Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 04, 2019 | Jun. 30, 2018 | |
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 | $ 2.8 | ||
Entity Common Stock, Shares Outstanding | 1,003,115,729 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 5,407 | ||
Revenues: | |||
Total Revenues | 5,744 | $ 5,699 | $ 5,749 |
Costs and Expenses: | |||
Cost, Direct Material | 1,887 | 2,142 | 2,143 |
Cost of Services, Oil and Gas | 2,627 | 2,747 | 3,046 |
Research and Development | 139 | 158 | 159 |
Selling, General and Administrative Attributable to Segments | 764 | 904 | 965 |
Corporate General and Administrative | 130 | 130 | 138 |
Goodwill, Impairment Loss | 1,917 | 0 | 0 |
Asset Write Down and Other | 238 | 1,711 | 1,043 |
Restructuring and Transformation Charges | 126 | 183 | 280 |
Litigation Charges, Net | 0 | 10 | (220) |
Gain from Disposition of U.S. Pressure Pumping Assets | 0 | (96) | 0 |
Total Costs and Expenses | 7,828 | 7,869 | 7,994 |
Operating Loss | (2,084) | (2,170) | (2,245) |
Other Income (Expense): | |||
Interest Expense, Net | (614) | (579) | (499) |
Warrant Fair Value Adjustment | 70 | 86 | 16 |
Bond Tender and Call Premium | (34) | 0 | (78) |
Currency Devaluation Charges | (49) | 0 | (41) |
Other Income (Expense), Net | (46) | 7 | (30) |
Loss Before Income Taxes | (2,757) | (2,656) | (2,877) |
Income Tax Provision | (34) | (137) | (496) |
Net Loss | (2,791) | (2,793) | (3,373) |
Net Income Attributable to Noncontrolling Interests | 20 | 20 | 19 |
Net Loss Attributable to Weatherford | $ (2,811) | $ (2,813) | $ (3,392) |
Loss Per Share Attributable to Weatherford: | |||
Earnings Per Share, Basic and Diluted | $ (2.82) | $ (2.84) | $ (3.82) |
Weighted Average Shares Outstanding: | |||
Basic & Diluted (in shares) | 997 | 990 | 887 |
Product | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 2,051 | $ 2,116 | $ 2,059 |
Service | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 3,693 | $ 3,583 | $ 3,690 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net Loss | $ (2,791) | $ (2,793) | $ (3,373) |
Other Comprehensive Income (Loss), Net of Tax: | |||
Foreign Currency Translation | (240) | 130 | (12) |
Defined Benefit Pension Activity | 12 | (39) | 42 |
Other | 1 | 0 | 1 |
Other Comprehensive Income (Loss), Net of Tax | (227) | 91 | 31 |
Comprehensive Loss | (3,018) | (2,702) | (3,342) |
Comprehensive Income Attributable to Noncontrolling Interests | (20) | (20) | (19) |
Comprehensive Loss Attributable to Weatherford | $ (3,038) | $ (2,722) | $ (3,361) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Cash and Cash Equivalents | $ 602 | $ 613 |
Accounts Receivable, Net of Allowance for Uncollectible Accounts of $123 in 2018 and $156 in 2017 | 1,130 | 1,103 |
Inventories, Net | 1,025 | 1,234 |
Other Current Assets | 428 | 569 |
Disposal Group, Including Discontinued Operation, Assets, Current | 265 | 359 |
Total Current Assets | 3,450 | 3,878 |
Rental and Service Equipment | 4,869 | 5,621 |
Property, Plant and Equipment, Gross | 7,872 | 9,310 |
Less: Accumulated Depreciation | 5,786 | 6,602 |
Property, Plant and Equipment, Net | 2,086 | 2,708 |
Goodwill | 713 | 2,727 |
Other Non-current Assets | 352 | 434 |
Total Assets | 6,601 | 9,747 |
Liabilities: | ||
Short-term Borrowings and Current Portion of Long-term Debt | 383 | 148 |
Accounts Payable | 732 | 856 |
Accrued Salaries and Benefits | 249 | 308 |
Income Taxes Payable | 214 | 228 |
Other Current Liabilities | 722 | 690 |
Total Current Liabilities | 2,300 | 2,230 |
Long-term Debt and Capital Lease Obligations | 7,605 | 7,541 |
Other Non-current Liabilities | 362 | 547 |
Total Liabilities | 10,267 | 10,318 |
Shareholders’ Deficiency: | ||
Shares - Par Value $0.001; Authorized 1,356 shares, Issued and Outstanding 1,002 shares and 993 shares at December 31, 2018 and 2017, respectively | 1 | 1 |
Capital in Excess of Par Value | 6,711 | 6,655 |
Retained Deficit | (8,671) | (5,763) |
Accumulated Other Comprehensive Loss | (1,746) | (1,519) |
Weatherford Shareholders’ Deficiency | (3,705) | (626) |
Noncontrolling Interests | 39 | 55 |
Total Shareholders’ Deficiency | (3,666) | (571) |
Total Liabilities and Shareholders’ Deficiency | $ 6,601 | $ 9,747 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Assets: | |||
Allowance for Uncollectible Accounts | $ 123 | $ 156 | |
Less: Accumulated Depreciation | $ 5,786 | $ 6,602 | |
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) | 1,002 | 993 | |
Common Shares, Outstanding (in shares) | 1,002 | 993 |
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, 2015 | $ 4,365 | $ 1 | $ 5,502 | $ 442 | $ (1,641) | $ 61 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Loss | (3,373) | (3,392) | 19 | |||
Other Comprehensive Loss | 31 | 31 | ||||
Dividends Paid to Noncontrolling Interests | (24) | (24) | ||||
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature | 97 | 0 | 97 | |||
Equity Awards Granted, Vested and Exercised | (78) | 0 | (78) | |||
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 | 894 | ||||
Net Loss | (2,793) | (2,813) | 20 | |||
Other Comprehensive Loss | 91 | 91 | ||||
Dividends Paid to Noncontrolling Interests | (21) | (21) | ||||
Equity Awards Granted, Vested and Exercised | (84) | 0 | (84) | |||
Balance, ending balance at Dec. 31, 2017 | (571) | 1 | 6,655 | (5,763) | (1,519) | 55 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Loss | (2,791) | 0 | 0 | (2,811) | 0 | 20 |
Other Comprehensive Loss | (227) | (227) | ||||
Dividends Paid to Noncontrolling Interests | (16) | (16) | ||||
Equity Awards Granted, Vested and Exercised | (52) | (52) | ||||
Stockholders' Equity, Other | (16) | (4) | (20) | |||
Balance, ending balance at Dec. 31, 2018 | (3,666) | $ 1 | $ 6,711 | (8,671) | $ (1,746) | $ 39 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ (97) | $ (97) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities: | |||
Net Loss | $ (2,791) | $ (2,793) | $ (3,373) |
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: | |||
Depreciation and Amortization | 556 | 801 | 956 |
Goodwill, Impairment Loss | 1,917 | 0 | 0 |
Long-Lived Asset Impairments | 151 | 928 | 436 |
Allowance for Doubtful Accounts Receivable, Write-offs | 0 | 230 | 0 |
Inventory Write-down | 80 | 540 | 269 |
Asset Write-Downs and Other Charges | 89 | 38 | 194 |
Increase (Decrease) in Obligation, Pension Benefits | 0 | (47) | 0 |
Currency Devaluation Charges | 49 | 0 | 41 |
Litigation Settlement, Expense | 5 | (10) | 214 |
Bond Tender and Call Premium | 34 | 0 | 78 |
Share-based compensation | 47 | 70 | 87 |
Bad Debt Expense | 5 | 8 | 69 |
Gain on Sale of Assets and Businesses, Net | (53) | (91) | (10) |
Deferred Income Tax Provision (Benefit) | (79) | (25) | 381 |
Warrant Fair Value Adjustment | (70) | (86) | (16) |
Other, Net | 8 | 142 | 127 |
Change in Operating Assets and Liabilities, Net: | |||
Accounts Receivable | (70) | (29) | 214 |
Inventories | 86 | (37) | 260 |
Other Current Assets | (90) | 107 | 67 |
Accounts Payable | (90) | (2) | (21) |
Increase (Decrease) in Accrued Litigation and Settlements | (25) | (123) | (94) |
Other Current Liabilities | 48 | 20 | (201) |
Other, Net | (49) | (29) | 18 |
Net Cash Used in Operating Activities | (242) | (388) | (304) |
Cash Flows From Investing Activities: | |||
Capital Expenditures for Property, Plant and Equipment | (186) | (225) | (204) |
Increase (Decrease) in Assets Held-for-sale | (31) | (244) | 0 |
Acquisitions of Businesses, Net of Cash Acquired | 4 | (7) | (5) |
Acquisition of Intangible Assets | (28) | (15) | (10) |
Proceeds from Insurance Settlement, Investing Activities | 0 | 39 | |
Proceeds (Payment) from Disposition of Businesses and Investments | 257 | 429 | (6) |
Proceeds from Sale of Property, Plant, and Equipment | 106 | 51 | 49 |
Payments for (Proceeds from) Other Investing Activities | 0 | (51) | 0 |
Net Cash Provided by (Used in) Investing Activities | 122 | (62) | (137) |
Cash Flows From Financing Activities: | |||
Borrowings of Long-term Debt | 586 | 250 | 3,681 |
Repayments of Long-term Debt | (502) | (69) | (1,963) |
Borrowings (Repayments) of Short-term Debt, Net | 158 | (128) | (1,512) |
Proceeds from Issuance of Common Stock | 0 | 0 | 1,071 |
Payments for Bond Tender Premium | (34) | 0 | (78) |
Payments to Acquire Equipment on Lease | 0 | 0 | (87) |
Other Financing Activities, Net | (40) | (33) | (51) |
Net Cash Provided by Financing Activities | 168 | 20 | 1,061 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (59) | 6 | (50) |
Net Increase (Decrease) in Cash and Cash Equivalents | (11) | (424) | 570 |
Cash and Cash Equivalents at Beginning of Year | 613 | 1,037 | 467 |
Cash and Cash Equivalents at End of Year | 602 | 613 | 1,037 |
Supplemental Cash Flow Information [Abstract] | |||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 584 | 538 | 467 |
Income Taxes Paid, Net | 99 | 87 | 161 |
Capital Lease Obligations Incurred | $ 23 | $ 24 | $ 25 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Organization and Nature of Operations Weatherford International plc (“Weatherford Ireland”), an Irish public limited company 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 80 countries, which are located in virtually 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. Our ordinary shares are listed on the New York Stock Exchange (the “NYSE”) under the symbol “WFT.” The authorized share capital of Weatherford Ireland includes 1.356 billion ordinary shares with a par value of $0.001 per share. Principles of Consolidation We consolidate all wholly owned subsidiaries and controlled joint ventures. All material intercompany accounts and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year presentation, including those related to the adoption of new accounting standards. Prior year net income and shareholders’ deficiency were not affected by these reclassifications. See subsection entitled “New Accounting Pronouncements” for additional details. Our rental and service equipment and accumulated depreciation in 2017 have been revised to reflect certain net assets reclassified to held for sale at December 31, 2017. 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 net realizable value of inventories, equity investments, derivative financial instruments, intangible assets and goodwill, property, plant and equipment (“PP&E”), income taxes, 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. 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. 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, 2018 , the Eastern Hemisphere accounted for 55% of our net outstanding accounts receivables and the Western Hemisphere accounted for 45% of our net outstanding accounts receivables. As of December 31, 2018 , our net outstanding accounts receivable in the U.S. accounted for 18% of our balance and Mexico accounted for 10% of our balance. No other country accounted for more than 10% of our net outstanding accounts receivables balance. During 2018 , 2017 and 2016 , no individual customer accounted for more than 10% of our consolidated revenues. Inventories We value our inventories at lower of cost or net realizable value using either the first-in, first-out (“FIFO”) or average cost method. Cost represents third-party invoice or production cost. Production cost includes material, labor and manufacturing overhead. 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 net realizable value, we regularly review inventory quantities on hand and maintain reserves 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 $493 million , $749 million and $896 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. 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 – 15 years Machinery and other 2 – 12 years Assets Held for Sale We consider businesses or assets to be held for sale when all of the following criteria are met: (a) management commits to a plan to sell the business or asset and (b) the business or asset is available for immediate sale in its present condition and (c) actions required to complete the sale of the business or asset have been initiated and (d) the sale of the business or asset is probable and we expect the completed sale will occur within one year and (e) the business or asset is actively being marketed for sale at a price that is reasonable given its current fair value, and (f) it is unlikely that the plan to sell will be significantly modified or withdrawn. Upon designation as held for sale, we record the carrying value of each business or asset at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and cease recording depreciation. If at any time these criteria are no longer met, subject to certain exceptions, the assets previously classified as held for sale are reclassified as held and used and measured individually at the lower of the following: (a) the carrying amount before being classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the asset been continuously classified as held and used or (b) the fair value at the date of the subsequent decision not to sell. During 2018 and 2017, there were no reclassifications from held for sale to held and used. Goodwill and Intangible Assets 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 unconditional 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. Our intangible assets, excluding goodwill, are acquired technology, licenses, patents, customer relationships and other identifiable intangible assets. These are included in the caption “Other Non-current Assets” on the Consolidated Balance Sheets . 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, but tested for impairment. 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 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 or asset group 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 or asset group, 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 or asset group may not be recoverable, we determine whether an impairment has occurred through analysis of undiscounted cash flow of the asset or asset group 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 or asset group. We estimate the fair value of the asset or asset group 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. 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. 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 14 – 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 . As of December 31, 2018 , cash and cash equivalents denominated in Angolan kwanza was approximately $28 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. Disputes, Litigation and Contingencies We accrue an estimate of costs to resolve certain legal and investigation matters when a loss on these matters is deemed probable and reasonably estimable. For matters not deemed probable or not reasonably estimable, we have not accrued any amounts. Our contingent loss estimates are based upon an analysis of potential results, assuming a combination of possible litigation and settlement strategies. The accuracy of these estimates is impacted by the complexity of the associated issues. Revenue Recognition As of January 1, 2018, we adopted the new revenue recognition guidance, ASU 2014-09, Revenue from Contracts with Customers (Topic 606), and all of the related amendments, collectively Topic 606, using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. We recognized the cumulative effect of initially applying the new guidance as an adjustment to the opening balance of retained earnings as of January 1, 2018. The comparative period information has not been adjusted and continues to be reported under the previous revenue standard, the primary accounting policies for which are discussed below. Our services and products were generally sold based upon purchase orders, contracts or other persuasive evidence of an arrangement with our customers that included fixed or determinable prices but do not generally include right of return provisions or other significant post-delivery obligations. Our products were produced in a standard manufacturing operation, even if produced to our customer’s specifications. Revenue was recognized for products when title passed to the customer, collectability was reasonably assured, delivery occurred as directed by our customer and when the customer assumed the risks and rewards of ownership. Revenue was 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 recognized revenue for day-rate contracts as the services were rendered. See “ Note 2 – New Accounting Pronouncements ” and “ Note 3 – Revenues ” for details on the impact of adoption of the new revenue recognition guidance and our revenue recognition policies. Earnings (Loss) per Share Basic earnings (loss) 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. 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 until it expires on May 21, 2019, which contain the right to receive dividends, in the computation of both basic and diluted earnings per share when dilutive. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | 2. New Accounting Pronouncements Accounting Changes In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which replaced most existing revenue recognition guidance in U.S. GAAP. We adopted the new guidance and all of the related amendments, collectively Topic 606, using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. We recognized the cumulative effect of initially applying the new guidance as an adjustment to the opening balance of retained earnings as of January 1, 2018. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. Net income for 2017 and shareholders’ equity as of December 31, 2017 were not affected by the adoption of the new guidance. The impact of the adoption of the new guidance was immaterial to our consolidated net loss. The primary impact on adopting Topic 606 on our Consolidated Financial Statements is in our Well Construction product line, where we receive customer payments related to the demobilization of drilling equipment and crew. Under the adoption of Topic 606, we now recognize revenue on demobilization equally over the term of the contract, subject to any constraint as discussed in “ Note 3 – Revenues ” to our Consolidated Financial Statements . Prior to the adoption of Topic 606, we recognized demobilization revenue once the service was completed. These changes did not have any impact on our Consolidated Statements of Cash Flows . The cumulative effect of the changes made to our January 1, 2018 Consolidated Balance Sheet for the adoption of Topic 606, were as follows: (Dollars in millions) Balance at December 31, 2017 Adjustments Due to Topic 606 Balance at January 1, 2018 Assets and Liabilities: Other Current Assets $ 569 $ 10 $ 579 Other Current Liabilities 690 2 692 Shareholders’ Deficiency: Retained Deficit (5,763 ) 8 (5,755 ) In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40), Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , which requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in Accounting Standards Codification (ASC) 350-40 to determine which implementation costs to capitalize as assets. This standard will reduce diversity in practice in accounting for the costs of implementing cloud computing arrangements that are service contracts. We elected to early adopt ASU 2018-15 as we currently apply such guidance to our cloud computing arrangements. The adoption of this ASU has no material impact on our Consolidated Financial Statements. 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 costs (“net benefit cost”). The service cost component of net benefit cost is required to be presented with other employee compensation costs, while other components of net benefit costs are presented separately outside of income from operations. We adopted ASU 2017-07 in the first quarter of 2018 on a retrospective basis which resulted in the reclassification of $41 million of income and $6 million of expense for the years ended December 31, 2017 and 2016, respectively, from “Total Costs and Expenses” to “Other Income (Expense), Net” on our Consolidated Statements of Operations . 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. We adopted ASU 2016-16 in the first quarter of 2018 on a modified retrospective basis. The impact that this new standard has on our Consolidated Financial Statements is a reversal of $105 million of prepaid taxes through retained earnings. Prospectively, any taxes accrued that result from the intra-entity transfers of non-inventory assets will be recognized in current tax expense. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which reduces diversity in practice as to how certain transactions are classified in the statement of cash flows. We adopted ASU 2016-15 in the first quarter of 2018 on a retrospective basis and the adoption of this ASU has no material impact on our Consolidated Statements of Cash Flows . Accounting Standards Issued Not Yet Adopted In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans , which makes minor changes to the disclosure requirements for employers that sponsor defined benefit pension and other postretirement benefit plans. The ASU is effective for the fiscal year ending December 31, 2020, but early adoption is permitted. The ASU is required to be applied retrospectively. This new standard will not have a significant impact on our Consolidated Financial Statements . In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement , which eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. The ASU is effective beginning with the first quarter of 2020, and early adoption is permitted. The ASU is required to be applied retrospectively, except the new Level 3 disclosure requirements which are applied prospectively. We have evaluated the impact that this new standard will have on our Consolidated Financial Statements and concluded adoption of the ASU will not have a significant impact. In February 2018, the FASB issued ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which permits a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The standard is required to be applied in the period of adoption or on a retrospective basis to each period affected, and will be effective beginning in the first quarter of 2019, although early adoption is permitted. We are evaluating the impact that this new standard will have on our Consolidated Financial Statements. 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 evaluated the impact that this new standard will have on our Consolidated Financial Statements and concluded adoption of the ASU will not have a significant impact on our Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The guidance requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The updated guidance applies to (i) loans, accounts receivable, trade receivables, and other financial assets measured at amortized cost, (ii) loan commitments and other off-balance sheet credit exposures, (iii) debt securities and other financial assets measured at fair value through other comprehensive income, and (iv) beneficial interests in securitized financial assets. The amended guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We will adopt the new standard on the effective date of January 1, 2020 and are evaluating the effect, if any, that the guidance will have on our consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which requires a lessee to recognize a right-of-use (“ROU”) 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. This standard, and all the related amendments, will be effective for us beginning January 1, 2019 and we have elected to adopt using the optional adoption-date method and recognize a cumulative effect adjustment. In addition, we have elected certain available practical expedients. 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 right-of-use 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. Additionally, we are implementing changes to our systems, processes and internal controls to ensure we meet the standard’s reporting and disclosure requirements. Adoption of the standard will result in the recognition of both additional ROU operating lease assets and lease liabilities of approximately $275 million to $315 million upon adoption. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 3. Revenues Revenue Recognition The majority of our revenue is derived from short term contracts. We account for revenue in accordance with Topic 606, which we adopted on January 1, 2018, using the modified retrospective method. See “ Note 2 – New Accounting Pronouncements ” for further discussion of the adoption, including the impact on our 2018 Consolidated Financial Statements . Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. The following tables disaggregate our product and service revenues from contracts with customers by major product line and geographic region for year ended December 31, 2018 : Year Ended December 31, 2018 (Dollars in millions) Western Hemisphere Eastern Hemisphere Total Excluding Rental Revenues Product Lines: Production $ 1,176 $ 342 $ 1,518 Completions 609 604 1,213 Drilling and Evaluation 612 778 1,390 Well Construction 429 857 1,286 Total $ 2,826 $ 2,581 $ 5,407 Year Ended December 31, 2018 (Dollars in millions) Geographic Areas: United States $ 1,435 Latin America 1,017 Canada 374 Western Hemisphere 2,826 Middle East & North Africa 1,376 Europe/Sub-Sahara Africa/Russia 920 Asia 285 Eastern Hemisphere 2,581 Total Product and Service Revenue before Rental Revenues 5,407 Rental Revenues 337 Total Revenues $ 5,744 Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables, contract assets, and customer advances and deposits (contract liabilities classified as deferred revenues) on the Consolidated Balance Sheets . Receivables for products and services with customers, under Topic 606, are included in “Accounts Receivable, Net,” contract assets are included in “Other Current Assets” and contract liabilities are included in “Other Current Liabilities” on our Consolidated Balance Sheets . The following table provides information about receivables for product and services included in “Accounts Receivable, Net” at December 31, 2018 and January 1, 2018, respectively: (Dollars in millions) December 31, 2018 January 1, 2018 Receivables for Product and Services in Accounts Receivable, Net $ 1,051 $ 1,081 Consideration under certain contracts such as turnkey or lump sum contracts may be classified as contract assets as the invoicing occurs once the performance obligations have been satisfied while the customer simultaneously receives and consumes the benefits provided. We also have receivables for work completed but not billed in which the rights to consideration are conditional and would be classified as contract assets. These are primarily related to service contracts and are not material to our Consolidated Financial Statements . We may also have contract liabilities and defer revenues for certain product sales that are not distinct from their installation. We did not recognize any revenues during 2018 related to performance obligations satisfied prior to January 1, 2018. Significant changes in the contract assets and liabilities balances during the period are as follows: (Dollars in millions) Contract Assets Contract Liabilities Balance at January 1, 2018 $ 10 $ 42 Revenue recognized that was included in the deferred revenue balance at the beginning of the period — (112 ) Increase due to cash received, excluding amount recognized as revenue during the period — 120 Increase due to revenue recognized during the period but contingent on future performance 14 — Transferred to receivables from contract assets recognized at the beginning of the period (13 ) — Changes as a result of adjustments due to changes in estimates or contract modifications — 21 Impairment of contract assets (5 ) — Reclassification to held for sale and sold (2 ) (7 ) Balance at December 31, 2018 $ 4 $ 64 Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in Topic 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Our principal business is to provide equipment and services to the oil and natural gas exploration and production industry, both on land and offshore, through our major product lines: Production, Completions, Drilling and Evaluation and Well Construction. Generally, our revenue is recognized for services over time as the services are rendered and we primarily utilize an output method such as time elapsed or footage drilled which coincides with how customers receive the benefit. Both contract drilling and pipeline service revenue is contractual by nature and generally governed by day-rate based contracts. Revenue is recognized on product sales at a point in time when control passes and is generally upon delivery but is dependent on the terms of the contract. Our services and products are generally sold based upon purchase orders, contracts or call-out work orders that include fixed per unit prices or variable consideration but do not generally include right of return provisions or other significant post-delivery obligations. We generally bill our sales of services and products upon completion of the performance obligation. Product sales are billed and recognized when control passes to the customer. Our products are produced in a standard manufacturing operation, even if produced to our customer’s specifications. Revenues are recognized at the amount to which we have the right to invoice for services performed. Our payment terms vary by the type and location of our customer and the products or services offered. The term between invoicing and when payment is due is not significant. For certain products or services and customer types, we require payment before the products or services are delivered to the customer. We defer revenue recognition on such payments until the products or services are delivered to the customer. From time to time, we may enter into bill and hold arrangements. When we enter into these arrangements, we determine if the customer has obtained control of the product by determining (a) the reason for the bill-and-hold arrangement; (b) whether the product is identified separately as belonging to the customer; (c) whether the product is ready for physical transfer to the customer; and (d) whether we are unable to utilize the product or direct it to another customer. We account for individual products and services separately if they are distinct and the product or service is separately identifiable from other items in the contract and if a customer can benefit from it on its own or with other resources that are readily available to the customer. The consideration, including any discounts, is allocated between separate products and services based on their standalone selling prices. The standalone selling prices are determined based on the prices at which we separately sell our products and services. For items not sold separately (e.g. term software licenses in our Production product line), we estimate standalone selling prices using the adjusted market assessment approach. 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 contract term using the straight-line method. Costs of relocating equipment without contracts are expensed as incurred. Demobilization fees received are recognized over the contract period and may be constrained to the amount that it is probable a significant reversal in the fees will not occur. When determining if such variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue as well as the likelihood and magnitude of such a potential reversal. The nature of our contracts gives rise to several types of variable consideration, including claims and lost-in-hole charges. Our claims are not significant and lost-in-hole charges are constrained variable consideration. We do not estimate revenue associated with these types of variable consideration. 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. We provide certain assurance warranties on product sales which range from one to five years but do not offer extended warranties on any of our products or services. These assurance warranties are not separate performance obligations, thus no portion of the transaction price is allocated to our obligations under the assurance warranties. In the following table, estimated revenue expected to be recognized in the future related to performance obligations that are either unsatisfied or partially unsatisfied as of December 31, 2018 primarily relate to subsea services and an artificial lift contract: (Dollars in millions) 2019 2020 2021 2022 Thereafter Total Service revenue $ 57 $ 33 $ 18 $ 18 $ 19 $ 145 All consideration from contracts with customers is included in the amounts presented above. Early Production Facility Long-Term Construction Contracts We account for our long-term early production facility construction contracts in Iraq as our performance obligations under the terms of the contract are satisfied, which generally occurs with the transfer of control of the goods or services to the customer. Our only remaining contract is the Zubair contract, which is in its final warranty stage. There has been no change to our cumulative estimated loss of $532 million from all of the Iraq contracts since December 31, 2016. Our net billings in excess of costs as of December 31, 2018 and December 31, 2017 were $31 million and $56 million , respectively, and are shown in the “Other Current Liabilities” on the accompanying Consolidated Balance Sheets. Venezuela Revenue Recognition 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 the fourth quarter of 2017, we changed the accounting for revenue with substantially all of our customers in Venezuela 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 of $230 million to fully reserve our receivables for these customers in Venezuela. We continue to monitor our Venezuelan operations and will actively pursue the collection of our outstanding invoices. During 2018, we collected $16 million on previously fully reserved accounts receivable. Practical Expedients We generally expense sales commissions paid when incurred as a result of obtaining a contract because the amortization period is one year or less. These costs are recorded within “Selling, General and Administrative Attributable to Segments” on our Consolidated Statements of Operations. We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. |
Business Combinations and Dives
