0001603923-24-000145 | 10-Q | XBRL Viewer | Weatherford International PLC

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 166	$ 131	$ 426	$ 302
Foreign Currency Translation Adjustments	20	(35)	(4)	(42)
Comprehensive Income	186	96	422	260
Net Income Attributable to Noncontrolling Interests	9	8	32	25
Comprehensive Income Attributable to Weatherford	$ 177	$ 88	$ 390	$ 235

- Definition

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

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- Definition

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

+ References + Details

- Definition

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

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+ Details

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Financial information by segment

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 2023 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 results were from non-core business activities (including pass through and project management services included in integrated services and projects). Corporate includes overhead support and centrally managed or shared facility 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)	2024		2023		2024		2023
Revenues:
DRE Revenues	$	435	$	388	$	1,284	$	1,154
WCC Revenues	509		459		1,471		1,320
PRI Revenues	371		371		1,088		1,086

All Other	94		95		329		213
Total Revenues	$	1,409	$	1,313	$	4,172	$	3,773

Operating Income:
DRE Segment Adjusted EBITDA	$	111	$	111	$	371	$	325
WCC Segment Adjusted EBITDA	151		119		416		324
PRI Segment Adjusted EBITDA	83		86		241		235

All Other	23		7		73		25
Corporate	(13)		(18)		(45)		(44)

Depreciation and Amortization	(89)		(83)		(260)		(244)
Share-based Compensation	(10)		(9)		(35)		(26)







































Other Credits (Charges)	(13)		5		(21)		9








Operating Income	$	243	$	218	$	740	$	604

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities:
Net Income	$ 426	$ 302
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization	260	244
Foreign Exchange Losses	58	73
Loss on Blue Chip Swap Securities	10	57
Gain on Disposition of Assets	(33)	(11)
Deferred Income Tax Provision (Benefit)	8	(67)
Share-Based Compensation	35	26
Changes in Accounts Receivable, Inventory, Accounts Payable and Accrued Salaries and Benefits:
Accounts Receivable	23	(280)
Inventories	(131)	(103)
Accounts Payable	18	173
Accrued Salaries and Benefits	(54)	(25)
Other Changes, Net	(77)	68
Net Cash Provided by Operating Activities	543	457
Cash Flows From Investing Activities:
Capital Expenditures for Property, Plant and Equipment	(199)	(142)
Proceeds from Disposition of Assets	18	21
Purchases of Blue Chip Swap Securities	(50)	(110)
Proceeds from Sales of Blue Chip Swap Securities	40	53
Business Acquisitions, Net of Cash Acquired	(51)	(4)
Proceeds from Sale of Investments	41	33
Other Investing Activities	(6)	(9)
Net Cash Used in Investing Activities	(207)	(158)
Cash Flows From Financing Activities:
Repayments of Long-term Debt	(264)	(306)
Distributions to Noncontrolling Interests	(19)	(21)
Tax Remittance on Equity Awards Vested	(9)	(54)
Share Repurchases	(50)	0
Dividends Paid	(18)	0
Other Financing Activities	(18)	(7)
Net Cash Used in Financing Activities	(378)	(388)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	(43)	(77)
Net Decrease in Cash, Cash Equivalents and Restricted Cash	(85)	(166)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	1,063	1,112
Cash, Cash Equivalents and Restricted Cash at End of Period	978	946
Supplemental Cash Flow Information:
Interest Paid	82	110
Income Taxes Paid, Net of Refunds	130	88
Supplemental Noncash Information:
844,702 Ordinary Shares Issued for Acquisitions	$ 75	$ 0

Segment Information (Details) $ in Millions	3 Months Ended		9 Months Ended
Segment Information (Details) $ in Millions	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment			3
Segment Reporting Information [Line Items]
Revenue	$ 1,409	$ 1,313	$ 4,172	$ 3,773
Total Revenue	1,409	1,313	4,172	3,773
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	178	164	570	357
Depreciation and Amortization	(89)	(83)	(260)	(244)
Share-based Compensation	(10)	(9)	(35)	(26)
Other Credits (Charges)	(13)	5	(21)	9
Operating Income	243	218	740	604
Operating Segments \| Drilling and Evaluation
Segment Reporting Information [Line Items]
Revenue	435	388	1,284	1,154
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	111	111	371	325
Operating Segments \| Well Construction And Completion
Segment Reporting Information [Line Items]
Revenue	509	459	1,471	1,320
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	151	119	416	324
Operating Segments \| Production and Intervention
Segment Reporting Information [Line Items]
Revenue	371	371	1,088	1,086
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	83	86	241	235
All Other
Segment Reporting Information [Line Items]
Revenue	94	95	329	213
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	23	7	73	25
Corporate
Segment Reporting Information [Line Items]
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ (13)	$ (18)	$ (45)	$ (44)

Revenue

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

3 – Revenue

Disaggregated Revenue

The following table disaggregates our revenue from contracts with customers by geographic area and includes equipment rental revenue. Equipment rental revenues were $38 million and $111 million in the three and nine months ended September 30, 2024, respectively, and $37 million and $109 million for the three and nine months ended September 30, 2023, respectively.

During the three and nine months ended September 30, 2024, the U.S. accounted for 15% and the Kingdom of Saudi Arabia accounted for 10% of revenue in each period, respectively. In addition, for the three and nine months ended September 30, 2024, Mexico accounted for 12% and 13% of total revenue, respectively, driven by a customer which accounted for 10% and 11% of total revenue, respectively. During the three and nine months ended September 30, 2023, the U.S. accounted for 16% and 17%, respectively and Mexico accounted for 14% and 13%, respectively. No other country accounted for more than 10% of our revenue in the periods presented.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in millions)	2024		2023		2024		2023








Revenue by Geographic Areas:
North America (a)	$	266	$	269	$	785	$	820

International	1,143		1,044		3,387		2,953
Middle East/North Africa/Asia	542		471		1,581		1,268
Latin America	358		357		1,081		1,045
Europe/Sub-Sahara Africa/Russia	243		216		725		640

Total Revenue	$	1,409	$	1,313	$	4,172	$	3,773

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

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, 2024 and December 31, 2023:


(Dollars in millions)	September 30, 2024		December 31, 2023
Receivables for Product and Services in Accounts Receivable, Net	$	1,200	$	1,182
Receivables for Equipment Rentals in Account Receivable, Net	$	31	$	34
Accounts Receivable, Net	$	1,231	$	1,216

Contract Assets in Other Current Assets	$	68	$	61
Contract Assets in Other Non-Current Assets	$	32	$	24
Contract Liabilities in Other Current Liabilities	$	32	$	58
Contract Liabilities in Other Non-Current Liabilities	$	3	$	5

- 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.

