Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 19, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Weatherford International plc | |
Entity Central Index Key | 1,603,923 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 896,151,597 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues: | ||||
Products | $ 479 | $ 891 | $ 1,039 | $ 1,931 |
Services | 923 | 1,499 | 1,948 | 3,253 |
Total Revenues | 1,402 | 2,390 | 2,987 | 5,184 |
Costs and Expenses: | ||||
Cost of Products | 513 | 802 | 1,095 | 1,705 |
Cost of Services | 725 | 1,214 | 1,617 | 2,513 |
Research and Development | 41 | 59 | 86 | 123 |
Selling, General and Administrative Attributable to Segments | 230 | 339 | 499 | 702 |
Corporate General and Administrative | 34 | 53 | 76 | 120 |
Asset Write-Downs and Other Charges | 154 | 181 | 211 | 191 |
Equity Investment Impairment | 0 | 20 | 0 | 20 |
Restructuring Charges | 51 | 69 | 128 | 110 |
Litigation Charges, Net | 114 | 112 | 181 | 112 |
Loss on Sale of Businesses, Net | 0 | 5 | 1 | 2 |
Total Costs and Expenses | 1,862 | 2,854 | 3,894 | 5,598 |
Operating Income (Loss) | (460) | (464) | (907) | (414) |
Other Income (Expense): | ||||
Interest Expense, Net | (119) | (117) | (234) | (237) |
Bond Tender Premium, Net | (78) | 0 | (78) | 0 |
Currency Devaluation Charges | 0 | (16) | (31) | (42) |
Other, Net | (7) | (18) | (6) | (29) |
Loss Before Income Taxes | (664) | (615) | (1,256) | (722) |
Income Tax Benefit | 102 | 132 | 203 | 132 |
Net Loss | (562) | (483) | (1,053) | (590) |
Net Income Attributable to Noncontrolling Interests | 3 | 6 | 10 | 17 |
Net Income (Loss) Attributable to Weatherford | $ (565) | $ (489) | $ (1,063) | $ (607) |
Loss Per Share Attributable to Weatherford: | ||||
Basic | $ (0.63) | $ (0.63) | $ (1.24) | $ (0.78) |
Diluted | $ (0.63) | $ (0.63) | $ (1.24) | $ (0.78) |
Weighted Average Shares Outstanding: | ||||
Basic | 899 | 778 | 856 | 778 |
Diluted | 899 | 778 | 856 | 778 |
CONDENSED CONSOLIDATED STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Loss | $ (562) | $ (483) | $ (1,053) | $ (590) |
Other Comprehensive Income (Loss), Net of Tax: | ||||
Currency Translation Adjustments | (10) | 115 | 132 | (230) |
Defined Benefit Pension Activity | 1 | (1) | 1 | 21 |
Other | 0 | 1 | 0 | |
Other Comprehensive Income (Loss) | (9) | 114 | 134 | (209) |
Comprehensive Loss | (571) | (369) | (919) | (799) |
Comprehensive Income Attributable to Noncontrolling Interests | 3 | 6 | 10 | 17 |
Comprehensive Loss Attributable to Weatherford | $ (574) | $ (375) | $ (929) | $ (816) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and Cash Equivalents | $ 452 | $ 467 |
Accounts Receivable, Net of Allowance for Uncollectible Accounts of $95 in 2016 and $113 in 2015 | 1,484 | 1,781 |
Inventories, Net | 2,195 | 2,344 |
Prepaid Expenses | 302 | 343 |
Deferred Tax Assets | 136 | 165 |
Other Current Assets | 480 | 464 |
Total Current Assets | 5,049 | 5,564 |
Property, Plant and Equipment, Net of Accumulated Depreciation of $7,369 in 2016 and $7,235 in 2015 | 5,247 | 5,679 |
Goodwill | 2,852 | 2,803 |
Other Intangible Assets, Net of Accumulated Amortization of $818 in 2016 and $783 in 2015 | 330 | 356 |
Equity Investments | 65 | 76 |
Other Non-Current Assets | 569 | 282 |
Total Assets | 14,112 | 14,760 |
Current Liabilities: | ||
Short-term Borrowings and Current Portion of Long-term Debt | 290 | 1,582 |
Accounts Payable | 790 | 948 |
Accrued Salaries and Benefits | 338 | 406 |
Income Taxes Payable | 111 | 203 |
Other Current Liabilities | 999 | 892 |
Total Current Liabilities | 2,528 | 4,031 |
Long-term Debt | 6,943 | 5,852 |
Other Non-Current Liabilities | 454 | 512 |
Total Liabilities | 9,925 | 10,395 |
Shareholders’ Equity: | ||
Shares - Par Value $0.001; Authorized 1,356 shares, Issued and Outstanding 896 shares at June 30, 2016 and 779 shares at December 31, 2015 | 1 | 1 |
Capital in Excess of Par Value | 6,250 | 5,502 |
Retained (Deficit) Earnings | (621) | 442 |
Accumulated Other Comprehensive Loss | (1,507) | (1,641) |
Weatherford Shareholders’ Equity | 4,123 | 4,304 |
Noncontrolling Interests | 64 | 61 |
Total Shareholders’ Equity | 4,187 | 4,365 |
Total Liabilities and Shareholders’ Equity | $ 14,112 | $ 14,760 |
CONDENSED CONSOLIDATED BALANCE5
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Allowance for Uncollectible Accounts | $ 95 | $ 113 |
Noncurrent Assets: | ||
Accumulated Depreciation of Property, Plant and Equipment | 7,369 | 7,235 |
Accumulated Amortization of Other Intangible Assets | $ 818 | $ 783 |
Shareholders’ Equity: | ||
Common Shares, Par Value (in USD) | $ 0.001 | $ 0.001 |
Common Shares, Authorized (in shares) | 1,356,000,000 | 1,356,000,000 |
Common Shares, Conditionally Authorized (in shares) | 0 | 0 |
Common Shares, Issued (in shares) | 896,000,000 | 779,000,000 |
Common Stock, Outstanding (in shares) | 896,000,000 | 779,000,000 |
Treasury Shares, at cost (in shares) | 0 | 0 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2013 | |
Cash Flows from Operating Activities: | ||||
Net Loss | $ (1,053) | $ (590) | ||
Adjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities: | ||||
Depreciation and Amortization | 499 | 627 | ||
Employee Share-Based Compensation Expense | 38 | 34 | ||
Long-Lived Assets Impairment | 0 | 124 | ||
Asset Write-Downs and Other Related Charges | 164 | 122 | ||
Equity Investment Impairment | 0 | 20 | ||
Litigation Charges | 185 | 112 | ||
Bond Tender Premium | 78 | 0 | ||
Deferred Income Tax Benefit | (215) | (191) | ||
Currency Devaluation Charges | 31 | 42 | ||
Other, Net | 101 | 86 | ||
Change in Operating Assets and Liabilities, Net of Effect of Businesses Acquired: | ||||
Accounts Receivable | 170 | 687 | ||
Inventories | 122 | 76 | ||
Other Current Assets | 67 | 27 | ||
Accounts Payable | (167) | (616) | ||
Other Current Liabilities | (297) | (173) | ||
Other, Net | (67) | (138) | ||
Net Cash Provided by (Used in) Operating Activities | (344) | 249 | ||
Cash Flows From Investing Activities: | ||||
Capital Expenditures for Property, Plant and Equipment | (74) | (411) | ||
Acquisition of Intellectual Property | (8) | (3) | ||
Insurance Proceeds Related to Rig Loss | 30 | 0 | ||
Proceeds from Sale of Assets and Businesses, Net | 16 | 23 | ||
Payment Related to Sale of Business | (20) | $ 0 | ||
Net Cash Used in Investing Activities | (56) | (391) | ||
Cash Flows From Financing Activities: | ||||
Borrowings of Long-term Debt | 3,156 | $ 0 | ||
Repayments of Long-term Debt | (1,880) | (161) | ||
Borrowings (Repayments) of Short-term Debt, Net | (1,381) | 478 | ||
Proceeds from Issuance of Ordinary Common Shares | 623 | 0 | ||
Bond Tender Premium | (78) | 0 | ||
Other Financing Activities, Net | (20) | (15) | ||
Net Cash Provided by Financing Activities | 420 | 302 | ||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (35) | (23) | ||
Net Increase in Cash and Cash Equivalents | (15) | 137 | ||
Cash and Cash Equivalents at Beginning of Period | 467 | 474 | 474 | |
Cash and Cash Equivalents at End of Period | 452 | 611 | $ 467 | |
Supplemental Cash Flow Information: | ||||
Interest Paid | 261 | 239 | ||
Income Taxes Paid, Net of Refunds | $ 120 | $ 180 |
General
General | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General The accompanying unaudited Condensed Consolidated Financial Statements of Weatherford International plc (the “Company”) are prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and include all adjustments of a normal recurring nature which, in our opinion, are necessary to present fairly our Condensed Consolidated Balance Sheets at June 30, 2016 and December 31, 2015 , Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2016 and 2015 , and Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2016 and 2015 . When referring to “Weatherford” and using phrases such as “we,” “us,” and “our,” the intent is to refer to Weatherford International plc, a public limited company organized under the law of Ireland, and its subsidiaries as a whole or on a regional basis, depending on the context in which the statements are made. Although we believe the disclosures in these financial statements are adequate, certain information relating to our organization and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in this Form 10-Q pursuant to U.S. Securities and Exchange Commission (“SEC”) rules and regulations. These financial statements should be read in conjunction with the audited Consolidated Financial Statements for the year ended December 31, 2015 included in our Annual Report on Form 10-K. The results of operations for the three and six months ended June 30, 2016 are not necessarily indicative of the results expected for the year ending December 31, 2016 . Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the reported amounts of revenues and expenses during the reporting period, and disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates and assumptions, including those related to uncollectible accounts receivable, lower of cost or market of inventories, equity investments, intangible assets and goodwill, property, plant and equipment, income taxes, percentage-of-completion accounting for long-term contracts, self-insurance, foreign currency exchange rates, pension and post-retirement benefit plans, disputes, litigation, contingencies and share-based compensation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates. Principles of Consolidation We consolidate all wholly-owned subsidiaries, controlled joint ventures and variable interest entities where the Company has determined it is the primary beneficiary. Investments in affiliates in which we exercise significant influence over operating and financial policies are accounted for using the equity method. All material intercompany accounts and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year presentation related to the adoption of new accounting standards. Net income and shareholders’ equity were not affected by these reclassifications. See “ Note 17 – New Accounting Pronouncements ” for additional details. Currency Devaluation Charges In the first quarter of 2016 and 2015, currency devaluation charges reflect the impact of the devaluation of the Angolan kwanza of $31 million and the Venezuelan bolivar of $26 million , respectively. In the second quarter of 2015 , the Angolan kwanza devalued approximately 11% and we recognized foreign exchange related charges of $16 million . The currency devaluation charges are included in current earnings in the line captioned “ Currency Devaluation Charges ” on the accompanying Condensed Consolidated Statements of Operations. |
Restructuring Charges
Restructuring Charges | 6 Months Ended |
Jun. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges In response to continuing crude oil prices fluctuation and our anticipation of a lower level of exploration and production spending in 2016, we initiated an additional plan to reduce our overall costs and workforce to better align with anticipated activity levels. This cost reduction plan (the “ 2016 Plan ”) included a workforce reduction and other cost reduction measures initiated across our geographic regions. In connection with the 2016 Plan , we recognized restructuring charges of $51 million and $128 million in the second quarter and the first six months of 2016 , respectively, which include termination (severance) benefits of $36 million and $108 million , respectively, and other restructuring charges of $15 million and $20 million , respectively. Other restructuring charges include contract termination costs, relocation and other associated costs. In the fourth quarter of 2014, we announced a cost reduction plan (the “ 2015 Plan ”), which included a worldwide workforce reduction and other cost reduction measures. In the second quarter and the first six months of 2015 , we recognized restructuring charges of $69 million and $110 million for the 2015 Plan , which include termination (severance) benefits of $19 million and $59 million , respectively, and other restructuring charges of $50 million and $51 million , respectively. Other restructuring charges include contract termination costs, relocation and other associated costs. The following tables present the components of the 2016 Plan and the 2015 Plan restructuring charges by segment for the second quarter and the first six months of 2016 and 2015 . Three Months Ended June 30, 2016 Total (Dollars in millions) Severance Other Severance and 2016 Plan Charges Charges Other Charges North America $ 5 $ 10 $ 15 MENA/Asia Pacific 9 2 11 Europe/SSA/Russia 8 2 10 Latin America 11 1 12 Subtotal 33 15 48 Land Drilling Rigs 1 — 1 Corporate and Research and Development 2 — 2 Total $ 36 $ 15 $ 51 Three Months Ended June 30, 2015 Total (Dollars in millions) Severance Other Severance and 2015 Plan Charges Charges Other Charges North America $ 4 $ 17 $ 21 MENA/Asia Pacific 6 23 29 Europe/SSA/Russia 5 9 14 Latin America 3 1 4 Subtotal 18 50 68 Land Drilling Rigs 1 — 1 Corporate and Research and Development — — — Total $ 19 $ 50 $ 69 Six Months Ended June 30, 2016 Total (Dollars in millions) Severance Other Severance and 2016 Plan Charges Charges Other Charges North America $ 24 $ 15 $ 39 MENA/Asia Pacific 18 2 20 Europe/SSA/Russia 23 2 25 Latin America 26 1 27 Subtotal 91 20 111 Land Drilling Rigs 5 — 5 Corporate and Research and Development 12 — 12 Total $ 108 $ 20 $ 128 Six Months Ended June 30, 2015 Total (Dollars in millions) Severance Other Severance and 2015 Plan Charges Charges Other Charges North America $ 12 $ 17 $ 29 MENA/Asia Pacific 11 24 35 Europe/SSA/Russia 12 9 21 Latin America 15 1 16 Subtotal 50 51 101 Land Drilling Rigs 6 — 6 Corporate and Research and Development 3 — 3 Total $ 59 $ 51 $ 110 The severance and other restructuring charges gave rise to certain liabilities, the components of which are summarized below and largely relate to the severance accrued as part of the plans mentioned previously as well as our 2014 cost reduction plan (the “2014 Plan”) that will be paid pursuant to the respective arrangements and statutory requirements. At June 30, 2016 2016 Plan 2015 and 2014 Plans Total Severance Severance Other Severance Other and Other (Dollars in millions) Liability Liability Liability Liability Liability North America $ 1 $ 8 $ 4 $ 1 $ 14 MENA/Asia Pacific 3 1 2 4 10 Europe/SSA/Russia 9 1 2 8 20 Latin America — — — — — Subtotal 13 10 8 13 44 Land Drilling Rigs 1 — — — 1 Corporate and Research and Development 3 — 1 — 4 Total $ 17 $ 10 $ 9 $ 13 $ 49 The following table presents the restructuring liability activity for the first six months of 2016 . Six Months Ended June 30, 2016 (Dollars in millions) Accrued Balance at December 31, 2015 Charges Cash Payments Other Accrued Balance at June 30, 2016 2016 Plan: Severance liability $ — $ 108 $ (92 ) $ 1 $ 17 Other restructuring liability — 20 (5 ) (5 ) 10 2015 and 2014 Plan: Severance liability 37 — (23 ) (5 ) 9 Other restructuring liability 14 — (1 ) — 13 Total severance and other restructuring liability $ 51 $ 128 $ (121 ) $ (9 ) $ 49 |
Percentage of Completion Contra
Percentage of Completion Contracts | 6 Months Ended |
Jun. 30, 2016 | |
Contractors [Abstract] | |
Percentage of Completion Contracts | Percentage-of-Completion Contracts We account for our long-term early production facility construction contracts in Iraq under the percentage-of-completion method. In the second quarter of 2016 , we recognized an estimated project income of $52 million for our Zubair contract, and in the first six months of 2016 we are break-even. Cumulative estimated loss from the Iraq contracts was $532 million as of June 30, 2016 . On May 26, 2016, we entered into an agreement with our customer containing the terms and conditions of the settlement on the Zubair contract. The settlement to be paid to us is a gross amount of $150 million , of which $62 million was received in the second quarter 2016, and includes variation order requests, claims for extension of time, payments of remaining contract milestones and new project completion timelines that resulted in relief from the liquidated damages provisions. Of the remaining gross settlement, we expect to collect $72 million in the second half of 2016 and the last $16 million in the first quarter of 2017. As of June 30, 2016 , we have no claims revenue, and our percentage-of-completion project estimate includes $25 million in newly approved change orders and $32 million of back charges. Our net billings in excess of costs as of June 30, 2016 were $39 million and are shown in the “Other Current Liabilities” line on the Consolidated Balance Sheet. In the second quarter and the first six months of 2015 , we recognized estimated project losses of $69 million and $27 million , respectively, related to our long-term early production facility construction contracts in Iraq accounted for under the percentage-of-completion method. Cumulative estimated losses on these projects were $406 million at June 30, 2015 . As of June 30, 2015 , our percentage-of-completion project estimates include $137 million of claims revenue and $21 million of back charges. |
Accounts Receivable Factoring a
Accounts Receivable Factoring and Other Receivables | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Accounts Receivable Factoring and Other Receivables | Accounts Receivable Factoring and Other Receivables In the first six months of 2016 , we sold approximately $77 million of accounts receivable. We received cash totaling $76 million and recognized a loss of $0.3 million . Our factoring transactions in the six months ended June 30, 2016 qualified for sale accounting under U.S. GAAP, and the proceeds are included in operating cash flows in our Condensed Consolidated Statements of Cash Flows. We did not sell any accounts receivable during the six months ended June 30, 2015 . During the second quarter of 2016, we accepted a note with a face value of $120 million from Petroleos de Venezuela, S.A. (“PDVSA”) in exchange for $120 million in trade receivables. The note has a three year term at a 6.5% stated interest rate. We may decide to sell this note in the future and have classified the note in “Other Non-Current Assets” on the accompanying Condensed Consolidated Balance Sheets . We carry the note at lower of cost or fair value and recognized a loss of $84 million to adjust the note to fair value. |
Inventories, Net
Inventories, Net | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Inventories, Net Inventories, net of reserves, by category were as follows: (Dollars in millions) June 30, 2016 December 31, 2015 Raw materials, components and supplies $ 176 $ 172 Work in process 55 61 Finished goods 1,964 2,111 $ 2,195 $ 2,344 |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The changes in the carrying amount of goodwill by reportable segment for the first six months ended June 30, 2016 were as follows: (Dollars in millions) North America MENA/ Asia Pacific Europe/ SSA/ Russia Latin America Total Balance at December 31, 2015 $ 1,756 $ 190 $ 573 $ 284 $ 2,803 Foreign currency translation adjustments 54 — (9 ) 4 49 Balance at June 30, 2016 $ 1,810 $ 190 $ 564 $ 288 $ 2,852 |
Short-term Borrowings and Other
Short-term Borrowings and Other Debt Obligations | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Short-term Borrowings and Other Debt Obligations | Short-term Borrowings and Other Debt Obligations (Dollars in millions) June 30, 2016 December 31, 2015 Revolving credit facility $ 47 $ 967 Other short-term bank loans 73 214 Total short-term borrowings 120 1,181 Current portion of long-term debt and term loan agreement 170 401 Short-term borrowings and current portion of long-term debt $ 290 $ 1,582 Revolving Credit Facility and Secured Term Loan Agreement On May 4, 2016, we entered into an amended and restated revolving credit facility (the “A&R Credit Agreement”) in the amount of $1.38 billion and a $500 million secured term loan agreement (the “Term Loan Agreement” and collectively with the A&R Credit Agreement, the “Credit Agreements”). For lenders that have agreed to extend their commitments (“extending lenders”), the A&R Credit Agreement matures in July of 2019. For lenders that did not agree to extend their commitments (such lenders, representing $229 million , the “non-extending lenders”), the A&R Credit Agreement matures in July of 2017. The Term Loan Agreement matures on July of 2020, and beginning September 30, 2016, a principal repayment of $12.5 million is required on the last day of each quarter. At June 30, 2016 , we had $1.31 billion available for borrowing under our A&R Credit Agreement and there were $26 million in outstanding letters of credit. Loans under the Credit Agreements are subject to varying rates of interest based on whether the loan is a Eurodollar loan or an alternate base rate loan. We also incur a quarterly facility fee on the amount of the A&R Credit Agreement. See Note 8 – Long-term Debt , for information related to interest rate applicable for the Term Loan Agreement. Eurodollar Loans. Eurodollar loans bear interest at the Eurodollar rate, which is LIBOR, plus the applicable margin. The applicable margin for Eurodollar loans under the A&R Credit Agreement depends on whether the lender is an extending lender or a non-extending lender. For non-extending lenders, the applicable margin under the A&R Credit Agreement ranges from 0.75% to 1.925% depending on our credit rating, and for extending lenders under the A&R Credit Agreement the applicable margin ranges from 1.925% to 3.7% depending on our leverage ratio. Alternate Base Rate Loans. Alternate base rate loans bear interest at the alternate base rate plus the applicable margin. The applicable margin for alternate base rate loans under the A&R Credit Agreement depends on whether the lender is an extending lender or a non-extending lender. For non-extending lenders, the applicable margin under the A&R Credit Agreement ranges from 0.0% to 0.925% depending on our credit rating, and for extending lenders the applicable margin under the A&R Credit Agreement ranges from 0.925% to 2.7% depending on our leverage ratio. Borrowings under our A&R Credit Agreement may be repaid from time to time without penalty. Obligations under the Term Loan Agreement are secured by substantially all of our assets. In addition, obligations under the Credit Agreements are guaranteed by a material portion of our subsidiaries. Our Credit Agreements contain covenants including, among others, the following: • a prohibition against incurring debt, subject to permitted exceptions; • a restriction on creating liens on our assets and the assets of our operating subsidiaries, subject to permitted exceptions; • restrictions on mergers or asset dispositions; • restrictions on use of proceeds, investments, transactions with affiliates, or change of principal business; and • maintenance of the following financial covenants: 1) leverage ratio of no greater than 3 to 1 through December 31, 2016 and 2.5 to 1 thereafter until maturity. This ratio measures our indebtedness guaranteed by subsidiaries under the Credit Agreements and other guaranteed facilities to the trailing four quarters consolidated adjusted earnings before interest, taxes, depreciation, amortization and other specified charges (“EBITDA”); 2) leverage and letters of credit ratio of no greater than 4 to 1 on or before December 31, 2016 and 3.5 to 1 thereafter calculated as our indebtedness guaranteed by subsidiaries under the Credit Agreements and other guaranteed facilities and all letters of credit to the trailing four quarters consolidated adjusted EBITDA; and 3) asset coverage ratio of at least 4 to 1, which is calculated as our asset value to indebtedness guaranteed by subsidiaries under the Credit Agreements and other guaranteed facilities. Our Credit Agreements contain customary events of default, including our failure to comply with the financial covenants described above. As of June 30, 2016 , we were in compliance with these financial covenants. On July 19, 2016, we amended these facilities to make minor changes and amendments to certain collateral provisions, negative covenants and related definitions, and to add an accordion feature to permit new and existing lenders to add up to a maximum of $250 million in additional commitments. Other Short-Term Borrowings and Other Debt Activity We have short-term borrowings with various domestic and international institutions pursuant to uncommitted credit facilities. At June 30, 2016 , we had $73 million in short-term borrowings under these arrangements, primarily from overdraft facility borrowings. In the first six months of 2016, we repaid $180 million borrowed under a credit agreement that matured on March 20, 2016 and June 20, 2016 . In addition, we had $590 million of letters of credit under various uncommitted facilities and $149 million of surety bonds, primarily performance bonds, issued by financial sureties against an indemnification from us at June 30, 2016 . At June 30, 2016 , the current portion of long-term debt was primarily related to our 6.35% Senior Notes due 2017 and the current portion of our secured term loan and capital leases. Our 5.50% senior notes with a principal balance of $350 million were repaid in February 2016. |