Business Combinations and Divestitures | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Business Combinations and Dispositions | 4. Business Combinations and Divestitures Acquisitions On March 26, 2018, we acquired the remaining 50% equity interest in our Qatari joint venture that we previously accounted for as an equity method investment and consolidated the entity. The total consideration to purchase the remaining equity interest was $87 million , which is comprised of a cash consideration of $72 million and an estimated contingent consideration of $15 million related to services the Qatari entity will render under new contracts. Of the $72 million in cash consideration, $48 million was paid in accordance with closing terms through the joint venture, with the remaining payment of $24 million to be paid two years from closing. As a result of this step acquisition transaction with a change in control, we remeasured our previously held equity investment to fair value and recognized a $12 million gain. The Level 3 fair value of the acquisition was determined using an income approach. The unobservable inputs to the income approach included the Qatari entity’s estimated future cash flows and estimates of discount rates commensurate with the entity’s risks. Upon consolidation, we recognized intangible assets of $22 million , PP&E of $25 million , goodwill of $27 million , other current assets of $16 million and other liabilities of $43 million as a result of the purchase accounting assessment and is remeasured in the allowable period as needed. Divestitures In the fourth quarter of 2018, we completed the sale for a portion of our land drilling rigs operations and received gross cash proceeds of $216 million . The sale represents two of a series of four closings pursuant to the purchase and sale agreements entered into with ADES International Holding Ltd. (“ADES”) in July of 2018 to sell our land drilling rig operations in Algeria, Kuwait and Saudi Arabia, as well as two idle land rigs in Iraq, for an aggregate purchase price of $287.5 million , subject to regulatory approvals, consents and other customary closing conditions to include potential adjustments based on working capital, net cash, loss or destruction of rigs and drilling contract backlog. The two closings were for our land drilling rigs operations in Kuwait and Saudi Arabia and included 23 of a total of 31 land rigs and related drilling contracts, as well as transferring employees and contract personnel. The net loss on these first two closings was $9 million from primarily transaction costs to close the dispositions. The carrying amount of the assets and liabilities held for sale sold in 2018 totaled $253 million and $36 million , respectively, to include PP&E, inventory, accounts receivable and other assets and liabilities. We expect to complete the remaining two closings with ADES in the first quarter of 2019. In the third quarter of 2018, ADES advanced $43 million of the aggregate purchase price in the form of a deposit held in escrow, which was released at each closing as credit towards the proceeds paid and as of December 31, 2018, there was $11 million remaining in escrow. In March of 2018, we completed the sale of our continuous sucker rod service business in Canada for a purchase price of $25 million and recognized a gain of $2 million . The carrying amounts of the major classes of assets divested total $23 million and included PP&E of $14 million , allocated goodwill of $8 million and inventory of $1 million . In the third quarter of 2018, we completed the sale of an equity investment in a joint venture for $12.5 million and recognized a gain of $3 million . In December of 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 used to reduce outstanding indebtedness. The net gain on the disposition of the U.S. pressure pumping and pump-down assets was $96 million . The carrying amount of the major classes of assets divested total $391 million and included PP&E of $222 million , allocated goodwill of $162 million and inventory of $7 million . The carrying amounts of the major classes of liabilities divested total $61 million and included other liabilities of $52 million and long-term debt of $9 million . Held for Sale Assets qualifying as held for sale total $265 million at December 31, 2018 and consist of PP&E and other net assets of $214 million , allocated goodwill of $7 million , and inventory of $44 million . Liabilities in held for sale, which is included in “ Other Current Liabilities ” on the Consolidated Balance Sheets , totaled $17 million at December 31, 2018 . These amounts primarily consist of our surface data logging and laboratory services business and our remaining land drilling rigs operations held for sale. In December of 2018, we agreed to sell our surface data logging business to Excellence Logging for $50 million in cash, subject to customary post-closing working capital adjustments. The transaction is expected to close in the first half of 2019. In October of 2018, we agreed to sell our Reservoir Solutions business, also known as our laboratory services business to an affiliate of CSL Capital Management, L.P., for an aggregate purchase price of $205 million in cash, subject to customary post-closing working capital adjustments. The transaction is expected to close in the first quarter of 2019. In July of 2018, we entered into an agreement with ADES to sell a majority of our land drilling rigs operations. The remaining two closings are expected to be completed by the end of the first quarter of 2019. As a result of entering into certain purchase and sale agreements as asset sales, we recognized asset write-down charges of $58 million for deferred mobilization costs and other rigs related assets as such costs were no longer recoverable. During the third quarter of 2018, we recorded an $18 million charge to “Long-Lived Asset Impairments, Asset Write-Downs and Other” in our Consolidated Statements of Operations to correct an immaterial error relating to our estimates of recoverability of certain assets associated with the original and ongoing valuation of the assets and liabilities classified as held for sale associated with the planned disposition of our land drilling rig operations. The charge would have affected “Long-Lived Asset Impairments, Asset Write-Downs and Other” expense, operating loss, and loss before income taxes for the year ended December 31, 2017 by $18 million and would not have affected our compliance with financial covenants under our revolving and term loan credit facilities if it had been recorded in prior periods or in the year ended December 31, 2018 , and did not have an impact to cash flow from operating activities or any other cash flow measures for those periods. Assets qualifying as held for sale total $359 million at December 31, 2017 . There were no liabilities in held for sale. These amounts primarily consist of our land drilling rigs operations, laboratory services and surface data logging businesses, and 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. See “ Note 9 – Long-Lived Asset Impairments ” for further details related to impairments and those specific to our land drilling rigs assets. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | 5. Restructuring Charges Due to the highly competitive nature of our business and the continuing losses we incurred over the last few years, we continue to reduce our overall cost structure and workforce to better align our business with current activity levels. The ongoing transformation plan, which began in 2018 and is expected to continue through 2019 (the “ Transformation Plan ”), included a workforce reduction, organization restructure, facility consolidations and other cost reduction measures and efficiency initiatives across our geographic regions. 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 due to the ongoing levels of exploration and production spending. This plan was initiated to reduce our overall cost structure and workforce to better align with current activity levels of exploration and production. Prior plans, including the 2016 cost reduction plan (the “2016 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 Transformation Plan , we recognized restructuring and transformation charges of $126 million in 2018, which include severance charges of $61 million and other restructuring charges of $59 million and restructuring related asset charges of $6 million . In connection with the 2016-17 Plan, we recognized restructuring charges of $183 million in 2017, which include severance charges 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 charges of $196 million , other restructuring charges of $44 million and restructuring related asset charges of $40 million . The following tables present the components of the restructuring charges by segment and plan for the years ended December 31, 2018 , 2017 and 2016 . Year Ended December 31, 2018 Other Total (Dollars in millions) Severance Restructuring Severance and Transformation Plan Charges Charges Other Charges Western Hemisphere $ 21 $ 6 $ 27 Eastern Hemisphere 30 15 45 Corporate 10 44 54 Total $ 61 $ 65 $ 126 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 The severance and other restructuring charges gave rise to certain liabilities, the components of which are summarized below, and largely relate to liabilities accrued as part of the Transformation Plan , the 2016-17 and 2016 Plans that will be paid pursuant to the respective arrangements and statutory requirements. Balance at December 31, 2018 Transformation Plan 2016-17 and 2016 Plans Total Severance Severance Other Severance Other and Other (Dollars in millions) Liability Liability Liability Liability Liability Western Hemisphere $ 6 $ — $ 3 $ 7 $ 16 Eastern Hemisphere 10 — 2 12 24 Corporate 2 16 1 — 19 Total $ 18 $ 16 $ 6 $ 19 $ 59 The following tables present the restructuring accrual activity for the year ended December 31, 2018 , 2017 and 2016. Year Ended December 31, 2018 (Dollars in millions) Accrued Balance at December 31, 2017 Charges Cash Payments Other Accrued Balance at December 31, 2018 Transformation Plan Severance liability $ — $ 61 $ (35 ) $ (8 ) $ 18 Other restructuring liability — 59 (43 ) — 16 2016-17 and Prior Plans Severance liability 21 — (15 ) — 6 Other restructuring liability 40 — (16 ) (5 ) 19 Total severance and other restructuring liability $ 61 $ 120 $ (109 ) $ (13 ) $ 59 Balance at Beginning of Period Charges Cash Payments Other Balance at End of Period Year Ended December 31, 2017: Severance and restructuring liability $ 86 $ 171 $ (167 ) $ (29 ) $ 61 Year Ended December 31, 2016: Severance and restructuring liability $ 51 $ 240 $ (198 ) $ (7 ) $ 86 |
Accounts Receivable Factoring
Accounts Receivable Factoring | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Accounts Receivable Factoring | 6. 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 2018, we sold accounts receivable of $382 million , recognized a loss of $2 million and received cash proceeds totaling $373 million on these sales. In 2017 , we sold accounts receivables 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. 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, we converted trade receivables of $65 million into a note from a 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 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 the 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, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | 7. Inventories, Net Inventories, net of reserves, by category were as follows: December 31, (Dollars in millions) 2018 2017 Raw materials, components and supplies $ 131 $ 144 Work in process 47 47 Finished goods 847 1,043 $ 1,025 $ 1,234 During 2018 , 2017 and 2016 , we recognized inventory write-off and other related charges, including excess and obsolete charges, totaling $80 million , $540 million and $269 million , respectively. These charges were largely attributable to the downturn in the oil and gas industry, where certain inventory has been deemed commercially unviable or technologically obsolete considering current and future demand. |
Property, Plant and Equipment (
Property, Plant and Equipment (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment Disclosure [Text Block] | 8. Property, Plant and Equipment, Net Property, plant and equipment, net was composed of the following: December 31, (Dollars in millions) 2018 2017 Land, Buildings and Leasehold Improvements $ 1,303 $ 1,551 Rental and Service Equipment 4,869 5,621 Machinery and Other 1,700 2,138 7,872 9,310 Less: Accumulated Depreciation 5,786 6,602 Property, Plant and Equipment, Net $ 2,086 $ 2,708 |
Property, Plant and Equipment [Table Text Block] | 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 – 15 years Machinery and other 2 – 12 years Property, plant and equipment, net was composed of the following: December 31, (Dollars in millions) 2018 2017 Land, Buildings and Leasehold Improvements $ 1,303 $ 1,551 Rental and Service Equipment 4,869 5,621 Machinery and Other 1,700 2,138 7,872 9,310 Less: Accumulated Depreciation 5,786 6,602 Property, Plant and Equipment, Net $ 2,086 $ 2,708 |
Long-Lived Asset Impairments (N
Long-Lived Asset Impairments (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Long-lived and Other Asset Impairments | 9. Long-Lived Asset Impairments During 2018, we recognized long-lived asset impairments of $151 million , of which $141 million ( $43 million in our Western Hemisphere segment and $98 million in our Eastern Hemisphere segment) was to write-down our land drilling rigs assets to the lower of carrying amount or fair value less cost to sell and the remaining $10 million ( $3 million was in our Western Hemisphere and $7 million is in our Eastern Hemisphere segment) of charges were for land drilling rigs assets charges not in held for sale. See “ Note 4 – Business Combinations and Divestitures ” for more details. The 2018 impairments were due to the sustained downturn in the oil and gas industry that resulted a reassessment of our disposal groups for our land drilling rigs. The change in our expectations of the market’s recovery, in addition to successive negative operating cash flows in certain disposal asset groups represented an indicator that those assets will no longer be recoverable over their remaining useful lives. See “ Note 13 – Fair Value of Financial Instruments, Assets and Other Assets ” for additional information regarding the fair value determination used in the impairment calculation. During 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 13 – Fair Value of Financial Instruments, Assets and Other Assets ” 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 2016 impairments 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 in 2016 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 13 – Fair Value of Financial Instruments, Assets and Other Assets ” for additional information regarding the fair value determination used in the impairment calculation. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 10. Goodwill and Intangible Assets Goodwill In the fourth quarter of 2018, our annual and interim goodwill impairment tests indicated that our goodwill was impaired and as a result we incurred a goodwill impairment charge of $1.9 billion . Impairment indicators during the fourth quarter required us to update our October 1 impairment test as of December 31. The impairment indicators during the quarter included the steep decline in oil prices and expectations for lower exploration and production capital spending that resulted in a sharp reduction in share prices in the oilfield services sector. In 2017 and 2016, our annual goodwill impairment test indicated that goodwill was not impaired. Our cumulative impairment loss for goodwill was $2.7 billion at December 31, 2018 . The changes in the carrying amount of goodwill by reporting segment for the years ended December 31, 2018 and 2017 , are presented in the following table. (Dollars in millions) Western Hemisphere Eastern Hemisphere Total 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 Acquisitions — 27 27 Disposals (10 ) — (10 ) Reclassification to assets held for sale (5 ) (2 ) (7 ) Foreign currency translation (69 ) (38 ) (107 ) Impairment (1,380 ) (537 ) (1,917 ) Balance at December 31, 2018 $ 494 $ 219 $ 713 Intangible Assets At December 31, 2018 and December 31, 2017, our intangible assets were $213 million in both years. During 2016, we recognized $48 million of license and patent impairment charges related to the Well Construction and Completions businesses. See “ Note 9 – Long-Lived Asset Impairments ” for additional information regarding the impairment charges. Amortization expense was $63 million , $52 million and $60 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Based on the carrying value of intangible assets at December 31, 2018 , amortization expense for the subsequent five years is estimated as follows (dollars in millions): Period Amount 2019 $ 60 2020 46 2021 27 2022 17 2023 14 |
Short-term Borrowings and Curre
Short-term Borrowings and Current Portion of Long-term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Short-term Borrowings and Current Portion of Long-term Debt | 11. Short-term Borrowings and Other Debt Obligations Our short-term borrowings and current portion of long-term debt consists of the followings: December 31, (Dollars in millions) 2018 2017 364-Day Credit Agreement $ 317 $ — Other Short-term Loans 9 11 Current Portion of Long-term Debt 57 137 Short-term Borrowings and Current Portion of Long-term Debt $ 383 $ 148 Revolving Credit Agreements and Term Loan Agreement On August 16, 2018, we amended and restated our existing Revolving Credit Agreement, entered into a Secured Second Lien 364-Day Revolving Credit Agreement and amended certain terms of our existing Term Loan Agreement. At December 31, 2018 , we have two revolving credit agreements with total commitments of $846 million , comprised of an unsecured senior revolving credit agreement (the “A&R Credit Agreement”) in the amount of $529 million , and a Secured Second Lien 364-Day Revolving Credit Agreement (the “364-Day Credit Agreement” and, together with the A&R Credit Agreement, the “Revolving Credit Agreements”) in the amount of $317 million . At December 31, 2018 , we have principal borrowings of $310 million under the Term Loan Agreement. We collectively refer to our Revolving Credit Agreements and Term Loan Agreement as the “Credit Agreements.” Under the terms of the A&R Credit Agreement, commitments of $226 million from non-extending lenders (“non-extending lenders”) will mature on July 12, 2019 and commitments of $303 million from extending lenders (“extending lenders”) will mature on July 13, 2020. Commitments from our extending lenders reduced by $54 million on November 14, 2018. The 364-Day Credit Agreement matures on August 15, 2019. The A&R Credit Agreement and Term Loan Agreement were amended to permit the debt and the liens to be incurred under the 364-Day Credit Agreement and to make other modifications related to factoring of receivables, senior borrowings, permitted liens, and covenants. At December 31, 2018 , we had total borrowing availability of $325 million available under our Credit Agreements. The following table summarizes our Credit Agreements borrowing capacity utilization and availability: (Dollars in millions) December 31, 2018 Facilities $ 1,156 Less Uses of Facilities: 364-Day Credit Agreement 317 A&R Credit Agreement — Letters of Credit 204 Term Loan Principal Borrowing 310 Borrowing Availability $ 325 Loans under the Credit Agreements are subject to varying rates of interest based on whether the loan is a Eurodollar loan or an alternate base rate loan. We also incur a quarterly facility fee on the amount of the A&R Credit Agreement. For the year ended December 31, 2018 , the interest rate for the A&R Credit Agreement was LIBOR plus a margin rate of 3.55% for extending lenders and LIBOR plus a margin rate of 2.80% for non-extending lenders and the interest rate for borrowings under the Term Loan Agreement and 364-Day Credit Agreement was LIBOR plus a margin rate of 2.30% and LIBOR plus a margin rate of 3.05% , respectively. Our Credit Agreements contain customary events of default, including in the event of our failure to comply with our financial covenants described above. We must maintain a leverage ratio of no greater than 2.5 to 1, a leverage and letters of credit ratio of no greater than 3.5 to 1, an asset coverage ratio of at least 4.0 to 1 and a current asset coverage ratio of at least 1.5 to 1, in each case with the terms and definitions for the ratios as provided in the Credit Agreements. We must also maintain a current asset coverage ratio of at least 2.1 to 1. The Term Loan Agreement and 364-Day Credit Agreement require us to pledge assets as collateral in order to borrow under the credit facility. As of December 31, 2018 , we were in compliance with these financial covenants. Other Short-Term Borrowings and Debt Activity In February 2018, we repaid in full our 6.00% senior notes due March 2018. In June 2017, we repaid in full our 6.35% senior notes on the maturity date. We have short-term borrowings with various domestic and international institutions pursuant to uncommitted credit facilities. At December 31, 2018 , we had $9 million in short-term borrowings under these arrangements. In addition, we had $291 million of letters of credit under various uncommitted facilities and $204 million of letters of credit under the A&R Credit Agreement. At December 31, 2018 , we have cash collateralized $81 million of our letters of credit, which is included in “ Cash and Cash Equivalents ” in the accompanying Consolidated Balance Sheets . At December 31, 2018 , the current portion of long-term debt was primarily related to the $50 million current portion of our Term Loan Agreement. |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-term Debt | 12. Long-term Debt Our long-term debt carrying value consisted of the following: December 31, (Dollars in millions) 2018 2017 6.00% Senior Notes due 2018 — 66 9.625% Senior Notes due 2019 — 488 5.125% Senior Notes due 2020 364 364 5.875% Exchangeable Senior Notes due 2021 1,194 1,170 7.75% Senior Notes due 2021 743 741 4.50% Senior Notes due 2022 644 643 8.25% Senior Notes due 2023 742 739 9.875% Senior Notes due 2024 781 780 9.875% Senior Notes due 2025 588 — 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 457 456 5.95% Senior Notes due 2042 369 368 Term Loan Agreement due 2020 308 372 Capital and Other Lease Obligations 69 86 Other — 2 Total Senior Notes and Other Debt 7,662 7,678 Less: Amounts Due in One Year 57 137 Long-term Debt $ 7,605 $ 7,541 The accrued interest on our borrowings was $140 million and $145 million at December 31, 2018 and 2017 , respectively. The following is a summary of scheduled long-term debt maturities by year (dollars in millions): 2019 $ 57 2020 622 2021 1,937 2022 644 2023 742 Thereafter 3,660 $ 7,662 Term Loan Agreement As of December 31, 2018 , our borrowings, net of repayments, under the Term Loan Agreement were $310 million . The interest rate for borrowings under our 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, 2018 , 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, 2018 , 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 $1.194 billion at December 31, 2018 , net of remaining unamortized discount and debt issuance costs of $71 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% . In 2018 , 2017 and 2016, interest expense related to accrued interest and amortization of the discount on the notes was $99 million , $97 million and $54 million. At December 31, 2018, $74 million was related to accrued interest and $25 million was related to amortization of the discount. Senior Notes In February 2018, we repaid in full our 6.00% senior notes due March 2018. On February 28, 2018, we issued $600 million in aggregate principal amount of our 9.875% senior notes due 2025. In June 2017, we repaid in full our 6.35% senior notes on the maturity date. On June 26, 2017, we issued an additional $250 million aggregate principal amount of our 9.875% senior notes due 2024. 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. Tender Offers The February 2018 debt offering partially funded a concurrent tender offer to purchase for cash any and all of our 9.625% senior notes due 2019. We settled the tender offer in cash for the amount of $475 million , retiring an aggregate face value of $425 million and accrued interest of $20 million . In April 2018, we repaid the remaining principal outstanding on an early redemption of the bond. We recognized a cumulative loss of $34 million on these transactions in “ Bond Tender and Call Premium ” on the accompanying Consolidated Statements of Operations. In June 2016, we commenced a cash tender offer completed on July 1, 2016 for the repurchase of 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. We settled the June 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 and Call Premium ” 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. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 13. Fair Value of Financial Instruments, Assets and Other Assets Financial Instruments and Other Assets 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 14 – Derivative Instruments ” and held for sale assets and liabilities described in “ Note 1 – Summary of Significant Accounting Policies ” and “ Note 4 – Business Combinations and Divestitures ,” we had no other material assets or liabilities measured and recognized at fair value on a recurring basis at December 31, 2018 and 2017 . Fair Value of Other Financial Instruments Our other financial instruments include cash and cash equivalents, accounts receivable, accounts payable, held-to-maturity investments, 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. During 2017, we purchased $50 million of held-to-maturity Angolan government bonds maturing in 2020. The carrying value of $50 million in both periods approximate their fair value as of December 31, 2018 and 2017. We assess whether an other-than-temporary impairment loss on the investment has occurred due to a decline in fair value or other market conditions. If the fair value of the security is below amortized cost and it is more likely than not that we will not be able to recover its amortized cost basis before its stated maturity, we will record an other-than-temporary impairment charge in the Consolidated Statements of Operations. The fair value of our long-term debt fluctuates with changes in applicable interest rates among other factors. Fair value will exceed carrying value when the current market interest rate is lower than the interest rate at which the debt was originally issued and will be less than the carrying value when the market rate is greater than the interest rate at which the debt was originally issued. The fair value of our long-term debt is classified as Level 2 in the fair value hierarchy and is established based on observable inputs in less active markets. The fair value and carrying value of our senior notes were as follows: December 31, (Dollars in millions) 2018 2017 Fair Value $ 4,455 $ 7,060 Carrying Value 7,285 7,218 Non-recurring Fair Value Measurements - Impairments In the fourth quarter of 2018, our annual and interim goodwill impairment tests indicated that our goodwill was impaired and as a result three of our reporting units were written down to their estimated fair values. The Level 3 fair values of our reporting units were determined using a combination of the income and market approach. The unobservable inputs to the income approach included the reporting unit’s estimated future cash flows and estimates of discount rates commensurate with the reporting unit’s risks. The market approach considered market multiples of comparable publicly traded companies to estimate fair value as a multiple of each reporting unit’s actual and forecasted earnings. During 2018, long-lived assets were impaired and written down to their estimated fair values due to the sustained downturn in the oil and gas industry that resulted in a reassessment of our disposal groups for our land drilling rigs that were included in assets held for sale at December 31, 2018 and 2017. The Level 3 fair values of the long-lived assets were determined using a combination of the market and income approach. The market approach considered market sales values for similar assets. 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 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. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | m 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 2 valuation and is estimated using the Black Scholes valuation model. Inputs to the model include Weatherford’s share price, volatility of our share price, and the risk free interest rate. The fair value of the warrant was nil and $70 million at December 31, 2018 and 2017 , respectively. We generated an unrealized gain of $70 million , $86 million and $16 million in 2018, 2017 and 2016, respectively. The change in fair value of the warrant during 2018 was primarily driven by eliminating the warrant share value associated with any future equity issuance and a decrease in Weatherford’s stock price. The change in fair value of the warrant during 2017 was principally due to a decrease in Weatherford’s stock price. Fair Value Hedges We may use interest rate swaps to help mitigate exposures related to changes in the fair values of fixed-rate debt. The interest rate swap is recorded at fair value with changes in fair value recorded in earnings. The carrying value of fixed-rate debt 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 fixed-rate debt is amortized to interest expense over the remaining term of the debt. As of December 31, 2018 , we did not have any fair value hedges designated. As of December 31, 2018 and 2017 , we had net unamortized premiums on fixed-rate debt of nil and $4 million , respectively, associated with fair value hedge terminations. These premiums were amortized over the remaining term of the originally hedged debt as a reduction to interest expense included in “ Interest Expense, Net ” on the accompanying Consolidated Statements of Operations. Cash Flow Hedges We may use interest rate swaps to mitigate our exposure to variability in forecasted cash flows due to changes in interest rates. 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, 2018 and 2017 , we had net unamortized losses of $8 million and $9 million , respectively, associated with our cash flow hedge terminations. As of December 31, 2018 , we did not have any cash flow hedges designated. Other Derivative Instruments We enter into contracts to hedge our exposure to currency fluctuations in various foreign currencies. At December 31, 2018 and 2017 , we had outstanding foreign currency forward contracts with notional amounts aggregating to $435 million and $767 million , 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 in 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) 2018 2017 Classification Derivative Assets not Designated as Hedges: Foreign Currency Forward Contracts $ — $ 5 Other Current Assets Derivative Liabilities not Designated as Hedges: Foreign Currency Forward Contracts (4 ) (4 ) Other Current Liabilities Warrant on Weatherford Shares — (70 ) Other 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) 2018 2017 2016 Classification Foreign Currency Forward Contracts $ (15 ) $ (25 ) $ (25 ) Other Income (Expense), Net Warrant on Weatherford Shares 70 86 16 Warrant Fair Value Adjustment |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Shareholders' Equity | 15. Shareholders’ (Deficiency) Equity Changes in our ordinary shares issued during the years ended December 31, 2018 , 2017 and 2016 , were as follows: (Shares in millions) Issued 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 Equity Awards Granted, Vested and Exercised 9 Balance at December 31, 2018 1,002 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. Upon issuance of the warrant, the amount in excess of par value for the ordinary shares net of warrant was $271 million and was recorded in “ Capital in Excess of Par Value .” At December 31, 2018 , the fair value of the warrant is nil . Accumulated Other Comprehensive Loss The following table presents the changes in our accumulated other comprehensive loss by component for the year ended December 31, 2018 and 2017 : (Dollars in millions) Currency Translation Adjustment Defined Benefit Pension Deferred Loss on Derivatives Total Balance at December 31, 2016 $ (1,614 ) $ 13 $ (9 ) $ (1,610 ) Other Comprehensive (Loss) 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 ) Other Comprehensive Income before Reclassifications (240 ) 10 — (230 ) Reclassifications — 2 1 3 Net Activity (240 ) 12 1 (227 ) Balance at December 31, 2018 $ (1,724 ) $ (14 ) $ (8 ) $ (1,746 ) 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. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 16. 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) 2018 2017 2016 Basic and Diluted Weighted Average Shares Outstanding 997 990 887 Our basic and diluted weighted average shares outstanding for the years ended December 31, 2018 , 2017 and 2016 , are equivalent due to the net loss attributable to shareholders. Diluted weighted average shares outstanding for the years ended December 31, 2018 , 2017 and 2016 , exclude potential shares for stock options, restricted shares, performance units, exchangeable notes, the warrant 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) 2018 2017 2016 Anti-dilutive Potential Shares 251 250 104 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | 17. 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, 2018 , approximately 18 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, 2018 , 2017 and 2016 : Year Ended December 31, (Dollars in millions) 2018 2017 2016 Share-based Compensation $ 47 $ 70 $ 87 Related Tax (Provision) Benefit — — — 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 or exercised during 2018 , 2017 or 2016 . A summary of option activity for the year ended December 31, 2018 , is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Term Aggregate Intrinsic Value (In thousands) (In thousands) Outstanding at December 31, 2017 200 $ 16.92 0.89 years $ — Exercised — — Expired (200 ) 16.92 Outstanding and Vested at December 31, 2018 — — 0.00 years — Exercisable at December 31, 2018 — — 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, 2018 , 2017 and 2016 was $1.76 , $4.26 and $6.20 , respectively. The total fair value of RSAs and RSUs vested during the years ended December 31, 2018 , 2017 and 2016 was $17 million , $30 million and $38 million , respectively. As of December 31, 2018 , there was $35 million of unrecognized compensation expense related to 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, 2018 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, 2017 40 $ 17.87 15,269 $ 5.58 Granted — — 10,892 1.76 Vested (40 ) 17.87 (6,906 ) 6.68 Forfeited — — (1,977 ) 4.85 Non-Vested at December 31, 2018 — — 17,278 2.82 Performance Units The performance units we granted in 2018 vest at the end of a three -year period and the performance units we granted prior to 2018 vest over three years assuming continued employment and the Company’s achievement of certain market-based and 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 expire unvested and no shares are issued. The grant date fair value of the performance units with market-based goals was determined through use of the Monte Carlo simulation method . The assumptions used in the Monte Carlo simulation during the year ended December 31, 2018 , included a weighted average risk-free rate of 2.28% , volatility of 63.0% and a zero dividend yield. The grant date fair value of the performance units with performance goals was determined based on the closing price of our shares on the date of grant. The weighted-average grant date fair value of all performance units we granted during the years ended December 31, 2018 , 2017 and 2016 was $4.57 , $6.06 and $5.11 , respectively. For the year ended December 31, 2018 , we did not issue performance unit shares. 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 year ended December 31, 2016 , we did not issue any shares. As of December 31, 2018 , there was $10 million of unrecognized compensation expense related to performance units, which is expected to be recognized over a weighted average period of less than two years . A summary of performance unit activity for the year ended December 31, 2018 , is presented below: Performance Units Weighted Average Grant Date Fair Value (In thousands) Non-vested at December 31, 2017 3,090 $ 6.07 Granted 2,954 4.57 Vested — — Forfeited (2,030 ) 6.01 Non-vested at December 31, 2018 4,014 4.99 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 4 million and 3 million shares under the ESPP during the years ended December 31, 2018 and 2017, respectively. In January of 2019, we temporarily suspended our ESPP due to insufficient shares remaining available for issuance under the plan as a consequence of our lower share price. |