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+ Details

Intangibles, Net - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangibles, Net of Accumulated Amortization of $764 at September 30, 2024 and $639 at December 31, 2023	$ 356	$ 370
Intangibles, Accumulated Amortization	764	639
Developed and Acquired Technology
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	147	135
Intangibles, Accumulated Amortization	574	479
Trade Names
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	209	235
Intangibles, Accumulated Amortization	$ 190	$ 160

- 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

Segment Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Information

2 – Segment Information


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in millions)	2024		2023		2024		2023
Revenues:
DRE Revenues	$	435	$	388	$	1,284	$	1,154
WCC Revenues	509		459		1,471		1,320
PRI Revenues	371		371		1,088		1,086

All Other	94		95		329		213
Total Revenues	$	1,409	$	1,313	$	4,172	$	3,773

Operating Income:
DRE Segment Adjusted EBITDA	$	111	$	111	$	371	$	325
WCC Segment Adjusted EBITDA	151		119		416		324
PRI Segment Adjusted EBITDA	83		86		241		235

All Other	23		7		73		25
Corporate	(13)		(18)		(45)		(44)

Depreciation and Amortization	(89)		(83)		(260)		(244)
Share-based Compensation	(10)		(9)		(35)		(26)







































Other Credits (Charges)	(13)		5		(21)		9








Operating Income	$	243	$	218	$	740	$	604

- 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.

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+ Details

Income per Share (Tables)

9 Months Ended

Sep. 30, 2024

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 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)	2024		2023		2024		2023
Net Income Attributable to Weatherford	$	157	$	123	$	394	$	277
Less: Impact of Acquisition Contingent Consideration (1)	(2)		—		—		—
Net Income Attributable to Weatherford and Available to Shareholders	$	155	$	123	$	394	$	277

Basic Weighted Average Shares Outstanding	73.2		72.1		73.1		71.9
Dilutive Effect of Awards Granted in Stock Incentive Plan	1.9		1.6		1.9		1.7
Dilutive Effect of Acquisition Contingent Consideration (1)	0.1		—		—		—
Diluted Weighted Average Shares Outstanding	75.2		73.7		75.0		73.6

Basic Income per Share	$	2.14	$	1.70	$	5.39	$	3.85
Diluted Income per Share (1)	$	2.06	$	1.66	$	5.25	$	3.76

Anti-dilutive Weighted Average Shares:
Warrants	—		7.8		—		7.8
Equity Awards	0.3		0.4		0.4		0.8

Total Anti-dilutive Weighted Average Shares	0.3		8.2		0.4		8.6

[1]Included the maximum potentially dilutive shares contingently issuable for an acquisition consideration during the three months ended September 30,2024, the value of which was adjusted out of Net Income Attributable to Weatherford in calculating diluted income per share.

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 12	$ 33	$ 144	$ 55
Valuation Allowance [Line Items]
Increase (decrease) in valuation allowance	(37)			(67)
Uncertain tax positions	265		265
Decrease in uncertain tax positions reasonably possible	$ 6		$ 6
Argentina
Valuation Allowance [Line Items]
Increase (decrease) in valuation allowance				$ 20

- Definition

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

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+ Details

Income per Share - Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Income Attributable to Weatherford	$ 157	$ 123	$ 394	$ 277
Less: Impact of Acquisition Contingent Consideration	(2)	0	0	0
Net Income Attributable to Weatherford and Available to Shareholders, Basic	155	123	394	277
Net Income Attributable to Weatherford and Available to Shareholders, Diluted	$ 155	$ 123	$ 394	$ 277
Basic Weighted Average Shares Outstanding (in shares)	73,200	72,100	73,100	71,900
Dilutive Effect of Awards Granted in Stock Incentive Plan (in shares)	1,900	1,600	1,900	1,700
Dilutive Effect of Acquisition Contingent Consideration (in shares)	100	0	0	0
Weighted Average Number of Shares Outstanding, Diluted	75,200	73,700	75,000	73,600
Basic Income per Share (in dollars per share)	$ 2.14	$ 1.70	$ 5.39	$ 3.85
Diluted Income per Share (in dollars per share)	$ 2.06	$ 1.66	$ 5.25	$ 3.76
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total Anti-dilutive Weighted Average Shares (in shares)	300	8,200	400	8,600
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total Anti-dilutive Weighted Average Shares (in shares)	0	7,800	0	7,800
Equity Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total Anti-dilutive Weighted Average Shares (in shares)	300	400	400	800

Revenue - Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total Revenue	$ 1,409	$ 1,313	$ 4,172	$ 3,773
North America
Disaggregation of Revenue [Line Items]
Total Revenue	266	269	785	820
Non-US
Disaggregation of Revenue [Line Items]
Total Revenue	1,143	1,044	3,387	2,953
Middle East/North Africa/Asia
Disaggregation of Revenue [Line Items]
Total Revenue	542	471	1,581	1,268
Latin America
Disaggregation of Revenue [Line Items]
Total Revenue	358	357	1,081	1,045
Europe/Sub-Sahara Africa/Russia
Disaggregation of Revenue [Line Items]
Total Revenue	$ 243	$ 216	$ 725	$ 640

- 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.