Long-term Debt
Long-term Debt | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt Long-term Debt consisted of the following: (Dollars in millions) June 30, 2016 December 31, 2015 5.50% Senior Notes due 2016 $ — $ 350 6.35% Senior Notes due 2017 90 604 6.00% Senior Notes due 2018 66 498 9.625% Senior Notes due 2019 491 1,012 5.125% Senior Notes due 2020 364 768 5.875% Exchangeable Senior Notes due 2021 1,136 — 7.75% Senior Notes due 2021 738 — 4.50% Senior Notes due 2022 642 642 8.25% Senior Notes due 2023 738 — 6.50% Senior Notes due 2036 446 446 6.80% Senior Notes due 2037 255 255 7.00% Senior Notes due 2038 455 455 9.875% Senior Notes due 2039 245 245 6.75% Senior Notes due 2040 456 456 5.95% Senior Notes due 2042 368 368 Secured Term Loan due 2020 496 — 4.82% secured borrowing 7 9 Capital and other lease obligations 109 116 Other 11 29 Total Senior Notes and other debt 7,113 6,253 Less amounts due in one year 170 401 Long-term debt $ 6,943 $ 5,852 Secured Term Loan Agreement On May 4, 2016, we entered into an amended and restated revolving credit facility (the “A&R Credit Agreement”) and borrowed $500 million under the “Term Loan Agreement.” The interest rate under the Term Loan Agreement is variable and is determined by our leverage ratio as of the most recent fiscal quarter, as either (1) the one-month London Interbank Offered Rate (“LIBOR”) plus a variable margin rate ranging from 1.425% to 3.20% or (2) the alternate base rate plus the applicable margin ranging from 0.425% to 2.20% . For the quarter ended June 30, 2016 , the interest rate for the Term Loan Agreement was LIBOR plus a margin rate of 2.30% and the interest rate for the A&R Credit Agreement was LIBOR plus a margin rate of 2.80% . Beginning September 30, 2016, the Term Loan Agreement requires a principal repayment of $12.5 million on the last day of each quarter. Exchangeable Senior Notes, Senior Notes and Tender Offers We have issued various senior notes, all of which rank equally with our existing and future senior unsecured indebtedness, which have semi-annual interest payments and no sinking fund requirements. Exchangeable Senior Notes On June 7, 2016, we issued exchangeable notes with a par value of $1.265 billion and an interest rate of 5.875% . The notes have a conversion price of $7.74 per share and are exchangeable into a total of 163.4 million shares of the Company upon the occurrence of certain events or on or after January 1, 2021. The notes mature on July 1, 2021. We have the choice to settle the exchange of the notes in any combination of cash or shares. As of June 30, 2016, the if-converted value did not exceed the principal amount of the notes. The exchange feature is reported with a carrying amount of $97 million in the line captioned “ Capital in Excess of Par Value ” on the accompanying Condensed Consolidated Balance Sheets. The debt component of the exchangeable notes has been reported separately in the line captioned “ Long-term Debt ” on the accompanying Condensed Consolidated Balance Sheets with a carrying value of $1.136 billion at June 30, 2016 net of remaining unamortized discount and debt issue costs of $129 million . The discount on the debt component will be amortized over the remaining maturity of the exchangeable notes at an effective interest rate of 8.4% . For the quarter ended June 30, 2016, interest expense on the notes was $6 million , of which $5 million related to accrued interest and $1 million related to amortization of the discount. Senior Notes On June 17, 2016, we issued $750 million in aggregate principal amount of 7.75% senior notes due 2021 and $750 million in aggregate principal amount of 8.25% senior notes due 2023. Tender Offer and Early Retirement of Senior Notes We commenced a cash tender offer on June 1, 2016 (and amended the offer on June 8, 2016 and June 10, 2016), which included an early tender option with an early settlement date of June 17, 2016 and an expiration date of June 30, 2016 with a final settlement date of July 1, 2016 to repurchase a portion of our 6.35% senior notes due 2017, 6.00% senior notes due 2018, 9.625% senior notes due 2019, and 5.125% senior notes due 2020. On June 17, 2016, we settled the early tender offer in cash in the amount of $1.972 billion , retiring an aggregate face value of senior notes tendered of $1.867 billion and accrued interest of $27 million . We recognized a cumulative loss of $78 million on these transactions in the line captioned “ Bond Tender Premium, Net ” on the accompanying Consolidated Statements of Operations. On June 30, 2016, we accepted additional tenders of an additional $2 million of debt, which we settled in cash on July 1, 2016. In the first six months of 2015, through a series of open market transactions, we repurchased certain of our 4.5% senior notes, 5.95% senior notes, 6.5% senior notes and 6.75% senior notes with a total book value of $160 million . We recognized a cumulative gain of approximately $12 million on these transactions in the line captioned “Other, Net” on the accompanying Consolidated Statements of Operations. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments, Assets and Equity Investments Financial Instruments Measured and Recognized at Fair Value We estimate fair value at a price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market for the asset or liability. Our valuation techniques require inputs that we categorize using a three level hierarchy, from highest to lowest level of observable inputs. Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 inputs are quoted prices or other market data for similar assets and liabilities in active markets, or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based upon our own judgment and assumptions used to measure assets and liabilities at fair value. Classification of a financial asset or liability within the hierarchy is determined based on the lowest level of input that is significant to the fair value measurement. Other than the derivative instruments discussed in “ Note 10 – Derivative Instruments ,” we had no other material assets or liabilities measured and recognized at fair value on a recurring basis at June 30, 2016 and December 31, 2015 . Fair Value of Other Financial Instruments Our other financial instruments include short-term borrowings and long-term debt. The carrying value of our short-term borrowings approximates their fair value due to the short-term duration of the associated interest rate periods. These short-term borrowings are classified as Level 2 in the fair value hierarchy. The fair value of our long-term debt fluctuates with changes in applicable interest rates among other factors. Fair value will generally exceed carrying value when the current market interest rate is lower than the interest rate at which the debt was originally issued and will generally be less than the carrying value when the market rate is greater than 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 fair value and carrying value of our senior notes were as follows: (Dollars in millions) June 30, 2016 December 31, 2015 Fair value $ 6,104 $ 5,095 Carrying value 6,490 6,099 Non-recurring Fair Value Measurements During the second quarter of 2015, long-lived pressure pumping assets and an equity investment were impaired and written down to their estimated fair values. The Level 3 fair value of the long-lived assets was determined using a combination of the cost approach and the market approach, which used inputs that included replacement costs (unobservable), physical deterioration estimates (unobservable), and market sales data for comparable assets. The equity investment Level 3 fair value was determined using an income based approach utilizing estimates of future cash flow, discount rate, long-term growth rate, and marketability discount, all of which were unobservable. During the second quarter of 2016, we adjusted the note from PDVSA to its estimated fair value. The Level 3 fair value was estimated based on unobservable pricing indications. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments From time to time, we may enter into derivative financial instrument transactions to manage or reduce our market risk. We manage our debt portfolio to achieve an overall desired position of fixed and floating rates, and we may employ interest rate swaps as a tool to achieve that goal. We enter into foreign currency forward contracts and cross-currency swap contracts to economically hedge our exposure to fluctuations in various foreign currencies. The major risks from derivatives include changes in the interest rates affecting the fair value of such instruments, potential increases in interest expense due to market increases in floating interest rates, changes in foreign exchange rates and the creditworthiness of the counterparties in such transactions. We monitor the creditworthiness of our counterparties, which are multinational commercial banks. The fair values of all our outstanding derivative instruments are determined using a model with Level 2 inputs including quoted market prices for contracts with similar terms and maturity dates. Fair Value Hedges We may use interest rate swaps to help mitigate exposures related to changes in the fair values of fixed-rate debt. The interest rate swap is recorded at fair value with changes in fair value recorded in earnings. The carrying value of fixed-rate debt is also adjusted for changes in interest rates, with the changes in value recorded in earnings. After termination of the hedge, any discount or premium on the fixed-rate debt is amortized to interest expense over the remaining term of the debt. As of June 30, 2016, we did not have any fair value hedge designated. As of June 30, 2016 , we had net unamortized premiums on fixed-rate debt of $9 million associated with fair value hedge terminations. These premiums are being amortized over the remaining term of the originally hedged debt as a reduction in interest expense included in the line captioned “Interest Expense, Net” on the accompanying Condensed Consolidated Statements of Operations. Cash Flow Hedges In 2008, we entered into interest rate derivative instruments to hedge projected exposures to interest rates in anticipation of a debt offering. These hedges were terminated at the time of the issuance of the debt, and the associated loss is being amortized from Accumulated Other Comprehensive Income (Loss) to interest expense over the remaining term of the debt. As of June 30, 2016 , we had net unamortized losses of $9 million associated with our cash flow hedge terminations. As of June 30, 2016, we did not have any cash flow hedges designated. Foreign Currency Derivative Instruments At June 30, 2016 and December 31, 2015 , we had outstanding foreign currency forward contracts with notional amounts aggregating to $1.6 billion and $1.7 billion , respectively. The notional amounts of our foreign currency forward contracts do not generally represent amounts exchanged by the parties and thus are not a measure of the cash requirements related to these contracts or of any possible loss exposure. The amounts actually exchanged at maturity are calculated by reference to the notional amounts and by other terms of the derivative contracts, such as exchange rates. At June 30, 2016 , we had no cross-currency swaps as we settled our cross-currency swap arrangements in the first quarter of 2015 . Our foreign currency derivatives are not designated as hedges under ASC 815, and the changes in fair value of the contracts are recorded each period in the line captioned “Other, Net” on the accompanying Condensed Consolidated Statements of Operations. The total estimated fair values of our foreign currency forward contracts were as follows: (Dollars in millions) June 30, 2016 December 31, 2015 Classification Derivative assets not designated as hedges: Foreign currency forward contracts $ 6 $ 5 Other Current Assets Derivative liabilities not designated as hedges: Foreign currency forward contracts (22 ) (14 ) Other Current Liabilities The amount of derivative instruments’ gain or (loss) on the Consolidated Statements of Operations is in the table below. Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2016 2015 2016 2015 Classification Foreign currency forward contracts (16 ) 10 10 (56 ) Other, Net Cross-currency swap contracts — — — 13 Other, Net |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We estimate our annual effective tax rate based on year-to-date operating results and our forecast for the remainder of the year, by jurisdiction, and apply this rate to the year-to-date operating results. If our actual results, by jurisdiction, differ from the forecasted operating results, our effective tax rate can change, affecting the tax expense for both successive interim results as well as the annual tax results. For the second quarter and the first six months of 2016 , we had a tax benefit of $102 million and $203 million , respectively, on a loss before income taxes of $664 million and $1.26 billion , respectively. Our results for the second quarter of 2016 include charges with no significant tax benefit principally related to $75 million of settlement charges, $78 million of bond tender premium, and $84 million of PDVSA note adjustment, partially offset by $52 million of Zubair project gains with no significant tax expense. Our results for the first six months of 2016 include charges with no significant tax benefit principally related to $140 million of settlement charges, $31 million of currency devaluation related to the Angolan kwanza, $78 million of bond tender premium, and $84 million of PDVSA note adjustment. We are continuously under tax examination in various jurisdictions. We cannot predict the timing or outcome regarding resolution of these tax examinations or if they will have a material impact on our financial statements. We continue to anticipate a possible reduction in the balance of uncertain tax positions of approximately $42 million in the next twelve months due to expiration of statutes of limitations, settlements and/or conclusions of tax examinations. For both the second quarter and the first six months of 2015 , we had a $132 million tax benefit on a loss before income taxes of $615 million and $722 million , respectively. Our results for the second quarter of 2015 includes $112 million of litigation settlements, $69 million of project losses, $16 million of devaluation of the Angolan kwanza currency, $20 million of equity investment impairment and $69 million of restructuring charges, with no significant tax benefit. Our results for the first six months of 2015 includes $112 million of litigation settlements, $27 million of project losses, $42 million of currency devaluation, $20 million of equity investment impairment and $110 million of restructuring charges, with no significant tax benefit. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity The following summarizes our shareholders’ equity activity for the six months ended June 30, 2016 and 2015 : (Dollars in millions) Par Value of Issued Shares Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Income (Loss) Non-controlling Interests Total Shareholders’ Equity Balance at December 31, 2014 $ 1 $ 5,411 $ 2,427 $ (881 ) $ 75 $ 7,033 Net Income (Loss) — — (607 ) — 17 (590 ) Other Comprehensive Loss — — — (209 ) — (209 ) Dividends Paid to Noncontrolling Interests — — — — (18 ) (18 ) Equity Awards Granted, Vested and Exercised — 30 — — — 30 Other — — — — 1 1 Balance at June 30, 2015 $ 1 $ 5,441 $ 1,820 $ (1,090 ) $ 75 $ 6,247 Balance at December 31, 2015 $ 1 $ 5,502 $ 442 $ (1,641 ) $ 61 $ 4,365 Net Income (Loss) — — (1,063 ) — 10 (1,053 ) Other Comprehensive Income — — — 134 — 134 Dividends Paid to Noncontrolling Interests — — — — (7 ) (7 ) Issuance of Common Shares — 623 — — — 623 Issuance of Exchangeable Notes — 97 — — — 97 Equity Awards Granted, Vested and Exercised — 28 — — — 28 Other — — — — — — Balance at June 30, 2016 $ 1 $ 6,250 $ (621 ) $ (1,507 ) $ 64 $ 4,187 In 2016 , we issued 115 million ordinary shares of the Company and the amount in excess of par value of $623 million is reported in the line captioned “ Capital in Excess of Par Value ” on the accompanying Condensed Consolidated Balance Sheets . On June 7, 2016, we issued exchangeable notes with a par value of $1.265 billion . The exchange feature carrying value of $97 million is included in the line captioned “ Capital in Excess of Par Value ” on the accompanying Condensed Consolidated Balance Sheets. The following table presents the changes in our accumulated other comprehensive loss by component for the six months of 2016 and 2015 : (Dollars in millions) Currency Translation Adjustment Defined Benefit Pension Deferred Loss on Derivatives Total Balance at December 31, 2014 $ (813 ) $ (57 ) $ (11 ) $ (881 ) Other Comprehensive Income (Loss) before Reclassifications (230 ) 20 — (210 ) Reclassifications — 1 — 1 Net activity (230 ) 21 — (209 ) Balance at June 30, 2015 $ (1,043 ) $ (36 ) $ (11 ) $ (1,090 ) Balance at December 31, 2015 $ (1,602 ) $ (29 ) $ (10 ) $ (1,641 ) Other Comprehensive Income before Reclassifications 132 1 — 133 Reclassifications — — 1 1 Net activity 132 1 1 134 Balance at June 30, 2016 $ (1,470 ) $ (28 ) $ (9 ) $ (1,507 ) The other comprehensive income before reclassifications from the defined benefit pension component for the second quarter of 2015 relates to the conversion of one of our international pension plans from a defined benefit plan to a defined contribution plan. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share Basic earnings per share for all periods presented equals net income (loss) divided by the weighted average number of our shares outstanding during the period including participating securities. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of our shares outstanding during the period including participating securities, adjusted for the dilutive effect of our stock options, restricted shares and performance units. The following discloses basic and diluted weighted average shares outstanding: Three Months Ended June 30, Six Months Ended June 30, (Shares in millions) 2016 2015 2016 2015 Basic and Diluted weighted average shares outstanding 899 778 856 778 Our basic and diluted weighted average shares outstanding for the periods presented are equivalent due to the net loss attributable to shareholders. Diluted weighted average shares outstanding for the second quarter and the first six months of 2016 and 2015 exclude potential shares for stock options, restricted shares, performance units and exchangeable notes outstanding as we have net losses for those periods, and their inclusion would be anti-dilutive. The following table discloses the number of anti-dilutive shares excluded: Three Months Ended June 30, Six Months Ended June 30, (Shares in millions) 2016 2015 2016 2015 Anti-dilutive potential shares due to net loss 43 3 24 3 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-Based Compensation We recognized the following employee share-based compensation expense during the second quarter and the first six months of 2016 and 2015 : Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2016 2015 2016 2015 Share-based compensation $ 17 $ 19 $ 38 $ 34 Related tax benefit 4 4 8 7 During the first six months of 2016 , we granted approximately 2.1 million performance units to certain employees, which will vest with continued employment if the Company meets certain market-based performance goals. The performance units have a weighted average grant date fair value of $5.11 per share based on the Monte Carlo simulation method. The assumptions used in the Monte Carlo simulation included a risk-free rate of 0.80% , volatility of 68% and a zero dividend yield. As of June 30, 2016 , there was $15 million of unrecognized compensation expense related to our performance units. This cost is expected to be recognized over a weighted average period of 2 years. During the first six months of 2016 , we also granted 2.9 million restricted shares at a weighted average grant date fair value of $6.31 per share. As of June 30, 2016 , there was $96 million of unrecognized compensation expense related to our unvested restricted share grants. This cost is expected to be recognized over a weighted average period of 2 years. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Financial information by segment is summarized below. Revenues are attributable to countries based on the ultimate destination of the sale of products or performance of services. The accounting policies of the segments are the same as those described in the summary of significant accounting policies as presented in our Form 10-K. Three Months Ended June 30, 2016 (Dollars in millions) Net Operating Revenues Income (Loss) from Operations Depreciation and Amortization North America $ 401 $ (101 ) $ 58 MENA/Asia Pacific 400 50 60 Europe/SSA/Russia 243 1 48 Latin America 249 1 56 Subtotal 1,293 (49 ) 222 Land Drilling Rigs 109 (17 ) 23 1,402 (66 ) 245 Corporate and Research and Development (75 ) 4 Asset Write-Downs and Other Charges (a) (154 ) Restructuring Charges (b) (51 ) Litigation Charges (114 ) Total $ 1,402 $ (460 ) $ 249 (a) Includes $84 million to adjust a note from PDVSA to fair value and other impairments and write-offs of $70 million . (b) Includes restructuring charges of $51 million : $15 million in North America, $10 million in Europe/SSA/Russia, $12 million in Latin America, $11 million in MENA/Asia Pacific, $2 million in Corporate and Research and Development, and $1 million in Land Drilling Rigs . Three Months Ended June 30, 2015 (Dollars in millions) Net Operating Revenues Income (Loss) from Operations Depreciation and Amortization North America $ 808 $ (92 ) $ 97 MENA/Asia Pacific 516 (17 ) 66 Europe/SSA/Russia 418 65 53 Latin America 463 76 62 Subtotal 2,205 32 278 Land Drilling Rigs 185 4 27 2,390 36 305 Corporate and Research and Development (105 ) 6 Asset Write-Downs and Other Charges (c) (181 ) Equity Investment Impairment (20 ) Restructuring Charges (d) (69 ) Litigation Charges (112 ) Loss on Sale of Businesses, Net (5 ) Other Items (e) (8 ) Total $ 2,390 $ (464 ) $ 311 (c) Includes asset impairment charges of $124 million , pressure pumping business related charges of $37 million and supply agreement charges related to non-core business divestiture of $20 million . (d) Includes restructuring charges of $69 million : $21 million in North America, $29 million in MENA/Asia Pacific, $14 million in Europe/SSA/Russia, $4 million in Latin America, and $1 million in Land Drilling Rigs . (e) Includes professional fees of $3 million related to the divestiture of non-core businesses, facility closure fees of $3 million , restatement related litigation, post-settlement monitor and auditor expenses and other charges of $2 million . Six Months Ended June 30, 2016 (Dollars in millions) Net Operating Revenues Income (Loss) from Operations Depreciation and Amortization North America $ 944 $ (229 ) $ 112 MENA/Asia Pacific 761 4 121 Europe/SSA/Russia 500 — 96 Latin America 554 45 117 Subtotal 2,759 (180 ) 446 Land Drilling Rigs 228 (43 ) 45 2,987 (223 ) 491 Corporate and Research and Development (163 ) 8 Asset Write-Downs and Other Charges (a) (211 ) Restructuring Charges (b) (128 ) Litigation Charges, Net (181 ) Loss on Sale of Businesses, Net (1 ) Total $ 2,987 $ (907 ) $ 499 (a) Includes $84 million to adjust a note from PDVSA to fair value, $20 million in pressure pumping business related charges, $15 million in supply agreement charges related to a non-core business divestiture, and other impairments and write-offs of $92 million . (b) Includes restructuring charges of $128 million : $39 million in North America, $25 million in Europe/SSA/Russia, $27 million in Latin America, $20 million in MENA/Asia Pacific, $12 million in Corporate and Research and Development and $5 million in Land Drilling Rigs . Six Months Ended June 30, 2015 (Dollars in millions) Net Operating Revenues Income (Loss) from Operations Depreciation and Amortization North America $ 1,971 $ (102 ) $ 202 MENA/Asia Pacific 1,049 43 131 Europe/SSA/Russia 835 136 103 Latin America 949 174 123 Subtotal 4,804 251 559 Land Drilling Rigs 380 14 56 5,184 265 615 Corporate and Research and Development (225 ) 12 Asset Write-Downs and Other Charges (c) (191 ) Equity Investment Impairment (20 ) Restructuring Charges (d) (110 ) Litigation Charges (112 ) Loss on Sale of Businesses, Net (2 ) Other Items (e) (19 ) Total $ 5,184 $ (414 ) $ 627 (c) Includes asset impairment charges of $124 million , pressure pumping business related charges of $37 million and supply agreement charges related to non-core business divestiture of $30 million . (d) Includes restructuring charges of $110 million : $29 million in North America, $35 million in MENA/Asia Pacific, $21 million in Europe/SSA/Russia, $16 million in Latin America, $6 million in Land Drilling Rigs and $3 million in Corporate and Research and Development. (e) Includes professional fees of $5 million related to the divestiture of our non-core businesses, facility closure fees of $3 million , restatement related litigation, post-settlement monitor and auditor expenses and other charges of $11 million . |
Disputes, Litigation and Contin
Disputes, Litigation and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Disputes, Litigation and Contingencies | Disputes, Litigation and Contingencies Shareholder Litigation In 2010, three shareholder derivative actions were filed, purportedly on behalf of the Company, asserting breach of duty and other claims against certain current and former officers and directors of the Company related to the United Nations oil-for-food program governing sales of goods into Iraq, the FCPA and trade sanctions related to the U.S. government investigations disclosed in our U.S. Securities and Exchange Commission (the “SEC”) filings since 2007. Those shareholder derivative cases were filed in Harris County, Texas state court and consolidated under the caption Neff v. Brady, et al. , No. 2010040764 (collectively referred to as the “ Neff Case”). Other shareholder demand letters covering the same subject matter were received by the Company in early 2014, and a fourth shareholder derivative action was filed, purportedly on behalf of the Company, also asserting breach of duty and other claims against certain current and former officers and directors of the Company related to the same subject matter as the Neff Case. That case, captioned Erste-Sparinvest KAG v. Duroc-Danner, et al., No. 201420933 (Harris County, Texas) was consolidated into the Neff Case in September 2014. A motion to dismiss was granted May 15, 2015 and an appeal, which remains pending, was filed on June 15, 2015. We cannot reliably predict the outcome of the appeal including the amount of any possible loss. If one or more negative outcomes were to occur relative to the Neff Case, the aggregate impact to our financial condition could be material. On June 30, 2015, we signed a stipulation to settle a shareholder securities class action captioned Freedman v. Weatherford International Ltd., et al. , No. 1:12-cv-02121-LAK (S.D.N.Y.) for $120 million subject to notice to the class and court approval. The Freedman lawsuit had been filed in the U.S. District Court for the Southern District of New York in March 2012 and alleged that we and certain current and former officers of Weatherford violated the federal securities laws in connection with the restatements of the Company’s historical financial statements announced on February 21, 2012 and July 24, 2012. On November 4, 2015, the U.S. District Court for the Southern District of New York entered a final judgment and an order approving the settlement of the shareholder securities class action captioned Freedman v. Weatherford International Ltd., et al. , No. 1:12-cv-02121-LAK (S.D.N.Y.). Pursuant to the settlement, we were required to pay $120 million in 2015, which was partially funded by insurance proceeds. There was no admission of liability or fault by any party in connection with the settlement. We are pursuing reimbursement from our insurance carriers and have recovered a total of $19 million of the settlement amount, of which $4 million have been recovered in 2016. U.S. Government and Other Investigations As previously disclosed, the SEC and the U.S. Department of Justice (“DOJ”) are also investigating the circumstances surrounding the material weakness in our internal control over financial reporting for income taxes that was disclosed in a notification of late filing on Form 12b-25 filed on March 1, 2011 and in current reports on Form 8-K filed on February 21, 2012 and on July 24, 2012 and the subsequent restatements of our historical financial statements. We are cooperating fully with these investigations and have been discussing a resolution with the SEC. During the first quarter 2016, after progress made in the continued discussion on potential resolutions with the SEC, we recorded a loss contingency in the amount of $65 million . In the second quarter 2016, our negotiations continued to advance, and we have increased our loss contingency to $140 million as our best estimate for the potential settlement of this matter. However, uncertainties remain pending the ultimate resolution of the investigation, and we may ultimately not reach a final settlement with the government. Additionally, we are aware of various disputes and potential claims and are a party in various litigation involving claims against us, including as a defendant in various employment claims alleging our failure to pay certain classes of workers overtime in compliance with the Fair Labor Standards Act for which we have arrived at an agreement during the second quarter 2016. Some of these disputes and claims are covered by insurance. For claims, disputes and pending litigation in which we believe a negative outcome is probable and a loss can be reasonably estimated, we have recorded a liability for the expected loss. These liabilities are immaterial to our financial condition and results of operations. In addition 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 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 matters, the aggregate impact to our financial condition could be material. Other Contingencies We have a contractual residual value guarantee at June 30, 2016 of $28 million in the line captioned “ Other Non-Current Liabilities ” on the accompanying Consolidated Balance Sheets related to certain leased equipment in our North America pressure pumping business. We have supply contract related minimum purchase commitments and maintain a liability at June 30, 2016 of $135 million for expected penalties to be paid, of which $29 million is recorded in current liabilities and $106 million is recorded in other non-current liabilities on our Consolidated Balance Sheets. |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements Accounting Changes In April 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. We adopted ASU 2015-03 in the first quarter of 2016 retrospectively, which reduced Long-term debt and Other non-current assets by $27 million as of December 31, 2015. Accounting Standards Issued Not Yet Adopted In June 2016, the FASB issued ASU 2016-13 , Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. The new standard applies to trade receivables and requires expected credit losses to be based on past events, current conditions and reasonable and supportable forecasts that affect the instrument’s collectability. The new standard will be effective for us beginning with the first quarter of 2020. Early adoption is permitted in 2019. We are evaluating the impact that this new standard will have on our Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which impacts certain aspects of the accounting for share-based payment transactions. This update provides various transition requirements that include both prospective, modified retrospective and retrospective application guidance. The new standard will be effective for us beginning with the first quarter of 2017. Early adoption is permitted, but it must include all amendments in the same period. We are evaluating the impact that this new standard will have on our Condensed Consolidated Financial Statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which requires a lessee to recognize a lease asset and lease liability for most leases, including those classified as operating leases under existing GAAP. The ASU also changes the definition of a lease and requires expanded quantitative and qualitative disclosures for both lessees and lessors. The new standard will be effective for us beginning with the first quarter of 2019. Early application is permitted. The standard requires the use of a modified retrospective transition method and permits certain practical expedients to be applied. We are evaluating the effect that ASU 2016-02 will have on our Condensed Consolidated Financial Statements. In November 2015, the FASB issued ASU 2015-17 , Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, which eliminates the current requirement to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, all deferred tax assets and liabilities will be required to be classified as noncurrent. The new standard will be effective for us beginning with the first quarter of 2017. Early adoption is permitted. We are evaluating the impact that this new standard will have on our Condensed Consolidated Financial Statements. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory , which requires inventory not measured using either the last in, first out (LIFO) or the retail inventory method to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. The new standard will be effective for us beginning with the first quarter of 2017, and will be applied prospectively. Early adoption is permitted. We do not expect the impact of our adoption to have a material effect on our Condensed Consolidated Financial Statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which will require an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , deferred the effective date of ASU 2014-09 to annual and interim periods in fiscal years beginning after December 15, 2017. Earlier application is permitted only as of annual and interim reporting periods in fiscal years beginning after December 15, 2016. ASU 2014-09 permits either a retrospective application or a cumulative effect transition method. We have not yet selected the application date or a transition method, and we are currently evaluating the impact our adoption of this standard would have on our Condensed Consolidated Financial Statements. |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements | 6 Months Ended |
Jun. 30, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Statements | Condensed Consolidating Financial Statements Weatherford International plc (“Weatherford Ireland”), a public limited company organized under the laws of Ireland, a Swiss tax resident, and the ultimate parent of the Weatherford group, guarantees the obligations of its subsidiaries – Weatherford International Ltd., a Bermuda exempted company (“Weatherford Bermuda”), and Weatherford International, LLC, a Delaware limited liability company (“Weatherford Delaware”), including the notes and credit facilities listed below. The following obligations of Weatherford Delaware were guaranteed by Weatherford Bermuda at June 30, 2016 and December 31, 2015 : (1) 6.35% senior notes and (2) 6.80% senior notes. The following obligations of Weatherford Bermuda were guaranteed by Weatherford Delaware at June 30, 2016 and December 31, 2015 : (1) 6.50% senior notes, (2) 6.00% senior notes, (3) 7.00% senior notes, (4) 9.625% senior notes, (5) 9.875% senior notes, (6) 5.125% senior notes, (7) 6.75% senior notes, (8) 4.50% senior notes and (9) 5.95% senior notes. At December 31, 2015 , Weatherford Delaware also guaranteed the revolving credit facility and the 5.50% senior notes of Weatherford Bermuda. The following obligations of Weatherford Bermuda were guaranteed by Weatherford Delaware at June 30, 2016 : (1) A&R Credit Agreement, (2) Term Loan Agreement, (3) 5.875% exchangeable senior notes, (4) 7.750% senior notes and (5) 8.250% senior notes. As a result of certain of these guarantee arrangements, we are required to present the following condensed consolidating financial information. The accompanying guarantor financial information is presented on the equity method of accounting for all periods presented. Under this method, investments in subsidiaries are recorded at cost and adjusted for our share in the subsidiaries’ cumulative results of operations, capital contributions and distributions and other changes in equity. Elimination entries relate primarily to the elimination of investments in subsidiaries and associated intercompany balances and transactions. Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended June 30, 2016 (Unaudited) (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Revenues $ — $ — $ — $ 1,402 $ — $ 1,402 Costs and Expenses (81 ) — 5 (1,786 ) — (1,862 ) Operating Income (Loss) (81 ) — 5 (384 ) — (460 ) Other Income (Expense): Interest Expense, Net — (106 ) (12 ) (4 ) 3 (119 ) Intercompany Charges, Net 13 5 (45 ) 27 — — Equity in Subsidiary Income (497 ) 28 47 — 422 — Other, Net — (73 ) (27 ) 5 10 (85 ) Income (Loss) Before Income Taxes (565 ) (146 ) (32 ) (356 ) 435 (664 ) (Provision) Benefit for Income Taxes — — 19 83 — 102 Net Income (Loss) (565 ) (146 ) (13 ) (273 ) 435 (562 ) Noncontrolling Interests — — — 3 — 3 Net Income (Loss) Attributable to Weatherford $ (565 ) $ (146 ) $ (13 ) $ (276 ) $ 435 $ (565 ) Comprehensive Income (Loss) Attributable to Weatherford $ (574 ) $ (188 ) $ (40 ) $ (285 ) $ 513 $ (574 ) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended June 30, 2015 (Unaudited) (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Revenues $ — $ — $ — $ 2,390 $ — $ 2,390 Costs and Expenses (100 ) (4 ) — (2,750 ) — (2,854 ) Operating Income (Loss) (100 ) (4 ) — (360 ) — (464 ) Other Income (Expense): Interest Expense, Net — (98 ) (15 ) (4 ) — (117 ) Intercompany Charges, Net (26 ) (28 ) (68 ) 122 — — Equity in Subsidiary Income (363 ) 366 874 — (877 ) — Other, Net — 1 — (35 ) — (34 ) Income (Loss) Before Income Taxes (489 ) 237 791 (277 ) (877 ) (615 ) (Provision) Benefit for Income Taxes — — 29 103 — 132 Net Income (Loss) (489 ) 237 820 (174 ) (877 ) (483 ) Noncontrolling Interests — — — 6 — 6 Net Income (Loss) Attributable to Weatherford $ (489 ) $ 237 $ 820 $ (180 ) $ (877 ) $ (489 ) Comprehensive Income (Loss) Attributable to Weatherford $ (375 ) $ 263 $ 843 $ (66 ) $ (1,040 ) $ (375 ) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Six Months Ended June 30, 2016 (Unaudited) (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Revenues $ — $ — $ — $ 2,987 $ — $ 2,987 Costs and Expenses (147 ) — 5 (3,752 ) — (3,894 ) Operating Income (Loss) (147 ) — 5 (765 ) — (907 ) Other Income (Expense): Interest Expense, Net — (204 ) (26 ) (7 ) 3 (234 ) Intercompany Charges, Net 12 (41 ) (46 ) (265 ) 340 — Equity in Subsidiary Income (928 ) (260 ) (188 ) — 1,376 — Other, Net — (86 ) (27 ) (12 ) 10 (115 ) Income (Loss) Before Income Taxes (1,063 ) (591 ) (282 ) (1,049 ) 1,729 (1,256 ) (Provision) Benefit for Income Taxes — — 24 179 — 203 Net Income (Loss) (1,063 ) (591 ) (258 ) (870 ) 1,729 (1,053 ) Noncontrolling Interests — — — 10 — 10 Net Income (Loss) Attributable to Weatherford $ (1,063 ) $ (591 ) $ (258 ) $ (880 ) $ 1,729 $ (1,063 ) Comprehensive Income (Loss) Attributable to Weatherford $ (929 ) $ (640 ) $ (286 ) $ (746 ) $ 1,672 $ (929 ) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Six Months Ended June 30, 2015 (Unaudited) (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Revenues $ — $ — $ — $ 5,184 $ — $ 5,184 Costs and Expenses (107 ) (4 ) — (5,487 ) — (5,598 ) Operating Income (Loss) (107 ) (4 ) — (303 ) — (414 ) Other Income (Expense): Interest Expense, Net — (202 ) (28 ) (7 ) — (237 ) Intercompany Charges, Net (26 ) (43 ) (68 ) 137 — — Equity in Subsidiary Income (474 ) 441 849 — (816 ) — Other, Net — (19 ) — (52 ) — (71 ) Income (Loss) Before Income Taxes (607 ) 173 753 (225 ) (816 ) (722 ) (Provision) Benefit for Income Taxes — — 34 98 — 132 Net Income (Loss) (607 ) 173 787 (127 ) (816 ) (590 ) Noncontrolling Interests — — — 17 — 17 Net Income (Loss) Attributable to Weatherford $ (607 ) $ 173 $ 787 $ (144 ) $ (816 ) $ (607 ) Comprehensive Income (Loss) Attributable to Weatherford $ (816 ) $ 107 $ 774 $ (352 ) $ (529 ) $ (816 ) Condensed Consolidating Balance Sheet June 30, 2016 (Unaudited) (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Current Assets: Cash and Cash Equivalents $ — $ 21 $ — $ 431 $ — $ 452 Other Current Assets 1 — 652 4,643 (699 ) 4,597 Total Current Assets 1 21 652 5,074 (699 ) 5,049 Equity Investments in Affiliates 4,719 10,799 8,998 1,085 (25,601 ) — Intercompany Receivables, Net — 161 — 5,601 (5,762 ) — Other Assets 1 14 39 9,009 — 9,063 Total Assets $ 4,721 $ 10,995 $ 9,689 $ 20,769 $ (32,062 ) $ 14,112 Current Liabilities: Short-term Borrowings and Current Portion of Long-Term Debt $ — $ 100 $ 93 $ 97 $ — $ 290 Accounts Payable and Other Current Liabilities 170 241 — 2,526 (699 ) 2,238 Total Current Liabilities 170 341 93 2,623 (699 ) 2,528 Long-term Debt — 6,473 259 95 116 6,943 Intercompany Payables, Net 428 — 3,466 1,868 (5,762 ) — Other Long-term Liabilities — 232 7 440 (225 ) 454 Total Liabilities 598 7,046 3,825 5,026 (6,570 ) 9,925 Weatherford Shareholders’ Equity 4,123 3,949 5,864 15,679 (25,492 ) 4,123 Noncontrolling Interests — — — 64 — 64 Total Liabilities and Shareholders’ Equity $ 4,721 $ 10,995 $ 9,689 $ 20,769 $ (32,062 ) $ 14,112 Condensed Consolidating Balance Sheet December 31, 2015 (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Current Assets: Cash and Cash Equivalents $ — $ 2 $ 22 $ 443 $ — $ 467 Other Current Assets 4 — 651 5,146 (704 ) 5,097 Total Current Assets 4 2 673 5,589 (704 ) 5,564 Equity Investments in Affiliates 5,693 8,709 9,187 3,483 (27,072 ) — Intercompany Receivables, Net — — — 10,423 (10,423 ) — Other Assets 3 2 16 9,175 — 9,196 Total Assets $ 5,700 $ 8,713 $ 9,876 $ 28,670 $ (38,199 ) $ 14,760 Current Liabilities: Short-term Borrowings and Current Portion of Long-Term Debt $ — $ 1,503 $ 6 $ 73 $ — $ 1,582 Accounts Payable and Other Current Liabilities 19 212 — 2,922 (704 ) 2,449 Total Current Liabilities 19 1,715 6 2,995 (704 ) 4,031 Long-term Debt — 4,885 862 105 — 5,852 Intercompany Payables, Net 1,362 6,147 2,914 — (10,423 ) — Other