Retirement and Employee Benefit
Retirement and Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Retirement and Employee Benefit Plans | 18. Retirement and Employee Benefit Plans We have defined contribution plans covering certain employees. Contribution expenses related to these plans totaled $37 million , $24 million and $30 million in 2018 , 2017 and 2016 , respectively. The increase in employer contributions in 2018 relates primarily to the recommencement of employer matching contributions to our U.S. 401(k) savings plan and other contribution plans sponsored by the Company. The decrease in 2017 relates primarily to headcount reductions and the suspension of employer matching contributions. 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 $8 million of cost in 2018 , $38 million of income in 2017 and $9 million of cost in 2016. The change in net periodic benefit income/cost is due primarily to amortization of the unrecognized net gain associated with our supplemental executive retirement plan in 2017. The projected benefit obligations on a consolidated basis were $173 million and $198 million as of December 31, 2018 and 2017 , respectively. The decrease year over year is due primarily to actuarial gains and currency fluctuations. The fair values of plan assets on a consolidated basis (determined primarily using Level 2 inputs) were $123 million and $133 million as of December 31, 2018 and 2017 , respectively. The decrease in plan assets year over year is due primarily to negative asset returns and currency fluctuations. As of December 31, 2018 and December 31, 2017 , the net underfunded obligation was substantially all recorded within Other Non-current Liabilities . Additionally, consolidated pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost were a net loss of $21 million and loss of $35 million as of December 31, 2018 and 2017 , respectively. The change in other comprehensive loss year over year is due primarily to net actuarial gains. The weighted average assumption rates used for benefit obligations were as follows: Year Ended December 31, 2018 2017 Discount rate: United States Plans 3.00% - 4.25% 3.00% - 3.50% International Plans 1.85% - 7.25% 1.60% - 6.75% Rate of Compensation Increase: United States Plans — — International Plans 2.00% - 3.50% 2.00% - 3.50% During 2018 and 2017 , we made contributions and paid direct benefits of $5 million and $23 million , respectively, in connection with our defined benefit pension and other post-retirement benefit plans. In 2019 , we expect to fund approximately $5 million related to those plans. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 19. 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) 2018 2017 2016 Total Current Provision $ (113 ) $ (162 ) $ (115 ) Total Deferred (Provision) Benefit 79 25 (381 ) Provision for Income Taxes $ (34 ) $ (137 ) $ (496 ) 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). 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, 2018 , 2017 and 2016 is analyzed below: Year Ended December 31, (Dollars in millions) 2018 2017 2016 Swiss Federal Income Tax Rate at 7.83% $ 216 $ 208 $ 225 Tax on Operating Earnings Subject to Rates Different than the Swiss Federal Income Tax Rate (387 ) 123 319 U.S. Tax Reform - Remeasure of U.S. Deferred Tax Assets — (249 ) — Non-cash Tax Expense on Distribution of Subsidiary Earnings — — (137 ) Change in Valuation Allowance Attributed to U.S. Tax Reform — 301 — Change in Valuation Allowance 166 (459 ) (872 ) Change in Uncertain Tax Positions (29 ) (61 ) (31 ) Provision for Income Taxes $ (34 ) $ (137 ) $ (496 ) Our income tax provision in 2018 was $34 million on a loss before income taxes of $2.8 billion . Results for the year ended December 31, 2018 include losses with no significant tax benefit. The tax expense for the year ended December 31, 2018 also includes withholding taxes and deemed profit taxes that do not directly correlate to ordinary income or loss. 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. Our results for 2018 also include charges with $70 million tax benefit principally related to the $1.9 billion goodwill impairment. The other asset write-downs and other charges, including $238 million in long-lived asset impairments, $126 million in restructuring charges and the warrant fair value adjustment of $70 million resulted in no significant tax benefit. 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 warrant 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 permanent reduction in the U.S. statutory corporate tax rate to 21% from 35% decreased 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 recorded for the year ended December 31, 2017. The TCJA did not 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 would be offset by un-benefitted U.S. net operating loss carryforwards. As we did not have all the necessary information to analyze all effects of this tax reform as of December 31, 2017, this was a provisional amount which we believed represented a reasonable estimate of the accounting implications of this tax reform. We finalized our accounting for this matter during 2018 and concluded that no adjustment to the provisional amounts recorded during 2017 was identified in the twelve months of 2018. The various impacts of the TCJA may differ from the amounts recorded 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. 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. 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) 2018 2017 Net Operating Losses Carryforwards $ 1,002 $ 1,208 Accrued Liabilities and Reserves 331 266 Tax Credit Carryforwards 94 99 Employee Benefits 29 39 Inventory 67 129 Other Differences between Financial and Tax Basis 324 346 Valuation Allowance (1,702 ) (1,887 ) Total Deferred Tax Assets 145 200 Deferred Tax Liabilities: Property, Plant and Equipment (15 ) (49 ) Intangible Assets (57 ) (131 ) Other Differences between Financial and Tax Basis (52 ) (71 ) Total Deferred Tax Liabilities (124 ) (251 ) Net Deferred Tax Asset (Liability) $ 21 $ (51 ) The decrease in the valuation allowance in 2018 is primarily attributable to expiration of unbenefited net operating loss carryforwards and the foreign exchange remeasurement of our net deferred tax assets, combined with improved operating income in local jurisdictions, excluding the goodwill impairment charge. 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, 2018, 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 $2.8 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, 2018 , we had approximately $4.2 billion of NOLs in various jurisdictions, $2.0 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 2019 through 2038 for non-U.S. subsidiaries. At December 31, 2018 , we had $94 million of tax credit carryovers, of which $62 million is for U.S. subsidiaries. The U.S. credits primarily consists of $34 million of research and development tax credit carryforwards which expire from 2026 through 2036 , and $28 million of foreign tax credit carryforwards which expire from 2019 through 2037 . 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) 2018 2017 2016 Balance at Beginning of Year $ 217 $ 208 $ 195 Additions as a Result of Tax Positions Taken During a Prior Period 31 65 30 Reductions as a Result of Tax Positions Taken During a Prior Period (9 ) (1 ) (1 ) Additions as a Result of Tax Positions Taken During the Current Period 14 12 20 Reductions Relating to Settlements with Taxing Authorities (18 ) (29 ) (19 ) Reductions as a Result of a Lapse of the Applicable Statute of Limitations (23 ) (38 ) (12 ) Foreign Exchange Effects (17 ) — (5 ) Balance at End of Year $ 195 $ 217 $ 208 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 $1 million , $10 million and $2 million in interest and penalty for the years ended December 31, 2018 , 2017 and 2016 , respectively. The amounts in the table above exclude cumulative accrued interest and penalties of $60 million , $61 million , and $51 million at December 31, 2018 , 2017 and 2016 , respectively, which are included in other liabilities. We are subject to income tax in many of the approximately 80 countries where we operate. As of December 31, 2018 , the following table summarizes the tax years that remain subject to examination for the major jurisdictions in which we operate: Canada 2010 - 2018 Mexico 2009 - 2018 Russia 2015 - 2018 Switzerland 2010 - 2018 United States 2014 - 2018 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 $15 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, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Disputes, Litigation and Contingencies | 20. Disputes, Litigation and Legal 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 then 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 then 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. On February 13, 2018, the trial court dismissed with prejudice certain directors for lack of jurisdiction. The plaintiffs have appealed the jurisdictional ruling and the parties have jointly moved for a stay of the case during the pendency of the appeal. We cannot reliably predict the outcome of the remaining claims, including the amount of any possible loss. U.S. Government and Other Investigations As of December 31, 2016, the Company had agreed to pay as part of the terms of a settlement with the SEC a total civil monetary penalty of $140 million relating to the SEC and the U.S. Department of Justice (“DOJ”) investigation of certain accounting issues associated with the material weakness in our internal control over financial reporting for income taxes for historical periods indicated in 2012 and 2011 SEC filings reporting the historical financial restatements. In addition, certain reports and certifications regarding our internal controls over accounting for income taxes were delivered to the SEC during the two years following the settlement. We have completed these reports as of 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. These payments are reported under the caption “ Accrued Litigation and Settlements ” on our Consolidated Statements of Cash Flows . 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. 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 four patents that remain asserted against the Company on the grounds of inequitable conduct. The Company is seeking attorneys’ fees and costs incurred in the lawsuit. The litigation was stayed, pending resolution of inter partes reviews (“IPR”) of each of the four patents before the Patent Trial and Appeal Board (“PTAB”) of the U.S. Patent and Trademark Office (“USPTO”). On February 22, 2018, the PTAB issued IPR decisions finding that all of the claims of the ‘505, ‘634, and ‘774 patents that were challenged by the Company in the IPRs are invalid. On October 16, 2018, the PTAB issued an IPR decision finding that all of the claims of the ‘501 patent are invalid. RC has appealed the decisions of the PTAB. 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. The Company filed its responsive brief in June 2018. The hearing of the appeal took place on February 6, 2019 and a decision is pending. 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, 2018 and 2017 were $29 million and $51 million , respectively. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | 21. 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): 2019 $ 128 2020 87 2021 68 2022 45 2023 27 Thereafter 176 $ 531 Total rent expense incurred under operating leases was approximately $187 million , $217 million and $324 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The future rental commitment table above does not include leases that are short-term in nature. Other Contingencies We have minimum purchase commitments related to supply contracts and maintain a liability at December 31, 2018 of $46 million for expected penalties to be paid, of which $22 million is recorded in “Other Current Liabilities” and $24 million is recorded in “Other Non-Current Liabilities” on our Consolidated Balance Sheets . |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | 22. Segment Information Reporting Segments The Company's chief operating decision maker (its chief executive officer) regularly reviews information by our two reportable segments, which are our Western Hemisphere and Eastern Hemisphere segments. These reportable segments are based on management’s organization and view of Weatherford’s business when making operating decisions, allocating resources and assessing performance. Research and development expenses are included in the results of our Western and Eastern Hemisphere segments. Our corporate and other expenses that do not individually meet the criteria for segment reporting are reported separately on the caption Corporate General and Administrative. 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 loss from operations in the Eastern Hemisphere are losses related to our Zubair project in Iraq as described in “ Note 3 – Revenues .” Excluded from capital expenditures in the tables below is the acquisition of assets held for sale. Year Ended December 31, 2018 (Dollars in millions) Net Income (Loss) Depreciation Capital Western Hemisphere $ 3,063 $ 208 $ 216 $ 81 Eastern Hemisphere 2,681 119 333 87 5,744 327 549 168 Corporate General and Administrative (130 ) 7 18 Goodwill Impairment (a) (1,917 ) Long-Lived Asset Impairments, Write-Downs and Other Charges (b) (238 ) Restructuring and Transformation Charges (c) (126 ) Total $ 5,744 $ (2,084 ) $ 556 $ 186 (a) Goodwill impairment of $1.9 billion was taken during the fourth quarter of 2018. (b) During 2018, impairments, asset write-downs and other includes $151 million in long-lived asset impairments primarily related to the land drilling rigs business and $87 million of other asset write-downs, charges and credits. (c) Includes restructuring charges of $126 million : $27 million in Western Hemisphere, $45 million in Eastern Hemisphere and $54 million in Corporate. Year Ended December 31, 2017 (Dollars in millions) Net Operating Revenues Income (Loss) from Operations Depreciation and Amortization Capital Expenditures Western Hemisphere $ 2,937 $ (113 ) $ 352 $ 70 Eastern Hemisphere 2,762 (139 ) 443 130 5,699 (252 ) 795 200 Corporate General and Administrative (130 ) 6 25 Long-Lived Asset Impairments, Write-Downs and Other Charges (d) (1,711 ) Restructuring Charges (e) (183 ) Litigation Charges, Net 10 Gain from Disposition of U.S. Pressure Pumping Assets (f) 96 Total $ 5,699 $ (2,170 ) $ 801 $ 225 (d) 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. (e) Includes restructuring charges of $183 million : $70 million in the Western Hemisphere, $77 million in the Eastern Hemisphere and $36 million in Corporate. (f) 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 $ (407 ) $ 446 $ 55 Eastern Hemisphere 2,807 (157 ) 501 134 5,749 (564 ) 947 189 Corporate General and Administrative (138 ) 9 15 Long-Lived Asset Impairments and Other Related Charges (g) (1,043 ) Restructuring Charges (h) (280 ) Litigation Charges (220 ) Total $ 5,749 $ (2,245 ) $ 956 $ 204 (g) 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. (h) Includes restructuring charges of $280 million : $153 million in the Western Hemisphere, $75 million in the Eastern Hemisphere and $52 million in Corporate. The following table presents total assets by segment at December 31: Total Assets at December 31, (Dollars in millions) 2018 2017 Western Hemisphere $ 3,122 $ 4,933 Eastern Hemisphere 2,966 4,311 Corporate 513 503 Total $ 6,601 $ 9,747 Total assets in the United States, part of our Western Hemisphere segment, were $1.6 billion and $2.9 billion as of December 31, 2018 and 2017 , respectively. Products and Services We are one of the world’s leading providers of equipment and services used in the production, completions, drilling and evaluation, and well construction of oil and natural gas wells. The composition of our consolidated revenues by product and service line group is as follows: Year Ended December 31, 2018 2017 2016 Production 27 % 26 % 29 % Completions 21 22 20 Drilling and Evaluation 25 24 22 Well Construction 27 28 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 $35 million and $36 million at December 31, 2018 and 2017 , respectively. Revenues Long-lived Assets (Dollars in millions) 2018 2017 2016 2018 2017 United States $ 1,605 $ 1,555 $ 1,523 $ 750 $ 870 Latin America 1,076 890 1,064 381 575 Canada 382 492 355 59 118 Western Hemisphere $ 3,063 $ 2,937 $ 2,942 $ 1,190 $ 1,563 Middle East & North Africa $ 1,430 $ 1,464 $ 1,513 $ 413 $ 528 Europe/Sub-Sahara Africa/Russia 953 999 939 411 532 Asia 298 299 355 174 270 Eastern Hemisphere $ 2,681 $ 2,762 $ 2,807 $ 998 $ 1,330 Total $ 5,744 $ 5,699 $ 5,749 $ 2,188 $ 2,893 |
Consolidating Financial Stateme
Consolidating Financial Statements | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Consolidating Financial Statements | 23. Consolidating Financial Statements Weatherford International plc (“Weatherford Ireland”), a public limited company organized under the laws of Ireland, a Swiss tax resident, and the ultimate parent of the Weatherford group, guarantees the obligations of its subsidiaries – Weatherford International Ltd., a Bermuda exempted company (“Weatherford Bermuda”), and Weatherford International, LLC, a Delaware limited liability company (“Weatherford Delaware”), including the notes and credit facilities listed below. The 6.80% senior notes due 2037 of Weatherford Delaware were guaranteed by Weatherford Bermuda at December 31, 2018 and December 31, 2017 . At December 31, 2018 , Weatherford Bermuda also guaranteed the 9.875% senior notes due 2025 . The following obligations of Weatherford Bermuda were guaranteed by Weatherford Delaware at December 31, 2018 and December 31, 2017 : (1) A&R Credit Agreement, (2) Term Loan Agreement, (3) 6.50% senior notes due 2036 , (4) 7.00% senior notes due 2038 , (5) 9.875% senior notes due 2039 , (6) 5.125% senior notes due 2020 , (7) 6.75% senior notes due 2040 , (8) 4.50% senior notes due 2022 , (9) 5.95% senior notes due 2042 , (10) 5.875% exchangeable senior notes due 2021 , (11) 7.75% senior notes due 2021 , (12) 8.25% senior notes due 2023 and (13) 9.875% senior notes due 2024 . Weatherford Delaware also guaranteed the 6.00% senior notes due 2018 , which were repaid in full in March 2018 and the 9.625% senior notes due 2019 , which were repaid in full through early redemption of the bond in April 2018. At December 31, 2018, Weatherford Delaware also guaranteed the 364-Day Credit Agreement. Certain of these guarantee arrangements require us 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, 2018 (Dollars in Millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Revenues $ — $ — $ — $ 5,744 $ — $ 5,744 Costs and Expenses (14 ) (3 ) — (7,811 ) — (7,828 ) Operating Income (Loss) (14 ) (3 ) — (2,067 ) — (2,084 ) Other Income (Expense): Interest Expense, Net — (563 ) (89 ) 17 21 (614 ) Intercompany Charges, Net (16 ) 125 (90 ) (733 ) 714 — Equity in Subsidiary Income (2,851 ) (748 ) (770 ) — 4,369 — Other Income (Expense), Net 70 85 133 (209 ) (138 ) (59 ) Income (Loss) Before Income Taxes (2,811 ) (1,104 ) (816 ) (2,992 ) 4,966 (2,757 ) (Provision) for Income Taxes — — 148 (182 ) — (34 ) Net Income (Loss) (2,811 ) (1,104 ) (668 ) (3,174 ) 4,966 (2,791 ) Net Income Attributable to Noncontrolling Interests — — — 20 — 20 Net Income (Loss) Attributable to Weatherford $ (2,811 ) $ (1,104 ) $ (668 ) $ (3,194 ) $ 4,966 $ (2,811 ) Comprehensive Income (Loss) Attributable to Weatherford $ (3,038 ) $ (1,117 ) $ (624 ) $ (3,422 ) $ 5,163 $ (3,038 ) 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 (7,897 ) — (7,869 ) Operating Income (Loss) (19 ) 45 2 (2,198 ) — (2,170 ) 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 30 (8 ) 93 Income (Loss) Before Income Taxes (2,813 ) (1,287 ) (660 ) (2,247 ) 4,351 (2,656 ) (Provision) Benefit 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 (7,845 ) — (7,994 ) Operating Income (Loss) (151 ) (3 ) 5 (2,096 ) — (2,245 ) 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 (84 ) (70 ) (133 ) Income (Loss) Before Income Taxes (3,392 ) (2,905 ) (1,141 ) (2,450 ) 7,011 (2,877 ) (Provision) 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 Balance Sheet December 31, 2018 (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Current Assets: Cash and Cash Equivalents $ — $ 284 $ — $ 318 $ — $ 602 Other Current Assets 1 — 654 2,887 (694 ) 2,848 Total Current Assets 1 284 654 3,205 (694 ) 3,450 Equity Investments in Affiliates (3,694 ) 7,531 7,203 354 (11,394 ) — Intercompany Receivables, Net — 103 — 2,966 (3,069 ) — Other Assets — 15 4 3,132 — 3,151 Total Assets $ (3,693 ) $ 7,933 $ 7,861 $ 9,657 $ (15,157 ) $ 6,601 Current Liabilities: Short-term Borrowings and Current Portion of Long-Term Debt $ — $ 373 $ — $ 10 $ — $ 383 Accounts Payable and Other Current Liabilities 9 174 — 2,428 (694 ) 1,917 Total Current Liabilities 9 547 — 2,438 (694 ) 2,300 Long-term Debt — 6,632 775 130 68 7,605 Intercompany Payables, Net 3 — 3,066 — (3,069 ) — Other Long-term Liabilities — 7 — 362 (7 ) 362 Total Liabilities 12 7,186 3,841 2,930 (3,702 ) 10,267 Weatherford Shareholders’ (Deficiency) Equity (3,705 ) 747 4,020 6,688 (11,455 ) (3,705 ) Noncontrolling Interests — — — 39 — 39 Total Liabilities and Shareholders’ (Deficiency) Equity $ (3,693 ) $ 7,933 $ 7,861 $ 9,657 $ (15,157 ) $ 6,601 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’ Equity (626 ) 375 4,343 11,311 (16,029 ) (626 ) Noncontrolling Interests — — — 55 — 55 Total Liabilities and Shareholders’ Equity $ (459 ) $ 8,201 $ 8,529 $ 14,316 $ (20,840 ) $ 9,747 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2018 (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Cash Flows from Operating Activities: Net Income (Loss) $ (2,811 ) $ (1,104 ) $ (668 ) $ (3,174 ) $ 4,966 $ (2,791 ) Adjustments to Reconcile Net Income(Loss) to Net Cash Provided (Used) by Operating Activities: Charges from Parent or Subsidiary 16 (125 ) 90 733 (714 ) — Equity in (Earnings) Loss of Affiliates 2,851 748 770 — (4,369 ) — Deferred Income Tax Provision (Benefit) — — — (79 ) (79 ) Other Adjustments 93 1,003 (1,688 ) 3,103 117 2,628 Net Cash Used in Operating Activities 149 522 (1,496 ) 583 — (242 ) Cash Flows from Investing Activities: Capital Expenditures for Property, Plant and Equipment — — — (186 ) — (186 ) Acquisition of Assets Held for Sale — — — (31 ) — (31 ) Acquisitions of Businesses, Net of Cash Acquired — — — 4 — 4 Acquisition of Intellectual Property — — — (28 ) — (28 ) Proceeds from Sale of Businesses and Equity Investment, Net — — — 257 — 257 Proceeds from Sale of Assets — — — 106 — 106 Net Cash Provided by (Used in) Investing Activities — — — 122 — 122 Cash Flows from Financing Activities: Borrowings (Repayments) Short-term Debt, Net — 188 — (30 ) — 158 Borrowings (Repayments) Long-term Debt, Net — (491 ) 587 (12 ) — 84 Borrowings (Repayments) Between Subsidiaries, Net (149 ) (130 ) 909 (630 ) — — Other, Net — — — (74 ) — (74 ) Net Cash Provided by Financing Activities (149 ) (433 ) 1,496 (746 ) — 168 Effect of Exchange Rate Changes On Cash and Cash Equivalents — — — (59 ) — (59 ) Net Increase (Decrease) in Cash and Cash Equivalents — 89 — (100 ) — (11 ) Cash and Cash Equivalents at Beginning of Year — 195 — 418 — 613 Cash and Cash Equivalents at End of Year $ — $ 284 $ — $ 318 $ — $ 602 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) from Disposition of Businesses and Investments — — — 429 — 429 Proceeds from Disposition of Assets — — — 51 — 51 Other Investing Activities — — — (51 ) — (51 ) Net Cash Provided by (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 (Used in) Financing Activities 212 (1,070 ) (39 ) 917 — 20 Effect of Exchange Rate Changes On Cash and Cash Equivalents — — — 6 — 6 Net Increase 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 Businesses and Equity Investment, Net — — — (6 ) — (6 ) Net Cash Provided by (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 (Used in) 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 Period — 2 22 443 — 467 Cash and Cash Equivalents at End of Period $ — $ 586 $ 4 $ 447 $ — $ 1,037 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | 25. Quarterly Financial Data (Unaudited) Summarized quarterly financial data for the years ended December 31, 2018 and 2017 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. 2018 Quarters (Dollars in millions, except per share amounts) First Second Third Fourth Total Revenues $ 1,423 $ 1,448 $ 1,444 $ 1,429 $ 5,744 Gross Profit 278 305 339 308 1,230 Net Loss Attributable to Weatherford (245 ) (a) (264 ) (b) (199 ) (c) (2,103 ) (d) (2,811 ) Basic and Diluted Loss Per Share (0.25 ) (0.26 ) (0.20 ) (2.10 ) (2.82 ) (a) Includes charges of $57 million primarily related to a bond tender and call premium, restructuring and transformation charges, currency devaluation charges, asset write-downs and inventory charges, offset by gains on purchase of the remaining interest in a joint venture and a warrant fair value adjustment. (b) Includes charges of $109 million primarily related to restructuring and transformation charges, currency devaluation charges, long-lived asset impairments, other asset write-downs, offset by gains on property sales and a reduction of a contingency reserve on a legacy contract and a warrant fair value adjustment. (c) Includes charges of $95 million primarily related to restructuring and transformation charges, currency devaluation charges, long-lived asset impairments and deferred mobilization costs and other assets of the land drilling rigs business, offset by a gain on a warrant fair value adjustment. (d) Includes charges of $2.0 billion primarily related to goodwill impairment of $1.9 billion . 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 ) (e) (171 ) (f) (256 ) (g) (1,938 ) (h) (2,813 ) Basic and Diluted Loss Per Share (0.45 ) (0.17 ) (0.26 ) (1.95 ) (2.84 ) (e) 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. (f) 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. (g) Includes charges of $35 million primarily related to severance and restructuring charges and a warrant fair value adjustment. (h) 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. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Allowances | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule, 12-09, 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, 2018 Balance at Balance at Beginning End of (Dollars in millions) of Period Expense (a) Recoveries (b) Other (c) (d) Period Year Ended December 31, 2018: Current Allowance for Uncollectible Accounts Receivable $ 156 $ 5 $ (15 ) $ (23 ) $ 123 Long-term Allowance for Uncollectible Accounts Receivable 173 — (2 ) — 171 Total Allowance for Uncollectible Accounts Receivable $ 329 $ 5 $ (17 ) $ (23 ) $ 294 Valuation Allowance on Deferred Tax Assets $ 1,887 (166 ) — (19 ) $ 1,702 Excess and Obsolete Inventory Reserve $ 635 86 (6 ) (410 ) $ 305 Year Ended December 31, 2017: 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 Excess and Obsolete Inventory Reserve $ 265 545 (5 ) (170 ) $ 635 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 Excess and Obsolete Inventory Reserve $ 288 $ 273 $ (4 ) $ (292 ) $ 265 (a) 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 the fourth quarter of 2017, we changed the accounting for revenue with substantially all of our customers in Venezuela due to the downgrade of the country’s bonds by certain credit agencies, continued economic turmoil and continued economic sanctions around certain financing transactions imposed by the U.S. government. We recorded a charge equal to a full allowance on our accounts receivable for customers in Venezuela of approximately $230 million . This reduced our long-term and current receivables by $158 million and $72 million , respectively, as of December 31, 2017. The long-term allowance related to our primary customer in Venezuela is $171 million and $173 million as of December 31, 2018 and December 31, 2017. (b) Of the total recoveries, we collected $16 million on previously fully reserved Venezuelan accounts receivable. (c) Other within the allowance for uncollectible accounts receivable as of December 2017 includes write-offs and amounts reclassified to long-term and as of December 31, 2018, includes reductions to allowance reserves. (d) Other for valuation allowance on deferred taxes is primarily due to currency translation. Other for excess and obsolete inventory reserve primarily represents the removal of scrapped inventory that had been previously reserved. 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 Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation We consolidate all wholly owned subsidiaries and controlled joint ventures. All material intercompany accounts and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year presentation, including those related to the adoption of new accounting standards. Prior year net income and shareholders’ deficiency were not affected by these reclassifications. See subsection entitled “New Accounting Pronouncements” for additional details. Our rental and service equipment and accumulated depreciation in 2017 have been revised to reflect certain net assets reclassified to held for sale at December 31, 2017. |
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 net realizable value of inventories, equity investments, derivative financial instruments, intangible assets and goodwill, property, plant and equipment (“PP&E”), income taxes, 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. |
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. 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, 2018 , the Eastern Hemisphere accounted for 55% of our net outstanding accounts receivables and the Western Hemisphere accounted for 45% of our net outstanding accounts receivables. As of December 31, 2018 , our net outstanding accounts receivable in the U.S. accounted for 18% of our balance and Mexico accounted for 10% of our balance. No other country accounted for more than 10% of our net outstanding accounts receivables balance. During 2018 , 2017 and 2016 , no individual customer accounted for more than 10% of our consolidated revenues. |
Inventories | Inventories We value our inventories at lower of cost or net realizable value using either the first-in, first-out (“FIFO”) or average cost method. Cost represents third-party invoice or production cost. Production cost includes material, labor and manufacturing overhead. 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 net realizable value, we regularly review inventory quantities on hand and maintain reserves 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 $493 million , $749 million and $896 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. 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 – 15 years Machinery and other 2 – 12 years |
