0001603923-23-000132 | 10-Q | XBRL Viewer | Weatherford International PLC

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Income (Loss) per Share - Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Income (Loss) Attributable to Parent	$ 123	$ 28	$ 277	$ (46)
Weighted Average Number of Shares Outstanding, Basic	72	71	72	71
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	2	1	2	0
Weighted Average Number of Shares Outstanding, Diluted	74	72	74	71
Earnings Per Share, Basic	$ 1.70	$ 0.39	$ 3.85	$ (0.65)
Earnings Per Share, Diluted	$ 1.66	$ 0.39	$ 3.76	$ (0.65)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	8	8	9	9
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	8	8	8	8
Share-Based Payment Arrangement
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0	1	1

Revenues (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table disaggregates our revenue from contracts with customers by geographic area and includes equipment rental revenue. North America in the table below consists of the U.S. and Canada.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in millions)	2023		2022		2023		2022








Revenue by Geographic Areas:
Middle East/North Africa/Asia	$	471	$	354	$	1,268	$	1,014
North America	269		297		820		803
Latin America	357		280		1,045		772
Europe/Sub-Sahara Africa/Russia	216		189		640		533

Total Revenue	$	1,313	$	1,120	$	3,773	$	3,122

Schedule of Contract with Customer, Asset and Liability

Contract Balances

The timing of our revenue recognition, billings and cash collections results in the recording of accounts receivable, contract assets, and contract liabilities. The following table summarizes these balances as of September 30, 2023 and December 31, 2022:


(Dollars in millions)	September 30, 2023		December 31, 2022
Receivables for Product and Services in Accounts Receivable, Net	$	1,227	$	954
Receivables for Equipment Rentals in Account Receivable, Net	$	34	$	35
Accounts Receivable, Net	$	1,261	$	989

Contract Assets in Other Current Assets	$	57	$	39
Contract Assets in Other Non-Current Assets	$	28	$	21
Contract Liabilities in Other Current Liabilities	$	46	$	54
Contract Liabilities in Other Non-Current Liabilities	$	3	$	—

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Assets, Current [Abstract]
Accounts Receivable, Allowance for Credit Loss, Current	$ 15	$ 26
Noncurrent Assets:
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	843	773
Finite-Lived Intangible Assets, Accumulated Amortization	$ 597	$ 480
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	1,356	1,356
Common Stock, Shares, Issued	72	71
Common Stock, Shares, Outstanding	72	71

Blue Chip Swap Securities - Argentina (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Investments, Debt and Equity Securities [Abstract]
Derivative, Percentage Higher Than Official Exchange Rate	1.06		1.06
Loss on Blue Chip Swap Securities	$ 0	$ 0	$ (57)	$ 0

Intangibles, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ (37)	$ (39)	$ (117)	$ (117)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities:
Net Income (Loss)	$ 302	$ (25)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Depreciation and Amortization	244	265
Loss on Blue Chip Swap Securities	57	0
Asset Write-downs and Other Charges	0	6
Inventory Charges	11	30
Gain on Disposition of Assets and Businesses	(11)	(22)
Deferred Income Tax Provision (Benefit)	(67)	24
Share-Based Compensation	26	18
Changes in Operating Assets and Liabilities, Net:
Accounts Receivable	(280)	(103)
Inventories	(103)	(99)
Accounts Payable	173	49
Other Assets and Liabilities, Net	105	13
Net Cash Provided by Operating Activities	457	156
Cash Flows From Investing Activities:
Capital Expenditures for Property, Plant and Equipment	(142)	(83)
Proceeds from Disposition of Assets	21	55
Purchases of Blue Chip Swap Securities	(110)	0
Proceeds from Sales of Blue Chip Swap Securities	53	0
Other Investing Activities	20	6
Net Cash Used in Investing Activities	(158)	(22)
Cash Flows From Financing Activities:
Repayments and Repurchases of Long-term Debt	(306)	(62)
Tax Remittance on Equity Awards Vested	(54)	(3)
Other Financing Activities	(28)	(24)
Net Cash Provided by (Used in) Financing Activities, Total	(388)	(89)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	(77)	(15)
Income Taxes Paid, Net of Refunds	88	58
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	(166)	30
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	1,112	1,113
Cash, Cash Equivalents and Restricted Cash at End of Period	946	1,143
Supplemental Cash Flow Information:
Interest Paid	$ 110	$ 136

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Assets, Current [Abstract]
Cash and Cash Equivalents	$ 839	$ 910
Restricted Cash	107	202
Accounts Receivable, Net of Allowance for Credit Losses of $15 at September 30, 2023 and $26 at December 31, 2022	1,261	989
Inventory, Net	776	689
Other Assets, Current	237	253
Total Current Assets	3,220	3,043
Property, Plant and Equipment, Net of Accumulated Depreciation of $843 at September 30, 2023 and $773 at December 31, 2022	922	918
Intangible Assets, Net of Accumulated Amortization of $597 at September 30, 2023 and $480 at December 31, 2022	404	506
Operating Lease Assets	132	115
Other Non-Current Assets	217	138
Total Assets	4,895	4,720
Liabilities:
Short-term Debt	91	45
Accounts Payable, Current	620	460
Employee-related Liabilities, Current	339	367
Taxes Payable, Current	180	141
Operating Lease, Liability, Current	43	44
Other Current Liabilities	458	413
Total Current Liabilities	1,731	1,470
Long-term Debt and Lease Obligation	1,864	2,203
Operating Lease, Liability, Noncurrent	129	117
Accrued Income Taxes, Noncurrent	262	251
Other Liabilities, Noncurrent	146	128
Total Liabilities	4,132	4,169
Shareholders’ Equity:
Ordinary Shares - Par Value $0.001; Authorized 1,356 shares, Issued and Outstanding 72 shares at September 30, 2023 and 71 at December 31, 2022	0	0
Additional Paid in Capital, Common Stock	2,900	2,928
Retained Earnings (Accumulated Deficit)	(2,094)	(2,371)
Accumulated Other Comprehensive Income (Loss), Net of Tax	(64)	(22)
Weatherford Shareholders’ Equity	742	535
Noncontrolling Interests	21	16
Total Shareholders’ Equity	763	551
Total Liabilities and Shareholders’ Equity	$ 4,895	$ 4,720

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - Parenthetical - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Interest Income	$ 15	$ 8	$ 47	$ 19

- Definition

Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.

