Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 05, 2018 | Jun. 30, 2017 | |
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 3.4 | ||
Entity Common Stock, Shares Outstanding | 993,615,897 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||
Products | $ 2,116 | $ 2,059 | $ 3,573 |
Services | 3,583 | 3,690 | 5,860 |
Total Revenues | 5,699 | 5,749 | 9,433 |
Costs and Expenses: | |||
Cost of Products | 2,142 | 2,143 | 3,433 |
Cost of Services | 2,747 | 3,046 | 4,588 |
Research and Development | 158 | 159 | 231 |
Selling, General and Administrative Attributable to Segments | 910 | 970 | 1,353 |
Corporate General and Administrative | 130 | 139 | 227 |
Asset Write Down and Other | 1,664 | 1,043 | 768 |
Goodwill and Equity Investment Impairment | 0 | 0 | 25 |
Restructuring Charges | 183 | 280 | 232 |
Litigation Charges, Net | 10 | (220) | (116) |
(Gain) Loss from Disposition of U.S. Pressure Pumping Assets and Businesses | (96) | 0 | 6 |
Total Costs and Expenses | 7,828 | 8,000 | 10,979 |
Operating Loss | (2,129) | (2,251) | (1,546) |
Other Income (Expense): | |||
Interest Expense, Net | (579) | (499) | (468) |
Fair Value Adjustment of Warrants | 86 | 16 | 0 |
Bond Tender Premium, Net | 0 | (78) | 0 |
Currency Devaluation Charges | 0 | (41) | (85) |
Other Income (Expense), Net | (34) | (24) | 3 |
Loss Before Income Taxes | (2,656) | (2,877) | (2,096) |
Income Tax (Provision) Benefit | (137) | (496) | 145 |
Net Loss | (2,793) | (3,373) | (1,951) |
Net Income Attributable to Noncontrolling Interests | 20 | 19 | 34 |
Net Loss Attributable to Weatherford | $ (2,813) | $ (3,392) | $ (1,985) |
Loss Per Share Attributable to Weatherford: | |||
Earnings Per Share, Basic and Diluted | $ (2.84) | $ (3.82) | $ (2.55) |
Weighted Average Shares Outstanding: | |||
Basic & Diluted (in shares) | 990 | 887 | 779 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Loss | $ (2,793) | $ (3,373) | $ (1,951) |
Other Comprehensive Income (Loss), Net of Tax: | |||
Foreign Currency Translation | 130 | (12) | (789) |
Defined Benefit Pension Activity | (39) | 42 | 28 |
Other | 0 | 1 | 1 |
Other Comprehensive Income (Loss), Net of Tax | 91 | 31 | (760) |
Comprehensive Loss | (2,702) | (3,342) | (2,711) |
Comprehensive Income Attributable to Noncontrolling Interests | (20) | (19) | (34) |
Comprehensive Loss Attributable to Weatherford | $ (2,722) | $ (3,361) | $ (2,745) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash and Cash Equivalents | $ 613 | $ 1,037 |
Accounts Receivable, Net of Allowance for Uncollectible Accounts of $156 in 2017 and $129 in 2016 | 1,103 | 1,383 |
Inventories, Net | 1,234 | 1,802 |
Prepaid Expenses | 237 | 263 |
Other Current Assets | 332 | 402 |
Disposal Group, Including Discontinued Operation, Assets, Current | 359 | 23 |
Total Current Assets | 3,878 | 4,910 |
Land, Buildings and Leasehold Improvements | 1,551 | 1,622 |
Rental and Service Equipment | 6,481 | 7,975 |
Machinery and Other | 2,138 | 2,245 |
Property, Plant and Equipment, Gross | 10,170 | 11,842 |
Less: Accumulated Depreciation | 7,462 | 7,362 |
Property, Plant and Equipment, Net | 2,708 | 4,480 |
Goodwill | 2,727 | 2,797 |
Intangible Assets, Net | 213 | 248 |
Equity Investments | 62 | 66 |
Other Non-current Assets | 159 | 163 |
Total Assets | 9,747 | 12,664 |
Current Liabilities: | ||
Short-term Borrowings and Current Portion of Long-term Debt | 148 | 179 |
Accounts Payable | 856 | 845 |
Accrued Salaries and Benefits | 308 | 291 |
Income Taxes Payable | 228 | 255 |
Other Current Liabilities | 690 | 858 |
Total Current Liabilities | 2,230 | 2,428 |
Long-term Debt and Capital Lease Obligations | 7,541 | 7,403 |
Other Non-current Liabilities | 547 | 765 |
Total Liabilities | 10,318 | 10,596 |
Shareholders’ (Deficiency) Equity: | ||
Shares - Par Value $0.001; Authorized 1,356 shares, Issued and Outstanding 993 shares and 983 shares at December 31, 2017 and 2016, respectively | 1 | 1 |
Capital in Excess of Par Value | 6,655 | 6,571 |
Retained Deficit | (5,763) | (2,950) |
Accumulated Other Comprehensive Loss | (1,519) | (1,610) |
Weatherford Shareholders’ (Deficiency) Equity | (626) | 2,012 |
Noncontrolling Interests | 55 | 56 |
Total Shareholders’ (Deficiency) Equity | (571) | 2,068 |
Total Liabilities and Shareholders’ (Deficiency) Equity | $ 9,747 | $ 12,664 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Allowance for Uncollectible Accounts | $ 156 | $ 129 |
Shareholders' Equity: | ||
Common Shares, Par Value (in USD per share) | $ 0.001 | $ 0.001 |
Common Shares, Authorized (in shares) | 1,356 | 1,356 |
Common Shares, Issued (in shares) | 993 | 983 |
Common Shares, Outstanding (in shares) | 993 | 983 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions | Total | Shares Issued [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
Balance, beginning balance at Dec. 31, 2014 | $ 7,033 | $ 1 | $ 5,411 | $ 2,427 | $ (881) | $ 75 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Loss | (1,951) | 0 | 0 | (1,985) | 0 | 34 |
Other Comprehensive Loss | (760) | 0 | 0 | 0 | (760) | 0 |
Dividends Paid to Noncontrolling Interests | (48) | 0 | 0 | 0 | 0 | (48) |
Equity Awards Granted, Vested and Exercised | (91) | 0 | (91) | 0 | 0 | 0 |
Balance, ending balance at Dec. 31, 2015 | 4,365 | 1 | 5,502 | 442 | (1,641) | 61 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Loss | (3,373) | 0 | 0 | (3,392) | 0 | 19 |
Other Comprehensive Loss | 31 | 0 | 0 | 0 | 31 | 0 |
Dividends Paid to Noncontrolling Interests | (24) | 0 | 0 | 0 | 0 | (24) |
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature | 97 | 0 | 97 | 0 | 0 | 0 |
Equity Awards Granted, Vested and Exercised | (78) | 0 | (78) | 0 | 0 | 0 |
Balance, ending balance at Dec. 31, 2016 | 2,068 | 1 | 6,571 | (2,950) | (1,610) | 56 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common Stocks, Including Additional Paid in Capital | 894 | 0 | 894 | 0 | 0 | 0 |
Warrants and Rights Outstanding | 156 | |||||
Net Loss | (2,793) | 0 | 0 | (2,813) | 0 | 20 |
Other Comprehensive Loss | 91 | 91 | ||||
Dividends Paid to Noncontrolling Interests | (21) | (21) | ||||
Equity Awards Granted, Vested and Exercised | (84) | (84) | ||||
Balance, ending balance at Dec. 31, 2017 | (571) | $ 1 | $ 6,655 | $ (5,763) | $ (1,519) | $ 55 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Warrants and Rights Outstanding | $ 70 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based compensation | $ 70 | $ 87 | $ 73 |
Cash Flows from Operating Activities: | |||
Net Loss | (2,793) | (3,373) | (1,951) |
Adjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities: | |||
Depreciation and Amortization | 801 | 956 | 1,200 |
Long-Lived Asset Impairments and Other Charges | 928 | 436 | 638 |
Allowance for Doubtful Accounts Receivable, Write-offs | 230 | 0 | 0 |
Inventory Write-down | 540 | 269 | 244 |
Goodwill and Equity Investment Impairment | 0 | 0 | 25 |
Restructuring and Other Asset Charges | 38 | 194 | 194 |
Increase (Decrease) in Obligation, Pension Benefits | (47) | 0 | 0 |
Currency Devaluation Charges | 0 | 41 | 85 |
Litigation Settlement, Expense | (10) | 214 | 122 |
Bond Tender Premium, Net | 0 | 78 | 0 |
Bad Debt Expense | 8 | 69 | 48 |
(Gain) Loss on Sale of Assets and Businesses, Net | (91) | (10) | 30 |
Deferred Income Tax Provision (Benefit) | (25) | 381 | (448) |
Fair Value Adjustment of Warrants | (86) | (16) | 0 |
Other, Net | 142 | 127 | (32) |
Change in Operating Assets and Liabilities, Net of Effect of Businesses Acquired: | |||
Accounts Receivable | (29) | 214 | 1,031 |
Inventories | (37) | 260 | 349 |
Other Current Assets | 107 | 67 | 128 |
Accounts Payable | (2) | (21) | (813) |
Billings in Excess of Costs and Estimated Earnings | 11 | 45 | (1) |
Increase (Decrease) in Accrued Litigation and Settlements | (123) | (94) | (128) |
Other Current Liabilities | 20 | (201) | (10) |
Other, Net | (40) | (27) | (69) |
Net Cash Provided by (Used in) Operating Activities | (388) | (304) | 715 |
Cash Flows From Investing Activities: | |||
Capital Expenditures for Property, Plant and Equipment | (225) | (204) | (682) |
Increase (Decrease) in Assets Held-for-sale | (244) | 0 | 0 |
Acquisitions of Businesses, Net of Cash Acquired | (7) | (5) | (14) |
Acquisition of Intellectual Property | (15) | (10) | (8) |
Proceeds from Insurance Settlement, Investing Activities | 0 | 39 | 0 |
Proceeds (payments) from sale of businesses and equity investment, net | (1) | (6) | 8 |
Proceeds from Sale of Property, Plant, and Equipment | 51 | 49 | 37 |
Proceeds from Sale of Other Assets, Investing Activities | 430 | 0 | 0 |
Payments for (Proceeds from) Other Investing Activities | (51) | 0 | 0 |
Net Cash Used in Investing Activities | (62) | (137) | (659) |
Cash Flows From Financing Activities: | |||
Borrowings of Long-term Debt | 250 | 3,681 | 4 |
Repayments of Long-term Debt | (69) | (1,963) | (474) |
Borrowings (Repayments) of Short-term Debt, Net | (128) | (1,512) | 505 |
Proceeds from Issuance of Common Stock | 0 | 1,071 | 0 |
Payments for Bond Tender Premium | 0 | (78) | 0 |
Payments to Acquire Equipment on Lease | 0 | (87) | 0 |
Other Financing Activities, Net | (33) | (51) | (32) |
Net Cash Provided by Financing Activities | 20 | 1,061 | 3 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 6 | (50) | (66) |
Net Increase (Decrease) in Cash and Cash Equivalents | (424) | 570 | (7) |
Cash and Cash Equivalents at Beginning of Year | 1,037 | 467 | 474 |
Cash and Cash Equivalents at End of Year | $ 613 | $ 1,037 | $ 467 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Organization and Nature of Operations Weatherford International plc (“Weatherford Ireland”), an Irish public limited company and Swiss tax resident, together with its subsidiaries (“Weatherford,” the “Company,” “we,” “us” and “our”), is a multinational oilfield service company. Weatherford is one of the world’s leading providers of equipment and services used in the drilling, evaluation, completion, production and intervention of oil and natural gas wells. We operate in approximately 90 countries, which are located in nearly all of the oil and natural gas producing regions in the world. Many of our businesses, including those of our predecessor companies, have been operating for more than 50 years. On June 17, 2014, we completed the change in our place of incorporation from Switzerland to Ireland, whereby Weatherford Ireland became the new public holding company and the parent of the Weatherford group of companies (the “Merger”). The Merger was effected through an agreement between Weatherford International Ltd. (“Weatherford Switzerland”) and Weatherford Ireland pursuant to which each registered share of Weatherford Switzerland was exchanged for the allotment of one ordinary share of Weatherford Ireland. The authorized share capital of Weatherford Ireland includes 1.356 billion ordinary shares with a par value of $0.001 per share. Our ordinary shares are listed on the New York Stock Exchange (the “NYSE”) under the symbol “WFT,” the same symbol under which Weatherford Switzerland registered shares were previously listed. In February 2009, we completed a share exchange transaction in which Weatherford International Ltd., a Bermuda exempted company (“Weatherford Bermuda”), and our then parent company, became a wholly owned subsidiary of Weatherford Switzerland, for purposes of changing the Company’s place of incorporation from Bermuda to Switzerland. Prior to 2002, our parent company was Weatherford International, Inc., a Delaware corporation (“Weatherford Delaware”), until we moved our incorporation to Bermuda in 2002. Weatherford Bermuda and Weatherford Delaware continue to be wholly owned subsidiaries of Weatherford Ireland. In 2013, Weatherford Delaware converted its corporate form and now exists as Weatherford International, LLC, a Delaware limited liability company. 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. All material intercompany accounts and transactions have been eliminated in consolidation. Prior periods segment results, restructuring charges and certain other items have been reclassified for the change in our reportable segment presentation. 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’ (deficiency) equity were not affected by these reclassifications. See subsection entitled “New Accounting Pronouncements” for additional details. Investments in affiliates in which we exercise significant influence over operating and financial policies are accounted for using the equity method. We recognize equity in earnings of unconsolidated affiliates in Selling, General and Administration attributable to segments in our Consolidated Statements of Operations (see “ Note 11 – Equity Investments ”). Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the reported amounts of revenues and expenses during the reporting period, and disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates and assumptions, including those related to uncollectible accounts receivable, lower of cost or market of inventories, equity investments, derivative financial instruments, intangible assets and goodwill, property, plant and equipment (“PP&E”), 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. Disputes, Litigation and Contingencies We accrue an estimate of the probable and estimable cost to resolve certain legal and investigation matters. For matters not deemed probable and reasonably estimable, we have not accrued any amounts in accordance with U.S. GAAP. Our contingent loss estimates are based upon an analysis of potential results, assuming a combination of probable litigation and settlement strategies. The accuracy of these estimates is impacted by the complexity of the associated issues. Cash and Cash Equivalents We consider all highly liquid investments with original maturities of three months or less to be cash equivalents. Allowance for Doubtful Accounts We establish an allowance for doubtful accounts based on various factors including historical experience, the current aging status of our customer accounts, the financial condition of our customers and the business and political environment in which our customers operate. Provisions for doubtful accounts are recorded when it becomes probable that customer accounts are uncollectible. Major Customers and Credit Risk Substantially all of our customers are engaged in the energy industry. This concentration of customers may impact our overall exposure to credit risk, either positively or negatively, in that customers may be similarly affected by changes in economic and industry conditions. We perform on-going credit evaluations of our customers and do not generally require collateral in support of our trade receivables. We maintain allowances for potential credit losses, and actual losses have historically been within our expectations. International sales also present various risks, including risks of war, civil disturbances and governmental activities that may limit or disrupt markets, restrict the movement of funds, or result in the deprivation of contract rights or the taking of property without fair consideration. Most of our international sales are to large international or national oil companies and these sales have resulted in a concentration of receivables from certain national oil companies. As of December 31, 2017 , the Eastern Hemisphere accounted for 57% of our net outstanding accounts receivables and the Western Hemisphere accounted for 43% of our net outstanding accounts receivables. As of December 31, 2017 , our net outstanding accounts receivable in the U.S. accounted for 19% of our balance and Kuwait accounted for 10% of our balance. No other country accounted for more than 10% of our net outstanding accounts receivables balance. During 2017 , 2016 and 2015 , no individual customer accounted for more than 10% of our consolidated revenues. Inventories We value our inventories at lower of cost or market using either the first-in, first-out (“FIFO”) or average cost method. Cost represents third-party invoice or production cost. Production cost includes material, labor and manufacturing overhead. Work in process and finished goods inventories include the cost of materials, labor and manufacturing overhead. To maintain a book value that is the lower of cost or market, we maintain reserves for excess, slow moving and obsolete inventory. We regularly review inventory quantities on hand and record provisions for excess, slow moving and obsolete inventory. Property, Plant and Equipment We carry our property, plant and equipment, both owned and under capital lease, at cost less accumulated depreciation. The carrying values are based on our estimates and judgments relative to capitalized costs, useful lives and salvage value, where applicable. We expense maintenance and repairs as incurred. We capitalize expenditures for improvements as well as renewals and replacements that extend the useful life of the asset. We depreciate our fixed assets on a straight-line basis over their estimated useful lives, allowing for salvage value where applicable. Our depreciation expense was $749 million , $896 million and $1.1 billion for the years ended December 31, 2017 , 2016 and 2015 , respectively. We classify our rig assets as “ Rental and Service Equipment ” on the Consolidated Balance Sheets . The estimated useful lives of our major classes of PP&E are as follows: Major Classes of Property, Plant and Equipment Estimated Useful Lives Buildings and leasehold improvements 10 – 40 years or lease term Rental and service equipment 2 – 20 years Machinery and other 2 – 12 years Goodwill Goodwill represents the excess of consideration paid over the fair value of net tangible and identifiable intangible assets acquired in a business combination. Goodwill is not amortized but is evaluated for impairment. We perform an impairment test for goodwill annually as of October 1 or more frequently if indicators of potential impairment exist that would more-likely-than-not reduce the fair value of the reporting unit below its carrying value. We have the option to assess qualitative factors to determine if it is necessary to perform the quantitative step of the impairment test. If it is not more-likely-than-not that the fair value of a reporting unit is less than its carrying value, further testing is not required. If it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value, we must perform the quantitative goodwill impairment test. We also have the option to bypass the qualitative assessment at any time and perform the quantitative step. The quantitative step of the goodwill impairment test involves a comparison of the fair value of each of our reporting units with their carrying values. If the carrying value of a reporting unit’s goodwill were to exceed its fair value, goodwill impairment is recognized as the difference to the extent of the goodwill balance. Intangible Assets Our intangible assets, excluding goodwill, are acquired technology, licenses, patents, customer relationships and other identifiable intangible assets. Intangible assets are amortized on a straight-line basis over their estimated economic lives generally ranging from two to 20 years, except for intangible assets with indefinite lives, which are not amortized. As many areas of our business rely on patents and proprietary technology, we seek patent protection both inside and outside the U.S. for products and methods that appear to have commercial significance. We capitalize patent defense costs when we determine that a successful defense is probable. Long-Lived Assets We initially record our long-lived assets at cost, and review on a regular basis to determine whether any events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. Factors that might indicate a potential impairment may include, but are not limited to, significant decreases in the market value of the long-lived asset, a significant change in the long-lived asset’s physical condition, the introduction of competing technologies, legal challenges, a reduction in the utilization rate of the assets, a change in industry conditions or a reduction in cash flows associated with the use of the long-lived asset. If these or other factors indicate the carrying amount of the asset may not be recoverable, we determine whether an impairment has occurred through analysis of undiscounted cash flow of the asset at the lowest level that has an identifiable cash flow. If an impairment has occurred, we recognize a loss for the difference between the carrying amount and the fair value of the asset. We estimate the fair value of the asset using market prices when available or, in the absence of market prices, based on an estimate of discounted cash flows or replacement cost. Cash flows are generally discounted using an interest rate commensurate with a weighted average cost of capital for a similar asset. Research and Development Expenditures Research and development expenditures are expensed as incurred. Environmental Expenditures Environmental expenditures that relate to the remediation of an existing condition caused by past operations and that do not contribute to future revenues are expensed. Liabilities for these expenditures are recorded when it is probable that obligations have been incurred and costs can be reasonably estimated. Estimates are based on available facts and technology, enacted laws and regulations and our prior experience in remediation of contaminated sites. Derivative Financial Instruments We record derivative instruments on the balance sheet at their fair value as either assets or liabilities. Changes in the fair value of derivatives are recorded each period in current earnings or other comprehensive income (loss), depending on whether the derivative is designated as part of a hedge relationship, and if so, the type of hedge. Foreign Currency Results of operations for our foreign subsidiaries with functional currencies other than the U.S. dollar are translated using average exchange rates during the period. Assets and liabilities of these foreign subsidiaries are translated using the exchange rates in effect at the balance sheet dates, and the resulting translation adjustments are included in Accumulated Other Comprehensive Loss, a component of shareholders’ (deficiency) equity. For our subsidiaries that have a functional currency that differs from the currency of their balances and transactions, inventories, PP&E and other non-monetary assets and liabilities, together with their related elements of expense or income, are remeasured into the functional currency using historical exchange rates. All monetary assets and liabilities are remeasured into the functional currency at current exchange rates. All revenues and expenses are translated into the functional currency at average exchange rates. Remeasurement gains and losses for these subsidiaries are recognized in our results of operations during the period incurred. We record net foreign currency gains and losses on foreign currency derivatives (see “ Note 15 – Derivative Instruments ”) in “ Other Income (Expense), Net ” on the accompanying Consolidated Statements of Operations . Devaluation charges on foreign currencies are reported in “ Currency Devaluation Charges ” on the accompanying Consolidated Statements of Operations .. At December 31, 2017 our net monetary asset position denominated in Angolan kwanza was approximately $99 million . Share-Based Compensation We account for all share-based payment awards, including shares issued under employee stock purchase plans, stock options, restricted shares, restricted share units and performance units by measuring these awards at the date of grant and recognizing the grant date fair value as an expense, net of expected forfeitures, over the service period, which is usually the vesting period. Income Taxes Income taxes have been provided based upon the tax laws and rates in the countries in which our operations are conducted and income is earned. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. The impact of an uncertain tax position taken or expected to be taken on an income tax return is recognized in the financial statements at the largest amount that is more likely than not to be sustained upon examination by the relevant taxing authority. Revenue Recognition Revenue is recognized when all of the following criteria have been met: (1) evidence of an arrangement exists; (2) delivery to and acceptance by the customer has occurred; (3) the price to the customer is fixed or determinable; and (4) collectability is reasonably assured. Our services and products are generally sold based upon purchase orders, contracts or other persuasive evidence of an arrangement with our customers that include fixed or determinable prices but do not generally include right of return provisions or other significant post-delivery obligations. Our products are produced in a standard manufacturing operation, even if produced to our customer’s specifications. Revenue is recognized for products upon delivery and when the customers assume the risks and rewards of ownership. Revenue is recognized for services when they are rendered. Both contract drilling and pipeline service revenue is contractual by nature and generally governed by day-rate based contracts. We recognize revenue for day-rate contracts as the services are rendered. Up-front payments for preparation and mobilization of equipment and personnel in connection with new drilling contracts are deferred along with any related incremental costs incurred directly related to preparation and mobilization. The deferred revenue and costs are recognized over the primary contract term using the straight-line method. Costs of relocating equipment without contracts are expensed as incurred. Demobilization fees received are recognized, along with any related expenses, upon completion of contracts. We incur rebillable expenses including shipping and handling, third-party inspection and repairs, and customs costs and duties. We recognize the revenue associated with these rebillable expenses when reimbursed by customers as Product Revenues and all related costs as Cost of Products in the accompanying Consolidated Statements of Operations . Revenue Recognition – Venezuela In the second quarter of 2017, we changed the accounting for revenue with our primary customer in Venezuela to record a discount reflecting the time value of money and accrete the discount as interest income over the expected collection period using the effective interest method. In connection with this development, we corrected this immaterial error for the three and six month periods ended June 30, 2017. The impact of the correction decreased revenue and increased interest income by approximately $31 million and $4 million , respectively, for the three month period ended June 30, 2017 and reduced accounts receivable by approximately $27 million as of June 30, 2017. To reflect the impact of payment delays and expectation that the time to collect may exceed one year, we reclassified $158 million of accounts receivable for this customer to Other Non-Current Assets on the accompanying Consolidated Balance Sheets . In the fourth quarter of 2017, we changed the accounting for revenue with substantially all of our customers in Venezuela to cash basis due to the downgrade of the country’s bonds by certain credit agencies, continued significant political and economic turmoil and continued economic sanctions around certain financing transactions imposed by the U.S. government. In connection with this development, we recorded a charge equal to a full allowance on our accounts receivable for revenue earned prior to September 30, 2017 in Other Non-Current Assets and Accounts Receivable, Net of Allowance for Uncollectible Account for these customers in Venezuela. The impact of the charge was approximately $230 million for the three month period ended December 31, 2017 and reduced Other Non-Current Assets and Accounts Receivable, Net of Allowance for Uncollectible Accounts on the accompanying Condensed Consolidated Balance Sheets by approximately $158 million and $72 million , respectively, as of December 31, 2017. We will continue to monitor our Venezuelan operations and will actively pursue collection of our outstanding invoices. Percentage-of-Completion Revenue from certain long-term construction type contracts is reported based on the percentage-of-completion method of accounting. This method of accounting requires us to calculate contract profit to be recognized in each reporting period for each contract based upon our projections of future outcomes, which include: • estimates of the available revenue under the contracts; • estimates of the total cost to complete the project; • estimates of project schedule and completion date; • estimates of the extent of progress toward completion; and • change order amounts or claims included in revenue. Measurements of progress are based on costs incurred to date as a percentage of total estimated costs or output related to physical progress. At the outset of each contract, we prepare a detailed analysis of our estimated cost to complete the project. Risks related to service delivery, usage, productivity and other factors are considered in the estimation process. We periodically evaluate the estimated costs, claims, change orders and percentage-of-completion at the contract level. The recording of profits and losses on long-term contracts requires an estimate of the total profit or loss over the life of each contract. This estimate requires consideration of total contract value, change orders and claims, less costs incurred and estimated costs to complete. Anticipated losses on contracts are recorded in full in the period in which they become evident. Profits are recorded based upon the total estimated contract profit multiplied by the current estimated percentage complete for the contract. There are many factors that impact future costs, including but not limited to weather, inflation, customer activity levels and budgeting constraints, labor and community disruptions, timely availability of materials, productivity and other factors. Earnings per Share Basic earnings per share for all periods presented equals net income divided by the weighted average number of our shares outstanding during the period including participating securities. Diluted earnings per share is computed by dividing net income 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. Unvested share-based payment awards and other instruments issued by the Company that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and are included in the computation of earnings per share following the two-class method. Accordingly, we include our restricted share awards (“RSA”) and the outstanding warrant, which contain the right to receive dividends, in the computation of both basic and diluted earnings per share when diluted. New Accounting Pronouncements Accounting Changes In May 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting , which clarifies that modification accounting is required only if the fair value, the vesting conditions, or the classification of a share-based payment award changes as a result of changes in terms or conditions of the award. We have elected to early adopt ASU 2017-09 in the second quarter of 2017 and the adoption of this ASU had no impact on our Consolidated Financial Statements. In January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which eliminates Step 2 of the goodwill impairment test requiring an entity to compute the implied fair value of goodwill. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. We have elected to adopt ASU 2017-04 as of January 1, 2017 and the adoption of this ASU has no impact 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 . ASU 2016-09 requires all income tax effects related to share-based payments at settlement (or expiration) be recorded through the income statement, including unrealized excess tax benefits. ASU 2016-09 also requires that all tax related cash flows resulting from share-based payments be presented as operating activities in the statement of cash flows. In addition, the guidance allows entities to increase the net-share settlement of an employee’s shares for tax withholding purposes without triggering liability accounting and to make a policy election to estimate forfeitures or recognize them as they occur. Finally, the new guidance requires all cash payments made to a taxing authority on an employee’s behalf for shares withheld be presented as financing activities in the statement of cash flows. We adopted ASU 2016-09 in the first quarter of 2017. We prospectively adopted the changes requiring all tax effects related to share-based payments to be recorded through the income statement and all tax related cash flows from share based payments to be presented as operating activities in the statement of cash flows. There is no cumulative effect as there is no impact from unrecognized excess tax benefits or minimum withholding requirements and prior periods have not been adjusted. We have also made an entity-wide accounting policy election to continue to estimate forfeitures and adjust the estimate when it is likely to change. We have retrospectively adopted the guidance to classify as a financing activity on the statement of cash flows all cash payments made to a taxing authority on an employee’s behalf for shares withheld for tax-withholding purposes. We have reclassified $10 million and $9 million from other operating activities to other financing activities in the Statements of Cash Flows for the years ended December 31, 2016 and 2015, respectively. 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 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. We adopted ASU 2015-11 in the first quarter of 2017 prospectively with no impact on our Consolidated Financial Statements. Accounting Standards Issued Not Yet Adopted In July 2017, the FASB issued ASU 2017-11, which amends the accounting for certain equity-linked financial instruments and states a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. For an equity-linked financial instrument no longer accounted for as a liability at fair value, the amendments require a down round to be treated as a dividend and as a reduction of income available to common shareholders in basic earnings per share. The ASU is effective beginning with the first quarter of 2019, and early adoption is permitted. The ASU is required to be applied retrospectively to outstanding instruments. Weatherford has evaluated the impact that this new standard will have on our Consolidated Financial Statements and concluded adoption of the ASU will not impact the liability classification of our warrant instrument. In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which amends the presentation of net periodic pension and postretirement benefit cost (“net benefit cost”). The service cost component of net benefit cost will be bifurcated and presented with other employee compensation costs, while other components of net benefit costs will be presented separately outside of income from operations. The standard is required to be applied on a retrospective basis and will be effective beginning with the first quarter of 2018. The adoption of this amended guidance is not expected to have a material impact on our consolidated financial statements, other than the $41 million income adjustment of non-service cost components from operating expenses to other income (expense) for 2017. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory , which eliminates a current exception in U.S. GAAP to the recognition of the income tax effects of temporary differences that result from intra-entity transfers of non-inventory assets. The intra-entity exception is being eliminated under the ASU. The standard is required to be applied on a modified retrospective basis and will be effective beginning with the first quarter of 2018. We estimate that the impact that this new standard will have on our Consolidated Financial Statements will be a reversal of $105 million of prepaid taxes through retained earnings. Prospectively, any taxes paid that result from the intra-entity transfers of non-inventory assets will be recognized in current tax expense. In February 2016, the FASB issued ASU 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 U.S. GAAP. The ASU also changes the definition of a lease and requires expanded quantitative and qualitative disclosures for both lessees and lessors. Under ASU 2016-02, we will revise our leasing policies to require most of the leases, where we are the lessee, to be recognized on the balance sheet as a lease asset and lease liability whereas currently we do not recognize operating leases on our balance sheet. Further, we will separate leases from other contracts where we are either the lessor or lessee when the rights conveyed under the contract indicate there is a lease, where we may not be required to do so under existing policies. While we cannot calculate the impact ASU 2016-02 will have on Weatherford’s financial statements, we anticipate that Weatherford’s assets and liabilities will increase by a significant amount. This standard will be effective for us beginning with the first quarter of 2019. We do not anticipate adopting ASU 2016-02 early, which is permitted under the standard. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which will replace most existing revenue recognition guidance in U.S. GAAP. ASU 2014-09 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 requires a five-step approach to recognizing revenue: 1) identify the contract, 2) identify performance obligations, 3) determine the transaction price, 4) allocate the transaction price, and 5) recognize revenue. Subsequent to ASU 2014-09’s issuance, Topic 606 has been affected by other FASB updates that address certain aspects of Topic 606 or revised the effective date of the accounting changes. Under ASU 2014-09, we will revise our revenue recognition policy to require revenue recognition when control passes. This is a change from current policies, which generally require revenue recognition when delivery has occurred and risk and rewards of ownership have passed. We adopted ASU 2014-09 as of January 1, 2018. ASU 2014-09 permits two transition methods: the retrospective method or the modified retrospective method. Weatherford applied the modified retrospective method which requires the recognition of a cumulative effect as an adjustment to opening retained earnings on the initial date of adoption. We have commenced our implementation of ASU 2014-09 and completed an assessment of the differences between ASU 2014-09 and current accounting practices (gap analysis). Our approach involved comparing existing accounting requirements to the requirements under Topic 606 for each of our product lines and reviewing a sample of |