Assets Held for Sale | Long-Lived Assets We 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 or asset group 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 or asset group, 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 or asset group may not be recoverable, we determine whether an impairment has occurred through analysis of undiscounted cash flow of the asset or asset group 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 or asset group. We estimate the fair value of the asset or asset group 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. Assets Held for Sale We consider businesses or assets to be held for sale when all of the following criteria are met: (a) management commits to a plan to sell the business or asset and (b) the business or asset is available for immediate sale in its present condition and (c) actions required to complete the sale of the business or asset have been initiated and (d) the sale of the business or asset is probable and we expect the completed sale will occur within one year and (e) the business or asset is actively being marketed for sale at a price that is reasonable given its current fair value, and (f) it is unlikely that the plan to sell will be significantly modified or withdrawn. Upon designation as held for sale, we record the carrying value of each business or asset at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and cease recording depreciation. If at any time these criteria are no longer met, subject to certain exceptions, the assets previously classified as held for sale are reclassified as held and used and measured individually at the lower of the following: (a) the carrying amount before being classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the asset been continuously classified as held and used or (b) the fair value at the date of the subsequent decision not to sell. |
Goodwill and Indefinite Lived Intangibles Assets | Goodwill and Intangible Assets 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 unconditional 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. These are included in the caption “Other Non-current Assets” on the Consolidated Balance Sheets . 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, but tested for impairment. 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. |
Research and Development Expenditures | Research and Development Expenditures Research and development expenditures are expensed as incurred. |
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. 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 14 – 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 . As of December 31, 2018 , cash and cash equivalents denominated in Angolan kwanza was approximately $28 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. |
Disputes, Litigation and Contingencies | Disputes, Litigation and Contingencies We accrue an estimate of costs to resolve certain legal and investigation matters when a loss on these matters is deemed probable and reasonably estimable. For matters not deemed probable or not reasonably estimable, we have not accrued any amounts. Our contingent loss estimates are based upon an analysis of potential results, assuming a combination of possible litigation and settlement strategies. The accuracy of these estimates is impacted by the complexity of the associated issues. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition As of January 1, 2018, we adopted the new revenue recognition guidance, ASU 2014-09, Revenue from Contracts with Customers (Topic 606), and all of the related amendments, collectively Topic 606, using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. We recognized the cumulative effect of initially applying the new guidance as an adjustment to the opening balance of retained earnings as of January 1, 2018. The comparative period information has not been adjusted and continues to be reported under the previous revenue standard, the primary accounting policies for which are discussed below. Our services and products were generally sold based upon purchase orders, contracts or other persuasive evidence of an arrangement with our customers that included fixed or determinable prices but do not generally include right of return provisions or other significant post-delivery obligations. Our products were produced in a standard manufacturing operation, even if produced to our customer’s specifications. Revenue was recognized for products when title passed to the customer, collectability was reasonably assured, delivery occurred as directed by our customer and when the customer assumed the risks and rewards of ownership. Revenue was 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 recognized revenue for day-rate contracts as the services were rendered. See “ Note 2 – New Accounting Pronouncements ” and “ Note 3 – Revenues ” for details on the impact of adoption of the new revenue recognition guidance and our revenue recognition policies. Revenue Recognition The majority of our revenue is derived from short term contracts. We account for revenue in accordance with Topic 606, which we adopted on January 1, 2018, using the modified retrospective method. See “ Note 2 – New Accounting Pronouncements ” for further discussion of the adoption, including the impact on our 2018 Consolidated Financial Statements . Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. The following tables disaggregate our product and service revenues from contracts with customers by major product line and geographic region for year ended December 31, 2018 : Year Ended December 31, 2018 (Dollars in millions) Western Hemisphere Eastern Hemisphere Total Excluding Rental Revenues Product Lines: Production $ 1,176 $ 342 $ 1,518 Completions 609 604 1,213 Drilling and Evaluation 612 778 1,390 Well Construction 429 857 1,286 Total $ 2,826 $ 2,581 $ 5,407 Year Ended December 31, 2018 (Dollars in millions) Geographic Areas: United States $ 1,435 Latin America 1,017 Canada 374 Western Hemisphere 2,826 Middle East & North Africa 1,376 Europe/Sub-Sahara Africa/Russia 920 Asia 285 Eastern Hemisphere 2,581 Total Product and Service Revenue before Rental Revenues 5,407 Rental Revenues 337 Total Revenues $ 5,744 Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables, contract assets, and customer advances and deposits (contract liabilities classified as deferred revenues) on the Consolidated Balance Sheets . Receivables for products and services with customers, under Topic 606, are included in “Accounts Receivable, Net,” contract assets are included in “Other Current Assets” and contract liabilities are included in “Other Current Liabilities” on our Consolidated Balance Sheets . The following table provides information about receivables for product and services included in “Accounts Receivable, Net” at December 31, 2018 and January 1, 2018, respectively: (Dollars in millions) December 31, 2018 January 1, 2018 Receivables for Product and Services in Accounts Receivable, Net $ 1,051 $ 1,081 Consideration under certain contracts such as turnkey or lump sum contracts may be classified as contract assets as the invoicing occurs once the performance obligations have been satisfied while the customer simultaneously receives and consumes the benefits provided. We also have receivables for work completed but not billed in which the rights to consideration are conditional and would be classified as contract assets. These are primarily related to service contracts and are not material to our Consolidated Financial Statements . We may also have contract liabilities and defer revenues for certain product sales that are not distinct from their installation. We did not recognize any revenues during 2018 related to performance obligations satisfied prior to January 1, 2018. Significant changes in the contract assets and liabilities balances during the period are as follows: (Dollars in millions) Contract Assets Contract Liabilities Balance at January 1, 2018 $ 10 $ 42 Revenue recognized that was included in the deferred revenue balance at the beginning of the period — (112 ) Increase due to cash received, excluding amount recognized as revenue during the period — 120 Increase due to revenue recognized during the period but contingent on future performance 14 — Transferred to receivables from contract assets recognized at the beginning of the period (13 ) — Changes as a result of adjustments due to changes in estimates or contract modifications — 21 Impairment of contract assets (5 ) — Reclassification to held for sale and sold (2 ) (7 ) Balance at December 31, 2018 $ 4 $ 64 Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in Topic 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Our principal business is to provide equipment and services to the oil and natural gas exploration and production industry, both on land and offshore, through our major product lines: Production, Completions, Drilling and Evaluation and Well Construction. Generally, our revenue is recognized for services over time as the services are rendered and we primarily utilize an output method such as time elapsed or footage drilled which coincides with how customers receive the benefit. Both contract drilling and pipeline service revenue is contractual by nature and generally governed by day-rate based contracts. Revenue is recognized on product sales at a point in time when control passes and is generally upon delivery but is dependent on the terms of the contract. Our services and products are generally sold based upon purchase orders, contracts or call-out work orders that include fixed per unit prices or variable consideration but do not generally include right of return provisions or other significant post-delivery obligations. We generally bill our sales of services and products upon completion of the performance obligation. Product sales are billed and recognized when control passes to the customer. Our products are produced in a standard manufacturing operation, even if produced to our customer’s specifications. Revenues are recognized at the amount to which we have the right to invoice for services performed. Our payment terms vary by the type and location of our customer and the products or services offered. The term between invoicing and when payment is due is not significant. For certain products or services and customer types, we require payment before the products or services are delivered to the customer. We defer revenue recognition on such payments until the products or services are delivered to the customer. From time to time, we may enter into bill and hold arrangements. When we enter into these arrangements, we determine if the customer has obtained control of the product by determining (a) the reason for the bill-and-hold arrangement; (b) whether the product is identified separately as belonging to the customer; (c) whether the product is ready for physical transfer to the customer; and (d) whether we are unable to utilize the product or direct it to another customer. We account for individual products and services separately if they are distinct and the product or service is separately identifiable from other items in the contract and if a customer can benefit from it on its own or with other resources that are readily available to the customer. The consideration, including any discounts, is allocated between separate products and services based on their standalone selling prices. The standalone selling prices are determined based on the prices at which we separately sell our products and services. For items not sold separately (e.g. term software licenses in our Production product line), we estimate standalone selling prices using the adjusted market assessment approach. 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 contract term using the straight-line method. Costs of relocating equipment without contracts are expensed as incurred. Demobilization fees received are recognized over the contract period and may be constrained to the amount that it is probable a significant reversal in the fees will not occur. When determining if such variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue as well as the likelihood and magnitude of such a potential reversal. The nature of our contracts gives rise to several types of variable consideration, including claims and lost-in-hole charges. Our claims are not significant and lost-in-hole charges are constrained variable consideration. We do not estimate revenue associated with these types of variable consideration. 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. We provide certain assurance warranties on product sales which range from one to five years but do not offer extended warranties on any of our products or services. These assurance warranties are not separate performance obligations, thus no portion of the transaction price is allocated to our obligations under the assurance warranties. In the following table, estimated revenue expected to be recognized in the future related to performance obligations that are either unsatisfied or partially unsatisfied as of December 31, 2018 primarily relate to subsea services and an artificial lift contract: (Dollars in millions) 2019 2020 2021 2022 Thereafter Total Service revenue $ 57 $ 33 $ 18 $ 18 $ 19 $ 145 All consideration from contracts with customers is included in the amounts presented above. Early Production Facility Long-Term Construction Contracts We account for our long-term early production facility construction contracts in Iraq as our performance obligations under the terms of the contract are satisfied, which generally occurs with the transfer of control of the goods or services to the customer. Our only remaining contract is the Zubair contract, which is in its final warranty stage. There has been no change to our cumulative estimated loss of $532 million from all of the Iraq contracts since December 31, 2016. Our net billings in excess of costs as of December 31, 2018 and December 31, 2017 were $31 million and $56 million , respectively, and are shown in the “Other Current Liabilities” on the accompanying Consolidated Balance Sheets. Venezuela Revenue Recognition 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 the fourth quarter of 2017, we changed the accounting for revenue with substantially all of our customers in Venezuela 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 of $230 million to fully reserve our receivables for these customers in Venezuela. We continue to monitor our Venezuelan operations and will actively pursue the collection of our outstanding invoices. During 2018, we collected $16 million on previously fully reserved accounts receivable. Practical Expedients We generally expense sales commissions paid when incurred as a result of obtaining a contract because the amortization period is one year or less. These costs are recorded within “Selling, General and Administrative Attributable to Segments” on our Consolidated Statements of Operations. We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. |
Earnings per Share | Earnings (Loss) per Share Basic earnings (loss) 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. 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 until it expires on May 21, 2019, which contain the right to receive dividends, in the computation of both basic and diluted earnings per share when dilutive. |
New Accounting Pronouncements N
New Accounting Pronouncements New Accounting Pronouncements (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | 2. New Accounting Pronouncements Accounting Changes In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which replaced most existing revenue recognition guidance in U.S. GAAP. We adopted the new guidance and all of the related amendments, collectively Topic 606, using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. We recognized the cumulative effect of initially applying the new guidance as an adjustment to the opening balance of retained earnings as of January 1, 2018. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. Net income for 2017 and shareholders’ equity as of December 31, 2017 were not affected by the adoption of the new guidance. The impact of the adoption of the new guidance was immaterial to our consolidated net loss. The primary impact on adopting Topic 606 on our Consolidated Financial Statements is in our Well Construction product line, where we receive customer payments related to the demobilization of drilling equipment and crew. Under the adoption of Topic 606, we now recognize revenue on demobilization equally over the term of the contract, subject to any constraint as discussed in “ Note 3 – Revenues ” to our Consolidated Financial Statements . Prior to the adoption of Topic 606, we recognized demobilization revenue once the service was completed. These changes did not have any impact on our Consolidated Statements of Cash Flows . The cumulative effect of the changes made to our January 1, 2018 Consolidated Balance Sheet for the adoption of Topic 606, were as follows: (Dollars in millions) Balance at December 31, 2017 Adjustments Due to Topic 606 Balance at January 1, 2018 Assets and Liabilities: Other Current Assets $ 569 $ 10 $ 579 Other Current Liabilities 690 2 692 Shareholders’ Deficiency: Retained Deficit (5,763 ) 8 (5,755 ) In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40), Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , which requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in Accounting Standards Codification (ASC) 350-40 to determine which implementation costs to capitalize as assets. This standard will reduce diversity in practice in accounting for the costs of implementing cloud computing arrangements that are service contracts. We elected to early adopt ASU 2018-15 as we currently apply such guidance to our cloud computing arrangements. The adoption of this ASU has no material impact on our Consolidated Financial Statements. 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 costs (“net benefit cost”). The service cost component of net benefit cost is required to be presented with other employee compensation costs, while other components of net benefit costs are presented separately outside of income from operations. We adopted ASU 2017-07 in the first quarter of 2018 on a retrospective basis which resulted in the reclassification of $41 million of income and $6 million of expense for the years ended December 31, 2017 and 2016, respectively, from “Total Costs and Expenses” to “Other Income (Expense), Net” on our Consolidated Statements of Operations . 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. We adopted ASU 2016-16 in the first quarter of 2018 on a modified retrospective basis. The impact that this new standard has on our Consolidated Financial Statements is a reversal of $105 million of prepaid taxes through retained earnings. Prospectively, any taxes accrued that result from the intra-entity transfers of non-inventory assets will be recognized in current tax expense. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which reduces diversity in practice as to how certain transactions are classified in the statement of cash flows. We adopted ASU 2016-15 in the first quarter of 2018 on a retrospective basis and the adoption of this ASU has no material impact on our Consolidated Statements of Cash Flows . Accounting Standards Issued Not Yet Adopted In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans , which makes minor changes to the disclosure requirements for employers that sponsor defined benefit pension and other postretirement benefit plans. The ASU is effective for the fiscal year ending December 31, 2020, but early adoption is permitted. The ASU is required to be applied retrospectively. This new standard will not have a significant impact on our Consolidated Financial Statements . In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement , which eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. The ASU is effective beginning with the first quarter of 2020, and early adoption is permitted. The ASU is required to be applied retrospectively, except the new Level 3 disclosure requirements which are applied prospectively. We have evaluated the impact that this new standard will have on our Consolidated Financial Statements and concluded adoption of the ASU will not have a significant impact. In February 2018, the FASB issued ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which permits a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The standard is required to be applied in the period of adoption or on a retrospective basis to each period affected, and will be effective beginning in the first quarter of 2019, although early adoption is permitted. We are evaluating the impact that this new standard will have on our Consolidated Financial Statements. 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 evaluated the impact that this new standard will have on our Consolidated Financial Statements and concluded adoption of the ASU will not have a significant impact on our Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The guidance requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The updated guidance applies to (i) loans, accounts receivable, trade receivables, and other financial assets measured at amortized cost, (ii) loan commitments and other off-balance sheet credit exposures, (iii) debt securities and other financial assets measured at fair value through other comprehensive income, and (iv) beneficial interests in securitized financial assets. The amended guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We will adopt the new standard on the effective date of January 1, 2020 and are evaluating the effect, if any, that the guidance will have on our consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which requires a lessee to recognize a right-of-use (“ROU”) 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. This standard, and all the related amendments, will be effective for us beginning January 1, 2019 and we have elected to adopt using the optional adoption-date method and recognize a cumulative effect adjustment. In addition, we have elected certain available practical expedients. 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 right-of-use 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. Additionally, we are implementing changes to our systems, processes and internal controls to ensure we meet the standard’s reporting and disclosure requirements. Adoption of the standard will result in the recognition of both additional ROU operating lease assets and lease liabilities of approximately $275 million to $315 million upon adoption. |
Revenues RevenueRecognitionAndD
Revenues RevenueRecognitionAndDeferredRevenue (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition As of January 1, 2018, we adopted the new revenue recognition guidance, ASU 2014-09, Revenue from Contracts with Customers (Topic 606), and all of the related amendments, collectively Topic 606, using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. We recognized the cumulative effect of initially applying the new guidance as an adjustment to the opening balance of retained earnings as of January 1, 2018. The comparative period information has not been adjusted and continues to be reported under the previous revenue standard, the primary accounting policies for which are discussed below. Our services and products were generally sold based upon purchase orders, contracts or other persuasive evidence of an arrangement with our customers that included fixed or determinable prices but do not generally include right of return provisions or other significant post-delivery obligations. Our products were produced in a standard manufacturing operation, even if produced to our customer’s specifications. Revenue was recognized for products when title passed to the customer, collectability was reasonably assured, delivery occurred as directed by our customer and when the customer assumed the risks and rewards of ownership. Revenue was 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 recognized revenue for day-rate contracts as the services were rendered. See “ Note 2 – New Accounting Pronouncements ” and “ Note 3 – Revenues ” for details on the impact of adoption of the new revenue recognition guidance and our revenue recognition policies. Revenue Recognition The majority of our revenue is derived from short term contracts. We account for revenue in accordance with Topic 606, which we adopted on January 1, 2018, using the modified retrospective method. See “ Note 2 – New Accounting Pronouncements ” for further discussion of the adoption, including the impact on our 2018 Consolidated Financial Statements . Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. The following tables disaggregate our product and service revenues from contracts with customers by major product line and geographic region for year ended December 31, 2018 : Year Ended December 31, 2018 (Dollars in millions) Western Hemisphere Eastern Hemisphere Total Excluding Rental Revenues Product Lines: Production $ 1,176 $ 342 $ 1,518 Completions 609 604 1,213 Drilling and Evaluation 612 778 1,390 Well Construction 429 857 1,286 Total $ 2,826 $ 2,581 $ 5,407 Year Ended December 31, 2018 (Dollars in millions) Geographic Areas: United States $ 1,435 Latin America 1,017 Canada 374 Western Hemisphere 2,826 Middle East & North Africa 1,376 Europe/Sub-Sahara Africa/Russia 920 Asia 285 Eastern Hemisphere 2,581 Total Product and Service Revenue before Rental Revenues 5,407 Rental Revenues 337 Total Revenues $ 5,744 Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables, contract assets, and customer advances and deposits (contract liabilities classified as deferred revenues) on the Consolidated Balance Sheets . Receivables for products and services with customers, under Topic 606, are included in “Accounts Receivable, Net,” contract assets are included in “Other Current Assets” and contract liabilities are included in “Other Current Liabilities” on our Consolidated Balance Sheets . The following table provides information about receivables for product and services included in “Accounts Receivable, Net” at December 31, 2018 and January 1, 2018, respectively: (Dollars in millions) December 31, 2018 January 1, 2018 Receivables for Product and Services in Accounts Receivable, Net $ 1,051 $ 1,081 Consideration under certain contracts such as turnkey or lump sum contracts may be classified as contract assets as the invoicing occurs once the performance obligations have been satisfied while the customer simultaneously receives and consumes the benefits provided. We also have receivables for work completed but not billed in which the rights to consideration are conditional and would be classified as contract assets. These are primarily related to service contracts and are not material to our Consolidated Financial Statements . We may also have contract liabilities and defer revenues for certain product sales that are not distinct from their installation. We did not recognize any revenues during 2018 related to performance obligations satisfied prior to January 1, 2018. Significant changes in the contract assets and liabilities balances during the period are as follows: (Dollars in millions) Contract Assets Contract Liabilities Balance at January 1, 2018 $ 10 $ 42 Revenue recognized that was included in the deferred revenue balance at the beginning of the period — (112 ) Increase due to cash received, excluding amount recognized as revenue during the period — 120 Increase due to revenue recognized during the period but contingent on future performance 14 — Transferred to receivables from contract assets recognized at the beginning of the period (13 ) — Changes as a result of adjustments due to changes in estimates or contract modifications — 21 Impairment of contract assets (5 ) — Reclassification to held for sale and sold (2 ) (7 ) Balance at December 31, 2018 $ 4 $ 64 Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in Topic 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Our principal business is to provide equipment and services to the oil and natural gas exploration and production industry, both on land and offshore, through our major product lines: Production, Completions, Drilling and Evaluation and Well Construction. Generally, our revenue is recognized for services over time as the services are rendered and we primarily utilize an output method such as time elapsed or footage drilled which coincides with how customers receive the benefit. Both contract drilling and pipeline service revenue is contractual by nature and generally governed by day-rate based contracts. Revenue is recognized on product sales at a point in time when control passes and is generally upon delivery but is dependent on the terms of the contract. Our services and products are generally sold based upon purchase orders, contracts or call-out work orders that include fixed per unit prices or variable consideration but do not generally include right of return provisions or other significant post-delivery obligations. We generally bill our sales of services and products upon completion of the performance obligation. Product sales are billed and recognized when control passes to the customer. Our products are produced in a standard manufacturing operation, even if produced to our customer’s specifications. Revenues are recognized at the amount to which we have the right to invoice for services performed. Our payment terms vary by the type and location of our customer and the products or services offered. The term between invoicing and when payment is due is not significant. For certain products or services and customer types, we require payment before the products or services are delivered to the customer. We defer revenue recognition on such payments until the products or services are delivered to the customer. From time to time, we may enter into bill and hold arrangements. When we enter into these arrangements, we determine if the customer has obtained control of the product by determining (a) the reason for the bill-and-hold arrangement; (b) whether the product is identified separately as belonging to the customer; (c) whether the product is ready for physical transfer to the customer; and (d) whether we are unable to utilize the product or direct it to another customer. We account for individual products and services separately if they are distinct and the product or service is separately identifiable from other items in the contract and if a customer can benefit from it on its own or with other resources that are readily available to the customer. The consideration, including any discounts, is allocated between separate products and services based on their standalone selling prices. The standalone selling prices are determined based on the prices at which we separately sell our products and services. For items not sold separately (e.g. term software licenses in our Production product line), we estimate standalone selling prices using the adjusted market assessment approach. 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 contract term using the straight-line method. Costs of relocating equipment without contracts are expensed as incurred. Demobilization fees received are recognized over the contract period and may be constrained to the amount that it is probable a significant reversal in the fees will not occur. When determining if such variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue as well as the likelihood and magnitude of such a potential reversal. The nature of our contracts gives rise to several types of variable consideration, including claims and lost-in-hole charges. Our claims are not significant and lost-in-hole charges are constrained variable consideration. We do not estimate revenue associated with these types of variable consideration. 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. We provide certain assurance warranties on product sales which range from one to five years but do not offer extended warranties on any of our products or services. These assurance warranties are not separate performance obligations, thus no portion of the transaction price is allocated to our obligations under the assurance warranties. In the following table, estimated revenue expected to be recognized in the future related to performance obligations that are either unsatisfied or partially unsatisfied as of December 31, 2018 primarily relate to subsea services and an artificial lift contract: (Dollars in millions) 2019 2020 2021 2022 Thereafter Total Service revenue $ 57 $ 33 $ 18 $ 18 $ 19 $ 145 All consideration from contracts with customers is included in the amounts presented above. Early Production Facility Long-Term Construction Contracts We account for our long-term early production facility construction contracts in Iraq as our performance obligations under the terms of the contract are satisfied, which generally occurs with the transfer of control of the goods or services to the customer. Our only remaining contract is the Zubair contract, which is in its final warranty stage. There has been no change to our cumulative estimated loss of $532 million from all of the Iraq contracts since December 31, 2016. Our net billings in excess of costs as of December 31, 2018 and December 31, 2017 were $31 million and $56 million , respectively, and are shown in the “Other Current Liabilities” on the accompanying Consolidated Balance Sheets. Venezuela Revenue Recognition 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 the fourth quarter of 2017, we changed the accounting for revenue with substantially all of our customers in Venezuela 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 of $230 million to fully reserve our receivables for these customers in Venezuela. We continue to monitor our Venezuelan operations and will actively pursue the collection of our outstanding invoices. During 2018, we collected $16 million on previously fully reserved accounts receivable. Practical Expedients We generally expense sales commissions paid when incurred as a result of obtaining a contract because the amortization period is one year or less. These costs are recorded within “Selling, General and Administrative Attributable to Segments” on our Consolidated Statements of Operations. We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Property, Plant and Equipment [Table Text Block] | 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 – 15 years Machinery and other 2 – 12 years Property, plant and equipment, net was composed of the following: December 31, (Dollars in millions) 2018 2017 Land, Buildings and Leasehold Improvements $ 1,303 $ 1,551 Rental and Service Equipment 4,869 5,621 Machinery and Other 1,700 2,138 7,872 9,310 Less: Accumulated Depreciation 5,786 6,602 Property, Plant and Equipment, Net $ 2,086 $ 2,708 |
New Accounting Pronouncements (