+ References + Details

Income (Loss) per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Income (Loss) per Share

9 – Income (Loss) per Share

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars and shares in millions, except per share amounts)	2023		2022		2023		2022
Net Income (Loss) Attributable to Weatherford	$	123	$	28	$	277	$	(46)

Basic Weighted Average Shares Outstanding	72		71		72		71
Dilutive Effect of Awards Granted in Stock Incentive Plan	2		1		2		—
Diluted Weighted Average Shares Outstanding	74		72		74		71

Basic Income (Loss) per Share	$	1.70	$	0.39	$	3.85	$	(0.65)
Diluted Income (Loss) per Share	$	1.66	$	0.39	$	3.76	$	(0.65)

Antidilutive Shares:
Warrants	8		8		8		8
Equity Awards	—		—		1		1
Total Antidilutive Shares	8		8		9		9

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 securities that could potentially dilute income (loss) per share in the future, which are excluded from the computation as their impact was antidilutive. Our basic and dilutive weighted average shares outstanding for the period presented with a net loss are equivalent as the inclusion of potential dilutive securities is antidilutive.

Warrants to purchase 7.8 million ordinary shares at $99.96 per share were issued on December 13, 2019. As of September 30, 2023, substantially all of the warrants remain outstanding and will expire on December 13, 2023. These were excluded from the diluted weighted average shares outstanding as the exercise price of the warrants was greater than the average market price of the Company’s ordinary shares or excluded in the period in which the company incurred a net loss.

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$ (33)	$ (26)	$ (55)	$ (66)
Increase (Decrease) in Income Taxes	67	27	67	27
Deferred Tax, Valuation Allowance	20		20
Loss on Blue Chip Swap Securities	0	$ 0	(57)	$ 0
Unrecognized Tax Benefits	262		262
Decrease in Unrecognized Tax Benefits is Reasonably Possible	$ 12		$ 12

- Definition

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

+ References + Details

Intangibles, Net

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles, Net

5 – Intangibles, Net

The components of intangible assets, net were as follows:


(Dollars in millions)	September 30, 2023		December 31, 2022
Developed and Acquired Technology, Net of Accumulated Amortization of $446 at September 30, 2023 and $359 at December 31, 2022	$	160	$	232
Trade Names, Net of Accumulated Amortization of $151 at September 30, 2023 and $121 at December 31, 2022	244		274
Intangible Assets, Net of Accumulated Amortization of $597 at September 30, 2023 and $480 at December 31, 2022	$	404	$	506

Amortization expense was $37 million and $117 million in the three and nine months ended September 30, 2023, respectively, and $39 million and $117 million in the three and nine months ended September 30, 2022, respectively, and was reported in “Selling, General and Administrative” on our Condensed Consolidated Statements of Operations.

Segment Information (Details) $ in Millions	3 Months Ended		9 Months Ended
Segment Information (Details) $ in Millions	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment			3
Revenue	$ 1,313	$ 1,120	$ 3,773	$ 3,122
Total Revenue	1,313	1,120	3,773	3,122
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	164	63	357	41
Depreciation, Depletion and Amortization	(83)	(88)	(244)	(265)
Share-based Payment Arrangement, Expense	(9)	(5)	(26)	(18)
Other Charges (Credits)	5	0	9	(25)
Operating Income (Loss)	218	121	604	243
Operating Segments \| Drilling and Evaluation
Segment Reporting Information [Line Items]
Revenue	388	348	1,154	957
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	111	85	325	213
Operating Segments \| Well Construction And Completion
Segment Reporting Information [Line Items]
Revenue	459	391	1,320	1,118
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	119	78	324	212
Operating Segments \| Production And Intervention
Segment Reporting Information [Line Items]
Revenue	371	357	1,086	988
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	86	66	235	173
All Other
Segment Reporting Information [Line Items]
Revenue	95	24	213	59
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	7	3	25	5
Corporate
Segment Reporting Information [Line Items]
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ (18)	$ (18)	$ (44)	$ (52)

Shareholders' Equity (Deficiency) (Changes in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ (22)
Other Comprehensive Loss	(42)	$ 8
Ending balance	(64)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(22)	(35)
Ending balance	(64)	(27)
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(41)	(36)
Other Comprehensive Loss	(42)	8
Ending balance	(83)	(28)
Defined Benefit Pension
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	19	1
Other Comprehensive Loss	0	0
Ending balance	$ 19	$ 1

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

Cover - $ / shares	9 Months Ended
Cover - $ / shares	Sep. 30, 2023	Oct. 19, 2023	Dec. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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
Title of 12(b) Security	Ordinary shares, $0.001 par value per share
Trading Symbol	WFRD
Security Exchange Name	NASDAQ
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
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		72,118,595
Common Stock, Par or Stated Value Per Share	$ 0.001		$ 0.001
Entity Central Index Key	0001603923
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Subsequent Events (Details) $ in Millions	Oct. 23, 2023 USD ($)	Oct. 24, 2023 USD ($)	Oct. 13, 2023 USD ($)	Oct. 17, 2022 USD ($)	Dec. 12, 2019 USD ($)
Subsequent Event [Line Items]
Credit Agreement Minimum Liquidity Requirement				$ 250
Senior Notes 6.5 Percent Due 2028 \| Subsequent Event \| Senior Notes
Subsequent Event [Line Items]
Debt Instrument, Debt Redemption Commitment	$ 50		$ 50
Debt Instrument, Redemption Price, Percentage	103.00%
Senior Notes 6.5 Percent Due 2028 \| Subsequent Event \| Line of Credit
Subsequent Event [Line Items]
Credit Agreement Minimum Liquidity Requirement		$ 400
Amended LC Credit Agreement
Subsequent Event [Line Items]
Credit agreement, maximum capacity					$ 400
Amended LC Credit Agreement \| Line of Credit
Subsequent Event [Line Items]
Credit agreement, maximum capacity					$ 400
Amended LC Credit Agreement \| Subsequent Event \| Line of Credit
Subsequent Event [Line Items]
Credit agreement, maximum capacity		$ 550
Credit Agreement, Minimum Interest Coverage Ratio		2.00
Amended LC Credit Agreement \| Subsequent Event \| Line of Credit \| Letter of Credit
Subsequent Event [Line Items]
Credit agreement, maximum capacity		$ 250
Amended LC Credit Agreement \| Subsequent Event \| Line of Credit \| Letters of Credit and Other
Subsequent Event [Line Items]
Credit agreement, maximum capacity		$ 300

Revenues - Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 1,313	$ 1,120	$ 3,773	$ 3,122
Middle East/North Africa/Asia
Disaggregation of Revenue [Line Items]
Revenue	471	354	1,268	1,014
North America
Disaggregation of Revenue [Line Items]
Revenue	269	297	820	803
Latin America
Disaggregation of Revenue [Line Items]
Revenue	357	280	1,045	772
Europe/Sub-Sahara Africa/Russia
Disaggregation of Revenue [Line Items]
Revenue	$ 216	$ 189	$ 640	$ 533

