6		%
Finance leases	8.5		%	8.9		%	9.1		%

Borrowings and Other Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

Total debt carrying values consisted of the following:


	December 31,
(Dollars in millions)	2022		2021
Current portion of 6.5% Senior Secured Notes due 2028 “2028 Senior Secured Notes”	$	11	$	—
Current portion of 11.00% Exit Notes due 2024 “Exit Notes”	20		—
Finance Lease Current Portion	14		12
Short-term Borrowings and Current Portion of Long-term Debt	$	45	$	12

8.625% Senior Notes due 2030 “2030 Senior Notes”	$	1,586	$	1,584
6.5% Senior Secured Notes due 2028 “2028 Senior Secured Notes”	471		488
11.00% Exit Notes due 2024 “Exit Notes”	105		300
Finance Lease Long-term Portion	41		44
Long-term Debt	$	2,203	$	2,416

Schedule of maturities of long-term debt

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


(Dollars in millions)
2023	$	45
2024	118
2025	13
2026	12
2027	3
Thereafter	2,081
Total Debt Maturities	$	2,272
Unamortized Debt Issuance and Discount	$	(24)
Total Debt Carrying Value	$	2,248

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

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair value and carrying value of Long-term Debt

The fair value of our long-term debt (excluding Finance Leases) 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, 2022				December 31, 2021
(Dollars in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value
11.00% Exit Notes due 2024	$	125	$	128	$	300	$	311

6.5% Senior Secured Notes due 2028	482		482		488		528
8.625% Senior Notes due 2030	1,586		1,544		1,584		1,660
Long-Term Debt (excluding Finance Leases)	$	2,193	$	2,154	$	2,372	$	2,499

Retirement and Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Schedule of weighted average assumption rates

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


	Year Ended December 31,
	2022	2021
Discount rate:
United States Plans	4.75% - 5.00%	2.00% - 2.75%
International Plans	2.84% - 13.62%	0.85% - 8.47%
Rate of Compensation Increase:
United States Plans	—	—
International Plans	2.00% - 7.22%	2.00% - 4.77%

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions


	Year Ended December 31,
	2022		2021		2020
Risk-Free rate	3.2	%	0.8	%	n/a
Dividend Yield	n/a		n/a		n/a
Expected Volatility	63.0	%	55.0	%	n/a
Expected Life (in years)	2.5		3.2		n/a

Nonvested Restricted Stock Shares Activity


	RSU	WAGD FV	PSU	WAGD FV	Phantom RSU	WAGD FV
Non-Vested at December 31, 2021	1,065	6.19	1,924	12.74	1,239	6.53
Granted	609	30.90	618	23.14	—	—
Vested	(679)	6.37	—	—	(465)	6.55
Cancelled or Forfeited	(77)	22.86	(241)	18.02	(757)	6.34
Non-Vested at December 31, 2022	918	21.05	2,301	14.98	17	14.50

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

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


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

















Balance at December 31, 2020	$	(31)	$	(12)	$	(43)
Other Comprehensive (Loss) Income	(5)		13		8
Balance at December 31, 2021	(36)		1		(35)
Other Comprehensive (Loss) Income	(5)		18		13
Balance at December 31, 2022	$	(41)	$	19	$	(22)

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares


	Year Ended December 31,
(Shares in millions)	2022		2021		2020
Net Income (Loss) Attributable to Weatherford	$	26	$	(450)	$	(1,921)

Basic Weighted Average Shares Outstanding	71		70		70
Dilutive Effect of Awards Granted in Stock Incentive Plans	1		—		—
Diluted Weighted Average Shares Outstanding	72		70		70

Antidilutive Shares	8		10		8
Basic Income (Loss) Per Share Attributable to Weatherford	$	0.37	$	(6.43)	$	(27.44)
Diluted Income (Loss) Per Share Attributable to Weatherford	$	0.36	$	(6.43)	$	(27.44)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)


	Year Ended December 31,
(Dollars in millions)	2022		2021		2020
Total Current Provision	$	(83)	$	(96)	$	(90)
Total Deferred (Provision) Benefit	(4)		10		5
Income Tax Provision	$	(87)	$	(86)	$	(85)

Schedule of Effective Income Tax Rate Reconciliation


	Year Ended December 31,
(Dollars in millions)	2022		2021		2020
Irish Income Tax (Provision) Benefit Tax Rate of 25%	$	(35)	$	86	$	454
Tax Provision on Operating Earnings/Losses Subject to Rates Different than the Irish Income Tax Rate	(155)		(189)		(361)
Tax (Provision) Benefit on Swiss Loss from internal liquidation of subsidiary	(141)		124		179
Decrease (Increase) in Valuation Allowance attributed to Swiss Loss	141		(124)		(179)
Decrease (Increase) in Valuation Allowance on Operating Earnings/Losses	64		52		(151)
Change in Uncertain Tax Positions	39		(35)		(27)