New Accounting Pronouncements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The cumulative effect of the changes made to our January 1, 2018 Consolidated Balance Sheet for the adoption of Topic 606, were as follows: (Dollars in millions) Balance at December 31, 2017 Adjustments Due to Topic 606 Balance at January 1, 2018 Assets and Liabilities: Other Current Assets $ 569 $ 10 $ 579 Other Current Liabilities 690 2 692 Shareholders’ Deficiency: Retained Deficit (5,763 ) 8 (5,755 ) |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |
Schedule of Disaggregation of Revenue | The following tables disaggregate our product and service revenues from contracts with customers by major product line and geographic region for year ended December 31, 2018 : Year Ended December 31, 2018 (Dollars in millions) Western Hemisphere Eastern Hemisphere Total Excluding Rental Revenues Product Lines: Production $ 1,176 $ 342 $ 1,518 Completions 609 604 1,213 Drilling and Evaluation 612 778 1,390 Well Construction 429 857 1,286 Total $ 2,826 $ 2,581 $ 5,407 Year Ended December 31, 2018 (Dollars in millions) Geographic Areas: United States $ 1,435 Latin America 1,017 Canada 374 Western Hemisphere 2,826 Middle East & North Africa 1,376 Europe/Sub-Sahara Africa/Russia 920 Asia 285 Eastern Hemisphere 2,581 Total Product and Service Revenue before Rental Revenues 5,407 Rental Revenues 337 Total Revenues $ 5,744 |
Schedule of Contract with Customer, Asset and Liability | (Dollars in millions) Contract Assets Contract Liabilities Balance at January 1, 2018 $ 10 $ 42 Revenue recognized that was included in the deferred revenue balance at the beginning of the period — (112 ) Increase due to cash received, excluding amount recognized as revenue during the period — 120 Increase due to revenue recognized during the period but contingent on future performance 14 — Transferred to receivables from contract assets recognized at the beginning of the period (13 ) — Changes as a result of adjustments due to changes in estimates or contract modifications — 21 Impairment of contract assets (5 ) — Reclassification to held for sale and sold (2 ) (7 ) Balance at December 31, 2018 $ 4 $ 64 The following table provides information about receivables for product and services included in “Accounts Receivable, Net” at December 31, 2018 and January 1, 2018, respectively: (Dollars in millions) December 31, 2018 January 1, 2018 Receivables for Product and Services in Accounts Receivable, Net $ 1,051 $ 1,081 |
Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | In the following table, estimated revenue expected to be recognized in the future related to performance obligations that are either unsatisfied or partially unsatisfied as of December 31, 2018 primarily relate to subsea services and an artificial lift contract: (Dollars in millions) 2019 2020 2021 2022 Thereafter Total Service revenue $ 57 $ 33 $ 18 $ 18 $ 19 $ 145 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Charges | Year Ended December 31, 2018 Other Total (Dollars in millions) Severance Restructuring Severance and Transformation Plan Charges Charges Other Charges Western Hemisphere $ 21 $ 6 $ 27 Eastern Hemisphere 30 15 45 Corporate 10 44 54 Total $ 61 $ 65 $ 126 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 |
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 liabilities accrued as part of the Transformation Plan , the 2016-17 and 2016 Plans that will be paid pursuant to the respective arrangements and statutory requirements. Balance at December 31, 2018 Transformation Plan 2016-17 and 2016 Plans Total Severance Severance Other Severance Other and Other (Dollars in millions) Liability Liability Liability Liability Liability Western Hemisphere $ 6 $ — $ 3 $ 7 $ 16 Eastern Hemisphere 10 — 2 12 24 Corporate 2 16 1 — 19 Total $ 18 $ 16 $ 6 $ 19 $ 59 The following tables present the restructuring accrual activity for the year ended December 31, 2018 , 2017 and 2016. Year Ended December 31, 2018 (Dollars in millions) Accrued Balance at December 31, 2017 Charges Cash Payments Other Accrued Balance at December 31, 2018 Transformation Plan Severance liability $ — $ 61 $ (35 ) $ (8 ) $ 18 Other restructuring liability — 59 (43 ) — 16 2016-17 and Prior Plans Severance liability 21 — (15 ) — 6 Other restructuring liability 40 — (16 ) (5 ) 19 Total severance and other restructuring liability $ 61 $ 120 $ (109 ) $ (13 ) $ 59 Balance at Beginning of Period Charges Cash Payments Other Balance at End of Period Year Ended December 31, 2017: Severance and restructuring liability $ 86 $ 171 $ (167 ) $ (29 ) $ 61 Year Ended December 31, 2016: Severance and restructuring liability $ 51 $ 240 $ (198 ) $ (7 ) $ 86 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | Inventories, net of reserves, by category were as follows: December 31, (Dollars in millions) 2018 2017 Raw materials, components and supplies $ 131 $ 144 Work in process 47 47 Finished goods 847 1,043 $ 1,025 $ 1,234 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment [Table Text Block] | 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 – 15 years Machinery and other 2 – 12 years Property, plant and equipment, net was composed of the following: December 31, (Dollars in millions) 2018 2017 Land, Buildings and Leasehold Improvements $ 1,303 $ 1,551 Rental and Service Equipment 4,869 5,621 Machinery and Other 1,700 2,138 7,872 9,310 Less: Accumulated Depreciation 5,786 6,602 Property, Plant and Equipment, Net $ 2,086 $ 2,708 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill by reporting segment for the years ended December 31, 2018 and 2017 , are presented in the following table. (Dollars in millions) Western Hemisphere Eastern Hemisphere Total 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 Acquisitions — 27 27 Disposals (10 ) — (10 ) Reclassification to assets held for sale (5 ) (2 ) (7 ) Foreign currency translation (69 ) (38 ) (107 ) Impairment (1,380 ) (537 ) (1,917 ) Balance at December 31, 2018 $ 494 $ 219 $ 713 |
Goodwill Schedule of Finite-Liv
Goodwill Schedule of Finite-Lived Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | amortization expense for the subsequent five years is estimated as follows (dollars in millions): Period Amount 2019 $ 60 2020 46 2021 27 2022 17 2023 14 |
Short-term Borrowings and Other
Short-term Borrowings and Other Debt Obligations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Line of Credit Facility [Line Items] | |
Schedule of Line of Credit Facilities [Table Text Block] | At December 31, 2018 , we had total borrowing availability of $325 million available under our Credit Agreements. The following table summarizes our Credit Agreements borrowing capacity utilization and availability: (Dollars in millions) December 31, 2018 Facilities $ 1,156 Less Uses of Facilities: 364-Day Credit Agreement 317 A&R Credit Agreement — Letters of Credit 204 Term Loan Principal Borrowing 310 Borrowing Availability $ 325 |
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) 2018 2017 364-Day Credit Agreement $ 317 $ — Other Short-term Loans 9 11 Current Portion of Long-term Debt 57 137 Short-term Borrowings and Current Portion of Long-term Debt $ 383 $ 148 |
Short-term Borrowings and Oth_2
Short-term Borrowings and Other Debt Obligations Line Of Credit Facility (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Line of Credit Facility [Line Items] | |
Schedule of Line of Credit Facilities [Table Text Block] | At December 31, 2018 , we had total borrowing availability of $325 million available under our Credit Agreements. The following table summarizes our Credit Agreements borrowing capacity utilization and availability: (Dollars in millions) December 31, 2018 Facilities $ 1,156 Less Uses of Facilities: 364-Day Credit Agreement 317 A&R Credit Agreement — Letters of Credit 204 Term Loan Principal Borrowing 310 Borrowing Availability $ 325 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Our long-term debt carrying value consisted of the following: December 31, (Dollars in millions) 2018 2017 6.00% Senior Notes due 2018 — 66 9.625% Senior Notes due 2019 — 488 5.125% Senior Notes due 2020 364 364 5.875% Exchangeable Senior Notes due 2021 1,194 1,170 7.75% Senior Notes due 2021 743 741 4.50% Senior Notes due 2022 644 643 8.25% Senior Notes due 2023 742 739 9.875% Senior Notes due 2024 781 780 9.875% Senior Notes due 2025 588 — 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 457 456 5.95% Senior Notes due 2042 369 368 Term Loan Agreement due 2020 308 372 Capital and Other Lease Obligations 69 86 Other — 2 Total Senior Notes and Other Debt 7,662 7,678 Less: Amounts Due in One Year 57 137 Long-term Debt $ 7,605 $ 7,541 |
Schedule of maturities of long-term debt | The accrued interest on our borrowings was $140 million and $145 million at December 31, 2018 and 2017 , respectively. The following is a summary of scheduled long-term debt maturities by year (dollars in millions): 2019 $ 57 2020 622 2021 1,937 2022 644 2023 742 Thereafter 3,660 $ 7,662 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments, Assets and Equity Investements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 2017 Fair Value $ 4,455 $ 7,060 Carrying Value 7,285 7,218 |
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) 2018 2017 Classification Derivative Assets not Designated as Hedges: Foreign Currency Forward Contracts $ — $ 5 Other Current Assets Derivative Liabilities not Designated as Hedges: Foreign Currency Forward Contracts (4 ) (4 ) Other Current Liabilities Warrant on Weatherford Shares — (70 ) Other 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) 2018 2017 2016 Classification Foreign Currency Forward Contracts $ (15 ) $ (25 ) $ (25 ) Other Income (Expense), Net Warrant on Weatherford Shares 70 86 16 Warrant Fair Value Adjustment |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Changes in Issued and Treasury shares | Changes in our ordinary shares issued during the years ended December 31, 2018 , 2017 and 2016 , were as follows: (Shares in millions) Issued 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 Equity Awards Granted, Vested and Exercised 9 Balance at December 31, 2018 1,002 |
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, 2018 and 2017 : (Dollars in millions) Currency Translation Adjustment Defined Benefit Pension Deferred Loss on Derivatives Total Balance at December 31, 2016 $ (1,614 ) $ 13 $ (9 ) $ (1,610 ) Other Comprehensive (Loss) 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 ) Other Comprehensive Income before Reclassifications (240 ) 10 — (230 ) Reclassifications — 2 1 3 Net Activity (240 ) 12 1 (227 ) Balance at December 31, 2018 $ (1,724 ) $ (14 ) $ (8 ) $ (1,746 ) |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 2017 2016 Basic and Diluted Weighted Average Shares Outstanding 997 990 887 |
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) 2018 2017 2016 Anti-dilutive Potential Shares 251 250 104 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , 2017 and 2016 : Year Ended December 31, (Dollars in millions) 2018 2017 2016 Share-based Compensation $ 47 $ 70 $ 87 Related Tax (Provision) Benefit — — — |
Schedule of Deferred Compensation Arrangement with Individual, Share-based Payments | A summary of option activity for the year ended December 31, 2018 , is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Term Aggregate Intrinsic Value (In thousands) (In thousands) Outstanding at December 31, 2017 200 $ 16.92 0.89 years $ — Exercised — — Expired (200 ) 16.92 Outstanding and Vested at December 31, 2018 — — 0.00 years — Exercisable at December 31, 2018 — — 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, 2018 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, 2017 40 $ 17.87 15,269 $ 5.58 Granted — — 10,892 1.76 Vested (40 ) 17.87 (6,906 ) 6.68 Forfeited — — (1,977 ) 4.85 Non-Vested at December 31, 2018 — — 17,278 2.82 |
Schedule of Nonvested Performance-based Units Activity | A summary of performance unit activity for the year ended December 31, 2018 , is presented below: Performance Units Weighted Average Grant Date Fair Value (In thousands) Non-vested at December 31, 2017 3,090 $ 6.07 Granted 2,954 4.57 Vested — — Forfeited (2,030 ) 6.01 Non-vested at December 31, 2018 4,014 4.99 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 4 million and 3 million shares under the ESPP during the years ended December 31, 2018 and 2017, respectively. In January of 2019, we temporarily suspended our ESPP due to insufficient shares remaining available for issuance under the plan as a consequence of our lower share price. |
Retirement and Employee Benef_2
Retirement and Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 Discount rate: United States Plans 3.00% - 4.25% 3.00% - 3.50% International Plans 1.85% - 7.25% 1.60% - 6.75% 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, 2018 | |
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) 2018 2017 2016 Total Current Provision $ (113 ) $ (162 ) $ (115 ) Total Deferred (Provision) Benefit 79 25 (381 ) Provision for Income Taxes $ (34 ) $ (137 ) $ (496 ) |
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, 2018 , 2017 and 2016 is analyzed below: Year Ended December 31, (Dollars in millions) 2018 2017 2016 Swiss Federal Income Tax Rate at 7.83% $ 216 $ 208 $ 225 Tax on Operating Earnings Subject to Rates Different than the Swiss Federal Income Tax Rate (387 ) 123 319 U.S. Tax Reform - Remeasure of U.S. Deferred Tax Assets — (249 ) — Non-cash Tax Expense on Distribution of Subsidiary Earnings — — (137 ) Change in Valuation Allowance Attributed to U.S. Tax Reform — 301 — Change in Valuation Allowance 166 (459 ) (872 ) Change in Uncertain Tax Positions (29 ) (61 ) (31 ) Provision for Income Taxes $ (34 ) $ (137 ) $ (496 ) |
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) 2018 2017 Net Operating Losses Carryforwards $ 1,002 $ 1,208 Accrued Liabilities and Reserves 331 266 Tax Credit Carryforwards 94 99 Employee Benefits 29 39 Inventory 67 129 Other Differences between Financial and Tax Basis 324 346 Valuation Allowance (1,702 ) (1,887 ) Total Deferred Tax Assets 145 200 Deferred Tax Liabilities: Property, Plant and Equipment (15 ) (49 ) Intangible Assets (57 ) (131 ) Other Differences between Financial and Tax Basis (52 ) (71 ) Total Deferred Tax Liabilities (124 ) (251 ) Net Deferred Tax Asset (Liability) $ 21 $ (51 ) |
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) 2018 2017 2016 Balance at Beginning of Year $ 217 $ 208 $ 195 Additions as a Result of Tax Positions Taken During a Prior Period 31 65 30 Reductions as a Result of Tax Positions Taken During a Prior Period (9 ) (1 ) (1 ) Additions as a Result of Tax Positions Taken During the Current Period 14 12 20 Reductions Relating to Settlements with Taxing Authorities (18 ) (29 ) (19 ) Reductions as a Result of a Lapse of the Applicable Statute of Limitations (23 ) (38 ) (12 ) Foreign Exchange Effects (17 ) — (5 ) Balance at End of Year $ 195 $ 217 $ 208 |
Summary of Income Tax Contingencies [Table Text Block] | We are subject to income tax in many of the approximately 80 countries where we operate. As of December 31, 2018 , the following table summarizes the tax years that remain subject to examination for the major jurisdictions in which we operate: Canada 2010 - 2018 Mexico 2009 - 2018 Russia 2015 - 2018 Switzerland 2010 - 2018 United States 2014 - 2018 |
Commitments and Other Contingen
Commitments and Other Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Leases of Lessee Disclosure | Future minimum commitments under noncancellable operating leases are as follows (dollars in millions): 2019 $ 128 2020 87 2021 68 2022 45 2023 27 Thereafter 176 $ 531 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 loss from operations in the Eastern Hemisphere are losses related to our Zubair project in Iraq as described in “ Note 3 – Revenues .” Excluded from capital expenditures in the tables below is the acquisition of assets held for sale. Year Ended December 31, 2018 (Dollars in millions) Net Income (Loss) Depreciation Capital Western Hemisphere $ 3,063 $ 208 $ 216 $ 81 Eastern Hemisphere 2,681 119 333 87 5,744 327 549 168 Corporate General and Administrative (130 ) 7 18 Goodwill Impairment (a) (1,917 ) Long-Lived Asset Impairments, Write-Downs and Other Charges (b) (238 ) Restructuring and Transformation Charges (c) (126 ) Total $ 5,744 $ (2,084 ) $ 556 $ 186 (a) Goodwill impairment of $1.9 billion was taken during the fourth quarter of 2018. (b) During 2018, impairments, asset write-downs and other includes $151 million in long-lived asset impairments primarily related to the land drilling rigs business and $87 million of other asset write-downs, charges and credits. (c) Includes restructuring charges of $126 million : $27 million in Western Hemisphere, $45 million in Eastern Hemisphere and $54 million in Corporate. Year Ended December 31, 2017 (Dollars in millions) Net Operating Revenues Income (Loss) from Operations Depreciation and Amortization Capital Expenditures Western Hemisphere $ 2,937 $ (113 ) $ 352 $ 70 Eastern Hemisphere 2,762 (139 ) 443 130 5,699 (252 ) 795 200 Corporate General and Administrative (130 ) 6 25 Long-Lived Asset Impairments, Write-Downs and Other Charges (d) (1,711 ) Restructuring Charges (e) (183 ) Litigation Charges, Net 10 Gain from Disposition of U.S. Pressure Pumping Assets (f) 96 Total $ 5,699 $ (2,170 ) $ 801 $ 225 (d) 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. (e) Includes restructuring charges of $183 million : $70 million in the Western Hemisphere, $77 million in the Eastern Hemisphere and $36 million in Corporate. (f) 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 $ (407 ) $ 446 $ 55 Eastern Hemisphere 2,807 (157 ) 501 134 5,749 (564 ) 947 189 Corporate General and Administrative (138 ) 9 15 Long-Lived Asset Impairments and Other Related Charges (g) (1,043 ) Restructuring Charges (h) (280 ) Litigation Charges (220 ) Total $ 5,749 $ (2,245 ) $ 956 $ 204 (g) 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. (h) Includes restructuring charges of $280 million : $153 million in the Western Hemisphere, $75 million in the Eastern Hemisphere and $52 million in Corporate. The following table presents total assets by segment at December 31: Total Assets at December 31, (Dollars in millions) 2018 2017 Western Hemisphere $ 3,122 $ 4,933 Eastern Hemisphere 2,966 4,311 Corporate 513 503 Total $ 6,601 $ 9,747 |
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, completions, drilling and evaluation, and well construction of oil and natural gas wells. The composition of our consolidated revenues by product and service line group is as follows: Year Ended December 31, 2018 2017 2016 Production 27 % 26 % 29 % Completions 21 22 20 Drilling and Evaluation 25 24 22 Well Construction 27 28 29 Total 100 % 100 % 100 % |
Financial information by geographic area | 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 $35 million and $36 million at December 31, 2018 and 2017 , respectively. Revenues Long-lived Assets (Dollars in millions) 2018 2017 2016 2018 2017 United States $ 1,605 $ 1,555 $ 1,523 $ 750 $ 870 Latin America 1,076 890 1,064 381 575 Canada 382 492 355 59 118 Western Hemisphere $ 3,063 $ 2,937 $ 2,942 $ 1,190 $ 1,563 Middle East & North Africa $ 1,430 $ 1,464 $ 1,513 $ 413 $ 528 Europe/Sub-Sahara Africa/Russia 953 999 939 411 532 Asia 298 299 355 174 270 Eastern Hemisphere $ 2,681 $ 2,762 $ 2,807 $ 998 $ 1,330 Total $ 5,744 $ 5,699 $ 5,749 $ 2,188 $ 2,893 |
Consolidating Financial State_2
Consolidating Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Year Ended December 31, 2018 (Dollars in Millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Revenues $ — $ — $ — $ 5,744 $ — $ 5,744 Costs and Expenses (14 ) (3 ) — (7,811 ) — (7,828 ) Operating Income (Loss) (14 ) (3 ) — (2,067 ) — (2,084 ) Other Income (Expense): Interest Expense, Net — (563 ) (89 ) 17 21 (614 ) Intercompany Charges, Net (16 ) 125 (90 ) (733 ) 714 — Equity in Subsidiary Income (2,851 ) (748 ) (770 ) — 4,369 — Other Income (Expense), Net 70 85 133 (209 ) (138 ) (59 ) Income (Loss) Before Income Taxes (2,811 ) (1,104 ) (816 ) (2,992 ) 4,966 (2,757 ) (Provision) for Income Taxes — — 148 (182 ) — (34 ) Net Income (Loss) (2,811 ) (1,104 ) (668 ) (3,174 ) 4,966 (2,791 ) Net Income Attributable to Noncontrolling Interests — — — 20 — 20 Net Income (Loss) Attributable to Weatherford $ (2,811 ) $ (1,104 ) $ (668 ) $ (3,194 ) $ 4,966 $ (2,811 ) Comprehensive Income (Loss) Attributable to Weatherford $ (3,038 ) $ (1,117 ) $ (624 ) $ (3,422 ) $ 5,163 $ (3,038 ) 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 (7,897 ) — (7,869 ) Operating Income (Loss) (19 ) 45 2 (2,198 ) — (2,170 ) 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 30 (8 ) 93 Income (Loss) Before Income Taxes (2,813 ) (1,287 ) (660 ) (2,247 ) 4,351 (2,656 ) (Provision) Benefit 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 (7,845 ) — (7,994 ) Operating Income (Loss) (151 ) (3 ) 5 (2,096 ) — (2,245 ) 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 (84 ) (70 ) (133 ) Income (Loss) Before Income Taxes (3,392 ) (2,905 ) (1,141 ) (2,450 ) 7,011 (2,877 ) (Provision) 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 Balance Sheet | Condensed Consolidating Balance Sheet December 31, 2018 (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Current Assets: Cash and Cash Equivalents $ — $ 284 $ — $ 318 $ — $ 602 Other Current Assets 1 — 654 2,887 (694 ) 2,848 Total Current Assets 1 284 654 3,205 (694 ) 3,450 Equity Investments in Affiliates (3,694 ) 7,531 7,203 354 (11,394 ) — Intercompany Receivables, Net — 103 — 2,966 (3,069 ) — Other Assets — 15 4 3,132 — 3,151 Total Assets $ (3,693 ) $ 7,933 $ 7,861 $ 9,657 $ (15,157 ) $ 6,601 Current Liabilities: Short-term Borrowings and Current Portion of Long-Term Debt $ — $ 373 $ — $ 10 $ — $ 383 Accounts Payable and Other Current Liabilities 9 174 — 2,428 (694 ) 1,917 Total Current Liabilities 9 547 — 2,438 (694 ) 2,300 Long-term Debt — 6,632 775 130 68 7,605 Intercompany Payables, Net 3 — 3,066 — (3,069 ) — Other Long-term Liabilities — 7 — 362 (7 ) 362 Total Liabilities 12 7,186 3,841 2,930 (3,702 ) 10,267 Weatherford Shareholders’ (Deficiency) Equity (3,705 ) 747 4,020 6,688 (11,455 ) (3,705 ) Noncontrolling Interests — — — 39 — 39 Total Liabilities and Shareholders’ (Deficiency) Equity $ (3,693 ) $ 7,933 $ 7,861 $ 9,657 $ (15,157 ) $ 6,601 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’ Equity (626 ) 375 4,343 11,311 (16,029 ) (626 ) Noncontrolling Interests — — — 55 — 55 Total Liabilities and Shareholders’ Equity $ (459 ) $ 8,201 $ 8,529 $ 14,316 $ (20,840 ) $ 9,747 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2018 (Dollars in millions) Weatherford Ireland Weatherford Bermuda Weatherford Delaware Other Subsidiaries Eliminations Consolidation Cash Flows from Operating Activities: Net Income (Loss) $ (2,811 ) $ (1,104 ) $ (668 ) $ (3,174 ) $ 4,966 $ (2,791 ) Adjustments to Reconcile Net Income(Loss) to Net Cash Provided (Used) by Operating Activities: Charges from Parent or Subsidiary 16 (125 ) 90 733 (714 ) — Equity in (Earnings) Loss of Affiliates 2,851 748 770 — (4,369 ) — Deferred Income Tax Provision (Benefit) — — — (79 ) (79 ) Other Adjustments 93 1,003 (1,688 ) 3,103 117 2,628 Net Cash Used in Operating Activities 149 522 (1,496 ) 583 — (242 ) Cash Flows from Investing Activities: Capital Expenditures for Property, Plant and Equipment — — — (186 ) — (186 ) Acquisition of Assets Held for Sale — — — (31 ) — (31 ) Acquisitions of Businesses, Net of Cash Acquired — — — 4 — 4 Acquisition of Intellectual Property — — — (28 ) — (28 ) Proceeds from Sale of Businesses and Equity Investment, Net — — — 257 — 257 Proceeds from Sale of Assets — — — 106 — 106 Net Cash Provided by (Used in) Investing Activities — — — 122 — 122 Cash Flows from Financing Activities: Borrowings (Repayments) Short-term Debt, Net — 188 — (30 ) — 158 Borrowings (Repayments) Long-term Debt, Net — (491 ) 587 (12 ) — 84 Borrowings (Repayments) Between Subsidiaries, Net (149 ) (130 ) 909 (630 ) — — Other, Net — — — (74 ) — (74 ) Net Cash Provided by Financing Activities (149 ) (433 ) 1,496 (746 ) — 168 Effect of Exchange Rate Changes On Cash and Cash Equivalents — — — (59 ) — (59 ) Net Increase (Decrease) in Cash and Cash Equivalents — 89 — (100 ) — (11 ) Cash and Cash Equivalents at Beginning of Year — 195 — 418 — 613 Cash and Cash Equivalents at End of Year $ — $ 284 $ — $ 318 $ — $ 602 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) from Disposition of Businesses and Investments — — — 429 — 429 Proceeds from Disposition of Assets — — — 51 — 51 Other Investing Activities — — — (51 ) — (51 ) Net Cash Provided by (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 (Used in) Financing Activities 212 (1,070 ) (39 ) 917 — 20 Effect of Exchange Rate Changes On Cash and Cash Equivalents — — — 6 — 6 Net Increase 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 Businesses and Equity Investment, Net — — — (6 ) — (6 ) Net Cash Provided by (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 (Used in) 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 Period — 2 22 443 — 467 Cash and Cash Equivalents at End of Period $ — $ 586 $ 4 $ 447 $ — $ 1,037 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | 2018 Quarters (Dollars in millions, except per share amounts) First Second Third Fourth Total Revenues $ 1,423 $ 1,448 $ 1,444 $ 1,429 $ 5,744 Gross Profit 278 305 339 308 1,230 Net Loss Attributable to Weatherford (245 ) (a) (264 ) (b) (199 ) (c) (2,103 ) (d) (2,811 ) Basic and Diluted Loss Per Share (0.25 ) (0.26 ) (0.20 ) (2.10 ) (2.82 ) (a) Includes charges of $57 million primarily related to a bond tender and call premium, restructuring and transformation charges, currency devaluation charges, asset write-downs and inventory charges, offset by gains on purchase of the remaining interest in a joint venture and a warrant fair value adjustment. (b) Includes charges of $109 million primarily related to restructuring and transformation charges, currency devaluation charges, long-lived asset impairments, other asset write-downs, offset by gains on property sales and a reduction of a contingency reserve on a legacy contract and a warrant fair value adjustment. (c) Includes charges of $95 million primarily related to restructuring and transformation charges, currency devaluation charges, long-lived asset impairments and deferred mobilization costs and other assets of the land drilling rigs business, offset by a gain on a warrant fair value adjustment. (d) Includes charges of $2.0 billion primarily related to goodwill impairment of $1.9 billion . 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 ) (e) (171 ) (f) (256 ) (g) (1,938 ) (h) (2,813 ) Basic and Diluted Loss Per Share (0.45 ) (0.17 ) (0.26 ) (1.95 ) (2.84 ) (e) 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. (f) 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. (g) Includes charges of $35 million primarily related to severance and restructuring charges and a warrant fair value adjustment. (h) Includes charges of $1.6 billion primarily related to long-lived asset impairments (including the write-down to the lower of carrying amount or fair value less cost to sell of our land drilling rigs assets classified as held for sale), inventory write-downs, the write-down of Venezuelan receivables, severance and restructuring charges, partially offset by a gain on sale of assets and a warrant fair value adjustment. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Organization and Nature of Operations (Details) shares in Millions | 12 Months Ended | |
Dec. 31, 2018country$ / sharesshares | Dec. 31, 2017$ / sharesshares | |
Accounting Policies [Abstract] | ||
Number of Countries in which Entity Operates | country | 80 | |
Years in operation | 50 years | |
Common Stock, Shares Authorized | shares | 1,356 | 1,356 |
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | $ 0.001 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Major Customers and Credit Risk (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Concentration Risk [Line Items] | |||
Concentration percentage | 100.00% | 100.00% | 100.00% |
Concentration Risk, Customer | no | 0 | 0 |
Accounts Receivable [Member] | Eastern Hemisphere [Member] | Geographic Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 55.00% | ||
Accounts Receivable [Member] | Western Hemisphere [Member] | Geographic Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 45.00% | ||
Accounts Receivable [Member] | UNITED STATES | Geographic Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 18.00% | ||
Accounts Receivable [Member] | MEXICO | 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 Accoun_6
Summary of Significant Accounting Policies Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 493 | $ 749 | $ 896 |
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 | 15 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 Accoun_7
Summary of Significant Accounting Policies Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2018 | |
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 Accoun_8
Summary of Significant Accounting Policies Foreign Currency - Devaluation (Details) $ in Millions | Dec. 31, 2018USD ($) |
Angola, Kwanza | |
Impact of Foreign Currency Devaluation [Line Items] | |
Net Monetary Asset Position | $ 28 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Jan. 01, 2018 | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Other Non-current Assets | $ 434 | $ 352 | |
Accounts Receivable, Net, Current | 1,051 | $ 1,081 | |
Accounts Receivable, Net of Allowance for Uncollectible Accounts of $123 in 2018 and $156 in 2017 | 1,103 | $ 1,130 | |
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 $123 in 2018 and $156 in 2017 | $ 72 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies New Accounting Pronouncements (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | $ (242) | $ (388) | $ (304) | |
Prepaid Taxes | $ 105 |
New Accounting Pronouncements_2
New Accounting Pronouncements New Accounting Pronouncements - Topic 606 (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Other Current Assets | $ 428 | $ 579 | $ 569 |
Other Liabilities, Current | 722 | 692 | 690 |
Retained Deficit | $ (8,671) | (5,755) | (5,763) |
Calculated under Revenue Guidance in Effect before Topic 606 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Other Current Assets | 569 | ||
Other Liabilities, Current | 690 | ||
Retained Deficit | $ (5,763) | ||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Other Current Assets | 10 | ||
Other Liabilities, Current | 2 | ||
Retained Deficit | $ 8 |
New Accounting Pronouncements_3
New Accounting Pronouncements New Accounting Pronouncements - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Reclassification of income | $ 7,828 | $ 7,869 | $ 7,994 | |
Reclassification of income | (46) | 7 | (30) | |
Prepaid Taxes | $ 105 | |||
Accounting Standards Update 2017-07 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Reclassification of income | 41 | 6 | ||
Reclassification of income | $ 41 | $ 6 | ||
Minimum [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating Lease, Right-of-Use Asset | 275 | |||
Maximum [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating Lease, Right-of-Use Asset | $ 315 |
Revenues - Major Product Line (
Revenues - Major Product Line (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Disaggregation of Revenue [Line Items] | |
Total Excluding Rental Revenues | $ 5,407 |
Production [Member] | |
Disaggregation of Revenue [Line Items] | |
Total Excluding Rental Revenues | 1,518 |
Completion [Member] | |
Disaggregation of Revenue [Line Items] | |
Total Excluding Rental Revenues | 1,213 |
Drilling and Evaluation [Member] | |
Disaggregation of Revenue [Line Items] | |
Total Excluding Rental Revenues | 1,390 |
Well Construction [Member] | |
Disaggregation of Revenue [Line Items] | |
Total Excluding Rental Revenues | 1,286 |
606 revenue [Member] | |
Disaggregation of Revenue [Line Items] | |
Total Excluding Rental Revenues | 5,407 |
Western Hemisphere [Member] | |
Disaggregation of Revenue [Line Items] | |
Total Excluding Rental Revenues | 2,826 |
Western Hemisphere [Member] | Production [Member] | |
Disaggregation of Revenue [Line Items] | |
Total Excluding Rental Revenues | 1,176 |
Western Hemisphere [Member] | Completion [Member] | |
Disaggregation of Revenue [Line Items] | |
Total Excluding Rental Revenues | 609 |
Western Hemisphere [Member] | Drilling and Evaluation [Member] | |
Disaggregation of Revenue [Line Items] | |
Total Excluding Rental Revenues | 612 |
Western Hemisphere [Member] | Well Construction [Member] | |
Disaggregation of Revenue [Line Items] | |
Total Excluding Rental Revenues | 429 |
Eastern Hemisphere [Member] | |
Disaggregation of Revenue [Line Items] | |
Total Excluding Rental Revenues | 2,581 |
Eastern Hemisphere [Member] | Production [Member] | |
Disaggregation of Revenue [Line Items] | |
Total Excluding Rental Revenues | 342 |
Eastern Hemisphere [Member] | Completion [Member] | |
Disaggregation of Revenue [Line Items] | |
Total Excluding Rental Revenues | 604 |
Eastern Hemisphere [Member] | Drilling and Evaluation [Member] | |
Disaggregation of Revenue [Line Items] | |
Total Excluding Rental Revenues | 778 |
Eastern Hemisphere [Member] | Well Construction [Member] | |
Disaggregation of Revenue [Line Items] | |
Total Excluding Rental Revenues | $ 857 |
Revenues - Geographic Areas (De
Revenues - Geographic Areas (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Total Product and Service Revenue before Rental Revenues | $ 5,407 | ||||||||||
Rental Revenues | 337 | ||||||||||
Total Revenues | $ 1,429 | $ 1,444 | $ 1,448 | $ 1,423 | $ 1,490 | $ 1,460 | $ 1,363 | $ 1,386 | 5,744 | $ 5,699 | $ 5,749 |
UNITED STATES | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 1,605 | 1,555 | 1,523 | ||||||||
Latin America [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 1,076 | 890 | 1,064 | ||||||||
CANADA | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 382 | 492 | 355 | ||||||||
Middle East and North Africa [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 1,430 | 1,464 | 1,513 | ||||||||
Europe/Sub-Sahara Africa/Russia [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 953 | 999 | 939 | ||||||||
Asia [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 298 | $ 299 | $ 355 | ||||||||
Western Hemisphere [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Product and Service Revenue before Rental Revenues | 2,826 | ||||||||||