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+ Details

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	14 – Subsequent Events On October 17, 2024, our Board of Directors declared a cash dividend of $0.25 per share of the Company’s ordinary shares, payable on December 5, 2024 to shareholders of record as of November 6, 2024.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - Parenthetical - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Interest income	$ 13	$ 15	$ 44	$ 47

Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	13 – Acquisitions During the nine months ended September 30, 2024, we closed on acquisitions with total consideration of $160 million, which includes $51 million in cash net of cash acquired and 0.8 million of our ordinary shares valued at $75 million on the closing dates. These amounts include an immaterial acquisition during the three months ended September 30, 2024. The purchases were accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification “ASC” 805 Business Combinations and the purchase price was allocated to the assets acquired and liabilities assumed based on their estimated fair values measured in accordance with the guidance under ASC 820 Fair Value Measurement. The fair value measurements of the intangible assets were based on inputs not observable in the market and therefore represent Level 3 measurements. The fair value of intangible assets acquired was $99 million and the goodwill and contingent considerations were each immaterial. Acquisition-related costs incurred by the Company are expensed as incurred. The operating results of the acquired businesses were included in the Company’s results of operations from the dates of acquisition. See also “Note 5 – Intangibles, Net” and “Note 8 – Shareholders’ Equity” in our Notes to Condensed Consolidated Financial Statements

Revenue - Narrative Section (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Equipment rental revenue	$ 38	$ 37	$ 111	$ 109
Geographic Concentration Risk \| Revenue from Contract with Customer Benchmark \| United States
Concentration Risk [Line Items]
Concentration risk, percentage	15.00%	16.00%	15.00%	17.00%
Geographic Concentration Risk \| Revenue from Contract with Customer Benchmark \| Saudi Arabia
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%
Geographic Concentration Risk \| Revenue from Contract with Customer Benchmark \| Mexico
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%	14.00%	13.00%	13.00%
Customer Concentration Risk \| Revenue from Contract with Customer Benchmark \| One customer
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%		11.00%

Intangibles, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 43	$ 37	$ 125	$ 117

Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Stockholders' Equity

The following summarizes our shareholders’ equity activity for the three and nine months ended September 30, 2024 and 2023:


(Dollars in millions)	Capital in Excess of Par Value		Retained Deficit		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Shareholders’ Equity
Balance at December 31, 2023	$	2,906	$	(1,954)	$	(28)	$	(2)	$	922
Net Income	—		112		—		11		123
Equity Awards, Granted and Vested, Net of Shares Withheld for Taxes	4		—		—		—		4
Other Comprehensive Loss	—		—		(24)		—		(24)
Equity Issued for Acquisitions	75		—		—		—		75
Balance at March 31, 2024	$	2,985	$	(1,842)	$	(52)	$	9	$	1,100
Net Income	—		125		—		12		137
Equity Awards, Granted, and Vested, Net of Shares Withheld for Taxes	12		—		—		—		12

Distributions to Noncontrolling Interests	—		—		—		(9)		(9)
Balance at June 30, 2024	$	2,997	$	(1,717)	$	(52)	$	12	$	1,240
Net Income	—		157		—		9		166
Equity Awards, Granted and Vested, Net of Shares Withheld for Taxes	9		—		—		—		9
Share Repurchases	(50)		—		—		—		(50)
Dividends Declared ($0.25 per share) (1)	—		(19)		—		—		(19)
Other Comprehensive Income	—		—		20		—		20
Distributions to Noncontrolling Interests	—		—		—		(10)		(10)

Balance at September 30, 2024	$	2,956	$	(1,579)	$	(32)	$	11	$	1,356
(1) Includes dividend equivalents on share-based awards.


(Dollars in millions)	Capital in Excess of Par Value		Retained Deficit		Accumulated Other Comprehensive 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

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

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in our accumulated other comprehensive loss by component for the nine months ended September 30, 2024 and 2023:


(Dollars in millions)	Currency Translation Adjustment		Defined Benefit Pension		Total
Balance at December 31, 2023	$	(43)	$	15	$	(28)

Other Comprehensive Loss	(4)		—		(4)



Balance at September 30, 2024	$	(47)	$	15	$	(32)

Balance at December 31, 2022	$	(41)	$	19	$	(22)

Other Comprehensive Loss	(42)		—		(42)



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

Intangibles, Net

9 Months Ended

Sep. 30, 2024

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, 2024		December 31, 2023
Developed and Acquired Technology, Net of Accumulated Amortization of $574 at September 30, 2024 and $479 at December 31, 2023	$	147	$	135
Trade Names, Net of Accumulated Amortization of $190 at September 30, 2024 and $160 at December 31, 2023	209		235
Intangibles, Net of Accumulated Amortization of $764 at September 30, 2024 and $639 at December 31, 2023	$	356	$	370

Amortization expense was $43 million and $125 million in the three and nine months ended September 30, 2024, respectively, and $37 million and $117 million for the three and nine months ended September 30, 2023, respectively, and is reported in “Selling, General and Administrative” on our Condensed Consolidated Statements of Operations. The net increase in developed and acquired technology was primarily related to intangibles acquired in connection with acquisitions during the three and nine months ended September 30, 2024. Please refer to “Note 13 – Acquisitions.”

Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in millions)	2024		2023		2024		2023








Revenue by Geographic Areas:
North America (a)	$	266	$	269	$	785	$	820

International	1,143		1,044		3,387		2,953
Middle East/North Africa/Asia	542		471		1,581		1,268
Latin America	358		357		1,081		1,045
Europe/Sub-Sahara Africa/Russia	243		216		725		640

Total Revenue	$	1,409	$	1,313	$	4,172	$	3,773

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

Schedule of Contract Balances

Contract Balances


(Dollars in millions)	September 30, 2024		December 31, 2023
Receivables for Product and Services in Accounts Receivable, Net	$	1,200	$	1,182
Receivables for Equipment Rentals in Account Receivable, Net	$	31	$	34
Accounts Receivable, Net	$	1,231	$	1,216

Contract Assets in Other Current Assets	$	68	$	61
Contract Assets in Other Non-Current Assets	$	32	$	24
Contract Liabilities in Other Current Liabilities	$	32	$	58
Contract Liabilities in Other Non-Current Liabilities	$	3	$	5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	9 Months Ended
	Sep. 30, 2024 shares
Acquisitions
Ordinary shares issued for acquisition (in shares)	844,702