Income Tax Provision	$	(87)	$	(86)	$	(85)

Schedule of Deferred Tax Assets and Liabilities

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


	December 31,		December 31,
(Dollars in millions)	2022		2021
Deferred Tax Assets:
Net Operating Losses Carryforwards	$	751	$	929
Unused Recognized Built in Losses	43		50
Accrued Liabilities and Reserves	143		186
Tax Credit Carryforwards	11		9
Employee Benefits	29		30
Property, Plant and Equipment	158		118
Inventory	38		52
U.S. Interest Deferral	57		13
State Deferred	50		50
Other Differences between Financial and Tax Basis	89		139
Valuation Allowance	(1,300)		(1,527)
Total Deferred Tax Assets	69		49
Deferred Tax Liabilities:

Intangible Assets	(28)		(35)


Other Differences between Financial and Tax Basis	—		(3)
Total Deferred Tax Liabilities	(28)		(38)
Net Deferred Tax Asset	$	41	$	11

Schedule of Unrecognized Tax Benefits Roll Forward

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


	Year Ended December 31,
(Dollars in millions)	2022		2021		2020
Balance at Beginning of Year	$	235	$	222	$	214
Additions as a Result of Tax Positions Taken During a Prior Period	14		23		9
Reductions as a Result of Tax Positions Taken During a Prior Period	(15)		(8)		(4)
Additions as a Result of Tax Positions Taken During the Current Period	11		12		21
Reductions Relating to Settlements with Taxing Authorities	(36)		(5)		(2)
Reductions as a Result of a Lapse of the Applicable Statute of Limitations	(11)		(2)		(7)
Foreign Exchange Effects	(7)		(7)		(9)
Balance at End of Year	$	191	$	235	$	222

Summary of Income Tax Contingencies


Tax Jurisdiction			Tax Years under Examination
Argentina			2012 - 2022
Canada			2014 - 2022
Mexico			2012 - 2022
Russia			2019 - 2022
Saudi Arabia			2018 - 2022
Switzerland			2014 - 2022
United States (Federal)			2019 - 2022

Summary of Significant Accounting Policies Organization and Nature of Operations (Details) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) country $ / shares shares	Dec. 31, 2021 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 \| $	$ 202	$ 162

Summary of Significant Accounting Policies Major Customers and Credit Risk (Details)	12 Months Ended
	Dec. 31, 2022
Concentration Risk [Line Items]
Concentration risk threshold percentage	1000.00%
Accounts Receivable \| Mexico \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration percentage	21.00%
Accounts Receivable \| United States \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration percentage	12.00%

Summary of Significant Accounting Policies Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Buildings and leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Buildings and leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	40 years
Rental and service equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Rental and service equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Machinery and other \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	2 years
Machinery and other \| 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, 2022
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

Summary of Significant Accounting Policies Revenue Recognition (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Restricted Cash	$ 202	$ 162
Other Non-current Assets	138	97
Accounts receivable	$ 989	$ 825
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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Net Cash Provided by (Used in) Operating Activities	$ 349	$ 322	$ 210