Western Hemisphere [Member] | UNITED STATES | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Product and Service Revenue before Rental Revenues | 1,435 | ||||||||||
Western Hemisphere [Member] | Latin America [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Product and Service Revenue before Rental Revenues | 1,017 | ||||||||||
Western Hemisphere [Member] | CANADA | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Product and Service Revenue before Rental Revenues | 374 | ||||||||||
Eastern Hemisphere [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Product and Service Revenue before Rental Revenues | 2,581 | ||||||||||
Eastern Hemisphere [Member] | Middle East and North Africa [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Product and Service Revenue before Rental Revenues | 1,376 | ||||||||||
Eastern Hemisphere [Member] | Europe/Sub-Sahara Africa/Russia [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Product and Service Revenue before Rental Revenues | 920 | ||||||||||
Eastern Hemisphere [Member] | Asia [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Product and Service Revenue before Rental Revenues | $ 285 |
Revenues - Receivables (Details
Revenues - Receivables (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Jan. 01, 2018 |
Revenue from Contract with Customer [Abstract] | ||
Receivables for Product and Services in Accounts Receivable, Net | $ 1,051 | $ 1,081 |
Revenues - Contract Assets and
Revenues - Contract Assets and Liabilities (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Contract Assets | |
Balance at January 1, 2018 | $ 10 |
Increase due to revenue recognized during the period but contingent on future performance | 14 |
Transferred to receivables from contract assets recognized at the beginning of the period | (13) |
Contract with Customer, Asset, Credit Loss Expense | (5) |
Reclassified to asset held for sale | (2) |
Balance at September 30, 2018 | 4 |
Contract Liabilities | |
Balance at January 1, 2018 | 42 |
Revenue recognized that was included in the deferred revenue balance at the beginning of the period | (112) |
Increase due to cash received, excluding amount recognized as revenue during the period | 120 |
Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Modification of Contract | 21 |
Reclassified to held for sale | (7) |
Balance at September 30, 2018 | $ 64 |
Revenues Revenues - Narrative (
Revenues Revenues - Narrative (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Minimum [Member] | |
Disaggregation of Revenue [Line Items] | |
Product warranty period | 1 year |
Maximum [Member] | |
Disaggregation of Revenue [Line Items] | |
Product warranty period | 5 years |
Revenues - Expected to be Recog
Revenues - Expected to be Recognized in Future (Details) - Service revenue $ in Millions | Dec. 31, 2018USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total | $ 57 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total | 33 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total | 18 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total | 18 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total | 19 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total | $ 145 |
Revenues Long Term Contracts (D
Revenues Long Term Contracts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Billings in Excess of Cost | $ 31 | $ 56 | |
IRAQ | |||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Loss on Contracts | $ 0 | ||
Total Estimated Loss on Contracts | $ 532 |
Revenues Revenue Recognition Ve
Revenues Revenue Recognition Venezuela (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2018 | Jan. 01, 2018 | |
Other Non-current Assets | $ 434 | $ 352 | |
Accounts Receivable, Net, Current | 1,051 | $ 1,081 | |
Accounts Receivable, Net of Allowance for Uncollectible Accounts of $123 in 2018 and $156 in 2017 | 1,103 | 1,130 | |
Allowance for Doubtful Accounts Receivable, Recoveries | $ (16) | ||
VENEZUELA | Revenue Recognition [Member] | |||
Cumulative Effect of Change in Accounting Estimate | 230 | ||
Other Non-current Assets | 158 | ||
Accounts Receivable, Net of Allowance for Uncollectible Accounts of $123 in 2018 and $156 in 2017 | $ 72 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Millions | Mar. 26, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 |
Business Acquisition [Line Items] | |||||
Acquisitions of Businesses, Net of Cash Acquired | $ 4 | $ (7) | $ (5) | ||
Goodwill | 713 | 2,727 | $ 2,797 | ||
Other Current Assets | $ 428 | $ 569 | $ 579 | ||
Joint Venture in Qatar [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | ||||
Business Combination, Consideration Transferred | $ 87 | ||||
Payments to Acquire Businesses, Gross | 72 | ||||
Business Combination, Contingent Consideration, Liability | 15 | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 12 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 22 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 25 | ||||
Goodwill | 27 | ||||
Other Current Assets | 16 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 43 | ||||
Paid in Accordance with Closing Terms through the Joint Venture [Member] | Joint Venture in Qatar [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Gross | 48 | ||||
Will be Made Two Years after Closing [Member] | Joint Venture in Qatar [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Gross | $ 24 | ||||
Business Acquisition, Period of Additional Payment after Closing | 2 years |
Divestitures Narrative (Details
Divestitures Narrative (Details) - USD ($) $ in Millions | Mar. 28, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jul. 11, 2018 | Dec. 29, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Property, Plant and Equipment, Net | $ 2,086 | $ 2,086 | $ 2,708 | |||||
Disposal Group, Including Discontinued Operation, Consideration | $ 430 | |||||||
Asset Impairment Charges | $ 436 | |||||||
Gain from Disposition of U.S. Pressure Pumping Assets | 0 | (96) | $ 0 | |||||
Land Drilling Rig [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Asset Impairment Charges | $ 58 | |||||||
Discontinued Operations, Disposed of by Sale [Member] | Land Drilling Rig [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Disposal Group, Including Discontinued Operation, Consideration | 216 | 216 | $ 287.5 | |||||
Gain from Disposition of U.S. Pressure Pumping Assets | (9) | |||||||
Disposal Group, Including Discontinued Operation, Assets | 253 | 253 | ||||||
Disposal Group, Including Discontinued Operation, Other Liabilities | 36 | 36 | ||||||
Escrow Deposit Liability | $ 11 | $ 11 | $ 43 | |||||
Discontinued Operations, Disposed of by Sale [Member] | Conventional Continuous Sucker Rod Business [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | $ 14 | |||||||
Disposal Group, Including Discontinued Operation, Goodwill | 8 | |||||||
Disposal Group, Including Discontinued Operation, Inventory, Current | 1 | |||||||
Disposal Group, Including Discontinued Operation, Consideration | 25 | |||||||
Gain from Disposition of U.S. Pressure Pumping Assets | (2) | |||||||
Disposal Group, Including Discontinued Operation, Assets | $ 23 | |||||||
Discontinued Operations, Disposed of by Sale [Member] | sale of equity investment [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Disposal Group, Including Discontinued Operation, Consideration | 12.5 | |||||||
Gain from Disposition of U.S. Pressure Pumping Assets | $ (3) | |||||||
Discontinued Operations, Disposed of by Sale [Member] | U.S. Pressure Pumping and Pump-Down [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Disposal Group, Including Discontinued Operation, Goodwill | 162 | |||||||
Disposal Group, Including Discontinued Operation, Inventory, Current | 7 | |||||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent | 222 | |||||||
Disposal Group, Including Discontinued Operation, Assets | 391 | |||||||
Disposal Group, Including Discontinued Operation, Other Liabilities | 52 | |||||||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 9 | |||||||
Disposal Group, Including Discontinued Operation, Liabilities | $ 61 |
Business Combinations and Div_2
Business Combinations and Divestitures Carrying Amounts of the Major Assets and Liabilities Classes (Details) - USD ($) $ in Millions | Mar. 28, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jul. 11, 2018 | Dec. 29, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 430 | |||||||
Gain (Loss) on Disposition of Business | $ 0 | $ 96 | $ 0 | |||||
Discontinued Operations, Disposed of by Sale [Member] | Land Drilling Rig [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Disposal Group, Including Discontinued Operation, Assets | $ 253 | 253 | ||||||
Disposal Group, Including Discontinued Operation, Other Liabilities | 36 | 36 | ||||||
Escrow Deposit Liability | 11 | 11 | $ 43 | |||||
Disposal Group, Including Discontinued Operation, Consideration | 216 | $ 216 | $ 287.5 | |||||
Gain (Loss) on Disposition of Business | $ 9 | |||||||
Discontinued Operations, Disposed of by Sale [Member] | U.S. Pressure Pumping and Pump-Down [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Disposal Group, Including Discontinued Operation, Goodwill | 162 | |||||||
Disposal Group, Including Discontinued Operation, Inventory, Current | 7 | |||||||
Disposal Group, Including Discontinued Operation, Assets | 391 | |||||||
Disposal Group, Including Discontinued Operation, Other Liabilities | 52 | |||||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent | $ 222 | |||||||
Discontinued Operations, Disposed of by Sale [Member] | Conventional Continuous Sucker Rod Business [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Disposal Group, Including Discontinued Operation, Goodwill | $ 8 | |||||||
Disposal Group, Including Discontinued Operation, Inventory, Current | 1 | |||||||
Disposal Group, Including Discontinued Operation, Assets | 23 | |||||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 14 | |||||||
Disposal Group, Including Discontinued Operation, Consideration | 25 | |||||||
Gain (Loss) on Disposition of Business | $ 2 | |||||||
Discontinued Operations, Disposed of by Sale [Member] | sale of equity investment [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 12.5 | |||||||
Gain (Loss) on Disposition of Business | $ 3 |
Business Combinations and Div_3
Business Combinations and Divestitures Carrying amount of Held-for-Sale (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2018 | Dec. 31, 2016 | Dec. 31, 2018 | Oct. 18, 2018 | Dec. 31, 2017 | Dec. 29, 2017 | |
Asset Impairment Charges | $ 436 | |||||
Disposal Group, Including Discontinued Operation, Assets, Current | $ 265 | $ 359 | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 430 | |||||
Business Operations Held for Sale [Member] | ||||||
Impairment of Long-Lived Assets to be Disposed of | $ 18 | |||||
Land Drilling Rig [Member] | ||||||
Asset Impairment Charges | $ 58 | |||||
Discontinued Operations, Held-for-sale [Member] | Business Operations Held for Sale [Member] | ||||||
Disposal Group, Including Discontinued Operation, Assets, Current | 265 | |||||
Disposal Group, Including Discontinued Operation, Inventory, Current | 44 | |||||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 17 | |||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current | 19 | |||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 214 | |||||
Disposal Group, Including Discontinued Operation, Goodwill | $ 7 | |||||
Discontinued Operations, Held-for-sale [Member] | Laboratory Service Business [Member] | ||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 50 | |||||
Discontinued Operations, Held-for-sale [Member] | Surface Data Logging Business [Member] | ||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 205 | |||||
Discontinued Operations, Held-for-sale [Member] | Land Drilling Rig [Member] | ||||||
Disposal Group, Including Discontinued Operation, Inventory, Current | 64 | |||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | $ 276 |
Restructuring Charges (Narrativ
Restructuring Charges (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Transformation Charges | $ 126 | $ 183 | $ 280 |
Severance and Other Restructuring Liabilities [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 120 | 171 | 240 |
Payments for Restructuring | 109 | 167 | 198 |
Transformation Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Transformation Charges | 126 | ||
Transformation Plan [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | 61 | ||
Restructuring and Related Cost, Incurred Cost | 61 | ||
Payments for Restructuring | 35 | ||
Transformation Plan [Member] | Other Restructuring excluding write-downs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Restructuring Costs | $ 59 | ||
2016-17 Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Transformation Charges | 183 | ||
2016-17 Plan [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | 109 | ||
2016-17 Plan [Member] | Other Restructuring excluding write-downs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Restructuring Costs | 62 | ||
2016-17 Plan [Member] | Impaired Assets to be Disposed of by Method Other than Sale, Asset Name [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Restructuring Costs | $ 12 | ||
2016 Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Transformation Charges | 280 | ||
2016 Plan [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | 196 | ||
2016 Plan [Member] | Other Restructuring excluding write-downs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Restructuring Costs | 44 | ||
2016 Plan [Member] | Impaired Assets to be Disposed of by Method Other than Sale, Asset Name [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Restructuring Costs | $ 40 |
Restructuring Charges (Restruct
Restructuring Charges (Restructuring Charges) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Transformation Charges | $ 126 | $ 183 | $ 280 | |
Severance and Other Restructuring Liabilities [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 59 | 61 | 86 | $ 51 |
Severance and Other Restructuring Liabilities [Member] | Western Hemisphere [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 16 | |||
Severance and Other Restructuring Liabilities [Member] | Eastern Hemisphere [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 24 | |||
Severance and Other Restructuring Liabilities [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 19 | |||
2016-17 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Transformation Charges | 183 | |||
2016-17 Plan [Member] | Western Hemisphere [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Transformation Charges | 70 | |||
2016-17 Plan [Member] | Eastern Hemisphere [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Transformation Charges | 77 | |||
2016-17 Plan [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Transformation Charges | 36 | |||
2016-17 Plan [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 109 | |||
2016-17 Plan [Member] | Employee Severance [Member] | Western Hemisphere [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 42 | |||
2016-17 Plan [Member] | Employee Severance [Member] | Eastern Hemisphere [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 35 | |||
2016-17 Plan [Member] | Employee Severance [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 32 | |||
2016-17 Plan [Member] | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Restructuring Costs | 74 | |||
2016-17 Plan [Member] | Other Restructuring [Member] | Western Hemisphere [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Restructuring Costs | 28 | |||
2016-17 Plan [Member] | Other Restructuring [Member] | Eastern Hemisphere [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Restructuring Costs | 42 | |||
2016-17 Plan [Member] | Other Restructuring [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Restructuring Costs | 4 | |||
Transformation Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Transformation Charges | 126 | |||
Transformation Plan [Member] | Western Hemisphere [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Transformation Charges | 27 | |||
Transformation Plan [Member] | Eastern Hemisphere [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Transformation Charges | 45 | |||
Transformation Plan [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Transformation Charges | 54 | |||
Transformation Plan [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 61 | |||
Restructuring Reserve | 18 | 0 | ||
Transformation Plan [Member] | Employee Severance [Member] | Western Hemisphere [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 21 | |||
Restructuring Reserve | 6 | |||
Transformation Plan [Member] | Employee Severance [Member] | Eastern Hemisphere [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 30 | |||
Restructuring Reserve | 10 | |||
Transformation Plan [Member] | Employee Severance [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 10 | |||
Restructuring Reserve | 2 | |||
Transformation Plan [Member] | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Restructuring Costs | 65 | |||
Restructuring Reserve | 16 | $ 0 | ||
Transformation Plan [Member] | Other Restructuring [Member] | Western Hemisphere [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Restructuring Costs | 6 | |||
Restructuring Reserve | 0 | |||
Transformation Plan [Member] | Other Restructuring [Member] | Eastern Hemisphere [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Restructuring Costs | 15 | |||
Restructuring Reserve | 0 | |||
Transformation Plan [Member] | Other Restructuring [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Restructuring Costs | 44 | |||
Restructuring Reserve | $ 16 | |||
2016 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Transformation Charges | 280 | |||
2016 Plan [Member] | Western Hemisphere [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Transformation Charges | 153 | |||
2016 Plan [Member] | Eastern Hemisphere [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Transformation Charges | 75 | |||
2016 Plan [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Transformation 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 |
Restructuring Charges (Restru_2
Restructuring Charges (Restructuring Liability) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Transformation Charges | $ 126 | $ 183 | $ 280 |
Severance and Other Restructuring Liabilities [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 120 | 171 | 240 |
Restructuring Reserve [Roll Forward] | |||
Accrued balance at beginning of period | 61 | 86 | 51 |
Cash Payments | (109) | (167) | (198) |
Other | 13 | 29 | 7 |
Accrued balance at end of period | 59 | 61 | $ 86 |
Severance and Other Restructuring Liabilities [Member] | Western Hemisphere [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | 16 | ||
Severance and Other Restructuring Liabilities [Member] | Eastern Hemisphere [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | 24 | ||
Severance and Other Restructuring Liabilities [Member] | Corporate, Non-Segment [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | 19 | ||
Transformation Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Transformation Charges | 126 | ||
Transformation Plan [Member] | Western Hemisphere [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Transformation Charges | 27 | ||
Transformation Plan [Member] | Eastern Hemisphere [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Transformation Charges | 45 | ||
Transformation Plan [Member] | Corporate, Non-Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Transformation Charges | 54 | ||
Transformation Plan [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 61 | ||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at beginning of period | 0 | ||
Cash Payments | (35) | ||
Other | 8 | ||
Accrued balance at end of period | 18 | 0 | |
Transformation Plan [Member] | Employee Severance [Member] | Western Hemisphere [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | 6 | ||
Transformation Plan [Member] | Employee Severance [Member] | Eastern Hemisphere [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | 10 | ||
Transformation Plan [Member] | Employee Severance [Member] | Corporate, Non-Segment [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | 2 | ||
Transformation Plan [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 59 | ||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at beginning of period | 0 | ||
Cash Payments | (43) | ||
Other | 0 | ||
Accrued balance at end of period | 16 | 0 | |
Transformation Plan [Member] | Other Restructuring [Member] | Western Hemisphere [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | 0 | ||
Transformation Plan [Member] | Other Restructuring [Member] | Eastern Hemisphere [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | 0 | ||
Transformation Plan [Member] | Other Restructuring [Member] | Corporate, Non-Segment [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | 16 | ||
2016 - 2017 and 2016 Plans [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 | 21 | ||
Cash Payments | (15) | ||
Other | 0 | ||
Accrued balance at end of period | 6 | 21 | |
2016 - 2017 and 2016 Plans [Member] | Employee Severance [Member] | Western Hemisphere [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | 3 | ||
2016 - 2017 and 2016 Plans [Member] | Employee Severance [Member] | Eastern Hemisphere [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | 2 | ||
2016 - 2017 and 2016 Plans [Member] | Employee Severance [Member] | Corporate, Non-Segment [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | 1 | ||
2016 - 2017 and 2016 Plans [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 | 40 | ||
Cash Payments | (16) | ||
Other | 5 | ||
Accrued balance at end of period | 19 | $ 40 | |
2016 - 2017 and 2016 Plans [Member] | Other Restructuring [Member] | Western Hemisphere [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | 7 | ||
2016 - 2017 and 2016 Plans [Member] | Other Restructuring [Member] | Eastern Hemisphere [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | 12 | ||
2016 - 2017 and 2016 Plans [Member] | Other Restructuring [Member] | Corporate, Non-Segment [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at end of period | $ 0 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Accounts receivable sold, carrying value | $ 156 | $ 382 | $ 227 | $ 156 | ||||
Proceeds from Sale of Accounts Receivable | 373 | 223 | 154 | |||||
Gain (loss) on sale of accounts receivable | $ (2) | $ (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 |
Inventories, Net Schedule of In
Inventories, Net Schedule of Inventory (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials, components and supplies | $ 131 | $ 144 |
Work in process | 47 | 47 |
Finished goods | 847 | 1,043 |
Total Inventory | $ 1,025 | $ 1,234 |
Inventories, Net Narrative (Det
Inventories, Net Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |||
Inventory Write-down | $ 80 | $ 540 | $ 269 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Buildings and Improvements, Gross | $ 1,303 | $ 1,551 |
Rental and Service Equipment | 4,869 | 5,621 |
Machinery and Equipment, Gross | 1,700 | 2,138 |
Property, Plant and Equipment, Gross | 7,872 | 9,310 |
Less: Accumulated Depreciation | 5,786 | 6,602 |
Property, Plant and Equipment, Net | $ 2,086 | $ 2,708 |
Long-Lived Asset Impairments Na
Long-Lived Asset Impairments Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Asset Impairment Charges | $ 436 | ||
Impairment Charge on Reclassified Assets | $ 10 | ||
Long-Lived Asset Impairments | 151 | $ 928 | 436 |
Tangible Asset Impairment Charges | 923 | 388 | |
Impairment of Intangible Assets (Excluding Goodwill) | 5 | 48 | |
Drilling Rigs [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 | ||
Impairment of Long-Lived Assets to be Disposed of | 43 | ||
Impairment Charge on Reclassified Assets | 3 | ||
Eastern Hemisphere [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Asset Impairment Charges | 37 | ||
Impairment of Long-Lived Assets to be Disposed of | 98 | ||
Impairment Charge on Reclassified Assets | 7 | ||
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 | ||
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 | ||
Land Drilling Rig [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment of Long-Lived Assets to be Disposed of | $ 141 |
Goodwill Narrative (Details)
Goodwill Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | |||
Goodwill, Impaired, Accumulated Impairment Loss | $ 2,700 | ||
Goodwill, Impairment Loss | 1,917 | $ 0 | $ 0 |
Western Hemisphere [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | $ (1,380) |
Goodwill Schedule of Goodwill (
Goodwill Schedule of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | |||
Goodwill, Acquired During Period | $ 27 | ||
Goodwill [Roll Forward] | |||
Beginning Balance | 2,727 | $ 2,797 | |
Goodwill, Written off Related to Sale of Business Unit | (10) | (162) | |
Goodwill, Reclassification to Assets Held for Sale | (7) | ||
Foreign currency translation | (107) | 92 | |
Ending Balance | 713 | 2,727 | $ 2,797 |
Equity Investment Impairment | (1,917) | 0 | 0 |
Western Hemisphere [Member] | |||
Goodwill [Roll Forward] | |||
Beginning Balance | 1,958 | 2,065 | |
Goodwill, Written off Related to Sale of Business Unit | (10) | (162) | |
Goodwill, Reclassification to Assets Held for Sale | (5) | ||
Foreign currency translation | (69) | 55 | |
Ending Balance | 494 | 1,958 | 2,065 |
Equity Investment Impairment | 1,380 | ||
Eastern Hemisphere [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Acquired During Period | 27 | ||
Goodwill [Roll Forward] | |||
Beginning Balance | 769 | 732 | |
Goodwill, Written off Related to Sale of Business Unit | 0 | 0 | |
Goodwill, Reclassification to Assets Held for Sale | (2) | ||
Foreign currency translation | (38) | 37 | |
Ending Balance | 219 | $ 769 | $ 732 |
Equity Investment Impairment | 537 | ||
Western Hemisphere [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Acquired During Period | $ 0 |
Goodwill Intangible Narrative (
Goodwill Intangible Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Intangible Assets, Net | $ 213 | ||
Impairment of Intangible Assets (Excluding Goodwill) | $ 5 | $ 48 | |
Amortization of Intangible Assets | $ 63 | $ 52 | $ 60 |
Goodwill Amortization of Intang
Goodwill Amortization of Intangible Assets (Details) $ in Millions | Dec. 31, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 60 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 46 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 27 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 17 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 14 |
Short-term Borrowings and Oth_3
Short-term Borrowings and Other Debt Obligations Schedule of Short-term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Jun. 26, 2017 |
Short-term Debt [Line Items] | ||||
Current Portion of Long-term Debt | $ 57 | $ 137 | ||
Short-term Borrowings and Current Portion of Long-term Debt | 383 | 148 | ||
364 Day Secured RCF [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term Debt | 0 | |||
Other short-term bank loans [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term Debt | 9 | 11 | ||
Long-term Debt, Current Maturities | 57 | $ 137 | ||
A&R Credit Agreement [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term Debt | $ 0 | |||
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% |
Short-term Borrowings and Oth_4
Short-term Borrowings and Other Debt Obligations Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Jun. 26, 2017 | Jul. 01, 2016 | |
Short-term Debt [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,156,000,000 | $ 1,156,000,000 | |||||
Debt and Capital Lease Obligations | 7,662,000,000 | $ 7,662,000,000 | $ 7,678,000,000 | ||||
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 | ||||||
Debt Instrument, Covenant, Initial Current Asset Coverage Ratio | 1.5 | ||||||
Debt Instrument, Covenant, Secondary Current Asset Coverage Ratio | 2.1 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | 325,000,000 | $ 325,000,000 | |||||
Current Portion of Long-term Debt | 57,000,000 | 57,000,000 | 137,000,000 | ||||
Revolving Credit Facility [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Short-term Debt | 317,000,000 | 317,000,000 | |||||
Committed Letters of Credit [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Letters of Credit Outstanding, Amount | 204,000,000 | 204,000,000 | |||||
Cash collateralized | 81,000,000 | 81,000,000 | |||||
Domestic and Foreign Facility [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Short term borrowings | 9,000,000 | 9,000,000 | |||||
Uncommitted Letters of Credit [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Letters of Credit Outstanding, Amount | 291,000,000 | 291,000,000 | |||||
Revolving Credit Facility [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 846,000,000 | 846,000,000 | |||||
A&R Credit Agreement [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 529,000,000 | 529,000,000 | |||||
Term Loan Borrowings before Debt Issuance Cost [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt and Capital Lease Obligations | 310,000,000 | 310,000,000 | |||||
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 | 308,000,000 | 308,000,000 | 372,000,000 | ||||
Debt Instrument, Periodic Payment, Principal | $ 12,500,000 | ||||||
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] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.35% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | 364-day credit agreement [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.05% | ||||||
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% | ||||||
Extending Lenders [Member] | A&R Credit Agreement [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 303,000,000 | $ 303,000,000 | |||||
Line of Credit Facility Reduction in Borrowing Capacity | 54,000,000 | ||||||
Extending Lenders [Member] | London Interbank Offered Rate (LIBOR) [Member] | A&R Credit Agreement [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.55% | ||||||
Nonextending Lenders [Member] | A&R Credit Agreement [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 226,000,000 | $ 226,000,000 | |||||
Nonextending 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 | 2.80% | ||||||
Capital and Other Lease Obligations [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt and Capital Lease Obligations | 69,000,000 | $ 69,000,000 | 86,000,000 | ||||
Term Loan Agreement [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Long-term Debt, Current Maturities | 50,000,000 | 50,000,000 | |||||
Senior Notes [Member] | Senior Notes, 9.875% due 2024 [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt and Capital Lease Obligations | $ 781,000,000 | $ 781,000,000 | 780,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 9.875% | ||||||
Senior Notes [Member] | Senior Notes, 9.875% due 2024 [Member] | 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 | $ 0 | $ 0 | $ 66,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||||||
Senior Notes [Member] | Senior Notes, 6.00% due 2018 [Member] | Weatherford Delaware [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | 6.00% | ||||
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% |
Short-term Borrowings and Oth_5
Short-term Borrowings and Other Debt Obligations Line of Credit (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,156 | |
Debt and Capital Lease Obligations | 7,662 | $ 7,678 |
Line of Credit Facility, Remaining Borrowing Capacity | 325 | |
A&R Credit Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Short-term Debt | 0 | |
Committed Letters of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Letters of Credit Outstanding, Amount | 204 | |
Term Loan Borrowings before Debt Issuance Cost [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt and Capital Lease Obligations | $ 310 |
Long-term Debt Schedule of Long
Long-term Debt Schedule of Long-term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Mar. 31, 2018 | Feb. 28, 2018 | Dec. 31, 2017 | Jun. 26, 2017 | Jul. 01, 2016 |
Debt Instrument [Line Items] | ||||||
Total | $ 7,662 | $ 7,678 | ||||
Less: Amounts Due in One Year | 57 | 137 | ||||
Long-term Debt | 7,605 | $ 7,541 | ||||
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 | 308 | $ 372 | ||||
Senior Notes [Member] | Senior Notes, 6.00% due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||
Total | 0 | 66 | ||||
Senior Notes [Member] | Senior Notes, 9.625% due 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.625% | |||||
Total | 0 | 488 | ||||
Senior Notes [Member] | Senior Notes, 5.125% due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total | 364 | 364 | ||||
Senior Notes [Member] | Exchangeable Senior Notes, 5.875 Percent due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total | 1,194 | 1,170 | ||||
Senior Notes [Member] | Senior Notes, 7.75 Percent due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total | 743 | 741 | ||||
Senior Notes [Member] | Senior Notes, 4.50% due 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total | 644 | 643 | ||||
Senior Notes [Member] | Senior Notes, 9.875% due 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.875% | |||||
Total | 781 | 780 | ||||
Senior Notes [Member] | Senior Notes, 9.875 Percent due 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.875% | |||||
Total | 588 | 0 | ||||
Senior Notes [Member] | Senior Notes, 8.25 Percent due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total | 742 | 739 | ||||
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 | 457 | 456 | ||||
Senior Notes [Member] | Senior Notes, 5.95% due 2042 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total | $ 369 | $ 368 | ||||
Secured Borrowings [Member] | Secured Borrowing, 4.82% [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.82% | 4.82% | ||||
Capital and Other Lease Obligations [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total | $ 69 | $ 86 | ||||
Other Long-term Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total | $ 0 | $ 2 | ||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 6.00% due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | ||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 9.625% due 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.625% | 9.625% | ||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 5.125% due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | 5.125% | ||||