Inventories, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Inventories, Net (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventory valuation reserves	$ 116		$ 116		$ 121
Finished Goods	804		804		688
Work in Process and Raw Materials, Components and Supplies	115		115		100
Inventories, Net	919		919		$ 788
Inventory [Line Items]
Inventory Charges	$ 9		$ 24	$ 11
Cost of Products
Inventory [Line Items]
Inventory Charges		$ 0

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Equity [Abstract]
Ordinary Shares, Issued (in shares)	72.7	72.7		72.1
Ordinary Shares, Outstanding (in shares)	72.7	72.7		72.1
Issuance of shares related to acquisitions (in shares)		0.8
Shares issued for equity awards vested and delivered, net of shares withheld for taxes (in shares)		0.3
Stock repurchased during period (in shares)		0.5
Stock repurchased during period	$ 50	$ 50
Share repurchase program, authorized amount			$ 500
Dividend declared (in dollars per share)	$ 0.25
Dividends declared	$ 19

Shareholders' Equity - Shareholders' Equity Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule of Issued and Treasury Shares [Line Items]
Ordinary Shares, Issued (in shares)	72,700,000						72,700,000		72,100,000
Ordinary Shares, Outstanding (in shares)	72,700,000						72,700,000		72,100,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	$ 1,240	$ 1,100	$ 922	$ 672	$ 586	$ 551	$ 922	$ 551
Net Income	166	137	123	131	90	81	426	302
Equity Awards, Granted, Vested and Exercised, Net of Shares Withheld for Taxes	9	12	4	9	6	(43)
Share Repurchases	(50)						(50)
Dividends Declared	(19)
Other Comprehensive Loss	20		(24)	(35)	(10)	3
Equity Issued for Acquisitions			75
Distributions to Noncontrolling Interests	(10)	(9)		(15)		(6)
Other				1
Balance, ending balance	$ 1,356	1,240	1,100	763	672	586	$ 1,356	763
Dividend declared (in dollars per share)	$ 0.25
Acquisitions
Schedule of Issued and Treasury Shares [Line Items]
Ordinary shares issued for acquisition (in shares)							844,702
Capital in Excess of Par Value
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	$ 2,997	2,985	2,906	2,891	2,885	2,928	$ 2,906	2,928
Equity Awards, Granted, Vested and Exercised, Net of Shares Withheld for Taxes	9	12	4	9	6	(43)
Share Repurchases	(50)
Equity Issued for Acquisitions			75
Balance, ending balance	2,956	2,997	2,985	2,900	2,891	2,885	2,956	2,900
Retained Income (Deficit)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	(1,717)	(1,842)	(1,954)	(2,217)	(2,299)	(2,371)	(1,954)	(2,371)
Net Income	157	125	112	123	82	72
Dividends Declared	(19)
Balance, ending balance	(1,579)	(1,717)	(1,842)	(2,094)	(2,217)	(2,299)	(1,579)	(2,094)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	(52)	(52)	(28)	(29)	(19)	(22)	(28)	(22)
Other Comprehensive Loss	20		(24)	(35)	(10)	3
Balance, ending balance	(32)	(52)	(52)	(64)	(29)	(19)	(32)	(64)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	12	9	(2)	27	19	16	(2)	16
Net Income	9	12	11	8	8	9
Distributions to Noncontrolling Interests	(10)	(9)		(15)		(6)
Other				1
Balance, ending balance	$ 11	$ 12	$ 9	$ 21	$ 27	$ 19	$ 11	$ 21

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	10 – Income Taxes We recognized a tax expense of $12 million and $144 million for the three and nine months ended September 30, 2024, respectively, compared to tax expense of $33 million and $55 million, respectively, for the three and nine months ended September 30, 2023. Income tax expense was lower in the third quarter of 2024 compared to the same three month period in 2023 due to a release of a valuation allowance of $37 million in the third quarter of 2024. Income tax expense was higher in the nine months ended September 30, 2024 compared to the same period in 2023 primarily due to increased earnings before taxes. In addition, income tax expense during the nine months ended 2023 had been lowered by $67 million due to the release of valuation allowances and the recognition of a benefit from previously uncertain tax positions. The 2023 benefits were offset by the establishment of a valuation allowance of approximately $20 million related to the sale of Blue Chip Swap securities in Argentina. We calculate income tax provision using the estimated annual effective tax rate method in accordance with Accounting Standards Codification “ASC” 740 - Income Taxes. 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 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. In December 2023, Ireland enacted tax legislation that models the Organization of Economic Cooperation and Development reform plans focused on global profit allocation and implementing a global minimum tax rate of at least 15% for large multinational corporations on a jurisdiction-by-jurisdiction basis, known as “Pillar Two.” This is not expected to materially increase the taxes we owe. 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, 2024, we anticipate that it is reasonably possible that our uncertain tax positions of $265 million, including interest and penalties offset by net operating losses and other tax attributes if settled, may decrease by up to $6 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 tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Borrowings and Other Debt Obligations - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Oct. 27, 2021	Sep. 30, 2021
Debt Instrument [Line Items]
Current Portion of Finance Leases	$ 21	$ 17
Current Portion of Long-term Debt	21	168
Finance Leases	39	36
Long-term Debt	1,627	1,715
Senior Notes \| Senior Notes 8.625 Percent Due 2030
Debt Instrument [Line Items]
Long-term debt	1,588	1,587
Interest rate			8.625%
Senior Notes \| Senior Notes 6.5 Percent Due 2028
Debt Instrument [Line Items]
Long-term Debt, Current Maturities	0	151
Long-term debt	$ 0	$ 92
Interest rate				6.50%

Credit Default Swap	9 Months Ended
Credit Default Swap	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Credit Default Swap	11 – Credit Default Swap During the fourth quarter of 2023, we entered into a credit default swap (“CDS”) with a third-party financial institution terminating in February of 2026 related to a secured loan between that third-party financial institution and our largest customer in Mexico. The secured loan was utilized by this customer to pay certain of our outstanding receivables and accordingly, in the fourth quarter of 2023 and January of 2024, we received $140 million and $142 million, respectively. Under the CDS terms, within five business days upon notification of default, we could have been required to pay the then outstanding notional balance net of recoveries. As of December 31, 2023, we had a notional balance of $130 million outstanding under the CDS, which increased to $260 million in January of 2024, following the receipt of the $142 million payment. The agreement was modified in the second quarter of 2024 to reduce the notional balance, and then terminated in the third quarter of 2024, extinguishing the remaining notional balance.