Segment Information (Details) $ in Millions	12 Months Ended
Segment Information (Details) $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) reportable_segment	Dec. 31, 2022 USD ($) unit	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segment Reporting [Abstract]
Number of Reportable Segments		3	3
Segment Reporting Information [Line Items]
Revenues	$ 4,331			$ 3,645	$ 3,685
Segment Adjusted EBITDA:	138			(343)	(1,814)
Depreciation and Amortization	(349)			(440)	(503)
Share-based Compensation Expense	(25)			(25)	0
Long-Lived and Other Asset Impairment	0			0	(1,053)
Restructuring Charges	(22)			0	(206)
Other Charges (Credits)	(9)			10	(171)
Other Charges (Credits) Including Segment Adjustment					(183)
Other Adjustments	(31)			10	(1,442)
Operating Income (Loss), Total	412			116	(1,486)
Total Capital Expenditures	132			85	154
Assets	4,720	$ 4,720	$ 4,720	4,774
Gain on Sale of Operational Assets					12
Drilling and Evaluation
Segment Reporting Information [Line Items]
Restructuring Charges	(5)			0	(35)
Well Construction and Completions
Segment Reporting Information [Line Items]
Restructuring Charges	(7)			0	(60)
Production and Intervention
Segment Reporting Information [Line Items]
Restructuring Charges	(5)			0	(52)
Operating Segments
Segment Reporting Information [Line Items]
Revenues	4,244			3,546	3,564
Segment Adjusted EBITDA:	884			633	559
Assets	2,435	2,435	2,435	2,443
Operating Segments \| Drilling and Evaluation
Segment Reporting Information [Line Items]
Revenues	1,328			1,066	1,044
Segment Adjusted EBITDA:	324			186	132
Depreciation and Amortization	(112)			(164)	(183)
Total Capital Expenditures	54			18	27
Assets	713	713	713	783
Operating Segments \| Well Construction and Completions
Segment Reporting Information [Line Items]
Revenues	1,521			1,353	1,414
Segment Adjusted EBITDA:	299			256	273
Depreciation and Amortization	(99)			(123)	(151)
Total Capital Expenditures	35			18	23
Assets	993	993	993	974
Operating Segments \| Production and Intervention
Segment Reporting Information [Line Items]
Revenues	1,395			1,127	1,106
Segment Adjusted EBITDA:	261			191	154
Depreciation and Amortization	(86)			(102)	(112)
Total Capital Expenditures	32			36	73
Assets	729	729	729	686
Corporate and Other
Segment Reporting Information [Line Items]
Revenues	87			99	121
Segment Adjusted EBITDA:	(67)			(62)	(100)
Depreciation and Amortization	(52)			(51)	(57)
Total Capital Expenditures	11			13	$ 31
Assets	$ 2,285	$ 2,285	$ 2,285	$ 2,331

Segment Information Geographic Areas (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	$ 1,015	$ 1,084
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net including ROU assets, percentage	22.00%	23.00%
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	$ 246	$ 269
Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	176	163
Middle East/North Africa/Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	354	385
Europe/Sub-Sahara Africa/Russia
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	$ 239	$ 267

Revenues - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenues - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue From Contract with Customer, Equipment Rentals	$ 146	$ 131	$ 150
United States \| Revenue Benchmark [Member] \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration percentage	20.00%	19.00%	20.00%

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 4,331	$ 3,645	$ 3,685
North America
Disaggregation of Revenue [Line Items]
Revenues	1,104	896	889
Latin America
Disaggregation of Revenue [Line Items]
Revenues	1,062	814	697
Europe/Sub-Sahara Africa/Russia
Disaggregation of Revenue [Line Items]
Revenues	764	737	747
Middle East/North Africa/Asia
Disaggregation of Revenue [Line Items]
Revenues	$ 1,401	$ 1,198	$ 1,352

- Definition

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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+ Details

Revenues - Contract Balances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Accounts Receivable, Allowance for Credit Losses	$ 26	$ 31
Accounts receivable	989	825
Contract with Customer, Asset, after Allowance for Credit Loss, Current	39	47
Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent	21	14
Contract Liabilities in Other Current Liabilities	54	45
Accounts Receivable, Allowance for Credit Loss, Writeoff	10	30	$ 32
Accounts Receivable, Allowance for Credit Loss, Recovery	15	31	$ 0
Contract with Customer, Liability, Revenue Recognized	39	35
Product and Services
Disaggregation of Revenue [Line Items]
Receivables, Net, Current	954	795
Equipment Rentals
Disaggregation of Revenue [Line Items]
Receivables, Net, Current	$ 35	$ 30

Long-Lived Asset Impairments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Impaired Long-Lived Assets Held and Used [Line Items]
Property, Plant and Equipment			$ 571
Intangible Assets			155
Operating Lease Assets			88
Long-lived Assets Impairment	$ 0	$ 0	814
Goodwill Impairment	0	0	239
Total Goodwill and Long-lived Assets Impairment	$ 0	$ 0	1,053
Corporate and Other
Impaired Long-Lived Assets Held and Used [Line Items]
Property, Plant and Equipment			18
Intangible Assets			0
Operating Lease Assets			0
Long-lived Assets Impairment			18
Drilling and Evaluation
Impaired Long-Lived Assets Held and Used [Line Items]
Property, Plant and Equipment			195
Intangible Assets			76
Operating Lease Assets			14
Long-lived Assets Impairment			285
Well Construction and Completions
Impaired Long-Lived Assets Held and Used [Line Items]
Property, Plant and Equipment			126
Intangible Assets			39
Operating Lease Assets			20
Long-lived Assets Impairment			185
Production and Intervention
Impaired Long-Lived Assets Held and Used [Line Items]
Property, Plant and Equipment			232
Intangible Assets			40
Operating Lease Assets			54
Long-lived Assets Impairment			$ 326

Restructuring Charges (Narrative) (Details) - Severance and Other Restructuring Liabilities - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 25	$ 17
Restructuring Reserve, Current	16	12
Restructuring Reserve, Noncurrent	$ 9	$ 5