Weatherford Delaware [Member] | Senior Notes [Member] | Exchangeable Senior Notes, 5.875 Percent due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | 5.875% | ||||
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% | ||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 4.50% due 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | ||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 9.875% due 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.875% | |||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 9.875 Percent due 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.875% | |||||
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% | ||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 6.50% due 2036 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% | ||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 7.00% due 2038 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% | ||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 9.875% due 2039 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.875% | 9.875% | ||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 6.75% due 2040 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | 6.75% | ||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 5.95% due 2042 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.95% | 5.95% |
Long-term Debt Schedule of Debt
Long-term Debt Schedule of Debt Maturity (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,017 | $ 57 | |
2,018 | 622 | |
2,019 | 1,937 | |
2,020 | 644 | |
2,021 | 742 | |
Thereafter | 3,660 | |
Total | $ 7,662 | $ 7,678 |
Long-term Debt Narrative (Detai
Long-term Debt Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Feb. 28, 2018 | Jun. 17, 2016 | Jun. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 26, 2017 | Nov. 21, 2016 | Jul. 01, 2016 | Jun. 07, 2016 |
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 140 | $ 145 | ||||||||||
Debt and Capital Lease Obligations | 7,662 | 7,678 | ||||||||||
Debt Instrument, Face Amount | $ 2 | |||||||||||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | 502 | 69 | $ 1,963 | |||||||||
Capital in Excess of Par Value | 6,711 | 6,655 | $ 271 | |||||||||
Long-term Debt and Capital Lease Obligations | 7,605 | 7,541 | ||||||||||
Bond Tender and Call Premium | (34) | 0 | $ (78) | |||||||||
Term Loan Borrowings before Debt Issuance Cost [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt and Capital Lease Obligations | 310 | |||||||||||
Term Loan Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt and Capital Lease Obligations | 308 | $ 372 | ||||||||||
Debt Instrument, Periodic Payment, Principal | 12.5 | |||||||||||
Senior Notes, 5.125% due 2020 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate on debt | 5.125% | |||||||||||
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% | |||||||||||
Senior Notes, 6.00% due 2018 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate on debt | 6.00% | |||||||||||
Senior Notes, 9.875 Percent due 2025 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | $ 600 | |||||||||||
Senior Notes, 9.625% due 2019 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate on debt | 9.625% | |||||||||||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | 475 | |||||||||||
Interest Payable | 20 | |||||||||||
Long-term Debt | $ 425 | |||||||||||
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 | 1,194 | |||||||||||
Debt Issuance Costs, Net | 71 | |||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 8.40% | |||||||||||
Interest Expense, Debt | 99 | |||||||||||
Interest Expense, Debt, Excluding Amortization | 74 | |||||||||||
Amortization of Debt Discount (Premium) | 25 | |||||||||||
Senior Notes [Member] | Senior Notes, 4.50% due 2022 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt and Capital Lease Obligations | 644 | $ 643 | ||||||||||
Senior Notes [Member] | Senior Notes, 5.125% due 2020 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt and Capital Lease Obligations | 364 | 364 | ||||||||||
Senior Notes [Member] | Senior Notes, 5.95% due 2042 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt and Capital Lease Obligations | 369 | 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 | 457 | 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 | 781 | 780 | ||||||||||
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 | 743 | 741 | ||||||||||
Senior Notes [Member] | Senior Notes, 8.25 Percent due 2023 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt and Capital Lease Obligations | 742 | 739 | ||||||||||
Senior Notes [Member] | Senior Notes, 6.00% due 2018 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt and Capital Lease Obligations | 0 | 66 | ||||||||||
Stated interest rate on debt | 6.00% | |||||||||||
Senior Notes [Member] | Senior Notes, 9.875 Percent due 2025 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt and Capital Lease Obligations | 588 | 0 | ||||||||||
Stated interest rate on debt | 9.875% | |||||||||||
Senior Notes [Member] | Senior Notes, 9.625% due 2019 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt and Capital Lease Obligations | $ 0 | $ 488 | ||||||||||
Stated interest rate on debt | 9.625% | |||||||||||
Senior Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of Debt | $ 1,972 | |||||||||||
Debt Instrument, Repurchased Face Amount | $ 1,870 | |||||||||||
Interest Payable | 27 | |||||||||||
Bond Tender and Call Premium | $ 78 | |||||||||||
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] | 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] | Senior Notes [Member] | Senior Notes, 6.80% due 2037 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate on debt | 6.80% | 6.80% | ||||||||||
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 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% | ||||||||||
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% | ||||||||||
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% | ||||||||||
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% | ||||||||||
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% | ||||||||||
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% | ||||||||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 9.875% due 2024 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate on debt | 9.875% | |||||||||||
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% | ||||||||||
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% | ||||||||||
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% | ||||||||||
Weatherford Delaware [Member] | Senior Notes [Member] | Senior Notes, 9.875 Percent due 2025 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate on debt | 9.875% | |||||||||||
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% | ||||||||||
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 Instr_3
Fair Value of Financial Instruments, Assets and Equity Investements (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Securities, Held-to-maturity | $ 50 | |
Level 2 [Member] | Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Securities, Held-to-maturity | $ 50 | 50 |
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 | 7,285 | 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 | $ 4,455 | $ 7,060 |
Derivative Instruments Schedule
Derivative Instruments Schedule of Derivatives (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivatives, Fair Value [Line Items] | |||||
Warrants and Rights Outstanding | $ 70 | ||||
Warrant Fair Value Adjustment | $ (70) | (86) | $ (16) | ||
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 | $ 0 | 5 | |||
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) | (4) | |||
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 | $ (15) | $ (25) | (25) | ||
Other Nonoperating Income (Expense) [Member] | Warrant [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | $ (86) | $ 16 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | 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 | $ 70 | |||||
Warrant Fair Value Adjustment | $ (70) | (86) | $ (16) | |||
Interest Rate Swap [Member] | Fair Value Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Debt Instrument, Unamortized Premium | 0 | 4 | ||||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | $ (9) | (8) | (9) | $ (9) | ||
Foreign currency forward contracts [Member] | ||||||
Derivative [Line Items] | ||||||
Notional amount | 435 | 767 | ||||
Additional Paid-in Capital [Member] | ||||||
Derivative [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 84,500,000 | 115,000,000 | ||||
Other Noncurrent Liabilities [Member] | Not Designated as Hedging Instrument [Member] | Warrant [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 70 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Issued and Treasury Shares [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 10 | 200 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | (993) | (983) | (779) |
Equity Awards Granted, Vested and Exercised | 9 | 4 | |
Ending Balance | (1,002) | (993) | (983) |
Shareholders' Equity Changes in
Shareholders' Equity Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ (1,519) | $ (1,610) | |
Other comprehensive (loss) income before reclassifications | (230) | 131 | |
Reclassifications | 3 | (40) | |
Ending balance | (1,746) | (1,519) | $ (1,610) |
Other Comprehensive Income (Loss), Net of Tax | 227 | (91) | (31) |
Accumulated Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (1,484) | (1,614) | |
Other comprehensive (loss) income before reclassifications | (240) | 130 | |
Reclassifications | 0 | 0 | |
Ending balance | (1,724) | (1,484) | (1,614) |
Other Comprehensive Income (Loss), Net of Tax | (240) | 130 | |
Defined Benefit Pension [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (26) | 13 | |
Other comprehensive (loss) income before reclassifications | 10 | 1 | |
Reclassifications | 2 | (40) | |
Ending balance | (14) | (26) | 13 |
Other Comprehensive Income (Loss), Net of Tax | 12 | (39) | |
Deferred Loss on Derivatives [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive (loss) income before reclassifications | 0 | 0 | |
Reclassifications | 1 | 0 | |
Other Comprehensive Income (Loss), Net of Tax | 1 | 0 | |
Fair Value Hedging [Member] | Interest Rate Swap [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | $ (8) | $ (9) | $ (9) |
Shareholders' Equity Narrative
Shareholders' Equity Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||||||
Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | 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 | $ 6,711 | $ 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 | ||||||
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 | $ 0 | $ 70 |
Earnings per Share (Weighted Av
Earnings per Share (Weighted Average Shares Outstanding) (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 997 | 990 | 887 |
Diluted (in shares) | 997 | 990 | 887 |
Earnings per Share (Antidilutiv
Earnings per Share (Antidilutive Shares) (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 251 | 250 | 104 |
Share-Based Compensation Narrat
Share-Based Compensation Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for grant under Incentive Plans | 18,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 0 | $ 0 | ||
Employee Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 12,000,000 | |||
Offering period | 6 months | |||
Purchase price percent | 90.00% | |||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 4,000,000 | 3,000,000 | ||
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] | ||||
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 | $ 1.76 | $ 4.26 | $ 6.2 | |
Total fair value of awards vested during the period | $ 17 | $ 30 | $ 38 | |
Unrecognized compensation expense | $ 35 | |||
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 | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 4.99 | $ 6.07 | ||
Award vesting | 200.00% | |||
Weighted-average grant date fair value | $ 4.57 | $ 6.06 | $ 5.11 | |
Unrecognized compensation expense | $ 10 | |||
Unrecognized compensation expense, recognition period | 2 years | |||
Risk-free interest rate | 2.28% | |||
Volatility rate | 63.00% | |||
Dividend yield | 0.00% | |||
Shares issued for share-based compensation awards (in shares) | 145,000 |
Share-Based Compensation Schedu
Share-Based Compensation Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based compensation | $ 47 | $ 70 | $ 87 |
Related tax benefit | $ 0 | $ 0 | $ 0 |
Share-Based Compensation Stock
Share-Based Compensation Stock Option Activity (Details) - Employee Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
A summary of option activity for the period [Roll Forward] | ||
Number of options outstanding, beginning of period | 200,000 | |
Number of options, exercised | 0 | 0 |
Number of options, forfeitures | (200,000) | |
Number of options outstanding, end of period | 0 | 200,000 |
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 | $ 16.92 | |
Weighted average exercise price, exercised | 0 | |
Weighted average exercise price, forfeitures | 16.92 | |
Weighted average exercise price, outstanding at end of period | 0 | $ 16.92 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 0 | |
Weighted average remaining contractual term | 1 day | 10 months 22 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, 2018 | Dec. 31, 2017 | |
Weighted-average grant date fair value of other-than-options additional disclosures [Rollforward] | ||
Non-vested, beginning balance | $ 0 | $ 0 |
Non-vested, ending balance | $ 0 | |
Restricted share awards [Member] | ||
Non-vested equity instruments other than options [Roll Forward] | ||
Non-vested, beginning balance | 40 | |
Granted | 0 | |
Vested | (40) | |
Forfeited | 0 | |
Non-vested, ending balance | 0 | 40 |
Weighted-average grant date fair value of other-than-options additional disclosures [Rollforward] | ||
Non-vested, beginning balance | $ 17.87 | |
Granted | 0 | |
Vested | 17.87 | |
Forfeited | 0 | |
Non-vested, ending balance | $ 0 | $ 17.87 |
Restricted share units [Member] | ||
Non-vested equity instruments other than options [Roll Forward] | ||
Non-vested, beginning balance | 15,269 | |
Granted | 10,892 | |
Vested | (6,906) | |
Forfeited | (1,977) | |
Non-vested, ending balance | 17,278 | 15,269 |
Weighted-average grant date fair value of other-than-options additional disclosures [Rollforward] | ||
Non-vested, beginning balance | $ 5.58 | |
Granted | 1.76 | |
Vested | 6.68 | |
Forfeited | 4.85 | |
Non-vested, ending balance | $ 2.82 | $ 5.58 |
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, 2018 | 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 | |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | $ 52 | $ 84 | $ 78 |
Performance units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | 3 years | |
Non-vested equity instruments other than options [Roll Forward] | |||
Non-vested, beginning balance | 3,090 | ||
Granted | 2,954 | ||
Vested | 0 | ||
Forfeited | (2,030) | ||
Non-vested, ending balance | 4,014 | 3,090 | |
Weighted-average grant date fair value of other-than-options additional disclosures [Rollforward] | |||
Non-vested, beginning balance | $ 6.07 | ||
Granted | 4.57 | $ 6.06 | $ 5.11 |
Vested | 0 | ||
Forfeited | 6.01 | ||
Non-vested, ending balance | $ 4.99 | $ 6.07 | |
Equity Awards Granted, Vested and Exercised | 145 | ||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | $ 1 |
Retirement and Employee Benef_3
Retirement and Employee Benefit Plans Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net periodic benefit cost | $ 8 | $ 38 | $ 9 |
Projected benefit obligation | 173 | 198 | |
Accumulated benefit obligation for defined benefit pension plans | 21 | 35 | |
Employer contributions | 5 | 23 | |
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 | 123 | 133 | |
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 | $ 37 | $ 24 | $ 30 |
Retirement and Employee Benef_4
Retirement and Employee Benefit Plans Assumptions (Details) | Dec. 31, 2018 | Dec. 31, 2017 |
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% | 3.00% |
United States plans | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.25% | 3.50% |
International plans | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 1.85% | 1.60% |
Rate of compensation increase | 2.00% | 2.00% |
International plans | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 7.25% | 6.75% |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Total Current Provision | $ 113 | $ 162 | $ 115 |
Total Deferred (Provision) Benefit | 79 | 25 | (381) |
Provision for Income Taxes | $ (34) | $ (137) | $ (496) |
Income Taxes Schedule of Effect
Income Taxes Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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% | $ 216 | $ 208 | $ 225 | |
Tax on Operating Earnings Subject to Rates Different than the Swiss Federal Income Tax Rate | (387) | 123 | 319 | |
U.S. Tax Reform - Remeasure of U.S. Deferred Tax Assets | 0 | (249) | 0 | |
Non-cash Tax Expense on Distribution of Subsidiary Earnings | 0 | 0 | 137 | |
Change in Valuation Allowance Attributed to U.S. Tax Reform | 0 | 301 | 0 | |
Change in Valuation Allowance | $ 73 | 166 | (459) | (872) |
Change in Uncertain Tax Positions | 29 | 61 | 31 | |
Provision for Income Taxes | $ (34) | $ (137) | $ (496) |
Income Taxes Schedule of Deferr
Income Taxes Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets, Operating Loss Carryforwards | $ 1,002 | $ 1,208 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | 331 | 266 |
Deferred Tax Assets, Tax Credit Carryforwards | 94 | 99 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | 29 | 39 |
Deferred Tax Assets, Inventory | 67 | 129 |
Deferred Tax Assets, Other | 324 | 346 |
Deferred Tax Assets, Valuation Allowance | (1,702) | (1,887) |
Deferred Tax Assets, Net of Valuation Allowance | 145 | 200 |
Deferred Tax Liabilities, Property, Plant and Equipment | (15) | (49) |
Deferred Tax Liabilities, Goodwill and Intangible Assets | (57) | (131) |
Deferred Tax Liabilities, Other | (52) | (71) |
Deferred Tax Liabilities, Gross | (124) | (251) |
Net Deferred Tax Asset | $ 21 | |
Net Deferred Tax Liability | $ (51) |
Income Taxes Schedule of Unreco
Income Taxes Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Unrecognized Tax Benefits | $ 195 | $ 217 | $ 208 | $ 195 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 31 | 65 | 30 | |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | 9 | 1 | 1 | |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 14 | 12 | 20 | |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 18 | 29 | 19 | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 23 | 38 | 12 | |
Unrecognized Tax Benefits, Increase (Decrease) Resulting from Foreign Currency Translation | $ (17) | $ 0 | $ (5) |
Income Taxes Summary of Income
Income Taxes Summary of Income Tax Contingencies (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Earliest Tax Year [Member] | CANADA | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2,010 |
Earliest Tax Year [Member] | MEXICO | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2,009 |
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 | 2,018 |
Latest Tax Year [Member] | MEXICO | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2,018 |
Latest Tax Year [Member] | RUSSIA | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2,018 |
Latest Tax Year [Member] | SWITZERLAND | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2,018 |
Latest Tax Year [Member] | UNITED STATES | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2,018 |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2018USD ($)country | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Income Tax Contingency [Line Items] | ||||||
Allowance for Doubtful Accounts Receivable, Write-offs | $ 0 | $ 230 | $ 0 | |||
Asset Write Down and Other | 66 | |||||
Pressure Pumping Related Charges | 114 | |||||
Deferred Tax Assets, Valuation Allowance | $ 1,887 | 1,702 | 1,887 | |||
Income Tax Expense (Benefit) | 34 | 137 | 496 | |||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (2,757) | (2,656) | (2,877) | |||
Tax Benefit Recognized From Goodwill Impairment | 70 | |||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (73) | (166) | 459 | 872 | ||
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 and Transformation Charges | 126 | 183 | 280 | |||
Warrant Fair Value Adjustment | (70) | (86) | (16) | |||
Loss Contingency Accrual, Provision | 0 | (10) | 220 | |||
Currency Devaluation Charges | 49 | 0 | 41 | $ 41 | ||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 0 | 0 | (137) | |||
Goodwill, Impairment Loss | 1,917 | 0 | 0 | |||
Asset Write Down and Other | 238 | 1,711 | 1,043 | |||
Impairment of Long-Lived Assets Held-for-use | (151) | (928) | (436) | |||
Production Related Impairments or Charges | 219 | |||||
Inventory Write-down | 80 | 540 | 269 | |||
Gain (Loss) on Disposition of Business | 0 | 96 | 0 | |||
Bad Debt Expense | 5 | 8 | 69 | |||
Undistributed Earnings of Foreign Subsidiaries | 2,800 | 2,800 | ||||
Operating Loss Carryforwards | 4,200 | 4,200 | ||||
Tax Credit Carryforward, Amount | 94 | 94 | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 1 | 10 | 2 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 61 | $ 60 | 61 | 51 | ||
Number of Countries in which Entity Operates | country | 80 | |||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | $ 15 | |||||
Bond Tender and Call Premium | (34) | 0 | (78) | |||
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 | 0 | 249 | 0 | |||
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act of 2017, Valuation Adjustment Amount | 0 | (301) | 0 | |||
VENEZUELA | ||||||
Income Tax Contingency [Line Items] | ||||||
Allowance for Doubtful Accounts Receivable, Write-offs | 230 | |||||
UNITED STATES | ||||||
Income Tax Contingency [Line Items] | ||||||
Operating Loss Carryforwards | 2,000 | 2,000 | ||||
Tax Credit Carryforward, Amount | 62 | 62 | ||||
IRAQ | ||||||
Income Tax Contingency [Line Items] | ||||||
Loss on Contracts | $ 0 | |||||
Foreign Tax Credit Carryforward [Member] | UNITED STATES | ||||||
Income Tax Contingency [Line Items] | ||||||
Tax Credit Carryforward, Amount | 28 | 28 | ||||
Research Tax Credit Carryforward [Member] | UNITED STATES | ||||||
Income Tax Contingency [Line Items] | ||||||
Tax Credit Carryforward, Amount | $ 34 | $ 34 | ||||
SEC Settlement [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Litigation Charges, Net | $ 140 |
Disputes, Litigation and Cont_2
Disputes, Litigation and Contingencies (Details) $ in Millions | Sep. 27, 2016 | Jul. 31, 2015patent | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2010claim |
Loss Contingencies [Line Items] | ||||||||||
Shareholder derivative actions filed | claim | 3 | |||||||||
Loss Contingency, Patents Allegedly Infringed, Number | patent | 7 | |||||||||
Estimated litigation liability | $ 29 | $ 51 | ||||||||
U.S. SEC and DOJ Investigation [Domain] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Payments for legal settlements | $ 50 | |||||||||
Loss Contingency Accrual | $ 140 | |||||||||
Loss Contingency, Settlement Agreement, Internal Control Reporting, Tax, Period of Time | 2 days | |||||||||
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 120 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 Conting_2
Commitments and Other Contingencies - Operating Lease (Details) $ in Millions | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 128 |
2,018 | 87 |
2,019 | 68 |
2,020 | 45 |
2,021 | 27 |
Thereafter | 176 |
Total | $ 531 |
Commitments and Other Conting_3
Commitments and Other Contingencies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Total rent expense incurred under operating leases | $ 187 | $ 217 | $ 324 |
Loss Contingencies [Line Items] | |||
Recorded Unconditional Purchase Obligation | 46 | ||
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 | $ 24 |
Segment Information Segment Inf
Segment Information Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 1,429 | $ 1,444 | $ 1,448 | $ 1,423 | $ 1,490 | $ 1,460 | $ 1,363 | $ 1,386 | $ 5,744 | $ 5,699 | $ 5,749 | |
Operating Income (Loss) | (2,084) | (2,170) | (2,245) | |||||||||
Depreciation and Amortization | 556 | 801 | 956 | |||||||||
Capital Expenditures for Property, Plant and Equipment | (186) | (225) | (204) | |||||||||
Goodwill, Impairment Loss | 1,917 | 0 | 0 | |||||||||
Corporate General and Administrative | 130 | 130 | 138 | |||||||||
Long-Lived Asset Impairments | 151 | 928 | 436 | |||||||||
Gain (Loss) on Disposition of Business | 53 | 91 | 10 | |||||||||
Production Related Impairments or Charges | 219 | |||||||||||
Pressure Pumping Related Charges | 114 | |||||||||||
Long-lived Assets | 2,188 | 2,893 | 2,188 | 2,893 | ||||||||
Severance and Restructuring Charges | (126) | (183) | (280) | |||||||||
Litigation Charges, Net | 0 | 10 | (220) | |||||||||
Gain (Loss) on Disposition of Business | 0 | 96 | 0 | |||||||||
Total Assets | 6,601 | 9,747 | 6,601 | 9,747 | ||||||||
Inventory Write-down | 80 | 540 | 269 | |||||||||
Eastern Hemisphere [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Goodwill, Impairment Loss | (537) | |||||||||||
Total Assets | 2,966 | 4,311 | 2,966 | 4,311 | ||||||||
Corporate, Non-Segment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total Assets | 513 | 503 | 513 | 503 | ||||||||
Western Hemisphere [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Goodwill, Impairment Loss | (1,380) | |||||||||||
Total Assets | 3,122 | 4,933 | 3,122 | 4,933 | ||||||||
Operating Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 5,744 | 5,699 | 5,749 | |||||||||
Operating Income (Loss) | 327 | (252) | (564) | |||||||||
Depreciation and Amortization | 549 | 795 | 947 | |||||||||
Capital Expenditures for Property, Plant and Equipment | (168) | (200) | (189) | |||||||||
Operating Segments [Member] | Eastern Hemisphere [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 2,681 | 2,762 | 2,807 | |||||||||
Operating Income (Loss) | 119 | (139) | (157) | |||||||||
Depreciation and Amortization | 333 | 443 | 501 | |||||||||
Capital Expenditures for Property, Plant and Equipment | (87) | (130) | (134) | |||||||||
Operating Segments [Member] | Western Hemisphere [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 3,063 | 2,937 | 2,942 | |||||||||
Operating Income (Loss) | 208 | (113) | (407) | |||||||||
Depreciation and Amortization | 216 | 352 | 446 | |||||||||
Capital Expenditures for Property, Plant and Equipment | (81) | (70) | (55) | |||||||||
Corporate, Non-Segment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Depreciation and Amortization | 7 | 6 | 9 | |||||||||
Capital Expenditures for Property, Plant and Equipment | (18) | (25) | (15) | |||||||||
Corporate General and Administrative | 130 | 130 | 138 | |||||||||
Segment Reconciling Items [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Goodwill, Impairment Loss | 1,917 | |||||||||||
Loss Contingency Accrual, Provision | 238 | 1,711 | 1,043 | |||||||||
Gain (Loss) on Disposition of Business | 96 | |||||||||||
Severance and Restructuring Charges | (126) | 183 | (280) | [1] | ||||||||
Litigation Charges, Net | 10 | 220 | ||||||||||
Assets, Total [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Long-Lived Asset Impairments | 87 | 506 | 710 | |||||||||
Transformation Plan [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Severance and Restructuring Charges | (126) | |||||||||||
Transformation Plan [Member] | Eastern Hemisphere [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Severance and Restructuring Charges | (45) | |||||||||||
Transformation Plan [Member] | Corporate, Non-Segment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Severance and Restructuring Charges | (54) | |||||||||||
Transformation Plan [Member] | Western Hemisphere [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Severance and Restructuring Charges | (27) | |||||||||||
2016-17 Plan [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Severance and Restructuring Charges | (183) | |||||||||||
2016-17 Plan [Member] | Eastern Hemisphere [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Severance and Restructuring Charges | (77) | |||||||||||
2016-17 Plan [Member] | Corporate, Non-Segment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Severance and Restructuring Charges | (36) | |||||||||||
2016-17 Plan [Member] | Western Hemisphere [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Severance and Restructuring Charges | (70) | |||||||||||
2016 Plan [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Severance and Restructuring Charges | (280) | |||||||||||
2016 Plan [Member] | Eastern Hemisphere [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Severance and Restructuring Charges | (75) | |||||||||||
2016 Plan [Member] | Corporate, Non-Segment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Severance and Restructuring Charges | (52) | |||||||||||
2016 Plan [Member] | Western Hemisphere [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Severance and Restructuring Charges | (153) | |||||||||||
UNITED STATES | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 1,605 | 1,555 | $ 1,523 | |||||||||
Long-lived Assets | 750 | 870 | 750 | 870 | ||||||||
Total Assets | $ 1,600 | $ 2,900 | $ 1,600 | $ 2,900 | ||||||||
[1] | Includes restructuring charges of $280 million: $153 million in the Western Hemisphere, $75 million in the Eastern Hemisphere and $52 million in Corporate. |
Segment Information Products an
Segment Information Products and Services (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue from External Customer [Line Items] | |||
Consolidated revenues by product line | 100.00% | 100.00% | 100.00% |
Sales Revenue, Net [Member] | Product Concentration Risk [Member] | Production [Member] | |||
Revenue from External Customer [Line Items] | |||
Consolidated revenues by product line | 27.00% | 26.00% | 29.00% |
Sales Revenue, Net [Member] | Product Concentration Risk [Member] | Completion [Member] | |||
Revenue from External Customer [Line Items] | |||
Consolidated revenues by product line | 21.00% | 22.00% | 20.00% |
Sales Revenue, Net [Member] | Product Concentration Risk [Member] | Drilling and Evaluation [Member] | |||
Revenue from External Customer [Line Items] | |||
Consolidated revenues by product line | 25.00% | 24.00% | 22.00% |
Sales Revenue, Net [Member] | Product Concentration Risk [Member] | Well Construction [Member] | |||
Revenue from External Customer [Line Items] | |||
Consolidated revenues by product line | 27.00% | 28.00% | 29.00% |
Segment Information Geographic
Segment Information Geographic Areas (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Assets | $ 6,601 | $ 9,747 | $ 6,601 | $ 9,747 | |||||||
Deferred tax assets for long-lived assets | 35 | 36 | 35 | 36 | |||||||
Revenues | 1,429 | $ 1,444 | $ 1,448 | $ 1,423 | 1,490 | $ 1,460 | $ 1,363 | $ 1,386 | 5,744 | 5,699 | $ 5,749 |
Long-lived Assets | 2,188 | 2,893 | 2,188 | 2,893 | |||||||
Western Hemisphere [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 3,063 | 2,937 | 2,942 | ||||||||
Long-lived Assets | 1,190 | 1,563 | 1,190 | 1,563 | |||||||
Eastern Hemisphere [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 2,681 | 2,762 | 2,807 | ||||||||
Long-lived Assets | 998 | 1,330 | 998 | 1,330 | |||||||
UNITED STATES | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Assets | 1,600 | 2,900 | 1,600 | 2,900 | |||||||
Revenues | 1,605 | 1,555 | 1,523 | ||||||||
Long-lived Assets | 750 | 870 | 750 | 870 | |||||||
Latin America [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 1,076 | 890 | 1,064 | ||||||||
Long-lived Assets | 381 | 575 | 381 | 575 | |||||||
CANADA | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 382 | 492 | 355 | ||||||||
Long-lived Assets | 59 | 118 | 59 | 118 | |||||||
Middle East and North Africa [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 1,430 | 1,464 | 1,513 | ||||||||
Long-lived Assets | 413 | 528 | 413 | 528 | |||||||
Europe/Sub-Sahara Africa/Russia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 953 | 999 | 939 | ||||||||
Long-lived Assets | 411 | 532 | 411 | 532 | |||||||
Asia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 298 | 299 | $ 355 | ||||||||
Long-lived Assets | 174 | 270 | 174 | 270 | |||||||
Corporate, Non-Segment [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Assets | 513 | 503 | 513 | 503 | |||||||
Eastern Hemisphere [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Assets | 2,966 | 4,311 | 2,966 | 4,311 | |||||||
Western Hemisphere [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Assets | $ 3,122 | $ 4,933 | $ 3,122 | $ 4,933 |
Segment Information Narrative (
Segment Information Narrative (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018USD ($)unit | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | ||
Segment Reporting Information [Line Items] | ||||
Number of Reportable Segments | unit | 2 | |||
Goodwill, Impairment Loss | $ 1,917 | $ 0 | $ 0 | |
Long-Lived Asset Impairments | 151 | 928 | 436 | |
Asset Impairment Charges | 436 | |||
Allowance for Doubtful Accounts Receivable, Write-offs | 0 | 230 | 0 | |
Restructuring and Transformation Charges | 126 | 183 | 280 | |
Production Related Impairments or Charges | 219 | |||
Pressure Pumping Related Charges | 114 | |||
Assets | 6,601 | 9,747 | ||
Deferred tax assets for long-lived assets | 35 | 36 | ||
UNITED STATES | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 1,600 | 2,900 | ||
2016 Plan [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring and Transformation Charges | 280 | |||
Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill, Impairment Loss | 1,917 | |||
Restructuring and Transformation Charges | 126 | (183) | 280 | [1] |
Drilling Rigs [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Asset Impairment Charges | 740 | |||
Western Hemisphere [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill, Impairment Loss | (1,380) | |||
Asset Impairment Charges | 135 | |||
Assets | 3,122 | 4,933 | ||
Western Hemisphere [Member] | 2016 Plan [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring and Transformation Charges | 153 | |||
Eastern Hemisphere [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill, Impairment Loss | (537) | |||
Asset Impairment Charges | 37 | |||
Assets | 2,966 | 4,311 | ||
Eastern Hemisphere [Member] | 2016 Plan [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring and Transformation Charges | 75 | |||
Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 513 | 503 | ||