Business Combinations and Dives
Business Combinations and Divestitures | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Business Combinations and Dispositions | Business Combinations and Divestitures Acquisitions From time to time, we acquire businesses we believe are important to our long-term strategy. Results of operations for acquisitions are included in the accompanying Consolidated Statements of Operations from the date of acquisition. The purchase price for the acquisitions is allocated to the net assets acquired based upon their estimated fair values at the date of acquisition. We did not complete any material acquisitions during the year ended December 31, 2017 or 2016 . Divestitures On December 29, 2017, we completed the sale of our U.S. pressure pumping and pump-down perforating assets for $430 million in cash. As part of this transaction, we disposed of our ownership of our U.S. pressure pumping and pump-down perforating related facilities and supplier and customer contracts. Proceeds from the sale were applied to reduce outstanding indebtedness. The carrying amounts of the major classes of assets of U.S. pressure pumping and pump-down perforating divested are as follows: December 31, (Dollars in millions) 2017 Assets: Inventory, Net $ 7 Property, Plant and Equipment, Net 222 Goodwill 162 Total Assets $ 391 Liabilities: Long-term Debt $ 9 Other Liabilities 52 Total Liabilities $ 61 Held for Sale During the fourth quarter of 2017, we committed to a plan to divest our land drilling rigs assets. As such, we reclassified the carrying amounts of the assets we plan to divest as held for sale as of December 31, 2017, which include $276 million of PP&E and other assets and $64 million of inventory. As of December 31, 2017, we also had $19 million of other PP&E held for sale. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges Due to the ongoing levels of exploration and production spending, we continue to reduce our overall cost structure and workforce to better align with current activity levels of exploration and production. The cost reduction plan which began in 2016 and continued throughout 2017 (the “2016-17 Plan”), included a workforce reduction and other cost reduction measures initiated across our geographic regions. Prior plans, including the 2016 cost reduction plan (the “2016 Plan”) and 2015 cost reduction plan (the “2015 Plan”) also included a workforce reduction and other cost reduction measures initiated across our geographic regions. Other restructuring charges in each plan include contract termination costs, relocation and other associated costs. In connection with the 2016-17 Plan, we recognized restructuring charges of $183 million in 2017, which include severance benefits of $109 million , other restructuring charges of $62 million and restructuring related asset charges of $12 million . In connection with the 2016 Plan, we recognized restructuring charges of $280 million in 2016, which include severance benefits of $196 million , other restructuring charges of $44 million and restructuring related asset charges of $40 million . The 2015 Plan commenced in the fourth quarter of 2014 and included a worldwide workforce reduction and other cost reduction measures. In connection with the 2015 Plan, we recognized restructuring charges of $232 million in 2015, which include severance benefits of $149 million , other restructuring charges of $19 million and restructuring related asset charges of $64 million . The following tables present the components of the restructuring charges by segment and plan for the years ended December 31, 2017 , 2016 and 2015 . Year Ended December 31, 2017 Other Total (Dollars in millions) Severance Restructuring Severance and 2016-17 Plan Charges Charges Other Charges Western Hemisphere $ 42 $ 28 $ 70 Eastern Hemisphere 35 42 77 Corporate 32 4 36 Total $ 109 $ 74 $ 183 Year Ended December 31, 2016 Other Total (Dollars in millions) Severance Restructuring Severance and 2016 Plan Charges Charges Other Charges Western Hemisphere $ 82 $ 71 $ 153 Eastern Hemisphere 62 13 75 Corporate 52 — 52 Total $ 196 $ 84 $ 280 Year Ended December 31, 2015 Other Total (Dollars in millions) Severance Restructuring Severance and 2015 Plan: Charges Charges Other Charges Western Hemisphere $ 68 $ 26 $ 94 Eastern Hemisphere 66 57 123 Corporate 15 — 15 Total $ 149 $ 83 $ 232 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 2016-17 Plan, the 2016 Plan and the 2015 Plan that will be paid pursuant to the respective arrangements and statutory requirements. At December 31, 2017 2016-17 and 2016 Plans 2015 Plan Total Severance Severance Other Severance Other and Other (Dollars in millions) Liability Liability Liability Liability Liability Western Hemisphere $ 4 $ 17 $ — $ — $ 21 Eastern Hemisphere 7 18 — 5 30 Corporate 10 — — — 10 Total $ 21 $ 35 $ — $ 5 $ 61 The following table presents the restructuring accrual activity for the year ended December 31, 2017 . Year Ended December 31, 2017 (Dollars in millions) Accrued Balance at December 31, 2016 Charges Cash Payments Other Accrued Balance at December 31, 2017 2016-17 and 2016 Plans: Severance liability $ 52 $ 109 $ (137 ) $ (3 ) $ 21 Other restructuring liability 22 62 (26 ) (23 ) 35 2015 Plan: Severance liability 3 — (3 ) — — Other restructuring liability 9 — (1 ) (3 ) 5 Total severance and other restructuring liability $ 86 $ 171 $ (167 ) $ (29 ) $ 61 |
Supplementary Information
Supplementary Information | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information Related Text | Supplementary Information Cash paid for interest and income taxes was as follows: Year Ended December 31, (Dollars in millions) 2017 2016 2015 Interest paid $ 538 $ 467 $ 477 Income taxes paid, net of refunds 87 161 331 In 2017 and 2016 , we had non-cash financing obligations related to financed insurance premium and capital lease of equipment of $24 million and $25 million , respectively. During 2017, we purchased $50 million of held-to-maturity Angolan government bonds maturing in 2020: The carrying value of these investments approximate their fair value. |
Percentage of Completion Contra
Percentage of Completion Contracts | 12 Months Ended |
Dec. 31, 2017 | |
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. Our remaining contract in Zubair is in the final warranty stage. There has been no change to our cumulative estimated loss since December 31, 2016. Our net billings in excess of costs as of December 31, 2017 were $56 million and are shown in the “Other Current Liabilities” on the accompanying Condensed Consolidated Balance Sheets. During 2016 , we were break-even for our Zubair contract and cumulative estimated loss from the Iraq contracts was $532 million as of December 31, 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 paid to us was a gross amount of $150 million , of which $62 million and $72 million was received in the second and third quarters of 2016, respectively. The settlement included 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. We collected the remaining gross settlement of $16 million in January 2017. As of December 31, 2016 , we had no claims revenue, and our percentage-of-completion project estimate included a cumulative $25 million in approved change orders and $16 million of back charges. Our net billings in excess of costs as of December 31, 2016 were $45 million and are shown in the “Other Current Liabilities” on the Consolidated Balance Sheet. The amounts associated with these contract change orders or claims are included in revenue only when they can be reliably estimated and their realization is reasonably assured. During 2015 , we recognized estimated project losses of $153 million related to our long-term early production facility construction contracts in Iraq accounted for under the percentage-of-completion method. Total estimated losses on these loss projects were $532 million at December 31, 2015. As of December 31, 2015 , our percentage-of-completion project estimates include $116 million of claims revenue and $28 million of back charges. During 2015 , an additional $32 million of claims revenue was included in our project estimates. Our costs in excess of billings as of December 31, 2015 were $6 million and are shown in the “Other Current Assets” on our Consolidated Balance Sheets . We also had a variety of unapproved contract change orders or claims that are not included in our revenues as of December 31, 2015 . The amounts associated with these contract change orders or claims are included in revenue only when they can be reliably estimated and their realization is reasonably assured. |
Accounts Receivable Factoring
Accounts Receivable Factoring | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Accounts Receivable Factoring | Accounts Receivable Factoring and Other Receivables From time to time, we participate in factoring arrangements to sell accounts receivable to third-party financial institutions. In 2017, we sold accounts receivable of $227 million , recognized a loss of $1 million and received cash proceeds totaling $223 million on these sales. In 2016 , we sold accounts receivables of $156 million , recognized a loss of $0.7 million and received cash proceeds totaling $154 million on these sales. In 2015 , we sold accounts receivables of $78 million , recognized a loss of $0.2 million and received cash proceeds totaling $77 million on these sales. Our factoring transactions were recognized as sales, and the proceeds are included as operating cash flows in our Consolidated Statements of Cash Flows . In the first quarter of 2017, Weatherford converted trade receivables of $65 million into a note from the customer with a face value of $65 million . The note had a three year term at a 4.625% stated interest rate. We reported the note as a trading security within “Other Current Assets” at fair value on the Condensed Consolidated Balance Sheets at its fair value of $58 million on March 31, 2017. The note fair value was considered a Level 2 valuation and was estimated using secondary market data for similar bonds. During the second quarter of 2017, we sold the note for $59 million . During the second quarter of 2016, we accepted a note with a face value of $120 million from PDVSA in exchange for $120 million in net trade receivables. The note had a three year term at a 6.5% stated interest rate. We carried the note at lower of cost or fair value and recognized a loss in the second quarter of 2016 of $84 million to adjust the note to fair value. In the fourth quarter of 2016, we sold the economic rights in the note receivable for $44 million and recognized a gain of $8 million . |
Inventories, Net
Inventories, Net | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Inventories, Net Inventories, net of reserves, by category were as follows: December 31, (Dollars in millions) 2017 2016 Raw materials, components and supplies $ 144 $ 168 Work in process 47 49 Finished goods 1,043 1,585 $ 1,234 $ 1,802 Work in process and finished goods inventories include cost of materials, labor and manufacturing overhead. During 2017 , 2016 and 2015 , we recognized inventory write-off and other related charges, including excess and obsolete totaling $540 million , $269 million and $244 million , respectively. These charges were largely attributable to downturn in the oil and gas industry, where certain inventory has been deemed commercially unviable or technologically obsolete considering current and future demand. |
Long-Lived Asset Impairments (N
Long-Lived Asset Impairments (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Long-lived and Other Asset Impairments | Long-Lived Asset Impairments In the fourth quarter of 2017, we recognized long-lived asset impairments of $928 million , of which $923 million was related to PP&E impairments and $5 million was related to the impairment of intangible assets. The PP&E impairments in our Eastern Hemisphere segment include a $740 million write-down to the lower of carrying amount or fair value less cost to sell of our land drilling rigs classified as held for sale, $135 million related to Western Hemisphere segment product line assets and $37 million related to other Eastern Hemisphere segment product line assets. In addition, we recognized $11 million of long-lived impairment charges related to Corporate assets. The 2017 impairments were due to the sustained downturn in the oil and gas industry, whose recovery was not as strong as expected and whose recovery in subsequent quarters was slower than had previously been anticipated. The change in the expectations of the market’s recovery, in addition to successive negative operating cash flows in certain asset groups represented an indicator that those assets will no longer be recoverable over their remaining useful lives. See “ Note 14 – Fair Value of Financial Instruments, Assets and Equity Investments ” for additional information regarding the fair value determination used in the impairment calculation. During 2016, we recognized long-lived asset impairment charges of $436 million , of which $388 million was related to PP&E impairments and $48 million was related to the impairment of intangible assets. The PP&E impairment charges by segment were $251 million in the Western Hemisphere related to our Well Construction, Drilling Services and Managed Pressure Drilling assets and $137 million in the Eastern Hemisphere related to our Eastern Hemisphere Pressure Pumping assets. The intangible asset charge is related to the Well Construction and Completions businesses with $35 million attributable to the Western Hemisphere segment and $13 million related the Eastern Hemisphere segment. The impairments in 2016 were due to the prolonged downturn in the oil and gas industry, whose recovery was not as strong as expected and whose recovery in subsequent quarters was slower than had previously been anticipated. The change in the expectations of the market’s recovery, in addition to successive negative operating cash flows in certain asset groups represented an indicator that those assets will no longer be recoverable over their remaining useful lives. See “ Note 14 – Fair Value of Financial Instruments, Assets and Equity Investments ” for additional information regarding the fair value determination used in the impairment calculation. During 2015, we recognized long-lived asset impairment charges of $638 million , of which $124 million was related to Pressure Pumping assets in the Western Hemisphere, $259 million for equipment in our Pressure Pumping, Drilling Tools, and Wireline assets in the Western Hemisphere and $255 million related to our land drilling rigs product line assets in the Eastern Hemisphere. The impairments in 2015 were due to the continued weakness in crude oil prices contributing to lower exploration and production spending and a decline in the utilization of our assets. The decline in oil prices and its impact on demand represented a significant adverse change in the business climate and an indication that these long-lived assets may not be recoverable. Based on the presence of impairment indicators, we performed an analysis of these asset groups and recorded long-lived asset impairment charges to adjust the assets to fair value. The fair value of our drilling tools, pressure pumping, and wireline assets were estimated using a combination of the income approach, the cost approach, and the market approach. See “ Note 14 – Fair Value of Financial Instruments, Assets and Equity Investments ” for additional information regarding the fair value determination. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill In 2017, 2016 and 2015, our annual goodwill impairment test indicated that goodwill was not impaired. Our cumulative impairment loss of goodwill was $771 million at December 31, 2017 . The changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2017 and 2016 , are presented in the following table. (Dollars in millions) Western Hemisphere Eastern Hemisphere Total Balance at December 31, 2015 $ 2,040 $ 763 $ 2,803 Foreign currency translation 25 (31 ) (6 ) Balance at December 31, 2016 $ 2,065 $ 732 $ 2,797 Disposals (162 ) — (162 ) Foreign currency translation 55 37 92 Balance at December 31, 2017 $ 1,958 $ 769 $ 2,727 |
Other Intangible Assets
Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets | Intangible Assets The components of intangible assets were as follows: December 31, 2017 December 31, 2016 Gross Net Gross Net Carrying Accumulated Intangible Carrying Accumulated Intangible (Dollars in millions) Amount Amortization Assets Amount Amortization Assets Acquired technology $ 390 $ (334 ) $ 56 $ 373 $ (300 ) $ 73 Licenses 175 (168 ) 7 177 (166 ) 11 Patents 223 (144 ) 79 215 (134 ) 81 Customer Relationships and Contracts 197 (160 ) 37 193 (144 ) 49 Other 98 (64 ) 34 91 (57 ) 34 $ 1,083 $ (870 ) $ 213 $ 1,049 $ (801 ) $ 248 Additions to intangible assets were $16 million and $11 million for the years ended December 31, 2017 and 2016 , respectively. During 2016, we recognized $48 million of license and patent impairment charges related to the Well Construction and Completions businesses. Amortization expense was $52 million , $60 million and $88 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Future estimated amortization expense for the carrying amount of intangible assets as of December 31, 2017 is expected to be as follows (dollars in millions): Period Amount 2018 $ 48 2019 42 2020 32 2021 20 2022 13 |
Equity Investments
Equity Investments | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments | Equity Investments Our equity investments in unconsolidated affiliates were $62 million and $66 million for the years ended December 31, 2017 and 2016 , respectively. Equity in losses of unconsolidated affiliates for the year ended December 31, 2017 totaled $3 million and equity in earnings of unconsolidated affiliates for the years ended December 31, 2016 and 2015 totaled $2 million and $3 million , respectively. During 2015, we determined that the fair values of certain equity investments were significantly below their carrying values. We assessed these declines in value to be other than temporary and recognized an impairment loss of $25 million . See “ Note 14 – Fair Value of Financial Instruments, Assets and Equity Investments ” for additional information regarding the fair value determination. |
Short-term Borrowings and Curre
Short-term Borrowings and Current Portion of Long-term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Short-term Borrowings and Current Portion of Long-term Debt | Our short-term borrowings and current portion of long-term debt consists of the followings: December 31, (Dollars in millions) 2017 2016 Other Short-term Loans $ 11 $ 2 Current Portion of Long-term Debt 137 177 Short-term Borrowings and Current Portion of Long-term Debt $ 148 $ 179 Revolving Credit Facility and Secured Term Loan Agreement At December 31, 2017 , we had total commitments under our revolving credit facility (the “Revolving Credit Agreement”) maturing in July of 2019 of $1.0 billion and borrowings of $375 million under our secured term loan agreement (the “Term Loan Agreement” and collectively with the Revolving Credit Agreement, the “Credit Agreements”) maturing in July of 2020. At December 31, 2017 , we had $890 million available for borrowing under the Credit Agreements as summarized in the following table: (Dollars in millions) December 31, 2017 Facilities $ 1,375 Less Uses of Facilities: Letters of Credit 110 Secured Term Loan Principal Borrowing 375 Borrowing Availability $ 890 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 Revolving Credit Agreement. See “ Note 13 – 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 Revolving Credit Agreement 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 Revolving Credit Agreement ranges from 0.925% to 2.70% depending on our leverage ratio. For the year ended December 31, 2017 , the interest rate for the Revolving Credit Agreement was LIBOR plus a margin rate of 2.80% . See “ Note 13 – Long-term Debt ” for the interest rate details for the Term Loan Agreement. Borrowings under our Revolving 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, with terms as defined in the Credit Agreements: 1) Leverage ratio of no greater than 2.5 to 1, which 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 (“Adjusted EBITDA”); 2) Leverage and letters of credit ratio of no greater than 3.5 to 1, which is 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 Adjusted EBITDA; and 3) Asset coverage ratio of at least 4.0 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 December 31, 2017 , we were in compliance with these financial covenants. Other Short-Term Borrowings and Other Debt Activity In June 2017, we repaid $88 million of our 6.35% Senior Notes on the maturity date. In 2016, we repaid $180 million , with a LIBOR-based weighted average interest rate of 1.95% , borrowed under a credit agreement that matured in the first half of 2016 and our 5.50% senior notes with a principal balance of $350 million . We have short-term borrowings with various domestic and international institutions pursuant to uncommitted credit facilities. At December 31, 2017 , we had $11 million in short-term borrowings under these arrangements. In addition, we had $375 million of letters of credit under various uncommitted facilities and $ 110 million of letters of credit under the Revolving Credit Agreement. At December 31, 2017, we have cash collateralized $82 million of our letters of credit, which is included in “ Cash and Cash Equivalents ” in the accompanying Consolidated Balance Sheets . We have $15 million of surety bonds, primarily performance bonds, issued by financial sureties against an indemnification from us at December 31, 2017 . At December 31, 2017 , the current portion of long-term debt was primarily related to $66 million of our 6.00% Senior Notes due March 2018, the $50 million current portion of our secured term loan and $21 million of the current portion of capital leases and other debt. |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt 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. Our Long-term Debt consisted of the following: December 31, (Dollars in millions) 2017 2016 6.35% Senior Notes due 2017 — 89 6.00% Senior Notes due 2018 66 66 9.625% Senior Notes due 2019 488 489 5.125% Senior Notes due 2020 364 363 5.875% Exchangeable Senior Notes due 2021 1,170 1,147 7.75% Senior Notes due 2021 741 739 4.50% Senior Notes due 2022 643 642 8.25% Senior Notes due 2023 739 738 9.875% Senior Notes due 2024 780 528 6.50% Senior Notes due 2036 447 447 6.80% Senior Notes due 2037 255 255 7.00% Senior Notes due 2038 456 456 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 372 420 4.82% secured borrowing — 5 Capital and Other Lease Obligations 86 120 Other 2 7 Total Senior Notes and Other Debt 7,678 7,580 Less: Amounts Due in One Year 137 177 Long-term Debt $ 7,541 $ 7,403 The accrued interest on our borrowings was $145 million and $127 million at December 31, 2017 and 2016 , respectively. The following is a summary of scheduled Long-term Debt maturities by year (dollars in millions): 2018 $ 137 2019 543 2020 643 2021 1,918 2022 651 Thereafter 3,786 $ 7,678 Secured Term Loan Agreement As of December 31, 2017 , our borrowings, net of repayments, under the Term Loan Agreement were $375 million . 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 3.2% or (2) the alternate base rate plus the applicable margin ranging from 0.425% to 2.2% . For the year ended December 31, 2017 , the interest rate for the Term Loan Agreement was LIBOR plus a margin rate of 2.3% . 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 on or after January 1, 2021. The notes mature on July 1, 2021. We have the choice to settle an exchange of the notes in any combination of cash or shares. As of December 31, 2017 , 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 “ Capital in Excess of Par Value ” on the accompanying Consolidated Balance Sheets. The debt component of the exchangeable notes has been reported separately in “ Long-term Debt ” on the accompanying Consolidated Balance Sheets with a carrying value of $1.170 billion at December 31, 2017 , net of remaining unamortized discount and debt issuance costs of $95 million . The discount on the debt component is being amortized over the remaining maturity of the exchangeable notes at an effective interest rate of 8.4% . During 2017 , interest expense on the notes was $97 million , of which $74 million related to accrued interest and $23 million related to amortization of the discount. Senior Notes On June 26, 2017, we issued an additional $250 million aggregate principal amount of our 9.875% senior notes due 2024 (“Notes”). These Notes were issued as additional securities under an indenture pursuant to which we previously issued $540 million aggregate principal amount of our 9.875% senior notes due 2024. On November 18, 2016, we issued $540 million in aggregate principal amount of 9.875% notes due 2024. 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 Offers 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 offers in cash in the amount of $1.972 billion , retiring an aggregate face value of senior notes tendered of $1.87 billion and accrued interest of $27 million . We recognized a cumulative loss of $78 million on these transactions in “ Bond Tender Premium, Net ” on the accompanying Consolidated Statements of Operations. On June 30, 2016, we accepted additional tenders of $2 million of debt, which we settled in cash on July 1, 2016. In 2015, through a series of open market transactions, we repurchased certain of our 4.50% senior notes, 5.125% senior notes, 5.95% senior notes, 6.50% senior notes, 6.75% senior notes, 6.80% senior notes and 7.00% senior notes with a total book value of $527 million . We recognized a cumulative gain of approximately $84 million on these transactions in the line captioned “ Other Income (Expense), Net ” on the accompanying Consolidated Statements of Operations. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
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 15 – Derivative Instruments ,” we had no other material assets or liabilities measured and recognized at fair value on a recurring basis at December 31, 2017 and 2016 . Fair Value of Other Financial Instruments Our other financial instruments include cash and cash equivalents, accounts receivable, accounts payable, short-term borrowings and long-term debt. The carrying value of our cash and cash equivalents, accounts receivable, accounts payable, and short-term borrowings approximates their fair value due to their short maturities. These short-term borrowings are classified as Level 2 in the fair value hierarchy. The fair value of our long-term debt fluctuates with changes in applicable interest rates among other factors. Fair value will 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 the interest rate at which the debt was originally issued. The fair value of our long-term debt is classified as Level 2 in the fair value hierarchy and is established based on observable inputs in less active markets. The fair value and carrying value of our senior notes were as follows: December 31, (Dollars in millions) 2017 2016 Fair Value $ 7,060 $ 6,739 Carrying Value 7,218 7,028 Non-recurring Fair Value Measurements - Impairments During the fourth quarter of 2017, long-lived assets were impaired and written down to their estimated fair values. The Level 3 fair values of the assets were determined using an income approach. The unobservable inputs to the income approach included the assets’ estimated future cash flows and estimates of discount rates commensurate with the assets’ risks. During the third quarter of 2016, long-lived assets were impaired and written down to their estimated fair values. The Level 3 fair values of the long-lived assets were determined using either an income approach or a market approach. The unobservable inputs to the income approach included the assets’ estimated future cash flows and estimates of discount rates commensurate with the assets’ risks. The market approach considered unobservable estimates of market sales values, which in most cases was a scrap of salvage value estimate. During the second quarter of 2016, we adjusted a note for our largest customer in Venezuela to its estimated fair value. The Level 3 fair value was estimated based on unobservable pricing indications. During 2015, long-lived assets related to pressure pumping, drilling tools, wireline, and land drilling rigs were impaired and written down to their estimated fair values. The Level 3 fair values of the long-lived assets were determined using a combination of the income approach, the cost approach and the market approach, which used inputs that included replacement costs (unobservable), physical deterioration estimates (unobservable), projections of estimated future operating cash flows (unobservable), discount rates for the applicable assets and market sales data for comparable assets. Also during 2015, an equity method investment was impaired and written down to its fair value. 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. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2017 | |
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 interest rate derivatives include changes in the interest rates affecting the fair value of such instruments, potential increases in interest expense due to market increases in floating interest rates, changes in foreign exchange rates and the creditworthiness of the counterparties in such transactions. We monitor the creditworthiness of our counterparties, which are multinational commercial banks. The fair values of all our outstanding derivative instruments are determined using a model with Level 2 inputs including quoted market prices for contracts with similar terms and maturity dates. Warrant During the fourth quarter of 2016, in conjunction with the issuance of 84.5 million ordinary shares, we issued a warrant that gives the holder the option to acquire an additional 84.5 million ordinary shares. The exercise price on the warrant is $6.43 per share and is exercisable any time prior to May 21, 2019. The warrant is classified as a liability and carried at fair value with changes in its fair value reported through earnings. The warrant participates in dividends and other distributions as if the shares subject to the warrants were outstanding. In addition, the warrant permits early redemption due to a change in control. The warrant fair value is considered a Level 3 valuation and is estimated using a combination of the Black Scholes option valuation model and Monte-Carlo simulation. Inputs to these models include Weatherford’s share price and volatility and the risk free interest rate. The valuation also considers the probabilities of future share issuances and anticipated issuance discounts, which are considered Level 3 inputs. The fair value of the warrant was $70 million and $156 million on December 31, 2017 and 2016 , respectively, generating an unrealized gain of $86 million in 2017. The change in fair value of the warrant during 2017 was principally due to a decrease in Weatherford’s stock price. The warrant valuation would be negatively affected due to an increase in the likelihood of a future stock issuance. Fair Value Hedges We may use interest rate swaps to help mitigate exposures related to changes in the fair values of the 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 would be 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 December 31, 2017 , we did not have any fair value hedges designated. As of December 31, 2017 and 2016 , we had net unamortized premiums on fixed-rate debt of $4 million and $7 million , respectively, 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 “Interest Expense, Net” on the accompanying 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 Loss ” to interest expense over the remaining term of the debt. As of December 31, 2017 and 2016 , we had net unamortized losses of $9 million in both years, associated with our cash flow hedge terminations. As of December 31, 2017 , we did not have any cash flow hedges designated. Foreign Currency and Warrant Derivative Instruments At December 31, 2017 and 2016 , we had outstanding foreign currency forward contracts with notional amounts aggregating to $767 million and $1.6 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. 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 “ Other Income (Expense), Net ” on the accompanying Consolidated Statements of Operations . The total estimated fair values of our foreign currency forward contracts and warrant derivative are as follows: December 31, (Dollars in millions) 2017 2016 Classifications Derivative Assets not Designated as Hedges: Foreign Currency Forward Contracts $ 5 $ 7 Other Current Assets Derivative Liabilities not Designated as Hedges: Foreign Currency Forward Contracts (4 ) (14 ) Other Current Liabilities Warrant on Weatherford Shares (70 ) (156 ) Other Non-current Liabilities The amount of derivative instruments’ gain or (loss) on the Consolidated Statements of Operations is in the table below. Year Ended December 31, (Dollars in millions) 2017 2016 2015 Classification Foreign Currency Forward Contracts $ (25 ) $ (25 ) $ (115 ) Other Income (Expense), Net Cross-currency Swap Contracts — — 13 Other Income (Expense), Net Warrant on Weatherford Shares 86 16 — Warrant Fair Value Adjustment |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ (Deficiency) Equity Changes in our ordinary shares issued during the years ended December 31, 2017 , 2016 and 2015 , were as follows: (Shares in millions) Issued Balance at December 31, 2014 774 Equity Awards Granted, Vested and Exercised 5 Balance at December 31, 2015 779 Share Issuance 200 Equity Awards Granted, Vested and Exercised 4 Balance at December 31, 2016 983 Equity Awards Granted, Vested and Exercised 10 Balance at December 31, 2017 993 In March 2016, we issued 115 million ordinary shares, and the amount in excess of par value of $623 million is reported in “ Capital in Excess of Par Value ” on the accompanying 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 “ Capital in Excess of Par Value ” on the accompanying Consolidated Balance Sheets. On November 21, 2016, we issued 84.5 million ordinary shares at a price of $5.40 per ordinary share, and a warrant to purchase 84.5 million ordinary shares on or prior to May 21, 2019 at an exercise price of $6.43 per ordinary share to a selected institutional investor. The amount in excess of par value for the ordinary shares net of warrant was $271 million and is reported in “ Capital in Excess of Par Value .” At December 31, 2017 , the fair value of the warrant of $70 million is classified as “ Other Non-current Liabilities ” on the accompanying Consolidated Balance Sheets. Accumulated Other Comprehensive Loss The following table presents the changes in our accumulated other comprehensive loss by component for the year ended December 31, 2017 and 2016 : (Dollars in millions) Currency Translation Adjustment Defined Benefit Pension Deferred Loss on Derivatives Total Balance at December 31, 2015 $ (1,602 ) $ (29 ) $ (10 ) $ (1,641 ) Other Comprehensive (Loss) Income before Reclassifications (12 ) 41 — 29 Reclassifications — 1 1 2 Net Activity (12 ) 42 1 31 Balance at December 31, 2016 (1,614 ) 13 (9 ) (1,610 ) Other Comprehensive Income before Reclassifications 130 1 — 131 Reclassifications — (40 ) — (40 ) Net Activity 130 (39 ) — 91 Balance at December 31, 2017 $ (1,484 ) $ (26 ) $ (9 ) $ (1,519 ) For the year ended December 31, 2017 , the defined benefit pension reclassifications represent the amortization of unrecognized net gains associated primarily with our supplemental executive retirement plan. For the year ended December 31, 2016 , the defined benefit pension component of other comprehensive income before reclassifications relates primarily to a net actuarial gain resulting from the revaluation of the pension obligation associated with our supplemental executive retirement plan. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2017 | |