Long-term Liabilities 15 77 10 410 — 512 Total Liabilities 1,396 12,824 3,792 3,510 (11,127 ) 10,395 Weatherford Shareholders’ Equity 4,304 (4,111 ) 6,084 25,099 (27,072 ) 4,304 Noncontrolling Interests — — — 61 — 61 Total Liabilities and Shareholders’ Equity $ 5,700 $ 8,713 $ 9,876 $ 28,670 $ (38,199 ) $ 14,760 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2016 (Unaudited) (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Cash Flows from Operating Activities: Net Income (Loss) $ (1,063 ) $ (591 ) $ (258 ) $ (870 ) $ 1,729 $ (1,053 ) Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities: Charges from Parent or Subsidiary (12 ) 41 46 265 (340 ) — Equity in (Earnings) Loss of Affiliates 928 260 188 — (1,376 ) — Deferred Income Tax Provision (Benefit) — — (24 ) (191 ) (215 ) Other Adjustments 883 (1,078 ) (18 ) 1,150 (13 ) 924 Net Cash Provided (Used) by Operating Activities 736 (1,368 ) (66 ) 354 — (344 ) Cash Flows from Investing Activities: Capital Expenditures for Property, Plant and Equipment — — — (74 ) — (74 ) Acquisition of Intellectual Property — — — (8 ) — (8 ) Insurance Proceeds Related to Rig Loss — — — 30 — 30 Proceeds from Sale of Assets and Businesses, Net — — — 16 — 16 Other Investing Activities — — — (20 ) — (20 ) Net Cash Provided (Used) by Investing Activities — — — (56 ) — (56 ) Cash Flows from Financing Activities: Borrowings (Repayments) Short-term Debt, Net — (1,450 ) — 69 — (1,381 ) Borrowings (Repayments) Long-term Debt, Net — 3,114 (513 ) (1,325 ) — 1,276 Borrowings (Repayments) Between Subsidiaries, Net (736 ) (277 ) 557 456 — — Proceeds from Issuance of Ordinary Shares — — — 623 — 623 Other, Net — — — (98 ) — (98 ) Net Cash Provided (Used) by Financing Activities (736 ) 1,387 44 (275 ) — 420 Effect of Exchange Rate Changes On Cash and Cash Equivalents — — — (35 ) — (35 ) Net Increase (Decrease) in Cash and Cash Equivalents — 19 (22 ) (12 ) — (15 ) Cash and Cash Equivalents at Beginning of Period — 2 22 443 — 467 Cash and Cash Equivalents at End of Period $ — $ 21 $ — $ 431 $ — $ 452 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2015 (Unaudited) (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Cash Flows from Operating Activities: Net Income (Loss) $ (607 ) $ 173 $ 787 $ (127 ) $ (816 ) $ (590 ) Adjustments to Reconcile Net Income(Loss) to Net Cash Provided (Used) by Operating Activities: Charges from Parent or Subsidiary 26 43 68 (137 ) — — Equity in (Earnings) Loss of Affiliates 474 (441 ) (849 ) — 816 — Deferred Income Tax Provision (Benefit) — — (34 ) (157 ) — (191 ) Other Adjustments 84 74 8 864 — 1,030 Net Cash Provided (Used) by Operating Activities (23 ) (151 ) (20 ) 443 — 249 Cash Flows from Investing Activities: Capital Expenditures for Property, Plant and Equipment — — — (411 ) — (411 ) Acquisition of Intellectual Property — — — (3 ) — (3 ) Proceeds from Sale of Assets and Businesses, Net — — — 23 — 23 Other Investing Activities — — — — — — Net Cash Provided (Used) by Investing Activities — — — (391 ) — (391 ) Cash Flows from Financing Activities: Borrowings (Repayments) Short-term Debt, Net — 496 — (18 ) — 478 Borrowings (Repayments) Long-term Debt, Net — (147 ) (1 ) (13 ) — (161 ) Borrowings (Repayments) Between Subsidiaries, Net 22 (197 ) 21 154 — — Other, Net — — — (15 ) — (15 ) Net Cash Provided (Used) by Financing Activities 22 152 20 108 — 302 Effect of Exchange Rate Changes On Cash and Cash Equivalents — — — (23 ) — (23 ) Net Increase (Decrease) in Cash and Cash Equivalents (1 ) 1 — 137 — 137 Cash and Cash Equivalents at Beginning of Period 1 — 22 451 — 474 Cash and Cash Equivalents at End of Period $ — $ 1 $ 22 $ 588 $ — $ 611 |
General (Policies)
General (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | The accompanying unaudited Condensed Consolidated Financial Statements of Weatherford International plc (the “Company”) are prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and include all adjustments of a normal recurring nature which, in our opinion, are necessary to present fairly our Condensed Consolidated Balance Sheets at June 30, 2016 and December 31, 2015 , Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2016 and 2015 , and Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2016 and 2015 . When referring to “Weatherford” and using phrases such as “we,” “us,” and “our,” the intent is to refer to Weatherford International plc, a public limited company organized under the law of Ireland, and its subsidiaries as a whole or on a regional basis, depending on the context in which the statements are made. Although we believe the disclosures in these financial statements are adequate, certain information relating to our organization and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in this Form 10-Q pursuant to U.S. Securities and Exchange Commission (“SEC”) rules and regulations. These financial statements should be read in conjunction with the audited Consolidated Financial Statements for the year ended December 31, 2015 included in our Annual Report on Form 10-K. The results of operations for the three and six months ended June 30, 2016 are not necessarily indicative of the results expected for the year ending December 31, 2016 . Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the reported amounts of revenues and expenses during the reporting period, and disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates and assumptions, including those related to uncollectible accounts receivable, lower of cost or market of inventories, equity investments, intangible assets and goodwill, property, plant and equipment, income taxes, percentage-of-completion accounting for long-term contracts, self-insurance, foreign currency exchange rates, pension and post-retirement benefit plans, disputes, litigation, contingencies and share-based compensation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates. |
Principles of Consolidation | Principles of Consolidation We consolidate all wholly-owned subsidiaries, controlled joint ventures and variable interest entities where the Company has determined it is the primary beneficiary. Investments in affiliates in which we exercise significant influence over operating and financial policies are accounted for using the equity method. All material intercompany accounts and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year presentation related to the adoption of new accounting standards. Net income and shareholders’ equity were not affected by these reclassifications. See “ Note 17 – New Accounting Pronouncements ” for additional details. |
New Accounting Pronouncements N
New Accounting Pronouncements New Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements Accounting Changes In April 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. We adopted ASU 2015-03 in the first quarter of 2016 retrospectively, which reduced Long-term debt and Other non-current assets by $27 million as of December 31, 2015. Accounting Standards Issued Not Yet Adopted In June 2016, the FASB issued ASU 2016-13 , Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. The new standard applies to trade receivables and requires expected credit losses to be based on past events, current conditions and reasonable and supportable forecasts that affect the instrument’s collectability. The new standard will be effective for us beginning with the first quarter of 2020. Early adoption is permitted in 2019. We are evaluating the impact that this new standard will have on our Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which impacts certain aspects of the accounting for share-based payment transactions. This update provides various transition requirements that include both prospective, modified retrospective and retrospective application guidance. The new standard will be effective for us beginning with the first quarter of 2017. Early adoption is permitted, but it must include all amendments in the same period. We are evaluating the impact that this new standard will have on our Condensed Consolidated Financial Statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which requires a lessee to recognize a lease asset and lease liability for most leases, including those classified as operating leases under existing GAAP. The ASU also changes the definition of a lease and requires expanded quantitative and qualitative disclosures for both lessees and lessors. The new standard will be effective for us beginning with the first quarter of 2019. Early application is permitted. The standard requires the use of a modified retrospective transition method and permits certain practical expedients to be applied. We are evaluating the effect that ASU 2016-02 will have on our Condensed Consolidated Financial Statements. In November 2015, the FASB issued ASU 2015-17 , Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, which eliminates the current requirement to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, all deferred tax assets and liabilities will be required to be classified as noncurrent. The new standard will be effective for us beginning with the first quarter of 2017. Early adoption is permitted. We are evaluating the impact that this new standard will have on our Condensed Consolidated Financial Statements. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory , which requires inventory not measured using either the last in, first out (LIFO) or the retail inventory method to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. The new standard will be effective for us beginning with the first quarter of 2017, and will be applied prospectively. Early adoption is permitted. We do not expect the impact of our adoption to have a material effect on our Condensed Consolidated Financial Statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which will require an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , deferred the effective date of ASU 2014-09 to annual and interim periods in fiscal years beginning after December 15, 2017. Earlier application is permitted only as of annual and interim reporting periods in fiscal years beginning after December 15, 2016. ASU 2014-09 permits either a retrospective application or a cumulative effect transition method. We have not yet selected the application date or a transition method, and we are currently evaluating the impact our adoption of this standard would have on our Condensed Consolidated Financial Statements. |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Charges | The following tables present the components of the 2016 Plan and the 2015 Plan restructuring charges by segment for the second quarter and the first six months of 2016 and 2015 . Three Months Ended June 30, 2016 Total (Dollars in millions) Severance Other Severance and 2016 Plan Charges Charges Other Charges North America $ 5 $ 10 $ 15 MENA/Asia Pacific 9 2 11 Europe/SSA/Russia 8 2 10 Latin America 11 1 12 Subtotal 33 15 48 Land Drilling Rigs 1 — 1 Corporate and Research and Development 2 — 2 Total $ 36 $ 15 $ 51 Three Months Ended June 30, 2015 Total (Dollars in millions) Severance Other Severance and 2015 Plan Charges Charges Other Charges North America $ 4 $ 17 $ 21 MENA/Asia Pacific 6 23 29 Europe/SSA/Russia 5 9 14 Latin America 3 1 4 Subtotal 18 50 68 Land Drilling Rigs 1 — 1 Corporate and Research and Development — — — Total $ 19 $ 50 $ 69 Six Months Ended June 30, 2016 Total (Dollars in millions) Severance Other Severance and 2016 Plan Charges Charges Other Charges North America $ 24 $ 15 $ 39 MENA/Asia Pacific 18 2 20 Europe/SSA/Russia 23 2 25 Latin America 26 1 27 Subtotal 91 20 111 Land Drilling Rigs 5 — 5 Corporate and Research and Development 12 — 12 Total $ 108 $ 20 $ 128 Six Months Ended June 30, 2015 Total (Dollars in millions) Severance Other Severance and 2015 Plan Charges Charges Other Charges North America $ 12 $ 17 $ 29 MENA/Asia Pacific 11 24 35 Europe/SSA/Russia 12 9 21 Latin America 15 1 16 Subtotal 50 51 101 Land Drilling Rigs 6 — 6 Corporate and Research and Development 3 — 3 Total $ 59 $ 51 $ 110 |
Schedule of Restructuring Reserve by Type of Cost | The severance and other restructuring charges gave rise to certain liabilities, the components of which are summarized below and largely relate to the severance accrued as part of the plans mentioned previously as well as our 2014 cost reduction plan (the “2014 Plan”) that will be paid pursuant to the respective arrangements and statutory requirements. At June 30, 2016 2016 Plan 2015 and 2014 Plans Total Severance Severance Other Severance Other and Other (Dollars in millions) Liability Liability Liability Liability Liability North America $ 1 $ 8 $ 4 $ 1 $ 14 MENA/Asia Pacific 3 1 2 4 10 Europe/SSA/Russia 9 1 2 8 20 Latin America — — — — — Subtotal 13 10 8 13 44 Land Drilling Rigs 1 — — — 1 Corporate and Research and Development 3 — 1 — 4 Total $ 17 $ 10 $ 9 $ 13 $ 49 The following table presents the restructuring liability activity for the first six months of 2016 . Six Months Ended June 30, 2016 (Dollars in millions) Accrued Balance at December 31, 2015 Charges Cash Payments Other Accrued Balance at June 30, 2016 2016 Plan: Severance liability $ — $ 108 $ (92 ) $ 1 $ 17 Other restructuring liability — 20 (5 ) (5 ) 10 2015 and 2014 Plan: Severance liability 37 — (23 ) (5 ) 9 Other restructuring liability 14 — (1 ) — 13 Total severance and other restructuring liability $ 51 $ 128 $ (121 ) $ (9 ) $ 49 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | Inventories, net of reserves, by category were as follows: (Dollars in millions) June 30, 2016 December 31, 2015 Raw materials, components and supplies $ 176 $ 172 Work in process 55 61 Finished goods 1,964 2,111 $ 2,195 $ 2,344 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill by reportable segment for the first six months ended June 30, 2016 were as follows: (Dollars in millions) North America MENA/ Asia Pacific Europe/ SSA/ Russia Latin America Total Balance at December 31, 2015 $ 1,756 $ 190 $ 573 $ 284 $ 2,803 Foreign currency translation adjustments 54 — (9 ) 4 49 Balance at June 30, 2016 $ 1,810 $ 190 $ 564 $ 288 $ 2,852 |
Short-term Borrowings and Oth30
Short-term Borrowings and Other Debt Obligations (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Components of Short-Term Borrowings | (Dollars in millions) June 30, 2016 December 31, 2015 Revolving credit facility $ 47 $ 967 Other short-term bank loans 73 214 Total short-term borrowings 120 1,181 Current portion of long-term debt and term loan agreement 170 401 Short-term borrowings and current portion of long-term debt $ 290 $ 1,582 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Long-term Debt consisted of the following: (Dollars in millions) June 30, 2016 December 31, 2015 5.50% Senior Notes due 2016 $ — $ 350 6.35% Senior Notes due 2017 90 604 6.00% Senior Notes due 2018 66 498 9.625% Senior Notes due 2019 491 1,012 5.125% Senior Notes due 2020 364 768 5.875% Exchangeable Senior Notes due 2021 1,136 — 7.75% Senior Notes due 2021 738 — 4.50% Senior Notes due 2022 642 642 8.25% Senior Notes due 2023 738 — 6.50% Senior Notes due 2036 446 446 6.80% Senior Notes due 2037 255 255 7.00% Senior Notes due 2038 455 455 9.875% Senior Notes due 2039 245 245 6.75% Senior Notes due 2040 456 456 5.95% Senior Notes due 2042 368 368 Secured Term Loan due 2020 496 — 4.82% secured borrowing 7 9 Capital and other lease obligations 109 116 Other 11 29 Total Senior Notes and other debt 7,113 6,253 Less amounts due in one year 170 401 Long-term debt $ 6,943 $ 5,852 |
Fair Value of Financial Instr32
Fair Value of Financial Instruments, Assets and Equity Investments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value and Carrying Value of Long-Term Debt | The fair value and carrying value of our senior notes were as follows: (Dollars in millions) June 30, 2016 December 31, 2015 Fair value $ 6,104 $ 5,095 Carrying value 6,490 6,099 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivatives Instruments in Statements of Financial Performance and Financial Position | (Dollars in millions) June 30, 2016 December 31, 2015 Classification Derivative assets not designated as hedges: Foreign currency forward contracts $ 6 $ 5 Other Current Assets Derivative liabilities not designated as hedges: Foreign currency forward contracts (22 ) (14 ) Other Current Liabilities The amount of derivative instruments’ gain or (loss) on the Consolidated Statements of Operations is in the table below. Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2016 2015 2016 2015 Classification Foreign currency forward contracts (16 ) 10 10 (56 ) Other, Net Cross-currency swap contracts — — — 13 Other, Net |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Schedule of Stockholders Equity | The following summarizes our shareholders’ equity activity for the six months ended June 30, 2016 and 2015 : (Dollars in millions) Par Value of Issued Shares Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Income (Loss) Non-controlling Interests Total Shareholders’ Equity Balance at December 31, 2014 $ 1 $ 5,411 $ 2,427 $ (881 ) $ 75 $ 7,033 Net Income (Loss) — — (607 ) — 17 (590 ) Other Comprehensive Loss — — — (209 ) — (209 ) Dividends Paid to Noncontrolling Interests — — — — (18 ) (18 ) Equity Awards Granted, Vested and Exercised — 30 — — — 30 Other — — — — 1 1 Balance at June 30, 2015 $ 1 $ 5,441 $ 1,820 $ (1,090 ) $ 75 $ 6,247 Balance at December 31, 2015 $ 1 $ 5,502 $ 442 $ (1,641 ) $ 61 $ 4,365 Net Income (Loss) — — (1,063 ) — 10 (1,053 ) Other Comprehensive Income — — — 134 — 134 Dividends Paid to Noncontrolling Interests — — — — (7 ) (7 ) Issuance of Common Shares — 623 — — — 623 Issuance of Exchangeable Notes — 97 — — — 97 Equity Awards Granted, Vested and Exercised — 28 — — — 28 Other — — — — — — Balance at June 30, 2016 $ 1 $ 6,250 $ (621 ) $ (1,507 ) $ 64 $ 4,187 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in our accumulated other comprehensive loss by component for the six months of 2016 and 2015 : (Dollars in millions) Currency Translation Adjustment Defined Benefit Pension Deferred Loss on Derivatives Total Balance at December 31, 2014 $ (813 ) $ (57 ) $ (11 ) $ (881 ) Other Comprehensive Income (Loss) before Reclassifications (230 ) 20 — (210 ) Reclassifications — 1 — 1 Net activity (230 ) 21 — (209 ) Balance at June 30, 2015 $ (1,043 ) $ (36 ) $ (11 ) $ (1,090 ) Balance at December 31, 2015 $ (1,602 ) $ (29 ) $ (10 ) $ (1,641 ) Other Comprehensive Income before Reclassifications 132 1 — 133 Reclassifications — — 1 1 Net activity 132 1 1 134 Balance at June 30, 2016 $ (1,470 ) $ (28 ) $ (9 ) $ (1,507 ) |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares | The following discloses basic and diluted weighted average shares outstanding: Three Months Ended June 30, Six Months Ended June 30, (Shares in millions) 2016 2015 2016 2015 Basic and Diluted weighted average shares outstanding 899 778 856 778 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table discloses the number of anti-dilutive shares excluded: Three Months Ended June 30, Six Months Ended June 30, (Shares in millions) 2016 2015 2016 2015 Anti-dilutive potential shares due to net loss 43 3 24 3 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | We recognized the following employee share-based compensation expense during the second quarter and the first six months of 2016 and 2015 : Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2016 2015 2016 2015 Share-based compensation $ 17 $ 19 $ 38 $ 34 Related tax benefit 4 4 8 7 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Financial information by segment | Financial information by segment is summarized below. Revenues are attributable to countries based on the ultimate destination of the sale of products or performance of services. The accounting policies of the segments are the same as those described in the summary of significant accounting policies as presented in our Form 10-K. Three Months Ended June 30, 2016 (Dollars in millions) Net Operating Revenues Income (Loss) from Operations Depreciation and Amortization North America $ 401 $ (101 ) $ 58 MENA/Asia Pacific 400 50 60 Europe/SSA/Russia 243 1 48 Latin America 249 1 56 Subtotal 1,293 (49 ) 222 Land Drilling Rigs 109 (17 ) 23 1,402 (66 ) 245 Corporate and Research and Development (75 ) 4 Asset Write-Downs and Other Charges (a) (154 ) Restructuring Charges (b) (51 ) Litigation Charges (114 ) Total $ 1,402 $ (460 ) $ 249 (a) Includes $84 million to adjust a note from PDVSA to fair value and other impairments and write-offs of $70 million . (b) Includes restructuring charges of $51 million : $15 million in North America, $10 million in Europe/SSA/Russia, $12 million in Latin America, $11 million in MENA/Asia Pacific, $2 million in Corporate and Research and Development, and $1 million in Land Drilling Rigs . Three Months Ended June 30, 2015 (Dollars in millions) Net Operating Revenues Income (Loss) from Operations Depreciation and Amortization North America $ 808 $ (92 ) $ 97 MENA/Asia Pacific 516 (17 ) 66 Europe/SSA/Russia 418 65 53 Latin America 463 76 62 Subtotal 2,205 32 278 Land Drilling Rigs 185 4 27 2,390 36 305 Corporate and Research and Development (105 ) 6 Asset Write-Downs and Other Charges (c) (181 ) Equity Investment Impairment (20 ) Restructuring Charges (d) (69 ) Litigation Charges (112 ) Loss on Sale of Businesses, Net (5 ) Other Items (e) (8 ) Total $ 2,390 $ (464 ) $ 311 (c) Includes asset impairment charges of $124 million , pressure pumping business related charges of $37 million and supply agreement charges related to non-core business divestiture of $20 million . (d) Includes restructuring charges of $69 million : $21 million in North America, $29 million in MENA/Asia Pacific, $14 million in Europe/SSA/Russia, $4 million in Latin America, and $1 million in Land Drilling Rigs . (e) Includes professional fees of $3 million related to the divestiture of non-core businesses, facility closure fees of $3 million , restatement related litigation, post-settlement monitor and auditor expenses and other charges of $2 million . Six Months Ended June 30, 2016 (Dollars in millions) Net Operating Revenues Income (Loss) from Operations Depreciation and Amortization North America $ 944 $ (229 ) $ 112 MENA/Asia Pacific 761 4 121 Europe/SSA/Russia 500 — 96 Latin America 554 45 117 Subtotal 2,759 (180 ) 446 Land Drilling Rigs 228 (43 ) 45 2,987 (223 ) 491 Corporate and Research and Development (163 ) 8 Asset Write-Downs and Other Charges (a) (211 ) Restructuring Charges (b) (128 ) Litigation Charges, Net (181 ) Loss on Sale of Businesses, Net (1 ) Total $ 2,987 $ (907 ) $ 499 (a) Includes $84 million to adjust a note from PDVSA to fair value, $20 million in pressure pumping business related charges, $15 million in supply agreement charges related to a non-core business divestiture, and other impairments and write-offs of $92 million . (b) Includes restructuring charges of $128 million : $39 million in North America, $25 million in Europe/SSA/Russia, $27 million in Latin America, $20 million in MENA/Asia Pacific, $12 million in Corporate and Research and Development and $5 million in Land Drilling Rigs . Six Months Ended June 30, 2015 (Dollars in millions) Net Operating Revenues Income (Loss) from Operations Depreciation and Amortization North America $ 1,971 $ (102 ) $ 202 MENA/Asia Pacific 1,049 43 131 Europe/SSA/Russia 835 136 103 Latin America 949 174 123 Subtotal 4,804 251 559 Land Drilling Rigs 380 14 56 5,184 265 615 Corporate and Research and Development (225 ) 12 Asset Write-Downs and Other Charges (c) (191 ) Equity Investment Impairment (20 ) Restructuring Charges (d) (110 ) Litigation Charges (112 ) Loss on Sale of Businesses, Net (2 ) Other Items (e) (19 ) Total $ 5,184 $ (414 ) $ 627 (c) Includes asset impairment charges of $124 million , pressure pumping business related charges of $37 million and supply agreement charges related to non-core business divestiture of $30 million . (d) Includes restructuring charges of $110 million : $29 million in North America, $35 million in MENA/Asia Pacific, $21 million in Europe/SSA/Russia, $16 million in Latin America, $6 million in Land Drilling Rigs and $3 million in Corporate and Research and Development. (e) Includes professional fees of $5 million related to the divestiture of our non-core businesses, facility closure fees of $3 million , restatement related litigation, post-settlement monitor and auditor expenses and other charges of $11 million . |