Corporate, Non-Segment [Member] | 2016 Plan [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring and Transformation Charges | 52 | |||
Assets, Total [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Long-Lived Asset Impairments | $ 87 | $ 506 | $ 710 | |
[1] | Includes restructuring charges of $280 million: $153 million in the Western Hemisphere, $75 million in the Eastern Hemisphere and $52 million in Corporate. |
Consolidating Financial State_3
Consolidating Financial Statements Narrative (Details) | Dec. 31, 2018 | Mar. 31, 2018 | Feb. 28, 2018 | Dec. 31, 2017 | Jun. 26, 2017 | Jul. 01, 2016 |
Senior Notes, 6.80% due 2037 [Member] | Senior Notes [Member] | Weatherford Bermuda [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Stated interest rate on debt | 6.80% | 6.80% | ||||
Senior Notes, 9.875 Percent due 2025 [Member] | Senior Notes [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Stated interest rate on debt | 9.875% | |||||
Senior Notes, 9.875 Percent due 2025 [Member] | Senior Notes [Member] | Weatherford Delaware [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Stated interest rate on debt | 9.875% | |||||
Senior Notes, 6.50% due 2036 [Member] | Senior Notes [Member] | Weatherford Delaware [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Stated interest rate on debt | 6.50% | 6.50% | ||||
Senior Notes, 7.00% due 2038 [Member] | Senior Notes [Member] | Weatherford Delaware [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Stated interest rate on debt | 7.00% | 7.00% | ||||
Senior Notes, 9.875% due 2039 [Member] | Senior Notes [Member] | Weatherford Delaware [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Stated interest rate on debt | 9.875% | 9.875% | ||||
Senior Notes, 5.125% due 2020 [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Stated interest rate on debt | 5.125% | |||||
Senior Notes, 5.125% due 2020 [Member] | Senior Notes [Member] | Weatherford Delaware [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Stated interest rate on debt | 5.125% | 5.125% | ||||
Senior Notes, 6.75% due 2040 [Member] | Senior Notes [Member] | Weatherford Delaware [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Stated interest rate on debt | 6.75% | 6.75% | ||||
Senior Notes, 4.50% due 2022 [Member] | Senior Notes [Member] | Weatherford Delaware [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Stated interest rate on debt | 4.50% | 4.50% | ||||
Senior Notes, 5.95% due 2042 [Member] | Senior Notes [Member] | Weatherford Delaware [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Stated interest rate on debt | 5.95% | 5.95% | ||||
Exchangeable Senior Notes, 5.875 Percent due 2021 [Member] | Senior Notes [Member] | 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 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 Delaware [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Stated interest rate on debt | 8.25% | 8.25% | ||||
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] | Weatherford Delaware [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Stated interest rate on debt | 9.875% | |||||
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] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Stated interest rate on debt | 6.00% | |||||
Senior Notes, 6.00% due 2018 [Member] | Senior Notes [Member] | Weatherford Delaware [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Stated interest rate on debt | 6.00% | 6.00% | ||||
Senior Notes, 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] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Stated interest rate on debt | 9.625% | |||||
Senior Notes, 9.625% due 2019 [Member] | Senior Notes [Member] | Weatherford Delaware [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Stated interest rate on debt | 9.625% | 9.625% |
Consolidating Financial State_4
Consolidating Financial Statements Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||
Operating Income (Loss) | $ (2,084) | $ (2,170) | $ (2,245) | ||||||||||||||||
Revenues | $ 1,429 | $ 1,444 | $ 1,448 | $ 1,423 | $ 1,490 | $ 1,460 | $ 1,363 | $ 1,386 | 5,744 | 5,699 | 5,749 | ||||||||
Costs and Expenses | (7,828) | (7,869) | (7,994) | ||||||||||||||||
Other Income (Expense): | |||||||||||||||||||
Interest Expense, Net | (614) | (579) | (499) | ||||||||||||||||
Intercompany Charges, Net | 0 | 0 | 0 | ||||||||||||||||
Equity in Subsidiary Income (Loss) | 0 | 0 | 0 | ||||||||||||||||
Other, Net | (59) | 93 | (133) | ||||||||||||||||
Income (Loss) Before Income Taxes | (2,757) | (2,656) | (2,877) | ||||||||||||||||
(Provision) Benefit for Income Taxes | (34) | (137) | (496) | ||||||||||||||||
Net Loss | (2,791) | (2,793) | (3,373) | ||||||||||||||||
Net Income Attributable to Noncontrolling Interests | (20) | (20) | (19) | ||||||||||||||||
Net Income (Loss) Attributable to Weatherford | $ (2,103) | [1] | $ (199) | [2] | $ (264) | [3] | $ (245) | [4] | $ (1,938) | [5],[6] | $ (256) | [5] | $ (171) | [5],[7] | $ (448) | [5],[8] | (2,811) | (2,813) | (3,392) |
Comprehensive Income (Loss) Attributable to Weatherford | (3,038) | (2,722) | (3,361) | ||||||||||||||||
Reportable Legal Entities [Member] | Weatherford Ireland [Member] | |||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||
Operating Income (Loss) | (14) | (19) | (151) | ||||||||||||||||
Revenues | 0 | 0 | 0 | ||||||||||||||||
Costs and Expenses | (14) | (19) | (151) | ||||||||||||||||
Other Income (Expense): | |||||||||||||||||||
Interest Expense, Net | 0 | 0 | 0 | ||||||||||||||||
Intercompany Charges, Net | (16) | 12 | (76) | ||||||||||||||||
Equity in Subsidiary Income (Loss) | (2,851) | (2,891) | (3,181) | ||||||||||||||||
Other, Net | 70 | 85 | 16 | ||||||||||||||||
Income (Loss) Before Income Taxes | (2,811) | (2,813) | (3,392) | ||||||||||||||||
(Provision) Benefit for Income Taxes | 0 | 0 | 0 | ||||||||||||||||
Net Loss | (2,811) | (2,813) | (3,392) | ||||||||||||||||
Net Income Attributable to Noncontrolling Interests | 0 | 0 | 0 | ||||||||||||||||
Net Income (Loss) Attributable to Weatherford | (2,811) | (2,813) | (3,392) | ||||||||||||||||
Comprehensive Income (Loss) Attributable to Weatherford | (3,038) | (2,722) | (3,361) | ||||||||||||||||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | Weatherford Bermuda [Member] | |||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||
Operating Income (Loss) | (3) | 45 | (3) | ||||||||||||||||
Revenues | 0 | 0 | 0 | ||||||||||||||||
Costs and Expenses | (3) | 45 | (3) | ||||||||||||||||
Other Income (Expense): | |||||||||||||||||||
Interest Expense, Net | (563) | (583) | (465) | ||||||||||||||||
Intercompany Charges, Net | 125 | 148 | 4 | ||||||||||||||||
Equity in Subsidiary Income (Loss) | (748) | (878) | (2,403) | ||||||||||||||||
Other, Net | 85 | (19) | (38) | ||||||||||||||||
Income (Loss) Before Income Taxes | (1,104) | (1,287) | (2,905) | ||||||||||||||||
(Provision) Benefit for Income Taxes | 0 | 0 | 0 | ||||||||||||||||
Net Loss | (1,104) | (1,287) | (2,905) | ||||||||||||||||
Net Income Attributable to Noncontrolling Interests | 0 | 0 | 0 | ||||||||||||||||
Net Income (Loss) Attributable to Weatherford | (1,104) | (1,287) | (2,905) | ||||||||||||||||
Comprehensive Income (Loss) Attributable to Weatherford | (1,117) | (1,307) | (3,081) | ||||||||||||||||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | Weatherford Delaware [Member] | |||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||
Operating Income (Loss) | 0 | 2 | 5 | ||||||||||||||||
Revenues | 0 | 0 | 0 | ||||||||||||||||
Costs and Expenses | 0 | 2 | 5 | ||||||||||||||||
Other Income (Expense): | |||||||||||||||||||
Interest Expense, Net | (89) | (38) | (49) | ||||||||||||||||
Intercompany Charges, Net | (90) | (192) | (196) | ||||||||||||||||
Equity in Subsidiary Income (Loss) | (770) | (437) | (944) | ||||||||||||||||
Other, Net | 133 | 5 | 43 | ||||||||||||||||
Income (Loss) Before Income Taxes | (816) | (660) | (1,141) | ||||||||||||||||
(Provision) Benefit for Income Taxes | 148 | 0 | (154) | ||||||||||||||||
Net Loss | (668) | (660) | (1,295) | ||||||||||||||||
Net Income Attributable to Noncontrolling Interests | 0 | 0 | 0 | ||||||||||||||||
Net Income (Loss) Attributable to Weatherford | (668) | (660) | (1,295) | ||||||||||||||||
Comprehensive Income (Loss) Attributable to Weatherford | (624) | (700) | (1,425) | ||||||||||||||||
Reportable Legal Entities [Member] | Other Subsidiaries [Member] | |||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||
Operating Income (Loss) | (2,067) | (2,198) | (2,096) | ||||||||||||||||
Revenues | 5,744 | 5,699 | 5,749 | ||||||||||||||||
Costs and Expenses | (7,811) | (7,897) | (7,845) | ||||||||||||||||
Other Income (Expense): | |||||||||||||||||||
Interest Expense, Net | 17 | 24 | 4 | ||||||||||||||||
Intercompany Charges, Net | (733) | (103) | (274) | ||||||||||||||||
Equity in Subsidiary Income (Loss) | 0 | 0 | 0 | ||||||||||||||||
Other, Net | (209) | 30 | (84) | ||||||||||||||||
Income (Loss) Before Income Taxes | (2,992) | (2,247) | (2,450) | ||||||||||||||||
(Provision) Benefit for Income Taxes | (182) | (137) | (342) | ||||||||||||||||
Net Loss | (3,174) | (2,384) | (2,792) | ||||||||||||||||
Net Income Attributable to Noncontrolling Interests | (20) | (20) | (19) | ||||||||||||||||
Net Income (Loss) Attributable to Weatherford | (3,194) | (2,404) | (2,811) | ||||||||||||||||
Comprehensive Income (Loss) Attributable to Weatherford | (3,422) | (2,312) | (2,780) | ||||||||||||||||
Eliminations [Member] | |||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||
Operating Income (Loss) | 0 | 0 | 0 | ||||||||||||||||
Revenues | 0 | 0 | 0 | ||||||||||||||||
Costs and Expenses | 0 | 0 | 0 | ||||||||||||||||
Other Income (Expense): | |||||||||||||||||||
Interest Expense, Net | 21 | 18 | 11 | ||||||||||||||||
Intercompany Charges, Net | 714 | 135 | 542 | ||||||||||||||||
Equity in Subsidiary Income (Loss) | 4,369 | 4,206 | 6,528 | ||||||||||||||||
Other, Net | (138) | (8) | (70) | ||||||||||||||||
Income (Loss) Before Income Taxes | 4,966 | 4,351 | 7,011 | ||||||||||||||||
(Provision) Benefit for Income Taxes | 0 | 0 | 0 | ||||||||||||||||
Net Loss | 4,966 | 4,351 | 7,011 | ||||||||||||||||
Net Income Attributable to Noncontrolling Interests | 0 | 0 | 0 | ||||||||||||||||
Net Income (Loss) Attributable to Weatherford | 4,966 | 4,351 | 7,011 | ||||||||||||||||
Comprehensive Income (Loss) Attributable to Weatherford | $ 5,163 | $ 4,319 | $ 7,286 | ||||||||||||||||
[1] | Includes charges of $2.0 billion primarily related to goodwill impairment of $1.9 billion. | ||||||||||||||||||
[2] | Includes charges of $95 million primarily related to restructuring and transformation charges, currency devaluation charges, long-lived asset impairments and deferred mobilization costs and other assets of the land drilling rigs business, offset by a gain on a warrant fair value adjustment. | ||||||||||||||||||
[3] | Includes charges of $109 million primarily related to restructuring and transformation charges, currency devaluation charges, long-lived asset impairments, other asset write-downs, | ||||||||||||||||||
[4] | Includes charges of $57 million primarily related to a bond tender and call premium, restructuring and transformation charges, currency devaluation charges, asset write-downs and inventory charges, offset by gains on purchase of the remaining interest in a joint venture and a warrant fair value adjustment. | ||||||||||||||||||
[5] | 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. | ||||||||||||||||||
[6] | Includes charges of $35 million primarily related to severance and restructuring charges and a warrant fair value adjustment. | ||||||||||||||||||
[7] | 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. | ||||||||||||||||||
[8] | Includes charges of $134 million primarily related to severance and restructuring charges, asset write-downs and a warrant fair value adjustment, partially offset by defined benefit pension plan reclassifications. |
Consolidating Financial State_5
Consolidating Financial Statements Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Current Assets | ||||
Cash and Cash Equivalents | $ 602 | $ 613 | $ 1,037 | $ 467 |
Other Current Assets | 2,848 | 3,265 | ||
Total Current Assets | 3,450 | 3,878 | ||
Equity Investments in Affiliates | 0 | 0 | ||
Intercompany Receivables, Net | 0 | 0 | ||
Other Assets | 3,151 | 5,869 | ||
Total Assets | 6,601 | 9,747 | ||
Current Liabilities | ||||
Short-term Borrowings and Current Portion of Long-term Debt | 383 | 148 | ||
Accounts Payable and Other Current Liabilities | 1,917 | 2,082 | ||
Total Current Liabilities | 2,300 | 2,230 | ||
Long-term Debt and Capital Lease Obligations | 7,605 | 7,541 | ||
Intercompany Payables, Net | 0 | 0 | ||
Other Long-term Liabilities | 362 | 547 | ||
Total Liabilities | 10,267 | 10,318 | ||
Weatherford Shareholders’ Equity | (3,705) | (626) | ||
Noncontrolling Interests | 39 | 55 | ||
Total Liabilities and Shareholders’ Deficiency | 6,601 | 9,747 | ||
Reportable Legal Entities [Member] | Weatherford Ireland [Member] | ||||
Current Assets | ||||
Cash and Cash Equivalents | 0 | 0 | 0 | 0 |
Other Current Assets | 1 | 1 | ||
Total Current Assets | 1 | 1 | ||
Equity Investments in Affiliates | (3,694) | (460) | ||
Intercompany Receivables, Net | 0 | 0 | ||
Other Assets | 0 | 0 | ||
Total Assets | (3,693) | (459) | ||
Current Liabilities | ||||
Short-term Borrowings and Current Portion of Long-term Debt | 0 | 0 | ||
Accounts Payable and Other Current Liabilities | 9 | 10 | ||
Total Current Liabilities | 9 | 10 | ||
Long-term Debt and Capital Lease Obligations | 0 | 0 | ||
Intercompany Payables, Net | 3 | 87 | ||
Other Long-term Liabilities | 0 | 70 | ||
Total Liabilities | 12 | 167 | ||
Weatherford Shareholders’ Equity | (3,705) | (626) | ||
Noncontrolling Interests | 0 | 0 | ||
Total Liabilities and Shareholders’ Deficiency | (3,693) | (459) | ||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | Weatherford Bermuda [Member] | ||||
Current Assets | ||||
Cash and Cash Equivalents | 284 | 195 | 586 | 2 |
Other Current Assets | 0 | 0 | ||
Total Current Assets | 284 | 195 | ||
Equity Investments in Affiliates | 7,531 | 7,998 | ||
Intercompany Receivables, Net | 103 | 0 | ||
Other Assets | 15 | 8 | ||
Total Assets | 7,933 | 8,201 | ||
Current Liabilities | ||||
Short-term Borrowings and Current Portion of Long-term Debt | 373 | 128 | ||
Accounts Payable and Other Current Liabilities | 174 | 183 | ||
Total Current Liabilities | 547 | 311 | ||
Long-term Debt and Capital Lease Obligations | 6,632 | 7,127 | ||
Intercompany Payables, Net | 0 | 242 | ||
Other Long-term Liabilities | 7 | 146 | ||
Total Liabilities | 7,186 | 7,826 | ||
Weatherford Shareholders’ Equity | 747 | 375 | ||
Noncontrolling Interests | 0 | 0 | ||
Total Liabilities and Shareholders’ Deficiency | 7,933 | 8,201 | ||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | Weatherford Delaware [Member] | ||||
Current Assets | ||||
Cash and Cash Equivalents | 0 | 0 | 4 | 22 |
Other Current Assets | 654 | 516 | ||
Total Current Assets | 654 | 516 | ||
Equity Investments in Affiliates | 7,203 | 8,009 | ||
Intercompany Receivables, Net | 0 | 0 | ||
Other Assets | 4 | 4 | ||
Total Assets | 7,861 | 8,529 | ||
Current Liabilities | ||||
Short-term Borrowings and Current Portion of Long-term Debt | 0 | 0 | ||
Accounts Payable and Other Current Liabilities | 0 | 0 | ||
Total Current Liabilities | 0 | 0 | ||
Long-term Debt and Capital Lease Obligations | 775 | 166 | ||
Intercompany Payables, Net | 3,066 | 3,884 | ||
Other Long-term Liabilities | 0 | 136 | ||
Total Liabilities | 3,841 | 4,186 | ||
Weatherford Shareholders’ Equity | 4,020 | 4,343 | ||
Noncontrolling Interests | 0 | 0 | ||
Total Liabilities and Shareholders’ Deficiency | 7,861 | 8,529 | ||
Reportable Legal Entities [Member] | Other Subsidiaries [Member] | ||||
Current Assets | ||||
Cash and Cash Equivalents | 318 | 418 | 447 | 443 |
Other Current Assets | 2,887 | 3,298 | ||
Total Current Assets | 3,205 | 3,716 | ||
Equity Investments in Affiliates | 354 | 530 | ||
Intercompany Receivables, Net | 2,966 | 4,213 | ||
Other Assets | 3,132 | 5,857 | ||
Total Assets | 9,657 | 14,316 | ||
Current Liabilities | ||||
Short-term Borrowings and Current Portion of Long-term Debt | 10 | 20 | ||
Accounts Payable and Other Current Liabilities | 2,428 | 2,439 | ||
Total Current Liabilities | 2,438 | 2,459 | ||
Long-term Debt and Capital Lease Obligations | 130 | 159 | ||
Intercompany Payables, Net | 0 | 0 | ||
Other Long-term Liabilities | 362 | 332 | ||
Total Liabilities | 2,930 | 2,950 | ||
Weatherford Shareholders’ Equity | 6,688 | 11,311 | ||
Noncontrolling Interests | 39 | 55 | ||
Total Liabilities and Shareholders’ Deficiency | 9,657 | 14,316 | ||
Eliminations [Member] | ||||
Current Assets | ||||
Cash and Cash Equivalents | 0 | 0 | $ 0 | $ 0 |
Other Current Assets | (694) | (550) | ||
Total Current Assets | (694) | (550) | ||
Equity Investments in Affiliates | (11,394) | (16,077) | ||
Intercompany Receivables, Net | (3,069) | (4,213) | ||
Other Assets | 0 | 0 | ||
Total Assets | (15,157) | (20,840) | ||
Current Liabilities | ||||
Short-term Borrowings and Current Portion of Long-term Debt | 0 | 0 | ||
Accounts Payable and Other Current Liabilities | (694) | (550) | ||
Total Current Liabilities | (694) | (550) | ||
Long-term Debt and Capital Lease Obligations | 68 | 89 | ||
Intercompany Payables, Net | (3,069) | (4,213) | ||
Other Long-term Liabilities | (7) | (137) | ||
Total Liabilities | (3,702) | (4,811) | ||
Weatherford Shareholders’ Equity | (11,455) | (16,029) | ||
Noncontrolling Interests | 0 | 0 | ||
Total Liabilities and Shareholders’ Deficiency | $ (15,157) | $ (20,840) |
Consolidating Financial State_6
Consolidating Financial Statements Condensed Consolidating Statement of Cash Flows (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Loss | $ (2,791,000,000) | $ (2,793,000,000) | $ (3,373,000,000) |
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) | (79,000,000) | (25,000,000) | 381,000,000 |
Other Adjustments | 2,628,000,000 | 2,430,000,000 | 2,688,000,000 |
Net Cash Used in Operating Activities | (242,000,000) | (388,000,000) | (304,000,000) |
Cash Flows From Investing Activities: | |||
Acquisitions of Businesses, Net of Cash Acquired | (186,000,000) | (225,000,000) | (204,000,000) |
Increase (Decrease) in Assets Held-for-sale | (31,000,000) | (244,000,000) | 0 |
Capital Expenditures for Property, Plant and Equipment | 4,000,000 | (7,000,000) | (5,000,000) |
Acquisition of Intellectual Property | (28,000,000) | (15,000,000) | (10,000,000) |
Proceeds from Insurance Settlement, Investing Activities | 0 | 39,000,000 | |
Proceeds (Payment) from Disposition of Businesses and Investments | 257,000,000 | 429,000,000 | (6,000,000) |
Proceeds from Sale of Property, Plant, and Equipment | 106,000,000 | 51,000,000 | 49,000,000 |
Payments for (Proceeds from) Other Investing Activities | 0 | 51,000,000 | 0 |
Net Cash Provided by (Used in) Investing Activities | 122,000,000 | (62,000,000) | (137,000,000) |
Proceeds from Sale of Productive Assets | 106,000,000 | ||
Cash Flows From Financing Activities: | |||
Borrowings (Repayments) of Short-term Debt, Net | 158,000,000 | (128,000,000) | (1,512,000,000) |
Borrowings (Repayments) Long-term Debt, Net | 84,000,000 | 181,000,000 | 1,718,000,000 |
Borrowings (Repayments) Between Subsidiaries, Net | 0 | 0 | 0 |
Proceeds from Issuance of Common Stock | 0 | 0 | 1,071,000,000 |
Other, Net | (74,000,000) | (33,000,000) | (216,000,000) |
Net Cash Provided by Financing Activities | 168,000,000 | 20,000,000 | 1,061,000,000 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (59,000,000) | 6,000,000 | (50,000,000) |
Net Increase (Decrease) in Cash and Cash Equivalents | (11,000,000) | (424,000,000) | 570,000,000 |
Cash and Cash Equivalents at Beginning of Year | 613,000,000 | 1,037,000,000 | 467,000,000 |
Cash and Cash Equivalents at End of Year | 602,000,000 | 613,000,000 | 1,037,000,000 |
Reportable Legal Entities [Member] | Weatherford Ireland [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Loss | (2,811,000,000) | (2,813,000,000) | (3,392,000,000) |
Cash Flows from Operating Activities: | |||
Charges from Parent or Subsidiary | 16,000,000 | (12,000,000) | 76,000,000 |
Equity in (Earnings) Loss of Affiliates | 2,851,000,000 | 2,891,000,000 | 3,181,000,000 |
Deferred Income Tax Provision (Benefit) | 0 | 0 | 0 |
Other Adjustments | 93,000,000 | (278,000,000) | 1,230,000,000 |
Net Cash Used in Operating Activities | 149,000,000 | (212,000,000) | 1,095,000,000 |
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 | ||
Proceeds (Payment) from Disposition of Businesses and Investments | 0 | 0 | 0 |
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | |
Payments for (Proceeds from) Other Investing Activities | 0 | ||
Net Cash Provided by (Used in) Investing Activities | 0 | 0 | 0 |
Proceeds from Sale of Productive Assets | 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 | (149,000,000) | 212,000,000 | (1,095,000,000) |
Proceeds from Issuance of Common Stock | 0 | ||
Other, Net | 0 | 0 | 0 |
Net Cash Provided by Financing Activities | (149,000,000) | 212,000,000 | (1,095,000,000) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 | 0 |
Net Increase (Decrease) in Cash and Cash Equivalents | 0 | 0 | 0 |
Cash and Cash Equivalents at Beginning of Year | 0 | 0 | 0 |
Cash and Cash Equivalents at End of Year | 0 | 0 | 0 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | Weatherford Bermuda [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Loss | (1,104,000,000) | (1,287,000,000) | (2,905,000,000) |
Cash Flows from Operating Activities: | |||
Charges from Parent or Subsidiary | (125,000,000) | (148,000,000) | (4,000,000) |
Equity in (Earnings) Loss of Affiliates | 748,000,000 | 878,000,000 | 2,403,000,000 |
Deferred Income Tax Provision (Benefit) | 0 | 0 | 0 |
Other Adjustments | 1,003,000,000 | 1,236,000,000 | 75,000,000 |
Net Cash Used in Operating Activities | 522,000,000 | 679,000,000 | (431,000,000) |
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 | ||
Proceeds (Payment) from Disposition of Businesses and Investments | 0 | 0 | 0 |
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | |
Payments for (Proceeds from) Other Investing Activities | 0 | ||
Net Cash Provided by (Used in) Investing Activities | 0 | 0 | 0 |
Proceeds from Sale of Productive Assets | 0 | ||
Cash Flows From Financing Activities: | |||
Borrowings (Repayments) of Short-term Debt, Net | 188,000,000 | (17,000,000) | (1,497,000,000) |
Borrowings (Repayments) Long-term Debt, Net | (491,000,000) | 200,000,000 | 2,299,000,000 |
Borrowings (Repayments) Between Subsidiaries, Net | (130,000,000) | (1,253,000,000) | 213,000,000 |
Proceeds from Issuance of Common Stock | 0 | ||
Other, Net | 0 | 0 | 0 |
Net Cash Provided by Financing Activities | (433,000,000) | (1,070,000,000) | 1,015,000,000 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 | 0 |
Net Increase (Decrease) in Cash and Cash Equivalents | 89,000,000 | (391,000,000) | 584,000,000 |
Cash and Cash Equivalents at Beginning of Year | 195,000,000 | 586,000,000 | 2,000,000 |
Cash and Cash Equivalents at End of Year | 284,000,000 | 195,000,000 | 586,000,000 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | Weatherford Delaware [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Loss | (668,000,000) | (660,000,000) | (1,295,000,000) |
Cash Flows from Operating Activities: | |||
Charges from Parent or Subsidiary | 90,000,000 | 192,000,000 | 196,000,000 |
Equity in (Earnings) Loss of Affiliates | 770,000,000 | 437,000,000 | 944,000,000 |
Deferred Income Tax Provision (Benefit) | 0 | 0 | 26,000,000 |
Other Adjustments | (1,688,000,000) | 66,000,000 | 257,000,000 |
Net Cash Used in Operating Activities | (1,496,000,000) | 35,000,000 | 128,000,000 |
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 | ||
Proceeds (Payment) from Disposition of Businesses and Investments | 0 | 0 | 0 |
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | |
Payments for (Proceeds from) Other Investing Activities | 0 | ||
Net Cash Provided by (Used in) Investing Activities | 0 | 0 | 0 |
Proceeds from Sale of Productive Assets | 0 | ||
Cash Flows From Financing Activities: | |||
Borrowings (Repayments) of Short-term Debt, Net | 0 | 0 | 0 |
Borrowings (Repayments) Long-term Debt, Net | 587,000,000 | (94,000,000) | (516,000,000) |
Borrowings (Repayments) Between Subsidiaries, Net | 909,000,000 | 55,000,000 | 370,000,000 |
Proceeds from Issuance of Common Stock | 0 | ||
Other, Net | 0 | 0 | 0 |
Net Cash Provided by Financing Activities | 1,496,000,000 | (39,000,000) | (146,000,000) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 | 0 |
Net Increase (Decrease) in Cash and Cash Equivalents | 0 | (4,000,000) | (18,000,000) |
Cash and Cash Equivalents at Beginning of Year | 0 | 4,000,000 | 22,000,000 |
Cash and Cash Equivalents at End of Year | 0 | 0 | 4,000,000 |
Reportable Legal Entities [Member] | Other Subsidiaries [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Loss | (3,174,000,000) | (2,384,000,000) | (2,792,000,000) |
Cash Flows from Operating Activities: | |||
Charges from Parent or Subsidiary | 733,000,000 | 103,000,000 | 274,000,000 |
Equity in (Earnings) Loss of Affiliates | 0 | 0 | 0 |
Deferred Income Tax Provision (Benefit) | (79,000,000) | (25,000,000) | 355,000,000 |
Other Adjustments | 3,103,000,000 | 1,416,000,000 | 1,067,000,000 |
Net Cash Used in Operating Activities | 583,000,000 | (890,000,000) | (1,096,000,000) |
Cash Flows From Investing Activities: | |||
Acquisitions of Businesses, Net of Cash Acquired | (186,000,000) | (225,000,000) | (204,000,000) |
Increase (Decrease) in Assets Held-for-sale | (31,000,000) | (244,000,000) | |
Capital Expenditures for Property, Plant and Equipment | 4,000,000 | (7,000,000) | (5,000,000) |
Acquisition of Intellectual Property | (28,000,000) | (15,000,000) | (10,000,000) |
Proceeds from Insurance Settlement, Investing Activities | 39,000,000 | ||
Proceeds (Payment) from Disposition of Businesses and Investments | 257,000,000 | 429,000,000 | (6,000,000) |
Proceeds from Sale of Property, Plant, and Equipment | 106,000,000 | 51,000,000 | 49,000,000 |
Payments for (Proceeds from) Other Investing Activities | 51,000,000 | ||
Net Cash Provided by (Used in) Investing Activities | 122,000,000 | (62,000,000) | (137,000,000) |
Cash Flows From Financing Activities: | |||
Borrowings (Repayments) of Short-term Debt, Net | (30,000,000) | (111,000,000) | (15,000,000) |
Borrowings (Repayments) Long-term Debt, Net | (12,000,000) | 75,000,000 | (65,000,000) |
Borrowings (Repayments) Between Subsidiaries, Net | (630,000,000) | 986,000,000 | 512,000,000 |
Proceeds from Issuance of Common Stock | 1,071,000,000 | ||
Other, Net | (74,000,000) | (33,000,000) | (216,000,000) |
Net Cash Provided by Financing Activities | (746,000,000) | 917,000,000 | 1,287,000,000 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (59,000,000) | 6,000,000 | (50,000,000) |
Net Increase (Decrease) in Cash and Cash Equivalents | (100,000,000) | (29,000,000) | 4,000,000 |
Cash and Cash Equivalents at Beginning of Year | 418,000,000 | 447,000,000 | 443,000,000 |
Cash and Cash Equivalents at End of Year | 318,000,000 | 418,000,000 | 447,000,000 |
Eliminations [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Loss | 4,966,000,000 | 4,351,000,000 | 7,011,000,000 |
Cash Flows from Operating Activities: | |||
Charges from Parent or Subsidiary | (714,000,000) | (135,000,000) | (542,000,000) |
Equity in (Earnings) Loss of Affiliates | (4,369,000,000) | (4,206,000,000) | (6,528,000,000) |
Deferred Income Tax Provision (Benefit) | 0 | 0 | |
Other Adjustments | 117,000,000 | (10,000,000) | 59,000,000 |
Net Cash 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 | ||
Proceeds (Payment) from Disposition of Businesses and Investments | 0 | 0 | 0 |
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | |
Payments for (Proceeds from) Other Investing Activities | 0 | ||
Net Cash Provided by (Used in) Investing Activities | 0 | 0 | 0 |
Proceeds from Sale of Productive Assets | 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 |
Cash and Cash Equivalents at End of Year | $ 0 | $ 0 | $ 0 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) Schedule of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||||||
Selected Quarterly Financial Information [Abstract] | |||||||||||||||||||
Revenues | $ 1,429 | $ 1,444 | $ 1,448 | $ 1,423 | $ 1,490 | $ 1,460 | $ 1,363 | $ 1,386 | $ 5,744 | $ 5,699 | $ 5,749 | ||||||||
Gross profit | 308 | 339 | 305 | 278 | 192 | 264 | 174 | 180 | 1,230 | 810 | |||||||||
Net Income (Loss) Attributable to Weatherford | $ (2,103) | [1] | $ (199) | [2] | $ (264) | [3] | $ (245) | [4] | $ (1,938) | [5],[6] | $ (256) | [5] | $ (171) | [5],[7] | $ (448) | [5],[8] | $ (2,811) | $ (2,813) | $ (3,392) |
Earnings Per Share, Basic and Diluted | $ (2.10) | $ (0.20) | $ (0.26) | $ (0.25) | $ (1.95) | $ (0.26) | $ (0.17) | $ (0.45) | $ (2.82) | $ (2.84) | $ (3.82) | ||||||||
[1] | Includes charges of $2.0 billion primarily related to goodwill impairment of $1.9 billion. | ||||||||||||||||||
[2] | Includes charges of $95 million primarily related to restructuring and transformation charges, currency devaluation charges, long-lived asset impairments and deferred mobilization costs and other assets of the land drilling rigs business, offset by a gain on a warrant fair value adjustment. | ||||||||||||||||||
[3] | Includes charges of $109 million primarily related to restructuring and transformation charges, currency devaluation charges, long-lived asset impairments, other asset write-downs, | ||||||||||||||||||
[4] | Includes charges of $57 million primarily related to a bond tender and call premium, restructuring and transformation charges, currency devaluation charges, asset write-downs and inventory charges, offset by gains on purchase of the remaining interest in a joint venture and a warrant fair value adjustment. | ||||||||||||||||||
[5] | 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. | ||||||||||||||||||
[6] | Includes charges of $35 million primarily related to severance and restructuring charges and a warrant fair value adjustment. | ||||||||||||||||||
[7] | 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. | ||||||||||||||||||
[8] | Includes charges of $134 million primarily related to severance and restructuring charges, asset write-downs and a warrant fair value adjustment, partially offset by defined benefit pension plan reclassifications. |
Quarterly Financial Data (Una_4
Quarterly Financial Data (Unaudited) Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Other Nonrecurring (Income) Expense | $ 2,000 | $ 95 | $ 109 | $ 57 | $ 1,600 | $ 35 | $ 108 | $ 134 | |||
Goodwill, Impairment Loss | $ 1,917 | $ 0 | $ 0 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts and Allowances (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Bad Debt Expense | $ 5 | $ 8 | $ 69 | ||
Inventory Valuation Reserves | 305 | 635 | 265 | $ 288 | |
Accounts Receivable, Net of Allowance for Uncollectible Accounts of $123 in 2018 and $156 in 2017 | 1,130 | 1,103 | |||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
of Period | 329 | 129 | 113 | ||
Expense (a) | 238 | 69 | |||
Recoveries (b) | (17) | 0 | 0 | ||
Other (c) (d) | (23) | (38) | (53) | ||
Period | 294 | 329 | 129 | ||
Valuation allowance on deferred tax assets [Member] | |||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
of Period | 1,887 | 1,738 | 868 | ||
Expense (a) | (166) | 158 | 872 | ||
Recoveries (b) | 0 | 0 | 0 | ||
Other (c) (d) | (19) | (9) | (2) | [1] | |
Period | 1,702 | 1,887 | 1,738 | ||
SEC Schedule, 12-09, Reserve, Inventory [Member] | |||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Expense (a) | 86 | 545 | 273 | ||
Recoveries (b) | (6) | (5) | (4) | ||
Other (c) (d) | (410) | (170) | (292) | ||
Short [Member] | SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
of Period | 156 | 129 | |||
Expense (a) | 5 | 80 | |||
Recoveries (b) | (15) | 0 | |||
Other (c) (d) | (23) | (53) | |||
Period | 123 | 156 | 129 | ||
Long [Member] | SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
of Period | 173 | 0 | |||
Expense (a) | 0 | 158 | |||
Recoveries (b) | (2) | 0 | |||
Other (c) (d) | 0 | 15 | |||
Period | $ 171 | $ 173 | $ 0 | ||
[1] | (a)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 the fourth quarter of 2017, we changed the accounting for revenue with substantially all of our customers in Venezuela due to the downgrade of the country’s bonds by certain credit agencies, continued economic turmoil and continued economic sanctions around certain financing transactions imposed by the U.S. government. We recorded a charge equal to a full allowance on our accounts receivable for customers in Venezuela of approximately $230 million. This reduced our long-term and current receivables by $158 million and $72 million, respectively, as of December 31, 2017. The long-term allowance related to our primary customer in Venezuela is $171 million and $173 million as of December 31, 2018 and December 31, 2017.(b)Of the total recoveries, we collected $16 million on previously fully reserved Venezuelan accounts receivable.(c)Other within the allowance for uncollectible accounts receivable as of December 2017 includes write-offs and amounts reclassified to long-term and as of December 31, 2018, includes reductions to allowance reserves.(d)Other for valuation allowance on deferred taxes is primarily due to currency translation. Other for excess and obsolete inventory reserve primarily represents the removal of scrapped inventory that had been previously reserved.All other schedules are omitted because they are not required or because the information is included in the financial statements or the related notes. |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts and Allowances Footnote to table explanation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2015 | |
Receivables, Net, Current | $ 1,103 | $ 1,130 | ||
Other Non-current Assets | 434 | 352 | ||
Allowance for Doubtful Accounts Receivable, Recoveries | 16 | |||
VENEZUELA | Revenue Recognition [Member] | ||||
Receivables, Net, Current | 72 | |||
Cumulative Effect of Change in Accounting Estimate | 230 | |||
Other Non-current Assets | 158 | |||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | 329 | 294 | $ 129 | $ 113 |
Long [Member] | SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | $ 173 | $ 171 | $ 0 |