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: Year Ended December 31, (Shares in millions) 2017 2016 2015 Basic and Diluted Weighted Average Shares Outstanding 990 887 779 Our basic and diluted weighted average shares outstanding for the years ended December 31, 2017 , 2016 and 2015 , are equivalent due to the net loss attributable to shareholders. Diluted weighted average shares outstanding for the years ended December 31, 2017 , 2016 and 2015 , exclude potential shares for stock options, restricted shares, performance units, exchangeable notes, warrants outstanding and the Employee Stock Purchase Plan (“ESPP”) 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: Year Ended December 31, (Shares in millions) 2017 2016 2015 Anti-dilutive Potential Shares 250 104 3 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-Based Compensation We have share-based compensation plans that permit the grant of options, stock appreciation rights, RSAs, restricted share units (“RSUs”), performance share awards, performance unit awards (“PUs”), other share-based awards and cash-based awards to any employee, non-employee directors and other individual service providers or any affiliate. In addition, we also have share-based compensation provisions under our Employee Share Purchase Plan (“ESPP”). For RSAs and RSUs, compensation expense is recognized on a straight-line basis over the requisite service period for the separately vesting portion of each award. For PUs, compensation expense is recognized on a straight-line basis over the requisite service period for the entire award. The provisions of each award vary based on the type of award granted and are determined by the Compensation Committee of our Board of Directors. Those awards, such as stock options that are based on a specific contractual term, will be granted with a term not to exceed 10 years . Upon grant of an RSA, the recipient has the rights of a shareholder, including but not limited to the right to vote such shares and the right to receive any dividends paid on such shares, but not the right to disposition prior to vesting. Recipients of RSUs do not have the rights of a shareholder until such date as the shares are issued or transferred to the recipient. As of December 31, 2017 , approximately 33 million shares were available for grant under our share-based compensation plans. Share-Based Compensation Expense We recognized the following share-based compensation expense during each of the years ended December 31, 2017 , 2016 and 2015 : Year Ended December 31, (Dollars in millions) 2017 2016 2015 Share-based Compensation $ 70 $ 87 $ 73 Related Tax (Provision) Benefit — — 14 Options Stock options were granted with an exercise price equal to or greater than the fair market value of our shares as of the date of grant. We used the Black-Scholes option pricing model to determine the fair value of stock options awarded. The estimated fair value of our stock options was expensed over their vesting period, which was generally one to four years. There were no stock options granted during 2017 , 2016 or 2015 . During 2017 and 2016 , no stock options were exercised. The intrinsic value of stock options exercised during 2015 was $15 million . All options were fully vested. A summary of option activity for the year ended December 31, 2017 , is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Term Aggregate Intrinsic Value (In thousands) (In thousands) Outstanding at December 31, 2016 598 $ 12.59 0.91 years $ — Exercised — — Expired (398 ) 10.42 Outstanding and Vested at December 31, 2017 200 16.92 0.89 years — Exercisable at December 31, 2017 — — 0.00 years — Restricted Share Awards and Restricted Share Units RSAs and RSUs vest based on continued employment, generally over a three -year period. The fair value of RSAs and RSUs is determined based on the closing price of our shares on the date of grant. The total fair value, less assumed forfeitures, is expensed over the vesting period. The weighted-average grant date fair value of RSUs granted during the years ended December 31, 2017 , 2016 and 2015 was $4.26 , $6.20 and $11.94 , respectively. The total fair value of RSAs and RSUs vested during the years ended December 31, 2017 , 2016 and 2015 was $30 million , $38 million and $37 million , respectively. As of December 31, 2017 , there was $59 million of unrecognized compensation expense related to unvested RSAs and RSUs, which is expected to be recognized over a weighted average period of two years . A summary of RSA and RSU activity for the year ended December 31, 2017 is presented below: RSA Weighted Average Grant Date Fair Value RSU Weighted Average Grant Date Fair Value (In thousands) (In thousands) Non-Vested at December 31, 2016 137 $ 17.42 12,794 $ 9.15 Granted — — 10,876 4.26 Vested (86 ) 17.35 (5,946 ) 9.56 Forfeited (11 ) 16.35 (2,455 ) 8.63 Non-Vested at December 31, 2017 40 17.87 15,269 5.58 Performance Units The performance units we granted in 2017 , 2016 and 2015 vest over three years and the performance units we granted prior to 2015 vest at the end of a three -year period assuming continued employment and the Company’s achievement of certain market-based performance goals. Depending on the performance levels achieved in relation to the predefined targets, shares may be issued for up to 200% of the units awarded. If the established performance goals are not met, the performance units will expire unvested and no shares will be issued. The grant date fair value of the performance units we have granted was determined through use of the Monte Carlo simulation method . The assumptions used in the Monte Carlo simulation during the year ended December 31, 2017 , included a weighted average risk-free rate of 1.17% , volatility of 67.0% and a zero dividend yield. The weighted-average grant date fair value of the performance units we granted during the years ended December 31, 2017 , 2016 and 2015 was $6.06 , $5.11 and $10.45 , respectively. For the year ended December 31, 2017 , 145 thousand shares were issued for the performance units related to the departure of a former executive officer. The total fair value of these shares was $1 million . For the years ended December 31, 2016 and 2015 we did not issue any shares. As of December 31, 2017 , there was $9 million of unrecognized compensation expense related to performance units, which is expected to be recognized over a weighted average period of one year . A summary of performance unit activity for the year ended December 31, 2017 , is presented below: Performance Units Weighted Average Grant Date Fair Value (In thousands) Non-vested at December 31, 2016 1,932 $ 7.08 Granted 3,070 6.06 Vested (145 ) 6.25 Forfeited (1,767 ) 7.15 Non-vested at December 31, 2017 3,090 6.07 Employee Stock Purchase Plan In June 2016, our shareholders adopted our ESPP and approved 12 million shares to be reserved for issuance under the plan. The ESPP permits eligible employees to make payroll deductions to purchase Weatherford stock. Each offering period has a six -month duration beginning on either March 1 or September 1. Shares are purchased at 90% of the lower of the closing price for our common stock on the first or last day of the offering period. We issued 3 million shares under the ESPP as of December 31, 2017 . |
Retirement and Employee Benefit
Retirement and Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Retirement and Employee Benefit Plans | Retirement and Employee Benefit Plans We have defined contribution plans covering certain employees. Contribution expenses related to these plans totaled $24 million , $30 million and $66 million in 2017 , 2016 and 2015 , respectively. The decrease in employer contributions in 2017 and 2016 relates primarily to headcount reductions and the suspension of employer matching contributions to our U.S. 401(k) savings plan and other contribution plans sponsored by the Company. We have defined benefit pension and other post-retirement benefit plans covering certain U.S. and international employees. Plan benefits are generally based on factors such as age, compensation levels and years of service. Net periodic benefit income/cost related to these plans totaled $38 million of income in 2017 due primarily to amortization of the unrecognized net gain associated with our supplemental executive retirement plan and $9 million of cost in 2016 and 2015 , respectively. The projected benefit obligations on a consolidated basis were $198 million and $205 million as of December 31, 2017 and 2016 , respectively. The decrease year over year is due primarily to settlements offset by increases related to currency fluctuations in Euro and British Pound denominated plans. The fair values of plan assets on a consolidated basis (determined primarily using Level 2 inputs) were $133 million and $118 million as of December 31, 2017 and 2016 , respectively. The increase in plan assets year over year is also due primarily to the Euro and British Pound currency fluctuations. As of December 31, 2017 , the net underfunded obligation was substantially all recorded within Other Non-current Liabilities . As of December 31, 2016 , the net underfunded obligation was primarily recorded within Other Non-current Liabilities with approximately $22 million recorded in Accrued Salaries and Benefits. Additionally, consolidated pre-tax amounts in accumulated other comprehensive income that have not yet been recognized as components of net periodic benefit cost were loss of $35 million and income of $3 million as of December 31, 2017 and 2016 , respectively. The change in other comprehensive income (loss) year over year is due primarily to the amortization of the unrecognized net gain mentioned above. The weighted average assumption rates used for benefit obligations were as follows: Year Ended December 31, 2017 2016 Discount rate: United States Plans 3.00% - 3.50% 1.00% - 4.00% International Plans 1.60% - 6.75% 1.90% - 7.50% Rate of Compensation Increase: United States Plans — — International Plans 2.00% - 3.50% 2.00% - 3.50% During 2017 and 2016 , we made contributions and paid direct benefits of $23 million and $6 million , respectively, in connection with our defined benefit pension and other post-retirement benefit plans. In 2018 , we expect to fund approximately $5 million related to those plans. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes We are exempt from Swiss cantonal and communal tax on income derived outside Switzerland, and we are also granted participation relief from Swiss federal tax for qualifying dividend income and capital gains related to the sale of qualifying investments in subsidiaries. We expect that the participation relief will result in a full exemption of participation income from Swiss federal income tax. We provide for income taxes based on the laws and rates in effect in the countries in which operations are conducted, or in which we or our subsidiaries are considered resident for income tax purposes. The relationship between our pre-tax income or loss and our income tax provision or benefit varies from period to period as a result of various factors which include changes in total pre-tax income or loss, the jurisdictions in which our income is earned, the tax laws in those jurisdictions and in our operating structure. Our income tax (provision) benefit from continuing operations consisted of the following: Year Ended December 31, (Dollars in millions) 2017 2016 2015 Total Current Provision $ (162 ) $ (115 ) $ (303 ) Total Deferred (Provision) Benefit 25 (381 ) 448 (Provision) Benefit for Income Taxes $ (137 ) $ (496 ) $ 145 Weatherford records deferred tax assets for net operating losses and temporary differences between the book and tax basis of assets and liabilities that are expected to produce tax deductions in future periods. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which those deferred tax assets would be deductible. The Company assesses the realizability of its deferred tax assets each period by considering whether it is more likely than not that all or a portion of the deferred tax assets will not be realized. The Company considers all available evidence (both positive and negative) when determining whether a valuation allowance is required. The Company evaluated possible sources of taxable income that may be available to realize the benefit of deferred tax assets, including projected future taxable income, the reversal of existing temporary differences, taxable income in carryback years and available tax planning strategies in making this assessment. The realizability of the deferred tax assets is dependent upon judgments and assumptions inherent in the determination of future taxable income, including factors such as future operation conditions (particularly as related to prevailing oil prices and market demand for our products and services). Operations in various jurisdictions continue to experience losses due to the delayed recovery in the demand for oil field services. Our expectations regarding the recovery are more measured due to continue volatility in oil prices and market contraction for our products and services. Also, the Company recorded significant long-lived asset impairments and established allowances for inventory and other assets in the fourth quarter of 2017. As a result of the continued losses, and limited objective positive evidence to overcome negative evidence, the Company concluded that it needed to record additional valuation allowance of $73 million in the fourth quarter of 2017 against certain previously benefited deferred tax assets since it cannot support that it is more likely than not that the deferred tax assets will be realized. The Company will continue to evaluate whether valuation allowances are needed in future reporting periods. Valuation allowances will remain until the Company can determine that net deferred tax assets are more likely than not to be realized. In the event that the Company were to determine that it would be able to realize the deferred income tax assets in the future as a result of significant improvement in earnings as a result of market conditions, the Company would adjust the valuation allowance, reducing the provision for income taxes in the period of such adjustment. The difference between the income tax (provision) benefit at the Swiss federal income tax rate and the income tax (provision) benefit attributable to “ Loss Before Income Taxes ” for each of the three years ended December 31, 2017 , 2016 and 2015 is analyzed below: Year Ended December 31, (Dollars in millions) 2017 2016 2015 Swiss Federal Income Tax Rate at 7.83% $ 208 $ 225 $ 164 Tax on Operating Earnings Subject to Rates Different than the Swiss Federal Income Tax Rate 123 319 411 U.S. Tax Reform - Remeasure of U.S. Deferred Tax Assets (249 ) — — Non-cash Tax Expense on Distribution of Subsidiary Earnings — (137 ) (265 ) Change in Valuation Allowance Attributed to U.S. Tax Reform 301 — — Change in Valuation Allowance (459 ) (872 ) (159 ) Change in Uncertain Tax Positions (61 ) (31 ) (6 ) (Provision) Benefit for Income Taxes $ (137 ) $ (496 ) $ 145 Our income tax provision in 2017 was $137 million on a loss before income taxes of $2.7 billion . The primary driver of the tax expense was due to profits in certain jurisdictions, deemed profit countries and withholding taxes on intercompany and third party transactions. In addition, the Company concluded that it needed to record a valuation allowance of $73 million in the fourth quarter of 2017 against certain previously benefited deferred tax assets since it cannot support that it is more likely than not that the deferred tax assets will be realized. The additional valuation allowance was partially offset by a one-time $52 million benefit as a result of the recent U.S tax reform. Our results for 2017 also include charges with no significant tax benefit principally related to asset write-downs and other charges including $928 million in long-lived asset impairments, $540 million inventory charges including excess and obsolete, $230 million in the write-down of Venezuelan receivables and $66 million of other write-downs charges and credits, $183 million in restructuring charges and the warranty fair value adjustment of $86 million . On December 22, 2017, the U.S. enacted into law a comprehensive tax reform bill (the “Tax Cuts and Jobs Act,” or “TCJA”). The TCJA significantly revises the U.S. corporate income tax by, among other things, lowering the statutory corporate tax rate from 35% to 21% , eliminating certain deductions, imposing a mandatory one-time tax on accumulated earnings of foreign subsidiaries as of 2017 held in cash and illiquid assets (with the latter taxed at a lower rate), and a shift of the U.S. taxation of multinational corporations from a tax on worldwide income to a partial territorial system (along with certain rules designed to prevent erosion of the U.S. income tax base, such as the base erosion and anti-abuse tax). The SEC has issued guidance that allow for a measurement period of up to one year after the enactment date of the legislation to finalize the recording of the related tax impacts. The Company believes that the permanent reduction in the U.S. statutory corporate tax rate to 21% from 35% can reasonably be estimated to decrease the amount of the U.S. deferred tax assets and liabilities by $249 million with a decrease to the valuation allowance of $301 million for a net tax benefit of $52 million . The TCJA is not estimated to have other impacts on the Company’s effective tax rate because of the valuation allowance against the U.S. deferred tax assets. Any potential impact is offset by un-benefitted U.S. net operating loss carryforwards. As we do not have all the necessary information to analyze all effects of this tax reform, this is a provisional amount which we believe represents a reasonable estimate of the accounting implications of this tax reform. In addition, the various impacts of the TCJA may materially differ from the estimated impacts recognized in the fourth quarter due to regulatory guidance that may be issued in the future, tax law technical corrections, refined computations, and possible changes in the Company’s interpretations, assumptions, and actions as a result of the tax legislation. We will continue to evaluate tax reform, and adjust the provisional amounts as additional information is obtained. Any adjustment to these provisional amounts will be reported in the reporting period in which any such adjustments are determined, which will be no later than the fourth quarter of 2018. Our income tax provision in 2016 was $496 million on a loss before income taxes of $2.9 billion . The primary component of the tax expense relates to the Company’s conclusion that certain deferred tax assets that had previously been benefited are not more likely than not to be realized. Our results for 2016 also include charges with no significant tax benefit principally related to $436 million of long-lived asset impairments, $219 million of inventory write-downs, $140 million of settlement agreement charges, $41 million of currency devaluation related to the Angolan kwanza and Egyptian pound, $78 million of bond tender premium, and $76 million of PDVSA note receivable net adjustment, $62 million in accounts receivable reserves and write-offs, and $114 million in pressure pumping related charges. In addition, we recorded $137 million for a non-cash tax expense related to an internal restructuring of subsidiaries. In 2015 , we had a tax benefit of $145 million on a loss before income taxes of $2.1 billion . The tax benefit was favorably impacted by a U.S. loss, which included restructuring, impairment charges and a worthless stock deduction. Our results for 2015 include $255 million of Land Drilling Rig impairment charges, $232 million of restructuring charges, $116 million of litigation settlements, $153 million of legacy project losses, $85 million of currency devaluation and related losses and $25 million of equity investment impairment, all with no significant tax benefit. In addition, we recorded a tax charge of $265 million for a non-cash tax expense on distribution of subsidiary earnings. Deferred tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the tax basis of an asset or liability and its reported amount in the Consolidated Financial Statements . The measurement of deferred tax assets and liabilities is based on enacted tax laws and rates currently in effect in each of the jurisdictions in which we have operations. The components of the net deferred tax asset (liability) attributable to continuing operations were as follows: December 31, (Dollars in millions) 2017 2016 Net Operating Losses Carryforwards $ 1,208 $ 1,258 Accrued Liabilities and Reserves 266 200 Tax Credit Carryforwards 99 102 Employee Benefits 39 34 Inventory 129 75 Other Differences between Financial and Tax Basis 346 252 Valuation Allowance (1,887 ) (1,738 ) Total Deferred Tax Assets 200 183 Deferred Tax Liabilities: Property, Plant and Equipment (49 ) (13 ) Intangible Assets (131 ) (212 ) Deferred Income — (9 ) Undistributed Subsidiary Earnings — — Other Differences between Financial and Tax Basis (71 ) (25 ) Total Deferred Tax Liabilities (251 ) (259 ) Net Deferred Tax Asset (Liability) $ (51 ) $ (76 ) The increase in the valuation allowance in 2017 is primarily attributable to the establishment of a valuation allowance against current year net operating losses (“NOLs”) and beginning-of-year deferred tax assets in the United Kingdom and Argentina. The overall increase in the valuation allowance in 2016 is primarily attributable to the establishment of a valuation allowance against current year net operating losses (“NOLs”) and beginning-of-year deferred tax assets in the United States, Brazil, and Colombia. Deferred income taxes generally have not been recognized on the cumulative undistributed earnings of our non-Swiss subsidiaries because they are considered to be indefinitely reinvested or they can be distributed on a tax free basis. Distribution of these earnings in the form of dividends or otherwise may result in a combination of income and withholding taxes payable in various countries. In 2016 the company recorded a tax charge of $137 million for a non-cash tax expense related to an internal restructuring of subsidiaries. As of December 31, 2017, the pool of positive undistributed earnings of our non-Swiss subsidiaries that are considered indefinitely reinvested and may be subject to tax if distributed amounts to approximately $2.9 billion . Due to complexities in the tax laws and the manner of repatriation, it is not practicable to estimate the unrecognized amount of deferred income taxes and the related dividend withholding taxes associated with these undistributed earnings. At December 31, 2017 , we had approximately $5.0 billion of NOLs in various jurisdictions, $1.9 billion of which were generated by certain U.S. subsidiaries. Loss carryforwards, if not utilized, will mostly expire for U.S. subsidiaries from 2033 through 2037 and at various dates from 2018 through 2037 for non-U.S. subsidiaries. At December 31, 2017 , we had $98 million of tax credit carryovers, of which $82 million is for U.S. subsidiaries. The U.S. credits primarily consists of $30 million of research and development tax credit carryforwards which expire from 2026 through 2036 , and $52 million of foreign tax credit carryforwards which expire from 2018 through 2036 . A tabular reconciliation of the total amounts of uncertain tax positions at the beginning and end of the period is as follows: Year Ended December 31, (Dollars in millions) 2017 2016 2015 Balance at Beginning of Year $ 208 $ 195 $ 235 Additions as a Result of Tax Positions Taken During a Prior Period 65 30 28 Reductions as a Result of Tax Positions Taken During a Prior Period (1 ) (1 ) (9 ) Additions as a Result of Tax Positions Taken During the Current Period 12 20 5 Reductions Relating to Settlements with Taxing Authorities (29 ) (19 ) (46 ) Reductions as a Result of a Lapse of the Applicable Statute of Limitations (38 ) (12 ) (7 ) Foreign Exchange Effects — (5 ) (11 ) Balance at End of Year $ 217 $ 208 $ 195 Substantially all of the uncertain tax positions, if recognized in future periods, would impact our effective tax rate. To the extent penalties and interest would be assessed on any underpayment of income tax, such amounts have been accrued and classified as a component of income tax expense and other non-current liabilities in the Consolidated Financial Statements in accordance with our accounting policy. We recorded an expense of $10 million , an expense of $2 million and a benefit of $4 million of interest and penalty for the years ended December 31, 2017 , 2016 and 2015 , respectively. The amounts in the table above exclude cumulative accrued interest and penalties of $61 million , $51 million , and $50 million at December 31, 2017 , 2016 and 2015 , respectively, which are included in other liabilities. We are subject to income tax in many of the approximately 90 countries where we operate. As of December 31, 2017 , the following table summarizes the tax years that remain subject to examination for the major jurisdictions in which we operate: Canada 2009 - 2017 Mexico 2007 - 2017 Russia 2015 - 2017 Switzerland 2010 - 2017 United States 2014 - 2017 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 anticipate that it is reasonably possible that the amount of uncertain tax positions may decrease by up to $12 million in the next twelve months due to expiration of statutes of limitations, settlements and/or conclusions of tax examinations. |
Disputes, Litigation and Contin
Disputes, Litigation and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
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 Foreign Corrupt Practices Act of 1977 and trade sanctions related to the U.S. government investigations disclosed in our 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 was filed on June 15, 2015. Following briefing and oral argument, on June 29, 2017, the Texas Court of Appeals denied in part and granted in part the shareholders’ appeal. The Court ruled that the shareholders lacked standing to bring claims that arose prior to the Company’s redomestication to Switzerland in 2009, and upheld the dismissal of those claims. The Court reversed as premature the trial court’s dismissal of claims arising after the redomestication and remanded to the trial court for further proceedings. On February 1, 2018, the individual defendants and nominal defendant Weatherford filed a motion for summary judgment on the remaining claims in the case. We cannot reliably predict the outcome of the remaining claims, including the amount of any possible loss. Securities Class Action Settlement 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. Pursuant to the settlement, we were required to pay $120 million , which was partially funded by insurance proceeds. There was no admission of liability or fault by a party in connection with the settlement. We are pursuing reimbursement from our insurance carriers and have recovered $26 million of the settlement amount to date. On January 30, 2015, the U.S. District Court for the Southern District of New York approved the settlement of a purported shareholder securities class action captioned Dobina v. Weatherford International Ltd. , et al. , No. 1:11-cv-01646-LAK (S.D.N.Y.) for $53 million . The action named Weatherford and certain current and former officers as defendants. It alleged violation of the federal securities laws in connection with the material weakness in our internal controls over financial reporting for income taxes, and restatement of our historical financial statements announced in March 2011. The settlement was entirely funded by our insurers. There was no admission of liability or fault by any party in connection with the settlement. U.S. Government and Other Investigations The SEC and the U.S. Department of Justice (“DOJ”) investigated certain accounting issues associated with 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. During the first quarter 2016, we recorded a loss contingency in the amount of $65 million , and increased it to $140 million in the second quarter to reflect our best estimate of the potential settlement. As disclosed in the Form 8-K filed on September 27, 2016, the Company settled with the SEC without admitting or denying the findings of the SEC, by consenting to the entry of an administrative order that requires the Company to cease and desist from committing or causing any violations and any future violations of the anti-fraud provisions of the Securities Act of 1933 (as amended, the “Securities Act”), and the anti-fraud, reporting, books and records, and internal controls provisions of the Securities Exchange Act of 1934 (as amended, the “Exchange Act”), and the rules promulgated thereunder. As part of the terms of the SEC settlement, the Company agreed to pay a total civil monetary penalty of $140 million . In addition, certain reports and certifications regarding our internal controls over accounting for income taxes must be delivered to the SEC during the two years following the settlement. We have completed two of three such reports and expect the final report to be delivered by April 2018. A payment of $50 million was made during the fourth quarter of 2016, and a payment of $30 million was made in each of January and May 2017. A final payment for the civil monetary penalty of $30 million was made in September 2017. Spitzer Industries Litigation In August 2016, after a bench trial in Harris County, Texas, the court entered a judgment of $36 million against the Company in the case of Spitzer Industries, Inc. (“Spitzer”) vs. Weatherford U.S., L.P. in connection with Spitzer’s fabrication work on two mobile capture vessels used in the cleanup of marine oil spills. We agreed on a settlement and paid the settlement amount of $25 million during the fourth quarter of 2017. Rapid Completions and Packers Plus Litigation Several subsidiaries of the Company are defendants in a patent infringement lawsuit filed by Rapid Completions LLC (“RC”) in U.S. District Court for the Eastern District of Texas on July 31, 2015. RC claims that we and other defendants are liable for infringement of seven U.S. patents related to specific downhole completion equipment and the methods of using such equipment. These patents have been assigned to Packers Plus Energy Services, Inc., a Canadian corporation (“Packers Plus”), and purportedly exclusively licensed to RC. The litigation is currently stayed pending resolution of inter partes reviews of each of the patents-in-suit, which are pending before the Patent Trial and Appeal Board of the U.S. Patent and Trademark Office (“USPTO”). RC is seeking a permanent injunction against further alleged infringement, unspecified damages for infringement, supplemental and enhanced damages, and additional relief such as attorneys’ fees. The Company has filed a counterclaim against Packers Plus, seeking declarations of non-infringement, invalidity, and unenforceability of the patents-in-suit on the grounds of inequitable conduct before the USPTO. The Company is seeking attorneys’ fees and costs incurred in the lawsuit. On October 14, 2015, Packers Plus and RC filed suit in Federal Court in Toronto, Canada against the Company and certain subsidiaries alleging infringement of a related Canadian patent and seeking unspecified damages and an accounting of the Company’s profits. Trial on the validity of the Canadian patent was completed in March 2017. On November 3, 2017, the Federal Court issued its decision, wherein it concluded that the defendants proved that the patent-in-suit was invalid and dismissed Packers Plus and RC’s claims of infringement. On January 5, 2018, Packers Plus and RC filed their Notice of Appeal. If one or more negative outcomes were to occur in either case, the impact to our financial position, results of operations, or cash flows could be material. Other Disputes and Litigation 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 an agreement was reached and settled during 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. Accrued litigation and settlements recorded in “Other Current Liabilities” on the accompanying Consolidated Balance Sheets as of December 31, 2017 and 2016 were $51 million and $181 million , respectively. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Commitments and Other Contingencies We are committed under various operating lease agreements primarily related to office space and equipment. Generally, these leases include renewal provisions and rental payments, which may be adjusted for taxes, insurance and maintenance related to the property. Future minimum commitments under noncancellable operating leases are as follows (dollars in millions): 2018 $ 176 2019 112 2020 69 2021 52 2022 32 Thereafter 192 $ 633 Total rent expense incurred under operating leases was approximately $217 million , $324 million and $426 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. The future rental commitment table above does not include leases that are short-term in nature or can be cancelled with notice of less than three months . Other Contingencies The contractual residual value guarantee balance of of $28 million in “Other Non-Current Liabilities” on the accompanying Consolidated Balance Sheets at December 31, 2016 was extinguished after the underlying leased equipment in our North America pressure pumping operations was purchased during the first quarter of 2017. We have minimum purchase commitments related to supply contracts and maintain a liability at December 31, 2017 of $69 million for expected penalties to be paid, of which $22 million is recorded in “Other Current Liabilities” and $47 million is recorded in “Other Non-Current Liabilities” on our Consolidated Balance Sheets . |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Reporting Segments At the end of the third quarter of 2017, changes to the Company’s organization structure were internally announced by the Company’s management. During the fourth quarter of 2017, the Company's chief operating decision maker (its chief executive officer) changed the information he regularly reviews to allocate resources and assess performance. Implementation of these changes commenced in the beginning of the fourth quarter of 2017, and, as a result, we realigned our reporting segments into two reportable segments which are the Western Hemisphere segment and Eastern Hemisphere segment. Our Western Hemisphere segment represents the prior North America and Latin America segments as well as land drilling rigs operations in Colombia and Mexico. Our Eastern Hemisphere segment represents the prior MENA/Asia Pacific segment and Europe/SSA/Russia segment as well as land drilling rigs operations in the Eastern Hemisphere. Research and Development expenses are now included in the results of our Western and Eastern Hemisphere segments. We have revised our segment reporting to reflect our current management approach and recast prior periods to conform to the current segment presentation. These reportable segments are based on management’s organization and view of Weatherford’s business when making operating decisions and assessing performance. The purpose of the change is to flatten the organization structure, reduce our costs and accelerate decision-making processes. Our corporate and other expenses that do not individually meet the criteria for segment reporting continue to be reported separately as Corporate expenses. 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 “ Note 1 – Summary of Significant Accounting Policies .” Included in the 2016 and 2015 income (loss) from operations in the Eastern Hemisphere are losses related to our Zubair project in Iraq accounted for under the percentage-of-completion method as described in “ Note 5 – Percentage of Completion Contracts .” Year Ended December 31, 2017 (Dollars in millions) Net Income (Loss) Depreciation Capital Western Hemisphere $ 2,937 $ (115 ) $ 352 $ 70 Eastern Hemisphere 2,762 (143 ) 443 130 5,699 (258 ) 795 200 Corporate General and Administrative (130 ) 6 25 Long-Lived Asset Impairments, Write-Downs and Other Charges (a) (1,664 ) Restructuring Charges (b) (183 ) Litigation Charges, Net 10 Gain from Disposition of U.S. Pressure Pumping Assets (c) 96 Total $ 5,699 $ (2,129 ) $ 801 $ 225 (a) During 2017, impairments, asset write-downs and other include $928 million in long-lived asset impairments (of which $740 million relates to the write-down to the lower of carrying amount or fair value less cost to sell of our land drilling rigs assets classified as held for sale), $506 million of asset write-downs, charges and credits and $230 million in the write-down of Venezuelan receivables. (b) Includes restructuring charges of $183 million : $70 million in Western Hemisphere, $77 million in Eastern Hemisphere and $36 million in Corporate. (c) In the fourth quarter of 2017, we recognized a gain on the disposition of our U.S. pressure pumping and pump-down perforating assets. Year Ended December 31, 2016 (Dollars in millions) Net Operating Revenues Loss from Operations Depreciation and Amortization Capital Expenditures Western Hemisphere $ 2,942 $ (409 ) $ 446 $ 55 Eastern Hemisphere 2,807 (160 ) 501 134 5,749 (569 ) 947 189 Corporate General and Administrative (139 ) 9 15 Long-Lived Asset Impairment and Other Related Charges (d) (1,043 ) Restructuring Charges (e) (280 ) Litigation Charges (220 ) Total $ 5,749 $ (2,251 ) $ 956 $ 204 (d) Includes $710 million related to long-lived asset impairments, asset write-downs, receivable write-offs and other charges and credits, $219 million in inventory write-downs and $114 million of pressure pumping related charges. (e) Includes restructuring charges of $280 million : $153 million in the Western Hemisphere, $75 million in the Eastern Hemisphere and $52 million in Corporate. Year Ended December 31, 2015 (Dollars in millions) Net Operating Revenues Income (Loss) from Operations (f) Depreciation and Amortization Capital Expenditures Western Hemisphere $ 5,276 $ (180 ) $ 621 $ 390 Eastern Hemisphere 4,157 27 563 273 9,433 (153 ) 1,184 663 Corporate General and Administrative (194 ) 16 19 Long-Lived Asset Impairments (g) (768 ) Goodwill Impairment (25 ) Restructuring Charges (h) (232 ) Litigation Charges (116 ) Loss on Sale of Businesses, Net (6 ) Other Items (i) (52 ) Total $ 9,433 $ (1,546 ) $ 1,200 $ 682 (f) Includes inventory write-downs of $223 million attributable to the reporting segments as follows: $127 million in the Western Hemisphere and $96 million in the Eastern Hemisphere. Also includes bad debt expense of $48 million of which $31 million was taken in the fourth quarter attributable to our reporting segments as follows: $29 million in the Western Hemisphere and $19 million in the Eastern Hemisphere. (g) Includes $638 million of long-lived asset impairment charges, supply agreement charges related to a non-core business divestiture of $67 million , and pressure pumping related charges of $63 million . (h) Includes restructuring charges of $232 million : $94 million in the Western Hemisphere, $123 million in the Eastern Hemisphere and $15 million in Corporate. (i) Includes $17 million in professional and other fees, $11 million in divestiture related charges and facility closures and $24 million in other charges. The following table presents total assets by segment at December 31: Total Assets at December 31, (Dollars in millions) 2017 2016 Western Hemisphere $ 4,933 $ 6,167 Eastern Hemisphere 4,311 5,491 Corporate 503 1,006 Total $ 9,747 $ 12,664 Total assets in the United States, part of our Western Hemisphere segment, were $2.9 billion and $3.3 billion as of December 31, 2017 and 2016 , respectively. Products and Services We are one of the world’s leading providers of equipment and services used in the production, completion, drilling and evaluation, and well construction of oil and natural gas wells. The composition of our consolidated revenues by product service line group is as follows: Year Ended December 31, 2017 2016 2015 Production 26 % 29 % 29 % Completions 22 20 20 Drilling and Evaluation 24 22 22 Well Construction 28 29 29 Total 100 % 100 % 100 % Geographic Areas Financial information by geographic area within the hemispheres is summarized below. Revenues from customers and long-lived assets in Ireland were nil in each of the years presented. Long-lived assets exclude goodwill and intangible assets as well as deferred tax assets of $36 million and $81 million at December 31, 2017 and 2016 , respectively. Revenues Long-lived Assets (Dollars in millions) 2017 2016 2015 2017 2016 United States $ 1,555 $ 1,523 $ 2,864 $ 870 $ 1,008 Latin America 890 1,064 1,782 575 903 Canada 492 355 630 118 140 Western Hemisphere $ 2,937 $ 2,942 $ 5,276 $ 1,563 $ 2,051 Middle East & North Africa $ 1,464 $ 1,513 $ 1,843 $ 528 $ 1,595 Europe/Sub-Sahara Africa/Russia 999 939 1,613 532 629 Asia 299 355 701 270 354 Eastern Hemisphere $ 2,762 $ 2,807 $ 4,157 $ 1,330 $ 2,578 Total $ 5,699 $ 5,749 $ 9,433 $ 2,893 $ 4,629 |