Condensed Consolidating Finan38
Condensed Consolidating Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended June 30, 2016 (Unaudited) (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Revenues $ — $ — $ — $ 1,402 $ — $ 1,402 Costs and Expenses (81 ) — 5 (1,786 ) — (1,862 ) Operating Income (Loss) (81 ) — 5 (384 ) — (460 ) Other Income (Expense): Interest Expense, Net — (106 ) (12 ) (4 ) 3 (119 ) Intercompany Charges, Net 13 5 (45 ) 27 — — Equity in Subsidiary Income (497 ) 28 47 — 422 — Other, Net — (73 ) (27 ) 5 10 (85 ) Income (Loss) Before Income Taxes (565 ) (146 ) (32 ) (356 ) 435 (664 ) (Provision) Benefit for Income Taxes — — 19 83 — 102 Net Income (Loss) (565 ) (146 ) (13 ) (273 ) 435 (562 ) Noncontrolling Interests — — — 3 — 3 Net Income (Loss) Attributable to Weatherford $ (565 ) $ (146 ) $ (13 ) $ (276 ) $ 435 $ (565 ) Comprehensive Income (Loss) Attributable to Weatherford $ (574 ) $ (188 ) $ (40 ) $ (285 ) $ 513 $ (574 ) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended June 30, 2015 (Unaudited) (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Revenues $ — $ — $ — $ 2,390 $ — $ 2,390 Costs and Expenses (100 ) (4 ) — (2,750 ) — (2,854 ) Operating Income (Loss) (100 ) (4 ) — (360 ) — (464 ) Other Income (Expense): Interest Expense, Net — (98 ) (15 ) (4 ) — (117 ) Intercompany Charges, Net (26 ) (28 ) (68 ) 122 — — Equity in Subsidiary Income (363 ) 366 874 — (877 ) — Other, Net — 1 — (35 ) — (34 ) Income (Loss) Before Income Taxes (489 ) 237 791 (277 ) (877 ) (615 ) (Provision) Benefit for Income Taxes — — 29 103 — 132 Net Income (Loss) (489 ) 237 820 (174 ) (877 ) (483 ) Noncontrolling Interests — — — 6 — 6 Net Income (Loss) Attributable to Weatherford $ (489 ) $ 237 $ 820 $ (180 ) $ (877 ) $ (489 ) Comprehensive Income (Loss) Attributable to Weatherford $ (375 ) $ 263 $ 843 $ (66 ) $ (1,040 ) $ (375 ) |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet June 30, 2016 (Unaudited) (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Current Assets: Cash and Cash Equivalents $ — $ 21 $ — $ 431 $ — $ 452 Other Current Assets 1 — 652 4,643 (699 ) 4,597 Total Current Assets 1 21 652 5,074 (699 ) 5,049 Equity Investments in Affiliates 4,719 10,799 8,998 1,085 (25,601 ) — Intercompany Receivables, Net — 161 — 5,601 (5,762 ) — Other Assets 1 14 39 9,009 — 9,063 Total Assets $ 4,721 $ 10,995 $ 9,689 $ 20,769 $ (32,062 ) $ 14,112 Current Liabilities: Short-term Borrowings and Current Portion of Long-Term Debt $ — $ 100 $ 93 $ 97 $ — $ 290 Accounts Payable and Other Current Liabilities 170 241 — 2,526 (699 ) 2,238 Total Current Liabilities 170 341 93 2,623 (699 ) 2,528 Long-term Debt — 6,473 259 95 116 6,943 Intercompany Payables, Net 428 — 3,466 1,868 (5,762 ) — Other Long-term Liabilities — 232 7 440 (225 ) 454 Total Liabilities 598 7,046 3,825 5,026 (6,570 ) 9,925 Weatherford Shareholders’ Equity 4,123 3,949 5,864 15,679 (25,492 ) 4,123 Noncontrolling Interests — — — 64 — 64 Total Liabilities and Shareholders’ Equity $ 4,721 $ 10,995 $ 9,689 $ 20,769 $ (32,062 ) $ 14,112 Condensed Consolidating Balance Sheet December 31, 2015 (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Current Assets: Cash and Cash Equivalents $ — $ 2 $ 22 $ 443 $ — $ 467 Other Current Assets 4 — 651 5,146 (704 ) 5,097 Total Current Assets 4 2 673 5,589 (704 ) 5,564 Equity Investments in Affiliates 5,693 8,709 9,187 3,483 (27,072 ) — Intercompany Receivables, Net — — — 10,423 (10,423 ) — Other Assets 3 2 16 9,175 — 9,196 Total Assets $ 5,700 $ 8,713 $ 9,876 $ 28,670 $ (38,199 ) $ 14,760 Current Liabilities: Short-term Borrowings and Current Portion of Long-Term Debt $ — $ 1,503 $ 6 $ 73 $ — $ 1,582 Accounts Payable and Other Current Liabilities 19 212 — 2,922 (704 ) 2,449 Total Current Liabilities 19 1,715 6 2,995 (704 ) 4,031 Long-term Debt — 4,885 862 105 — 5,852 Intercompany Payables, Net 1,362 6,147 2,914 — (10,423 ) — Other Long-term Liabilities 15 77 10 410 — 512 Total Liabilities 1,396 12,824 3,792 3,510 (11,127 ) 10,395 Weatherford Shareholders’ Equity 4,304 (4,111 ) 6,084 25,099 (27,072 ) 4,304 Noncontrolling Interests — — — 61 — 61 Total Liabilities and Shareholders’ Equity $ 5,700 $ 8,713 $ 9,876 $ 28,670 $ (38,199 ) $ 14,760 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2016 (Unaudited) (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Cash Flows from Operating Activities: Net Income (Loss) $ (1,063 ) $ (591 ) $ (258 ) $ (870 ) $ 1,729 $ (1,053 ) Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities: Charges from Parent or Subsidiary (12 ) 41 46 265 (340 ) — Equity in (Earnings) Loss of Affiliates 928 260 188 — (1,376 ) — Deferred Income Tax Provision (Benefit) — — (24 ) (191 ) (215 ) Other Adjustments 883 (1,078 ) (18 ) 1,150 (13 ) 924 Net Cash Provided (Used) by Operating Activities 736 (1,368 ) (66 ) 354 — (344 ) Cash Flows from Investing Activities: Capital Expenditures for Property, Plant and Equipment — — — (74 ) — (74 ) Acquisition of Intellectual Property — — — (8 ) — (8 ) Insurance Proceeds Related to Rig Loss — — — 30 — 30 Proceeds from Sale of Assets and Businesses, Net — — — 16 — 16 Other Investing Activities — — — (20 ) — (20 ) Net Cash Provided (Used) by Investing Activities — — — (56 ) — (56 ) Cash Flows from Financing Activities: Borrowings (Repayments) Short-term Debt, Net — (1,450 ) — 69 — (1,381 ) Borrowings (Repayments) Long-term Debt, Net — 3,114 (513 ) (1,325 ) — 1,276 Borrowings (Repayments) Between Subsidiaries, Net (736 ) (277 ) 557 456 — — Proceeds from Issuance of Ordinary Shares — — — 623 — 623 Other, Net — — — (98 ) — (98 ) Net Cash Provided (Used) by Financing Activities (736 ) 1,387 44 (275 ) — 420 Effect of Exchange Rate Changes On Cash and Cash Equivalents — — — (35 ) — (35 ) Net Increase (Decrease) in Cash and Cash Equivalents — 19 (22 ) (12 ) — (15 ) Cash and Cash Equivalents at Beginning of Period — 2 22 443 — 467 Cash and Cash Equivalents at End of Period $ — $ 21 $ — $ 431 $ — $ 452 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2015 (Unaudited) (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Cash Flows from Operating Activities: Net Income (Loss) $ (607 ) $ 173 $ 787 $ (127 ) $ (816 ) $ (590 ) Adjustments to Reconcile Net Income(Loss) to Net Cash Provided (Used) by Operating Activities: Charges from Parent or Subsidiary 26 43 68 (137 ) — — Equity in (Earnings) Loss of Affiliates 474 (441 ) (849 ) — 816 — Deferred Income Tax Provision (Benefit) — — (34 ) (157 ) — (191 ) Other Adjustments 84 74 8 864 — 1,030 Net Cash Provided (Used) by Operating Activities (23 ) (151 ) (20 ) 443 — 249 Cash Flows from Investing Activities: Capital Expenditures for Property, Plant and Equipment — — — (411 ) — (411 ) Acquisition of Intellectual Property — — — (3 ) — (3 ) Proceeds from Sale of Assets and Businesses, Net — — — 23 — 23 Other Investing Activities — — — — — — Net Cash Provided (Used) by Investing Activities — — — (391 ) — (391 ) Cash Flows from Financing Activities: Borrowings (Repayments) Short-term Debt, Net — 496 — (18 ) — 478 Borrowings (Repayments) Long-term Debt, Net — (147 ) (1 ) (13 ) — (161 ) Borrowings (Repayments) Between Subsidiaries, Net 22 (197 ) 21 154 — — Other, Net — — — (15 ) — (15 ) Net Cash Provided (Used) by Financing Activities 22 152 20 108 — 302 Effect of Exchange Rate Changes On Cash and Cash Equivalents — — — (23 ) — (23 ) Net Increase (Decrease) in Cash and Cash Equivalents (1 ) 1 — 137 — 137 Cash and Cash Equivalents at Beginning of Period 1 — 22 451 — 474 Cash and Cash Equivalents at End of Period $ — $ 1 $ 22 $ 588 $ — $ 611 |
General Devaluation (Details)
General Devaluation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Foreign Exchange Related Charges | $ 0 | $ (16) | $ (31) | $ (42) | ||
Angola, Kwanza | ||||||
Foreign Exchange Related Charges | $ (31) | |||||
Foreign Translation, Currency Devaluation, Percentage | 11.00% | |||||
Venezuelan bolívar fuerte | ||||||
Foreign Exchange Related Charges | $ (26) |
Restructuring Charges (Narrativ
Restructuring Charges (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | $ 51 | $ 69 | $ 128 | $ 110 |
2016 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | 51 | 128 | ||
2016 Plan [Member] | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Restructuring Costs | 15 | 20 | ||
2016 Plan [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | $ 36 | $ 108 | ||
2015 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | 69 | 110 | ||
2015 Plan [Member] | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Restructuring Costs | 50 | 51 | ||
2015 Plan [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | $ 19 | $ 59 |
Restructuring Charges (Restruct
Restructuring Charges (Restructuring Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | $ 51 | $ 69 | $ 128 | $ 110 |
2016 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | 51 | 128 | ||
2016 Plan [Member] | Corporate and Research and Development [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | 2 | 12 | ||
2016 Plan [Member] | Core Regional Segments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | 48 | 111 | ||
2016 Plan [Member] | Land Drilling Rigs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | 1 | 5 | ||
2016 Plan [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 36 | 108 | ||
2016 Plan [Member] | Employee Severance [Member] | Corporate and Research and Development [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 2 | 12 | ||
2016 Plan [Member] | Employee Severance [Member] | Core Regional Segments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | 33 | 91 | ||
2016 Plan [Member] | Employee Severance [Member] | Land Drilling Rigs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 1 | 5 | ||
2016 Plan [Member] | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Restructuring Costs | 15 | 20 | ||
2016 Plan [Member] | Other Restructuring [Member] | Corporate and Research and Development [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Restructuring Costs | 0 | 0 | ||
2016 Plan [Member] | Other Restructuring [Member] | Core Regional Segments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | 15 | 20 | ||
2016 Plan [Member] | Other Restructuring [Member] | Land Drilling Rigs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Restructuring Costs | 0 | 0 | ||
2015 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | 69 | 110 | ||
2015 Plan [Member] | Corporate and Research and Development [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | 0 | 3 | ||
2015 Plan [Member] | Core Regional Segments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | 68 | 101 | ||
2015 Plan [Member] | Land Drilling Rigs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | 1 | 6 | ||
2015 Plan [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 19 | 59 | ||
2015 Plan [Member] | Employee Severance [Member] | Corporate and Research and Development [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 0 | 3 | ||
2015 Plan [Member] | Employee Severance [Member] | Core Regional Segments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | 18 | 50 | ||
2015 Plan [Member] | Employee Severance [Member] | Land Drilling Rigs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 1 | 6 | ||
2015 Plan [Member] | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Restructuring Costs | 50 | 51 | ||
2015 Plan [Member] | Other Restructuring [Member] | Corporate and Research and Development [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Restructuring Costs | 0 | 0 | ||
2015 Plan [Member] | Other Restructuring [Member] | Core Regional Segments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | 50 | 51 | ||
2015 Plan [Member] | Other Restructuring [Member] | Land Drilling Rigs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Restructuring Costs | 0 | 0 | ||
North America [Member] | 2016 Plan [Member] | Operating Segments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | 15 | 39 | ||
North America [Member] | 2016 Plan [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 5 | 24 | ||
North America [Member] | 2016 Plan [Member] | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Restructuring Costs | 10 | 15 | ||
North America [Member] | 2015 Plan [Member] | Operating Segments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | 21 | 29 | ||
North America [Member] | 2015 Plan [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 4 | 12 | ||
North America [Member] | 2015 Plan [Member] | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Restructuring Costs | 17 | 17 | ||
Middle East, North Africa, and Asia [Member] | 2016 Plan [Member] | Operating Segments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | 11 | 20 | ||
Middle East, North Africa, and Asia [Member] | 2016 Plan [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 9 | 18 | ||
Middle East, North Africa, and Asia [Member] | 2016 Plan [Member] | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Restructuring Costs | 2 | 2 | ||
Middle East, North Africa, and Asia [Member] | 2015 Plan [Member] | Operating Segments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | 29 | 35 | ||
Middle East, North Africa, and Asia [Member] | 2015 Plan [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 6 | 11 | ||
Middle East, North Africa, and Asia [Member] | 2015 Plan [Member] | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Restructuring Costs | 23 | 24 | ||
Europe, Sub-Sahara Africa, Russia [Member] | 2016 Plan [Member] | Operating Segments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | 10 | 25 | ||
Europe, Sub-Sahara Africa, Russia [Member] | 2016 Plan [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 8 | 23 | ||
Europe, Sub-Sahara Africa, Russia [Member] | 2016 Plan [Member] | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Restructuring Costs | 2 | 2 | ||
Europe, Sub-Sahara Africa, Russia [Member] | 2015 Plan [Member] | Operating Segments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | 14 | 21 | ||
Europe, Sub-Sahara Africa, Russia [Member] | 2015 Plan [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 5 | 12 | ||
Europe, Sub-Sahara Africa, Russia [Member] | 2015 Plan [Member] | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Restructuring Costs | 9 | 9 | ||
Latin America [Member] | 2016 Plan [Member] | Operating Segments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | 12 | 27 | ||
Latin America [Member] | 2016 Plan [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 11 | 26 | ||
Latin America [Member] | 2016 Plan [Member] | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Restructuring Costs | $ 1 | $ 1 | ||
Latin America [Member] | 2015 Plan [Member] | Operating Segments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | 4 | 16 | ||
Latin America [Member] | 2015 Plan [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 3 | 15 | ||
Latin America [Member] | 2015 Plan [Member] | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Restructuring Costs | $ 1 | $ 1 |
Restructuring Charges (Restru42
Restructuring Charges (Restructuring Liability) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Severance and Other Restructuring Liabilities [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at beginning of period | $ 51 |
Restructuring Charges | 128 |
Cash Payments | (121) |
Other | (9) |
Accrued balance at end of period | 49 |
Severance and Other Restructuring Liabilities [Member] | Corporate and Research and Development [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 4 |
Severance and Other Restructuring Liabilities [Member] | Core Regional Segments [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 44 |
Severance and Other Restructuring Liabilities [Member] | Drilling Rigs [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 1 |
2016 Plan [Member] | Employee Severance [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at beginning of period | 0 |
Restructuring Charges | 108 |
Cash Payments | (92) |
Other | 1 |
Accrued balance at end of period | 17 |
2016 Plan [Member] | Employee Severance [Member] | Corporate and Research and Development [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 3 |
2016 Plan [Member] | Employee Severance [Member] | Core Regional Segments [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 13 |
2016 Plan [Member] | Employee Severance [Member] | Drilling Rigs [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 1 |
2016 Plan [Member] | Other Restructuring [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at beginning of period | 0 |
Restructuring Charges | 20 |
Cash Payments | (5) |
Other | (5) |
Accrued balance at end of period | 10 |
2016 Plan [Member] | Other Restructuring [Member] | Corporate and Research and Development [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 0 |
2016 Plan [Member] | Other Restructuring [Member] | Core Regional Segments [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 10 |
2016 Plan [Member] | Other Restructuring [Member] | Drilling Rigs [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 0 |
2014 & 2015 Plan [Member] | Employee Severance [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at beginning of period | 37 |
Restructuring Charges | 0 |
Cash Payments | (23) |
Other | (5) |
Accrued balance at end of period | 9 |
2014 & 2015 Plan [Member] | Employee Severance [Member] | Corporate and Research and Development [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 1 |
2014 & 2015 Plan [Member] | Employee Severance [Member] | Core Regional Segments [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 8 |
2014 & 2015 Plan [Member] | Employee Severance [Member] | Drilling Rigs [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 0 |
2014 & 2015 Plan [Member] | Other Restructuring [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at beginning of period | 14 |
Restructuring Charges | 0 |
Cash Payments | (1) |
Other | 0 |
Accrued balance at end of period | 13 |
2014 & 2015 Plan [Member] | Other Restructuring [Member] | Corporate and Research and Development [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 0 |
2014 & 2015 Plan [Member] | Other Restructuring [Member] | Core Regional Segments [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 13 |
2014 & 2015 Plan [Member] | Other Restructuring [Member] | Drilling Rigs [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 0 |
North America [Member] | Severance and Other Restructuring Liabilities [Member] | Operating Segments [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 14 |
North America [Member] | 2016 Plan [Member] | Employee Severance [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 1 |
North America [Member] | 2016 Plan [Member] | Other Restructuring [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 8 |
North America [Member] | 2014 & 2015 Plan [Member] | Employee Severance [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 4 |
North America [Member] | 2014 & 2015 Plan [Member] | Other Restructuring [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 1 |
Middle East, North Africa, and Asia [Member] | Severance and Other Restructuring Liabilities [Member] | Operating Segments [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 10 |
Middle East, North Africa, and Asia [Member] | 2016 Plan [Member] | Employee Severance [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 3 |
Middle East, North Africa, and Asia [Member] | 2016 Plan [Member] | Other Restructuring [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 1 |
Middle East, North Africa, and Asia [Member] | 2014 & 2015 Plan [Member] | Employee Severance [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 2 |
Middle East, North Africa, and Asia [Member] | 2014 & 2015 Plan [Member] | Other Restructuring [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 4 |
Europe, Sub-Sahara Africa, Russia [Member] | Severance and Other Restructuring Liabilities [Member] | Operating Segments [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 20 |
Europe, Sub-Sahara Africa, Russia [Member] | 2016 Plan [Member] | Employee Severance [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 9 |
Europe, Sub-Sahara Africa, Russia [Member] | 2016 Plan [Member] | Other Restructuring [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 1 |
Europe, Sub-Sahara Africa, Russia [Member] | 2014 & 2015 Plan [Member] | Employee Severance [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 2 |
Europe, Sub-Sahara Africa, Russia [Member] | 2014 & 2015 Plan [Member] | Other Restructuring [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 8 |
Latin America [Member] | Severance and Other Restructuring Liabilities [Member] | Operating Segments [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 0 |
Latin America [Member] | 2016 Plan [Member] | Employee Severance [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 0 |