Borrowings and Other Debt Obligations

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Borrowings and Other Debt Obligations

6 – Borrowings and Other Debt Obligations


(Dollars in millions)	September 30, 2024		December 31, 2023




Current Portion of 6.50% Senior Secured Notes due 2028 “2028 Senior Secured Notes”	$	—	$	151
Current Portion of Finance Leases	21		17

Current Portion of Long-term Debt	$	21	$	168


8.625% Senior Notes due 2030 “2030 Senior Notes”	$	1,588	$	1,587
6.50% Senior Secured Notes due 2028 “2028 Senior Secured Notes”	—		92
Finance Leases	39		36
Long-term Debt	$	1,627	$	1,715

2028 Senior Secured Notes

On September 30, 2021, Weatherford International Ltd. (“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 was payable semiannually on September 15 and March 15 of each year, and commenced on March 15, 2022. Proceeds from the issuance were reduced by debt issuance costs. At December 31, 2023, the carrying value represented unpaid principal of $248 million offset by unamortized deferred issuance cost of $5 million. The remaining principal of our 2028 Senior Secured Notes was redeemed and paid in full on May 23, 2024.

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 International, LLC (“Weatherford Delaware”) as co-issuer and co-obligor, and concurrently release the guarantee of Weatherford Delaware. At September 30, 2024 and December 31, 2023, the carrying value represents the remaining unpaid principal of $1.6 billion, offset by unamortized deferred issuance cost of $12 million and $13 million, respectively.

Credit Agreement

Weatherford Bermuda, Weatherford Delaware, Weatherford Canada Ltd. (“Weatherford Canada”) and WOFS International Finance GmbH (“Weatherford Switzerland”), together as borrowers, and the Company as parent, have an amended and restated credit agreement (the “Credit Agreement”). The Credit Agreement is guaranteed by the Company and certain of our subsidiaries and secured by substantially all of the personal property of the Company and those subsidiaries. At December 31, 2023, the Credit Agreement allowed for a total commitment amount of $550 million, maturing on the earlier of October 24, 2028 and 91 days prior to the maturity of the 2028 Senior Secured Notes. Financial covenants in the Credit Agreement include a $250 million minimum liquidity covenant (which may increase up to $400 million dependent on the nature of transactions we may decide to enter into), a minimum interest coverage ratio of 2.50 to 1.00, a maximum total net leverage ratio of 3.50 to 1.00, and a maximum secured net leverage ratio of 1.50 to 1.00.

On April 22, 2024, additional lenders joined the Credit Agreement, providing an increase in total commitments from $550 million to $680 million (performance letters of credit increased from $250 million to $309 million and borrowings or additional performance or financial letters of credit increased from $300 million to $371 million). On June 6, 2024, an additional lender joined the Credit Agreement, providing an increase in total commitments from $680 million to $720 million (performance letters of credit increased to $327 million and revolving loan borrowings or additional performance or financial letters of credit increased to $393 million). In addition, we amended the Credit Agreement to allow for future increases in total commitments of up to $1 billion.

As of September 30, 2024, we had zero borrowings outstanding under the Credit Agreement and $386 million of letters of credit outstanding. The letters of credit consisted of $277 million for performance letters of credit, $40 million for financial letters of credit under the Credit Agreement and $69 million letters of credit under various uncommitted bi-lateral facilities ($44 million of which was cash collateral held and recorded in “Restricted Cash” on the Condensed Consolidated Balance Sheets).

As of December 31, 2023, we had zero borrowings outstanding under the Credit Agreement and $376 million of letters of credit outstanding. The letters of credit consisted of $218 million for performance letters of credit, $52 million for financial letters of credit under the Credit Agreement and $106 million letters of credit under various uncommitted bi-lateral facilities ($101 million of which was cash collateral held and recorded in “Restricted Cash” on the Condensed Consolidated Balance Sheets).

Fair Value

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, 2024				December 31, 2023
(Dollars in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value
6.50% Senior Secured Notes due 2028	$	—	$	—	$	243	$	258
8.625% Senior Notes due 2030	1,588		1,669		1,587		1,673
Long-Term Debt (excluding Finance Leases)	$	1,588	$	1,669	$	1,830	$	1,931

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Total Revenue	$ 1,409	$ 1,313	$ 4,172	$ 3,773
Costs and Expenses:
Research and Development	33	30	95	83
Selling, General and Administrative	203	211	624	599
Other Charges (Credits)	13	(5)	21	(9)
Total Costs and Expenses	1,166	1,095	3,432	3,169
Operating Income	243	218	740	604
Interest Expense, Net of Interest Income of $13, $15, $44, and $47	(24)	(30)	(77)	(92)
Loss on Blue Chip Swap Securities	0	0	(10)	(57)
Other Expense, Net	(41)	(24)	(83)	(98)
Income Before Income Taxes	178	164	570	357
Income Tax Provision	(12)	(33)	(144)	(55)
Net Income	166	131	426	302
Net Income Attributable to Noncontrolling Interests	9	8	32	25
Net Income Attributable to Weatherford	$ 157	$ 123	$ 394	$ 277
Basic Income per Share (in dollars per share)	$ 2.14	$ 1.70	$ 5.39	$ 3.85
Basic Weighted Average Shares Outstanding (in shares)	73.2	72.1	73.1	71.9
Diluted Income per Share (in dollars per share)	$ 2.06	$ 1.66	$ 5.25	$ 3.76
Diluted Weighted Average Shares Outstanding (in shares)	75.2	73.7	75.0	73.6
Services
Revenue:
Total Revenue	$ 869	$ 805	$ 2,596	$ 2,340
Costs and Expenses:
Cost of Services and Products	523	492	1,550	1,441
Products
Revenue:
Total Revenue	540	508	1,576	1,433
Costs and Expenses:
Cost of Services and Products	$ 394	$ 367	$ 1,142	$ 1,055