Consolidating Financial Stateme
Consolidating Financial Statements | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Consolidating Financial Statements | Consolidating Financial Statements 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 our subsidiaries – Weatherford Bermuda and Weatherford Delaware, including the notes and credit facilities listed below. The 6.80% senior notes of Weatherford Delaware were guaranteed by Weatherford Bermuda at December 31, 2017 and 2016 . At December 31, 2016 , Weatherford Bermuda also guaranteed the 6.35% senior notes of Weatherford Delaware. The following obligations of Weatherford Bermuda were guaranteed by Weatherford Delaware at December 31, 2017 and 2016 : (1) Revolving Credit Agreement, (2) Term Loan Agreement, (3) 6.50% senior notes, (4) 6.00% senior notes, (5) 7.00% senior notes, (6) 9.625% senior notes, (7) 9.875% senior notes due 2039, (8) 5.125% senior notes, (9) 6.75% senior notes, (10) 4.50% senior notes and (11) 5.95% senior notes (12) 5.875% exchangeable senior notes, (13) 7.75% senior notes, (14) 8.25% senior notes and (15) 9.875% senior notes due 2024. 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) Year Ended December 31, 2017 (Dollars in Millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Revenues $ — $ — $ — $ 5,699 $ — $ 5,699 Costs and Expenses (19 ) 45 2 (7,856 ) — (7,828 ) Operating Income (Loss) (19 ) 45 2 (2,157 ) — (2,129 ) Other Income (Expense): Interest Expense, Net — (583 ) (38 ) 24 18 (579 ) Intercompany Charges, Net 12 148 (192 ) (103 ) 135 — Equity in Subsidiary Income (2,891 ) (878 ) (437 ) — 4,206 — Other Income (Expense), Net 85 (19 ) 5 (11 ) (8 ) 52 Income (Loss) Before Income Taxes (2,813 ) (1,287 ) (660 ) (2,247 ) 4,351 (2,656 ) (Provision) for Income Taxes — — — (137 ) — (137 ) Net Income (Loss) (2,813 ) (1,287 ) (660 ) (2,384 ) 4,351 (2,793 ) Net Income Attributable to Noncontrolling Interests — — — 20 — 20 Net Income (Loss) Attributable to Weatherford $ (2,813 ) $ (1,287 ) $ (660 ) $ (2,404 ) $ 4,351 $ (2,813 ) Comprehensive Income (Loss) Attributable to Weatherford $ (2,722 ) $ (1,307 ) $ (700 ) $ (2,312 ) $ 4,319 $ (2,722 ) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Year Ended December 31, 2016 (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Revenues $ — $ — $ — $ 5,749 $ — $ 5,749 Costs and Expenses (151 ) (3 ) 5 (7,851 ) — (8,000 ) Operating Income (Loss) (151 ) (3 ) 5 (2,102 ) — (2,251 ) Other Income (Expense): Interest Expense, Net — (465 ) (49 ) 4 11 (499 ) Intercompany Charges, Net (76 ) 4 (196 ) (274 ) 542 — Equity in Subsidiary Income (3,181 ) (2,403 ) (944 ) — 6,528 — Other Income (Expense), Net 16 (38 ) 43 (78 ) (70 ) (127 ) Income (Loss) Before Income Taxes (3,392 ) (2,905 ) (1,141 ) (2,450 ) 7,011 (2,877 ) Benefit for Income Taxes — — (154 ) (342 ) — (496 ) Net Income (Loss) (3,392 ) (2,905 ) (1,295 ) (2,792 ) 7,011 (3,373 ) Net Income Attributable to Noncontrolling Interests — — — 19 — 19 Net Income (Loss) Attributable to Weatherford $ (3,392 ) $ (2,905 ) $ (1,295 ) $ (2,811 ) $ 7,011 $ (3,392 ) Comprehensive Income (Loss) Attributable to Weatherford $ (3,361 ) $ (3,081 ) $ (1,425 ) $ (2,780 ) $ 7,286 $ (3,361 ) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Year Ended December 31, 2015 (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Revenues $ — $ — $ — $ 9,433 $ — $ 9,433 Costs and Expenses (101 ) (7 ) 2 (10,873 ) — (10,979 ) Operating Income (Loss) (101 ) (7 ) 2 (1,440 ) — (1,546 ) Other Income (Expense): Interest Expense, Net — (398 ) (57 ) (13 ) — (468 ) Intercompany Charges, Net (83 ) (110 ) (282 ) (403 ) 878 — Equity in Subsidiary Income (1,801 ) (1,868 ) (492 ) — 4,161 — Other Income (Expense), Net — 51 11 (144 ) — (82 ) Income (Loss) Before Income Taxes (1,985 ) (2,332 ) (818 ) (2,000 ) 5,039 (2,096 ) (Provision) Benefit for Income Taxes — — 114 31 — 145 Net Income (Loss) (1,985 ) (2,332 ) (704 ) (1,969 ) 5,039 (1,951 ) Net Income Attributable to Noncontrolling Interests — — — 34 — 34 Net Income (Loss) Attributable to Weatherford $ (1,985 ) $ (2,332 ) $ (704 ) $ (2,003 ) $ 5,039 $ (1,985 ) Comprehensive Income (Loss) Attributable to Weatherford $ (2,745 ) $ (2,610 ) $ (754 ) $ (2,762 ) $ 6,126 $ (2,745 ) Condensed Consolidating Balance Sheet December 31, 2017 (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Current Assets: Cash and Cash Equivalents $ — $ 195 $ — $ 418 $ — $ 613 Other Current Assets 1 — 516 3,298 (550 ) 3,265 Total Current Assets 1 195 516 3,716 (550 ) 3,878 Equity Investments in Affiliates (460 ) 7,998 8,009 530 (16,077 ) — Intercompany Receivables, Net — — — 4,213 (4,213 ) — Other Assets — 8 4 5,857 — 5,869 Total Assets $ (459 ) $ 8,201 $ 8,529 $ 14,316 $ (20,840 ) $ 9,747 Current Liabilities: Short-term Borrowings and Current Portion of Long-Term Debt $ — $ 128 $ — $ 20 $ — $ 148 Accounts Payable and Other Current Liabilities 10 183 — 2,439 (550 ) 2,082 Total Current Liabilities 10 311 — 2,459 (550 ) 2,230 Long-term Debt — 7,127 166 159 89 7,541 Intercompany Payables, Net 87 242 3,884 — (4,213 ) — Other Long-term Liabilities 70 146 136 332 (137 ) 547 Total Liabilities 167 7,826 4,186 2,950 (4,811 ) 10,318 Weatherford Shareholders’ (Deficiency) Equity (626 ) 375 4,343 11,311 (16,029 ) (626 ) Noncontrolling Interests — — — 55 — 55 Total Liabilities and Shareholders’ (Deficiency) Equity $ (459 ) $ 8,201 $ 8,529 $ 14,316 $ (20,840 ) $ 9,747 Condensed Consolidating Balance Sheet December 31, 2016 (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Current Assets: Cash and Cash Equivalents $ — $ 586 $ 4 $ 447 $ — $ 1,037 Other Current Assets 1 — 512 3,891 (531 ) 3,873 Total Current Assets 1 586 516 4,338 (531 ) 4,910 Equity Investments in Affiliates 2,415 8,669 8,301 1,037 (20,422 ) — Intercompany Receivables, Net — — — 3,762 (3,762 ) — Other Assets 2 13 — 7,751 (12 ) 7,754 Total Assets $ 2,418 $ 9,268 $ 8,817 $ 16,888 $ (24,727 ) $ 12,664 Current Liabilities: Short-term Borrowings and Current Portion of Long-Term Debt $ — $ 53 $ 94 $ 32 $ — $ 179 Accounts Payable and Other Current Liabilities 105 198 — 2,488 (542 ) 2,249 Total Current Liabilities 105 251 94 2,520 (542 ) 2,428 Long-term Debt — 6,944 148 204 107 7,403 Intercompany Payables, Net 145 224 3,393 — (3,762 ) — Other Long-term Liabilities 156 152 146 457 (146 ) 765 Total Liabilities 406 7,571 3,781 3,181 (4,343 ) 10,596 Weatherford Shareholders’ Equity 2,012 1,697 5,036 13,651 (20,384 ) 2,012 Noncontrolling Interests — — — 56 — 56 Total Liabilities and Shareholders’ Equity $ 2,418 $ 9,268 $ 8,817 $ 16,888 $ (24,727 ) $ 12,664 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2017 (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Cash Flows from Operating Activities: Net Income (Loss) $ (2,813 ) $ (1,287 ) $ (660 ) $ (2,384 ) $ 4,351 $ (2,793 ) Adjustments to Reconcile Net Income(Loss) to Net Cash Provided (Used) by Operating Activities: Charges from Parent or Subsidiary (12 ) (148 ) 192 103 (135 ) — Equity in (Earnings) Loss of Affiliates 2,891 878 437 — (4,206 ) — Deferred Income Tax Provision (Benefit) — — — (25 ) (25 ) Other Adjustments (278 ) 1,236 66 1,416 (10 ) 2,430 Net Cash Provided by (Used in) Operating Activities (212 ) 679 35 (890 ) — (388 ) Cash Flows from Investing Activities: Capital Expenditures for Property, Plant and Equipment — — — (225 ) — (225 ) Acquisition of Assets Held for Sale — — — (244 ) — (244 ) Acquisitions of Businesses, Net of Cash Acquired — — — (7 ) — (7 ) Acquisition of Intellectual Property — — — (15 ) — (15 ) Proceeds (Payment) Related to Sale of Businesses and Equity Investment, Net — — — (1 ) — (1 ) Proceeds from Sale of Assets and U.S. Pressure Pumping and Pump-Down Perforating Assets and Other Assets — — — 481 — 481 Other Investing Activities — — — (51 ) — (51 ) Net Cash Used in Investing Activities — — — (62 ) — (62 ) Cash Flows from Financing Activities: Borrowings (Repayments) Short-term Debt, Net — (17 ) — (111 ) — (128 ) Borrowings (Repayments) Long-term Debt, Net — 200 (94 ) 75 — 181 Borrowings (Repayments) Between Subsidiaries, Net 212 (1,253 ) 55 986 — — Other, Net — — — (33 ) — (33 ) Net Cash Provided by Financing Activities 212 (1,070 ) (39 ) 917 — 20 Effect of Exchange Rate Changes On Cash and Cash Equivalents — — — 6 — 6 Net Increase (Decrease) in Cash and Cash Equivalents — (391 ) (4 ) (29 ) — (424 ) Cash and Cash Equivalents at Beginning of Year — 586 4 447 — 1,037 Cash and Cash Equivalents at End of Year $ — $ 195 $ — $ 418 $ — $ 613 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2016 (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Cash Flows from Operating Activities: Net Income (Loss) $ (3,392 ) $ (2,905 ) $ (1,295 ) $ (2,792 ) $ 7,011 $ (3,373 ) Adjustments to Reconcile Net Income(Loss) to Net Cash Provided (Used) by Operating Activities: Charges from Parent or Subsidiary 76 (4 ) 196 274 (542 ) — Equity in (Earnings) Loss of Affiliates 3,181 2,403 944 — (6,528 ) — Deferred Income Tax Provision (Benefit) — — 26 355 — 381 Other Adjustments 1,230 75 257 1,067 59 2,688 Net Cash Provided by (Used in) Operating Activities 1,095 (431 ) 128 (1,096 ) — (304 ) Cash Flows from Investing Activities: Capital Expenditures for Property, Plant and Equipment — — — (204 ) — (204 ) Acquisitions of Businesses, Net of Cash Acquired — — — (5 ) — (5 ) Acquisition of Intellectual Property — — — (10 ) — (10 ) Insurance Proceeds Related to Insurance Casualty Loss — — — 39 — 39 Proceeds from Sale of Assets — — — 49 — 49 Proceeds (Payment) Related to Sale of Business and Equity Investment, Net — — — (6 ) — (6 ) Net Cash Used in Investing Activities — — — (137 ) — (137 ) Cash Flows from Financing Activities: Borrowings (Repayments) Short-term Debt, Net — (1,497 ) — (15 ) — (1,512 ) Borrowings (Repayments) Long-term Debt, Net — 2,299 (516 ) (65 ) — 1,718 Borrowings (Repayments) Between Subsidiaries, Net (1,095 ) 213 370 512 — — Proceeds from Issuance of Ordinary Common Shares and Warrant — — — 1,071 — 1,071 Other, Net — — — (216 ) — (216 ) Net Cash Provided by Financing Activities (1,095 ) 1,015 (146 ) 1,287 — 1,061 Effect of Exchange Rate Changes On Cash and Cash Equivalents — — — (50 ) — (50 ) Net Increase in Cash and Cash Equivalents — 584 (18 ) 4 — 570 Cash and Cash Equivalents at Beginning of Year — 2 22 443 — 467 Cash and Cash Equivalents at End of Year $ — $ 586 $ 4 $ 447 $ — $ 1,037 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2015 (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Cash Flows from Operating Activities: Net Income (Loss) $ (1,985 ) $ (2,332 ) $ (704 ) $ (1,969 ) $ 5,039 $ (1,951 ) Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities: Charges from Parent or Subsidiary 83 110 282 403 (878 ) — Equity in (Earnings) Loss of Affiliates 1,801 1,868 492 — (4,161 ) — Deferred Income Tax (Provision) Benefit — — 14 (462 ) — (448 ) Other Adjustments (35 ) 210 (86 ) 3,025 — 3,114 Net Cash Provided by (Used in) Operating Activities (136 ) (144 ) (2 ) 997 — 715 Cash Flows from Investing Activities: Capital Expenditures for Property, Plant and Equipment — — — (682 ) — (682 ) Acquisitions of Businesses, Net of Cash Acquired — — — (14 ) — (14 ) Acquisition of Intellectual Property — — — (8 ) — (8 ) Proceeds Related to Sale of Businesses and Equity Investment, Net — — — 8 — 8 Proceeds from Sale of Assets — — — 37 — 37 Net Cash Used in Investing Activities — — — (659 ) — (659 ) Cash Flows from Financing Activities: Borrowings (Repayments) Short-term Debt, Net — 535 — (30 ) — 505 Borrowings (Repayments) Long-term Debt, Net — (411 ) (31 ) (28 ) — (470 ) Borrowings (Repayments) Between Subsidiaries, Net 135 22 33 (190 ) — — Other, Net — — — (32 ) — (32 ) Net Cash Provided by Financing Activities 135 146 2 (280 ) — 3 Effect of Exchange Rate Changes on Cash and Cash Equivalents — — — (66 ) — (66 ) Net Increase in Cash and Cash Equivalents (1 ) 2 — (8 ) — (7 ) Cash and Cash Equivalents at Beginning of Period 1 — 22 451 — 474 Cash and Cash Equivalents at End of Period $ — $ 2 $ 22 $ 443 $ — $ 467 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) Summarized quarterly financial data for the years ended December 31, 2017 and 2016 are presented in the following tables. In the following tables, the sum of basic and diluted “Loss Per Share” for the four quarters may differ from the annual amounts due to the required method of computing weighted average number of shares in the respective periods. Additionally, due to the effect of rounding, the sum of the individual quarterly earnings per share amounts may not equal the calculated year earnings per share amount. 2017 Quarters (Dollars in millions, except per share amounts) First Second Third Fourth Total Revenues $ 1,386 $ 1,363 $ 1,460 $ 1,490 $ 5,699 Gross Profit 180 174 264 192 810 Net Loss Attributable to Weatherford (448 ) (a) (171 ) (b) (256 ) (c) (1,938 ) (d) (2,813 ) Basic & Diluted Loss Per Share (0.45 ) (0.17 ) (0.26 ) (1.95 ) (2.84 ) (a) Includes charges of $134 million primarily related to severance and restructuring charges, asset write-downs and a warrant fair value adjustment, partially offset by defined benefit pension plan reclassifications. (b) Includes credits of $108 million primarily related to gains on a warrant fair value and defined benefit pension plan reclassifications, partially offset by severance and restructuring charges and asset write-downs. (c) Includes charges of $35 million primarily related to severance and restructuring charges and a warrant fair value adjustment. (d) Includes charges of $1.6 billion primarily related to long-lived asset impairments (including the write-down to the lower of carrying amount or fair value less cost to sell of our land drilling rigs assets classified as held for sale), inventory write-downs, the write-down of Venezuelan receivables, severance and restructuring charges, partially offset by a gain on sale of assets and a warrant fair value adjustment. 2016 Quarters (Dollars in millions, except per share amounts) First Second Third Fourth Total Revenues $ 1,585 $ 1,402 $ 1,356 $ 1,406 $ 5,749 Gross Profit 111 164 126 159 560 Net Loss Attributable to Weatherford (498 ) (e) (565 ) (f) (1,780 ) (g) (549 ) (h) (3,392 ) Basic & Diluted Loss Per Share (0.61 ) (0.63 ) (1.98 ) (0.59 ) (3.82 ) (e) Includes charges of $285 million primarily related to severance and restructuring, litigation charges, pressure pumping related charges and an estimated project loss on our long-term early production facility construction contract. (f) Includes charges of $347 million primarily related to litigation charges, an adjustment to a note from PDVSA to fair value, a bond tender premium incurred from a tender offer and severance and restructuring charges partially offset by an estimated project income on our long-term early production facility construction contract. (g) Includes charges of $771 million primarily related to long-lived asset impairments, inventory write-downs and severance and restructuring. (h) Includes charges of $245 million primarily related to severance and restructuring, litigation charges and pressure pumping related charges. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Allowances | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts and Allowances | SCHEDULE II WEATHERFORD INTERNATIONAL PLC AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS AND ALLOWANCES FOR THE THREE YEARS ENDED DECEMBER 31, 2017 Balance at (Recovery) Balance at Beginning and End of (Dollars in millions) of Period Expense (a) Additions Other (b) (c) Period Year Ended December 31, 2017: Current Allowance for Uncollectible Accounts Receivable 129 80 — (53 ) 156 Long-term Allowance for Uncollectible Accounts Receivable — 158 — 15 173 Total Allowance for Uncollectible Accounts Receivable 129 238 — (38 ) 329 Valuation Allowance on Deferred Tax Assets 1,738 158 — (9 ) 1,887 Year Ended December 31, 2016: Allowance for Uncollectible Accounts Receivable 113 69 — (53 ) 129 Valuation Allowance on Deferred Tax Assets 868 872 — (2 ) 1,738 Year Ended December 31, 2015: Allowance for Uncollectible Accounts Receivable 108 48 (1 ) (42 ) 113 Valuation Allowance on Deferred Tax Assets 732 159 — (23 ) 868 (a) In the second quarter of 2017, we changed the accounting for revenue with our primary customer in Venezuela and reclassified $158 million of net accounts receivable for this customer to Other Non-Current Assets on the accompanying Consolidated Balance Sheets . In the fourth quarter of 2017, we recorded an allowance for uncollectible long-term receivables for the full net amount of $158 million . (b) Other within the allowance for uncollectible accounts receivable as of December 2017 includes write-offs and amounts reclassified to long-term. (c) Other in 2017 for valuation allowance on deferred taxes primarily due to currency translation. All other schedules are omitted because they are not required or because the information is included in the financial statements or the related notes. |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
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. All material intercompany accounts and transactions have been eliminated in consolidation. Prior periods segment results, restructuring charges and certain other items have been reclassified for the change in our reportable segment presentation. 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’ (deficiency) equity were not affected by these reclassifications. See subsection entitled “New Accounting Pronouncements” for additional details. Investments in affiliates in which we exercise significant influence over operating and financial policies are accounted for using the equity method. We recognize equity in earnings of unconsolidated affiliates in Selling, General and Administration attributable to segments in our Consolidated Statements of Operations (see “ Note 11 – Equity Investments ”). |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the reported amounts of revenues and expenses during the reporting period, and disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates and assumptions, including those related to uncollectible accounts receivable, lower of cost or market of inventories, equity investments, derivative financial instruments, intangible assets and goodwill, property, plant and equipment (“PP&E”), 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. |
Disputes, Litigation and Contingencies | Disputes, Litigation and Contingencies We accrue an estimate of the probable and estimable cost to resolve certain legal and investigation matters. For matters not deemed probable and reasonably estimable, we have not accrued any amounts in accordance with U.S. GAAP. Our contingent loss estimates are based upon an analysis of potential results, assuming a combination of probable litigation and settlement strategies. The accuracy of these estimates is impacted by the complexity of the associated issues. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments with original maturities of three months or less to be cash equivalents. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts We establish an allowance for doubtful accounts based on various factors including historical experience, the current aging status of our customer accounts, the financial condition of our customers and the business and political environment in which our customers operate. Provisions for doubtful accounts are recorded when it becomes probable that customer accounts are uncollectible. |
Major Customers and Credit Risk | Major Customers and Credit Risk Substantially all of our customers are engaged in the energy industry. This concentration of customers may impact our overall exposure to credit risk, either positively or negatively, in that customers may be similarly affected by changes in economic and industry conditions. We perform on-going credit evaluations of our customers and do not generally require collateral in support of our trade receivables. We maintain allowances for potential credit losses, and actual losses have historically been within our expectations. International sales also present various risks, including risks of war, civil disturbances and governmental activities that may limit or disrupt markets, restrict the movement of funds, or result in the deprivation of contract rights or the taking of property without fair consideration. Most of our international sales are to large international or national oil companies and these sales have resulted in a concentration of receivables from certain national oil companies. As of December 31, 2017 , the Eastern Hemisphere accounted for 57% of our net outstanding accounts receivables and the Western Hemisphere accounted for 43% of our net outstanding accounts receivables. As of December 31, 2017 , our net outstanding accounts receivable in the U.S. accounted for 19% of our balance and Kuwait accounted for 10% of our balance. No other country accounted for more than 10% of our net outstanding accounts receivables balance. During 2017 , 2016 and 2015 , no individual customer accounted for more than 10% of our consolidated revenues. |
Inventories | Inventories We value our inventories at lower of cost or market using either the first-in, first-out (“FIFO”) or average cost method. Cost represents third-party invoice or production cost. Production cost includes material, labor and manufacturing overhead. Work in process and finished goods inventories include the cost of materials, labor and manufacturing overhead. To maintain a book value that is the lower of cost or market, we maintain reserves for excess, slow moving and obsolete inventory. We regularly review inventory quantities on hand and record provisions for excess, slow moving and obsolete inventory. |
Property, Plant and Equipment | Property, Plant and Equipment We carry our property, plant and equipment, both owned and under capital lease, at cost less accumulated depreciation. The carrying values are based on our estimates and judgments relative to capitalized costs, useful lives and salvage value, where applicable. We expense maintenance and repairs as incurred. We capitalize expenditures for improvements as well as renewals and replacements that extend the useful life of the asset. We depreciate our fixed assets on a straight-line basis over their estimated useful lives, allowing for salvage value where applicable. Our depreciation expense was $749 million , $896 million and $1.1 billion for the years ended December 31, 2017 , 2016 and 2015 , respectively. We classify our rig assets as “ Rental and Service Equipment ” on the Consolidated Balance Sheets . The estimated useful lives of our major classes of PP&E are as follows: Major Classes of Property, Plant and Equipment Estimated Useful Lives Buildings and leasehold improvements 10 – 40 years or lease term Rental and service equipment 2 – 20 years Machinery and other 2 – 12 years |
Goodwill and Indefinite Lived Intangibles Assets | Goodwill Goodwill represents the excess of consideration paid over the fair value of net tangible and identifiable intangible assets acquired in a business combination. Goodwill is not amortized but is evaluated for impairment. We perform an impairment test for goodwill annually as of October 1 or more frequently if indicators of potential impairment exist that would more-likely-than-not reduce the fair value of the reporting unit below its carrying value. We have the option to assess qualitative factors to determine if it is necessary to perform the quantitative step of the impairment test. If it is not more-likely-than-not that the fair value of a reporting unit is less than its carrying value, further testing is not required. If it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value, we must perform the quantitative goodwill impairment test. We also have the option to bypass the qualitative assessment at any time and perform the quantitative step. The quantitative step of the goodwill impairment test involves a comparison of the fair value of each of our reporting units with their carrying values. If the carrying value of a reporting unit’s goodwill were to exceed its fair value, goodwill impairment is recognized as the difference to the extent of the goodwill balance. |
Intangible Assets | Intangible Assets Our intangible assets, excluding goodwill, are acquired technology, licenses, patents, customer relationships and other identifiable intangible assets. Intangible assets are amortized on a straight-line basis over their estimated economic lives generally ranging from two to 20 years, except for intangible assets with indefinite lives, which are not amortized. As many areas of our business rely on patents and proprietary technology, we seek patent protection both inside and outside the U.S. for products and methods that appear to have commercial significance. We capitalize patent defense costs when we determine that a successful defense is probable. |
Long-Lived Assets | Long-Lived Assets We initially record our long-lived assets at cost, and review on a regular basis to determine whether any events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. Factors that might indicate a potential impairment may include, but are not limited to, significant decreases in the market value of the long-lived asset, a significant change in the long-lived asset’s physical condition, the introduction of competing technologies, legal challenges, a reduction in the utilization rate of the assets, a change in industry conditions or a reduction in cash flows associated with the use of the long-lived asset. If these or other factors indicate the carrying amount of the asset may not be recoverable, we determine whether an impairment has occurred through analysis of undiscounted cash flow of the asset at the lowest level that has an identifiable cash flow. If an impairment has occurred, we recognize a loss for the difference between the carrying amount and the fair value of the asset. We estimate the fair value of the asset using market prices when available or, in the absence of market prices, based on an estimate of discounted cash flows or replacement cost. Cash flows are generally discounted using an interest rate commensurate with a weighted average cost of capital for a similar asset. |
Research and Development Expenditures | Research and Development Expenditures Research and development expenditures are expensed as incurred. |
Environmental Expenditures | Environmental Expenditures Environmental expenditures that relate to the remediation of an existing condition caused by past operations and that do not contribute to future revenues are expensed. Liabilities for these expenditures are recorded when it is probable that obligations have been incurred and costs can be reasonably estimated. Estimates are based on available facts and technology, enacted laws and regulations and our prior experience in remediation of contaminated sites. |
Derivatives Financial Instruments | Derivative Financial Instruments We record derivative instruments on the balance sheet at their fair value as either assets or liabilities. Changes in the fair value of derivatives are recorded each period in current earnings or other comprehensive income (loss), depending on whether the derivative is designated as part of a hedge relationship, and if so, the type of hedge. |
Foreign Currency | Foreign Currency Results of operations for our foreign subsidiaries with functional currencies other than the U.S. dollar are translated using average exchange rates during the period. Assets and liabilities of these foreign subsidiaries are translated using the exchange rates in effect at the balance sheet dates, and the resulting translation adjustments are included in Accumulated Other Comprehensive Loss, a component of shareholders’ (deficiency) equity. For our subsidiaries that have a functional currency that differs from the currency of their balances and transactions, inventories, PP&E and other non-monetary assets and liabilities, together with their related elements of expense or income, are remeasured into the functional currency using historical exchange rates. All monetary assets and liabilities are remeasured into the functional currency at current exchange rates. All revenues and expenses are translated into the functional currency at average exchange rates. Remeasurement gains and losses for these subsidiaries are recognized in our results of operations during the period incurred. We record net foreign currency gains and losses on foreign currency derivatives (see “ Note 15 – Derivative Instruments ”) in “ Other Income (Expense), Net ” on the accompanying Consolidated Statements of Operations . Devaluation charges on foreign currencies are reported in “ Currency Devaluation Charges ” on the accompanying Consolidated Statements of Operations .. At December 31, 2017 our net monetary asset position denominated in Angolan kwanza was approximately $99 million . |
Share-Based Compensation | Share-Based Compensation We account for all share-based payment awards, including shares issued under employee stock purchase plans, stock options, restricted shares, restricted share units and performance units by measuring these awards at the date of grant and recognizing the grant date fair value as an expense, net of expected forfeitures, over the service period, which is usually the vesting period. |
Income Taxes | Income Taxes Income taxes have been provided based upon the tax laws and rates in the countries in which our operations are conducted and income is earned. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. The impact of an uncertain tax position taken or expected to be taken on an income tax return is recognized in the financial statements at the largest amount that is more likely than not to be sustained upon examination by the relevant taxing authority. |
Revenue Recognition | Revenue Recognition Revenue is recognized when all of the following criteria have been met: (1) evidence of an arrangement exists; (2) delivery to and acceptance by the customer has occurred; (3) the price to the customer is fixed or determinable; and (4) collectability is reasonably assured. Our services and products are generally sold based upon purchase orders, contracts or other persuasive evidence of an arrangement with our customers that include fixed or determinable prices but do not generally include right of return provisions or other significant post-delivery obligations. Our products are produced in a standard manufacturing operation, even if produced to our customer’s specifications. Revenue is recognized for products upon delivery and when the customers assume the risks and rewards of ownership. Revenue is recognized for services when they are rendered. Both contract drilling and pipeline service revenue is contractual by nature and generally governed by day-rate based contracts. We recognize revenue for day-rate contracts as the services are rendered. Up-front payments for preparation and mobilization of equipment and personnel in connection with new drilling contracts are deferred along with any related incremental costs incurred directly related to preparation and mobilization. The deferred revenue and costs are recognized over the primary contract term using the straight-line method. Costs of relocating equipment without contracts are expensed as incurred. Demobilization fees received are recognized, along with any related expenses, upon completion of contracts. We incur rebillable expenses including shipping and handling, third-party inspection and repairs, and customs costs and duties. We recognize the revenue associated with these rebillable expenses when reimbursed by customers as Product Revenues and all related costs as Cost of Products in the accompanying Consolidated Statements of Operations . Revenue Recognition – Venezuela In the second quarter of 2017, we changed the accounting for revenue with our primary customer in Venezuela to record a discount reflecting the time value of money and accrete the discount as interest income over the expected collection period using the effective interest method. In connection with this development, we corrected this immaterial error for the three and six month periods ended June 30, 2017. The impact of the correction decreased revenue and increased interest income by approximately $31 million and $4 million , respectively, for the three month period ended June 30, 2017 and reduced accounts receivable by approximately $27 million as of June 30, 2017. To reflect the impact of payment delays and expectation that the time to collect may exceed one year, we reclassified $158 million of accounts receivable for this customer to Other Non-Current Assets on the accompanying Consolidated Balance Sheets . In the fourth quarter of 2017, we changed the accounting for revenue with substantially all of our customers in Venezuela to cash basis due to the downgrade of the country’s bonds by certain credit agencies, continued significant political and economic turmoil and continued economic sanctions around certain financing transactions imposed by the U.S. government. In connection with this development, we recorded a charge equal to a full allowance on our accounts receivable for revenue earned prior to September 30, 2017 in Other Non-Current Assets and Accounts Receivable, Net of Allowance for Uncollectible Account for these customers in Venezuela. The impact of the charge was approximately $230 million for the three month period ended December 31, 2017 and reduced Other Non-Current Assets and Accounts Receivable, Net of Allowance for Uncollectible Accounts on the accompanying Condensed Consolidated Balance Sheets by approximately $158 million and $72 million , respectively, as of December 31, 2017. We will continue to monitor our Venezuelan operations and will actively pursue collection of our outstanding invoices. |
Percentage- of- Completion | Percentage-of-Completion Revenue from certain long-term construction type contracts is reported based on the percentage-of-completion method of accounting. This method of accounting requires us to calculate contract profit to be recognized in each reporting period for each contract based upon our projections of future outcomes, which include: • estimates of the available revenue under the contracts; • estimates of the total cost to complete the project; • estimates of project schedule and completion date; • estimates of the extent of progress toward completion; and • change order amounts or claims included in revenue. Measurements of progress are based on costs incurred to date as a percentage of total estimated costs or output related to physical progress. At the outset of each contract, we prepare a detailed analysis of our estimated cost to complete the project. Risks related to service delivery, usage, productivity and other factors are considered in the estimation process. We periodically evaluate the estimated costs, claims, change orders and percentage-of-completion at the contract level. The recording of profits and losses on long-term contracts requires an estimate of the total profit or loss over the life of each contract. This estimate requires consideration of total contract value, change orders and claims, less costs incurred and estimated costs to complete. Anticipated losses on contracts are recorded in full in the period in which they become evident. Profits are recorded based upon the total estimated contract profit multiplied by the current estimated percentage complete for the contract. There are many factors that impact future costs, including but not limited to weather, inflation, customer activity levels and budgeting constraints, labor and community disruptions, timely availability of materials, productivity and other factors. |
Earnings per Share | Earnings per Share Basic earnings per share for all periods presented equals net income divided by the weighted average number of our shares outstanding during the period including participating securities. Diluted earnings per share is computed by dividing net income 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. Unvested share-based payment awards and other instruments issued by the Company that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and are included in the computation of earnings per share following the two-class method. Accordingly, we include our restricted share awards (“RSA”) and the outstanding warrant, which contain the right to receive dividends, in the computation of both basic and diluted earnings per share when diluted. |