Latin America [Member] | 2016 Plan [Member] | Other Restructuring [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 0 |
Latin America [Member] | 2014 & 2015 Plan [Member] | Employee Severance [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | 0 |
Latin America [Member] | 2014 & 2015 Plan [Member] | Other Restructuring [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at end of period | $ 0 |
Percentage of Completion Cont43
Percentage of Completion Contracts (Details) - USD ($) $ in Millions | May 26, 2016 | Mar. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2016 | Jun. 30, 2015 |
Billed and Unbilled Contract Claims Subject to Uncertainty [Line Items] | ||||||
Litigation Settlement, Amount | $ 150 | $ (112) | $ (112) | |||
Proceeds from Legal Settlements | $ 62 | |||||
Billings in Excess of Cost | (39) | |||||
Scenario, Forecast | ||||||
Billed and Unbilled Contract Claims Subject to Uncertainty [Line Items] | ||||||
Proceeds from Legal Settlements | $ 16 | $ 72 | ||||
IRAQ | ||||||
Billed and Unbilled Contract Claims Subject to Uncertainty [Line Items] | ||||||
Loss on Contracts | (52) | 69 | 27 | |||
Total Estimated Loss on Contracts | 532 | 406 | 406 | |||
Accounts Receivable, Unapproved Contract Claims | 25 | 137 | 137 | |||
Deductions (Back Charges) | $ 32 | $ 21 | $ 21 |
Accounts Receivable Factoring44
Accounts Receivable Factoring and Other Receivables (Details) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016USD ($) | Jun. 30, 2016USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivable with Imputed Interest, Face Amount | $ 120,000,000 | $ 120,000,000 |
Trade Receivables Held-for-sale, Reconciliation to Cash Flow, Deductions from Held-for-sale | $ 120,000,000 | |
Receivable With Imputed Interest, Term | 3 years | |
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 6.50% | |
Financing Receivable, Allowance for Credit Losses, Write-downs | $ 84,000,000 | |
MEXICO | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable sold, carrying value | $ 77,000,000 | 77,000,000 |
Proceeds from Sale of Accounts Receivable | 76,000,000 | |
Gain (loss) on sale of accounts receivable | $ (300,000) |
Inventories, Net (Schedule of I
Inventories, Net (Schedule of Inventory) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials, components and supplies | $ 176 | $ 172 |
Work in process | 55 | 61 |
Finished goods | 1,964 | 2,111 |
Inventories, Net | $ 2,195 | $ 2,344 |
Goodwill (Schedule of Goodwill)
Goodwill (Schedule of Goodwill) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Goodwill [Roll Forward] | |
Balance at December 31, 2015 | $ 2,803 |
Foreign currency translation adjustments | 49 |
Balance at June 30, 2016 | 2,852 |
North America [Member] | |
Goodwill [Roll Forward] | |
Balance at December 31, 2015 | 1,756 |
Foreign currency translation adjustments | 54 |
Balance at June 30, 2016 | 1,810 |
MENA/ Asia Pacific [Member] | |
Goodwill [Roll Forward] | |
Balance at December 31, 2015 | 190 |
Foreign currency translation adjustments | 0 |
Balance at June 30, 2016 | 190 |
Europe/ SSA/ Russia [Member] | |
Goodwill [Roll Forward] | |
Balance at December 31, 2015 | 573 |
Foreign currency translation adjustments | (9) |
Balance at June 30, 2016 | 564 |
Latin America [Member] | |
Goodwill [Roll Forward] | |
Balance at December 31, 2015 | 284 |
Foreign currency translation adjustments | 4 |
Balance at June 30, 2016 | $ 288 |
Short-term Borrowings and Oth47
Short-term Borrowings and Other Debt Obligations (Schedule of Short-term Debt) (Details) - USD ($) | Jun. 30, 2016 | May 04, 2016 | Dec. 31, 2015 |
Short-term Debt [Line Items] | |||
Short-term Debt | $ 120,000,000 | $ 1,181,000,000 | |
Current portion of long-term debt and term loan agreement | 170,000,000 | 401,000,000 | |
Short-term borrowings and current portion of long-term debt | 290,000,000 | 1,582,000,000 | |
Revolving credit facility [Member] | |||
Short-term Debt [Line Items] | |||
Short-term Debt | 47,000,000 | 967,000,000 | |
Other short-term bank loans [Member] | |||
Short-term Debt [Line Items] | |||
Short-term Debt | $ 73,000,000 | $ 214,000,000 | |
A&R Credit Agreement [Member] | |||
Short-term Debt [Line Items] | |||
Credit agreement, maximum capacity | $ 1,379,000,000 |
Short-term Borrowings and Oth48
Short-term Borrowings and Other Debt Obligations (Narrative) (Details) - USD ($) | May 04, 2016 | Jun. 30, 2016 | Jun. 30, 2016 | Jul. 19, 2016 | Jun. 10, 2016 | Feb. 29, 2016 | Dec. 31, 2015 |
Short-term Debt [Line Items] | |||||||
Debt and Capital Lease Obligations | $ 7,113,000,000 | $ 7,113,000,000 | $ 6,253,000,000 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 1,310,000,000 | 1,310,000,000 | |||||
Short-term Debt | 120,000,000 | 120,000,000 | 1,181,000,000 | ||||
Performance bonds | 149,000,000 | 149,000,000 | |||||
Current portion of long-term debt and term loan agreement | 170,000,000 | 170,000,000 | 401,000,000 | ||||
Debt Instrument, Covenant, Senior Leverage Ratio, Period One | 3 | ||||||
Debt Instrument, Covenant, Senior Leverage Ratio, Period Two | 2.5 | ||||||
Debt Instrument, Covenant, Specified Leverage and Letters of Credit Ratio, Period One | 4 | ||||||
Debt Instrument, Covenant, Specified Leverage and Letter of Credit Ratio, Period Two | 3.5 | ||||||
Debt Instrument, Covenant, Asset Coverage Ratio | 4 | ||||||
Revolving credit facility [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Short-term Debt | 47,000,000 | 47,000,000 | 967,000,000 | ||||
Committed letters of credit [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Letters of credit outstanding, amount | 26,000,000 | 26,000,000 | |||||
Domestic and foreign facility [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Short term borrowings | 73,000,000 | 73,000,000 | |||||
Uncommitted letters of credit [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Letters of credit outstanding, amount | 590,000,000 | 590,000,000 | |||||
A&R Credit Agreement [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt Instrument, Periodic Payment, Principal | $ 12,500,000 | ||||||
Credit agreement, maximum capacity | 1,379,000,000 | ||||||
Commitments Not Electing to Extend Maturity | 229,000,000 | ||||||
Term Loan Agreement [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Credit agreement, maximum capacity | 0 | ||||||
Debt and Capital Lease Obligations | $ 500,000,000 | $ 496,000,000 | $ 496,000,000 | ||||
Senior Notes, 6.35% due 2017 [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.35% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | A&R Credit Agreement [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.80% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Term Loan Agreement [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.30% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Term Loan Agreement [Member] | Minimum [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.425% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Term Loan Agreement [Member] | Maximum [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.20% | ||||||
Base Rate [Member] | Term Loan Agreement [Member] | Minimum [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.425% | ||||||
Base Rate [Member] | Term Loan Agreement [Member] | Maximum [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.20% | ||||||
Tranche One [Member] | Bi-Lateral Revolver Debt [Member] | Domestic and foreign facility [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Short term borrowings | $ 180,000,000 | $ 180,000,000 | |||||
Senior Notes [Member] | Senior Notes, 6.35% due 2017 [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt and Capital Lease Obligations | $ 90,000,000 | $ 90,000,000 | $ 604,000,000 | ||||
Senior Notes [Member] | Senior Notes, 5.50% due 2016 [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Current portion of long-term debt and term loan agreement | $ 350,000,000 | ||||||
Non-Extending Lenders [Member] | London Interbank Offered Rate (LIBOR) [Member] | A&R Credit Agreement [Member] | Minimum [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||||
Non-Extending Lenders [Member] | London Interbank Offered Rate (LIBOR) [Member] | A&R Credit Agreement [Member] | Maximum [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.925% | ||||||
Non-Extending Lenders [Member] | Base Rate [Member] | A&R Credit Agreement [Member] | Minimum [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | ||||||
Non-Extending Lenders [Member] | Base Rate [Member] | A&R Credit Agreement [Member] | Maximum [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.925% | ||||||
Extending Lenders [Member] | London Interbank Offered Rate (LIBOR) [Member] | A&R Credit Agreement [Member] | Minimum [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.925% | ||||||
Extending Lenders [Member] | London Interbank Offered Rate (LIBOR) [Member] | A&R Credit Agreement [Member] | Maximum [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.70% | ||||||
Extending Lenders [Member] | Base Rate [Member] | A&R Credit Agreement [Member] | Minimum [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.925% | ||||||
Extending Lenders [Member] | Base Rate [Member] | A&R Credit Agreement [Member] | Maximum [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.70% | ||||||
Subsequent Event [Member] | A&R Credit Agreement [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Credit agreement, maximum capacity | $ 250,000,000 | ||||||
Weatherford Bermuda [Member] | Senior Notes [Member] | Senior Notes, 6.35% due 2017 [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.35% | 6.35% | 6.35% |
Long-term Debt Schedule of Long
Long-term Debt Schedule of Long-term Debt (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Jun. 17, 2016 | Jun. 10, 2016 | May 04, 2016 | Feb. 29, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||||||
Total | $ 7,113 | $ 6,253 | ||||
Less amounts due in one year | 170 | 401 | ||||
Long-term debt | 6,943 | 5,852 | ||||
Term Loan Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit agreement, maximum capacity | 0 | |||||
Total | $ 496 | $ 500 | ||||
Senior Notes, 6.35% due 2017 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.35% | |||||
Senior Notes, 6.00% due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||
Senior Notes, 9.625% due 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.625% | |||||
Senior Notes, 5.125% due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | |||||
Exchangeable Senior Notes, 5.875 Percent due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | |||||
Senior Notes, 7.75 Percent due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.75% | |||||
Senior Notes, 8.25 Percent due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | |||||
Senior Notes [Member] | Senior Notes, 5.50% due 2016 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Less amounts due in one year | $ 350 | |||||
Senior Notes [Member] | Senior Notes, 6.35% due 2017 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total | $ 90 | 604 | ||||
Senior Notes [Member] | Senior Notes, 6.00% due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total | 66 | 498 | ||||
Senior Notes [Member] | Senior Notes, 9.625% due 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total | 491 | 1,012 | ||||
Senior Notes [Member] | Senior Notes, 5.125% due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total | 364 | 768 | ||||
Senior Notes [Member] | Exchangeable Senior Notes, 5.875 Percent due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total | 1,136 | 0 | ||||
Senior Notes [Member] | Senior Notes, 7.75 Percent due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total | 738 | $ 750 | 0 | |||
Senior Notes [Member] | Senior Notes, 4.50% due 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total | 642 | 642 | ||||
Senior Notes [Member] | Senior Notes, 8.25 Percent due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total | 738 | $ 750 | 0 | |||
Senior Notes [Member] | Senior Notes, 6.50% due 2036 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total | 446 | 446 | ||||
Senior Notes [Member] | Senior Notes, 6.80% due 2037 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total | 255 | 255 | ||||
Senior Notes [Member] | Senior Notes, 7.00% due 2038 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total | 455 | 455 | ||||
Senior Notes [Member] | Senior Notes, 9.875% due 2039 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total | 245 | 245 | ||||
Senior Notes [Member] | Senior Notes, 6.75% due 2040 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total | 456 | 456 | ||||
Senior Notes [Member] | Senior Notes, 5.95% due 2042 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total | $ 368 | $ 368 | ||||
Secured Borrowings [Member] | Secured Borrowing, 4.82% [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.82% | 4.82% | ||||
Total | $ 7 | $ 9 | ||||
Capital and Other Lease Obligations [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total | 109 | 116 | ||||
Other Long-term Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total | 11 | 29 | ||||
Senior Notes [Member] | Senior Notes, 5.50% due 2016 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total | 0 | 350 | ||||
Weatherford Delaware [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 259 | $ 862 | ||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 6.00% due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | ||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 9.625% due 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.625% | 9.625% | ||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 5.125% due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | 5.125% | ||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 4.50% due 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | ||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 6.50% due 2036 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% | ||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 7.00% due 2038 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% | ||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 9.875% due 2039 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.875% | 9.875% | ||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 6.75% due 2040 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | 6.75% | ||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 5.95% due 2042 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.95% | 5.95% | ||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 5.50% due 2016 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 5.50% | ||||
Weatherford Bermuda [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 6,473 | $ 4,885 | ||||
Weatherford Bermuda [Member] | Senior Notes [Member] | Senior Notes, 6.35% due 2017 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.35% | 6.35% | ||||
Weatherford Bermuda [Member] | Senior Notes [Member] | Exchangeable Senior Notes, 5.875 Percent due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | |||||
Weatherford Bermuda [Member] | Senior Notes [Member] | Senior Notes, 7.75 Percent due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.75% | |||||
Weatherford Bermuda [Member] | Senior Notes [Member] | Senior Notes, 8.25 Percent due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | |||||
Weatherford Bermuda [Member] | Senior Notes [Member] | Senior Notes, 6.80% due 2037 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.80% | 6.80% |
Long-term Debt Narrative (Detai
Long-term Debt Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Jun. 17, 2016 | May 04, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Jun. 10, 2016 | Jun. 07, 2016 | Feb. 29, 2016 |
Debt Instrument [Line Items] | ||||||||||
Debt and Capital Lease Obligations | $ 7,113 | $ 7,113 | $ 6,253 | |||||||
Capital in Excess of Par Value | 6,250 | 6,250 | 5,502 | |||||||
Long-term Debt | 6,943 | 6,943 | 5,852 | |||||||
Current portion of long-term debt and term loan agreement | 170 | 170 | 401 | |||||||
Bond Tender Premium, Net | (78) | $ 0 | (78) | $ 0 | ||||||
Term Loan Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt and Capital Lease Obligations | $ 500 | $ 496 | $ 496 | |||||||
A&R Credit Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Periodic Payment, Principal | $ 12.5 | |||||||||
Senior Notes, 8.25 Percent due 2023 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate on debt | 8.25% | 8.25% | ||||||||
Senior Notes, 6.35% due 2017 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate on debt | 6.35% | |||||||||
Senior Notes, 6.00% due 2018 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate on debt | 6.00% | |||||||||
Senior Notes, 9.625% due 2019 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate on debt | 9.625% | |||||||||
Senior Notes, 5.125% due 2020 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate on debt | 5.125% | |||||||||
Exchangeable Senior Notes, 5.875 Percent due 2021 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate on debt | 5.875% | 5.875% | ||||||||
Senior Notes, 7.75 Percent due 2021 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate on debt | 7.75% | 7.75% | ||||||||
Exchangeable Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 1,265 | |||||||||
Stated interest rate on debt | 5.875% | |||||||||
Debt Instrument, Convertible, Conversion Price | $ 7.74 | |||||||||
Debt Instrument, Convertible, Shares | 163.4 | |||||||||
Capital in Excess of Par Value | $ 97 | $ 97 | ||||||||
Long-term Debt | 1,136 | 1,136 | ||||||||
Debt Issuance Costs, Net | 129 | 129 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 8.40% | |||||||||
Interest Expense, Debt | 6 | |||||||||
Interest Expense, Debt, Excluding Amortization | 5 | |||||||||
Amortization of Debt Discount (Premium) | 1 | |||||||||
Senior Notes [Member] | Senior Notes, 5.50% due 2016 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Current portion of long-term debt and term loan agreement | $ 350 | |||||||||
Senior Notes [Member] | Senior Notes, 4.50% due 2022 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt and Capital Lease Obligations | 642 | 642 | 642 | |||||||
Senior Notes [Member] | Senior Notes, 8.25 Percent due 2023 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt and Capital Lease Obligations | $ 750 | 738 | 738 | 0 | ||||||
Senior Notes [Member] | Senior Notes, 6.35% due 2017 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt and Capital Lease Obligations | 90 | 90 | 604 | |||||||
Senior Notes [Member] | Senior Notes, 6.00% due 2018 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt and Capital Lease Obligations | 66 | 66 | 498 | |||||||
Senior Notes [Member] | Senior Notes, 9.625% due 2019 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt and Capital Lease Obligations | 491 | 491 | 1,012 | |||||||
Senior Notes [Member] | Senior Notes, 5.125% due 2020 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt and Capital Lease Obligations | 364 | 364 | 768 | |||||||
Senior Notes [Member] | Exchangeable Senior Notes, 5.875 Percent due 2021 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt and Capital Lease Obligations | 1,136 | 1,136 | 0 | |||||||
Senior Notes [Member] | Senior Notes, 7.75 Percent due 2021 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt and Capital Lease Obligations | 750 | 738 | 738 | 0 | ||||||
Senior Notes [Member] | Senior Notes, 5.95% due 2042 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt and Capital Lease Obligations | 368 | 368 | 368 | |||||||
Senior Notes [Member] | Senior Notes, 6.50% due 2036 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt and Capital Lease Obligations | 446 | 446 | 446 | |||||||
Senior Notes [Member] | Senior Notes, 6.75% due 2040 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt and Capital Lease Obligations | 456 | 456 | 456 | |||||||
Senior Notes [Member] | Senior Notes, 6.80% due 2037 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt and Capital Lease Obligations | 255 | 255 | 255 | |||||||
Senior Notes [Member] | Senior Notes, 7.00% due 2038 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt and Capital Lease Obligations | 455 | 455 | 455 | |||||||
Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of Debt | 1,972 | |||||||||
Debt Instrument, Repurchased Face Amount | $ 1,867 | 2 | 2 | |||||||
Interest Payable | 27 | 27 | ||||||||
Bond Tender Premium, Net | 78 | |||||||||
Senior Notes [Member] | Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Book Value of Debt Repurchase | 160 | |||||||||
Gain on repurchase of debt | 12 | |||||||||
Senior Notes [Member] | Senior Notes, 5.50% due 2016 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt and Capital Lease Obligations | 0 | 0 | 350 | |||||||
Weatherford Delaware [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt | $ 259 | $ 259 | $ 862 | |||||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 4.50% due 2022 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate on debt | 4.50% | 4.50% | 4.50% | |||||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 6.00% due 2018 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate on debt | 6.00% | 6.00% | 6.00% | |||||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 9.625% due 2019 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate on debt | 9.625% | 9.625% | 9.625% | |||||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 5.125% due 2020 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate on debt | 5.125% | 5.125% | 5.125% | |||||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 5.95% due 2042 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate on debt | 5.95% | 5.95% | 5.95% | |||||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 6.50% due 2036 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate on debt | 6.50% | 6.50% | 6.50% | |||||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 6.75% due 2040 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate on debt | 6.75% | 6.75% | 6.75% | |||||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 7.00% due 2038 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate on debt | 7.00% | 7.00% | 7.00% | |||||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 5.50% due 2016 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate on debt | 5.50% | 5.50% | 5.50% | |||||||
Weatherford Bermuda [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt | $ 6,473 | $ 6,473 | $ 4,885 | |||||||
Weatherford Bermuda [Member] | Senior Notes [Member] | Senior Notes, 8.25 Percent due 2023 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate on debt | 8.25% | 8.25% | ||||||||