Income per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Income per Share

9 – Income per Share

A reconciliation of the number of shares used for the basic and diluted income 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)	2024		2023		2024		2023
Net Income Attributable to Weatherford	$	157	$	123	$	394	$	277
Less: Impact of Acquisition Contingent Consideration (1)	(2)		—		—		—
Net Income Attributable to Weatherford and Available to Shareholders	$	155	$	123	$	394	$	277

Basic Weighted Average Shares Outstanding	73.2		72.1		73.1		71.9
Dilutive Effect of Awards Granted in Stock Incentive Plan	1.9		1.6		1.9		1.7
Dilutive Effect of Acquisition Contingent Consideration (1)	0.1		—		—		—
Diluted Weighted Average Shares Outstanding	75.2		73.7		75.0		73.6

Basic Income per Share	$	2.14	$	1.70	$	5.39	$	3.85
Diluted Income per Share (1)	$	2.06	$	1.66	$	5.25	$	3.76

Anti-dilutive Weighted Average Shares:
Warrants	—		7.8		—		7.8
Equity Awards	0.3		0.4		0.4		0.8

Total Anti-dilutive Weighted Average Shares	0.3		8.2		0.4		8.6

Basic income per share for all periods presented equals net income divided by our weighted average shares outstanding during the period. Diluted income per share is computed by dividing net income available to shareholders by our weighted average shares outstanding during the period including potential dilutive ordinary shares. Anti-dilutive weighted average shares represent securities that could potentially dilute income per share in the future, and are excluded from the computation of income per share.

Warrants to purchase 7.8 million ordinary shares at $99.96 per share were issued on December 13, 2019 and expired on December 13, 2023. For the three and nine months ended September 30, 2023 warrants 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.

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
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, 2023 (“2023 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 2023 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, 2023 to conform to the presentation for the three and nine months ended September 30, 2024. Accounting Standards Issued Not Yet Adopted Please refer to “Note 1 – Summary of Significant Accounting Policies” of our Consolidated Financial Statements from our 2023 Form 10-K for the discussion on accounting pronouncements that have been issued but not yet effective for the interim periods presented that are not expected to have a material impact on our financial position or results of operations. 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 Condensed Consolidated Financial Statements.

Blue Chip Swap Securities - Argentina	9 Months Ended
Blue Chip Swap Securities - Argentina	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Blue Chip Swap Securities - Argentina	12 – 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 limit our ability to access U.S. dollars in Argentina and remit cash from our Argentine operations. As such, we have used an indirect foreign exchange mechanism known as a Blue Chip Swap (“BCS”) which allows entities to remit U.S. dollars from Argentina through the purchase and sale of securities. No BCS transactions were executed during the third quarter of 2024 or 2023. During the second quarter of 2024 and 2023, we completed a series of BCS transactions at implied exchange rates that were approximately 26% and 106% higher, respectively, than the official exchange rate, resulting in a loss of $10 million and $57 million, respectively.

Shareholders' Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Shareholders' Equity

8 – Shareholders’ Equity

Shares issued and outstanding on our Condensed Consolidated Balance Sheets increased from 72.1 million as of December 31, 2023 to 72.7 million as of September 30, 2024. The increase was due to the issuance of 0.8 million of our ordinary shares related to acquisitions and 0.3 million of our ordinary shares for equity awards vested and delivered, net of shares withheld for taxes, partially offset by the cancellation of 0.5 million of our ordinary shares repurchased for $50 million, under a $500 million share repurchase program announced on July 23, 2024.

On July 23, 2024, we announced our Board authorization of a dividend program under which we intend to pay regular quarterly cash dividends, subject to our Board’s discretion and continuing determination that it is in the best interest of the Company and complies with applicable legal requirements. The announcement included a cash dividend declaration of $0.25 per share of the Company’s ordinary shares, or $19 million, payable on September 12, 2024 to shareholders of record as of August 13, 2024.

The following summarizes our shareholders’ equity activity for the three and nine months ended September 30, 2024 and 2023:


(Dollars in millions)	Capital in Excess of Par Value		Retained Deficit		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Shareholders’ Equity
Balance at December 31, 2023	$	2,906	$	(1,954)	$	(28)	$	(2)	$	922
Net Income	—		112		—		11		123
Equity Awards, Granted and Vested, Net of Shares Withheld for Taxes	4		—		—		—		4
Other Comprehensive Loss	—		—		(24)		—		(24)
Equity Issued for Acquisitions	75		—		—		—		75
Balance at March 31, 2024	$	2,985	$	(1,842)	$	(52)	$	9	$	1,100
Net Income	—		125		—		12		137
Equity Awards, Granted, and Vested, Net of Shares Withheld for Taxes	12		—		—		—		12

Distributions to Noncontrolling Interests	—		—		—		(9)		(9)
Balance at June 30, 2024	$	2,997	$	(1,717)	$	(52)	$	12	$	1,240
Net Income	—		157		—		9		166
Equity Awards, Granted and Vested, Net of Shares Withheld for Taxes	9		—		—		—		9
Share Repurchases	(50)		—		—		—		(50)
Dividends Declared ($0.25 per share) (1)	—		(19)		—		—		(19)
Other Comprehensive Income	—		—		20		—		20
Distributions to Noncontrolling Interests	—		—		—		(10)		(10)

Balance at September 30, 2024	$	2,956	$	(1,579)	$	(32)	$	11	$	1,356
(1) Includes dividend equivalents on share-based awards.