Restructuring Charges (Restructuring Charges) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 22	$ 0	$ 206
Employee Severance
Restructuring Cost and Reserve [Line Items]
Severance Costs	14	0	132
Facility Closing
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs	8	0	10
Other Restructuring
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs	0	0	15
Property, Plant and Equipment, Restructuring Charges
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs	0	0	40
Asset Retirement Obligation Costs
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs	$ 0	$ 0	$ 9

Restructuring Charges (Restructuring Charges by Segment) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 22	$ 0	$ 206
Drilling and Evaluation
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	5	0	35
Well Construction and Completions
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	7	0	60
Production and Intervention
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	5	0	52
Corporate and Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 5	$ 0	$ 59

Inventories, Net - Schedule of Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Inventory Valuation Reserves	$ 129	$ 159
Finished Goods	601	595
Work in Process and Raw Materials, Components and Supplies	88	75
Total Inventory	$ 689	$ 670

Inventories, Net - Inventory Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Inventory [Line Items]
Inventory Charges	$ 36	$ 62	$ 210
Cost of Sales
Inventory [Line Items]
Inventory Charges	32	55	57
Restructuring Charges
Inventory [Line Items]
Inventory Charges	0	0	15
Impairments and Other Charges
Inventory [Line Items]
Inventory Charges	$ 4	$ 7	$ 138

Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Buildings and Improvements, Gross	$ 476	$ 484
Rental and Service Equipment, Gross	983	902
Machinery and Equipment, Gross	232	233
Property, Plant and Equipment, Gross	1,691	1,619
Less: Accumulated Depreciation	773	623
Property, Plant and Equipment, Net	918	996
Depreciation	$ 194	$ 284	$ 340

Goodwill and Intangible Assets Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ (155)	$ (156)	$ (163)

Goodwill and Intangible Assets Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 986	$ 985
Accumulated amortization	(480)	(328)
Net intangible assets	506	657
Developed and Acquired Technology
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	591	590
Accumulated amortization	(359)	(247)
Net intangible assets	232	343
Trade Names
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	395	395
Accumulated amortization	(121)	(81)
Net intangible assets	$ 274	$ 314

Goodwill and Intangible Assets Amortization of Intangible Assets (Details) $ in Millions	Dec. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	$ 157
Finite-Lived Intangible Assets, Amortization Expense, Year Two	146
Finite-Lived Intangible Assets, Amortization Expense, Year Three	42
Finite-Lived Intangible Assets, Amortization Expense, Year Four	41
Finite-Lived Intangible Assets, Amortization Expense, Year Five	$ 41

Leases Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
Leases Lease Cost (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating Lease, Expense	$ 57	$ 61	$ 76
Short-term Lease, Cost	90	65	63
Operating Lease, Cost	147	126	139
Finance Lease, Right-of-Use Asset, Amortization	18	16	15
Sublease Income	(3)	(4)	(6)
Lease, Cost	$ 162	$ 138	$ 148

Leases Operating and Finance Lease Maturities Table (Details) $ in Millions	Dec. 31, 2022 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Lessee, Operating Lease, Liability, Payments, Year One	$ 55
Lessee, Operating Lease, Liability, Payments, Due Year Two	38
Lessee, Operating Lease, Liability, Payments, Due Year Three	31
Lessee, Operating Lease, Liability, Payments, Due Year Four	24
Lessee, Operating Lease, Liability, Payments, Due Year Five	16
Lessee, Operating Lease, Liability, Payments, Due after Year Five	91
Lessee, Operating Lease, Liability, Payments, Due	255
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	$ (94)
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Non-current Liabilities
Operating Lease, Liability	$ 161
Finance Lease, Liability, Payment, Due [Abstract]
Finance Lease, Liability, Payments, Due Year One	18
Finance Lease, Liability, Payments, Due Year Two	16
Finance Lease, Liability, Payments, Due Year Three	14
Finance Lease, Liability, Payments, Due Year Four	13
Finance Lease, Liability, Payments, Due Year Five	3
Finance Lease, Liability, Payments, Due after Year Five	1
Finance Lease, Liability, Payment, Due	65
Finance Lease, Liability, Undiscounted Excess Amount	(10)
Finance Lease, Liability	$ 55