New Accounting Pronouncements | New Accounting Pronouncements Accounting Changes In May 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting , which clarifies that modification accounting is required only if the fair value, the vesting conditions, or the classification of a share-based payment award changes as a result of changes in terms or conditions of the award. We have elected to early adopt ASU 2017-09 in the second quarter of 2017 and the adoption of this ASU had no impact on our Consolidated Financial Statements. In January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which eliminates Step 2 of the goodwill impairment test requiring an entity to compute the implied fair value of goodwill. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. We have elected to adopt ASU 2017-04 as of January 1, 2017 and the adoption of this ASU has no impact 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 . ASU 2016-09 requires all income tax effects related to share-based payments at settlement (or expiration) be recorded through the income statement, including unrealized excess tax benefits. ASU 2016-09 also requires that all tax related cash flows resulting from share-based payments be presented as operating activities in the statement of cash flows. In addition, the guidance allows entities to increase the net-share settlement of an employee’s shares for tax withholding purposes without triggering liability accounting and to make a policy election to estimate forfeitures or recognize them as they occur. Finally, the new guidance requires all cash payments made to a taxing authority on an employee’s behalf for shares withheld be presented as financing activities in the statement of cash flows. We adopted ASU 2016-09 in the first quarter of 2017. We prospectively adopted the changes requiring all tax effects related to share-based payments to be recorded through the income statement and all tax related cash flows from share based payments to be presented as operating activities in the statement of cash flows. There is no cumulative effect as there is no impact from unrecognized excess tax benefits or minimum withholding requirements and prior periods have not been adjusted. We have also made an entity-wide accounting policy election to continue to estimate forfeitures and adjust the estimate when it is likely to change. We have retrospectively adopted the guidance to classify as a financing activity on the statement of cash flows all cash payments made to a taxing authority on an employee’s behalf for shares withheld for tax-withholding purposes. We have reclassified $10 million and $9 million from other operating activities to other financing activities in the Statements of Cash Flows for the years ended December 31, 2016 and 2015, respectively. 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 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. We adopted ASU 2015-11 in the first quarter of 2017 prospectively with no impact on our Consolidated Financial Statements. Accounting Standards Issued Not Yet Adopted In July 2017, the FASB issued ASU 2017-11, which amends the accounting for certain equity-linked financial instruments and states a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. For an equity-linked financial instrument no longer accounted for as a liability at fair value, the amendments require a down round to be treated as a dividend and as a reduction of income available to common shareholders in basic earnings per share. The ASU is effective beginning with the first quarter of 2019, and early adoption is permitted. The ASU is required to be applied retrospectively to outstanding instruments. Weatherford has evaluated the impact that this new standard will have on our Consolidated Financial Statements and concluded adoption of the ASU will not impact the liability classification of our warrant instrument. In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which amends the presentation of net periodic pension and postretirement benefit cost (“net benefit cost”). The service cost component of net benefit cost will be bifurcated and presented with other employee compensation costs, while other components of net benefit costs will be presented separately outside of income from operations. The standard is required to be applied on a retrospective basis and will be effective beginning with the first quarter of 2018. The adoption of this amended guidance is not expected to have a material impact on our consolidated financial statements, other than the $41 million income adjustment of non-service cost components from operating expenses to other income (expense) for 2017. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory , which eliminates a current exception in U.S. GAAP to the recognition of the income tax effects of temporary differences that result from intra-entity transfers of non-inventory assets. The intra-entity exception is being eliminated under the ASU. The standard is required to be applied on a modified retrospective basis and will be effective beginning with the first quarter of 2018. We estimate that the impact that this new standard will have on our Consolidated Financial Statements will be a reversal of $105 million of prepaid taxes through retained earnings. Prospectively, any taxes paid that result from the intra-entity transfers of non-inventory assets will be recognized in current tax expense. In February 2016, the FASB issued ASU 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 U.S. GAAP. The ASU also changes the definition of a lease and requires expanded quantitative and qualitative disclosures for both lessees and lessors. Under ASU 2016-02, we will revise our leasing policies to require most of the leases, where we are the lessee, to be recognized on the balance sheet as a lease asset and lease liability whereas currently we do not recognize operating leases on our balance sheet. Further, we will separate leases from other contracts where we are either the lessor or lessee when the rights conveyed under the contract indicate there is a lease, where we may not be required to do so under existing policies. While we cannot calculate the impact ASU 2016-02 will have on Weatherford’s financial statements, we anticipate that Weatherford’s assets and liabilities will increase by a significant amount. This standard will be effective for us beginning with the first quarter of 2019. We do not anticipate adopting ASU 2016-02 early, which is permitted under the standard. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which will replace most existing revenue recognition guidance in U.S. GAAP. ASU 2014-09 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 requires a five-step approach to recognizing revenue: 1) identify the contract, 2) identify performance obligations, 3) determine the transaction price, 4) allocate the transaction price, and 5) recognize revenue. Subsequent to ASU 2014-09’s issuance, Topic 606 has been affected by other FASB updates that address certain aspects of Topic 606 or revised the effective date of the accounting changes. Under ASU 2014-09, we will revise our revenue recognition policy to require revenue recognition when control passes. This is a change from current policies, which generally require revenue recognition when delivery has occurred and risk and rewards of ownership have passed. We adopted ASU 2014-09 as of January 1, 2018. ASU 2014-09 permits two transition methods: the retrospective method or the modified retrospective method. Weatherford applied the modified retrospective method which requires the recognition of a cumulative effect as an adjustment to opening retained earnings on the initial date of adoption. We have commenced our implementation of ASU 2014-09 and completed an assessment of the differences between ASU 2014-09 and current accounting practices (gap analysis). Our approach involved comparing existing accounting requirements to the requirements under Topic 606 for each of our product lines and reviewing a sample of contracts within each product line and region. We are currently in the process of establishing new policies, procedures, and controls, establishing appropriate presentation and disclosure changes and quantifying any adoption date adjustments. Although not finalized, based on the implementation efforts performed, management’s assessment is that ASU 2014-09 will not materially affect us. Any changes are not expected to have any impact to our cash flows. |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Property, Plant and Equipment and Estimated Useful Lives | The estimated useful lives of our major classes of PP&E are as follows: Major Classes of Property, Plant and Equipment Estimated Useful Lives Buildings and leasehold improvements 10 – 40 years or lease term Rental and service equipment 2 – 20 years Machinery and other 2 – 12 years |
Business Combinations and Div36
Business Combinations and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The carrying amounts of the major classes of assets of U.S. pressure pumping and pump-down perforating divested are as follows: December 31, (Dollars in millions) 2017 Assets: Inventory, Net $ 7 Property, Plant and Equipment, Net 222 Goodwill 162 Total Assets $ 391 Liabilities: Long-term Debt $ 9 Other Liabilities 52 Total Liabilities $ 61 Held for Sale During the fourth quarter of 2017, we committed to a plan to divest our land drilling rigs assets. As such, we reclassified the carrying amounts of the assets we plan to divest as held for sale as of December 31, 2017, which include $276 million of PP&E and other assets and $64 million of inventory. As of December 31, 2017, we also had $19 million of other PP&E held for sale. |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Charges | Year Ended December 31, 2017 Other Total (Dollars in millions) Severance Restructuring Severance and 2016-17 Plan Charges Charges Other Charges Western Hemisphere $ 42 $ 28 $ 70 Eastern Hemisphere 35 42 77 Corporate 32 4 36 Total $ 109 $ 74 $ 183 Year Ended December 31, 2016 Other Total (Dollars in millions) Severance Restructuring Severance and 2016 Plan Charges Charges Other Charges Western Hemisphere $ 82 $ 71 $ 153 Eastern Hemisphere 62 13 75 Corporate 52 — 52 Total $ 196 $ 84 $ 280 Year Ended December 31, 2015 Other Total (Dollars in millions) Severance Restructuring Severance and 2015 Plan: Charges Charges Other Charges Western Hemisphere $ 68 $ 26 $ 94 Eastern Hemisphere 66 57 123 Corporate 15 — 15 Total $ 149 $ 83 $ 232 |
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 2016-17 Plan, the 2016 Plan and the 2015 Plan that will be paid pursuant to the respective arrangements and statutory requirements. At December 31, 2017 2016-17 and 2016 Plans 2015 Plan Total Severance Severance Other Severance Other and Other (Dollars in millions) Liability Liability Liability Liability Liability Western Hemisphere $ 4 $ 17 $ — $ — $ 21 Eastern Hemisphere 7 18 — 5 30 Corporate 10 — — — 10 Total $ 21 $ 35 $ — $ 5 $ 61 The following table presents the restructuring accrual activity for the year ended December 31, 2017 . Year Ended December 31, 2017 (Dollars in millions) Accrued Balance at December 31, 2016 Charges Cash Payments Other Accrued Balance at December 31, 2017 2016-17 and 2016 Plans: Severance liability $ 52 $ 109 $ (137 ) $ (3 ) $ 21 Other restructuring liability 22 62 (26 ) (23 ) 35 2015 Plan: Severance liability 3 — (3 ) — — Other restructuring liability 9 — (1 ) (3 ) 5 Total severance and other restructuring liability $ 86 $ 171 $ (167 ) $ (29 ) $ 61 |
Supplementary Information (Tabl
Supplementary Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Cash paid for interest and income taxes was as follows: Year Ended December 31, (Dollars in millions) 2017 2016 2015 Interest paid $ 538 $ 467 $ 477 Income taxes paid, net of refunds 87 161 331 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | Inventories, net of reserves, by category were as follows: December 31, (Dollars in millions) 2017 2016 Raw materials, components and supplies $ 144 $ 168 Work in process 47 49 Finished goods 1,043 1,585 $ 1,234 $ 1,802 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2017 and 2016 , are presented in the following table. (Dollars in millions) Western Hemisphere Eastern Hemisphere Total Balance at December 31, 2015 $ 2,040 $ 763 $ 2,803 Foreign currency translation 25 (31 ) (6 ) Balance at December 31, 2016 $ 2,065 $ 732 $ 2,797 Disposals (162 ) — (162 ) Foreign currency translation 55 37 92 Balance at December 31, 2017 $ 1,958 $ 769 $ 2,727 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The components of intangible assets were as follows: December 31, 2017 December 31, 2016 Gross Net Gross Net Carrying Accumulated Intangible Carrying Accumulated Intangible (Dollars in millions) Amount Amortization Assets Amount Amortization Assets Acquired technology $ 390 $ (334 ) $ 56 $ 373 $ (300 ) $ 73 Licenses 175 (168 ) 7 177 (166 ) 11 Patents 223 (144 ) 79 215 (134 ) 81 Customer Relationships and Contracts 197 (160 ) 37 193 (144 ) 49 Other 98 (64 ) 34 91 (57 ) 34 $ 1,083 $ (870 ) $ 213 $ 1,049 $ (801 ) $ 248 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Future estimated amortization expense for the carrying amount of intangible assets as of December 31, 2017 is expected to be as follows (dollars in millions): Period Amount 2018 $ 48 2019 42 2020 32 2021 20 2022 13 |
Short-term Borrowings and Other
Short-term Borrowings and Other Debt Obligations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Line of Credit Facility [Line Items] | |
Schedule of Line of Credit Facilities [Table Text Block] | (Dollars in millions) December 31, 2017 Facilities $ 1,375 Less Uses of Facilities: Letters of Credit 110 Secured Term Loan Principal Borrowing 375 Borrowing Availability $ 890 |
Components of short-term borrowings | Our short-term borrowings and current portion of long-term debt consists of the followings: December 31, (Dollars in millions) 2017 2016 Other Short-term Loans $ 11 $ 2 Current Portion of Long-term Debt 137 177 Short-term Borrowings and Current Portion of Long-term Debt $ 148 $ 179 |
Short-term Borrowings and Oth43
Short-term Borrowings and Other Debt Obligations Line Of Credit Facility (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Line of Credit Facility [Line Items] | |
Schedule of Line of Credit Facilities [Table Text Block] | (Dollars in millions) December 31, 2017 Facilities $ 1,375 Less Uses of Facilities: Letters of Credit 110 Secured Term Loan Principal Borrowing 375 Borrowing Availability $ 890 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | 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. Our Long-term Debt consisted of the following: December 31, (Dollars in millions) 2017 2016 6.35% Senior Notes due 2017 — 89 6.00% Senior Notes due 2018 66 66 9.625% Senior Notes due 2019 488 489 5.125% Senior Notes due 2020 364 363 5.875% Exchangeable Senior Notes due 2021 1,170 1,147 7.75% Senior Notes due 2021 741 739 4.50% Senior Notes due 2022 643 642 8.25% Senior Notes due 2023 739 738 9.875% Senior Notes due 2024 780 528 6.50% Senior Notes due 2036 447 447 6.80% Senior Notes due 2037 255 255 7.00% Senior Notes due 2038 456 456 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 372 420 4.82% secured borrowing — 5 Capital and Other Lease Obligations 86 120 Other 2 7 Total Senior Notes and Other Debt 7,678 7,580 Less: Amounts Due in One Year 137 177 Long-term Debt $ 7,541 $ 7,403 |
Schedule of maturities of long-term debt | he accrued interest on our borrowings was $145 million and $127 million at December 31, 2017 and 2016 , respectively. The following is a summary of scheduled Long-term Debt maturities by year (dollars in millions): 2018 $ 137 2019 543 2020 643 2021 1,918 2022 651 Thereafter 3,786 $ 7,678 |
Fair Value of Financial Instr45
Fair Value of Financial Instruments, Assets and Equity Investements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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: December 31, (Dollars in millions) 2017 2016 Fair Value $ 7,060 $ 6,739 Carrying Value 7,218 7,028 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Values of Outstanding Derivative Instruments | The total estimated fair values of our foreign currency forward contracts and warrant derivative are as follows: December 31, (Dollars in millions) 2017 2016 Classifications Derivative Assets not Designated as Hedges: Foreign Currency Forward Contracts $ 5 $ 7 Other Current Assets Derivative Liabilities not Designated as Hedges: Foreign Currency Forward Contracts (4 ) (14 ) Other Current Liabilities Warrant on Weatherford Shares (70 ) (156 ) Other Non-current Liabilities The amount of derivative instruments’ gain or (loss) on the Consolidated Statements of Operations is in the table below. Year Ended December 31, (Dollars in millions) 2017 2016 2015 Classification Foreign Currency Forward Contracts $ (25 ) $ (25 ) $ (115 ) Other Income (Expense), Net Cross-currency Swap Contracts — — 13 Other Income (Expense), Net Warrant on Weatherford Shares 86 16 — Warrant Fair Value Adjustment |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Changes in Issued and Treasury shares | Changes in our ordinary shares issued during the years ended December 31, 2017 , 2016 and 2015 , were as follows: (Shares in millions) Issued Balance at December 31, 2014 774 Equity Awards Granted, Vested and Exercised 5 Balance at December 31, 2015 779 Share Issuance 200 Equity Awards Granted, Vested and Exercised 4 Balance at December 31, 2016 983 Equity Awards Granted, Vested and Exercised 10 Balance at December 31, 2017 993 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in our accumulated other comprehensive loss by component for the year ended December 31, 2017 and 2016 : (Dollars in millions) Currency Translation Adjustment Defined Benefit Pension Deferred Loss on Derivatives Total Balance at December 31, 2015 $ (1,602 ) $ (29 ) $ (10 ) $ (1,641 ) Other Comprehensive (Loss) Income before Reclassifications (12 ) 41 — 29 Reclassifications — 1 1 2 Net Activity (12 ) 42 1 31 Balance at December 31, 2016 (1,614 ) 13 (9 ) (1,610 ) Other Comprehensive Income before Reclassifications 130 1 — 131 Reclassifications — (40 ) — (40 ) Net Activity 130 (39 ) — 91 Balance at December 31, 2017 $ (1,484 ) $ (26 ) $ (9 ) $ (1,519 ) |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares | The following discloses basic and diluted weighted average shares outstanding: Year Ended December 31, (Shares in millions) 2017 2016 2015 Basic and Diluted Weighted Average Shares Outstanding 990 887 779 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table discloses the number of anti-dilutive shares excluded: Year Ended December 31, (Shares in millions) 2017 2016 2015 Anti-dilutive Potential Shares 250 104 3 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | We recognized the following share-based compensation expense during each of the years ended December 31, 2017 , 2016 and 2015 : Year Ended December 31, (Dollars in millions) 2017 2016 2015 Share-based Compensation $ 70 $ 87 $ 73 Related Tax (Provision) Benefit — — 14 |
Schedule of Deferred Compensation Arrangement with Individual, Share-based Payments | A summary of option activity for the year ended December 31, 2017 , is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Term Aggregate Intrinsic Value (In thousands) (In thousands) Outstanding at December 31, 2016 598 $ 12.59 0.91 years $ — Exercised — — Expired (398 ) 10.42 Outstanding and Vested at December 31, 2017 200 16.92 0.89 years — Exercisable at December 31, 2017 — — 0.00 years — |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of RSA and RSU activity for the year ended December 31, 2017 is presented below: RSA Weighted Average Grant Date Fair Value RSU Weighted Average Grant Date Fair Value (In thousands) (In thousands) Non-Vested at December 31, 2016 137 $ 17.42 12,794 $ 9.15 Granted — — 10,876 4.26 Vested (86 ) 17.35 (5,946 ) 9.56 Forfeited (11 ) 16.35 (2,455 ) 8.63 Non-Vested at December 31, 2017 40 17.87 15,269 5.58 |
Schedule of Nonvested Performance-based Units Activity | A summary of performance unit activity for the year ended December 31, 2017 , is presented below: Performance Units Weighted Average Grant Date Fair Value (In thousands) Non-vested at December 31, 2016 1,932 $ 7.08 Granted 3,070 6.06 Vested (145 ) 6.25 Forfeited (1,767 ) 7.15 Non-vested at December 31, 2017 3,090 6.07 Employee Stock Purchase Plan In June 2016, our shareholders adopted our ESPP and approved 12 million shares to be reserved for issuance under the plan. The ESPP permits eligible employees to make payroll deductions to purchase Weatherford stock. Each offering period has a six -month duration beginning on either March 1 or September 1. Shares are purchased at 90% of the lower of the closing price for our common stock on the first or last day of the offering period. We issued 3 million shares under the ESPP as of December 31, 2017 . |
Retirement and Employee Benef50
Retirement and Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Schedule of weighted average assumption rates | The weighted average assumption rates used for benefit obligations were as follows: Year Ended December 31, 2017 2016 Discount rate: United States Plans 3.00% - 3.50% 1.00% - 4.00% International Plans 1.60% - 6.75% 1.90% - 7.50% Rate of Compensation Increase: United States Plans — — International Plans 2.00% - 3.50% 2.00% - 3.50% |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Valuation Allowance [Line Items] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Our income tax (provision) benefit from continuing operations consisted of the following: Year Ended December 31, (Dollars in millions) 2017 2016 2015 Total Current Provision $ (162 ) $ (115 ) $ (303 ) Total Deferred (Provision) Benefit 25 (381 ) 448 (Provision) Benefit for Income Taxes $ (137 ) $ (496 ) $ 145 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The difference between the income tax (provision) benefit at the Swiss federal income tax rate and the income tax (provision) benefit attributable to “ Loss Before Income Taxes ” for each of the three years ended December 31, 2017 , 2016 and 2015 is analyzed below: Year Ended December 31, (Dollars in millions) 2017 2016 2015 Swiss Federal Income Tax Rate at 7.83% $ 208 $ 225 $ 164 Tax on Operating Earnings Subject to Rates Different than the Swiss Federal Income Tax Rate 123 319 411 U.S. Tax Reform - Remeasure of U.S. Deferred Tax Assets (249 ) — — Non-cash Tax Expense on Distribution of Subsidiary Earnings — (137 ) (265 ) Change in Valuation Allowance Attributed to U.S. Tax Reform 301 — — Change in Valuation Allowance (459 ) (872 ) (159 ) Change in Uncertain Tax Positions (61 ) (31 ) (6 ) (Provision) Benefit for Income Taxes $ (137 ) $ (496 ) $ 145 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of the net deferred tax asset (liability) attributable to continuing operations were as follows: December 31, (Dollars in millions) 2017 2016 Net Operating Losses Carryforwards $ 1,208 $ 1,258 Accrued Liabilities and Reserves 266 200 Tax Credit Carryforwards 99 102 Employee Benefits 39 34 Inventory 129 75 Other Differences between Financial and Tax Basis 346 252 Valuation Allowance (1,887 ) (1,738 ) Total Deferred Tax Assets 200 183 Deferred Tax Liabilities: Property, Plant and Equipment (49 ) (13 ) Intangible Assets (131 ) (212 ) Deferred Income — (9 ) Undistributed Subsidiary Earnings — — Other Differences between Financial and Tax Basis (71 ) (25 ) Total Deferred Tax Liabilities (251 ) (259 ) Net Deferred Tax Asset (Liability) $ (51 ) $ (76 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A tabular reconciliation of the total amounts of uncertain tax positions at the beginning and end of the period is as follows: Year Ended December 31, (Dollars in millions) 2017 2016 2015 Balance at Beginning of Year $ 208 $ 195 $ 235 Additions as a Result of Tax Positions Taken During a Prior Period 65 30 28 Reductions as a Result of Tax Positions Taken During a Prior Period (1 ) (1 ) (9 ) Additions as a Result of Tax Positions Taken During the Current Period 12 20 5 Reductions Relating to Settlements with Taxing Authorities (29 ) (19 ) (46 ) Reductions as a Result of a Lapse of the Applicable Statute of Limitations (38 ) (12 ) (7 ) Foreign Exchange Effects — (5 ) (11 ) Balance at End of Year $ 217 $ 208 $ 195 |
Summary of Income Tax Contingencies [Table Text Block] | We are subject to income tax in many of the approximately 90 countries where we operate. As of December 31, 2017 , the following table summarizes the tax years that remain subject to examination for the major jurisdictions in which we operate: Canada 2009 - 2017 Mexico 2007 - 2017 Russia 2015 - 2017 Switzerland 2010 - 2017 United States 2014 - 2017 |
Commitments and Other Contingen
Commitments and Other Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Leases of Lessee Disclosure | Future minimum commitments under noncancellable operating leases are as follows (dollars in millions): 2018 $ 176 2019 112 2020 69 2021 52 2022 32 Thereafter 192 $ 633 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 “ Note 1 – Summary of Significant Accounting Policies .” Included in the 2016 and 2015 income (loss) from operations in the Eastern Hemisphere are losses related to our Zubair project in Iraq accounted for under the percentage-of-completion method as described in “ Note 5 – Percentage of Completion Contracts .” Year Ended December 31, 2017 (Dollars in millions) Net Income (Loss) Depreciation Capital Western Hemisphere $ 2,937 $ (115 ) $ 352 $ 70 Eastern Hemisphere 2,762 (143 ) 443 130 5,699 (258 ) 795 200 Corporate General and Administrative (130 ) 6 25 Long-Lived Asset Impairments, Write-Downs and Other Charges (a) (1,664 ) Restructuring Charges (b) (183 ) Litigation Charges, Net 10 Gain from Disposition of U.S. Pressure Pumping Assets (c) 96 Total $ 5,699 $ (2,129 ) $ 801 $ 225 (a) During 2017, impairments, asset write-downs and other include $928 million in long-lived asset impairments (of which $740 million relates to the write-down to the lower of carrying amount or fair value less cost to sell of our land drilling rigs assets classified as held for sale), $506 million of asset write-downs, charges and credits and $230 million in the write-down of Venezuelan receivables. (b) Includes restructuring charges of $183 million : $70 million in Western Hemisphere, $77 million in Eastern Hemisphere and $36 million in Corporate. (c) In the fourth quarter of 2017, we recognized a gain on the disposition of our U.S. pressure pumping and pump-down perforating assets. Year Ended December 31, 2016 (Dollars in millions) Net Operating Revenues Loss from Operations Depreciation and Amortization Capital Expenditures Western Hemisphere $ 2,942 $ (409 ) $ 446 $ 55 Eastern Hemisphere 2,807 (160 ) 501 134 5,749 (569 ) 947 189 Corporate General and Administrative (139 ) 9 15 Long-Lived Asset Impairment and Other Related Charges (d) (1,043 ) Restructuring Charges (e) (280 ) Litigation Charges (220 ) Total $ 5,749 $ (2,251 ) $ 956 $ 204 (d) Includes $710 million related to long-lived asset impairments, asset write-downs, receivable write-offs and other charges and credits, $219 million in inventory write-downs and $114 million of pressure pumping related charges. (e) Includes restructuring charges of $280 million : $153 million in the Western Hemisphere, $75 million in the Eastern Hemisphere and $52 million in Corporate. Year Ended December 31, 2015 (Dollars in millions) Net Operating Revenues Income (Loss) from Operations (f) Depreciation and Amortization Capital Expenditures Western Hemisphere $ 5,276 $ (180 ) $ 621 $ 390 Eastern Hemisphere 4,157 27 563 273 9,433 (153 ) 1,184 663 Corporate General and Administrative (194 ) 16 19 Long-Lived Asset Impairments (g) (768 ) Goodwill Impairment (25 ) Restructuring Charges (h) (232 ) Litigation Charges (116 ) Loss on Sale of Businesses, Net (6 ) Other Items (i) (52 ) Total $ 9,433 $ (1,546 ) $ 1,200 $ 682 (f) Includes inventory write-downs of $223 million attributable to the reporting segments as follows: $127 million in the Western Hemisphere and $96 million in the Eastern Hemisphere. Also includes bad debt expense of $48 million of which $31 million was taken in the fourth quarter attributable to our reporting segments as follows: $29 million in the Western Hemisphere and $19 million in the Eastern Hemisphere. (g) Includes $638 million of long-lived asset impairment charges, supply agreement charges related to a non-core business divestiture of $67 million , and pressure pumping related charges of $63 million . (h) Includes restructuring charges of $232 million : $94 million in the Western Hemisphere, $123 million in the Eastern Hemisphere and $15 million in Corporate. (i) Includes $17 million in professional and other fees, $11 million in divestiture related charges and facility closures and $24 million in other charges. The following table presents total assets by segment at December 31: Total Assets at December 31, (Dollars in millions) 2017 2016 Western Hemisphere $ 4,933 $ 6,167 Eastern Hemisphere 4,311 5,491 Corporate 503 1,006 Total $ 9,747 $ 12,664 |
Composition of consolidated revenues by product line | Products and Services We are one of the world’s leading providers of equipment and services used in the production, completion, drilling and evaluation, and well construction of oil and natural gas wells. The composition of our consolidated revenues by product service line group is as follows: Year Ended December 31, 2017 2016 2015 Production 26 % 29 % 29 % Completions 22 20 20 Drilling and Evaluation 24 22 22 Well Construction 28 29 29 Total 100 % 100 % 100 % |
Financial information by geographic area | c Areas Financial information by geographic area within the hemispheres is summarized below. Revenues from customers and long-lived assets in Ireland were nil in each of the years presented. Long-lived assets exclude goodwill and intangible assets as well as deferred tax assets of $36 million and $81 million at December 31, 2017 and 2016 , respectively. Revenues Long-lived Assets (Dollars in millions) 2017 2016 2015 2017 2016 United States $ 1,555 $ 1,523 $ 2,864 $ 870 $ 1,008 Latin America 890 1,064 1,782 575 903 Canada 492 355 630 118 140 Western Hemisphere $ 2,937 $ 2,942 $ 5,276 $ 1,563 $ 2,051 Middle East & North Africa $ 1,464 $ 1,513 $ 1,843 $ 528 $ 1,595 Europe/Sub-Sahara Africa/Russia 999 939 1,613 532 629 Asia 299 355 701 270 354 Eastern Hemisphere $ 2,762 $ 2,807 $ 4,157 $ 1,330 $ 2,578 Total $ 5,699 $ 5,749 $ 9,433 $ 2,893 $ 4,629 |
Consolidating Financial State54
Consolidating Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Year Ended December 31, 2017 (Dollars in Millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Revenues $ — $ — $ — $ 5,699 $ — $ 5,699 Costs and Expenses (19 ) 45 2 (7,856 ) — (7,828 ) Operating Income (Loss) (19 ) 45 2 (2,157 ) — (2,129 ) Other Income (Expense): Interest Expense, Net — (583 ) (38 ) 24 18 (579 ) Intercompany Charges, Net 12 148 (192 ) (103 ) 135 — Equity in Subsidiary Income (2,891 ) (878 ) (437 ) — 4,206 — Other Income (Expense), Net 85 (19 ) 5 (11 ) (8 ) 52 Income (Loss) Before Income Taxes (2,813 ) (1,287 ) (660 ) (2,247 ) 4,351 (2,656 ) (Provision) for Income Taxes — — — (137 ) — (137 ) Net Income (Loss) (2,813 ) (1,287 ) (660 ) (2,384 ) 4,351 (2,793 ) Net Income Attributable to Noncontrolling Interests — — — 20 — 20 Net Income (Loss) Attributable to Weatherford $ (2,813 ) $ (1,287 ) $ (660 ) $ (2,404 ) $ 4,351 $ (2,813 ) Comprehensive Income (Loss) Attributable to Weatherford $ (2,722 ) $ (1,307 ) $ (700 ) $ (2,312 ) $ 4,319 $ (2,722 ) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Year Ended December 31, 2016 (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Revenues $ — $ — $ — $ 5,749 $ — $ 5,749 Costs and Expenses (151 ) (3 ) 5 (7,851 ) — (8,000 ) Operating Income (Loss) (151 ) (3 ) 5 (2,102 ) — (2,251 ) Other Income (Expense): Interest Expense, Net — (465 ) (49 ) 4 11 (499 ) Intercompany Charges, Net (76 ) 4 (196 ) (274 ) 542 — Equity in Subsidiary Income (3,181 ) (2,403 ) (944 ) — 6,528 — Other Income (Expense), Net 16 (38 ) 43 (78 ) (70 ) (127 ) Income (Loss) Before Income Taxes (3,392 ) (2,905 ) (1,141 ) (2,450 ) 7,011 (2,877 ) Benefit for Income Taxes — — (154 ) (342 ) — (496 ) Net Income (Loss) (3,392 ) (2,905 ) (1,295 ) (2,792 ) 7,011 (3,373 ) Net Income Attributable to Noncontrolling Interests — — — 19 — 19 Net Income (Loss) Attributable to Weatherford $ (3,392 ) $ (2,905 ) $ (1,295 ) $ (2,811 ) $ 7,011 $ (3,392 ) Comprehensive Income (Loss) Attributable to Weatherford $ (3,361 ) $ (3,081 ) $ (1,425 ) $ (2,780 ) $ 7,286 $ (3,361 ) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Year Ended December 31, 2015 (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Revenues $ — $ — $ — $ 9,433 $ — $ 9,433 Costs and Expenses (101 ) (7 ) 2 (10,873 ) — (10,979 ) Operating Income (Loss) (101 ) (7 ) 2 (1,440 ) — (1,546 ) Other Income (Expense): Interest Expense, Net — (398 ) (57 ) (13 ) — (468 ) Intercompany Charges, Net (83 ) (110 ) (282 ) (403 ) 878 — Equity in Subsidiary Income (1,801 ) (1,868 ) (492 ) — 4,161 — Other Income (Expense), Net — 51 11 (144 ) — (82 ) Income (Loss) Before Income Taxes (1,985 ) (2,332 ) (818 ) (2,000 ) 5,039 (2,096 ) (Provision) Benefit for Income Taxes — — 114 31 — 145 Net Income (Loss) (1,985 ) (2,332 ) (704 ) (1,969 ) 5,039 (1,951 ) Net Income Attributable to Noncontrolling Interests — — — 34 — 34 Net Income (Loss) Attributable to Weatherford $ (1,985 ) $ (2,332 ) $ (704 ) $ (2,003 ) $ 5,039 $ (1,985 ) Comprehensive Income (Loss) Attributable to Weatherford $ (2,745 ) $ (2,610 ) $ (754 ) $ (2,762 ) $ 6,126 $ (2,745 ) |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet December 31, 2017 (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Current Assets: Cash and Cash Equivalents $ — $ 195 $ — $ 418 $ — $ 613 Other Current Assets 1 — 516 3,298 (550 ) 3,265 Total Current Assets 1 195 516 3,716 (550 ) 3,878 Equity Investments in Affiliates (460 ) 7,998 8,009 530 (16,077 ) — Intercompany Receivables, Net — — — 4,213 (4,213 ) — Other Assets — 8 4 5,857 — 5,869 Total Assets $ (459 ) $ 8,201 $ 8,529 $ 14,316 $ (20,840 ) $ 9,747 Current Liabilities: Short-term Borrowings and Current Portion of Long-Term Debt $ — $ 128 $ — $ 20 $ — $ 148 Accounts Payable and Other Current Liabilities 10 183 — 2,439 (550 ) 2,082 Total Current Liabilities 10 311 — 2,459 (550 ) 2,230 Long-term Debt — 7,127 166 159 89 7,541 Intercompany Payables, Net 87 242 3,884 — (4,213 ) — Other Long-term Liabilities 70 146 136 332 (137 ) 547 Total Liabilities 167 7,826 4,186 2,950 (4,811 ) 10,318 Weatherford Shareholders’ (Deficiency) Equity (626 ) 375 4,343 11,311 (16,029 ) (626 ) Noncontrolling Interests — — — 55 — 55 Total Liabilities and Shareholders’ (Deficiency) Equity $ (459 ) $ 8,201 $ 8,529 $ 14,316 $ (20,840 ) $ 9,747 Condensed Consolidating Balance Sheet December 31, 2016 (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Current Assets: Cash and Cash Equivalents $ — $ 586 $ 4 $ 447 $ — $ 1,037 Other Current Assets 1 — 512 3,891 (531 ) 3,873 Total Current Assets 1 586 516 4,338 (531 ) 4,910 Equity Investments in Affiliates 2,415 8,669 8,301 1,037 (20,422 ) — Intercompany Receivables, Net — — — 3,762 (3,762 ) — Other Assets 2 13 — 7,751 (12 ) 7,754 Total Assets $ 2,418 $ 9,268 $ 8,817 $ 16,888 $ (24,727 ) $ 12,664 Current Liabilities: Short-term Borrowings and Current Portion of Long-Term Debt $ — $ 53 $ 94 $ 32 $ — $ 179 Accounts Payable and Other Current Liabilities 105 198 — 2,488 (542 ) 2,249 Total Current Liabilities 105 251 94 2,520 (542 ) 2,428 Long-term Debt — 6,944 148 204 107 7,403 Intercompany Payables, Net 145 224 3,393 — (3,762 ) — Other Long-term Liabilities 156 152 146 457 (146 ) 765 Total Liabilities 406 7,571 3,781 3,181 (4,343 ) 10,596 Weatherford Shareholders’ Equity 2,012 1,697 5,036 13,651 (20,384 ) 2,012 Noncontrolling Interests — — — 56 — 56 Total Liabilities and Shareholders’ Equity $ 2,418 $ 9,268 $ 8,817 $ 16,888 $ (24,727 ) $ 12,664 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2017 (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Cash Flows from Operating Activities: Net Income (Loss) $ (2,813 ) $ (1,287 ) $ (660 ) $ (2,384 ) $ 4,351 $ (2,793 ) Adjustments to Reconcile Net Income(Loss) to Net Cash Provided (Used) by Operating Activities: Charges from Parent or Subsidiary (12 ) (148 ) 192 103 (135 ) — Equity in (Earnings) Loss of Affiliates 2,891 878 437 — (4,206 ) — Deferred Income Tax Provision (Benefit) — — — (25 ) (25 ) Other Adjustments (278 ) 1,236 66 1,416 (10 ) 2,430 Net Cash Provided by (Used in) Operating Activities (212 ) 679 35 (890 ) — (388 ) Cash Flows from Investing Activities: Capital Expenditures for Property, Plant and Equipment — — — (225 ) — (225 ) Acquisition of Assets Held for Sale — — — (244 ) — (244 ) Acquisitions of Businesses, Net of Cash Acquired — — — (7 ) — (7 ) Acquisition of Intellectual Property — — — (15 ) — (15 ) Proceeds (Payment) Related to Sale of Businesses and Equity Investment, Net — — — (1 ) — (1 ) Proceeds from Sale of Assets and U.S. Pressure Pumping and Pump-Down Perforating Assets and Other Assets — — — 481 — 481 Other Investing Activities — — — (51 ) — (51 ) Net Cash Used in Investing Activities — — — (62 ) — (62 ) Cash Flows from Financing Activities: Borrowings (Repayments) Short-term Debt, Net — (17 ) — (111 ) — (128 ) Borrowings (Repayments) Long-term Debt, Net — 200 (94 ) 75 — 181 Borrowings (Repayments) Between Subsidiaries, Net 212 (1,253 ) 55 986 — — Other, Net — — — (33 ) — (33 ) Net Cash Provided by Financing Activities 212 (1,070 ) (39 ) 917 — 20 Effect of Exchange Rate Changes On Cash and Cash Equivalents — — — 6 — 6 Net Increase (Decrease) in Cash and Cash Equivalents — (391 ) (4 ) (29 ) — (424 ) Cash and Cash Equivalents at Beginning of Year — 586 4 447 — 1,037 Cash and Cash Equivalents at End of Year $ — $ 195 $ — $ 418 $ — $ 613 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2016 (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Cash Flows from Operating Activities: Net Income (Loss) $ (3,392 ) $ (2,905 ) $ (1,295 ) $ (2,792 ) $ 7,011 $ (3,373 ) Adjustments to Reconcile Net Income(Loss) to Net Cash Provided (Used) by Operating Activities: Charges from Parent or Subsidiary 76 (4 ) 196 274 (542 ) — Equity in (Earnings) Loss of Affiliates 3,181 2,403 944 — (6,528 ) — Deferred Income Tax Provision (Benefit) — — 26 355 — 381 Other Adjustments 1,230 75 257 1,067 59 2,688 Net Cash Provided by (Used in) Operating Activities 1,095 (431 ) 128 (1,096 ) — (304 ) Cash Flows from Investing Activities: Capital Expenditures for Property, Plant and Equipment — — — (204 ) — (204 ) Acquisitions of Businesses, Net of Cash Acquired — — — (5 ) — (5 ) Acquisition of Intellectual Property — — — (10 ) — (10 ) Insurance Proceeds Related to Insurance Casualty Loss — — — 39 — 39 Proceeds from Sale of Assets — — — 49 — 49 Proceeds (Payment) Related to Sale of Business and Equity Investment, Net — — — (6 ) — (6 ) Net Cash Used in Investing Activities — — — (137 ) — (137 ) Cash Flows from Financing Activities: Borrowings (Repayments) Short-term Debt, Net — (1,497 ) — (15 ) — (1,512 ) Borrowings (Repayments) Long-term Debt, Net — 2,299 (516 ) (65 ) — 1,718 Borrowings (Repayments) Between Subsidiaries, Net (1,095 ) 213 370 512 — — Proceeds from Issuance of Ordinary Common Shares and Warrant — — — 1,071 — 1,071 Other, Net — — — (216 ) — (216 ) Net Cash Provided by Financing Activities (1,095 ) 1,015 (146 ) 1,287 — 1,061 Effect of Exchange Rate Changes On Cash and Cash Equivalents — — — (50 ) — (50 ) Net Increase in Cash and Cash Equivalents — 584 (18 ) 4 — 570 Cash and Cash Equivalents at Beginning of Year — 2 22 443 — 467 Cash and Cash Equivalents at End of Year $ — $ 586 $ 4 $ 447 $ — $ 1,037 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2015 (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Cash Flows from Operating Activities: Net Income (Loss) $ (1,985 ) $ (2,332 ) $ (704 ) $ (1,969 ) $ 5,039 $ (1,951 ) Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities: Charges from Parent or Subsidiary 83 110 282 403 (878 ) — Equity in (Earnings) Loss of Affiliates 1,801 1,868 492 — (4,161 ) — Deferred Income Tax (Provision) Benefit — — 14 (462 ) — (448 ) Other Adjustments (35 ) 210 (86 ) 3,025 — 3,114 Net Cash Provided by (Used in) Operating Activities (136 ) (144 ) (2 ) 997 — 715 Cash Flows from Investing Activities: Capital Expenditures for Property, Plant and Equipment — — — (682 ) — (682 ) Acquisitions of Businesses, Net of Cash Acquired — — — (14 ) — (14 ) Acquisition of Intellectual Property — — — (8 ) — (8 ) Proceeds Related to Sale of Businesses and Equity Investment, Net — — — 8 — 8 Proceeds from Sale of Assets — — — 37 — 37 Net Cash Used in Investing Activities — — — (659 ) — (659 ) Cash Flows from Financing Activities: Borrowings (Repayments) Short-term Debt, Net — 535 — (30 ) — 505 Borrowings (Repayments) Long-term Debt, Net — (411 ) (31 ) (28 ) — (470 ) Borrowings (Repayments) Between Subsidiaries, Net 135 22 33 (190 ) — — Other, Net — — — (32 ) — (32 ) Net Cash Provided by Financing Activities 135 146 2 (280 ) — 3 Effect of Exchange Rate Changes on Cash and Cash Equivalents — — — (66 ) — (66 ) Net Increase in Cash and Cash Equivalents (1 ) 2 — (8 ) — (7 ) Cash and Cash Equivalents at Beginning of Period 1 — 22 451 — 474 Cash and Cash Equivalents at End of Period $ — $ 2 $ 22 $ 443 $ — $ 467 |