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Borrowings and Other Obligations Fair and carrying value of long-term debt (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Oct. 27, 2021	Sep. 30, 2021	Dec. 12, 2019
Exit Notes, 11.00 Percent Due 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value	$ 0	$ 125
Senior Notes 6.5 Percent Due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value	317	482
Senior Notes 8.625 Percent Due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value	1,587	1,586
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value	1,904	2,193
Senior Notes \| Exit Notes, 11.00 Percent Due 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					11.00%
Senior Notes \| Senior Notes 6.5 Percent Due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				6.50%
Senior Notes \| Senior Notes 8.625 Percent Due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			8.625%
Fair Value, Inputs, Level 2 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	1,935	2,154
Fair Value, Inputs, Level 2 \| Secured Debt \| Fair Value \| Senior Notes 6.5 Percent Due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	323	482
Fair Value, Inputs, Level 2 \| Senior Notes \| Fair Value \| Exit Notes, 11.00 Percent Due 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	128
Fair Value, Inputs, Level 2 \| Senior Notes \| Fair Value \| Senior Notes 8.625 Percent Due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 1,612	$ 1,544

Borrowings and Other Obligations - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2023	May 22, 2023	Dec. 31, 2022	Oct. 27, 2021	Sep. 30, 2021	Dec. 12, 2019
Debt Instrument [Line Items]
Finance Lease, Liability, Current	$ 16		$ 14
Current portion of long-term debt and term loan agreement	91		45
Finance Lease, Liability, Noncurrent	35		41
Long-term Debt and Lease Obligation	1,864		2,203
Exit Notes, 11.00 Percent Due 2024
Debt Instrument [Line Items]
Long-term debt		$ 105
Senior Notes \| Senior Notes 6.5 Percent Due 2028
Debt Instrument [Line Items]
Long-term Debt, Current Maturities	75		11
Long-term debt	242		471
Debt Instrument, Interest Rate, Stated Percentage					6.50%
Senior Notes \| Exit Notes, 11.00 Percent Due 2024
Debt Instrument [Line Items]
Long-term Debt, Current Maturities	0		20
Long-term debt	0		105
Debt Instrument, Interest Rate, Stated Percentage						11.00%
Senior Notes \| Senior Notes 8.625 Percent Due 2030
Debt Instrument [Line Items]
Long-term debt	$ 1,587		$ 1,586
Debt Instrument, Interest Rate, Stated Percentage				8.625%

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of Weatherford International plc (the “Company,” “Weatherford,” “we,” “us,” or “our”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, certain information and disclosures normally included in our annual consolidated financial statements have been condensed or omitted. Therefore, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements included in our Form 10-K for the year ended December 31, 2022 (“2022 Form 10-K”). The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting period. Ultimate results could differ from our estimates.
Principles of Consolidation	In the opinion of management, the Condensed Consolidated Financial Statements reflect all adjustments considered necessary by management to fairly state the results of operations, financial position and cash flows of Weatherford and its subsidiaries for the periods presented and are not necessarily indicative of the results that may be expected for a full year. Our financial statements have been prepared on a consolidated basis. Under this basis, our financial statements consolidate all wholly owned subsidiaries and controlled joint ventures. All intercompany accounts and transactions have been eliminated.
New Accounting Standards	New Accounting Standards All new accounting pronouncements that have been issued but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our financial position or results of operations.

Inventories, Net (Tables)

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Components of Inventory

Inventories, net of reserves of $119 million and $129 million as of September 30, 2023 and December 31, 2022, respectively, are presented by category in the table below:


(Dollars in millions)	September 30, 2023		December 31, 2022
Finished Goods	$	663	$	601
Work in Process and Raw Materials, Components and Supplies	113		88


Inventories, Net	$	776	$	689

Schedule of Inventory Charges

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 Condensed Consolidated Statements of Operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in millions)	2023		2022		2023		2022
Inventory Charges in “Cost of Products”	$	—	$	6	$	11	$	26
Inventory Charges in “Other Charges (Credits)”	—		—		—		4
Total Inventory Charges	$	—	$	6	$	11	$	30

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	1 – Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of Weatherford International plc (the “Company,” “Weatherford,” “we,” “us,” or “our”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, certain information and disclosures normally included in our annual consolidated financial statements have been condensed or omitted. Therefore, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements included in our Form 10-K for the year ended December 31, 2022 (“2022 Form 10-K”). The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting period. Ultimate results could differ from our estimates. In the opinion of management, the Condensed Consolidated Financial Statements reflect all adjustments considered necessary by management to fairly state the results of operations, financial position and cash flows of Weatherford and its subsidiaries for the periods presented and are not necessarily indicative of the results that may be expected for a full year. Our financial statements have been prepared on a consolidated basis. Under this basis, our financial statements consolidate all wholly owned subsidiaries and controlled joint ventures. All intercompany accounts and transactions have been eliminated. Summary of Significant Accounting Policies Please refer to “Note 1 – Summary of Significant Accounting Policies” of our Consolidated Financial Statements from our 2022 Form 10-K for the discussion on our significant accounting policies. Certain reclassifications have been made to these Condensed Consolidated Financial Statements and accompanying footnotes for the three and nine months ended September 30, 2022 to conform to the presentation for the three and nine months ended September 30, 2023. New Accounting Standards All new accounting pronouncements that have been issued but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our financial position or results of operations.

Revenues - Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Receivables, Net	$ 1,261	$ 989
Accounts Receivable, after Allowance for Credit Loss, Current	1,261	989
Contract Assets in Other Current Assets	57	39
Contract Assets in Other Non-Current Assets	28	21
Contract Liabilities in Other Current Liabilities	46	54
Contract Liabilities in Other Non-Current Liabilities	3	0
Product and Service, Other
Disaggregation of Revenue [Line Items]
Receivables, Net	1,227	954
Equipment Rentals
Disaggregation of Revenue [Line Items]
Receivables, Net	$ 34	$ 35