Leases Supplemental Lease Disclosures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating Lease, Payments	$ 80	$ 89	$ 101
Finance Lease, Interest Payment on Liability	5	5	5
Finance Lease, Principal Payments	16	13	9
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	50	23	37
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 18	$ 6	$ 4
Operating Lease, Weighted Average Remaining Lease Term	8 years 9 months 18 days	8 years 10 months 24 days	8 years 1 month 6 days
Finance Lease, Weighted Average Remaining Lease Term	3 years 10 months 24 days	4 years 9 months 18 days	5 years 10 months 24 days
Operating Lease, Weighted Average Discount Rate, Percent	9.10%	9.60%	9.60%
Finance Lease, Weighted Average Discount Rate, Percent	8.50%	8.90%	9.10%

Borrowings and Other Debt Obligations (Details) - USD ($) $ in Millions	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Oct. 27, 2021	Sep. 30, 2021	Aug. 28, 2020	Dec. 12, 2019
Debt Instrument [Line Items]
Short-term Borrowings and Current Portion of Long-term Debt	$ 45		$ 12
Long-term Debt and Lease Obligation	2,203		2,416
Senior Notes 6.5 Percent Due 2028
Debt Instrument [Line Items]
Stated interest rate on debt		6.50%			6.50%
Senior Notes 8.625 Percent Due 2030
Debt Instrument [Line Items]
Stated interest rate on debt				8.625%
Senior Notes
Debt Instrument [Line Items]
Short-term Borrowings and Current Portion of Long-term Debt	20		0
Senior Notes \| Exit Notes, 11.00 Percent Due 2024
Debt Instrument [Line Items]
Stated interest rate on debt							11.00%
Long-term debt	105
Senior Notes \| Senior Notes 8.75 Percent Due 2024
Debt Instrument [Line Items]
Stated interest rate on debt						8.75%
Senior Notes \| Senior Notes 6.5 Percent Due 2028
Debt Instrument [Line Items]
Short-term Borrowings and Current Portion of Long-term Debt	11		0
Long-term debt	471		488
Senior Notes \| Senior Notes 8.625 Percent Due 2030
Debt Instrument [Line Items]
Long-term debt	1,586		1,584
Secured Debt \| Exit Notes, 11.00 Percent Due 2024
Debt Instrument [Line Items]
Long-term debt			300
Other short-term bank loans [Member]
Debt Instrument [Line Items]
Finance Lease, Liability, Noncurrent	41		44
Other short-term bank loans [Member]
Debt Instrument [Line Items]
Finance Lease, Liability, Current	$ 14		$ 12

Borrowings and Other Debt Obligations - Schedule of Debt Maturity (Details) $ in Millions	Dec. 31, 2022 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
Long-Term Debt, Maturity, Year One	$ 45
Long-Term Debt, Maturity, Year Two	118
Long-Term Debt, Maturity, Year Three	13
Long-Term Debt, Maturity, Year Four	12
Long-Term Debt, Maturity, Year Five	3
Thereafter	2,081
Total	2,272
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	(24)
Debt, Long-term and Short-term, Combined Amount	$ 2,248