Quarterly Financial Data (Una55
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | 2017 Quarters (Dollars in millions, except per share amounts) First Second Third Fourth Total Revenues $ 1,386 $ 1,363 $ 1,460 $ 1,490 $ 5,699 Gross Profit 180 174 264 192 810 Net Loss Attributable to Weatherford (448 ) (a) (171 ) (b) (256 ) (c) (1,938 ) (d) (2,813 ) Basic & Diluted Loss Per Share (0.45 ) (0.17 ) (0.26 ) (1.95 ) (2.84 ) (a) Includes charges of $134 million primarily related to severance and restructuring charges, asset write-downs and a warrant fair value adjustment, partially offset by defined benefit pension plan reclassifications. (b) Includes credits of $108 million primarily related to gains on a warrant fair value and defined benefit pension plan reclassifications, partially offset by severance and restructuring charges and asset write-downs. (c) Includes charges of $35 million primarily related to severance and restructuring charges and a warrant fair value adjustment. (d) Includes charges of $1.6 billion primarily related to long-lived asset impairments (including the write-down to the lower of carrying amount or fair value less cost to sell of our land drilling rigs assets classified as held for sale), inventory write-downs, the write-down of Venezuelan receivables, severance and restructuring charges, partially offset by a gain on sale of assets and a warrant fair value adjustment. 2016 Quarters (Dollars in millions, except per share amounts) First Second Third Fourth Total Revenues $ 1,585 $ 1,402 $ 1,356 $ 1,406 $ 5,749 Gross Profit 111 164 126 159 560 Net Loss Attributable to Weatherford (498 ) (e) (565 ) (f) (1,780 ) (g) (549 ) (h) (3,392 ) Basic & Diluted Loss Per Share (0.61 ) (0.63 ) (1.98 ) (0.59 ) (3.82 ) (e) Includes charges of $285 million primarily related to severance and restructuring, litigation charges, pressure pumping related charges and an estimated project loss on our long-term early production facility construction contract. (f) Includes charges of $347 million primarily related to litigation charges, an adjustment to a note from PDVSA to fair value, a bond tender premium incurred from a tender offer and severance and restructuring charges partially offset by an estimated project income on our long-term early production facility construction contract. (g) Includes charges of $771 million primarily related to long-lived asset impairments, inventory write-downs and severance and restructuring. (h) Includes charges of $245 million primarily related to severance and restructuring, litigation charges and pressure pumping related charges. |
Summary of Significant Accoun56
Summary of Significant Accounting Policies Organization and Nature of Operations (Details) shares in Millions | Jun. 17, 2014 | Dec. 31, 2017country$ / sharesshares | Dec. 31, 2016$ / sharesshares |
Accounting Policies [Abstract] | |||
Number of Countries in which Entity Operates | country | 90 | ||
Years in operation | 50 years | ||
Allotment of ordinary shares issued to each register share of Weatherford Switzerland | 1 | ||
Common Stock, Shares Authorized | shares | 1,356 | 1,356 | |
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | $ 0.001 |
Summary of Significant Accoun57
Summary of Significant Accounting Policies Major Customers and Credit Risk (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Concentration Risk [Line Items] | ||||||||
Concentration percentage | 100.00% | 100.00% | 100.00% | |||||
Receivable with Imputed Interest, Face Amount | $ 65 | $ 120 | $ 120 | |||||
Trade Receivables Held-for-sale, Reconciliation to Cash Flow, Deductions from Held-for-sale | $ 65 | 120 | ||||||
Receivable With Imputed Interest, Term | 3 years | 3 years | ||||||
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 4.625% | 6.50% | ||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | $ 84 | $ 76 | ||||||
Proceeds from Sale of Notes Receivable | $ 59 | $ 44 | ||||||
Gain (Loss) on Sale of Notes Receivable | $ 8 | |||||||
Concentration Risk, Customer | no | 0 | 0 | |||||
Accounts Receivable [Member] | Eastern Hemisphere [Member] | Geographic Concentration Risk [Member] | ||||||||
Concentration Risk [Line Items] | ||||||||
Concentration percentage | 57.00% | |||||||
Accounts Receivable [Member] | Western Hemisphere [Member] | Geographic Concentration Risk [Member] | ||||||||
Concentration Risk [Line Items] | ||||||||
Concentration percentage | 43.00% | |||||||
Accounts Receivable [Member] | UNITED STATES | Geographic Concentration Risk [Member] | ||||||||
Concentration Risk [Line Items] | ||||||||
Concentration percentage | 19.00% | |||||||
Accounts Receivable [Member] | KUWAIT | Geographic Concentration Risk [Member] | ||||||||
Concentration Risk [Line Items] | ||||||||
Concentration percentage | 10.00% | |||||||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||||||||
Concentration Risk [Line Items] | ||||||||
Concentration percentage | 10.00% | 10.00% | 10.00% |
Summary of Significant Accoun58
Summary of Significant Accounting Policies Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 749 | $ 896 | $ 1,100 |
Buildings and leasehold improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Buildings and leasehold improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Rental and service equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 2 years | ||
Rental and service equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 20 years | ||
Machinery and other [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 2 years | ||
Machinery and other [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 12 years |
Summary of Significant Accoun59
Summary of Significant Accounting Policies Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 2 years |
Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 20 years |
Summary of Significant Accoun60
Summary of Significant Accounting Policies Foreign Currency (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Currency Devaluation Charges | $ 0 | $ 41 | $ 85 |
Summary of Significant Accoun61
Summary of Significant Accounting Policies Foreign Currency - Devaluation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Impact of Foreign Currency Devaluation [Line Items] | |||
Currency Devaluation Charges | $ 0 | $ 41 | $ 85 |
Angola, Kwanza | |||
Impact of Foreign Currency Devaluation [Line Items] | |||
Net Monetary Asset Position | $ 99 |
Summary of Significant Accoun62
Summary of Significant Accounting Policies Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Other Non-current Assets | $ 159 | $ 163 | |
Accounts Receivable, Net of Allowance for Uncollectible Accounts of $156 in 2017 and $129 in 2016 | 1,103 | $ 1,383 | |
Revenue Recognition [Member] | |||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Cumulative Effect of Change in Accounting Estimate | $ 31 | ||
Interest Income (Expense), Net | 4 | ||
Accounts Receivable, Net, Current | 27 | ||
VENEZUELA | Revenue Recognition [Member] | |||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Cumulative Effect of Change in Accounting Estimate | 230 | ||
Other Non-current Assets | 158 | ||
Accounts Receivable, Net of Allowance for Uncollectible Accounts of $156 in 2017 and $129 in 2016 | $ 72 | ||
Other Noncurrent Assets [Member] | VENEZUELA | |||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Accounts Receivable, Net of Allowance for Uncollectible Accounts of $156 in 2017 and $129 in 2016 | $ 158 |
Summary of Significant Accoun63
Summary of Significant Accounting Policies New Accounting Pronouncements (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | $ (388) | $ (304) | $ 715 | |
Prepaid Taxes | $ 105 | |||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Income adjustment of non-service cost components | $ 41 | |||
New Accounting Pronouncement, Early Adoption, Effect [Member] | Accounting Standards Update 2016-09, Statutory Tax Withholding Component [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | $ (10) | $ (9) |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | |||
Acquisitions of Businesses, Net of Cash Acquired | $ (7) | $ (5) | $ (14) |
Divestitures Narrative (Details
Divestitures Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 29, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Property, Plant and Equipment, Net | $ 2,708 | $ 4,480 | ||
Sale Price | $ 430 | |||
(Gain) Loss from Disposition of U.S. Pressure Pumping Assets and Businesses | (96) | $ 0 | $ 6 | |
Drilling Rigs [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 276 | |||
Disposal Group, Including Discontinued Operation, Inventory, Current | 64 | |||
Discontinued Operations, Held-for-sale [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Property, Plant and Equipment, Net | $ 19 |
Business Combinations and Div66
Business Combinations and Divestitures Carrying Amounts of the Major Assets and Liabilities Classes (Details) - U.S. Pressure Pumping and Pump-Down [Member] $ in Millions | Dec. 31, 2017USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Group, Including Discontinued Operation, Inventory, Current | $ 7 |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current | 222 |
Disposal Group, Including Discontinued Operation, Goodwill, Current | 162 |
Disposal Group, Including Discontinued Operation, Assets | 391 |
Disposal Group, Including Discontinued Operation, Deferred Tax Liabilities | 9 |
Disposal Group, Including Discontinued Operation, Other Liabilities | 52 |
Disposal Group, Including Discontinued Operation, Liabilities, Current | $ 61 |
Business Combinations and Div67
Business Combinations and Divestitures Carrying amount of Held-for-Sale (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment, Net | $ 2,708 | $ 4,480 |
Drilling Rigs [Member] | ||
Disposal Group, Including Discontinued Operation, Inventory, Current | 64 | |
Discontinued Operations, Held-for-sale [Member] | ||
Property, Plant and Equipment, Net | $ 19 |
Restructuring Charges (Narrativ
Restructuring Charges (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 183 | $ 280 | $ 232 |
Asset Impairment Charges | 436 | ||
Severance and Other Restructuring Liabilities [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 171 | ||
Payments for Restructuring | 167 | ||
2016-17 Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 183 | ||
2016-17 Plan [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | 109 | ||
Restructuring and Related Cost, Incurred Cost | 109 | ||
Payments for Restructuring | 137 | ||
2016-17 Plan [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Restructuring Costs | 74 | ||
Asset Impairment Charges | 12 | ||
Restructuring and Related Cost, Incurred Cost | 62 | ||
Payments for Restructuring | 26 | ||
2016-17 Plan [Member] | Other Restructuring excluding write-downs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Restructuring Costs | $ 62 | ||
2016 Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 280 | ||
2016 Plan [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | 196 | ||
2016 Plan [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Restructuring Costs | 84 | ||
Asset Impairment Charges | 40 | ||
2016 Plan [Member] | Other Restructuring excluding write-downs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Restructuring Costs | $ 44 | ||
2015 Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 232 | ||
2015 Plan [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | 149 | ||
2015 Plan [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 19 | ||
Other Restructuring Costs | 83 | ||
2015 Plan [Member] | Impaired Assets to be Disposed of by Method Other than Sale, Asset Name [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset Impairment Charges | $ 64 |
Restructuring Charges (Restruct
Restructuring Charges (Restructuring Charges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 183 | $ 280 | $ 232 |
Severance and Other Restructuring Liabilities [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 61 | 86 | |
Severance and Other Restructuring Liabilities [Member] | Western Hemisphere [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 21 | ||
Severance and Other Restructuring Liabilities [Member] | Eastern Hemisphere [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 30 | ||
Severance and Other Restructuring Liabilities [Member] | Corporate, Non-Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 10 | ||
2016-17 Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 183 | ||
2016-17 Plan [Member] | Western Hemisphere [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 70 | ||
2016-17 Plan [Member] | Eastern Hemisphere [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 77 | ||
2016-17 Plan [Member] | Corporate, Non-Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 36 | ||
2016-17 Plan [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | 109 | ||
Restructuring Reserve | 21 | 52 | |
2016-17 Plan [Member] | Employee Severance [Member] | Western Hemisphere [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | 42 | ||
Restructuring Reserve | 4 | ||
2016-17 Plan [Member] | Employee Severance [Member] | Eastern Hemisphere [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | 35 | ||
Restructuring Reserve | 7 | ||
2016-17 Plan [Member] | Employee Severance [Member] | Corporate, Non-Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | 32 | ||
Other Restructuring Costs | 4 | ||
Restructuring Reserve | 10 | ||
2016-17 Plan [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Restructuring Costs | 74 | ||
Restructuring Reserve | 35 | 22 | |
2016-17 Plan [Member] | Other Restructuring [Member] | Western Hemisphere [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Restructuring Costs | 28 | ||
Restructuring Reserve | 17 | ||
2016-17 Plan [Member] | Other Restructuring [Member] | Eastern Hemisphere [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Restructuring Costs | 42 | ||
Restructuring Reserve | 18 | ||
2016-17 Plan [Member] | Other Restructuring [Member] | Corporate, Non-Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | $ 0 | ||
2016 Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 280 | ||
2016 Plan [Member] | Western Hemisphere [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 153 | ||
2016 Plan [Member] | Eastern Hemisphere [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 75 | ||
2016 Plan [Member] | Corporate, Non-Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 52 | ||
2016 Plan [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | 196 | ||
2016 Plan [Member] | Employee Severance [Member] | Western Hemisphere [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | 82 | ||
2016 Plan [Member] | Employee Severance [Member] | Eastern Hemisphere [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | 62 | ||
2016 Plan [Member] | Employee Severance [Member] | Corporate, Non-Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | 52 | ||
2016 Plan [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Restructuring Costs | 84 | ||
2016 Plan [Member] | Other Restructuring [Member] | Western Hemisphere [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Restructuring Costs | 71 | ||
2016 Plan [Member] | Other Restructuring [Member] | Eastern Hemisphere [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Restructuring Costs | 13 | ||
2016 Plan [Member] | Other Restructuring [Member] | Corporate, Non-Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Restructuring Costs | $ 0 | ||
2015 Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 232 | ||
2015 Plan [Member] | Western Hemisphere [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 94 | ||
2015 Plan [Member] | Eastern Hemisphere [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 123 | ||
2015 Plan [Member] | Corporate, Non-Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 15 | ||
2015 Plan [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | 149 | ||
2015 Plan [Member] | Employee Severance [Member] | Western Hemisphere [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | 68 | ||
2015 Plan [Member] | Employee Severance [Member] | Eastern Hemisphere [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | 66 | ||
2015 Plan [Member] | Employee Severance [Member] | Corporate, Non-Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | 15 | ||
2015 Plan [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Restructuring Costs | 83 | ||
Restructuring Charges | 19 | ||
2015 Plan [Member] | Other Restructuring [Member] | Western Hemisphere [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Restructuring Costs | 26 | ||
2015 Plan [Member] | Other Restructuring [Member] | Eastern Hemisphere [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Restructuring Costs | 57 | ||
2015 Plan [Member] | Other Restructuring [Member] | Corporate, Non-Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Restructuring Costs | $ 0 |
Restructuring Charges (Restru70
Restructuring Charges (Restructuring Liability) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 183 | $ 280 | $ 232 |
Severance and Other Restructuring Liabilities [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 171 | ||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at beginning of period | 86 | ||
Cash Payments | (167) | ||
Other | 29 | ||
Accrued balance at end of period | 61 | 86 | |
Severance and Other Restructuring Liabilities [Member] | Western Hemisphere [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | 21 | ||
Severance and Other Restructuring Liabilities [Member] | Eastern Hemisphere [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | 30 | ||
Severance and Other Restructuring Liabilities [Member] | Corporate, Non-Segment [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | 10 | ||
2016-17 Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 183 | ||
2016-17 Plan [Member] | Western Hemisphere [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 70 | ||
2016-17 Plan [Member] | Eastern Hemisphere [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 77 | ||
2016-17 Plan [Member] | Corporate, Non-Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 36 | ||
2016-17 Plan [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 109 | ||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at beginning of period | 52 | ||
Cash Payments | (137) | ||
Other | 3 | ||
Accrued balance at end of period | 21 | 52 | |
2016-17 Plan [Member] | Employee Severance [Member] | Western Hemisphere [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | 4 | ||
2016-17 Plan [Member] | Employee Severance [Member] | Eastern Hemisphere [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | 7 | ||
2016-17 Plan [Member] | Employee Severance [Member] | Corporate, Non-Segment [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | 10 | ||
2016-17 Plan [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 62 | ||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at beginning of period | 22 | ||
Cash Payments | (26) | ||
Other | 23 | ||
Accrued balance at end of period | 35 | 22 | |
2016-17 Plan [Member] | Other Restructuring [Member] | Western Hemisphere [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | 17 | ||
2016-17 Plan [Member] | Other Restructuring [Member] | Eastern Hemisphere [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | 18 | ||
2016-17 Plan [Member] | Other Restructuring [Member] | Corporate, Non-Segment [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | 0 | ||
2014 & 2015 Plan [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 0 | ||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at beginning of period | 3 | ||
Cash Payments | (3) | ||
Other | 0 | ||
Accrued balance at end of period | 0 | 3 | |
2014 & 2015 Plan [Member] | Employee Severance [Member] | Western Hemisphere [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | 0 | ||
2014 & 2015 Plan [Member] | Employee Severance [Member] | Eastern Hemisphere [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | 0 | ||
2014 & 2015 Plan [Member] | Employee Severance [Member] | Corporate, Non-Segment [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | 0 | ||
2014 & 2015 Plan [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 0 | ||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at beginning of period | 9 | ||
Cash Payments | (1) | ||
Other | 3 | ||
Accrued balance at end of period | 5 | $ 9 | |
2014 & 2015 Plan [Member] | Other Restructuring [Member] | Western Hemisphere [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | 0 | ||
2014 & 2015 Plan [Member] | Other Restructuring [Member] | Eastern Hemisphere [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | 5 | ||
2014 & 2015 Plan [Member] | Other Restructuring [Member] | Corporate, Non-Segment [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | $ 0 |
Supplementary Information Sched
Supplementary Information Schedule of Cash Paid for Interest and Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest paid | $ 538 | $ 467 | $ 477 |
Income taxes paid, net of refunds | 87 | 161 | 331 |
Currency Devaluation Charges | 0 | 41 | $ 85 |
Capital Lease Obligations Incurred | 24 | $ 25 | |
Held-to-maturity Securities | $ 50 |
Percentage-of-Completion Contra
Percentage-of-Completion Contracts (Details) - USD ($) $ in Millions | May 26, 2016 | Mar. 31, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2014 |
Billed and Unbilled Contract Claims Subject to Uncertainty [Line Items] | ||||||||
Contract Settlement, Amount | $ 150 | |||||||
Proceeds from Contract Settlements | $ 16 | $ 72 | $ 62 | |||||
Contracts Receivable, Claims and Uncertain Amounts | $ 0 | |||||||
Billings in Excess of Cost | $ 56 | 45 | ||||||
IRAQ | ||||||||
Billed and Unbilled Contract Claims Subject to Uncertainty [Line Items] | ||||||||
Loss on Contracts | $ 0 | $ 153 | ||||||
Total Estimated Loss on Contracts | 532 | 532 | ||||||
Accounts Receivable, Unapproved Contract Claims | 116 | 25 | ||||||
Deductions (Charges) | 28 | $ 16 | ||||||
Unapproved Change Orders, Amount | $ 32 | |||||||
Costs in Excess of Billings, Current | $ 6 |
Accounts Receivable Factoring a
Accounts Receivable Factoring and Other Receivables (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Transfer Of Accounts Receivable, Accounted For As Sale Of AR | $ 227 | |||||||
Accounts receivable sold, carrying value | $ 156 | $ 156 | ||||||
Proceeds from Sale of Accounts Receivable | 223 | 154 | ||||||
Gain (loss) on sale of accounts receivable | $ (1) | (0.7) | ||||||
Receivable with Imputed Interest, Face Amount | $ 65 | $ 120 | $ 120 | |||||
Trade Receivables Held-for-sale, Reconciliation to Cash Flow, Deductions from Held-for-sale | $ 65 | 120 | ||||||
Receivable With Imputed Interest, Term | 3 years | 3 years | ||||||
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 4.625% | 6.50% | ||||||
Notes Receivable, Fair Value Disclosure | $ 58 | |||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | $ 84 | $ 76 | ||||||
Proceeds from Sale of Notes Receivable | $ 59 | 44 | ||||||
Gain (Loss) on Sale of Notes Receivable | $ 8 | |||||||
MEXICO | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Accounts receivable sold, carrying value | $ 78 | |||||||
Proceeds from Sale of Accounts Receivable | 77 | |||||||
Gain (loss) on sale of accounts receivable | $ (0.2) |
Long-Lived Asset Impairments Na
Long-Lived Asset Impairments Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Asset Impairment Charges | $ 436 | ||
Long-Lived Asset Impairments and Other Charges | $ 928 | 436 | $ 638 |
Tangible Asset Impairment Charges | 923 | 388 | |
Impairment of Intangible Assets (Excluding Goodwill) | 5 | 48 | |
Drilling Rights [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Asset Impairment Charges | 740 | ||
Western Hemisphere [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Asset Impairment Charges | 135 | ||
Eastern Hemisphere [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Asset Impairment Charges | 37 | ||
Corporate, Non-Segment [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Asset Impairment Charges | $ 11 | ||
North America [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Tangible Asset Impairment Charges | 251 | ||
Impairment of Intangible Assets (Excluding Goodwill) | 35 | ||
Drilling Rigs [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Long-Lived Asset Impairments and Other Charges | 255 | ||
Middle East/North Africa/Asia [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Tangible Asset Impairment Charges | 137 | ||
Europe/Sub-Sahara Africa/Russia [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment of Intangible Assets (Excluding Goodwill) | $ 13 | ||
Drilling Tools, Pressure Pumping and Wireline [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Long-Lived Asset Impairments and Other Charges | 259 | ||
Pressure Pumping [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Long-Lived Asset Impairments and Other Charges | $ 124 |
Inventories, Net Schedule of In
Inventories, Net Schedule of Inventory (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials, components and supplies | $ 144 | $ 168 |
Work in process | 47 | 49 |
Finished goods | 1,043 | 1,585 |
Total Inventory | $ 1,234 | $ 1,802 |
Inventories, Net Narrative (Det
Inventories, Net Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |||
Inventory Write-down | $ 540 | $ 269 | $ 244 |
Goodwill Narrative (Details)
Goodwill Narrative (Details) $ in Millions | Dec. 31, 2017USD ($) |
Goodwill [Line Items] | |
Goodwill, Impaired, Accumulated Impairment Loss | $ 771 |
Goodwill Schedule of Goodwill (
Goodwill Schedule of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Roll Forward] | ||
Beginning Balance | $ 2,797 | $ 2,803 |
Goodwill, Written off Related to Sale of Business Unit | (162) | |
Foreign currency translation | 92 | (6) |
Ending Balance | 2,727 | 2,797 |
Western Hemisphere [Member] | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 2,065 | 2,040 |
Goodwill, Written off Related to Sale of Business Unit | (162) | |
Foreign currency translation | 55 | 25 |
Ending Balance | 1,958 | 2,065 |
Eastern Hemisphere [Member] | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 732 | 763 |
Goodwill, Written off Related to Sale of Business Unit | 0 | |
Foreign currency translation | 37 | (31) |
Ending Balance | $ 769 | $ 732 |
Intangible Assets Schedule of I
Intangible Assets Schedule of Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Amount | $ 1,083 | $ 1,049 |
Amortization | (870) | (801) |
Assets | 213 | 248 |
Acquired technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amount | 390 | 373 |
Amortization | (334) | (300) |
Assets | 56 | 73 |
Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amount | 175 | 177 |
Amortization | (168) | (166) |
Assets | 7 | 11 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amount | 223 | 215 |
Amortization | (144) | (134) |
Assets | 79 | 81 |
Customer relationships and contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amount | 197 | 193 |
Amortization | (160) | (144) |
Assets | 37 | 49 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amount | 98 | 91 |
Amortization | (64) | (57) |
Assets | $ 34 | $ 34 |
Intangible Assets Narrative (De
Intangible Assets Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets Acquired | $ 16 | $ 11 | |
Impairment of Intangible Assets (Excluding Goodwill) | 5 | 48 | |
Amortization expense | $ 52 | $ 60 | $ 88 |
Intangible Assets Amortization
Intangible Assets Amortization of Intangible Assets (Details) $ in Millions | Dec. 31, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,017 | $ 48 |
2,018 | 42 |
2,019 | 32 |
2,020 | 20 |
2,021 | $ 13 |
Equity Investments (Narrative)
Equity Investments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity Investments | $ 62 | $ 66 | |
Net Income (Loss) from equity investments | $ (3) | $ 2 | $ 3 |
Impairment of equity investments | $ 25 |
Short-term Borrowings and Oth83
Short-term Borrowings and Other Debt Obligations Schedule of Short-term Debt (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Jun. 30, 2017 | Jun. 26, 2017 | Dec. 31, 2016 | |
Short-term Debt [Line Items] | ||||
Current Portion of Long-term Debt | $ 137 | $ 177 | ||
Short-term Borrowings and Current Portion of Long-term Debt | 148 | 179 | ||
Other short-term bank loans [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term Debt | 11 | 2 | ||
Long-term Debt, Current Maturities | 137 | 177 | ||
Short-term Borrowings and Current Portion of Long-term Debt | $ 148 | $ 179 | ||
Senior Notes, 9.875% due 2024 [Member] | ||||
Short-term Debt [Line Items] | ||||
Long-term Debt | $ 540 | $ 250 | ||
Senior Notes [Member] | Senior Notes, 9.875% due 2024 [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 9.875% | |||
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% |
Short-term Borrowings and Oth84
Short-term Borrowings and Other Debt Obligations Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2017 | Jun. 26, 2017 | Nov. 18, 2016 | Jul. 01, 2016 | Jun. 30, 2016 | |
Short-term Debt [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,375,000,000 | |||||||
Debt and Capital Lease Obligations | $ 7,678,000,000 | $ 7,580,000,000 | ||||||
Debt Instrument, Covenant, Senior Leverage Ratio, Period Two | 2.5 | |||||||
Debt Instrument, Covenant, Specified Leverage and Letter of Credit Ratio, Period Two | 3.5 | |||||||
Debt Instrument, Covenant, Asset Coverage Ratio | 4 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 890,000,000 | |||||||
Performance bonds | 15,000,000 | |||||||
Current Portion of Long-term Debt | 137,000,000 | 177,000,000 | ||||||
Committed Letters of Credit [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Letters of Credit Outstanding, Amount | 110,000,000 | |||||||
Cash collateralized | 82,000,000 | |||||||
Domestic and Foreign Facility [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short term borrowings | 11,000,000 | |||||||
Uncommitted Letters of Credit [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Letters of Credit Outstanding, Amount | 375,000,000 | |||||||
A&R Credit Agreement [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000,000,000 | |||||||
Debt Instrument, Periodic Payment, Principal | 12,500,000 | |||||||
Senior Notes, 9.875% due 2024 [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Long-term Debt | $ 540,000,000 | $ 250,000,000 | ||||||
Term Loan Agreement [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt and Capital Lease Obligations | $ 372,000,000 | $ 420,000,000 | ||||||
Senior Notes, 6.00% due 2018 [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||
Senior Notes, 6.35% due 2017 [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term Debt | $ 88,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.35% | |||||||
Senior Notes, 5.50% due 2016 [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Domestic and Foreign Facility [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Interest rate at period end | 1.95% | |||||||
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 | |||||||
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% | |||||||
Capital and Other Lease Obligations [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt and Capital Lease Obligations | $ 86,000,000 | 120,000,000 | ||||||
Long-term Debt, Current Maturities | 21,000,000 | |||||||
Term Loan Agreement [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Long-term Debt, Current Maturities | 50,000,000 | |||||||
Senior Notes [Member] | Senior Notes, 9.875% due 2024 [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt and Capital Lease Obligations | $ 780,000,000 | 528,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.875% | |||||||
Senior Notes [Member] | Senior Notes, 9.875% due 2024 [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.875% | 9.875% | ||||||
Senior Notes [Member] | Senior Notes, 6.00% due 2018 [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt and Capital Lease Obligations | $ 66,000,000 | $ 66,000,000 | ||||||
Senior Notes [Member] | Senior Notes, 6.00% due 2018 [Member] | Weatherford Bermuda [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Long-term Debt, Current Maturities | $ 66,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||
Senior Notes [Member] | Senior Notes, 6.00% due 2018 [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | ||||||
Senior Notes [Member] | Senior Notes, 6.35% due 2017 [Member] | Senior Notes [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt and Capital Lease Obligations | $ 0 | $ 89,000,000 | ||||||
Senior Notes [Member] | Senior Notes, 6.35% due 2017 [Member] | Weatherford Bermuda [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.35% | 6.35% | ||||||
Senior Notes [Member] | Senior Notes, 5.50% due 2016 [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Current Portion of Long-term Debt | $ 350,000,000 |
Short-term Borrowings and Oth85
Short-term Borrowings and Other Debt Obligations Line of Credit (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,375 | |
Debt and Capital Lease Obligations | 7,678 | $ 7,580 |
Line of Credit Facility, Remaining Borrowing Capacity | 890 | |
Committed Letters of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Letters of Credit Outstanding, Amount | 110 | |
Term Loan Borrowings before Debt Issuance Cost [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt and Capital Lease Obligations | $ 375 |
Long-term Debt Schedule of Long
Long-term Debt Schedule of Long-term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Jun. 26, 2017 | Dec. 31, 2016 | Nov. 18, 2016 | Jul. 01, 2016 | Jun. 30, 2016 | Jun. 17, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||||||||
Total | $ 7,678 | $ 7,580 | ||||||
Less: Amounts Due in One Year | 137 | 177 | ||||||
Long-term Debt | 7,541 | $ 7,403 | ||||||
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% | |||||||
Senior Notes, 8.25 Percent due 2023 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | |||||||
Term Loan Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total | 372 | $ 420 | ||||||
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, 6.00% due 2018 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total | 66 | 66 | ||||||
Senior Notes [Member] | Senior Notes, 9.625% due 2019 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total | 488 | 489 | ||||||
Senior Notes [Member] | Senior Notes, 5.125% due 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total | 364 | 363 | ||||||
Senior Notes [Member] | Exchangeable Senior Notes, 5.875 Percent due 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total | 1,170 | 1,147 | ||||||
Senior Notes [Member] | Senior Notes, 7.75 Percent due 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total | 741 | 739 | $ 750 | |||||
Senior Notes [Member] | Senior Notes, 4.50% due 2022 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total | 643 | 642 | ||||||
Senior Notes [Member] | Senior Notes, 9.875% due 2024 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.875% | |||||||
Total | 780 | 528 | ||||||
Senior Notes [Member] | Senior Notes, 8.25 Percent due 2023 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total | 739 | 738 | $ 750 | |||||
Senior Notes [Member] | Senior Notes, 6.50% due 2036 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total | 447 | 447 | ||||||
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 | 456 | 456 | ||||||
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 | $ 0 | $ 5 | ||||||
Capital and Other Lease Obligations [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total | 86 | 120 | ||||||
Other Long-term Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total | 2 | 7 | ||||||
Senior Notes [Member] | Senior Notes [Member] | Senior Notes, 6.35% due 2017 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total | 0 | 89 | ||||||
Guarantor Subsidiaries, Weatherford Delaware [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | $ 166 | $ 148 | ||||||
Guarantor Subsidiaries, 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% | ||||||
Guarantor Subsidiaries, 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% | ||||||
Guarantor Subsidiaries, 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% | 5.125% | |||||
Guarantor Subsidiaries, Weatherford Delaware [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% | 5.875% | ||||||
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 7.75 Percent due 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.75% | 7.75% | ||||||
Guarantor Subsidiaries, 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% | 4.50% | |||||
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 9.875% due 2024 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.875% | 9.875% | ||||||