Weatherford Bermuda [Member] | Senior Notes [Member] | Senior Notes, 6.35% due 2017 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate on debt | 6.35% | 6.35% | 6.35% | |||||||
Weatherford Bermuda [Member] | Senior Notes [Member] | Exchangeable Senior Notes, 5.875 Percent due 2021 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate on debt | 5.875% | 5.875% | ||||||||
Weatherford Bermuda [Member] | Senior Notes [Member] | Senior Notes, 7.75 Percent due 2021 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate on debt | 7.75% | 7.75% | ||||||||
Weatherford Bermuda [Member] | Senior Notes [Member] | Senior Notes, 6.80% due 2037 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate on debt | 6.80% | 6.80% | 6.80% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Term Loan Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.30% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | A&R Credit Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.80% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Term Loan Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.425% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Term Loan Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.20% | |||||||||
Base Rate [Member] | Minimum [Member] | Term Loan Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.425% | |||||||||
Base Rate [Member] | Maximum [Member] | Term Loan Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.20% |
Fair Value of Financial Instr51
Fair Value of Financial Instruments, Assets and Equity Investments (Details) - Senior Notes [Member] - Level 2 [Member] - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of long-term debt | $ 6,104 | $ 5,095 |
Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of long-term debt | $ 6,490 | $ 6,099 |
Derivative Instruments (Schedul
Derivative Instruments (Schedule of Derivatives - Balance Sheet) (Details) - Foreign currency forward contracts [Member] - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross | $ 6 | $ 5 |
Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, fair value, gross | $ (22) | $ (14) |
Derivative Instruments (Sched53
Derivative Instruments (Schedule of Derivatives - Income Statement) (Details) - Other, Net [Member] - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Foreign currency forward contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income | $ (16) | $ 10 | $ 10 | $ (56) |
Cross-currency swap contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income | $ 0 | $ 0 | $ 0 | $ 13 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Foreign currency forward contracts [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | $ 1,600 | $ 1,600 | $ 1,700 | ||
Fair Value Hedging [Member] | Interest rate swap [Member] | |||||
Derivative [Line Items] | |||||
Debt Instrument, Unamortized Premium | 9 | 9 | |||
Deferred (gain) loss on discontinuation of fair value hedge | 9 | 9 | |||
Other, Net [Member] | Not Designated as Hedging Instrument [Member] | Foreign currency forward contracts [Member] | |||||
Derivative [Line Items] | |||||
Gain (loss) on derivative | (16) | $ 10 | 10 | $ (56) | |
Other, Net [Member] | Not Designated as Hedging Instrument [Member] | Cross-currency swap contracts [Member] | |||||
Derivative [Line Items] | |||||
Gain (loss) on derivative | $ 0 | $ 0 | $ 0 | $ 13 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | May 26, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2016 |
(Provision) Benefit for Income Taxes | $ 102 | $ 132 | $ 203 | $ 132 | |||
Income (Loss) Before Income Taxes | (664) | (615) | (1,256) | (722) | $ (1,260) | ||
Litigation Settlement, Amount | $ 150 | (112) | (112) | ||||
Gain (Loss) Related to Litigation Settlement | (75) | (140) | |||||
Bond Tender Premium, Net | (78) | 0 | (78) | 0 | |||
Financing Receivable, Allowance for Credit Losses, Write-downs | 84 | ||||||
Foreign Exchange Related Charges | 0 | 16 | 31 | 42 | |||
Equity Investment Impairment | 0 | 20 | 0 | 20 | |||
Restructuring Charges | 51 | 69 | $ 128 | 110 | |||
Scenario, Forecast | |||||||
Uncertain tax positions, estimated for next twelve months | $ 42 | ||||||
IRAQ | |||||||
Loss on Contracts | $ (52) | 69 | 27 | ||||
2015 Plan [Member] | |||||||
Restructuring Charges | $ 69 | $ 110 |
Shareholders' Equity (Sharehold
Shareholders' Equity (Shareholders' Equity Activity) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning balance | $ 4,365 | $ 7,033 | |||
Net Income (Loss) | $ (562) | $ (483) | (1,053) | (590) | |
Other Comprehensive Loss | (9) | 114 | 134 | (209) | |
Dividends Paid to Noncontrolling Interests | (7) | (18) | |||
Common Stocks, Including Additional Paid in Capital | 623 | 623 | |||
Issuance of Exchangeable Notes | 97 | ||||
Equity Awards Granted, Vested and Exercised | 28 | 30 | |||
Other | (1) | ||||
Balance, ending balance | 4,187 | 6,247 | 4,187 | 6,247 | |
Capital in Excess of Par Value | 6,250 | 6,250 | $ 5,502 | ||
Par Value of Issued Shares [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning balance | 1 | 1 | |||
Equity Awards Granted, Vested and Exercised | 0 | 0 | |||
Balance, ending balance | 1 | 1 | 1 | 1 | |
Capital in Excess of Par Value [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning balance | 5,502 | 5,411 | |||
Common Stocks, Including Additional Paid in Capital | 623 | 623 | |||
Issuance of Exchangeable Notes | 97 | ||||
Equity Awards Granted, Vested and Exercised | 28 | 30 | |||
Other | 0 | ||||
Balance, ending balance | 6,250 | 5,441 | $ 6,250 | 5,441 | |
Stock Issued During Period, Shares, New Issues | 115 | ||||
Retained Earnings [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning balance | $ 442 | 2,427 | |||
Net Income (Loss) | (1,063) | (607) | |||
Equity Awards Granted, Vested and Exercised | 0 | 0 | |||
Balance, ending balance | (621) | 1,820 | (621) | 1,820 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning balance | (1,641) | (881) | |||
Other Comprehensive Loss | 134 | (209) | |||
Equity Awards Granted, Vested and Exercised | 0 | 0 | |||
Balance, ending balance | (1,507) | (1,090) | (1,507) | (1,090) | |
Noncontrolling Interests [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning balance | 61 | 75 | |||
Net Income (Loss) | 10 | 17 | |||
Dividends Paid to Noncontrolling Interests | (7) | (18) | |||
Equity Awards Granted, Vested and Exercised | 0 | 0 | |||
Other | (1) | ||||
Balance, ending balance | 64 | $ 75 | 64 | $ 75 | |
Sale of Stock [Domain] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Additional Paid in Capital | $ 623 | $ 623 |
Shareholders' Equity (Changes i
Shareholders' Equity (Changes in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | $ (1,641) | $ (881) | ||
Other Comprehensive Income (Loss) before Reclassifications | 133 | (210) | ||
Reclassifications | 1 | 1 | ||
Other Comprehensive Income (Loss) | $ (9) | $ 114 | 134 | (209) |
Ending balance | (1,507) | (1,090) | (1,507) | (1,090) |
Currency Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (1,602) | (813) | ||
Other Comprehensive Income (Loss) before Reclassifications | 132 | (230) | ||
Reclassifications | 0 | 0 | ||
Other Comprehensive Income (Loss) | 132 | (230) | ||
Ending balance | (1,470) | (1,043) | (1,470) | (1,043) |
Defined Benefit Pension [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (29) | (57) | ||
Other Comprehensive Income (Loss) before Reclassifications | 1 | 20 | ||
Reclassifications | 0 | 1 | ||
Other Comprehensive Income (Loss) | 1 | 21 | ||
Ending balance | (28) | (36) | (28) | (36) |
Deferred Loss on Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (10) | (11) | ||
Other Comprehensive Income (Loss) before Reclassifications | 0 | 0 | ||
Reclassifications | 1 | 0 | ||
Other Comprehensive Income (Loss) | 1 | 0 | ||
Ending balance | $ (9) | $ (11) | $ (9) | $ (11) |
Earnings per Share (Weighted Av
Earnings per Share (Weighted Average Shares Outstanding) (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Basic | 899 | 778 | 856 | 778 |
Diluted | 899 | 778 | 856 | 778 |
Earnings per Share (Antidilutiv
Earnings per Share (Antidilutive Shares) (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive potential shares due to net loss | 43 | 3 | 24 | 3 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule of Share-based Compensation Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Share-based compensation | $ 17 | $ 19 | $ 38 | $ 34 |
Related tax benefit | $ 4 | $ 4 | $ 8 | $ 7 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) $ / shares in Units, shares in Millions, $ in Millions | 6 Months Ended |
Jun. 30, 2016USD ($)$ / sharesshares | |
Performance units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted (in shares) | shares | 2.1 |
Weighted-average grant date fair value (in dollars per share) | $ / shares | $ 5.11 |
Fair value, risk-free rate | 0.80% |
Fair value, volatility rate | 68.00% |
Fair value, dividend yield | 0.00% |
Unrecognized compensation expense | $ | $ 15 |
Unrecognized compensation expense, recognition period | 2 years |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted (in shares) | shares | 2.9 |
Weighted-average grant date fair value (in dollars per share) | $ / shares | $ 6.31 |
Unrecognized compensation expense | $ | $ 96 |
Unrecognized compensation expense, recognition period | 2 years |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||||
Segment Reporting Information [Line Items] | |||||||
Long-Lived Assets Impairment | $ 124 | $ 0 | $ 124 | ||||
Net Operating Revenues | $ 1,402 | 2,390 | 2,987 | 5,184 | |||
Operating Income (Loss) | (460) | (464) | (907) | (414) | |||
Depreciation and Amortization | 249 | 311 | 499 | 627 | |||
Corporate and Research and Development | (41) | (59) | (86) | (123) | |||
Restructuring Charges | (51) | (69) | (128) | (110) | |||
Litigation Charges, Net | 114 | 112 | 181 | 112 | |||
Gain (Loss) on Disposition of Business | 0 | (5) | (1) | (2) | |||
Professional Fees | 3 | 5 | |||||
Other Expenses | 2 | 11 | |||||
Operating Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Operating Revenues | 1,402 | 2,390 | 2,987 | 5,184 | |||
Operating Income (Loss) | (66) | 36 | (223) | 265 | |||
Depreciation and Amortization | 245 | 305 | 491 | 615 | |||
Operating Segments [Member] | Core Regional Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Operating Revenues | 1,293 | 2,205 | 2,759 | 4,804 | |||
Operating Income (Loss) | (49) | 32 | (180) | 251 | |||
Depreciation and Amortization | 222 | 278 | 446 | 559 | |||
Operating Segments [Member] | Drilling Rigs [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Operating Revenues | 109 | 185 | 228 | 380 | |||
Operating Income (Loss) | (17) | 4 | (43) | 14 | |||
Depreciation and Amortization | 23 | 27 | 45 | 56 | |||
Corporate and Research and Development [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Depreciation and Amortization | 4 | 6 | 8 | 12 | |||
Corporate and Research and Development | (75) | (105) | (163) | (225) | |||
Segment Reconciling Items [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Goodwill, Impairment Loss | (20) | (20) | |||||
Impairment of Long-Lived Assets and Other Related Charges | 154 | [1] | (181) | 211 | [1] | (191) | |
Restructuring Charges | [2] | (51) | (69) | (128) | (110) | ||
Litigation Charges, Net | 114 | (112) | 181 | (112) | |||
Gain (Loss) on Disposition of Business | (5) | (1) | (2) | ||||
Other Items | [3] | (8) | (19) | ||||
North America [Member] | Operating Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Operating Revenues | 401 | 808 | 944 | 1,971 | |||
Operating Income (Loss) | (101) | (92) | (229) | (102) | |||
Depreciation and Amortization | 58 | 97 | 112 | 202 | |||
MENA/ Asia Pacific [Member] | Operating Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Operating Revenues | 400 | 516 | 761 | 1,049 | |||
Operating Income (Loss) | 50 | (17) | 4 | 43 | |||
Depreciation and Amortization | 60 | 66 | 121 | 131 | |||
Europe/ SSA/ Russia [Member] | Operating Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Operating Revenues | 243 | 418 | 500 | 835 | |||
Operating Income (Loss) | 1 | 65 | 0 | 136 | |||
Depreciation and Amortization | 48 | 53 | 96 | 103 | |||
Latin America [Member] | Operating Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Operating Revenues | 249 | 463 | 554 | 949 | |||
Operating Income (Loss) | 1 | 76 | 45 | 174 | |||
Depreciation and Amortization | $ 56 | 62 | $ 117 | 123 | |||
2015 Plan [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Restructuring Charges | (69) | (110) | |||||
2015 Plan [Member] | Core Regional Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Restructuring Charges | (68) | (101) | |||||
2015 Plan [Member] | Drilling Rigs [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Restructuring Charges | (1) | (6) | |||||
2015 Plan [Member] | Corporate and Research and Development [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Restructuring Charges | 0 | (3) | |||||
2015 Plan [Member] | North America [Member] | Operating Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Restructuring Charges | (21) | (29) | |||||
2015 Plan [Member] | MENA/ Asia Pacific [Member] | Operating Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Restructuring Charges | (29) | (35) | |||||
2015 Plan [Member] | Europe/ SSA/ Russia [Member] | Operating Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Restructuring Charges | (14) | (21) | |||||
2015 Plan [Member] | Latin America [Member] | Operating Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Restructuring Charges | $ (4) | $ (16) | |||||
[1] | Includes $84 million to adjust a note from PDVSA to fair value and other impairments and write-offs of $70 million. | ||||||
[2] | Includes restructuring charges of $51 million: $15 million in North America, $10 million in Europe/SSA/Russia, $12 million in Latin America, $11 million in MENA/Asia Pacific, $2 million in Corporate and Research and Development, and $1 million in Land Drilling Rigs. | ||||||
[3] | Includes professional fees of $3 million related to the divestiture of non-core businesses, facility closure fees of $3 million, restatement related litigation, post-settlement monitor and auditor expenses and other charges of $2 million. |
Segment Information (Narrative)
Segment Information (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||||
Segment Reporting Information [Line Items] | |||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | $ 84 | ||||||
Other Asset Impairment Charges | 70 | $ 92 | |||||
Revenues | 1,402 | $ 2,390 | 2,987 | $ 5,184 | |||
Pressure Pumping Related Charges | 37 | 20 | 37 | ||||
Supply Agreement Charges related to Non-Core Business Divestiture | 20 | 15 | 30 | ||||
Severance, asset impairment and other restructuring charges | 51 | 69 | 128 | 110 | |||
Professional Fees | 3 | 5 | |||||
Facility Closure Fees | 3 | ||||||
Other nonrecurring (income) expense | 3 | 84 | |||||
Long-Lived Assets Impairment | 124 | 0 | 124 | ||||
Operating Income (Loss) | (460) | (464) | (907) | (414) | |||
Depreciation and Amortization | 249 | 311 | 499 | 627 | |||
Research and Development | 41 | 59 | 86 | 123 | |||
Litigation Charges, Net | 114 | 112 | 181 | 112 | |||
Gain (Loss) on Disposition of Business | 0 | (5) | (1) | (2) | |||
Other Expenses | 2 | 11 | |||||
Operating Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 1,402 | 2,390 | 2,987 | 5,184 | |||
Operating Income (Loss) | (66) | 36 | (223) | 265 | |||
Depreciation and Amortization | 245 | 305 | 491 | 615 | |||
Operating Segments [Member] | Core Regional Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 1,293 | 2,205 | 2,759 | 4,804 | |||
Operating Income (Loss) | (49) | 32 | (180) | 251 | |||
Depreciation and Amortization | 222 | 278 | 446 | 559 | |||
Operating Segments [Member] | Drilling Rigs [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 109 | 185 | 228 | 380 | |||
Operating Income (Loss) | (17) | 4 | (43) | 14 | |||
Depreciation and Amortization | 23 | 27 | 45 | 56 | |||
Corporate and Research and Development [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Depreciation and Amortization | 4 | 6 | 8 | 12 | |||
Research and Development | 75 | 105 | 163 | 225 | |||
Segment Reconciling Items [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Severance, asset impairment and other restructuring charges | [1] | 51 | 69 | 128 | 110 | ||
Impairment of Long-Lived Assets and Other Related Charges | 154 | [2] | (181) | 211 | [2] | (191) | |
Goodwill, Impairment Loss | (20) | (20) | |||||
Litigation Charges, Net | 114 | (112) | 181 | (112) | |||
Gain (Loss) on Disposition of Business | (5) | (1) | (2) | ||||
Other Nonoperating Expense | [3] | 8 | 19 | ||||
Latin America [Member] | Operating Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 249 | 463 | 554 | 949 | |||
Operating Income (Loss) | 1 | 76 | 45 | 174 | |||
Depreciation and Amortization | 56 | 62 | 117 | 123 | |||
Europe, Sub-Sahara Africa, Russia [Member] | Operating Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 243 | 418 | 500 | 835 | |||
Operating Income (Loss) | 1 | 65 | 0 | 136 | |||
Depreciation and Amortization | 48 | 53 | 96 | 103 | |||
Middle East, North Africa, and Asia [Member] | Operating Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 400 | 516 | 761 | 1,049 | |||
Operating Income (Loss) | 50 | (17) | 4 | 43 | |||
Depreciation and Amortization | 60 | 66 | 121 | 131 | |||
North America [Member] | Operating Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 401 | 808 | 944 | 1,971 | |||
Operating Income (Loss) | (101) | (92) | (229) | (102) | |||
Depreciation and Amortization | 58 | 97 | 112 | 202 | |||
2015 Plan [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Severance, asset impairment and other restructuring charges | 69 | 110 | |||||
2015 Plan [Member] | Core Regional Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Severance, asset impairment and other restructuring charges | 68 | 101 | |||||
2015 Plan [Member] | Drilling Rigs [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Severance, asset impairment and other restructuring charges | 1 | 6 | |||||
2015 Plan [Member] | Corporate and Research and Development [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Severance, asset impairment and other restructuring charges | 0 | 3 | |||||
2015 Plan [Member] | Latin America [Member] | Operating Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Severance, asset impairment and other restructuring charges | 4 | 16 | |||||
2015 Plan [Member] | Europe, Sub-Sahara Africa, Russia [Member] | Operating Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Severance, asset impairment and other restructuring charges | 14 | 21 | |||||
2015 Plan [Member] | Middle East, North Africa, and Asia [Member] | Operating Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Severance, asset impairment and other restructuring charges | 29 | 35 | |||||
2015 Plan [Member] | North America [Member] | Operating Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Severance, asset impairment and other restructuring charges | $ 21 | $ 29 | |||||
2016 Plan [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Severance, asset impairment and other restructuring charges | 51 | 128 | |||||
2016 Plan [Member] | Core Regional Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Severance, asset impairment and other restructuring charges | 48 | 111 | |||||
2016 Plan [Member] | Drilling Rigs [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Severance, asset impairment and other restructuring charges | 1 | 5 | |||||
2016 Plan [Member] | Corporate and Research and Development [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Severance, asset impairment and other restructuring charges | 2 | 12 | |||||
2016 Plan [Member] | Latin America [Member] | Operating Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Severance, asset impairment and other restructuring charges | 12 | 27 | |||||
2016 Plan [Member] | Europe, Sub-Sahara Africa, Russia [Member] | Operating Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Severance, asset impairment and other restructuring charges | 10 | 25 | |||||
2016 Plan [Member] | Middle East, North Africa, and Asia [Member] | Operating Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Severance, asset impairment and other restructuring charges | 11 | 20 | |||||
2016 Plan [Member] | North America [Member] | Operating Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Severance, asset impairment and other restructuring charges | $ 15 | $ 39 | |||||
[1] | Includes restructuring charges of $51 million: $15 million in North America, $10 million in Europe/SSA/Russia, $12 million in Latin America, $11 million in MENA/Asia Pacific, $2 million in Corporate and Research and Development, and $1 million in Land Drilling Rigs. | ||||||
[2] | Includes $84 million to adjust a note from PDVSA to fair value and other impairments and write-offs of $70 million. | ||||||
[3] | Includes professional fees of $3 million related to the divestiture of non-core businesses, facility closure fees of $3 million, restatement related litigation, post-settlement monitor and auditor expenses and other charges of $2 million. |
Disputes, Litigation and Cont64
Disputes, Litigation and Contingencies (Details) - USD ($) $ in Millions | May 26, 2016 | Nov. 04, 2015 | Jun. 30, 2015 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2016 |
Loss Contingencies [Line Items] | |||||||
Litigation Settlement, Amount | $ 150 | $ (112) | $ (112) | ||||
Recorded Unconditional Purchase Obligation | $ 135 | ||||||
Freedman v. Weatherford International Ltd., et al. [Member] [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Litigation Settlement, Amount | $ 120 | ||||||
Payments for legal settlements | $ 120 | ||||||
Insurance Settlements Receivable | $ 4 | 19 | |||||
Other Current Liabilities [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Recorded Unconditional Purchase Obligation | 29 | ||||||
Other Noncurrent Liabilities [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Recorded Unconditional Purchase Obligation | 106 | ||||||
Oil-for-Food Program and Foreign Corrupt Practices Act [Member] | U.S. District Court for the Southern District of Texas v. Weatherford International Ltd. [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency Accrual | $ 65 | 140 | |||||
Fair Value Guarantee [Member] | Other Noncurrent Liabilities [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency Accrual | $ 28 |
New Accounting Pronouncements65
New Accounting Pronouncements Narrative (Details) $ in Millions | Dec. 31, 2015USD ($) |
Long-term Debt [Member] | Accounting Standard Update 2015-03 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Debt Issuance Costs, Net | $ 27 |