Borrowings and Other Debt Obligations - Narrative (Details) - USD ($)					1 Months Ended	3 Months Ended				12 Months Ended
	Nov. 17, 2022	Aug. 10, 2022	Oct. 20, 2021	Aug. 28, 2020	Jan. 31, 2023	Dec. 31, 2022	Nov. 17, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Nov. 22, 2022	Oct. 17, 2022	Sep. 30, 2022	Oct. 27, 2021	Dec. 12, 2019
Debt Instrument [Line Items]
Interest paid on early redemption of debt								$ 71,000,000
Bond Redemption Premium										$ 5,000,000	$ 131,000,000	$ 0
Gain (loss) on extinguishment of debt			$ (2,000,000)							(5,000,000)	(170,000,000)	$ 0
Debt and lease obligation						$ 2,272,000,000				2,272,000,000
Debt related commitment fees and debt issuance costs				$ 15,000,000
Letters of credit outstanding, cash collateral						199,000,000				199,000,000
Letters of credit outstanding, amount						395,000,000				395,000,000
Debt instrument, unused borrowing capacity, amount						160,000,000				160,000,000
Minimum liquidity amount														$ 250,000,000
ABL Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity																	$ 450,000,000
Senior Notes 6.5 Percent Due 2028
Debt Instrument [Line Items]
Stated interest rate on debt									6.50%						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
Repayments of Senior Debt						8,000,000
Senior Notes 6.5 Percent Due 2028 \| Subsequent Event
Debt Instrument [Line Items]
Repayments of Senior Debt					$ 11,000,000
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			1,600,000,000					$ 1,600,000,000
Debt tender redemption																$ 1,600,000,000
Amended LC Credit Agreement [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity																	$ 215,000,000
Senior Notes
Debt Instrument [Line Items]
Long-term debt						2,193,000,000		2,372,000,000		2,193,000,000	2,372,000,000
Repayments of Senior Debt	$ 125,000,000	$ 50,000,000
Additional Repayments Of Senior Debt						20,000,000
Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Repayments of Senior Debt					$ 20,000,000
Senior Notes \| Exit Notes, 11.00 Percent Due 2024
Debt Instrument [Line Items]
Stated interest rate on debt																	11.00%
Face amount of debt																	$ 2,100,000,000
Bond Redemption Premium							$ 5,000,000
Senior Notes \| 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
Debt issuance costs, gross				25,000,000
Debt related commitment fees and debt issuance costs				$ 15,000,000
Senior Notes \| Senior Notes 6.5 Percent Due 2028
Debt Instrument [Line Items]
Long-term debt						482,000,000		488,000,000		482,000,000	488,000,000
Senior Notes \| Senior Notes 8.625 Percent Due 2030
Debt Instrument [Line Items]
Long-term debt						1,586,000,000		$ 1,584,000,000		1,586,000,000	$ 1,584,000,000
Line of Credit \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity													$ 400,000,000	370,000,000
Debt Instrument, Covenant, Excess Of Net Of Unrestricted Cash Amount														400,000,000
Line of Credit \| Tranche A \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity														280,000,000
Line of Credit \| Tranche B \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity														90,000,000
Line of Credit \| Tranche B, Revolving Loan \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity														45,000,000
Line of Credit \| Exit Notes \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant, Outstanding, Amount														50,000,000
Minimum liquidity amount														250,000,000
Line of Credit \| Exit Notes \| Revolving Credit Facility [Member] \| Current Testing Period
Debt Instrument [Line Items]
Debt Instrument, Covenant, Minimum Interest Coverage Ratio														2.00
Debt Instrument, Covenant, Maximum Interest Coverage Ratio														4.00
Line of Credit \| Exit Notes \| Revolving Credit Facility [Member] \| Forecast Testing Period
Debt Instrument [Line Items]
Debt Instrument, Covenant, Minimum Interest Coverage Ratio														2.50
Debt Instrument, Covenant, Maximum Interest Coverage Ratio														$ 3.50
Senior Notes 8.625 Percent Due 2030
Debt Instrument [Line Items]
Bond Redemption Premium			103,000,000
LC Credit Agreement Letters of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount						195,000,000				195,000,000
Uncommitted Letters of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount						$ 200,000,000				$ 200,000,000
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

Fair Value of Financial Instruments, Assets and Equity Investements (Details) - USD ($) $ in Millions	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Oct. 27, 2021	Sep. 30, 2021	Dec. 12, 2019
Senior Notes 6.5 Percent Due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate on debt		6.50%			6.50%
Senior Notes 8.625 Percent Due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate on debt				8.625%
Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 2,193		$ 2,372
Senior Notes \| Exit Notes, 11.00 Percent Due 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate on debt						11.00%
Senior Notes \| Senior Notes 6.5 Percent Due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	482		488
Senior Notes \| Senior Notes 8.625 Percent Due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	1,586		1,584
Senior Notes \| Level 2 [Member] \| Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of Long-term debt	2,154		2,499
Secured Debt \| Exit Notes, 11.00 Percent Due 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	125
Secured Debt \| Level 2 [Member] \| Exit Notes, 11.00 Percent Due 2024 \| Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value of Long-term debt	128		311
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	482		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	$ 1,544		$ 1,660

Derivative Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Foreign currency forward contracts [Member]
Derivative [Line Items]
Notional amount	$ 147	$ 349

Retirement and Employee Benefit Plans Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic benefit cost	$ 4	$ 4	$ 2
Projected benefit obligation	121	207
Defined benefit plan, funded (unfunded) status of plan	15	16
Non-current defined benefit plan funded status of plan	39	63
Accumulated benefit obligation for defined benefit pension plans	19	1
Employer contributions	5	5	5
Estimated future employer contributions in next fiscal year, cash	5
Level 2 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets	97	160
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	$ 18	$ 16	$ 13

Retirement and Employee Benefit Plans Assumptions (Details)	Dec. 31, 2022	Dec. 31, 2021
United States \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.75%	2.00%
United States \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.00%	2.75%
International plans \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.84%	0.85%
Rate of compensation increase	2.00%	2.00%
International plans \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Discount rate	13.62%	8.47%
Rate of compensation increase	7.22%	4.77%

Disputes, Litigation and Contingencies (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Estimated litigation liability	$ 41	$ 40