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 8.25 Percent due 2023 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | 8.25% | ||||||
Guarantor Subsidiaries, 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% | 6.50% | |||||
Guarantor Subsidiaries, 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% | 7.00% | |||||
Guarantor Subsidiaries, 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% | ||||||
Guarantor Subsidiaries, 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% | 6.75% | |||||
Guarantor Subsidiaries, 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% | 5.95% | |||||
Guarantor Subsidiaries, 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% |
Long-term Debt Schedule of Debt
Long-term Debt Schedule of Debt Maturity (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,017 | $ 137 | |
2,018 | 543 | |
2,019 | 643 | |
2,020 | 1,918 | |
2,021 | 651 | |
Thereafter | 3,786 | |
Total | $ 7,678 | $ 7,580 |
Long-term Debt Narrative (Detai
Long-term Debt Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Jun. 17, 2016 | Sep. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2017 | Jun. 26, 2017 | Nov. 21, 2016 | Nov. 18, 2016 | Jul. 01, 2016 | Jun. 07, 2016 |
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 145 | $ 127 | ||||||||||
Debt and Capital Lease Obligations | 7,678 | 7,580 | ||||||||||
Debt Instrument, Face Amount | $ 2 | |||||||||||
Capital in Excess of Par Value | 6,655 | 6,571 | $ 271 | |||||||||
Long-term Debt and Capital Lease Obligations | 7,541 | 7,403 | ||||||||||
Bond Tender Premium, Net | 0 | (78) | $ 0 | |||||||||
Term Loan Borrowings before Debt Issuance Cost [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt and Capital Lease Obligations | 375 | |||||||||||
Term Loan Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt and Capital Lease Obligations | 372 | $ 420 | ||||||||||
Senior Notes, 5.125% due 2020 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate on debt | 5.125% | |||||||||||
A&R Credit Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Periodic Payment, Principal | 12.5 | |||||||||||
Senior Notes, 9.875% due 2024 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | $ 540 | $ 250 | ||||||||||
Senior Notes, 8.25 Percent due 2023 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate on debt | 8.25% | |||||||||||
Senior Notes, 6.35% due 2017 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate on debt | 6.35% | |||||||||||
Short-term Debt | $ 88 | |||||||||||
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, 9.87 Percent due 2024 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate on debt | 9.875% | |||||||||||
Exchangeable Debt [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 | |||||||||||
Long-term Debt and Capital Lease Obligations | $ 1,170 | |||||||||||
Debt Issuance Costs, Net | 95 | |||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 8.40% | |||||||||||
Interest Expense, Debt | 97 | |||||||||||
Interest Expense, Debt, Excluding Amortization | 74 | |||||||||||
Amortization of Debt Discount (Premium) | 23 | |||||||||||
Senior Notes [Member] | Senior Notes, 4.50% due 2022 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt and Capital Lease Obligations | 643 | 642 | ||||||||||
Senior Notes [Member] | Senior Notes, 5.125% due 2020 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt and Capital Lease Obligations | 364 | 363 | ||||||||||
Senior Notes [Member] | Senior Notes, 5.95% due 2042 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt and Capital Lease Obligations | 368 | 368 | ||||||||||
Senior Notes [Member] | Senior Notes, 6.50% due 2036 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt and Capital Lease Obligations | 447 | 447 | ||||||||||
Senior Notes [Member] | Senior Notes, 6.75% due 2040 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt and Capital Lease Obligations | 456 | 456 | ||||||||||
Senior Notes [Member] | Senior Notes, 6.80% due 2037 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt and Capital Lease Obligations | 255 | 255 | ||||||||||
Senior Notes [Member] | Senior Notes, 7.00% due 2038 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt and Capital Lease Obligations | 456 | 456 | ||||||||||
Senior Notes [Member] | Senior Notes, 9.875% due 2024 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt and Capital Lease Obligations | 780 | 528 | ||||||||||
Stated interest rate on debt | 9.875% | |||||||||||
Senior Notes [Member] | Senior Notes, 7.75 Percent due 2021 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt and Capital Lease Obligations | $ 750 | 741 | 739 | |||||||||
Senior Notes [Member] | Senior Notes, 8.25 Percent due 2023 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt and Capital Lease Obligations | 750 | 739 | 738 | |||||||||
Senior Notes [Member] | Senior Notes, 6.00% due 2018 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt and Capital Lease Obligations | 66 | 66 | ||||||||||
Senior Notes [Member] | Senior Notes, 9.625% due 2019 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt and Capital Lease Obligations | $ 488 | $ 489 | ||||||||||
Senior Notes [Member] | Senior Notes, 9.87 Percent due 2024 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt and Capital Lease Obligations | $ 540 | |||||||||||
Senior Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of Debt | 1,972 | |||||||||||
Debt Instrument, Repurchased Face Amount | $ 1,870 | |||||||||||
Interest Payable | 27 | |||||||||||
Bond Tender Premium, Net | $ 78 | |||||||||||
Senior Notes [Member] | Senior Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Book Value of Debt Buybacks | 527 | |||||||||||
Gain on repurchase of debt | $ 84 | |||||||||||
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% | |||||||||||
Weatherford Bermuda [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt and Capital Lease Obligations | $ 7,127 | $ 6,944 | ||||||||||
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% | |||||||||
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% | |||||||||||
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% | |||||||||||
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% | ||||||||||
Weatherford Bermuda [Member] | Senior Notes [Member] | Senior Notes, 6.00% due 2018 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate on debt | 6.00% | |||||||||||
Guarantor Subsidiaries, Weatherford Delaware [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt and Capital Lease Obligations | $ 166 | $ 148 | ||||||||||
Guarantor Subsidiaries, 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% | |||||||||
Guarantor Subsidiaries, 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% | |||||||||
Guarantor Subsidiaries, 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% | |||||||||
Guarantor Subsidiaries, 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% | |||||||||
Guarantor Subsidiaries, 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% | |||||||||
Guarantor Subsidiaries, 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% | |||||||||
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 9.875% due 2024 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate on debt | 9.875% | 9.875% | ||||||||||
Guarantor Subsidiaries, Weatherford Delaware [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% | ||||||||||
Guarantor Subsidiaries, Weatherford Delaware [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% | ||||||||||
Guarantor Subsidiaries, 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% | ||||||||||
Guarantor Subsidiaries, 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% | ||||||||||
Guarantor Subsidiaries, Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 9.87 Percent due 2024 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate on debt | 9.875% |
Fair Value of Financial Instr89
Fair Value of Financial Instruments, Assets and Equity Investements (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||
Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Nov. 21, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Common Shares, Par Value (in USD per share) | $ 0.001 | $ 0.001 | ||
Shares Issued, Price Per Share | $ 5.40 | |||
Class of Warrant or Right, Unissued | 1 | |||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 84,500,000 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 6.43 | |||
Senior Notes [Member] | Level 2 [Member] | Carrying Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value of Long-term debt | $ 7,028 | $ 7,218 | ||
Senior Notes [Member] | Level 2 [Member] | Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value of Long-term debt | $ 6,739 | $ 7,060 | ||
Additional Paid-in Capital [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 84,500,000 | 115,000,000 |
Derivative Instruments Schedule
Derivative Instruments Schedule of Derivatives (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivatives, Fair Value [Line Items] | |||
Warrants and Rights Outstanding | $ 70 | $ 156 | |
Fair Value Adjustment of Warrants | (86) | (16) | $ 0 |
Foreign currency forward contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative asset, fair value, gross | 5 | 7 | |
Foreign currency forward contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability, fair value, gross | (4) | (14) | |
Other Nonoperating Income (Expense) [Member] | Foreign currency forward contracts [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (25) | (25) | (115) |
Other Nonoperating Income (Expense) [Member] | Warrant [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 16 | 0 | |
Other Nonoperating Income (Expense) [Member] | Currency Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ 0 | $ 0 | $ 13 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 21, 2016 | |
Derivative [Line Items] | ||||||
Class of Warrant or Right, Unissued | 1 | |||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 84,500,000 | 84,500,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 6.43 | $ 6.43 | ||||
Warrants and Rights Outstanding | $ 156 | $ 70 | $ 156 | |||
Fair Value Adjustment of Warrants | (86) | (16) | $ 0 | |||
Interest Rate Swap [Member] | Fair Value Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Debt Instrument, Unamortized Premium | 7 | 4 | 7 | |||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | (9) | $ (9) | (9) | $ (10) | ||
Foreign currency forward contracts [Member] | ||||||
Derivative [Line Items] | ||||||
Notional amount | $ 1,600 | $ 1,600 | ||||
Additional Paid-in Capital [Member] | ||||||
Derivative [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 84,500,000 | 115,000,000 |
Shareholders' Equity Schedule o
Shareholders' Equity Schedule of Shares Issued and Treasury Stock (Details) - Issued [Member] - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Issued and Treasury Shares [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 200 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | (983) | (779) | (774) |
Equity Awards Granted, Vested and Exercised | 10 | 4 | 5 |
Ending Balance | (993) | (983) | (779) |
Shareholders' Equity Changes in
Shareholders' Equity Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ (1,610) | $ (1,641) | |
Other comprehensive (loss) income before reclassifications | 131 | 29 | |
Reclassifications | (40) | 2 | |
Ending balance | (1,519) | (1,610) | $ (1,641) |
Other Comprehensive Income (Loss), Net of Tax | (91) | (31) | 760 |
Accumulated Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (1,614) | (1,602) | |
Other comprehensive (loss) income before reclassifications | 130 | (12) | |
Reclassifications | 0 | 0 | |
Ending balance | (1,484) | (1,614) | (1,602) |
Other Comprehensive Income (Loss), Net of Tax | 130 | (12) | |
Defined Benefit Pension [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 13 | (29) | |
Other comprehensive (loss) income before reclassifications | 1 | 41 | |
Reclassifications | (40) | 1 | |
Ending balance | (26) | 13 | (29) |
Other Comprehensive Income (Loss), Net of Tax | (39) | 42 | |
Deferred Loss on Derivatives [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive (loss) income before reclassifications | 0 | 0 | |
Reclassifications | 0 | 1 | |
Other Comprehensive Income (Loss), Net of Tax | 0 | 1 | |
Fair Value Hedging [Member] | Interest Rate Swap [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | $ (9) | $ (9) | $ (10) |
Shareholders' Equity Narrative
Shareholders' Equity Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||||
Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Nov. 21, 2016 | Jun. 30, 2016 | Jun. 07, 2016 | |
Class of Warrant or Right [Line Items] | ||||||
Debt Instrument, Face Amount | $ 2 | |||||
Capital in Excess of Par Value | $ 6,571 | $ 6,655 | $ 271 | |||
Shares Issued, Price Per Share | $ 5.40 | |||||
Class of Warrant or Right, Unissued | 1 | |||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 84,500,000 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 6.43 | |||||
Warrants and Rights Outstanding | $ 156 | $ 70 | ||||
Common Shares, Par Value (in USD per share) | $ 0.001 | $ 0.001 | ||||
Additional Paid-in Capital [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 84,500,000 | 115,000,000 | ||||
Additional Paid in Capital | $ 623 | |||||
Exchangeable Debt [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Debt Instrument, Face Amount | $ 1,265 | |||||
Capital in Excess of Par Value | $ 97 | |||||
Not Designated as Hedging Instrument [Member] | Warrant [Member] | Other Noncurrent Liabilities [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | $ 156 |
Earnings per Share (Weighted Av
Earnings per Share (Weighted Average Shares Outstanding) (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 990 | 887 | 779 |
Basic weighted average shares outstanding | 887 | 779 | |
Diluted (in shares) | 990 | 887 | 779 |
Earnings per Share (Antidilutiv
Earnings per Share (Antidilutive Shares) (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings-per-Share Due to Net Loss, Amount | 250 | 104 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3 |
Share-Based Compensation Narrat
Share-Based Compensation Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available for grant under Incentive Plans | 33,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 0 | $ 0 | $ 0 | ||
Employee Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized (in shares) | 12,000 | ||||
Offering period | 6 months | ||||
Purchase price percent | 90.00% | ||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 3,000 | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum term (in years) that awards will be granted | 10 years | ||||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Intrinsic value of stock options exercised | $ 15 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | |||
Employee Stock Option [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 1 year | ||||
Employee Stock Option [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 4 years | ||||
Restricted Stock and Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted-average grant date fair value | $ 4.26 | $ 6.2 | $ 11.94 | ||
Total fair value of awards vested during the period | $ 30 | $ 38 | $ 37 | ||
Unrecognized compensation expense | $ 59 | ||||
Unrecognized compensation expense, recognition period | 2 years | ||||
Restricted Stock and Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 3 years | ||||
Performance units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 6.07 | $ 7.08 | |||
Award vesting | 200.00% | ||||
Weighted-average grant date fair value | $ 6.06 | $ 5.11 | $ 10.45 | ||
Unrecognized compensation expense | $ 9 | ||||
Unrecognized compensation expense, recognition period | 1 year | ||||
Risk-free interest rate | 1.17% | ||||
Volatility rate | 67.00% | ||||
Dividend yield | 0.00% | ||||
Shares issued for share-based compensation awards (in shares) | 145 |
Share-Based Compensation Schedu
Share-Based Compensation Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based compensation | $ 70 | $ 87 | $ 73 |
Related tax benefit | $ 0 | $ 0 | $ 14 |
Share-Based Compensation Stock
Share-Based Compensation Stock Option Activity (Details) - Employee Stock Option [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
A summary of option activity for the period [Roll Forward] | ||
Number of options outstanding, beginning of period | 598 | |
Number of options, exercised | 0 | 0 |
Number of options, forfeitures | (398) | |
Number of options outstanding, end of period | 200 | 598 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 0 | |
Share based payment award, options, additional disclosures [Abstract] | ||
Weighted-average exercise price, outstanding at beginning of period | $ 12.59 | |
Weighted average exercise price, exercised | 0 | |
Weighted average exercise price, forfeitures | 10.42 | |
Weighted average exercise price, outstanding at end of period | 16.92 | $ 12.59 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 0 | |
Weighted average remaining contractual term | 10 months 22 days | 10 months 28 days |
Aggregate intrinsic value, outstanding | $ 0 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 0 |
Share-Based Compensation Restri
Share-Based Compensation Restricted Stock Activity (Details) - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Weighted-average grant date fair value of other-than-options additional disclosures [Rollforward] | ||
Non-vested, beginning balance | $ 0 | $ 0 |
Non-vested, ending balance | $ 0 | $ 0 |
Restricted share awards [Member] | ||
Non-vested equity instruments other than options [Roll Forward] | ||
Non-vested, beginning balance | 137 | |
Granted | 0 | |
Vested | (86) | |
Forfeited | (11) | |
Non-vested, ending balance | 40 | 137 |
Weighted-average grant date fair value of other-than-options additional disclosures [Rollforward] | ||
Non-vested, beginning balance | $ 17.42 | |
Granted | $ 0 | |
Vested | 17.35 | |
Forfeited | 16.35 | |
Non-vested, ending balance | $ 17.87 | $ 17.42 |
Restricted share units [Member] | ||
Non-vested equity instruments other than options [Roll Forward] | ||
Non-vested, beginning balance | 12,794 | |
Granted | 10,876 | |
Vested | (5,946) | |
Forfeited | (2,455) | |
Non-vested, ending balance | 15,269 | 12,794 |
Weighted-average grant date fair value of other-than-options additional disclosures [Rollforward] | ||
Non-vested, beginning balance | $ 9.15 | |
Granted | $ 4.26 | |
Vested | 9.56 | |
Forfeited | 8.63 | |
Non-vested, ending balance | $ 5.58 | $ 9.15 |
Share-Based Compensation Perfor
Share-Based Compensation Performance Unit Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Weighted-average grant date fair value of other-than-options additional disclosures [Rollforward] | |||
Non-vested, beginning balance | $ 0 | $ 0 | |
Non-vested, ending balance | $ 0 | $ 0 | $ 0 |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | $ 84 | $ 78 | $ 91 |
Performance units [Member] | |||
Non-vested equity instruments other than options [Roll Forward] | |||
Non-vested, beginning balance | 1,932 | ||
Granted | 3,070 | ||
Vested | (145) | ||
Forfeited | (1,767) | ||
Non-vested, ending balance | 3,090 | 1,932 | |
Weighted-average grant date fair value of other-than-options additional disclosures [Rollforward] | |||
Non-vested, beginning balance | $ 7.08 | ||
Granted | 6.06 | $ 5.11 | $ 10.45 |
Vested | 6.25 | ||
Forfeited | 7.15 | ||
Non-vested, ending balance | $ 6.07 | $ 7.08 | |
Equity Awards Granted, Vested and Exercised | 145 | ||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | $ 1 |
Retirement and Employee Bene102
Retirement and Employee Benefit Plans Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net periodic benefit cost | $ 38 | $ 9 | |
Projected benefit obligation | 198 | 205 | |
Liability, Defined Benefit Plan, Noncurrent | 22 | ||
Accumulated benefit obligation for defined benefit pension plans | 35 | 3 | |
Employer contributions | 23 | 6 | |
Estimated future employer contributions in next fiscal year, cash | 5 | ||
Level 2 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 133 | 118 | |
Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Contribution expenses related to the defined contribution plans which cover certain employees | $ 24 | $ 30 | $ 66 |
Retirement and Employee Bene103
Retirement and Employee Benefit Plans Assumptions (Details) | Dec. 31, 2017 | Dec. 31, 2016 |
United States plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Rate of compensation increase | 0.00% | 0.00% |
United States plans | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.00% | 1.00% |
United States plans | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.50% | 4.00% |
International plans | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 1.60% | 1.90% |
Rate of compensation increase | 2.00% | 2.00% |
International plans | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 6.75% | 7.50% |
Rate of compensation increase | 3.50% | 3.50% |
Income Taxes Schedule of Compon
Income Taxes Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Total Current Provision | $ 162 | $ 115 | $ 303 |
Total Deferred (Provision) Benefit | 25 | (381) | 448 |
(Provision) Benefit for Income Taxes | $ (137) | $ (496) | $ 145 |
Income Taxes Schedule of Effect
Income Taxes Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 7.83% | 7.83% | 7.83% |
Swiss Federal Income Tax Rate at 7.83% | $ 208 | $ 225 | $ 164 |
Tax on Operating Earnings Subject to Rates Different than the Swiss Federal Income Tax Rate | 123 | 319 | 411 |
U.S. Tax Reform - Remeasure of U.S. Deferred Tax Assets | (249) | 0 | 0 |
Non-cash Tax Expense on Distribution of Subsidiary Earnings | 0 | 137 | 265 |
Change in Valuation Allowance Attributed to U.S. Tax Reform | 301 | 0 | 0 |
Change in Valuation Allowance | (459) | (872) | (159) |
Change in Uncertain Tax Positions | 61 | 31 | 6 |
(Provision) Benefit for Income Taxes | $ (137) | $ (496) | $ 145 |
Income Taxes Schedule of Deferr
Income Taxes Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Income Tax Disclosure [Abstract] | |||
Deferred Tax Assets, Operating Loss Carryforwards | $ 1,208 | $ 1,258 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | 266 | 200 | |
Deferred Tax Assets, Tax Credit Carryforwards | 99 | 102 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | 39 | 34 | |
Deferred Tax Assets, Inventory | 129 | 75 | |
Deferred Tax Assets, Other | 346 | 252 | |
Deferred Tax Assets, Valuation Allowance | 1,887 | 1,738 | $ 73 |
Deferred Tax Assets, Net of Valuation Allowance | 200 | 183 | |
Deferred Tax Liabilities, Property, Plant and Equipment | 49 | 13 | |
Deferred Tax Liabilities, Goodwill and Intangible Assets | 131 | 212 | |
Deferred Tax Liabilities, Tax Deferred Income | 0 | 9 | |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 0 | 0 | |
Deferred Tax Liabilities, Other | 71 | 25 | |
Deferred Tax Liabilities, Gross | 251 | 259 | |
Deferred Tax Liabilities, Net | $ (51) | $ (76) |
Income Taxes Schedule of Unreco
Income Taxes Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Unrecognized Tax Benefits | $ 217 | $ 208 | $ 195 | $ 235 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 65 | 30 | 28 | |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | 1 | 1 | 9 | |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 12 | 20 | 5 | |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 29 | 19 | 46 | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 38 | 12 | 7 | |
Unrecognized Tax Benefits, Increase (Decrease) Resulting from Foreign Currency Translation | $ 0 | $ (5) | $ (11) |
Income Taxes Summary of Income
Income Taxes Summary of Income Tax Contingencies (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Earliest Tax Year [Member] | CANADA | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2,009 |
Earliest Tax Year [Member] | MEXICO | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2,007 |
Earliest Tax Year [Member] | RUSSIA | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2,015 |
Earliest Tax Year [Member] | SWITZERLAND | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2,010 |
Earliest Tax Year [Member] | UNITED STATES | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2,014 |
Latest Tax Year [Member] | CANADA | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2,017 |
Latest Tax Year [Member] | MEXICO | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2,017 |
Latest Tax Year [Member] | RUSSIA | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2,017 |
Latest Tax Year [Member] | SWITZERLAND | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2,017 |
Latest Tax Year [Member] | UNITED STATES | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2,017 |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) $ in Millions | Sep. 27, 2016USD ($) | Dec. 31, 2017USD ($)country | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($)country | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2016USD ($) |
Income Tax Contingency [Line Items] | ||||||||
Allowance for Doubtful Accounts Receivable, Write-offs | $ 230 | $ 0 | $ 0 | |||||
Asset Write Down and Other | 66 | |||||||
Pressure Pumping Related Charges | 114 | 63 | ||||||
Supply Agreement Charges related to Non-Core Business Divestiture | 67 | |||||||
Deferred Tax Assets, Valuation Allowance | $ 1,887 | 1,887 | 1,738 | $ 73 | ||||
Income Tax Expense (Benefit) | 137 | 496 | (145) | |||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (2,656) | (2,877) | (2,096) | |||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 459 | 872 | 159 | |||||
Tax Cuts And Jobs Act Of 2017, Incomplete Accounting, Change In Tax Rate, Deferred Tax Asset, Provisional Income Tax Expense | 52 | |||||||
Asset Impairment Charges | 436 | |||||||
Restructuring Charges | 183 | 280 | 232 | |||||
Fair Value Adjustment of Warrants | (86) | (16) | 0 | |||||
Loss Contingency Accrual, Provision | (10) | 220 | 116 | |||||
Litigation Charges, Net | $ 140 | |||||||
Currency Devaluation Charges | 0 | 41 | 85 | |||||
Goodwill and Equity Investment Impairment | 0 | 0 | 25 | |||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 0 | (137) | (265) | |||||
Impairment of Long-Lived Assets Held-for-use | (928) | (436) | (638) | |||||
Production Related Impairments or Charges | 219 | |||||||
Inventory Write-down | 540 | 269 | 244 | |||||
Gain (Loss) on Disposition of Business | 96 | 0 | (6) | |||||
Bad Debt Expense | $ 31 | 8 | 69 | 48 | ||||
Undistributed Earnings of Foreign Subsidiaries | 2,900 | 2,900 | ||||||
Operating Loss Carryforwards | 5,000 | 5,000 | ||||||
Tax Credit Carryforward, Amount | 98 | 98 | ||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 10 | 2 | 4 | |||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 61 | $ 50 | $ 61 | 51 | 50 | |||
Number of Countries in which Entity Operates | country | 90 | 90 | ||||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | $ 12 | $ 12 | ||||||
Bond Tender Premium, Net | 0 | (78) | 0 | |||||
Financing Receivable, Allowance for Credit Losses, Write-downs | $ 84 | 76 | ||||||
AR bad debt expense with no significant tax benefit | 62 | |||||||
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act of 2017, Amount | 249 | 0 | 0 | |||||
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act of 2017, Valuation Adjustment Amount | (301) | 0 | 0 | |||||
VENEZUELA | ||||||||
Income Tax Contingency [Line Items] | ||||||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (73) | |||||||
UNITED STATES | ||||||||
Income Tax Contingency [Line Items] | ||||||||
Operating Loss Carryforwards | 1,900 | 1,900 | ||||||
Tax Credit Carryforward, Amount | 82 | 82 | ||||||
IRAQ | ||||||||
Income Tax Contingency [Line Items] | ||||||||
Loss on Contracts | 0 | 153 | ||||||
Foreign Tax Credit Carryforward [Member] | UNITED STATES | ||||||||
Income Tax Contingency [Line Items] | ||||||||
Tax Credit Carryforward, Amount | 52 | 52 | ||||||
Research Tax Credit Carryforward [Member] | UNITED STATES | ||||||||
Income Tax Contingency [Line Items] | ||||||||
Tax Credit Carryforward, Amount | $ 30 | $ 30 | ||||||
Drilling Rigs [Member] | ||||||||
Income Tax Contingency [Line Items] | ||||||||
Impairment of Long-Lived Assets Held-for-use | $ (255) | |||||||
SEC Settlement [Member] | ||||||||
Income Tax Contingency [Line Items] | ||||||||
Litigation Charges, Net | $ 140 |
Disputes, Litigation and Con110
Disputes, Litigation and Contingencies (Details) $ in Millions | Sep. 27, 2016USD ($) | Nov. 04, 2015USD ($) | Jul. 31, 2015patent | Jun. 30, 2015USD ($) | Jan. 30, 2015USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2010claim |
Loss Contingencies [Line Items] | ||||||||||||||||
Shareholder derivative actions filed | claim | 3 | |||||||||||||||
Loss Contingency, Patents Allegedly Infringed, Number | patent | 7 | |||||||||||||||
Litigation Charges, Net | $ 140 | |||||||||||||||
Estimated litigation liability | $ 51 | $ 181 | $ 51 | $ 181 | ||||||||||||
Freedman v. Weatherford International Ltd., et al. [Member] [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Litigation Settlement, Amount Awarded to Other Party | $ 120 | |||||||||||||||
Payments for legal settlements | $ 120 | |||||||||||||||
Insurance Recoveries | $ 26 | |||||||||||||||
Dobina v. Weatherford International Ltd., et al. [Domain] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Litigation Settlement, Amount Awarded to Other Party | $ 53 | |||||||||||||||
U.S. SEC and DOJ Investigation [Domain] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Payments for legal settlements | $ 50 | |||||||||||||||
Loss Contingency Accrual | $ 140 | $ 65 | ||||||||||||||
Loss Contingency, Settlement Agreement, Internal Control Reporting, Tax, Period of Time | 2 days | |||||||||||||||
SEC Settlement [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Litigation Charges, Net | $ 140 | |||||||||||||||
Spitzer [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Payments for legal settlements | $ 25 | |||||||||||||||
Loss Contingency Accrual | $ 36 | |||||||||||||||
Settlement payments due in 120 days [Domain] | U.S. SEC and DOJ Investigation [Domain] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Payments for legal settlements | $ 30 | |||||||||||||||
Settlement payments due in 240 days [Domain] | U.S. SEC and DOJ Investigation [Domain] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Payments for legal settlements | $ 30 | |||||||||||||||
Settlement payments due in 360 days [Domain] | U.S. SEC and DOJ Investigation [Domain] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Loss Contingency Accrual | $ 30 |
Commitments and Other Contin111
Commitments and Other Contingencies - Operating Lease (Details) $ in Millions | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 176 |
2,018 | 112 |
2,019 | 69 |
2,020 | 52 |
2,021 | 32 |
Thereafter | 192 |
Total | $ 633 |
Commitments and Other Contin112
Commitments and Other Contingencies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Total rent expense incurred under operating leases | $ 217 | $ 324 | $ 426 |
Loss Contingencies [Line Items] | |||
Recorded Unconditional Purchase Obligation | 69 | ||
Other Current Liabilities [Member] | |||
Loss Contingencies [Line Items] | |||
Recorded Unconditional Purchase Obligation | 22 | ||
Other Noncurrent Liabilities [Member] | |||
Loss Contingencies [Line Items] | |||
Recorded Unconditional Purchase Obligation | 47 | ||
Other Noncurrent Liabilities [Member] | Fair Value Guarantee [Member] | |||
Loss Contingencies [Line Items] | |||
Leveraged Leases, Net Investment in Leveraged Leases Disclosure, Residual Value of Leased Assets | $ 28 |
Segment Information Segment Inf
Segment Information Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Segment Reporting Information [Line Items] | |||||||||||||
Net Operating Revenues | $ 1,490 | $ 1,460 | $ 1,363 | $ 1,386 | $ 1,406 | $ 1,356 | $ 1,402 | $ 1,585 | $ 5,699 | $ 5,749 | $ 9,433 | ||
Long-lived Assets | 2,893 | 4,629 | 2,893 | 4,629 | |||||||||
Operating Income (Loss) | (2,129) | (2,251) | (1,546) | ||||||||||
Depreciation and Amortization | 801 | 956 | 1,200 | ||||||||||
Capital Expenditures for Property, Plant and Equipment | (225) | (204) | (682) | ||||||||||
Research and Development Expense | (158) | (159) | (231) | ||||||||||
Equity Investment Impairment | (25) | ||||||||||||
Severance and Restructuring Charges | (183) | (280) | (232) | ||||||||||
Litigation Charges, Net | 10 | (220) | (116) | ||||||||||
Gain (Loss) on Disposition of Business | 96 | 0 | (6) | ||||||||||
Gain (Loss) on Disposition of Business | 91 | 10 | (30) | ||||||||||
Total Assets | 9,747 | 12,664 | 9,747 | 12,664 | |||||||||
Inventory Write-down | 540 | 269 | 244 | ||||||||||
Eastern Hemisphere [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total Assets | 4,311 | 5,491 | 4,311 | 5,491 | |||||||||
Western Hemisphere [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total Assets | $ 4,933 | $ 6,167 | 4,933 | 6,167 | |||||||||
Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net Operating Revenues | 5,699 | 5,749 | 9,433 | ||||||||||
Operating Income (Loss) | (258) | (569) | (153) | ||||||||||
Depreciation and Amortization | 795 | 947 | 1,184 | ||||||||||
Capital Expenditures for Property, Plant and Equipment | (200) | (189) | (663) | ||||||||||
Operating Segments [Member] | Eastern Hemisphere [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net Operating Revenues | 2,762 | 2,807 | 4,157 | ||||||||||
Operating Income (Loss) | (143) | (160) | 27 | ||||||||||
Depreciation and Amortization | 443 | 501 | 563 | ||||||||||
Capital Expenditures for Property, Plant and Equipment | (130) | (134) | (273) | ||||||||||
Operating Segments [Member] | Western Hemisphere [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net Operating Revenues | 2,937 | 2,942 | 5,276 | ||||||||||
Operating Income (Loss) | (115) | (409) | (180) | ||||||||||
Depreciation and Amortization | 352 | 446 | 621 | ||||||||||
Capital Expenditures for Property, Plant and Equipment | (70) | (55) | (390) | ||||||||||
Corporate, Non-Segment [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Depreciation and Amortization | 6 | 9 | 16 | ||||||||||
Capital Expenditures for Property, Plant and Equipment | (25) | (15) | (19) | ||||||||||
Research and Development Expense | (130) | (139) | (194) | ||||||||||
Segment Reconciling Items [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Equity Investment Impairment | (25) | ||||||||||||
Severance and Restructuring Charges | (183) | (280) | (232) | [1] | |||||||||
Litigation Charges, Net | 10 | (220) | (116) | ||||||||||
Gain (Loss) on Disposition of Business | (6) | ||||||||||||
Loss Contingency Accrual, Provision | 1,664 | $ 1,043 | 768 | ||||||||||
Gain (Loss) on Disposition of Business | $ 96 | ||||||||||||
Other Nonoperating Expense | [2] | $ 52 | |||||||||||
[1] | Includes restructuring charges of $232 million: $94 million in the Western Hemisphere, $123 million in the Eastern Hemisphere and $15 million in Corporate. | ||||||||||||
[2] | Includes $17 million in professional and other fees, $11 million in divestiture related charges and facility closures and $24 million in other charges. |
Segment Information Products an
Segment Information Products and Services (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue from External Customer [Line Items] | |||
Consolidated revenues by product line | 100.00% | 100.00% | 100.00% |
Sales Revenue, Net [Member] | Product Concentration Risk [Member] | Production [Member] | |||
Revenue from External Customer [Line Items] | |||
Consolidated revenues by product line | 26.00% | 29.00% | 29.00% |
Sales Revenue, Net [Member] | Product Concentration Risk [Member] | Completion [Member] | |||
Revenue from External Customer [Line Items] | |||
Consolidated revenues by product line | 22.00% | 20.00% | 20.00% |
Sales Revenue, Net [Member] | Product Concentration Risk [Member] | Drilling and Evaluation [Member] | |||
Revenue from External Customer [Line Items] | |||
Consolidated revenues by product line | 24.00% | 22.00% | 22.00% |
Sales Revenue, Net [Member] | Product Concentration Risk [Member] | Well Construction [Member] | |||
Revenue from External Customer [Line Items] | |||
Consolidated revenues by product line | 28.00% | 29.00% | 29.00% |
Segment Information Geographic
Segment Information Geographic Areas (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue, Net | $ 1,490 | $ 1,460 | $ 1,363 | $ 1,386 | $ 1,406 | $ 1,356 | $ 1,402 | $ 1,585 | $ 5,699 | $ 5,749 | $ 9,433 |
Long-lived Assets | 2,893 | 4,629 | 2,893 | 4,629 | |||||||
Eastern Hemisphere [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue, Net | 2,762 | 2,807 | 4,157 | ||||||||
Long-lived Assets | 1,330 | 2,578 | 1,330 | 2,578 | |||||||
UNITED STATES | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue, Net | 1,555 | 1,523 | 2,864 | ||||||||
Long-lived Assets | 870 | 1,008 | 870 | 1,008 | |||||||
Latin America [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue, Net | 890 | 1,064 | 1,782 | ||||||||
Long-lived Assets | 575 | 903 | 575 | 903 | |||||||
Europe/Sub-Sahara Africa/Russia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue, Net | 999 | 939 | 1,613 | ||||||||
Long-lived Assets | 532 | 629 | 532 | 629 | |||||||
Middle East and North Africa [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue, Net | 1,464 | 1,513 | 1,843 | ||||||||
Long-lived Assets | 528 | 1,595 | 528 | 1,595 | |||||||
Asia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue, Net | 299 | 355 | 701 | ||||||||
Long-lived Assets | 270 | 354 | 270 | 354 | |||||||
Western Hemisphere [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue, Net | 2,937 | 2,942 | 5,276 | ||||||||
Long-lived Assets | 1,563 | 2,051 | 1,563 | 2,051 | |||||||
CANADA | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue, Net | 492 | 355 | $ 630 | ||||||||
Long-lived Assets | $ 118 | $ 140 | $ 118 | $ 140 |
Segment Information Narrative (
Segment Information Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($)unit | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | ||||||||||||
Asset Impairment Charges | $ 436 | |||||||||||
Number of Reportable Segments | unit | 2 | |||||||||||
Long-Lived Asset Impairments and Other Charges | $ 928 | 436 | $ 638 | |||||||||
Production Related Impairments or Charges | 219 | |||||||||||
Pressure Pumping Related Charges | 114 | 63 | ||||||||||
Fair Value Adjustment of Warrants | (86) | (16) | 0 | |||||||||
Supply Agreement Charges related to Non-Core Business Divestiture | 67 | |||||||||||
Restructuring Charges | 183 | 280 | 232 | |||||||||