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Borrowings and Other Obligations - Narrative (Details) - USD ($)				3 Months Ended		9 Months Ended
	Oct. 25, 2023	Oct. 23, 2023	Dec. 13, 2019	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2023	Oct. 24, 2023	Oct. 13, 2023	May 22, 2023	Mar. 24, 2023	Dec. 31, 2022	Oct. 17, 2022	Oct. 27, 2021	Sep. 30, 2021	Aug. 04, 2020	Dec. 12, 2019
Short-term Debt [Line Items]
Letters of credit outstanding, amount				$ 379,000,000		$ 379,000,000					$ 395,000,000
Interest Payable, Current				46,000,000		46,000,000					22,000,000
Letters of credit outstanding, cash collateral											199,000,000
Credit Agreement Minimum Liquidity Requirement												$ 250,000,000
LC Credit Agreement Letters of Credit
Short-term Debt [Line Items]
Letters of credit outstanding, amount				272,000,000		272,000,000					195,000,000
Uncommitted Letters of Credit
Short-term Debt [Line Items]
Letters of credit outstanding, amount				107,000,000		107,000,000					200,000,000
Letters of credit outstanding, cash collateral				101,000,000		101,000,000
Exit Notes, 11.00 Percent Due 2024
Short-term Debt [Line Items]
Long-term debt									$ 105,000,000
Senior Notes 8.625 Percent Due 2030
Short-term Debt [Line Items]
Face amount of debt													$ 1,600,000,000
Amended LC Credit Agreement
Short-term Debt [Line Items]
Credit agreement, maximum capacity																$ 400,000,000
Senior Notes \| Exit Notes, 11.00 Percent Due 2024
Short-term Debt [Line Items]
Debt Instrument, Issued, Principal			$ 2,100,000,000
Stated interest rate on debt																11.00%
Repayments of Senior Debt					$ 20,000,000
Long-term debt				0		0					105,000,000
Senior Notes \| Senior Notes 6.5 Percent Due 2028
Short-term Debt [Line Items]
Stated interest rate on debt														6.50%
Long-term debt				242,000,000		242,000,000					471,000,000
Senior Notes \| Senior Notes 6.5 Percent Due 2028 \| Subsequent Event
Short-term Debt [Line Items]
Debt Instrument, Debt Redemption Commitment		$ 50,000,000						$ 50,000,000
Debt Instrument, Redemption Price, Percentage		103.00%
Repayments of Debt	$ 25,000,000
Senior Notes \| Senior Notes 8.625 Percent Due 2030
Short-term Debt [Line Items]
Stated interest rate on debt													8.625%
Long-term debt				1,587,000,000		1,587,000,000					1,586,000,000
Long-Term Debt, Gross				1,600,000,000		1,600,000,000					1,600,000,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net				13,000,000		13,000,000					14,000,000
Secured Debt \| Senior Notes 6.5 Percent Due 2028
Short-term Debt [Line Items]
Face amount of debt															$ 500,000,000
Debt Instrument, Repurchased Amount In Period				72,000,000		168,000,000
Long-Term Debt, Gross				324,000,000		324,000,000					492,000,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net				7,000,000		7,000,000					10,000,000
Line of Credit \| Senior Notes 6.5 Percent Due 2028 \| Subsequent Event
Short-term Debt [Line Items]
Credit Agreement Minimum Liquidity Requirement							$ 400,000,000
Line of Credit \| Amended LC Credit Agreement
Short-term Debt [Line Items]
Credit agreement, maximum capacity																$ 400,000,000
Line of Credit \| Amended LC Credit Agreement \| Subsequent Event
Short-term Debt [Line Items]
Credit agreement, maximum capacity							$ 550,000,000
Line of Credit \| Exit Notes \| Revolving Credit Facility
Short-term Debt [Line Items]
Minimum liquidity amount										$ 300,000,000		350,000,000
Line of Credit \| Exit Notes \| Revolving Credit Facility \| Forecast Testing Period
Short-term Debt [Line Items]
Debt instrument, covenant, minimum interest coverage ratio												$ 2.50
Line of Credit \| Revolving Credit Facility \| Revolving Credit Facility
Short-term Debt [Line Items]
Credit agreement, maximum capacity				$ 45,000,000		$ 45,000,000					$ 45,000,000

Revenues - Narrative Section (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Lease income	$ 37	$ 43	$ 109	$ 109

Intangibles, Net (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The components of intangible assets, net were as follows:


(Dollars in millions)	September 30, 2023		December 31, 2022
Developed and Acquired Technology, Net of Accumulated Amortization of $446 at September 30, 2023 and $359 at December 31, 2022	$	160	$	232
Trade Names, Net of Accumulated Amortization of $151 at September 30, 2023 and $121 at December 31, 2022	244		274
Intangible Assets, Net of Accumulated Amortization of $597 at September 30, 2023 and $480 at December 31, 2022	$	404	$	506

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Event	12 – Subsequent Events On October 23, 2023, we redeemed $50 million in aggregate principal of our 2028 Senior Secured Notes for a redemption price of 103.00%, plus accrued and unpaid interest. On October 24, 2023, we amended the Credit Agreement to (i) allow for an increase in total commitment amount from $400 million to $550 million ($250 million for performance letters of credit and $300 million for either borrowings or additional performance or financial letters of credit), (ii) extend maturity to October 24, 2028, subject to certain conditions, (iii) allow for dividends, share buybacks, and acquisitions which combined with other permitted transactions, are not to exceed a total net leverage ratio of 2.00 to 1.00 and an aggregate liquidity not less than $400 million, and (iv) remove the minimum book value of assets requirement. The obligations under the Credit Agreement are guaranteed by the Company and certain of our subsidiaries and secured by substantially all of the personal property of the Company and those subsidiaries.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 123	$ 28	$ 277	$ (46)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Information

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Information

2 – Segment Information

Financial information by segment is summarized below. The accounting policies of the segments are the same as those described in the summary of significant accounting policies as presented in our 2022 Form 10-K. We have three reportable segments: (1) Drilling and Evaluation “DRE”, (2) Well Construction and Completions “WCC”, and (3) Production and Intervention “PRI”.

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. All other includes results from non-core business activities (including integrated services and projects), and corporate includes overhead support and centrally managed or shared facilities costs. All other and corporate do not individually meet the criteria for segment reporting.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in millions)	2023		2022		2023		2022
Revenues:
DRE Revenues	$	388	$	348	$	1,154	$	957
WCC Revenues	459		391		1,320		1,118
PRI Revenues	371		357		1,086		988

All Other	95		24		213		59
Total Revenues	$	1,313	$	1,120	$	3,773	$	3,122

Operating Income:
DRE Segment Adjusted EBITDA	$	111	$	85	$	325	$	213
WCC Segment Adjusted EBITDA	119		78		324		212
PRI Segment Adjusted EBITDA	86		66		235		173

All Other	7		3		25		5
Corporate	(18)		(18)		(44)		(52)

Depreciation and Amortization	(83)		(88)		(244)		(265)
Share-Based Compensation	(9)		(5)		(26)		(18)







































Other Credits (Charges)	5		—		9		(25)