(Dollars in millions)	Capital in Excess of Par Value		Retained Deficit		Accumulated Other Comprehensive 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

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

The following table presents the changes in our accumulated other comprehensive loss by component for the nine months ended September 30, 2024 and 2023:


(Dollars in millions)	Currency Translation Adjustment		Defined Benefit Pension		Total
Balance at December 31, 2023	$	(43)	$	15	$	(28)

Other Comprehensive Loss	(4)		—		(4)



Balance at September 30, 2024	$	(47)	$	15	$	(32)

Balance at December 31, 2022	$	(41)	$	19	$	(22)

Other Comprehensive Loss	(42)		—		(42)



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

- Definition

The entire disclosure for equity.

+ References

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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 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Acquisitions (Details) - USD ($) $ in Millions	9 Months Ended
Acquisitions (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Payments to acquired businesses, net of cash acquired	$ 51	$ 4
Acquisitions
Business Acquisition [Line Items]
Total consideration	160
Payments to acquired businesses, net of cash acquired	$ 51
Ordinary shares issued for acquisition (in shares)	844,702
Ordinary shares issued for acquisition	$ 75
Intangibles acquired	$ 99

Intangibles, Net (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024		December 31, 2023
Developed and Acquired Technology, Net of Accumulated Amortization of $574 at September 30, 2024 and $479 at December 31, 2023	$	147	$	135
Trade Names, Net of Accumulated Amortization of $190 at September 30, 2024 and $160 at December 31, 2023	209		235
Intangibles, Net of Accumulated Amortization of $764 at September 30, 2024 and $639 at December 31, 2023	$	356	$	370

Subsequent Events (Details) - $ / shares		3 Months Ended
Subsequent Events (Details) - $ / shares	Oct. 17, 2024	Sep. 30, 2024
Subsequent Event [Line Items]
Dividend declared (in dollars per share)		$ 0.25
Subsequent Event
Subsequent Event [Line Items]
Dividend declared (in dollars per share)	$ 0.25

Shareholders' Equity - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ (28)
Other Comprehensive Income (Loss)	(4)	$ (42)
Ending balance	(32)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(28)	(22)
Ending balance	(32)	(64)
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(43)	(41)
Other Comprehensive Income (Loss)	(4)	(42)
Ending balance	(47)	(83)
Defined Benefit Pension
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	15	19
Other Comprehensive Income (Loss)	0	0
Ending balance	$ 15	$ 19

- Definition

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

+ References + Details

- Definition

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

+ References + Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts Receivable, Allowance for Credit Losses	$ 7	$ 16
Property, Plant and Equipment, Accumulated Depreciation	964	883
Intangibles, Accumulated Amortization	$ 764	$ 639
Ordinary Shares, Par Value (in dollars per share)	$ 0.001	$ 0.001
Ordinary Shares, Authorized (in shares)	1,356.0	1,356.0
Ordinary Shares, Issued (in shares)	72.7	72.1
Ordinary Shares, Outstanding (in shares)	72.7	72.1

Borrowings and Other Debt Obligations - Fair and Carrying Value of Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Oct. 27, 2021	Sep. 30, 2021
Senior Notes 6.5 Percent Due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value	$ 0	$ 243
Senior Notes 8.625 Percent Due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value	1,588	1,587
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value	1,588	1,830
Senior Notes \| Senior Notes 6.5 Percent Due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate				6.50%
Senior Notes \| Senior Notes 8.625 Percent Due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate			8.625%
Fair Value, Inputs, Level 2 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	1,669	1,931
Fair Value, Inputs, Level 2 \| Senior Notes \| Fair Value \| Senior Notes 6.5 Percent Due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0	258
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	$ 1,669	$ 1,673

Inventories, Net

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories, Net

4 – Inventories, Net

Inventories, net of reserves of $116 million and $121 million as of September 30, 2024 and December 31, 2023, respectively, are presented by category in the table below:


(Dollars in millions)	September 30, 2024		December 31, 2023
Finished Goods	$	804	$	688
Work in Process and Raw Materials, Components and Supplies	115		100


Inventories, Net	$	919	$	788

The change in inventory reserves includes inventory charges primarily offset by the disposal of inventory previously reserved. The charges are recorded in “Cost of Products” on our Condensed Consolidated Statements of Operations in the amount of $9 million and $24 million in the three and nine months ended September 30, 2024, respectively, and nil and $11 million in the three and nine ended September 30, 2023, respectively.

Inventories, Net (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Components of Inventory

Inventories, net of reserves of $116 million and $121 million as of September 30, 2024 and December 31, 2023, respectively, are presented by category in the table below:


(Dollars in millions)	September 30, 2024		December 31, 2023
Finished Goods	$	804	$	688
Work in Process and Raw Materials, Components and Supplies	115		100


Inventories, Net	$	919	$	788

Credit Default Swap (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
Credit Default Swap (Details) - USD ($) $ in Millions	Jan. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Proceeds from loans receivable	$ 142	$ 140
Credit default swap
Derivative [Line Items]
Period from notification of default that could be required to pay outstanding notional amount		5 days
Notional balance	$ 260	$ 130

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 17, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		72,651,996
Entity Central Index Key	0001603923
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Blue Chip Swap Securities - Argentina (Details) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Investments, Debt and Equity Securities [Abstract]
Derivative, Percentage Higher Than Official Exchange Rate		0.26		1.06
Loss on Blue Chip Swap Securities	$ 0	$ 10	$ 0	$ 57	$ 10	$ 57