Condensed Consolidating Finan66
Condensed Consolidating Financial Statements (Narrative) (Details) | Jun. 30, 2016 | Jun. 10, 2016 | Dec. 31, 2015 |
Senior Notes, 6.35% due 2017 [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate on debt | 6.35% | ||
Senior Notes, 6.35% due 2017 [Member] | Senior Notes [Member] | Weatherford Bermuda [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate on debt | 6.35% | 6.35% | |
Senior Notes, 6.80% due 2037 [Member] | Senior Notes [Member] | Weatherford Bermuda [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate on debt | 6.80% | 6.80% | |
Senior Notes, 6.50% due 2036 [Member] | Senior Notes [Member] | Weatherford Delaware [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate on debt | 6.50% | 6.50% | |
Senior Notes, 6.00% due 2018 [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate on debt | 6.00% | ||
Senior Notes, 6.00% due 2018 [Member] | Senior Notes [Member] | Weatherford Delaware [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate on debt | 6.00% | 6.00% | |
Senior Notes, 7.00% due 2038 [Member] | Senior Notes [Member] | Weatherford Delaware [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate on debt | 7.00% | 7.00% | |
Senior Notes, 9.625% due 2019 [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate on debt | 9.625% | ||
Senior Notes, 9.625% due 2019 [Member] | Senior Notes [Member] | Weatherford Delaware [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate on debt | 9.625% | 9.625% | |
Senior Notes, 9.875% due 2039 [Member] | Senior Notes [Member] | Weatherford Delaware [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate on debt | 9.875% | 9.875% | |
Senior Notes, 5.125% due 2020 [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate on debt | 5.125% | ||
Senior Notes, 5.125% due 2020 [Member] | Senior Notes [Member] | Weatherford Delaware [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate on debt | 5.125% | 5.125% | |
Senior Notes, 6.75% due 2040 [Member] | Senior Notes [Member] | Weatherford Delaware [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate on debt | 6.75% | 6.75% | |
Senior Notes, 4.50% due 2022 [Member] | Senior Notes [Member] | Weatherford Delaware [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate on debt | 4.50% | 4.50% | |
Senior Notes, 5.95% due 2042 [Member] | Senior Notes [Member] | Weatherford Delaware [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate on debt | 5.95% | 5.95% | |
Exchangeable Senior Notes, 5.875 Percent due 2021 [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate on debt | 5.875% | ||
Exchangeable Senior Notes, 5.875 Percent due 2021 [Member] | Senior Notes [Member] | Weatherford Bermuda [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate on debt | 5.875% | ||
Senior Notes, 7.75 Percent due 2021 [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate on debt | 7.75% | ||
Senior Notes, 7.75 Percent due 2021 [Member] | Senior Notes [Member] | Weatherford Bermuda [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate on debt | 7.75% | ||
Senior Notes, 8.25 Percent due 2023 [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate on debt | 8.25% | ||
Senior Notes, 8.25 Percent due 2023 [Member] | Senior Notes [Member] | Weatherford Bermuda [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate on debt | 8.25% | ||
Senior Notes [Member] | Senior Notes, 5.50% due 2016 [Member] | Weatherford Delaware [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate on debt | 5.50% | 5.50% |
Condensed Consolidating Finan67
Condensed Consolidating Financial Statements (Condensed Consolidating Statement of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Condensed Income Statements, Captions [Line Items] | |||||
Revenues | $ 1,402 | $ 2,390 | $ 2,987 | $ 5,184 | |
Costs and Expenses | (1,862) | (2,854) | (3,894) | (5,598) | |
Operating Income (Loss) | (460) | (464) | (907) | (414) | |
Other Income (Expense): | |||||
Interest Expense, Net | (119) | (117) | (234) | (237) | |
Intercompany Charges, Net | 0 | 0 | 0 | 0 | |
Equity in Subsidiary Income | 0 | 0 | 0 | 0 | |
Other, Net | (85) | (34) | (115) | (71) | |
Loss Before Income Taxes | (664) | (615) | (1,256) | (722) | $ (1,260) |
(Provision) Benefit for Income Taxes | 102 | 132 | 203 | 132 | |
Net Loss | (562) | (483) | (1,053) | (590) | |
Noncontrolling Interests | 3 | 6 | 10 | 17 | |
Net Income (Loss) Attributable to Weatherford | (565) | (489) | (1,063) | (607) | |
Comprehensive Income (Loss) Attributable to Weatherford | (574) | (375) | (929) | (816) | |
Weatherford Ireland [Member] | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Costs and Expenses | (81) | (100) | (147) | (107) | |
Operating Income (Loss) | (81) | (100) | (147) | (107) | |
Other Income (Expense): | |||||
Interest Expense, Net | 0 | 0 | 0 | 0 | |
Intercompany Charges, Net | 13 | (26) | 12 | (26) | |
Equity in Subsidiary Income | (497) | (363) | (928) | (474) | |
Other, Net | 0 | 0 | 0 | 0 | |
Loss Before Income Taxes | (565) | (489) | (1,063) | (607) | |
(Provision) Benefit for Income Taxes | 0 | 0 | 0 | 0 | |
Net Loss | (565) | (489) | (1,063) | (607) | |
Noncontrolling Interests | 0 | 0 | 0 | 0 | |
Net Income (Loss) Attributable to Weatherford | (565) | (489) | (1,063) | (607) | |
Comprehensive Income (Loss) Attributable to Weatherford | (574) | (375) | (929) | (816) | |
Weatherford Bermuda [Member] | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Costs and Expenses | 0 | (4) | 0 | (4) | |
Operating Income (Loss) | 0 | (4) | 0 | (4) | |
Other Income (Expense): | |||||
Interest Expense, Net | (106) | (98) | (204) | (202) | |
Intercompany Charges, Net | 5 | (28) | (41) | (43) | |
Equity in Subsidiary Income | 28 | 366 | (260) | 441 | |
Other, Net | (73) | 1 | (86) | (19) | |
Loss Before Income Taxes | (146) | 237 | (591) | 173 | |
(Provision) Benefit for Income Taxes | 0 | 0 | 0 | 0 | |
Net Loss | (146) | 237 | (591) | 173 | |
Noncontrolling Interests | 0 | 0 | 0 | 0 | |
Net Income (Loss) Attributable to Weatherford | (146) | 237 | (591) | 173 | |
Comprehensive Income (Loss) Attributable to Weatherford | (188) | 263 | (640) | 107 | |
Weatherford Delaware [Member] | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Costs and Expenses | 5 | 0 | 5 | 0 | |
Operating Income (Loss) | 5 | 0 | 5 | 0 | |
Other Income (Expense): | |||||
Interest Expense, Net | (12) | (15) | (26) | (28) | |
Intercompany Charges, Net | (45) | (68) | (46) | (68) | |
Equity in Subsidiary Income | 47 | 874 | (188) | 849 | |
Other, Net | (27) | 0 | (27) | 0 | |
Loss Before Income Taxes | (32) | 791 | (282) | 753 | |
(Provision) Benefit for Income Taxes | 19 | 29 | 24 | 34 | |
Net Loss | (13) | 820 | (258) | 787 | |
Noncontrolling Interests | 0 | 0 | 0 | 0 | |
Net Income (Loss) Attributable to Weatherford | (13) | 820 | (258) | 787 | |
Comprehensive Income (Loss) Attributable to Weatherford | (40) | 843 | (286) | 774 | |
Other Subsidiaries [Member] | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Revenues | 1,402 | 2,390 | 2,987 | 5,184 | |
Costs and Expenses | (1,786) | (2,750) | (3,752) | (5,487) | |
Operating Income (Loss) | (384) | (360) | (765) | (303) | |
Other Income (Expense): | |||||
Interest Expense, Net | (4) | (4) | (7) | (7) | |
Intercompany Charges, Net | 27 | 122 | (265) | 137 | |
Equity in Subsidiary Income | 0 | 0 | 0 | 0 | |
Other, Net | 5 | (35) | (12) | (52) | |
Loss Before Income Taxes | (356) | (277) | (1,049) | (225) | |
(Provision) Benefit for Income Taxes | 83 | 103 | 179 | 98 | |
Net Loss | (273) | (174) | (870) | (127) | |
Noncontrolling Interests | 3 | 6 | 10 | 17 | |
Net Income (Loss) Attributable to Weatherford | (276) | (180) | (880) | (144) | |
Comprehensive Income (Loss) Attributable to Weatherford | (285) | (66) | (746) | (352) | |
Eliminations [Member] | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Costs and Expenses | 0 | 0 | 0 | 0 | |
Operating Income (Loss) | 0 | 0 | 0 | 0 | |
Other Income (Expense): | |||||
Interest Expense, Net | 3 | 0 | 3 | 0 | |
Intercompany Charges, Net | 0 | 0 | (340) | 0 | |
Equity in Subsidiary Income | 422 | (877) | 1,376 | (816) | |
Other, Net | 10 | 0 | 10 | 0 | |
Loss Before Income Taxes | 435 | (877) | 1,729 | (816) | |
(Provision) Benefit for Income Taxes | 0 | 0 | 0 | 0 | |
Net Loss | 435 | (877) | 1,729 | (816) | |
Noncontrolling Interests | 0 | 0 | 0 | 0 | |
Net Income (Loss) Attributable to Weatherford | 435 | (877) | 1,729 | (816) | |
Comprehensive Income (Loss) Attributable to Weatherford | $ 513 | $ (1,040) | $ 1,672 | $ (529) |
Condensed Consolidating Finan68
Condensed Consolidating Financial Statements (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Current Assets | ||||
Cash and Cash Equivalents | $ 452 | $ 467 | $ 611 | $ 474 |
Other Current Assets | 4,597 | 5,097 | ||
Total Current Assets | 5,049 | 5,564 | ||
Equity Investments in Affiliates | 0 | 0 | ||
Intercompany Receivables, Net | 0 | 0 | ||
Other Assets | 9,063 | 9,196 | ||
Total Assets | 14,112 | 14,760 | ||
Current Liabilities | ||||
Short-term Borrowings and Current Portion of Long-Term Debt | 290 | 1,582 | ||
Accounts Payable and Other Current Liabilities | 2,238 | 2,449 | ||
Total Current Liabilities | 2,528 | 4,031 | ||
Long-term Debt | 6,943 | 5,852 | ||
Intercompany Payables, Net | 0 | 0 | ||
Other Long-term Liabilities | 454 | 512 | ||
Total Liabilities | 9,925 | 10,395 | ||
Weatherford Shareholders’ Equity | 4,123 | 4,304 | ||
Noncontrolling Interests | 64 | 61 | ||
Total Liabilities and Shareholders’ Equity | 14,112 | 14,760 | ||
Weatherford Ireland [Member] | ||||
Current Assets | ||||
Cash and Cash Equivalents | 0 | 0 | 0 | 1 |
Other Current Assets | 1 | 4 | ||
Total Current Assets | 1 | 4 | ||
Equity Investments in Affiliates | 4,719 | 5,693 | ||
Intercompany Receivables, Net | 0 | 0 | ||
Other Assets | 1 | 3 | ||
Total Assets | 4,721 | 5,700 | ||
Current Liabilities | ||||
Short-term Borrowings and Current Portion of Long-Term Debt | 0 | 0 | ||
Accounts Payable and Other Current Liabilities | 170 | 19 | ||
Total Current Liabilities | 170 | 19 | ||
Long-term Debt | 0 | 0 | ||
Intercompany Payables, Net | 428 | 1,362 | ||
Other Long-term Liabilities | 0 | 15 | ||
Total Liabilities | 598 | 1,396 | ||
Weatherford Shareholders’ Equity | 4,123 | 4,304 | ||
Noncontrolling Interests | 0 | 0 | ||
Total Liabilities and Shareholders’ Equity | 4,721 | 5,700 | ||
Weatherford Bermuda [Member] | ||||
Current Assets | ||||
Cash and Cash Equivalents | 21 | 2 | 1 | 0 |
Other Current Assets | 0 | 0 | ||
Total Current Assets | 21 | 2 | ||
Equity Investments in Affiliates | 10,799 | 8,709 | ||
Intercompany Receivables, Net | 161 | 0 | ||
Other Assets | 14 | 2 | ||
Total Assets | 10,995 | 8,713 | ||
Current Liabilities | ||||
Short-term Borrowings and Current Portion of Long-Term Debt | 100 | 1,503 | ||
Accounts Payable and Other Current Liabilities | 241 | 212 | ||
Total Current Liabilities | 341 | 1,715 | ||
Long-term Debt | 6,473 | 4,885 | ||
Intercompany Payables, Net | 0 | 6,147 | ||
Other Long-term Liabilities | 232 | 77 | ||
Total Liabilities | 7,046 | 12,824 | ||
Weatherford Shareholders’ Equity | 3,949 | (4,111) | ||
Noncontrolling Interests | 0 | 0 | ||
Total Liabilities and Shareholders’ Equity | 10,995 | 8,713 | ||
Weatherford Delaware [Member] | ||||
Current Assets | ||||
Cash and Cash Equivalents | 0 | 22 | 22 | 22 |
Other Current Assets | 652 | 651 | ||
Total Current Assets | 652 | 673 | ||
Equity Investments in Affiliates | 8,998 | 9,187 | ||
Intercompany Receivables, Net | 0 | 0 | ||
Other Assets | 39 | 16 | ||
Total Assets | 9,689 | 9,876 | ||
Current Liabilities | ||||
Short-term Borrowings and Current Portion of Long-Term Debt | 93 | 6 | ||
Accounts Payable and Other Current Liabilities | 0 | 0 | ||
Total Current Liabilities | 93 | 6 | ||
Long-term Debt | 259 | 862 | ||
Intercompany Payables, Net | 3,466 | 2,914 | ||
Other Long-term Liabilities | 7 | 10 | ||
Total Liabilities | 3,825 | 3,792 | ||
Weatherford Shareholders’ Equity | 5,864 | 6,084 | ||
Noncontrolling Interests | 0 | 0 | ||
Total Liabilities and Shareholders’ Equity | 9,689 | 9,876 | ||
Other Subsidiaries [Member] | ||||
Current Assets | ||||
Cash and Cash Equivalents | 431 | 443 | 588 | 451 |
Other Current Assets | 4,643 | 5,146 | ||
Total Current Assets | 5,074 | 5,589 | ||
Equity Investments in Affiliates | 1,085 | 3,483 | ||
Intercompany Receivables, Net | 5,601 | 10,423 | ||
Other Assets | 9,009 | 9,175 | ||
Total Assets | 20,769 | 28,670 | ||
Current Liabilities | ||||
Short-term Borrowings and Current Portion of Long-Term Debt | 97 | 73 | ||
Accounts Payable and Other Current Liabilities | 2,526 | 2,922 | ||
Total Current Liabilities | 2,623 | 2,995 | ||
Long-term Debt | 95 | 105 | ||
Intercompany Payables, Net | 1,868 | 0 | ||
Other Long-term Liabilities | 440 | 410 | ||
Total Liabilities | 5,026 | 3,510 | ||
Weatherford Shareholders’ Equity | 15,679 | 25,099 | ||
Noncontrolling Interests | 64 | 61 | ||
Total Liabilities and Shareholders’ Equity | 20,769 | 28,670 | ||
Eliminations [Member] | ||||
Current Assets | ||||
Cash and Cash Equivalents | 0 | 0 | $ 0 | $ 0 |
Other Current Assets | (699) | (704) | ||
Total Current Assets | (699) | (704) | ||
Equity Investments in Affiliates | (25,601) | (27,072) | ||
Intercompany Receivables, Net | (5,762) | (10,423) | ||
Other Assets | 0 | 0 | ||
Total Assets | (32,062) | (38,199) | ||
Current Liabilities | ||||
Short-term Borrowings and Current Portion of Long-Term Debt | 0 | 0 | ||
Accounts Payable and Other Current Liabilities | (699) | (704) | ||
Total Current Liabilities | (699) | (704) | ||
Long-term Debt | 116 | 0 | ||
Intercompany Payables, Net | (5,762) | (10,423) | ||
Other Long-term Liabilities | (225) | 0 | ||
Total Liabilities | (6,570) | (11,127) | ||
Weatherford Shareholders’ Equity | (25,492) | (27,072) | ||
Noncontrolling Interests | 0 | 0 | ||
Total Liabilities and Shareholders’ Equity | $ (32,062) | $ (38,199) |
Condensed Consolidating Finan69
Condensed Consolidating Financial Statements (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2013 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (562) | $ (483) | $ (1,053) | $ (590) | |
Cash Flows from Operating Activities: | |||||
Charges from Parent or Subsidiary | 0 | 0 | |||
Equity in (Earnings) Loss of Affiliates | 0 | 0 | |||
Deferred Income Tax Benefit | (215) | (191) | |||
Other Adjustments | 924 | 1,030 | |||
Net Cash Provided by (Used in) Operating Activities | (344) | 249 | |||
Cash Flows From Investing Activities: | |||||
Capital Expenditures for Property, Plant and Equipment | (74) | (411) | |||
Acquisition of Intellectual Property | (3) | (8) | (3) | ||
Insurance Proceeds Related to Rig Loss | 30 | 0 | |||
Proceeds from Sale of Assets and Businesses, Net | 16 | 23 | |||
Other Investing Activities | (20) | ||||
Net Cash Used in Investing Activities | (56) | (391) | |||
Cash Flows From Financing Activities: | |||||
Borrowings (Repayments) of Short-term Debt, Net | (1,381) | 478 | |||
Borrowings (Repayments) Long-term Debt, Net | 1,276 | (161) | |||
Borrowings (Repayments) Between Subsidiaries, Net | 0 | 0 | |||
Proceeds from Capital Contributions | 623 | ||||
Other, Net | (98) | (15) | |||
Net Cash Provided by Financing Activities | 420 | 302 | |||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (35) | (23) | |||
Net Increase in Cash and Cash Equivalents | (15) | 137 | |||
Cash and Cash Equivalents at Beginning of Period | 467 | 474 | |||
Cash and Cash Equivalents at End of Period | 452 | 611 | 452 | 611 | |
Weatherford Ireland [Member] | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (565) | (489) | (1,063) | (607) | |
Cash Flows from Operating Activities: | |||||
Charges from Parent or Subsidiary | (12) | 26 | |||
Equity in (Earnings) Loss of Affiliates | 928 | 474 | |||
Deferred Income Tax Benefit | 0 | 0 | |||
Other Adjustments | 883 | 84 | |||
Net Cash Provided by (Used in) Operating Activities | 736 | (23) | |||
Cash Flows From Investing Activities: | |||||
Capital Expenditures for Property, Plant and Equipment | 0 | 0 | |||
Acquisition of Intellectual Property | 0 | 0 | |||
Insurance Proceeds Related to Rig Loss | 0 | ||||
Proceeds from Sale of Assets and Businesses, Net | 0 | 0 | |||
Net Cash Used in Investing Activities | 0 | 0 | |||
Cash Flows From Financing Activities: | |||||
Borrowings (Repayments) of Short-term Debt, Net | 0 | 0 | |||
Borrowings (Repayments) Long-term Debt, Net | 0 | 0 | |||
Borrowings (Repayments) Between Subsidiaries, Net | (736) | 22 | |||
Proceeds from Capital Contributions | 0 | ||||
Other, Net | 0 | 0 | |||
Net Cash Provided by Financing Activities | (736) | 22 | |||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 | |||
Net Increase in Cash and Cash Equivalents | 0 | (1) | |||
Cash and Cash Equivalents at Beginning of Period | 0 | 1 | |||
Cash and Cash Equivalents at End of Period | 0 | 0 | 0 | 0 | |
Weatherford Bermuda [Member] | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (146) | 237 | (591) | 173 | |
Cash Flows from Operating Activities: | |||||
Charges from Parent or Subsidiary | 41 | 43 | |||
Equity in (Earnings) Loss of Affiliates | 260 | (441) | |||
Deferred Income Tax Benefit | 0 | 0 | |||
Other Adjustments | (1,078) | 74 | |||
Net Cash Provided by (Used in) Operating Activities | (1,368) | (151) | |||
Cash Flows From Investing Activities: | |||||
Capital Expenditures for Property, Plant and Equipment | 0 | 0 | |||
Acquisition of Intellectual Property | 0 | 0 | |||
Insurance Proceeds Related to Rig Loss | 0 | ||||
Proceeds from Sale of Assets and Businesses, Net | 0 | 0 | |||
Other Investing Activities | 0 | $ 0 | |||
Net Cash Used in Investing Activities | 0 | 0 | |||
Cash Flows From Financing Activities: | |||||
Borrowings (Repayments) of Short-term Debt, Net | (1,450) | 496 | |||
Borrowings (Repayments) Long-term Debt, Net | 3,114 | (147) | |||
Borrowings (Repayments) Between Subsidiaries, Net | (277) | (197) | |||
Proceeds from Capital Contributions | 0 | ||||
Other, Net | 0 | 0 | |||
Net Cash Provided by Financing Activities | 1,387 | 152 | |||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 | |||
Net Increase in Cash and Cash Equivalents | 19 | 1 | |||
Cash and Cash Equivalents at Beginning of Period | 2 | 0 | |||
Cash and Cash Equivalents at End of Period | 21 | 1 | 21 | 1 | |
Weatherford Delaware [Member] | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (13) | 820 | (258) | 787 | |
Cash Flows from Operating Activities: | |||||
Charges from Parent or Subsidiary | 46 | 68 | |||
Equity in (Earnings) Loss of Affiliates | 188 | (849) | |||
Deferred Income Tax Benefit | (24) | (34) | |||
Other Adjustments | (18) | 8 | |||
Net Cash Provided by (Used in) Operating Activities | (66) | (20) | |||
Cash Flows From Investing Activities: | |||||
Capital Expenditures for Property, Plant and Equipment | 0 | 0 | |||
Acquisition of Intellectual Property | 0 | 0 | |||
Insurance Proceeds Related to Rig Loss | 0 | ||||
Proceeds from Sale of Assets and Businesses, Net | 0 | 0 | |||
Other Investing Activities | 0 | 0 | |||
Net Cash Used in Investing Activities | 0 | 0 | |||
Cash Flows From Financing Activities: | |||||
Borrowings (Repayments) of Short-term Debt, Net | 0 | 0 | |||
Borrowings (Repayments) Long-term Debt, Net | (513) | (1) | |||
Borrowings (Repayments) Between Subsidiaries, Net | 557 | 21 | |||
Proceeds from Capital Contributions | 0 | ||||
Other, Net | 0 | 0 | |||
Net Cash Provided by Financing Activities | 44 | 20 | |||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 | |||
Net Increase in Cash and Cash Equivalents | (22) | 0 | |||
Cash and Cash Equivalents at Beginning of Period | 22 | 22 | |||
Cash and Cash Equivalents at End of Period | 0 | 22 | 0 | 22 | |
Other Subsidiaries [Member] | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (273) | (174) | (870) | (127) | |
Cash Flows from Operating Activities: | |||||
Charges from Parent or Subsidiary | 265 | (137) | |||
Equity in (Earnings) Loss of Affiliates | 0 | 0 | |||
Deferred Income Tax Benefit | (191) | (157) | |||
Other Adjustments | 1,150 | 864 | |||
Net Cash Provided by (Used in) Operating Activities | 354 | 443 | |||
Cash Flows From Investing Activities: | |||||
Capital Expenditures for Property, Plant and Equipment | (74) | (411) | |||
Acquisition of Intellectual Property | (3) | (8) | |||
Insurance Proceeds Related to Rig Loss | 30 | ||||
Proceeds from Sale of Assets and Businesses, Net | 16 | 23 | |||
Other Investing Activities | (20) | 0 | |||
Net Cash Used in Investing Activities | (56) | (391) | |||
Cash Flows From Financing Activities: | |||||
Borrowings (Repayments) of Short-term Debt, Net | 69 | (18) | |||
Borrowings (Repayments) Long-term Debt, Net | (1,325) | (13) | |||
Borrowings (Repayments) Between Subsidiaries, Net | 456 | 154 | |||
Proceeds from Capital Contributions | 623 | ||||
Other, Net | (98) | (15) | |||
Net Cash Provided by Financing Activities | (275) | 108 | |||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (35) | (23) | |||
Net Increase in Cash and Cash Equivalents | (12) | 137 | |||
Cash and Cash Equivalents at Beginning of Period | 443 | 451 | |||
Cash and Cash Equivalents at End of Period | 431 | 588 | 431 | 588 | |
Parent Company [Member] | |||||
Cash Flows From Investing Activities: | |||||
Other Investing Activities | 0 | 0 | |||
Eliminations [Member] | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 435 | (877) | 1,729 | (816) | |
Cash Flows from Operating Activities: | |||||
Charges from Parent or Subsidiary | (340) | 0 | |||
Equity in (Earnings) Loss of Affiliates | (1,376) | 816 | |||
Deferred Income Tax Benefit | 0 | ||||
Other Adjustments | (13) | 0 | |||
Net Cash Provided by (Used in) Operating Activities | 0 | 0 | |||
Cash Flows From Investing Activities: | |||||
Capital Expenditures for Property, Plant and Equipment | 0 | 0 | |||
Acquisition of Intellectual Property | 0 | 0 | |||
Insurance Proceeds Related to Rig Loss | 0 | ||||
Proceeds from Sale of Assets and Businesses, Net | 0 | 0 | |||
Other Investing Activities | 0 | $ 0 | |||
Net Cash Used in Investing Activities | 0 | 0 | |||
Cash Flows From Financing Activities: | |||||
Borrowings (Repayments) of Short-term Debt, Net | 0 | 0 | |||
Borrowings (Repayments) Long-term Debt, Net | 0 | 0 | |||
Borrowings (Repayments) Between Subsidiaries, Net | 0 | 0 | |||
Proceeds from Capital Contributions | 0 | ||||
Other, Net | 0 | 0 | |||
Net Cash Provided by Financing Activities | 0 | 0 | |||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 | |||
Net Increase in Cash and Cash Equivalents | 0 | 0 | |||
Cash and Cash Equivalents at Beginning of Period | 0 | 0 | |||
Cash and Cash Equivalents at End of Period | $ 0 | $ 0 | $ 0 | $ 0 |