Operating Income	$	218	$	121	$	604	$	243

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Shareholders' Equity

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Shareholders' Equity

8 – Shareholders’ Equity

The change in shares issued and outstanding on our Condensed Consolidated Balance Sheets from 71 million as of December 31, 2022 to 72 million as of September 30, 2023, was due to equity awards granted, vested, and exercised, net of shares withheld for taxes. The following summarizes our shareholders’ equity activity for the three and nine months ended September 30, 2023 and 2022:


(Dollars in millions)	Capital in Excess of Par Value		Retained Deficit		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests		Total Shareholders’ Equity
Balance at December 31, 2022	$	2,928	$	(2,371)	$	(22)	$	16	$	551
Net Income	—		72		—		9		81
Distributions to Noncontrolling Interests	—		—		—		(6)		(6)
Equity Awards Granted, Vested and Exercised, Net of Shares Withheld for Taxes	(43)		—		—		—		(43)
Other Comprehensive Income	—		—		3		—		3

Balance at March 31, 2023	$	2,885	$	(2,299)	$	(19)	$	19	$	586
Net Income	—		82		—		8		90
Distributions to Noncontrolling Interests	—		—		—		—		—
Equity Awards Granted, Vested and Exercised, Net of Shares Withheld for Taxes	6		—		—		—		6
Other Comprehensive Loss	—		—		(10)		—		(10)

Balance at June 30, 2023	2,891		(2,217)		(29)		27		672
Net Income	—		123		—		8		131
Distributions to Noncontrolling Interests	—		—		—		(15)		(15)
Equity Awards Granted, Vested and Exercised, Net of Shares Withheld for Taxes	9		—		—		—		9
Other Comprehensive Loss	—		—		(35)		—		(35)
Other	—		—		—		1		1
Balance at September 30, 2023	2,900		(2,094)		(64)		21		763


(Dollars in millions)	Capital in Excess of Par Value	Retained Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Total Shareholders’ Equity
Balance at December 31, 2021	2,904	(2,397)	(35)	24	496
Net Income (Loss)	—	(80)	—	6	(74)
Equity Awards Granted, Vested and Exercised, Net of Shares Withheld for Taxes	4	—	—	—	4



Balance at March 31, 2022	2,908	(2,477)	(35)	30	426
Net Income	—	6	—	6	12
Distributions to Noncontrolling Interests	—	—	—	(11)	(11)
Equity Awards Granted, Vested and Exercised, Net of Shares Withheld for Taxes	5	—	—	—	5
Other Comprehensive Income	—	—	59	—	59
Balance at June 30, 2022	2,913	(2,471)	24	25	491
Net Income	—	28	—	9	37
Other Comprehensive Loss	—	—	(51)	—	(51)
Distributions to Noncontrolling Interests	—	—	—	(9)	(9)
Equity Awards Granted, Vested and Exercised, Net of Shares Withheld for Taxes	4	—	—	—	4
Other	6	—	—	(6)	—
Balance at September 30, 2022	2,923	(2,443)	(27)	19	472

The following table presents the changes in our accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2023 and 2022:


(Dollars in millions)	Currency Translation Adjustment		Defined Benefit Pension		Total
Balance at December 31, 2022	$	(41)	$	19	$	(22)

Other Comprehensive Loss	(42)		—		(42)



Balance at September 30, 2023	$	(83)	$	19	$	(64)

Balance at December 31, 2021	$	(36)	$	1	$	(35)

Other Comprehensive Income	8		—		8



Balance at September 30, 2022	$	(28)	$	1	$	(27)

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Blue Chip Swap Securities - Argentina	9 Months Ended
Blue Chip Swap Securities - Argentina	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Blue Chip Swap Securities - Argentina	11 – Blue Chip Swap Securities - Argentina The functional currency for our Argentine operations is the U.S. dollar and we use Argentina’s official exchange rate to remeasure our Argentine peso-denominated net monetary assets into U.S. dollars at each balance sheet date. The Central Bank of Argentina has maintained certain currency controls that limited our ability to access U.S. dollars in Argentina and to remit cash from our Argentine operations. An indirect foreign exchange mechanism known as a Blue Chip Swap (“BCS”) allows entities to remit U.S. dollars from Argentina through the purchase and sale of BCS securities. No BCS transactions were executed during the third quarter of 2023. During the second quarter of 2023, we completed a series of BCS transactions at implied exchange rates (“BCS rates”) that were approximately 106% higher than the official exchange rate resulting in a loss of $57 million during the second quarter of 2023. We continue to use the official exchange rate for remeasurement of our Argentine peso-denominated net monetary assets under U.S. GAAP as the BCS rates do not meet the criteria for remeasurement under U.S. GAAP.

Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Stockholders' Equity


(Dollars in millions)	Capital in Excess of Par Value		Retained Deficit		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests		Total Shareholders’ Equity
Balance at December 31, 2022	$	2,928	$	(2,371)	$	(22)	$	16	$	551
Net Income	—		72		—		9		81
Distributions to Noncontrolling Interests	—		—		—		(6)		(6)
Equity Awards Granted, Vested and Exercised, Net of Shares Withheld for Taxes	(43)		—		—		—		(43)
Other Comprehensive Income	—		—		3		—		3

Balance at March 31, 2023	$	2,885	$	(2,299)	$	(19)	$	19	$	586
Net Income	—		82		—		8		90
Distributions to Noncontrolling Interests	—		—		—		—		—
Equity Awards Granted, Vested and Exercised, Net of Shares Withheld for Taxes	6		—		—		—		6
Other Comprehensive Loss	—		—		(10)		—		(10)

Balance at June 30, 2023	2,891		(2,217)		(29)		27		672
Net Income	—		123		—		8		131
Distributions to Noncontrolling Interests	—		—		—		(15)		(15)
Equity Awards Granted, Vested and Exercised, Net of Shares Withheld for Taxes	9		—		—		—		9
Other Comprehensive Loss	—		—		(35)		—		(35)
Other	—		—		—		1		1
Balance at September 30, 2023	2,900		(2,094)		(64)		21		763


(Dollars in millions)	Capital in Excess of Par Value	Retained Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Total Shareholders’ Equity
Balance at December 31, 2021	2,904	(2,397)	(35)	24	496
Net Income (Loss)	—	(80)	—	6	(74)
Equity Awards Granted, Vested and Exercised, Net of Shares Withheld for Taxes	4	—	—	—	4