Share-Based Compensation Narrative (Details) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) trading_day $ / shares shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for grant under Incentive Plans \| shares	8.6
Number of shares available for grant under Incentive Plans \| shares	3.3
Employee Share-Based Compensation Expense	$ 25	$ 25	$ 0
Share-based Payment Arrangement, Expense, Tax Benefit	0	$ 0	$ 0
Cash Used To Settle Restricted Stock Units Vested	$ 2
Share Based Compensation Arrangement By Share Based Payment Award, Performance Percentage	100.00%
Restricted share units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value \| $ / shares	$ 30.90	$ 6.54	$ 3.37
Total fair value of awards vested during the period	$ 18	$ 2	$ 0
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount	$ 12
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years
Vested (in dollars per share) \| $ / shares	$ 6.37
Performance units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value \| $ / shares	$ 23.14	$ 12.62	$ 2.46
Total fair value of awards vested during the period	$ 2	$ 0	$ 0
Unrecognized Compensation Expense	$ 19
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years
Vested (in dollars per share) \| $ / shares	$ 0
Phantom RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Weighted-average grant date fair value \| $ / shares	$ 0	$ 6.38
Volume Weighted Share Price, Number Of Trading Days \| trading_day	30
Vested (in dollars per share) \| $ / shares	$ 6.55
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Share-Based Liabilities Paid	$ 14
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Minimum \| Performance units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award, Performance Target Percentage	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Maximum \| Performance units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award, Performance Target Percentage	200.00%

Share-Based Compensation Fair Value Assumptions (Details) - Performance units [Member]	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-Free rate	3.20%	0.80%
Expected Volatility	63.00%	55.00%
Expected Life (in years)	2 years 6 months	3 years 2 months 12 days

Share-Based Compensation Award Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted share units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, beginning balance (in shares)	1,065
Granted (in shares)	609
Vested (in shares)	(679)
Cancelled or Forfeit (in shares)	(77)
Non-vested, ending balance (in shares)	918	1,065
Non-vested, beginning balance (in dollars per share)	$ 6.19
Granted (in dollars per share)	30.90	$ 6.54	$ 3.37
Vested (in dollars per share)	6.37
Cancelled or Forfeit (in dollars per share)	22.86
Non-vested, ending balance (in dollars per share)	$ 21.05	$ 6.19
Performance units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, beginning balance (in shares)	1,924
Granted (in shares)	618
Vested (in shares)	0
Cancelled or Forfeit (in shares)	(241)
Non-vested, ending balance (in shares)	2,301	1,924
Non-vested, beginning balance (in dollars per share)	$ 12.74
Granted (in dollars per share)	23.14	$ 12.62	$ 2.46
Vested (in dollars per share)	0
Cancelled or Forfeit (in dollars per share)	18.02
Non-vested, ending balance (in dollars per share)	$ 14.98	$ 12.74
Phantom RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, beginning balance (in shares)	1,239
Granted (in shares)	0
Vested (in shares)	(465)
Cancelled or Forfeit (in shares)	(757)
Non-vested, ending balance (in shares)	17	1,239
Non-vested, beginning balance (in dollars per share)	$ 6.53
Granted (in dollars per share)	0	$ 6.38
Vested (in dollars per share)	6.55
Cancelled or Forfeit (in dollars per share)	6.34
Non-vested, ending balance (in dollars per share)	$ 14.50	$ 6.53

Shareholders' Equity Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (35)	$ (43)
Other comprehensive (loss) income before reclassifications	13	8
Ending balance	(22)	(35)
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(36)	(31)
Other comprehensive (loss) income before reclassifications	(5)	(5)
Ending balance	(41)	(36)
Defined Benefit Pension [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	1	(12)
Other comprehensive (loss) income before reclassifications	18	13
Ending balance	$ 19	$ 1

- 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

Shareholders' Equity Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 13, 2019
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right			7,777,779
Ordinary Shares, Par Value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 99.96
Capital in Excess of Par Value	$ 2,928	$ 2,904
Warrant [Member]
Class of Warrant or Right [Line Items]
Capital in Excess of Par Value			$ 31

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net Income (Loss) Attributable to Weatherford	$ 26	$ (450)	$ (1,921)
Basic Weighted Average Shares Outstanding (in shares)	71	70	70
Dilutive Effect of Awards Granted in Stock Incentive Plans (in shares)	1	0	0
Diluted Weighted Average Shares Outstanding (in shares)	72	70	70
Antidilutive Shares (in shares)	8	10	8
Basic Income (Loss) Per Share Attributable to Weatherford (in dollars per share)	$ 0.37	$ (6.43)	$ (27.44)
Diluted Income (Loss) Per Share Attributable to Weatherford (in dollars per share)	$ 0.36	$ (6.43)	$ (27.44)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1448-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1337-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e4984-109258

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 250
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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