Revenue, Net | $ 1,490 | $ 1,460 | $ 1,363 | $ 1,386 | $ 1,406 | $ 1,356 | $ 1,402 | $ 1,585 | 5,699 | 5,749 | 9,433 | |
Professional Fees | 17 | |||||||||||
Facility Closure Fees | 24 | |||||||||||
Other Nonrecurring (Income) Expense | 1,600 | $ 35 | $ 108 | $ 134 | 245 | $ 771 | 347 | $ 285 | 11 | |||
Bad Debt Expense | $ 31 | 8 | 69 | 48 | ||||||||
Increase (decrease) in accounts receivable | 29 | (214) | (1,031) | |||||||||
Assets | 9,747 | 12,664 | 9,747 | 12,664 | ||||||||
Deferred tax assets for long-lived assets | 36 | $ 81 | 36 | 81 | ||||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | $ 84 | 76 | ||||||||||
Allowance for Doubtful Accounts Receivable, Write-offs | 230 | 0 | 0 | |||||||||
Asset Write Down and Other | 1,664 | 1,043 | 768 | |||||||||
UNITED STATES | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue, Net | 1,555 | 1,523 | 2,864 | |||||||||
Assets | 2,900 | 3,300 | 2,900 | 3,300 | ||||||||
2016 Plan [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring Charges | 280 | |||||||||||
2015 Plan [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring Charges | 232 | |||||||||||
Operating Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Production Related Impairments or Charges | 223 | |||||||||||
Revenue, Net | 5,699 | 5,749 | 9,433 | |||||||||
Western Hemisphere [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Asset Impairment Charges | 135 | |||||||||||
Production Related Impairments or Charges | 127 | |||||||||||
Bad Debt Expense | 29 | |||||||||||
Assets | 4,933 | 6,167 | 4,933 | 6,167 | ||||||||
Western Hemisphere [Member] | 2016 Plan [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring Charges | 153 | |||||||||||
Western Hemisphere [Member] | 2015 Plan [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring Charges | 94 | |||||||||||
Western Hemisphere [Member] | Operating Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue, Net | 2,937 | 2,942 | 5,276 | |||||||||
Drilling Rigs [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Long-Lived Asset Impairments and Other Charges | 255 | |||||||||||
Eastern Hemisphere [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Asset Impairment Charges | 37 | |||||||||||
Production Related Impairments or Charges | 96 | |||||||||||
Bad Debt Expense | 19 | |||||||||||
Assets | 4,311 | 5,491 | 4,311 | 5,491 | ||||||||
Eastern Hemisphere [Member] | 2016 Plan [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring Charges | 75 | |||||||||||
Eastern Hemisphere [Member] | 2015 Plan [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring Charges | 123 | |||||||||||
Eastern Hemisphere [Member] | Operating Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue, Net | 2,762 | 2,807 | 4,157 | |||||||||
Corporate, Non-Segment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Assets | $ 503 | $ 1,006 | 503 | 1,006 | ||||||||
Corporate, Non-Segment [Member] | 2016 Plan [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring Charges | 52 | |||||||||||
Corporate, Non-Segment [Member] | 2015 Plan [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring Charges | $ 15 | |||||||||||
Assets, Total [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Long-Lived Asset Impairments and Other Charges | $ 506 | $ 710 |
Consolidating Financial Stat117
Consolidating Financial Statements Narrative (Details) | Dec. 31, 2017 | Jun. 30, 2017 | Jun. 26, 2017 | Dec. 31, 2016 | Nov. 18, 2016 | Jul. 01, 2016 | Jun. 30, 2016 | Jun. 17, 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% | 6.80% | ||||||
Senior Notes, 6.50% due 2036 [Member] | Senior Notes [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Stated interest rate on debt | 6.50% | 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 Bermuda [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Stated interest rate on debt | 6.00% | ||||||||
Senior Notes, 6.00% due 2018 [Member] | Senior Notes [Member] | Guarantor Subsidiaries, 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] | Guarantor Subsidiaries, Weatherford Delaware [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Stated interest rate on debt | 7.00% | 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] | Guarantor Subsidiaries, 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] | Guarantor Subsidiaries, 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] | Guarantor Subsidiaries, Weatherford Delaware [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Stated interest rate on debt | 5.125% | 5.125% | 5.125% | ||||||
Senior Notes, 6.75% due 2040 [Member] | Senior Notes [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Stated interest rate on debt | 6.75% | 6.75% | 6.75% | ||||||
Senior Notes, 4.50% due 2022 [Member] | Senior Notes [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Stated interest rate on debt | 4.50% | 4.50% | 4.50% | ||||||
Senior Notes, 5.95% due 2042 [Member] | Senior Notes [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Stated interest rate on debt | 5.95% | 5.95% | 5.95% | ||||||
Senior Notes, 9.875% due 2024 [Member] | Senior Notes [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Stated interest rate on debt | 9.875% | ||||||||
Senior Notes, 9.875% due 2024 [Member] | Senior Notes [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Stated interest rate on debt | 9.875% | 9.875% | |||||||
Exchangeable Senior Notes, 5.875 Percent due 2021 [Member] | Senior Notes [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Stated interest rate on debt | 5.875% | 5.875% | |||||||
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, 7.75 Percent due 2021 [Member] | Senior Notes [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Stated interest rate on debt | 7.75% | 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, 8.25 Percent due 2023 [Member] | Senior Notes [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Stated interest rate on debt | 8.25% | 8.25% | |||||||
Senior Notes, 9.87 Percent due 2024 [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Stated interest rate on debt | 9.875% | ||||||||
Senior Notes, 9.87 Percent due 2024 [Member] | Senior Notes [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Stated interest rate on debt | 9.875% | ||||||||
Senior Notes [Member] | Senior Notes, 5.50% due 2016 [Member] | Guarantor Subsidiaries, Weatherford Delaware [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Stated interest rate on debt | 5.50% |
Consolidating Financial Stat118
Consolidating Financial Statements Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||
Operating Income (Loss) | $ (2,129) | $ (2,251) | $ (1,546) | ||||||||||||||||
Revenue, Net | $ 1,490 | $ 1,460 | $ 1,363 | $ 1,386 | $ 1,406 | $ 1,356 | $ 1,402 | $ 1,585 | 5,699 | 5,749 | 9,433 | ||||||||
Costs and Expenses | (7,828) | (8,000) | (10,979) | ||||||||||||||||
Other Income (Expense): | |||||||||||||||||||
Interest Expense, Net | (579) | (499) | (468) | ||||||||||||||||
Intercompany Charges, Net | 0 | 0 | 0 | ||||||||||||||||
Equity in Subsidiary Income (Loss) | 0 | 0 | 0 | ||||||||||||||||
Other, Net | 52 | (127) | (82) | ||||||||||||||||
Income (Loss) Before Income Taxes | (2,656) | (2,877) | (2,096) | ||||||||||||||||
(Provision) Benefit for Income Taxes | (137) | (496) | 145 | ||||||||||||||||
Net Loss | (2,793) | (3,373) | (1,951) | ||||||||||||||||
Net Income Attributable to Noncontrolling Interests | (20) | (19) | (34) | ||||||||||||||||
Net Income (Loss) Attributable to Weatherford | $ (1,938) | [1] | $ (256) | [2] | $ (171) | [3] | $ (448) | [4] | $ (549) | [5],[6] | $ (1,780) | [5] | $ (565) | [5],[7] | $ (498) | [5],[8] | (2,813) | (3,392) | (1,985) |
Comprehensive Income (Loss) Attributable to Weatherford | (2,722) | (3,361) | (2,745) | ||||||||||||||||
Other Subsidiaries [Member] | |||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||
Operating Income (Loss) | (2,157) | (2,102) | (1,440) | ||||||||||||||||
Revenue, Net | 5,699 | 5,749 | 9,433 | ||||||||||||||||
Costs and Expenses | (7,856) | (7,851) | (10,873) | ||||||||||||||||
Other Income (Expense): | |||||||||||||||||||
Interest Expense, Net | 24 | 4 | (13) | ||||||||||||||||
Intercompany Charges, Net | 103 | (274) | (403) | ||||||||||||||||
Equity in Subsidiary Income (Loss) | 0 | 0 | 0 | ||||||||||||||||
Other, Net | (11) | (78) | (144) | ||||||||||||||||
Income (Loss) Before Income Taxes | (2,247) | (2,450) | (2,000) | ||||||||||||||||
(Provision) Benefit for Income Taxes | (137) | (342) | 31 | ||||||||||||||||
Net Loss | (2,384) | (2,792) | (1,969) | ||||||||||||||||
Net Income Attributable to Noncontrolling Interests | (20) | (19) | (34) | ||||||||||||||||
Net Income (Loss) Attributable to Weatherford | (2,404) | (2,811) | (2,003) | ||||||||||||||||
Comprehensive Income (Loss) Attributable to Weatherford | (2,312) | (2,780) | (2,762) | ||||||||||||||||
Weatherford Ireland Parent Company [Member] | |||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||
Operating Income (Loss) | (19) | (151) | (101) | ||||||||||||||||
Revenue, Net | 0 | 0 | 0 | ||||||||||||||||
Costs and Expenses | (19) | (151) | (101) | ||||||||||||||||
Other Income (Expense): | |||||||||||||||||||
Interest Expense, Net | 0 | 0 | 0 | ||||||||||||||||
Intercompany Charges, Net | (12) | (76) | (83) | ||||||||||||||||
Equity in Subsidiary Income (Loss) | (2,891) | (3,181) | (1,801) | ||||||||||||||||
Other, Net | 85 | 16 | 0 | ||||||||||||||||
Income (Loss) Before Income Taxes | (2,813) | (3,392) | (1,985) | ||||||||||||||||
(Provision) Benefit for Income Taxes | 0 | 0 | 0 | ||||||||||||||||
Net Loss | (2,813) | (3,392) | (1,985) | ||||||||||||||||
Net Income Attributable to Noncontrolling Interests | 0 | 0 | 0 | ||||||||||||||||
Net Income (Loss) Attributable to Weatherford | (2,813) | (3,392) | (1,985) | ||||||||||||||||
Comprehensive Income (Loss) Attributable to Weatherford | (2,722) | (3,361) | (2,745) | ||||||||||||||||
Weatherford Bermuda [Member] | |||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||
Operating Income (Loss) | 45 | (3) | (7) | ||||||||||||||||
Revenue, Net | 0 | 0 | 0 | ||||||||||||||||
Costs and Expenses | 45 | (3) | (7) | ||||||||||||||||
Other Income (Expense): | |||||||||||||||||||
Interest Expense, Net | (583) | (465) | (398) | ||||||||||||||||
Intercompany Charges, Net | (148) | 4 | (110) | ||||||||||||||||
Equity in Subsidiary Income (Loss) | (878) | (2,403) | (1,868) | ||||||||||||||||
Other, Net | (19) | (38) | 51 | ||||||||||||||||
Income (Loss) Before Income Taxes | (1,287) | (2,905) | (2,332) | ||||||||||||||||
(Provision) Benefit for Income Taxes | 0 | 0 | 0 | ||||||||||||||||
Net Loss | (1,287) | (2,905) | (2,332) | ||||||||||||||||
Net Income Attributable to Noncontrolling Interests | 0 | 0 | 0 | ||||||||||||||||
Net Income (Loss) Attributable to Weatherford | (1,287) | (2,905) | (2,332) | ||||||||||||||||
Comprehensive Income (Loss) Attributable to Weatherford | (1,307) | (3,081) | (2,610) | ||||||||||||||||
Guarantor Subsidiaries, Weatherford Delaware [Member] | |||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||
Operating Income (Loss) | 2 | 5 | 2 | ||||||||||||||||
Revenue, Net | 0 | 0 | 0 | ||||||||||||||||
Costs and Expenses | 2 | 5 | 2 | ||||||||||||||||
Other Income (Expense): | |||||||||||||||||||
Interest Expense, Net | (38) | (49) | (57) | ||||||||||||||||
Intercompany Charges, Net | 192 | (196) | (282) | ||||||||||||||||
Equity in Subsidiary Income (Loss) | (437) | (944) | (492) | ||||||||||||||||
Other, Net | 5 | 43 | 11 | ||||||||||||||||
Income (Loss) Before Income Taxes | (660) | (1,141) | (818) | ||||||||||||||||
(Provision) Benefit for Income Taxes | 0 | (154) | 114 | ||||||||||||||||
Net Loss | (660) | (1,295) | (704) | ||||||||||||||||
Net Income Attributable to Noncontrolling Interests | 0 | 0 | 0 | ||||||||||||||||
Net Income (Loss) Attributable to Weatherford | (660) | (1,295) | (704) | ||||||||||||||||
Comprehensive Income (Loss) Attributable to Weatherford | (700) | (1,425) | (754) | ||||||||||||||||
Eliminations [Member] | |||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||
Operating Income (Loss) | 0 | 0 | 0 | ||||||||||||||||
Revenue, Net | 0 | 0 | 0 | ||||||||||||||||
Costs and Expenses | 0 | 0 | 0 | ||||||||||||||||
Other Income (Expense): | |||||||||||||||||||
Interest Expense, Net | 18 | 11 | 0 | ||||||||||||||||
Intercompany Charges, Net | (135) | 542 | 878 | ||||||||||||||||
Equity in Subsidiary Income (Loss) | 4,206 | 6,528 | 4,161 | ||||||||||||||||
Other, Net | (8) | (70) | 0 | ||||||||||||||||
Income (Loss) Before Income Taxes | 4,351 | 7,011 | 5,039 | ||||||||||||||||
(Provision) Benefit for Income Taxes | 0 | 0 | 0 | ||||||||||||||||
Net Loss | 4,351 | 7,011 | 5,039 | ||||||||||||||||
Net Income Attributable to Noncontrolling Interests | 0 | 0 | 0 | ||||||||||||||||
Net Income (Loss) Attributable to Weatherford | 4,351 | 7,011 | 5,039 | ||||||||||||||||
Comprehensive Income (Loss) Attributable to Weatherford | $ 4,319 | $ 7,286 | $ 6,126 | ||||||||||||||||
[1] | Includes charges of $1.6 billion primarily related to long-lived asset impairments (including the write-down to the lower of carrying amount or fair value less cost to sell of our land drilling rigs assets classified as held for sale), inventory write-downs, the write-down of Venezuelan receivables, severance and restructuring charges, partially offset by a gain on sale of assets and a warrant fair value adjustment. | ||||||||||||||||||
[2] | Includes charges of $35 million primarily related to severance and restructuring charges and a warrant fair value adjustment. | ||||||||||||||||||
[3] | Includes credits of $108 million primarily related to gains on a warrant fair value and defined benefit pension plan reclassifications, partially offset by severance and restructuring charges and asset write-downs. | ||||||||||||||||||
[4] | Includes charges of $134 million primarily related to severance and restructuring charges, asset write-downs and a warrant fair value adjustment, partially offset by defined benefit pension plan reclassifications. | ||||||||||||||||||
[5] | Includes charges of $245 million primarily related to severance and restructuring, litigation charges and pressure pumping related charges. | ||||||||||||||||||
[6] | Includes charges of $771 million primarily related to long-lived asset impairments, inventory write-downs and severance and restructuring. | ||||||||||||||||||
[7] | Includes charges of $347 million primarily related to litigation charges, an adjustment to a note from PDVSA to fair value, a bond tender premium incurred from a tender offer and severance and restructuring charges partially offset by an estimated project income on our long-term early production facility construction contract. | ||||||||||||||||||
[8] | Includes charges of $285 million primarily related to severance and restructuring, litigation charges, pressure pumping related charges and an estimated project loss on our long-term early production facility construction contract. |
Consolidating Financial Stat119
Consolidating Financial Statements Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets | ||||
Cash and Cash Equivalents | $ 613 | $ 1,037 | $ 467 | $ 474 |
Other Current Assets | 3,265 | 3,873 | ||
Total Current Assets | 3,878 | 4,910 | ||
Equity Investments in Affiliates | 0 | 0 | ||
Intercompany Receivables, Net | 0 | 0 | ||
Other Assets | 5,869 | 7,754 | ||
Total Assets | 9,747 | 12,664 | ||
Current Liabilities | ||||
Short-term Borrowings and Current Portion of Long-term Debt | 148 | 179 | ||
Accounts Payable and Other Current Liabilities | 2,082 | 2,249 | ||
Total Current Liabilities | 2,230 | 2,428 | ||
Long-term Debt and Capital Lease Obligations | 7,541 | 7,403 | ||
Intercompany Payables, Net | 0 | 0 | ||
Other Long-term Liabilities | 547 | 765 | ||
Total Liabilities | 10,318 | 10,596 | ||
Weatherford Shareholders’ Equity | (626) | 2,012 | ||
Noncontrolling Interests | 55 | 56 | ||
Total Liabilities and Shareholders’ (Deficiency) Equity | 9,747 | 12,664 | ||
Eliminations [Member] | ||||
Current Assets | ||||
Cash and Cash Equivalents | 0 | 0 | 0 | 0 |
Other Current Assets | (550) | (531) | ||
Total Current Assets | (550) | (531) | ||
Equity Investments in Affiliates | (16,077) | (20,422) | ||
Intercompany Receivables, Net | (4,213) | (3,762) | ||
Other Assets | 0 | (12) | ||
Total Assets | (20,840) | (24,727) | ||
Current Liabilities | ||||
Short-term Borrowings and Current Portion of Long-term Debt | 0 | 0 | ||
Accounts Payable and Other Current Liabilities | (550) | (542) | ||
Total Current Liabilities | (550) | (542) | ||
Long-term Debt and Capital Lease Obligations | 89 | 107 | ||
Intercompany Payables, Net | (4,213) | (3,762) | ||
Other Long-term Liabilities | (137) | (146) | ||
Total Liabilities | (4,811) | (4,343) | ||
Weatherford Shareholders’ Equity | (16,029) | (20,384) | ||
Noncontrolling Interests | 0 | 0 | ||
Total Liabilities and Shareholders’ (Deficiency) Equity | (20,840) | (24,727) | ||
Other Subsidiaries [Member] | ||||
Current Assets | ||||
Cash and Cash Equivalents | 418 | 447 | 443 | 451 |
Other Current Assets | 3,298 | 3,891 | ||
Total Current Assets | 3,716 | 4,338 | ||
Equity Investments in Affiliates | 530 | 1,037 | ||
Intercompany Receivables, Net | 4,213 | 3,762 | ||
Other Assets | 5,857 | 7,751 | ||
Total Assets | 14,316 | 16,888 | ||
Current Liabilities | ||||
Short-term Borrowings and Current Portion of Long-term Debt | 20 | 32 | ||
Accounts Payable and Other Current Liabilities | 2,439 | 2,488 | ||
Total Current Liabilities | 2,459 | 2,520 | ||
Long-term Debt and Capital Lease Obligations | 159 | 204 | ||
Intercompany Payables, Net | 0 | 0 | ||
Other Long-term Liabilities | 332 | 457 | ||
Total Liabilities | 2,950 | 3,181 | ||
Weatherford Shareholders’ Equity | 11,311 | 13,651 | ||
Noncontrolling Interests | 55 | 56 | ||
Total Liabilities and Shareholders’ (Deficiency) Equity | 14,316 | 16,888 | ||
Weatherford Ireland Parent Company [Member] | ||||
Current Assets | ||||
Cash and Cash Equivalents | 0 | 0 | 0 | 1 |
Other Current Assets | 1 | 1 | ||
Total Current Assets | 1 | 1 | ||
Equity Investments in Affiliates | (460) | 2,415 | ||
Intercompany Receivables, Net | 0 | 0 | ||
Other Assets | 0 | 2 | ||
Total Assets | (459) | 2,418 | ||
Current Liabilities | ||||
Short-term Borrowings and Current Portion of Long-term Debt | 0 | 0 | ||
Accounts Payable and Other Current Liabilities | 10 | 105 | ||
Total Current Liabilities | 10 | 105 | ||
Long-term Debt and Capital Lease Obligations | 0 | 0 | ||
Intercompany Payables, Net | 87 | 145 | ||
Other Long-term Liabilities | 70 | 156 | ||
Total Liabilities | 167 | 406 | ||
Weatherford Shareholders’ Equity | (626) | 2,012 | ||
Noncontrolling Interests | 0 | 0 | ||
Total Liabilities and Shareholders’ (Deficiency) Equity | (459) | 2,418 | ||
Weatherford Bermuda [Member] | ||||
Current Assets | ||||
Cash and Cash Equivalents | 195 | 586 | 2 | 0 |
Other Current Assets | 0 | 0 | ||
Total Current Assets | 195 | 586 | ||
Equity Investments in Affiliates | 7,998 | 8,669 | ||
Intercompany Receivables, Net | 0 | 0 | ||
Other Assets | 8 | 13 | ||
Total Assets | 8,201 | 9,268 | ||
Current Liabilities | ||||
Short-term Borrowings and Current Portion of Long-term Debt | 128 | 53 | ||
Accounts Payable and Other Current Liabilities | 183 | 198 | ||
Total Current Liabilities | 311 | 251 | ||
Long-term Debt and Capital Lease Obligations | 7,127 | 6,944 | ||
Intercompany Payables, Net | 242 | 224 | ||
Other Long-term Liabilities | 146 | 152 | ||
Total Liabilities | 7,826 | 7,571 | ||
Weatherford Shareholders’ Equity | 375 | 1,697 | ||
Noncontrolling Interests | 0 | 0 | ||
Total Liabilities and Shareholders’ (Deficiency) Equity | 8,201 | 9,268 | ||
Guarantor Subsidiaries, Weatherford Delaware [Member] | ||||
Current Assets | ||||
Cash and Cash Equivalents | 0 | 4 | $ 22 | $ 22 |
Other Current Assets | 516 | 512 | ||
Total Current Assets | 516 | 516 | ||
Equity Investments in Affiliates | 8,009 | 8,301 | ||
Intercompany Receivables, Net | 0 | 0 | ||
Other Assets | 4 | 0 | ||
Total Assets | 8,529 | 8,817 | ||
Current Liabilities | ||||
Short-term Borrowings and Current Portion of Long-term Debt | 0 | 94 | ||
Accounts Payable and Other Current Liabilities | 0 | 0 | ||
Total Current Liabilities | 0 | 94 | ||
Long-term Debt and Capital Lease Obligations | 166 | 148 | ||
Intercompany Payables, Net | 3,884 | 3,393 | ||
Other Long-term Liabilities | 136 | 146 | ||
Total Liabilities | 4,186 | 3,781 | ||
Weatherford Shareholders’ Equity | 4,343 | 5,036 | ||
Noncontrolling Interests | 0 | 0 | ||
Total Liabilities and Shareholders’ (Deficiency) Equity | $ 8,529 | $ 8,817 |
Consolidating Financial Stat120
Consolidating Financial Statements Condensed Consolidating Statement of Cash Flows (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Proceeds (payments) from sale of businesses and equity investment, net | $ (1,000,000) | $ (6,000,000) | $ 8,000,000 | |
Net Loss | (2,793,000,000) | (3,373,000,000) | (1,951,000,000) | |
Cash Flows from Operating Activities: | ||||
Charges from Parent or Subsidiary | 0 | 0 | 0 | |
Equity in (Earnings) Loss of Affiliates | 0 | 0 | 0 | |
Deferred Income Tax Provision (Benefit) | (25,000,000) | 381,000,000 | (448,000,000) | |
Other Adjustments | 2,430,000,000 | 2,688,000,000 | 3,114,000,000 | |
Net Cash Provided by (Used in) Operating Activities | (388,000,000) | (304,000,000) | 715,000,000 | |
Cash Flows From Investing Activities: | ||||
Acquisitions of Businesses, Net of Cash Acquired | (225,000,000) | (204,000,000) | (682,000,000) | |
Increase (Decrease) in Assets Held-for-sale | 244,000,000 | 0 | 0 | |
Capital Expenditures for Property, Plant and Equipment | (7,000,000) | (5,000,000) | (14,000,000) | |
Acquisition of Intellectual Property | (15,000,000) | (10,000,000) | (8,000,000) | |
Proceeds from Insurance Settlement, Investing Activities | 0 | 39,000,000 | 0 | |
Net Cash Used in Investing Activities | (62,000,000) | (137,000,000) | (659,000,000) | |
Proceeds from Sale of Property, Plant, and Equipment | 51,000,000 | 49,000,000 | 37,000,000 | |
Proceeds from Sale of Productive Assets | 481,000,000 | |||
Payments for (Proceeds from) Other Investing Activities | $ 51,000,000 | 51,000,000 | 0 | 0 |
Cash Flows From Financing Activities: | ||||
Borrowings (Repayments) of Short-term Debt, Net | (128,000,000) | (1,512,000,000) | 505,000,000 | |
Borrowings (Repayments) Long-term Debt, Net | 181,000,000 | 1,718,000,000 | (470,000,000) | |
Borrowings (Repayments) Between Subsidiaries, Net | 0 | 0 | 0 | |
Proceeds from Issuance of Common Stock | 0 | 1,071,000,000 | 0 | |
Other, Net | (33,000,000) | (216,000,000) | (32,000,000) | |
Net Cash Provided by Financing Activities | 20,000,000 | 1,061,000,000 | 3,000,000 | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 6,000,000 | (50,000,000) | (66,000,000) | |
Net Increase (Decrease) in Cash and Cash Equivalents | (424,000,000) | 570,000,000 | (7,000,000) | |
Cash and Cash Equivalents at Beginning of Year | 1,037,000,000 | 1,037,000,000 | 467,000,000 | 474,000,000 |
Cash and Cash Equivalents at End of Year | 613,000,000 | 1,037,000,000 | 467,000,000 | |
Eliminations [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Proceeds (payments) from sale of businesses and equity investment, net | 0 | 0 | 0 | |
Net Loss | 4,351,000,000 | 7,011,000,000 | 5,039,000,000 | |
Cash Flows from Operating Activities: | ||||
Charges from Parent or Subsidiary | (135,000,000) | (542,000,000) | (878,000,000) | |
Equity in (Earnings) Loss of Affiliates | (4,206,000,000) | (6,528,000,000) | (4,161,000,000) | |
Deferred Income Tax Provision (Benefit) | 0 | 0 | ||
Other Adjustments | (10,000,000) | 59,000,000 | 0 | |
Net Cash Provided by (Used in) Operating Activities | 0 | 0 | 0 | |
Cash Flows From Investing Activities: | ||||
Acquisitions of Businesses, Net of Cash Acquired | 0 | 0 | 0 | |
Increase (Decrease) in Assets Held-for-sale | 0 | |||
Capital Expenditures for Property, Plant and Equipment | 0 | 0 | 0 | |
Acquisition of Intellectual Property | 0 | 0 | 0 | |
Proceeds from Insurance Settlement, Investing Activities | 0 | |||
Net Cash Used in Investing Activities | 0 | 0 | 0 | |
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | ||
Proceeds from Sale of Productive Assets | 0 | |||
Payments for (Proceeds from) Other Investing Activities | 0 | |||
Cash Flows From Financing Activities: | ||||
Borrowings (Repayments) of Short-term Debt, Net | 0 | 0 | 0 | |
Borrowings (Repayments) Long-term Debt, Net | 0 | 0 | 0 | |
Borrowings (Repayments) Between Subsidiaries, Net | 0 | 0 | 0 | |
Proceeds from Issuance of Common Stock | 0 | |||
Other, Net | 0 | 0 | 0 | |
Net Cash Provided by Financing Activities | 0 | 0 | 0 | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 | 0 | |
Net Increase (Decrease) in Cash and Cash Equivalents | 0 | 0 | 0 | |
Cash and Cash Equivalents at Beginning of Year | 0 | 0 | 0 | 0 |
Cash and Cash Equivalents at End of Year | 0 | 0 | 0 | |
Other Subsidiaries [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Proceeds (payments) from sale of businesses and equity investment, net | (1,000,000) | (6,000,000) | 8,000,000 | |
Net Loss | (2,384,000,000) | (2,792,000,000) | (1,969,000,000) | |
Cash Flows from Operating Activities: | ||||
Charges from Parent or Subsidiary | 103,000,000 | 274,000,000 | 403,000,000 | |
Equity in (Earnings) Loss of Affiliates | 0 | 0 | 0 | |
Deferred Income Tax Provision (Benefit) | (25,000,000) | 355,000,000 | (462,000,000) | |
Other Adjustments | 1,416,000,000 | 1,067,000,000 | 3,025,000,000 | |
Net Cash Provided by (Used in) Operating Activities | (890,000,000) | (1,096,000,000) | 997,000,000 | |
Cash Flows From Investing Activities: | ||||
Acquisitions of Businesses, Net of Cash Acquired | (225,000,000) | (204,000,000) | (682,000,000) | |
Increase (Decrease) in Assets Held-for-sale | 244,000,000 | |||
Capital Expenditures for Property, Plant and Equipment | (7,000,000) | (5,000,000) | (14,000,000) | |
Acquisition of Intellectual Property | (15,000,000) | (10,000,000) | (8,000,000) | |
Proceeds from Insurance Settlement, Investing Activities | 39,000,000 | |||
Net Cash Used in Investing Activities | (62,000,000) | (137,000,000) | (659,000,000) | |
Proceeds from Sale of Property, Plant, and Equipment | 49,000,000 | 37,000,000 | ||
Proceeds from Sale of Productive Assets | 481,000,000 | |||
Payments for (Proceeds from) Other Investing Activities | (51,000,000) | |||
Cash Flows From Financing Activities: | ||||
Borrowings (Repayments) of Short-term Debt, Net | (111,000,000) | (15,000,000) | (30,000,000) | |
Borrowings (Repayments) Long-term Debt, Net | 75,000,000 | (65,000,000) | (28,000,000) | |
Borrowings (Repayments) Between Subsidiaries, Net | 986,000,000 | 512,000,000 | (190,000,000) | |
Proceeds from Issuance of Common Stock | 1,071,000,000 | |||
Other, Net | (33,000,000) | (216,000,000) | (32,000,000) | |
Net Cash Provided by Financing Activities | 917,000,000 | 1,287,000,000 | (280,000,000) | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 6,000,000 | (50,000,000) | (66,000,000) | |
Net Increase (Decrease) in Cash and Cash Equivalents | (29,000,000) | 4,000,000 | (8,000,000) | |
Cash and Cash Equivalents at Beginning of Year | 447,000,000 | 447,000,000 | 443,000,000 | 451,000,000 |
Cash and Cash Equivalents at End of Year | 418,000,000 | 447,000,000 | 443,000,000 | |
Weatherford Ireland Parent Company [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Proceeds (payments) from sale of businesses and equity investment, net | 0 | 0 | 0 | |
Net Loss | (2,813,000,000) | (3,392,000,000) | (1,985,000,000) | |
Cash Flows from Operating Activities: | ||||
Charges from Parent or Subsidiary | (12,000,000) | 76,000,000 | 83,000,000 | |
Equity in (Earnings) Loss of Affiliates | 2,891,000,000 | 3,181,000,000 | 1,801,000,000 | |
Deferred Income Tax Provision (Benefit) | 0 | 0 | 0 | |
Other Adjustments | (278,000,000) | 1,230,000,000 | (35,000,000) | |
Net Cash Provided by (Used in) Operating Activities | (212,000,000) | 1,095,000,000 | (136,000,000) | |
Cash Flows From Investing Activities: | ||||
Acquisitions of Businesses, Net of Cash Acquired | 0 | 0 | 0 | |
Increase (Decrease) in Assets Held-for-sale | 0 | |||
Capital Expenditures for Property, Plant and Equipment | 0 | 0 | 0 | |
Acquisition of Intellectual Property | 0 | 0 | 0 | |
Proceeds from Insurance Settlement, Investing Activities | 0 | |||
Net Cash Used in Investing Activities | 0 | 0 | 0 | |
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | ||
Proceeds from Sale of Productive Assets | 0 | |||
Payments for (Proceeds from) Other Investing Activities | 0 | |||
Cash Flows From Financing Activities: | ||||
Borrowings (Repayments) of Short-term Debt, Net | 0 | 0 | 0 | |
Borrowings (Repayments) Long-term Debt, Net | 0 | 0 | 0 | |
Borrowings (Repayments) Between Subsidiaries, Net | 212,000,000 | (1,095,000,000) | 135,000,000 | |
Proceeds from Issuance of Common Stock | 0 | |||
Other, Net | 0 | 0 | 0 | |
Net Cash Provided by Financing Activities | 212,000,000 | (1,095,000,000) | 135,000,000 | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 | 0 | |
Net Increase (Decrease) in Cash and Cash Equivalents | 0 | 0 | (1,000,000) | |
Cash and Cash Equivalents at Beginning of Year | 0 | 0 | 0 | 1,000,000 |
Cash and Cash Equivalents at End of Year | 0 | 0 | 0 | |
Weatherford Bermuda [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Proceeds (payments) from sale of businesses and equity investment, net | 0 | 0 | 0 | |
Net Loss | (1,287,000,000) | (2,905,000,000) | (2,332,000,000) | |
Cash Flows from Operating Activities: | ||||
Charges from Parent or Subsidiary | (148,000,000) | (4,000,000) | 110,000,000 | |
Equity in (Earnings) Loss of Affiliates | 878,000,000 | 2,403,000,000 | 1,868,000,000 | |
Deferred Income Tax Provision (Benefit) | 0 | 0 | 0 | |
Other Adjustments | 1,236,000,000 | 75,000,000 | 210,000,000 | |
Net Cash Provided by (Used in) Operating Activities | 679,000,000 | (431,000,000) | (144,000,000) | |
Cash Flows From Investing Activities: | ||||
Acquisitions of Businesses, Net of Cash Acquired | 0 | 0 | 0 | |
Increase (Decrease) in Assets Held-for-sale | 0 | |||
Capital Expenditures for Property, Plant and Equipment | 0 | 0 | 0 | |
Acquisition of Intellectual Property | 0 | 0 | 0 | |
Proceeds from Insurance Settlement, Investing Activities | 0 | |||
Net Cash Used in Investing Activities | 0 | 0 | 0 | |
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | ||
Proceeds from Sale of Productive Assets | 0 | |||
Payments for (Proceeds from) Other Investing Activities | 0 | |||
Cash Flows From Financing Activities: | ||||
Borrowings (Repayments) of Short-term Debt, Net | (17,000,000) | (1,497,000,000) | 535,000,000 | |
Borrowings (Repayments) Long-term Debt, Net | 200,000,000 | 2,299,000,000 | (411,000,000) | |
Borrowings (Repayments) Between Subsidiaries, Net | (1,253,000,000) | 213,000,000 | 22,000,000 | |
Proceeds from Issuance of Common Stock | 0 | |||
Other, Net | 0 | 0 | 0 | |
Net Cash Provided by Financing Activities | (1,070,000,000) | 1,015,000,000 | 146,000,000 | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 | 0 | |
Net Increase (Decrease) in Cash and Cash Equivalents | (391,000,000) | 584,000,000 | 2,000,000 | |
Cash and Cash Equivalents at Beginning of Year | 586,000,000 | 586,000,000 | 2,000,000 | 0 |
Cash and Cash Equivalents at End of Year | 195,000,000 | 586,000,000 | 2,000,000 | |
Guarantor Subsidiaries, Weatherford Delaware [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Proceeds (payments) from sale of businesses and equity investment, net | 0 | 0 | 0 | |
Net Loss | (660,000,000) | (1,295,000,000) | (704,000,000) | |
Cash Flows from Operating Activities: | ||||
Charges from Parent or Subsidiary | 192,000,000 | 196,000,000 | 282,000,000 | |
Equity in (Earnings) Loss of Affiliates | 437,000,000 | 944,000,000 | 492,000,000 | |
Deferred Income Tax Provision (Benefit) | 0 | 26,000,000 | 14,000,000 | |
Other Adjustments | 66,000,000 | 257,000,000 | (86,000,000) | |
Net Cash Provided by (Used in) Operating Activities | 35,000,000 | 128,000,000 | (2,000,000) | |
Cash Flows From Investing Activities: | ||||
Acquisitions of Businesses, Net of Cash Acquired | 0 | 0 | 0 | |
Increase (Decrease) in Assets Held-for-sale | 0 | |||
Capital Expenditures for Property, Plant and Equipment | 0 | 0 | 0 | |
Acquisition of Intellectual Property | 0 | 0 | 0 | |
Proceeds from Insurance Settlement, Investing Activities | 0 | |||
Net Cash Used in Investing Activities | 0 | 0 | 0 | |
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | ||
Proceeds from Sale of Productive Assets | 0 | |||
Payments for (Proceeds from) Other Investing Activities | 0 | |||
Cash Flows From Financing Activities: | ||||
Borrowings (Repayments) of Short-term Debt, Net | 0 | 0 | 0 | |
Borrowings (Repayments) Long-term Debt, Net | (94,000,000) | (516,000,000) | (31,000,000) | |
Borrowings (Repayments) Between Subsidiaries, Net | 55,000,000 | 370,000,000 | 33,000,000 | |
Proceeds from Issuance of Common Stock | 0 | |||
Other, Net | 0 | 0 | 0 | |
Net Cash Provided by Financing Activities | (39,000,000) | (146,000,000) | 2,000,000 | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 | 0 | |
Net Increase (Decrease) in Cash and Cash Equivalents | (4,000,000) | (18,000,000) | 0 | |
Cash and Cash Equivalents at Beginning of Year | $ 4,000,000 | 4,000,000 | 22,000,000 | 22,000,000 |
Cash and Cash Equivalents at End of Year | $ 0 | $ 4,000,000 | $ 22,000,000 |
Quarterly Financial Data (Un121
Quarterly Financial Data (Unaudited) Schedule of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||||||
Selected Quarterly Financial Information [Abstract] | |||||||||||||||||||
Revenue, Net | $ 1,490 | $ 1,460 | $ 1,363 | $ 1,386 | $ 1,406 | $ 1,356 | $ 1,402 | $ 1,585 | $ 5,699 | $ 5,749 | $ 9,433 | ||||||||
Gross profit | 192 | 264 | 174 | 180 | 159 | 126 | 164 | 111 | 810 | 560 | |||||||||
Net Income (Loss) Attributable to Weatherford | $ (1,938) | [1] | $ (256) | [2] | $ (171) | [3] | $ (448) | [4] | $ (549) | [5],[6] | $ (1,780) | [5] | $ (565) | [5],[7] | $ (498) | [5],[8] | $ (2,813) | $ (3,392) | $ (1,985) |
Earnings Per Share, Basic and Diluted | $ (1.95) | $ (0.26) | $ (0.17) | $ (0.45) | $ (0.59) | $ (1.98) | $ (0.63) | $ (0.61) | $ (2.84) | $ (3.82) | $ (2.55) | ||||||||
[1] | Includes charges of $1.6 billion primarily related to long-lived asset impairments (including the write-down to the lower of carrying amount or fair value less cost to sell of our land drilling rigs assets classified as held for sale), inventory write-downs, the write-down of Venezuelan receivables, severance and restructuring charges, partially offset by a gain on sale of assets and a warrant fair value adjustment. | ||||||||||||||||||
[2] | Includes charges of $35 million primarily related to severance and restructuring charges and a warrant fair value adjustment. | ||||||||||||||||||
[3] | Includes credits of $108 million primarily related to gains on a warrant fair value and defined benefit pension plan reclassifications, partially offset by severance and restructuring charges and asset write-downs. | ||||||||||||||||||
[4] | Includes charges of $134 million primarily related to severance and restructuring charges, asset write-downs and a warrant fair value adjustment, partially offset by defined benefit pension plan reclassifications. | ||||||||||||||||||
[5] | Includes charges of $245 million primarily related to severance and restructuring, litigation charges and pressure pumping related charges. | ||||||||||||||||||
[6] | Includes charges of $771 million primarily related to long-lived asset impairments, inventory write-downs and severance and restructuring. | ||||||||||||||||||
[7] | Includes charges of $347 million primarily related to litigation charges, an adjustment to a note from PDVSA to fair value, a bond tender premium incurred from a tender offer and severance and restructuring charges partially offset by an estimated project income on our long-term early production facility construction contract. | ||||||||||||||||||
[8] | Includes charges of $285 million primarily related to severance and restructuring, litigation charges, pressure pumping related charges and an estimated project loss on our long-term early production facility construction contract. |
Quarterly Financial Data (Un122
Quarterly Financial Data (Unaudited) Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loss Contingencies [Line Items] | |||||||||||
Other Nonrecurring (Income) Expense | $ 1,600 | $ 35 | $ 108 | $ 134 | $ 245 | $ 771 | $ 347 | $ 285 | $ 11 | ||
Restructuring Charges | $ 183 | $ 280 | 232 | ||||||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 0 | 137 | 265 | ||||||||
Inventory Write-down | (540) | $ (269) | (244) | ||||||||
IRAQ | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Loss on Contracts | $ 0 | $ 153 |
Schedule II - Valuation and 123
Schedule II - Valuation and Qualifying Accounts and Allowances (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2017 | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Accounts Receivable, Net of Allowance for Uncollectible Accounts of $156 in 2017 and $129 in 2016 | $ 1,103 | $ 1,383 | |||
Allowance for Doubtful Accounts [Member] | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
of Period | 129 | 113 | $ 108 | ||
Expense (a) | 238 | 69 | 48 | ||
Additions | 0 | 0 | 1 | ||
Reductions (b) (c) | (38) | (53) | (42) | ||
Period | 329 | 129 | 113 | ||
Valuation allowance on deferred tax assets [Member] | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
of Period | 1,738 | 868 | 732 | ||
Expense (a) | 158 | 872 | 159 | ||
Additions | 0 | 0 | 0 | ||
Reductions (b) (c) | (9) | (2) | (23) | [1] | |
Period | 1,887 | 1,738 | $ 868 | ||
VENEZUELA | Other Noncurrent Assets [Member] | |||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Accounts Receivable, Net of Allowance for Uncollectible Accounts of $156 in 2017 and $129 in 2016 | $ 158 | ||||
Allowance for Doubtful Accounts Receivable | 158 | ||||
Short [Member] | Allowance for Doubtful Accounts [Member] | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
of Period | 129 | ||||
Expense (a) | 80 | ||||
Additions | 0 | ||||
Reductions (b) (c) | (53) | ||||
Period | 156 | 129 | |||
Long [Member] | Allowance for Doubtful Accounts [Member] | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
of Period | 0 | ||||
Expense (a) | 158 | ||||
Additions | 0 | ||||
Reductions (b) (c) | 15 | ||||
Period | $ 173 | $ 0 | |||
[1] | in 2017 for valuation allowance on deferred taxes primarily due to currency translation.All oth |