Balance at March 31, 2022	2,908	(2,477)	(35)	30	426
Net Income	—	6	—	6	12
Distributions to Noncontrolling Interests	—	—	—	(11)	(11)
Equity Awards Granted, Vested and Exercised, Net of Shares Withheld for Taxes	5	—	—	—	5
Other Comprehensive Income	—	—	59	—	59
Balance at June 30, 2022	2,913	(2,471)	24	25	491
Net Income	—	28	—	9	37
Other Comprehensive Loss	—	—	(51)	—	(51)
Distributions to Noncontrolling Interests	—	—	—	(9)	(9)
Equity Awards Granted, Vested and Exercised, Net of Shares Withheld for Taxes	4	—	—	—	4
Other	6	—	—	(6)	—
Balance at September 30, 2022	2,923	(2,443)	(27)	19	472

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in our accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2023 and 2022:


(Dollars in millions)	Currency Translation Adjustment		Defined Benefit Pension		Total
Balance at December 31, 2022	$	(41)	$	19	$	(22)

Other Comprehensive Loss	(42)		—		(42)



Balance at September 30, 2023	$	(83)	$	19	$	(64)

Balance at December 31, 2021	$	(36)	$	1	$	(35)

Other Comprehensive Income	8		—		8



Balance at September 30, 2022	$	(28)	$	1	$	(27)

Borrowings and Other Obligations

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Borrowings and Other Obligations

6 – Borrowings and Other Debt Obligations


(Dollars in millions)	September 30, 2023		December 31, 2022




Current Portion of 6.50% Senior Secured Notes due 2028 “2028 Senior Secured Notes”	$	75	$	11
Current Portion of Finance Leases	16		14
Current Portion of 11.00% Exit Notes due 2024 “Exit Notes”	—		20

Current Portion of Long-term Debt	$	91	$	45


8.625% Senior Notes due 2030 “2030 Senior Notes”	$	1,587	$	1,586
6.50% Senior Secured Notes due 2028 “2028 Senior Secured Notes”	242		471
Finance Leases	35		41
11.00% Exit Notes due 2024 “Exit Notes”	—		105
Long-term Debt	$	1,864	$	2,203

Exit Notes

On December 13, 2019, Weatherford International Ltd., a Bermuda exempted company (“Weatherford Bermuda”) issued 11.00% senior unsecured notes in aggregate principal amount of $2.1 billion maturing December 1, 2024 (the “Exit Notes”). Interest was payable semiannually on June 1 and December 1 of each year. The Exit Notes have been refinanced or redeemed in the years since issuance. During 2023, we redeemed $20 million in principal of our Exit Notes in the first quarter and redeemed the remaining principal of $105 million in the second quarter.

2028 Senior Secured Notes

On September 30, 2021, Weatherford Bermuda issued 6.50% senior secured notes in aggregate principal amount of $500 million maturing September 15, 2028 (the “2028 Senior Secured Notes”). Interest is payable semiannually on September 15 and March 15 of each year, and commenced on March 15, 2022. On April 19, 2023, Weatherford Bermuda, the Company and Weatherford International, LLC, a Delaware limited liability company (“Weatherford Delaware”), entered into a Second Supplemental Indenture relating to the 2028 Senior Secured Notes which amended the “Limitation on Restricted Payments” covenant to permit the purchase, repurchase, redemption, defeasance or other acquisition or retirement of the Exit Notes. In the third quarter of 2023 and for the nine months ended September 30, 2023, we repurchased $72 million and $168 million in principal, respectively, of our 2028 Senior Secured Notes. At September 30, 2023, the carrying value represents the remaining unpaid principal of $324 million offset by unamortized deferred issuance cost of $7 million. At December 31, 2022, the carrying value represented unpaid principal of $492 million offset by unamortized deferred issuance cost of $10 million. On October 23, 2023, we redeemed $50 million in aggregate principal of our 2028 Senior Secured Notes for a redemption price of 103.00% plus accrued and unpaid interest. Since the third quarter of 2023, we also repurchased an additional $25 million in principal through the date of this report.

2030 Senior Notes

On October 27, 2021, Weatherford Bermuda issued 8.625% senior notes in aggregate principal amount of $1.6 billion maturing April 30, 2030 (the “2030 Senior Notes”). Interest is payable semiannually on June 1 and December 1 of each year, and commenced on June 1, 2022. 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. At September 30, 2023, the carrying value represents the remaining unpaid principal of $1.6 billion offset by unamortized deferred issuance of $13 million. At December 31, 2022, the carrying value represented the remaining unpaid principal of $1.6 billion offset by unamortized deferred issuance cost of $14 million.

Credit Agreement

Weatherford Bermuda, Weatherford Delaware, and Weatherford Canada Ltd. (“Weatherford Canada”), together, as borrowers, and the Company as parent, have an amended and restated credit agreement (the “Credit Agreement”). The Credit Agreement allows for a total commitment amount of $400 million maturing on October 17, 2026 (subject to a $250 million minimum liquidity covenant and a minimum interest coverage ratio and maximum ratio of funded debt). On March 24, 2023, we further amended the Credit Agreement to permit unlimited prepayments and other redemptions of indebtedness subject to (i) the ratio of funded debt (net of unrestricted cash in excess of $400 million) to consolidated adjusted EBITDA as defined in the Credit Agreement, not exceeding 2.50 to 1.00, (ii) no default or event of default existing and (iii) aggregate proforma liquidity in the event of a debt reduction equaling or exceeding $300 million (which previously was $350 million). The material terms of the Credit Agreement are otherwise unchanged. The obligations under the Credit Agreement are guaranteed by the Company and certain of our subsidiaries and secured by substantially all of the personal property of the Company and those subsidiaries. On October 24, 2023, we further amended our Credit Agreement, the details of which are discussed in “Note 12 - Subsequent Events”.

As of September 30, 2023, we had $379 million of letters of credit outstanding, consisting of the $272 million under the Credit Agreement and another $107 million under various uncommitted bi-lateral facilities (of which there was $101 million in cash collateral held and recorded in “Restricted Cash” on the Condensed Consolidated Balance Sheets). As of December 31, 2022, we had $395 million of letters of credit outstanding, consisting of the $195 million 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 Condensed Consolidated Balance Sheets). As of September 30, 2023 and December 31, 2022, our revolving loan capacity available was $45 million, respectively. As mentioned above, on October 24, 2023, we further amended our Credit Agreement, the details of which are discussed in “Note 12 - Subsequent Events”.

Accrued Interest

As of September 30, 2023 and December 31, 2022, we had accrued interest of approximately $46 million and $22 million, respectively, in “Other Current Liabilities” primarily related to our outstanding debt as of the respective dates.

Fair Value

The carrying value of our short-term borrowings approximates 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 market rate is greater than the interest rate at which the debt was originally issued. The fair value of our long-term debt is classified as Level 2 in the fair value hierarchy and is established based on observable inputs in less active markets. The table below presents the fair value and carrying value of our long-term debt (excluding finance leases).