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

+ References

+ Details

Income Taxes Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Total Current Provision	$ (83)	$ (96)	$ (90)
Total Deferred (Provision) Benefit	(4)	10	5
Income Tax Provision	$ (87)	$ (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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Irish Income Tax (Provision) Benefit Tax Rate of 25%	$ (35)	$ 86	$ 454
Tax Provision on Operating Earnings/Losses Subject to Rates Different than the Irish Income Tax Rate	(155)	(189)	(361)
Tax (Provision) Benefit on Swiss Loss from internal liquidation of subsidiary	141	(124)	(179)
Decrease (Increase) in Valuation Allowance attributed to Swiss Loss	(141)	124	179
Decrease (Increase) in Valuation Allowance on Operating Earnings/Losses	64	52	(151)
Change in Uncertain Tax Positions	39	(35)	(27)
Income Tax Provision	$ (87)	$ (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 Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Operating Loss Carryforwards	$ 751	$ 929
Deferred Tax Assets, Other Loss Carryforwards	43	50
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals	143	186
Deferred Tax Assets, Tax Credit Carryforwards	11	9
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits	29	30
Deferred Tax Assets, Property, Plant and Equipment	158	118
Deferred Tax Assets, Inventory	38	52
Deferred Tax Asset, Interest Carryforward	57	13
Deferred Tax Assets, State Taxes	50	50
Deferred Tax Assets, Other	89	139
Deferred Tax Assets, Valuation Allowance	(1,300)	(1,527)
Deferred Tax Assets, Net of Valuation Allowance	69	49
Deferred Tax Liabilities, Goodwill and Intangible Assets	(28)	(35)
Deferred Tax Liabilities, Other	0	(3)
Deferred Tax Liabilities, Gross	(28)	(38)
Net Deferred Tax Asset	$ 41	$ 11

Income Taxes Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits	$ 191	$ 235	$ 222	$ 214
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions	14	23	9
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions	(15)	(8)	(4)
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions	11	12	21
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities	(36)	(5)	(2)
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations	(11)	(2)	(7)
Unrecognized Tax Benefits, Increase (Decrease) Resulting from Foreign Currency Translation	$ (7)	$ (7)	$ (9)

Income Taxes Summary of Income Tax Contingencies (Details)	12 Months Ended
	Dec. 31, 2022
Earliest Tax Year [Member] \| ARGENTINA
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2012
Earliest Tax Year [Member] \| CANADA
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2014
Earliest Tax Year [Member] \| Mexico
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2012
Earliest Tax Year [Member] \| RUSSIA
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2019
Earliest Tax Year [Member] \| SAUDI ARABIA
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	2014
Earliest Tax Year [Member] \| United States
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2019
Latest Tax Year [Member] \| ARGENTINA
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2022
Latest Tax Year [Member] \| CANADA
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2022
Latest Tax Year [Member] \| Mexico
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2022
Latest Tax Year [Member] \| RUSSIA
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2022
Latest Tax Year [Member] \| SAUDI ARABIA
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2022
Latest Tax Year [Member] \| SWITZERLAND
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2022
Latest Tax Year [Member] \| United States
Income Tax Contingency [Line Items]
Income Tax Examination, Year under Examination	2022

Income Taxes Narrative (Details) $ in Millions	12 Months Ended
Income Taxes Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($) country	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Income Tax Contingency [Line Items]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ (227)	$ 28	$ 333
Income Tax Expense (Benefit) Related To Changes in Valuation Allowance	(205)	72	330
Valuation Allowance, Adjustments	35	7
Operating Loss Carryforwards, Valuation Allowance	29	45
Undistributed Earnings of Foreign Subsidiaries	1,300
Operating Loss Carryforward Before Adjustment For Expected Expiration	3,800
Annual Limitation Of Operating Loss Carryforwards	23
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	(2)	17	11
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 98	104
Number of Countries in which Entity Operates \| country	75
Decrease in Unrecognized Tax Benefits is Reasonably Possible	$ 4
Operating Loss Carryforward Expected Utilization in the Future				$ 713
Operating Loss Carryforwards	38	76
Decrease (Increase) in Valuation Allowance on Operating Earnings/Losses	(64)	(52)	151
Goodwill and Long-Lived Assets Impairment	0	0	1,053
Tax Loss Due To Liquidation Transaction		6,200
Tax Loss Excluded From Deferred Tax Assets		4,000
Net Operating Loss Carryforward From Forfeiture		2,200
Deferred Tax Assets, Tax Deferred Expense, Other		$ 303
Impairment Loss Due to Liquidation Transaction			$ 1,300
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense From Previously Uncertain Tax Positions	$ (19)