Borrowings and Other Debt Obligations - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($)	Jun. 06, 2024 USD ($)	Apr. 22, 2024 USD ($)	Dec. 31, 2023 USD ($)	Oct. 24, 2023 USD ($)	Oct. 27, 2021 USD ($)	Sep. 30, 2021 USD ($)
Short-term Debt [Line Items]
Letters of credit outstanding, amount	$ 386			$ 376
Performance Letters of Credit
Short-term Debt [Line Items]
Letters of credit outstanding, amount	277			218
Financial Letters of Credit
Short-term Debt [Line Items]
Letters of credit outstanding, amount	40			52
Uncommitted Letters of Credit
Short-term Debt [Line Items]
Letters of credit outstanding, amount	69			106
Letters of credit outstanding, cash collateral	44			101
Amended LC Credit Agreement
Short-term Debt [Line Items]
Credit agreement, maximum capacity		$ 720	$ 680		$ 550
Credit agreement, increase limit		1,000
Amended LC Credit Agreement \| Performance Letters of Credit
Short-term Debt [Line Items]
Credit agreement, maximum capacity		327	309		250
Amended LC Credit Agreement \| Borrowings or Additional Performance or Financial Letters of Credit
Short-term Debt [Line Items]
Credit agreement, maximum capacity		$ 393	$ 371		$ 300
Senior Notes \| Senior Notes 6.5 Percent Due 2028
Short-term Debt [Line Items]
Stated interest rate on debt							6.50%
Face amount of debt							$ 500
Long-Term Debt, Gross				248
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net				5
Senior Notes \| Senior Notes 8.625 Percent Due 2030
Short-term Debt [Line Items]
Stated interest rate on debt						8.625%
Face amount of debt						$ 1,600
Long-Term Debt, Gross	1,600			1,600
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	12			13
Line of Credit \| Amended LC Credit Agreement
Short-term Debt [Line Items]
Credit agreement, maximum capacity				$ 550
Credit Agreement Minimum Liquidity Requirement	250
Credit Agreement Minimum Liquidity Requirement, Increase Limit	$ 400
Debt instrument, covenant, minimum interest coverage ratio	2.50
Debt Instrument, Covenant, Maximum Net Leverage Ratio	3.50
Debt Instrument, Covenant, Maximum Secured Net Leverage Ratio	1.50

Revenue - Contract Balances (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Receivables, Net	$ 1,231	$ 1,216
Accounts Receivable, Net	1,231	1,216
Contract Assets in Other Current Assets	68	61
Contract Assets in Other Non-Current Assets	32	24
Contract Liabilities in Other Current Liabilities	32	58
Contract Liabilities in Other Non-Current Liabilities	3	5
Product and Services
Disaggregation of Revenue [Line Items]
Receivables, Net	1,200	1,182
Equipment Rentals
Disaggregation of Revenue [Line Items]
Receivables, Net	$ 31	$ 34

- 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

Disputes, Litigation and Legal Contingencies	9 Months Ended
Disputes, Litigation and Legal Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Disputes, Litigation and Legal 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, which 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.

Borrowings and Other Debt Obligations (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt


(Dollars in millions)	September 30, 2024		December 31, 2023




Current Portion of 6.50% Senior Secured Notes due 2028 “2028 Senior Secured Notes”	$	—	$	151
Current Portion of Finance Leases	21		17

Current Portion of Long-term Debt	$	21	$	168


8.625% Senior Notes due 2030 “2030 Senior Notes”	$	1,588	$	1,587
6.50% Senior Secured Notes due 2028 “2028 Senior Secured Notes”	—		92
Finance Leases	39		36
Long-term Debt	$	1,627	$	1,715

Fair Value and Carrying Value of Long-Term Debt

The table below presents the fair value and carrying value of our long-term debt (excluding finance leases).


	September 30, 2024				December 31, 2023
(Dollars in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value
6.50% Senior Secured Notes due 2028	$	—	$	—	$	243	$	258
8.625% Senior Notes due 2030	1,588		1,669		1,587		1,673
Long-Term Debt (excluding Finance Leases)	$	1,588	$	1,669	$	1,830	$	1,931

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash and Cash Equivalents	$ 920	$ 958
Restricted Cash	58	105
Accounts Receivable, Net of Allowance for Credit Losses of $7 at September 30, 2024 and $16 at December 31, 2023	1,231	1,216
Inventories, Net	919	788
Other Current Assets	272	278
Total Current Assets	3,400	3,345
Property, Plant and Equipment, Net of Accumulated Depreciation of $964 at September 30, 2024 and $883 at December 31, 2023	1,050	957
Intangibles, Net of Accumulated Amortization of $764 at September 30, 2024 and $639 at December 31, 2023	356	370
Operating Lease Assets	133	138
Other Non-Current Assets	249	258
Total Assets	5,188	5,068
Liabilities:
Current Portion of Long-term Debt	21	168
Accounts Payable	723	679
Accrued Salaries and Benefits	328	387
Income Taxes Payable	146	138
Current Portion of Operating Lease Liabilities	46	46
Other Current Liabilities	403	448
Total Current Liabilities	1,667	1,866
Long-term Debt	1,627	1,715
Operating Lease Liabilities	122	131
Non-current Taxes Payable	265	282
Other Non-Current Liabilities	151	152
Total Liabilities	3,832	4,146
Shareholders’ Equity:
Ordinary Shares - Par Value $0.001; Authorized 1,356 shares, Issued and Outstanding 72.7 shares at September 30, 2024 and 72.1 at December 31, 2023	0	0
Capital in Excess of Par Value	2,956	2,906
Retained Deficit	(1,579)	(1,954)
Accumulated Other Comprehensive Loss	(32)	(28)
Shareholders’ Equity	1,345	924
Noncontrolling Interests	11	(2)
Total Shareholders’ Equity	1,356	922
Total Liabilities and Shareholders’ Equity	$ 5,188	$ 5,068

Income per Share - Narrative (Details) shares in Millions	Dec. 13, 2019 $ / shares shares
Earnings Per Share [Abstract]
Warrants outstanding (in shares) \| shares	7.8
Warrants exercise price (in dollars per share) \| $ / shares	$ 99.96

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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, 2023 (“2023 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.
Accounting Standards Issued Not Yet Adopted	Accounting Standards Issued Not Yet Adopted Please refer to “Note 1 – Summary of Significant Accounting Policies” of our Consolidated Financial Statements from our 2023 Form 10-K for the discussion on accounting pronouncements that have been issued but not yet effective for the interim periods presented that are not expected to have a material impact on our financial position or results of operations. 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 Condensed Consolidated Financial Statements.