	September 30, 2023				December 31, 2022
(Dollars in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value
11.00% Exit Notes due 2024	$	—	$	—	$	125	$	128
6.50% Senior Secured Notes due 2028	317		323		482		482
8.625% Senior Notes due 2030	1,587		1,612		1,586		1,544
Long-Term Debt (excluding Finance Leases)	$	1,904	$	1,935	$	2,193	$	2,154

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue:
Total Revenue	$ 1,313	$ 1,120	$ 3,773	$ 3,122
Costs and Expenses:
Research and Development	30	23	83	66
Selling, General and Administrative	211	201	599	575
Other Charges (Credits)	(5)	0	(9)	25
Total Costs and Expenses	1,095	999	3,169	2,879
Operating Income	218	121	604	243
Interest Expense, Net of Interest Income of $15, $8, $47 and $19	(30)	(44)	(92)	(140)
Loss on Blue Chip Swap Securities	0	0	(57)	0
Other Expense, Net	(24)	(14)	(98)	(62)
Income Before Income Taxes	164	63	357	41
Income Tax Provision	(33)	(26)	(55)	(66)
Net Income (Loss)	131	37	302	(25)
Net Income Attributable to Noncontrolling Interests	8	9	25	21
Net Income (Loss) Attributable to Weatherford	$ 123	$ 28	$ 277	$ (46)
Earnings Per Share, Basic	$ 1.70	$ 0.39	$ 3.85	$ (0.65)
Weighted Average Number of Shares Outstanding, Basic	72	71	72	71
Earnings Per Share, Diluted	$ 1.66	$ 0.39	$ 3.76	$ (0.65)
Weighted Average Number of Shares Outstanding, Diluted	74	72	74	71
Service [Member]
Revenue:
Total Revenue	$ 805	$ 698	$ 2,340	$ 1,947
Costs and Expenses:
Cost of Goods and Services Sold	492	440	1,441	1,243
Product [Member]
Revenue:
Total Revenue	508	422	1,433	1,175
Costs and Expenses:
Cost of Goods and Services Sold	$ 367	$ 335	$ 1,055	$ 970

Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Financial information by segment


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in millions)	2023		2022		2023		2022
Revenues:
DRE Revenues	$	388	$	348	$	1,154	$	957
WCC Revenues	459		391		1,320		1,118
PRI Revenues	371		357		1,086		988

All Other	95		24		213		59
Total Revenues	$	1,313	$	1,120	$	3,773	$	3,122

Operating Income:
DRE Segment Adjusted EBITDA	$	111	$	85	$	325	$	213
WCC Segment Adjusted EBITDA	119		78		324		212
PRI Segment Adjusted EBITDA	86		66		235		173

All Other	7		3		25		5
Corporate	(18)		(18)		(44)		(52)

Depreciation and Amortization	(83)		(88)		(244)		(265)
Share-Based Compensation	(9)		(5)		(26)		(18)







































Other Credits (Charges)	5		—		9		(25)








Operating Income	$	218	$	121	$	604	$	243

Inventories, Net Inventory Charges Table (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Inventory [Line Items]
Inventory Charges	$ 0	$ 6	$ 11	$ 30
Cost of Sales
Inventory [Line Items]
Inventory Charges	0	6	11	26
Restructuring Charges
Inventory [Line Items]
Inventory Charges	$ 0	$ 0	$ 0	$ 4

Intangibles, Net (Schedule of Intangible Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Net (Excluding Goodwill)	$ 404	$ 506
Finite-Lived Intangible Assets, Accumulated Amortization	597	480
Developed And Acquired Technology Rights
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	160	232
Finite-Lived Intangible Assets, Accumulated Amortization	446	359
Trade Names
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	244	274
Finite-Lived Intangible Assets, Accumulated Amortization	$ 151	$ 121

Disputes, Litigation and Contingencies (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Estimated litigation liability	$ 36	$ 41

Revenues

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenues

3 – Revenue

Disaggregated Revenue

Revenue is 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 receive 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.

We lease drilling tools, artificial lift pumping equipment and other unmanned equipment to customers as operating leases. Equipment rental revenue is generally provided based on call-out work orders that include fixed per unit prices and derived from short-term contracts. Equipment rental revenue was $37 million and $109 million in the three and nine months ended September 30, 2023, respectively, and $43 million and $109 million for the three and nine months ended September 30, 2022, respectively.

The following table disaggregates our revenue from contracts with customers by geographic area and includes equipment rental revenue. North America in the table below consists of the U.S. and Canada.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in millions)	2023		2022		2023		2022








Revenue by Geographic Areas:
Middle East/North Africa/Asia	$	471	$	354	$	1,268	$	1,014
North America	269		297		820		803
Latin America	357		280		1,045		772
Europe/Sub-Sahara Africa/Russia	216		189		640		533

Total Revenue	$	1,313	$	1,120	$	3,773	$	3,122

Contract Balances


(Dollars in millions)	September 30, 2023		December 31, 2022
Receivables for Product and Services in Accounts Receivable, Net	$	1,227	$	954
Receivables for Equipment Rentals in Account Receivable, Net	$	34	$	35
Accounts Receivable, Net	$	1,261	$	989

Contract Assets in Other Current Assets	$	57	$	39
Contract Assets in Other Non-Current Assets	$	28	$	21
Contract Liabilities in Other Current Liabilities	$	46	$	54
Contract Liabilities in Other Non-Current Liabilities	$	3	$	—

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Disputes, Litigation and Contingencies	9 Months Ended
Disputes, Litigation and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Disputes, Litigation and Contingencies	7 – 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 Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022 were $36 million and $41 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 continuing to await a decision. We cannot reliably predict the outcome of the claims, including the amount of any possible loss.

Inventories, Net (Schedule of Inventory) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished Goods	$ 663	$ 601
Work in Process and Raw Materials, Components and Supplies	113	88
Inventories, Net	776	689
Inventory valuation reserves	$ 119	$ 129

Income (Loss) per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars and shares in millions, except per share amounts)	2023		2022		2023		2022
Net Income (Loss) Attributable to Weatherford	$	123	$	28	$	277	$	(46)

Basic Weighted Average Shares Outstanding	72		71		72		71
Dilutive Effect of Awards Granted in Stock Incentive Plan	2		1		2		—
Diluted Weighted Average Shares Outstanding	74		72		74		71

Basic Income (Loss) per Share	$	1.70	$	0.39	$	3.85	$	(0.65)
Diluted Income (Loss) per Share	$	1.66	$	0.39	$	3.76	$	(0.65)

Antidilutive Shares:
Warrants	8		8		8		8
Equity Awards	—		—		1		1
Total Antidilutive Shares	8		8		9		9

Borrowings and Other Obligations (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Short-term Debt and Other Debt Obligations


(Dollars in millions)	September 30, 2023		December 31, 2022




Current Portion of 6.50% Senior Secured Notes due 2028 “2028 Senior Secured Notes”	$	75	$	11
Current Portion of Finance Leases	16		14
Current Portion of 11.00% Exit Notes due 2024 “Exit Notes”	—		20

Current Portion of Long-term Debt	$	91	$	45


8.625% Senior Notes due 2030 “2030 Senior Notes”	$	1,587	$	1,586
6.50% Senior Secured Notes due 2028 “2028 Senior Secured Notes”	242		471
Finance Leases	35		41
11.00% Exit Notes due 2024 “Exit Notes”	—		105
Long-term Debt	$	1,864	$	2,203

Fair Value,of Short and Long-term Borrowings


	September 30, 2023				December 31, 2022
(Dollars in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value
11.00% Exit Notes due 2024	$	—	$	—	$	125	$	128
6.50% Senior Secured Notes due 2028	317		323		482		482
8.625% Senior Notes due 2030	1,587		1,612		1,586		1,544
Long-Term Debt (excluding Finance Leases)	$	1,904	$	1,935	$	2,193	$	2,154

Inventories, Net

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Inventories, Net

4 – Inventories, Net

Inventories, net of reserves of $119 million and $129 million as of September 30, 2023 and December 31, 2022, respectively, are presented by category in the table below:


(Dollars in millions)	September 30, 2023		December 31, 2022
Finished Goods	$	663	$	601
Work in Process and Raw Materials, Components and Supplies	113		88


Inventories, Net	$	776	$	689


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in millions)	2023		2022		2023		2022
Inventory Charges in “Cost of Products”	$	—	$	6	$	11	$	26
Inventory Charges in “Other Charges (Credits)”	—		—		—		4
Total Inventory Charges	$	—	$	6	$	11	$	30

Shareholders' Equity (Deficiency) (Shareholders' Equity Activity) (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Schedule of Issued and Treasury Shares [Line Items]
Common Stock, Shares, Issued	72						72		71
Common Stock, Shares, Outstanding	72						72		71
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	$ 672	$ 586	$ 551	$ 491	$ 426	$ 496	$ 551	$ 496
Net Income	131	90	81	37	12	(74)	302	(25)
Noncontrolling Interest Distributions	(15)	0	(6)	(9)	(11)
Equity Awards Granted, Vested and Exercised, Net of Shares Withheld for Taxes	9	6	(43)	4	5	4
Other Comprehensive Income (Loss), Net of Tax	(35)	(10)	3	(51)	59
Other	1			0
Balance, ending balance	763	672	586	472	491	426	763	472
Capital in Excess of Par Value
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	2,891	2,885	2,928	2,913	2,908	2,904	2,928	2,904
Equity Awards Granted, Vested and Exercised, Net of Shares Withheld for Taxes	9	6	(43)	4	5	4
Other				6
Balance, ending balance	2,900	2,891	2,885	2,923	2,913	2,908	2,900	2,923
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	(2,217)	(2,299)	(2,371)	(2,471)	(2,477)	(2,397)	(2,371)	(2,397)
Net Income	123	82	72	28	6	(80)
Balance, ending balance	(2,094)	(2,217)	(2,299)	(2,443)	(2,471)	(2,477)	(2,094)	(2,443)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	(29)	(19)	(22)	24	(35)	(35)	(22)	(35)
Other Comprehensive Income (Loss), Net of Tax	(35)	(10)	3	(51)	59
Balance, ending balance	(64)	(29)	(19)	(27)	24	(35)	(64)	(27)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	27	19	16	25	30	24	16	24
Net Income	8	8	9	9	6	6
Noncontrolling Interest Distributions	(15)		(6)	(9)	(11)
Other	1			(6)
Balance, ending balance	$ 21	$ 27	$ 19	$ 19	$ 25	$ 30	$ 21	$ 19

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 131	$ 37	$ 302	$ (25)
Foreign Currency Translation Adjustments	(35)	(51)	(42)	8
Comprehensive Income (Loss)	96	(14)	260	(17)
Comprehensive Income Attributable to Noncontrolling Interests	8	9	25	21
Comprehensive Income (Loss) Attributable to Weatherford	$ 88	$ (23)	$ 235	$ (38)

- 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.

+ References + Details

- Definition

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

+ References + Details

- Definition

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

+ References

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

Income (Loss) per Share - Narrative (Details) - Warrant shares in Millions	Dec. 31, 2019 $ / shares shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrants Outstanding \| shares	7.8
Warrant, Exercise Price of Warrants \| $ / shares	$ 99.96

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	10 – Income Taxes During the first quarter of 2023, the Company changed to calculating the income tax provision using the estimated annual effective tax rate method in accordance with Accounting Standards Codification “ASC” 740 - Income Taxes and is no longer applying the exception, which allowed the use of the year-to-date effective tax rate method. We believed the change was appropriate as we are more reliably able to calculate the estimated annual effective tax rate due to sustained profitability and confidence in future earnings. This method is applied for the three and nine months ended September 30, 2023. For the three and nine months ended September 30, 2022, we determined our quarterly tax provision using the year-to-date effective tax rate method because the estimated annual approach was not reliable given that small changes in estimated ordinary annual income resulted in significant changes in our estimated annual effective tax rate. We recognized a tax expense of $33 million and $55 million for the three and nine months ended September 30, 2023, respectively, compared to the three and nine months ended September 30, 2022 where we recognized tax expense of $26 million and $66 million, respectively. The relationship between our pre-tax income or loss and our income tax provision or benefit varies from period to period due to 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. 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 residents for income tax purposes. Our income tax provisions are primarily driven by income 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. This is partially offset by the utilization of previously unbenefited deferred tax assets, such as net operating loss carryforwards. During the nine months ended September 30, 2023, income tax expense was lower by $67 million due to the release of valuation allowances and the recognition of a benefit from previously uncertain tax positions in the second quarter. Those benefits were offset by the establishment of a valuation allowance of approximately $20 million related to the $57 million loss on the sale of Blue Chip Swap securities in Argentina, further described in the following footnote. During the nine months ended September 30, 2022, income tax expense was lower by $27 million, due the recognition of a benefit from previously uncertain tax positions. We routinely undergo tax examination in various jurisdictions. We cannot predict the timing or outcome regarding resolution of these tax examinations or if they will have a material impact on our financial statements. As of September 30, 2023, we anticipate that it is reasonably possible that our uncertain tax positions of $262 million, including interest and penalties, may decrease by up to $12 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.

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+ Details